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Sept. 30, 2022 |
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Trio of Conferences Pack a Punch with Programming
Our association is fortunate to
have strong member leadership guiding its priorities and
activities on behalf of the entire membership. In the past
two weeks we’ve had more than 40 volunteer member bankers
convening for quarterly board meetings of directors for the
association and its two primary affiliates, GBA Insurance
Trust and GBA Retirement Services. The
GBA board, led by Chairman Rhodes McLanahan, First
American Bank & Trust Company, met earlier this week. In
addition to reviewing association finances and other general
governance responsibilities, the board spent time covering
member feedback about educational and service needs as well
as some key strategic advocacy issues. Topics included
potential legislation related to environmental, social, and
governance issues, Property Assessed Clean Energy (PACE)
loans and court-suggested cleanup legislation related to
security deeds in bankruptcy cases. There was also
discussion about the association’s position on credit union
purchases of banks. The
GBA Insurance Trust, Inc. Board is chaired by Rick
Whaley, Citizens Bank of Americus. Much of their meeting
was devoted to reviewing claims experience, looking at ways
to help members save money with the cost of their drug
benefit, and adopting a budget for 2023. Whaley communicated
directly this week with the leadership of those covered by
the Trust about the pricing for next year’s plan coverage.
Although health care costs continue to rise, those
participating with the Trust enjoy a 9.7% cost advantage
compared to those covered by comparable plans offered to
employees of other financial services companies and a 13.3%
cost advantage compared to those covered by comparable plans
by those working in all other industries. The Board for the
Trust’s wholly owned subsidiary, Paragon Benefits, Inc.,
also met last week. Chaired by Jackson McConnell,
Pinnacle Bank, Elberton, the Board received staff
reports on the new clinical team coming in-house Oct. 1.
They also reviewed the early success being shown from the
predictive modeling custom software developed to identify
health risks earlier in the process to help produce a more
favorable outcome for those facing significant health
challenges. The
GBA Retirement Services, Inc. Board is chaired by
Chuck Copeland, First National Bank, Griffin. The Board
completed due diligence comparing the current service
providers for the Trust with others offering similar
services. They also reviewed the retirement readiness of
those covered by the Trust and were pleased to see that 58%
of those covered were on track to have in savings an amount
that would produce income approximating 70% of their final
salary. The national average is only around 25%. Continued
growth of the number of plans administered by the Trust
remains strong which will allow plan administration fees to
be lower next year. Be looking for more information about
that shortly.
FHLB-Atlanta Announces Director Election Results Congratulations to Rick Whaley, president and CEO of the Citizens Bank of Americus, for being re-elected by the shareholder members to another term as a director of the Federal Home Loan Bank of Atlanta. Whaley currently serves as chair of the bank’s board. A previous past GBA chairman, Whaley also serves as chair of the GBA Insurance Trust, Inc. Elected as an independent director is Kathleen C. McKinney, Senior Counsel, Public Finance, Haynsworth Sinkler Boyd, P.A., Greenville, S.C. Florida shareholder members elected Eduardo (Eddy) Arriola, Chairman & CEO, Apollo Bank, Miami, FL, and Maryland shareholder members elected Kim C. Liddell, Director, BayVanguard Bank, Baltimore, MD. Each of the directors-elect will serve four-year terms beginning January 1, 2023.
Budget and Sign Up Now for 2023 Sponsorship and Exhibit Opportunities Don’t forget to include monies in your budget for supporting GBA’s 2023 programs and events. Click here to review our 2023 Sponsorship and Exhibitor Kit. Everything you need to know is in this kit, including a fillable PDF response form to complete and return to reserve your involvement for next year’s events. Not sure where to target your investment? As always, we will be happy to discuss details with you to help you decide which opportunities best suit your needs. Email Kathy Friestad to schedule a call. In addition to participating through sponsorship and/or exhibiting, keep the following additional two opportunities in mind as you strategize for 2023:
GBA Associate Membership is offered to individuals and organizations that want to do more business with banks as clients. These members also provide invaluable support to GBA’s activities and programs throughout the year through attendance, sponsorships, exhibits and shared expertise. Be sure to get to know them and thank them for their support of GBA. You can get information about any of GBA’s Associate Members by using the Associate Member search function on our website. For additional information, contact Bo Brannen at bbrannen@gabankers.com, or 404.420.2014.
This quarter, we are pleased to welcome the Knoxville, TN-based CPA firm PYA, P.C. to the GBA.
Strategy, Regulatory Outlook, Ag Banking and Local Economy Sessions Slated Sign up today for the South Georgia Community Bank Symposium Oct. 13. Our agenda is chock-full of great content. Bring a team of bankers to enjoy a good program, lunch and fellowship with your fellow bankers. The event is co-hosted by GBA and Valdosta State University’s Harley Langdale Jr. College of Business Administration. Get full details and register here. With questions, contact David Oliver, 404.420.2036.
Skill Building Conferences Compliance, Financial Risk Management and Credit Coming up Learn the latest about key trends and network with fellow professionals at our fall conferences. Register now.
Fall Seminars Lending and Info Security Seminars Coming Up Register yourself of make sure key teammates participate in GBA’s fall 2022 schedule of seminars. Programs cover a range of retail, IT security and lending topics. See below:
A recent update on the 2022 BankPAC campaign along with encouragement to keep up the momentum was the message to the crowd at the recent GBA President/CEO Conference from BankPAC Board Chair Michael Lee, Regional President with Ameris Bank . The GBA BankPAC Board is hoping that you will participate in this effort and have made the process as easy as possible. Here are the materials needed to assist you in contributing to the StatePAC (contribution may be from your state-chartered bank or holding company if a national bank) and the FedPAC (must come from eligible individuals - directors, officers and salaried employees.) Using a payroll deduction method for individual contributions is an option to consider. With questions, please call Elizabeth Chandler at 404.372.7893. Thank you for considering this worthy effort that benefits the whole industry!
Contributing to the GBA StatePAC in the last week include the following banks:
And, contributing to the GBA FedPAC are those eligible employees, officers, and directors from the following banks:
All GBA members are invited to participate in the Georgia BankPAC Golf Classic, Leadership GBA’s annual fall fundraiser for the Georgia BankPAC. The tournament will be Oct. 19 at The River Forest Club in Forsyth. Register today and plan to bring a fellow golfer, work colleague, legislator, or customer to join you. Nonmembers are welcome when accompanied by a member. You may register as an individual golfer, two-golfer team, or a two-golfer team with golf hole sponsorship. Non-golfers can support the event through sponsorship; opportunities range from $350 - $1,000. Check out the event website for details, to register, or to sign up for a sponsorship. Thanks to our tournament sponsors: Aubrey Thrasher, LLC, Banc Card of America, Bank of Dawson, Bank of Madison, Bank of Monticello, Citizens Bank of Americus, Community Banking Company of Fitzgerald, CSRA Business Lending, Elliott Davis, Fenimore Kay Harrison LLP, FHLBank Atlanta, First American Bank & Trust, First Bank of Pike, First National Bank of Decatur County, Flint Community Bank, Georgia Community Bank, Guardian Bank, Holmes-Shaw / PointeNorth Insurance Group, Liberty Technology, Mauldin & Jenkins, LLC, Metter Bank, Morris Bank, OinkChing Inc., Planters and Citizens Bank, Point to Point Environmental, Inc., Securitas Financial Services, South Georgia Banking Company, Southern Bank Equipment & ATMs, Steve H. Powell & Company, and The Piedmont Bank. Questions? Contact GBA’s Kathy Friestad.
Many 401(k) participants have been on edge this year as the market has experienced continued losses. Bear markets bring much anxiety to participants in 401(k) plans, particularly those nearing retirement. Many participants act on an emotional response to “get out of the market”. However, the market has already priced in many of the fears from headline news and if you get out of the market now, you may not be comfortable getting back in until the market is back up, and many times you miss the recovery period. This chart shows how missing the best 10, 20, 30 or 40 days in the market over a 20-year period can greatly impact your long-term returns.
The best way to weather storms like this is to maintain a long-term focus and keep a well-diversified portfolio. It’s also important for participants to continue making contributions and receiving their employee match. It’s a great buying opportunity while the market is low. Over 84% of participants in the GBA Master 401(k) Plan are invested in our Managed Account Solution, which becomes more conservative as the participant gets closer to retirement age, and also adds a wealth preservation strategy for those who are 5 to 7 years from retirement. Diversification is key and having a professionally managed account helps participants with asset allocation and to focus more on long-term goals.
If you would like GBA Retirement Services to assist with your next plan review, we can provide a detailed fee and investment comparison of our 401(k) services to your current plan. Please contact Mandy Richards at 404.420.2025 for more information.
New Marketing and Business Development Program Lead-Generation Bootcamp Webinar Series We’ve joined forces with several other state bankers associations and the ABA for a four-part webinar series to help you generate more business leads. The sessions will take part over two days. This is an is ABA accredited program, and each approximately 45-minute session is worth 1 CFMP Credit, for a total of 4 CFMP. The program is live and will also be made available On Demand.
Get details and register here. With questions, contact David Oliver.
Live Webinar Oct. 13 at 9:30 am: Decoding Overdraft Criticism & Market Shifts with JMFA Is the spotlight on overdraft programs eroding your confidence in the bank’s overdraft strategy? Proposed legislation and headlines typically characterize all overdraft services and fees as deceptive, unfair, predatory, or even the cause of an individual’s financial freefall. We know that most banks continue to provide a valuable service characterized by transparency, fairness, and consumer empowerment. As industry experts in overdraft helping banks deliver a pro-consumer overdraft program, JMFA’s latest complimentary webinar: Decoding Recent Overdraft Criticism and Market Shifts, may offer additional clarity. Click here to register for the webinar. In this session, JMFA’s EVP of Compliance Review, Cheryl Lawson, will share useful insights on the recent topics making news headlines:
Crime and Punishment
A South Carolina man has been convicted of fraudulently getting a $300,000 Paycheck Protection Program (PPP) loan. A federal jury handed down the guilty verdict, making it the first Atlanta-area conviction. Travis Crosby, 32, of Wellford, South Carolina, was convicted of conspiracy to commit bank fraud, bank fraud, making a false statement to a bank, and money laundering. He is scheduled to be sentenced on January 10, 2023. According to the FBI, Crosby was part of an Atlanta-based fraud ring and his 10 co-conspirators charged entered guilty pleas to avoid a trial. Read all the details here.
Stacking the Deck: Secrets of High-Performing Banks By Dr. Sean Payant, GBA Associate Member Haberfeld
For banks, the focus on best practices is generally aimed at strategies to cut expenses: using technology, looking at staffing levels and increasing productivity, among others. Although this advice is sound, is that actually what high-performing banks do? To answer this question, the team at GBA Associate member Haberfeld recently analyzed data for 81 institutions that have been in the top five for return on equity for five consecutive years to peers. These institutions averaged an efficiency ratio of 52.04%. Click here to see the numbers. What you’ll see is evidence that the actions of high-performing banks tell the story. Banks that invest in growth reap the greatest rewards. While it may not be intuitive, bank executives must ensure they have all of the right strategies to capitalize on growth opportunities that present themselves in any environment. Have questions or feedback? Dr. Payant can be reached at 402.323.3614 or sean@haberfeld.com.
Questions:
Answer: Reg Z does not expressly prohibit the actual ordering of an appraisal prior to receiving intent to proceed. However, without intent to proceed, the Bank runs the risk of not being able to charge the customer for it. Reg Z does not permit the Bank to impose any fee in connection with the transaction before the consumer has provided the intent to proceed. Once the bank has received intent to proceed, it may assess the fee. Some Banks choose to not order any appraisal prior to receiving intent to proceed because if the intent to proceed is never provided, the Bank cannot charge for it. So, this is not necessarily a regulatory error unless you attempt to charge for it without receiving intent to proceed.
Click to read more of the Compliance Alliance September Newsletter.
Frequent Flood Issues, Compliance Briefing, Legal Essentials for Lenders, and More Here’s a sampling of upcoming webinars.
See the full slate of upcoming webinars here.
Recruit, Retain and Develop the Best Bankers with GBA Career Solutions
GBA Strategic Partner BankTalentHQ The central feature of BankTalentHQ is its national bank-job board. Other key benefits include: resume search access, regional and national reach for your open positions, frequent special offers and custom sales/coaching programs. Visit BankTalentHQ to learn more. See the open positions in Georgia here, or search regionally or nationally here.
GBA Job Bank GBA will post open positions, free of charge, for GBA members. See the open positions in Georgia here. We will also post professional summaries for bank-job seekers on our Bankers Available page. To make the process easy and answer any questions, we've developed this Q&A. Please contact Katina Prokos, 404.420.2021.
Why Do People Choose Careers in Banking? Whatever their talents, interests and educational background, there is a career in banking for them. Here are few good reasons to share with folks you know.
We want to share all the good work GBA member banks, bankers, Associate Members and Bank Counsel Section members do to support their communities. Read all about the Community Connections our banks and members have below. Share your Community Connections by sending a brief paragraph and any photos of activities you have to us and we'll publish them at our earliest opportunity. Send information to Katina Prokos and David Oliver, or if your company would like to sponsor this content, let us know. Here's our latest installment:
Albany - Colony Bank Laurie Senn has been promoted to Chief Operations Officer. Read more here.
Augusta - Ameris Bank The bank recently held a grand opening celebration for its new Augusta branch.
Augusta - Colony Bank Bob Goodman has joined the bank as a mortgage loan originator for its Augusta market. Read more here.
Philadelphia, PA - Hyperion Bank The bank, which expanded to the Atlanta market three years ago, was recently included among the Philadelphia Business Journal's 2022 “Soaring 76” list, ranking that region’s fastest-growing businesses. Hyperion came in at #63 on the list of private and public companies. Congratulations to Chairman and CEO Charlie Crawford and the whole team at the bank.
Richmond Hill - Great Oaks Bank Nicole Sloan has joined the bank as vice president, senior credit officer. Read more here.
Valdosta - Commercial Banking Company Matt Malone has joined the bank as vice president of marketing. Read more here.
Read All About It: Send Us Your News Please remember to include the Georgia Bankers Association on the list of recipients for announcements about promotions, new employees and special recognition your bank has received. We want to share your news with your colleagues across the state. Please forward your announcements and photos to GBA's Katina Prokos. |
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Strategic
Partners and Associate Members!
Welcome
GBA’s Newest Associate Member PYA, P.C.
South
Georgia Community Bank Symposium - Oct. 13
Support
the Georgia BankPAC by Playing a Round of Golf on October
19!
Staying
Calm through Continued Market Volatility
First
Atlanta-Area PPP Fraud Conviction Handed Down
Webinars
