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013 COMMUNITY
BANKER UPDATE
the
TEAM MAIN STREET HITS A HOME RUN
At SHAZAM you’ll be heard. As a member-owned and -controlled
company, you’ll have a voice in the direction of the network. So stop
waiting — join the network where your voice counts.
Your voice... your vision... your SHAZAM.
shazam.net • 800-537-5427
Still waiting to hear from
your EFT provider?
BE HEARDBE HEARD
From the CEO & EVP, Don Hole
“Put me in coach, I’m ready to Play!” With credit to John Fogarty, the lyrical tune of this classic rock song filled the room at the final general session of the 42nd CBI Management Conference and Annual Convention. The new CBI Board of Directors entered in baseball jerseys fes-tooned with their names and the “Team Main Street” logo and
visited with the crowd while hundreds of miniature soft stress reduction baseballs filled the air. After introduc-tions, incoming president Rod Rowland from Land-mands Bank in Audubon, shared his vision for CBI in the the upcoming year. That vision includes more com-munity bankers involved in the activities of the associa-tion; from Leaders of Tomor-row, to our committees, to education, and to political and PAC involvement. If you were there, you heard all that and hopefully took it to heart.
Reality is however, that two out of three member banks do NOT attend the Conven-tion for a variety of justifiable reasons. And that is exactly the reason we now have alternative events across the state so that no member bank is more than an hour away from an opportunity to network with like minded community bankers. The next event coming up is the second annual STATE FAIR CONFERENCE, being held on Tuesday August 13 at Prairie Meadows Conference Center in Altoona. A content packed day long affair includes legislative panels, educational sessions, a mini trade show, and our Governor and Lt. Governor. Different sessions tailored for CEO/presi-dents, bankers, and directors are scheduled. All in one day. Won’t you come?
In order to bring the community banking network even closer, our annual Community Bank Summits held around the state, bring top notch speakers and peer networking to a location near you. The fall Summits are October 15-17 in Algona, Johnston, and Council Bluffs. Will you be there?
Gathering community bankers to network is beneficial to bankers and to CBI’s na-tional efforts to protect your bank and franchise. Please pick one or more events to attend, especially if you have not been to a CBI meeting recently. Your team is call-ing. Are you ready to play?
In This IssueFrom the CEO & EVP, Don Hole..1
Welcome New CBI Members........1
Advocating for Iowa’s Community Bankers..........................................2
Team Main Street Hits a Home Run................................................3
Fine Points.....................................4
Washington Watch: Leveraging Basel III.........................................5
From the Top.................................7
Team Main Street in Action..........8
Torpey Receives Top Honor From Community Bankers of Iowa........9
Kevin Tiernan Selected as “Up and Coming Community Banker of the Year”....................................9
Lee County Bank & Trust Exemplifies How Community Banks are Making a Difference on Main Street..................................10
Leaders of Tomorrow Awards Two Scholarships.................................11
CFPB Releases Initial Overdraft Study Results..............................12
Hide Your Goat.......................13-14
Main Street Economic Survey.....................................16-17
Community Bankers of Iowa1603 22nd Street, Suite 102
West Des Moines, Iowa 50266
Phone: 515.453.1495Fax: 515.453.1498
www.cbiaonline.org
Welcome New CBI MembersThe Community Bankers of Iowa would like to welcome the following companies
to the association, and thank them for their support:
Piper JaffrayMinneapolis, Minnesota
Trileaf CorpAnkeny, Iowa
Above: CBI Board members enter the Second General Session at the 42nd Management Conference & Annual
Convention and rally Team Main Street.
At SHAZAM you’ll be heard. As a member-owned and -controlled
company, you’ll have a voice in the direction of the network. So stop
waiting — join the network where your voice counts.
Your voice... your vision... your SHAZAM.
shazam.net • 800-537-5427
Still waiting to hear from
your EFT provider?
BE HEARDBE HEARD
From the CEO & EVP, Don Hole
“Put me in coach, I’m ready to Play!” With credit to John Fogarty, the lyrical tune of this classic rock song filled the room at the final general session of the 42nd CBI Management Conference and Annual Convention. The new CBI Board of Directors entered in baseball jerseys fes-tooned with their names and the “Team Main Street” logo and
visited with the crowd while hundreds of miniature soft stress reduction baseballs filled the air. After introduc-tions, incoming president Rod Rowland from Land-mands Bank in Audubon, shared his vision for CBI in the the upcoming year. That vision includes more com-munity bankers involved in the activities of the associa-tion; from Leaders of Tomor-row, to our committees, to education, and to political and PAC involvement. If you were there, you heard all that and hopefully took it to heart.
Reality is however, that two out of three member banks do NOT attend the Conven-tion for a variety of justifiable reasons. And that is exactly the reason we now have alternative events across the state so that no member bank is more than an hour away from an opportunity to network with like minded community bankers. The next event coming up is the second annual STATE FAIR CONFERENCE, being held on Tuesday August 13 at Prairie Meadows Conference Center in Altoona. A content packed day long affair includes legislative panels, educational sessions, a mini trade show, and our Governor and Lt. Governor. Different sessions tailored for CEO/presi-dents, bankers, and directors are scheduled. All in one day. Won’t you come?
In order to bring the community banking network even closer, our annual Community Bank Summits held around the state, bring top notch speakers and peer networking to a location near you. The fall Summits are October 15-17 in Algona, Johnston, and Council Bluffs. Will you be there?
Gathering community bankers to network is beneficial to bankers and to CBI’s na-tional efforts to protect your bank and franchise. Please pick one or more events to attend, especially if you have not been to a CBI meeting recently. Your team is call-ing. Are you ready to play?
In This IssueFrom the CEO & EVP, Don Hole..1
Welcome New CBI Members........1
Advocating for Iowa’s Community Bankers..........................................2
Team Main Street Hits a Home Run................................................3
Fine Points.....................................4
Washington Watch: Leveraging Basel III.........................................5
From the Top.................................7
Team Main Street in Action..........8
Torpey Receives Top Honor From Community Bankers of Iowa........9
Kevin Tiernan Selected as “Up and Coming Community Banker of the Year”....................................9
Lee County Bank & Trust Exemplifies How Community Banks are Making a Difference on Main Street..................................10
Leaders of Tomorrow Awards Two Scholarships.................................11
CFPB Releases Initial Overdraft Study Results..............................12
Hide Your Goat.......................13-14
Main Street Economic Survey.....................................16-17
Community Bankers of Iowa1603 22nd Street, Suite 102
West Des Moines, Iowa 50266
Phone: 515.453.1495Fax: 515.453.1498
www.cbiaonline.org
Welcome New CBI MembersThe Community Bankers of Iowa would like to welcome the following companies
to the association, and thank them for their support:
Piper JaffrayMinneapolis, Minnesota
Trileaf CorpAnkeny, Iowa
Above: CBI Board members enter the Second General Session at the 42nd Management Conference & Annual
Convention and rally Team Main Street.
Advocating for Iowa’s Community BankersAdvocacy, Services, and Education All Under One Roof at CBI’s State Fair
Conference
2 CBI Banker Update . August 2013
Attend the Community Bankers of Iowa’s second annual Community Bankers State Fair Conference for the opportunities to discuss policies with key legislators on the state and federal levels of government, provide education to your employees and directors, and to discover what services could maximize efficiency in your bank. The second annual Community Bankers State Fair Conference will be held Au-gust 13, 2013 from 8:30 a.m. to 4:30 p.m. at Prairie Meadows Conference Center in Altoona, Iowa. Governor Branstad and Lt. Governor Kim Reynolds will keynote the luncheon, and a panel of state legislative officials will discuss policies with Iowa’s independent community bankers. The Iowa Leadership panel includes Speaker of the House Kraig Paulsen, House Majority Leader Linda Up-meyer, House Minority Leader Kevin McCa-rthy, and Senate Minor-ity Leader Bill Dix. An hour Q&A session with two of Iowa’s legislative officials in Washington D.C. will also allow you the opportunity to ask ques-tions about regulations that are affecting the industry.
Congressman Bruce Braley and Congressman Steve King will each be given to 30 minutes to talk with Iowa’s independent community bankers and answer your questions. If you have any specific questions you would like asked to either Braley, King, or both, please email them in advance to Jackie Haley at [email protected].
Break-out sessions specifically tailored for directors, bankers, and CEO/presidents will provide education for everyone in your bank. Break-out sessions for directors include:
“Mergers & Acquisitions”Presented by Howard Hagen, Attorney at Dickinson, Macka-man, Tyler and Hagen. Howard Hagen has extensive experi-ence in community bank combinations of all kinds and will brief attendees on the fine points of sale, merger or acquisitions for community banks.
“Succession Planning & Transition Issues For Owners & Directors”Panel Session Speakers: Marc Ward, Allison Lindner & Allyn Dixon of Dickinson, Mackaman, Tyler and Hagen. No other topic will have as profound effect on your community bank as having a well thought out succession and transition plan. This panel of experienced counselors will update you on the critical points and concerns in succession planning.
Break-out sessions for CEO/presidents include:
“Corporate Account Takeover”Presented by Dr. Kevin Streff, Di-rector of the Center for Information Assurance, Dakota State University/SBS. The FDIC lists Corporate Account Takeover (CATO) as #1 on its top 5 fraud threats list for banks, and also indicated that CATO is directly responsible for millions of dollars in losses, frayed busi-ness relationships, and litigation against both banks and commercial accounts. Because of this, regulators will be apply-ing more pressure and requiring banks to implement the right processes and procedures for relationships with small business customers. This session will discuss regulatory and state guidance and offer first step solutions to battle the
growing problem of commercial account takeover.
Break-out sessions for bankers include:
“Taking Control of Loan & Deposit Pricing”Presented by Maury
Green, Profitstars. Maury Green’s expertise will provide an under-standing of current business bank-ing pricing practices and implica-tions on bank profitability. He will cover how increased regulatory oversight that is focused on docu-
menting support of loan pricing decisions and utilizing loan pricing strategies to give confidence to pricing decisions at the loan and relationship level. Learn how to take your loan officers to a new level with a consultative approach that deepens customer relationships and wins more business.
The following break-out session will be of interest to all commu-nity bankers:
“From the Trenches of D.C.”Presented by Ron Haynie, Senior Vice President-Mortgage Finance Policy, ICBA. More and more each day, community banks futures are being determined in Washington, D.C. This report, straight from the source will update you on efforts to pro-tect and preserve the community bank business model.
Registration is available online at www.cbiaonline.org If you are needing hotel accommodations, CBI has reserved a block of rooms at Prairie Meadows Hotel. For reserva-tions, please call 800.325.9015. If you have any questions about the State Fair Conference, please call the CBI office at 515.453.1495.
Hundreds of community bankers, spouses, children, and exhibitors joined Team Main Street in Okoboji for CBI’s 42nd Management Conference & Annual Convention, the largest community bank gathering in Iowa.
Attendees from across the state and nation were united into a team through education from nationally recognized speakers and numerous opportunities for networking, camaraderie, and the exchange of ideas. The increase in attendees compared to 2011 and 2012 allowed for new connections, while also rekindling with old friends and bankers.
Throughout the Convention acquaintances became friends on the golf course during the best ball tournaments, in fishing
boats during the catch-and-release tournament, and during the receptions and Gala.
Speeches and presen-tations from high caliber speakers on timely topics in the bank-ing industry
provided attendees with advice, new ideas, and insight that they can utilize in their businesses and their personal lives.
Thank you to ev-eryone who joined Team Main Street, please continue to keep the team spirit and the voice of community banking strong!
Whether or not you were able to attend the Convention, CBI would like your feed-back. If you have not already completed the Convention survey, please take a few moments to provide the committee your input by going to: http://s.zoomerang.com/s/13CBIConvention.
Additional information on the 42nd Management Conference & Annual Convention can be found on pages 8-11.
Save the date for next year, July 16-18, 2014, and we
hope to see you there!
Team Main Street Hits a Home RunHundreds Attend CBI’s 42nd Management Conference & Annual Convention
Above: Bankers Golf Tournament winners - Kim Foell, Wade Gort, Brian Vander Wilt, & Joe Van
Otterloo
Left: Eric Hilgenburg & Keith Garms launch from Smith’s Bay with a guide
for the Catch-and-Release
Fishing Tournament.
Team Main Street players (i.e. Convention
attendees.)
Above: Steve Gilliland keynotes the First General Session of the Convention.
August 2013 . www.cbiaonline.org 3
Right: Networking during the
PAC Auction Gala
Advocating for Iowa’s Community BankersAdvocacy, Services, and Education All Under One Roof at CBI’s State Fair
Conference
2 CBI Banker Update . August 2013
Attend the Community Bankers of Iowa’s second annual Community Bankers State Fair Conference for the opportunities to discuss policies with key legislators on the state and federal levels of government, provide education to your employees and directors, and to discover what services could maximize efficiency in your bank. The second annual Community Bankers State Fair Conference will be held Au-gust 13, 2013 from 8:30 a.m. to 4:30 p.m. at Prairie Meadows Conference Center in Altoona, Iowa. Governor Branstad and Lt. Governor Kim Reynolds will keynote the luncheon, and a panel of state legislative officials will discuss policies with Iowa’s independent community bankers. The Iowa Leadership panel includes Speaker of the House Kraig Paulsen, House Majority Leader Linda Up-meyer, House Minority Leader Kevin McCa-rthy, and Senate Minor-ity Leader Bill Dix. An hour Q&A session with two of Iowa’s legislative officials in Washington D.C. will also allow you the opportunity to ask ques-tions about regulations that are affecting the industry.
Congressman Bruce Braley and Congressman Steve King will each be given to 30 minutes to talk with Iowa’s independent community bankers and answer your questions. If you have any specific questions you would like asked to either Braley, King, or both, please email them in advance to Jackie Haley at [email protected].
Break-out sessions specifically tailored for directors, bankers, and CEO/presidents will provide education for everyone in your bank. Break-out sessions for directors include:
“Mergers & Acquisitions”Presented by Howard Hagen, Attorney at Dickinson, Macka-man, Tyler and Hagen. Howard Hagen has extensive experi-ence in community bank combinations of all kinds and will brief attendees on the fine points of sale, merger or acquisitions for community banks.
“Succession Planning & Transition Issues For Owners & Directors”Panel Session Speakers: Marc Ward, Allison Lindner & Allyn Dixon of Dickinson, Mackaman, Tyler and Hagen. No other topic will have as profound effect on your community bank as having a well thought out succession and transition plan. This panel of experienced counselors will update you on the critical points and concerns in succession planning.
Break-out sessions for CEO/presidents include:
“Corporate Account Takeover”Presented by Dr. Kevin Streff, Di-rector of the Center for Information Assurance, Dakota State University/SBS. The FDIC lists Corporate Account Takeover (CATO) as #1 on its top 5 fraud threats list for banks, and also indicated that CATO is directly responsible for millions of dollars in losses, frayed busi-ness relationships, and litigation against both banks and commercial accounts. Because of this, regulators will be apply-ing more pressure and requiring banks to implement the right processes and procedures for relationships with small business customers. This session will discuss regulatory and state guidance and offer first step solutions to battle the
growing problem of commercial account takeover.
Break-out sessions for bankers include:
“Taking Control of Loan & Deposit Pricing”Presented by Maury
Green, Profitstars. Maury Green’s expertise will provide an under-standing of current business bank-ing pricing practices and implica-tions on bank profitability. He will cover how increased regulatory oversight that is focused on docu-
menting support of loan pricing decisions and utilizing loan pricing strategies to give confidence to pricing decisions at the loan and relationship level. Learn how to take your loan officers to a new level with a consultative approach that deepens customer relationships and wins more business.
The following break-out session will be of interest to all commu-nity bankers:
“From the Trenches of D.C.”Presented by Ron Haynie, Senior Vice President-Mortgage Finance Policy, ICBA. More and more each day, community banks futures are being determined in Washington, D.C. This report, straight from the source will update you on efforts to pro-tect and preserve the community bank business model.
Registration is available online at www.cbiaonline.org If you are needing hotel accommodations, CBI has reserved a block of rooms at Prairie Meadows Hotel. For reserva-tions, please call 800.325.9015. If you have any questions about the State Fair Conference, please call the CBI office at 515.453.1495.
Hundreds of community bankers, spouses, children, and exhibitors joined Team Main Street in Okoboji for CBI’s 42nd Management Conference & Annual Convention, the largest community bank gathering in Iowa.
Attendees from across the state and nation were united into a team through education from nationally recognized speakers and numerous opportunities for networking, camaraderie, and the exchange of ideas. The increase in attendees compared to 2011 and 2012 allowed for new connections, while also rekindling with old friends and bankers.
Throughout the Convention acquaintances became friends on the golf course during the best ball tournaments, in fishing
boats during the catch-and-release tournament, and during the receptions and Gala.
Speeches and presen-tations from high caliber speakers on timely topics in the bank-ing industry
provided attendees with advice, new ideas, and insight that they can utilize in their businesses and their personal lives.
Thank you to ev-eryone who joined Team Main Street, please continue to keep the team spirit and the voice of community banking strong!
Whether or not you were able to attend the Convention, CBI would like your feed-back. If you have not already completed the Convention survey, please take a few moments to provide the committee your input by going to: http://s.zoomerang.com/s/13CBIConvention.
Additional information on the 42nd Management Conference & Annual Convention can be found on pages 8-11.
Save the date for next year, July 16-18, 2014, and we
hope to see you there!
Team Main Street Hits a Home RunHundreds Attend CBI’s 42nd Management Conference & Annual Convention
Above: Bankers Golf Tournament winners - Kim Foell, Wade Gort, Brian Vander Wilt, & Joe Van
Otterloo
Left: Eric Hilgenburg & Keith Garms launch from Smith’s Bay with a guide
for the Catch-and-Release
Fishing Tournament.
Team Main Street players (i.e. Convention
attendees.)
Above: Steve Gilliland keynotes the First General Session of the Convention.
August 2013 . www.cbiaonline.org 3
Right: Networking during the
PAC Auction Gala
Proportional Progress
It’s a concept long but steadily in the making—proportionally tiered regulations for community banks.
Conceived by ICBA more than two decades ago, tiered regula-tion was developed to relieve community banks saddled with woefully impractical Community Reinvestment Act regulations. The whole complex CRA regime was put in place to address local obligations neglected by the country’s largest financial institutions. However, its real-world effect had unfairly imposed the highest costs and burdens on community banks—institu-tions that were already fulfilling their local obligations as part of their inherent business models.
Tiered regulation has since provided community banks sensible relief while allowing regulators to pursue their true congres-sional mandate aimed at wayward giant banks.
From our initial successes over CRA reform, ICBA and its mem-bers set the precedent and a track record for tiered regulation for community banks. Since then, as red tape has escalated to rein in the megabanks, the concept has been increasingly recognized and supported by both federal regulators and law-makers. And during those years, ICBA and community bankers continually spurred and led the discussion.
Well, we’ve come a long way. Its necessity spectacularly con-firmed by the latest Wall Street financial crisis, tiered regulation is widely accepted as practical and productive public policy. Within Washington’s financial policy circles, it is understood and discussed on par with other bedrock banking principles, from systemic risk and too-big-to-fail to moral hazard. This shared understanding extends from Capitol Hill to the regulatory agen-cies to the highest reaches of the White House.
More important, our industry’s persistent efforts are paying off with tangible results. The Wall Street Reform Act specifically directed regulators to create rules that accommodate the op-erational limits and business models of community banks, in the process embedding tiered regulation into statutory permanence. The Consumer Financial Protection Bureau’s exemptions for community banks in its recent mortgage lending standards further show that tiered regulation can and should be imple-mented. And just last month all the federal banking regulators, while unfortunately not fully exempting community banks from their joint Basel III capital standards, rightly exempted commu-nity banks from several of the most troublesome features last proposed in those requirements.
For all of these landmark gains, ICBA stood alone among the national banking trade associations in advocating for these tiered regulatory approaches. These achievements have been uphill battles against powerful opponents. For that reason, we cannot rest on these successes. Tiered regulation must be ex-panded further—to solidify its place in public policy and to help
reestablish a fair and level playing field for community banks after years of misdirected regulations. Nonbanks, tax-exempt financial players and megabanks still don’t bear anything close to the same proportional regulatory burdens that community banks do.
Whether addressing safety and soundness or consumer protec-tions, modern banking regulation must become scaled to an in-stitution’s size, complexity, activities and fundamental business model. Otherwise regulation won’t be effective, or even worse it could prove harmful. That’s becoming a consensus, and even a new starting point for almost any new banking law or regulation in Washington.
Tiered regulation has arrived in Washington. But as a policy practice it’s still just getting started, so we all have to continue to work just as hard as we have been to keep its momentum going.
For additional insight from Cam Fine, please read his blog “Finer Points,” which can be found at http://camfine.wordpress.com.
Fine PointsWritten By: Camden Fine, President and CEO of ICBA
4 CBI Banker Update . August 2013 3100 13th Ave. S. | Fargo, ND4540
Member FDIC
Working withcommunity banks
throughout the upper Midwest
Contact Gary Keller at 701.371.3355 or [email protected]
Call us for a quick response, competitive rates and flexible underwriting.
• Participation loans (commercial, agricultural, construction, operating lines and term loans)
• Bank stock & ownership loans
• Bank building financing
• Business & personal loans for bankers
• Multi-family long-term permanent financing
August 2013 . www.cbiaonline.org 5
After a year of delays, com-ment letters, meetings with regulators and even an ICBA petition that collected more than 17,000 signatures, the key Basel III capital rules are in the books. For community
bankers, it lined up as a classic regulatory compromise. We did not get the complete exemption we’ve advocated since the origi-nal proposed rules were released in June 2012, but regulators did offer several important concessions for community banks. And there was even a twist at the end, with a proposal to imple-ment a stricter leverage ratio standard on the largest banking institutions.
Community bankers should be proud. We’ve made a significant difference on the potential impact of these rules on our industry, and the proposed leverage rules set an important precedent in our industry’s fight for tiered regulation. Of course, we still must be ready for the new reality of the regulatory capital rules.
Basel on the books. First things first, the core Basel III rules are now final, and community banks are not exempt. Despite their original formulation to enhance capital levels at the largest and riskiest financial institutions, the Basel III standards became an overnight concern when regulators issued proposed rules that applied the standards to all banks, regardless of their size.
ICBA strongly advocated that the capital regulations exclude financial institutions with consolidated assets of $50 billion or less. After all, the megabanks on Wall Street, not com-munity banks on Main Street, caused the financial crisis from which we are still recovering. Community banks and their customers should not have to pay the price.
The regulators were not convinced, at least not enough to grant a full pardon. But they did incorporate into their final rule several ICBA-supported accommo-dations to minimize the negative impact of the rules on community banks.
Concessions stand. Under the regulators’ adjustments, all banks will be able to continue using the Basel I risk weights for
residential mortgages (i.e., 50 percent risk weight for exposures secured by a first lien on a one-to-four family residential proper-ty). Banks will not be subject to the more complex and onerous risk-weight schedule of Basel III, as originally proposed, which would have required loan-to-value ratios to calculate risk weights for mortgages.
Additionally, banks with assets under $250 billion will have the option not to include accumulated other comprehensive income (AOCI) as regulatory capital. This will ensure that community bank regulatory capital ratios will be less volatile. Further, bank holding companies with assets less than $15 billion can continue to include the proceeds from trust-preferred securities as regula-tory capital, consistent with the provisions of the Collins Amend-ment of the Dodd-Frank Act.
An American precedent. Regulators didn’t stop there. In ad-dition to the Basel III breaks for community banks, they also released a new plan to impose enhanced supplementary lever-age ratio standards on certain large financial firms. The proposal would apply a 6 percent supplementary leverage ratio to the eight largest insured banking organizations and a 5 percent standard on their bank holding companies (institutions with $700 billion or more in assets or $10 trillion or more under custody).
ICBA came out strong in its support for the proposed rule, which would establish a critical precedent in our industry’s fight for tiered regulation that is proportional to risk. Targeting the lever-age ratios of the largest and riskiest firms gives a needed boost to developing financial regulatory policies that distinguish be-tween common-sense community banks and the nation’s largest and riskiest institutions. Further, by targeting the risky financial instruments that the largest institutions keep off their balance sheets, the rule will help offset their true level of risk to the rest of the financial system.
End of the beginning. ICBA will be here every step of the way to continue working with community banks and regulators alike to make this transition as easy as possible. Regulators said they are planning an outreach program to help community banks under-stand the Basel III rule and the changes it makes to existing capital require-ments.
Community banks have until January 1, 2015,
to begin complying with the regulations, so the countdown has begun. While the battle of Basel III is coming to an end, we know this is just the beginning.
The FDIC has added community bank resources on its Regulatory Capital
page, including community bank guides and presentation slides.
Additional ICBA resources, including ICBA’s Basel III summary, are available on the association’s Basel III Final Rule
Resource Center.
Washington Watch: Leveraging Basel III Written By: James Kendrick, Vice President, Accounting and Capital Policy for ICBA
New Capital Rules Offer Key Exemptions For Community Banks, Set Regulatory Precedent
Proportional Progress
It’s a concept long but steadily in the making—proportionally tiered regulations for community banks.
Conceived by ICBA more than two decades ago, tiered regula-tion was developed to relieve community banks saddled with woefully impractical Community Reinvestment Act regulations. The whole complex CRA regime was put in place to address local obligations neglected by the country’s largest financial institutions. However, its real-world effect had unfairly imposed the highest costs and burdens on community banks—institu-tions that were already fulfilling their local obligations as part of their inherent business models.
Tiered regulation has since provided community banks sensible relief while allowing regulators to pursue their true congres-sional mandate aimed at wayward giant banks.
From our initial successes over CRA reform, ICBA and its mem-bers set the precedent and a track record for tiered regulation for community banks. Since then, as red tape has escalated to rein in the megabanks, the concept has been increasingly recognized and supported by both federal regulators and law-makers. And during those years, ICBA and community bankers continually spurred and led the discussion.
Well, we’ve come a long way. Its necessity spectacularly con-firmed by the latest Wall Street financial crisis, tiered regulation is widely accepted as practical and productive public policy. Within Washington’s financial policy circles, it is understood and discussed on par with other bedrock banking principles, from systemic risk and too-big-to-fail to moral hazard. This shared understanding extends from Capitol Hill to the regulatory agen-cies to the highest reaches of the White House.
More important, our industry’s persistent efforts are paying off with tangible results. The Wall Street Reform Act specifically directed regulators to create rules that accommodate the op-erational limits and business models of community banks, in the process embedding tiered regulation into statutory permanence. The Consumer Financial Protection Bureau’s exemptions for community banks in its recent mortgage lending standards further show that tiered regulation can and should be imple-mented. And just last month all the federal banking regulators, while unfortunately not fully exempting community banks from their joint Basel III capital standards, rightly exempted commu-nity banks from several of the most troublesome features last proposed in those requirements.
For all of these landmark gains, ICBA stood alone among the national banking trade associations in advocating for these tiered regulatory approaches. These achievements have been uphill battles against powerful opponents. For that reason, we cannot rest on these successes. Tiered regulation must be ex-panded further—to solidify its place in public policy and to help
reestablish a fair and level playing field for community banks after years of misdirected regulations. Nonbanks, tax-exempt financial players and megabanks still don’t bear anything close to the same proportional regulatory burdens that community banks do.
Whether addressing safety and soundness or consumer protec-tions, modern banking regulation must become scaled to an in-stitution’s size, complexity, activities and fundamental business model. Otherwise regulation won’t be effective, or even worse it could prove harmful. That’s becoming a consensus, and even a new starting point for almost any new banking law or regulation in Washington.
Tiered regulation has arrived in Washington. But as a policy practice it’s still just getting started, so we all have to continue to work just as hard as we have been to keep its momentum going.
For additional insight from Cam Fine, please read his blog “Finer Points,” which can be found at http://camfine.wordpress.com.
Fine PointsWritten By: Camden Fine, President and CEO of ICBA
4 CBI Banker Update . August 2013 3100 13th Ave. S. | Fargo, ND4540
Member FDIC
Working withcommunity banks
throughout the upper Midwest
Contact Gary Keller at 701.371.3355 or [email protected]
Call us for a quick response, competitive rates and flexible underwriting.
• Participation loans (commercial, agricultural, construction, operating lines and term loans)
• Bank stock & ownership loans
• Bank building financing
• Business & personal loans for bankers
• Multi-family long-term permanent financing
August 2013 . www.cbiaonline.org 5
After a year of delays, com-ment letters, meetings with regulators and even an ICBA petition that collected more than 17,000 signatures, the key Basel III capital rules are in the books. For community
bankers, it lined up as a classic regulatory compromise. We did not get the complete exemption we’ve advocated since the origi-nal proposed rules were released in June 2012, but regulators did offer several important concessions for community banks. And there was even a twist at the end, with a proposal to imple-ment a stricter leverage ratio standard on the largest banking institutions.
Community bankers should be proud. We’ve made a significant difference on the potential impact of these rules on our industry, and the proposed leverage rules set an important precedent in our industry’s fight for tiered regulation. Of course, we still must be ready for the new reality of the regulatory capital rules.
Basel on the books. First things first, the core Basel III rules are now final, and community banks are not exempt. Despite their original formulation to enhance capital levels at the largest and riskiest financial institutions, the Basel III standards became an overnight concern when regulators issued proposed rules that applied the standards to all banks, regardless of their size.
ICBA strongly advocated that the capital regulations exclude financial institutions with consolidated assets of $50 billion or less. After all, the megabanks on Wall Street, not com-munity banks on Main Street, caused the financial crisis from which we are still recovering. Community banks and their customers should not have to pay the price.
The regulators were not convinced, at least not enough to grant a full pardon. But they did incorporate into their final rule several ICBA-supported accommo-dations to minimize the negative impact of the rules on community banks.
Concessions stand. Under the regulators’ adjustments, all banks will be able to continue using the Basel I risk weights for
residential mortgages (i.e., 50 percent risk weight for exposures secured by a first lien on a one-to-four family residential proper-ty). Banks will not be subject to the more complex and onerous risk-weight schedule of Basel III, as originally proposed, which would have required loan-to-value ratios to calculate risk weights for mortgages.
Additionally, banks with assets under $250 billion will have the option not to include accumulated other comprehensive income (AOCI) as regulatory capital. This will ensure that community bank regulatory capital ratios will be less volatile. Further, bank holding companies with assets less than $15 billion can continue to include the proceeds from trust-preferred securities as regula-tory capital, consistent with the provisions of the Collins Amend-ment of the Dodd-Frank Act.
An American precedent. Regulators didn’t stop there. In ad-dition to the Basel III breaks for community banks, they also released a new plan to impose enhanced supplementary lever-age ratio standards on certain large financial firms. The proposal would apply a 6 percent supplementary leverage ratio to the eight largest insured banking organizations and a 5 percent standard on their bank holding companies (institutions with $700 billion or more in assets or $10 trillion or more under custody).
ICBA came out strong in its support for the proposed rule, which would establish a critical precedent in our industry’s fight for tiered regulation that is proportional to risk. Targeting the lever-age ratios of the largest and riskiest firms gives a needed boost to developing financial regulatory policies that distinguish be-tween common-sense community banks and the nation’s largest and riskiest institutions. Further, by targeting the risky financial instruments that the largest institutions keep off their balance sheets, the rule will help offset their true level of risk to the rest of the financial system.
End of the beginning. ICBA will be here every step of the way to continue working with community banks and regulators alike to make this transition as easy as possible. Regulators said they are planning an outreach program to help community banks under-stand the Basel III rule and the changes it makes to existing capital require-ments.
Community banks have until January 1, 2015,
to begin complying with the regulations, so the countdown has begun. While the battle of Basel III is coming to an end, we know this is just the beginning.
The FDIC has added community bank resources on its Regulatory Capital
page, including community bank guides and presentation slides.
Additional ICBA resources, including ICBA’s Basel III summary, are available on the association’s Basel III Final Rule
Resource Center.
Washington Watch: Leveraging Basel III Written By: James Kendrick, Vice President, Accounting and Capital Policy for ICBA
New Capital Rules Offer Key Exemptions For Community Banks, Set Regulatory Precedent
www.icba.org
When you represent everyone...
You represent no one.
Independent CommunityBankers of America®
Grow your bank with us.
From the TopWritten By: Bill Loving, Chairman of ICBA
Power in NumbersYou’ve heard the saying, “there’s power in numbers,” and in the world of community banking, that statement sums it all up. Whether you’re talking about the fact that community banks operate more than 53,000 locations nationwide and employ nearly 700,000 Americans; or whether you hear that community banks hold $3.4 trillion in assets, $2.7 trillion in deposits and $2.1 trillion in loans to consumers, small businesses and the agricultural community—it’s clear: Community banks are power in numbers.
Our community banks are a force to be reckoned with, whether it’s providing loans in our communities or advocating our cause on Capitol Hill or with our regulators. As community bankers, our collective voice is power in numbers through and through. This fact couldn’t be more important at this critical juncture as we continue to overcome hurdles that have long unfairly weighed down our institutions.
And now is the time to seize the day as Congress is out of town on the summer recess. Just like students getting ready for an-other year of school starting soon, we, as community bankers, should look at August as a time to prepare for another year of industry advocacy. We need ready ourselves for when Con-gress comes back to Washington for that last sprint of legisla-tive activity for the year. Right now we should prepare to gather our strength once again to fully advocate our issues to federal lawmakers when they return to work. That way, we can collec-
tively come out of the gates in September, being as powerful as ever.
On regulatory burden relief, on proportionally tiered regulation, on too-big-to-fail, our message is getting through. However, we need to maximize our numbers to continue our momentum. We need “all hands on deck” with every community banker and community bank participating and being a part of the ICBA to ensure we fully achieve our objectives.
Through ICBA, we can become catalysts for change by speak-ing out unequivocally on behalf of community banks. ICBA is all about community banks all the time. We are focused entirely on the best interests of community banks and Main Street America. Wall Street mega-firms need not apply.
The benefits of ICBA membership are many. Our education pro-grams, conferences and information resources offer personal-growth opportunities for you, your directors and your staff. And our bottom-line savings and income-earning programs pay for your membership dues many times over.
Never has your institution’s membership in ICBA been more important. Join your peers and participate in the policy process, and help us write the history of community banking in America. Be counted. Be part of ICBA. Be part of our industry’s impres-sive collective power in numbers.
W W W. F I R S T B A N K E R S B A N C . C O M
ST. LOUIS, MO • OVERLAND PARK, KS • LINCOLN, NE
knowledge is power.In our business, GOVERNMENT & AGENCY BONDS
MUNICIPAL BONDS
MORTGAGE BACKED SECURITIES
PUBLIC FINANCE
MUTUAL FUNDS/EQUITIES
CORPORATE BONDS
BOND PORTFOLIO ACCOUNTING & ANALYSIS
Jerel Saltzman(866) 630-1131
James Gansner, Jr.(888) 726-2880
www.icba.org
When you represent everyone...
You represent no one.
Independent CommunityBankers of America®
Grow your bank with us.
From the TopWritten By: Bill Loving, Chairman of ICBA
Power in NumbersYou’ve heard the saying, “there’s power in numbers,” and in the world of community banking, that statement sums it all up. Whether you’re talking about the fact that community banks operate more than 53,000 locations nationwide and employ nearly 700,000 Americans; or whether you hear that community banks hold $3.4 trillion in assets, $2.7 trillion in deposits and $2.1 trillion in loans to consumers, small businesses and the agricultural community—it’s clear: Community banks are power in numbers.
Our community banks are a force to be reckoned with, whether it’s providing loans in our communities or advocating our cause on Capitol Hill or with our regulators. As community bankers, our collective voice is power in numbers through and through. This fact couldn’t be more important at this critical juncture as we continue to overcome hurdles that have long unfairly weighed down our institutions.
And now is the time to seize the day as Congress is out of town on the summer recess. Just like students getting ready for an-other year of school starting soon, we, as community bankers, should look at August as a time to prepare for another year of industry advocacy. We need ready ourselves for when Con-gress comes back to Washington for that last sprint of legisla-tive activity for the year. Right now we should prepare to gather our strength once again to fully advocate our issues to federal lawmakers when they return to work. That way, we can collec-
tively come out of the gates in September, being as powerful as ever.
On regulatory burden relief, on proportionally tiered regulation, on too-big-to-fail, our message is getting through. However, we need to maximize our numbers to continue our momentum. We need “all hands on deck” with every community banker and community bank participating and being a part of the ICBA to ensure we fully achieve our objectives.
Through ICBA, we can become catalysts for change by speak-ing out unequivocally on behalf of community banks. ICBA is all about community banks all the time. We are focused entirely on the best interests of community banks and Main Street America. Wall Street mega-firms need not apply.
The benefits of ICBA membership are many. Our education pro-grams, conferences and information resources offer personal-growth opportunities for you, your directors and your staff. And our bottom-line savings and income-earning programs pay for your membership dues many times over.
Never has your institution’s membership in ICBA been more important. Join your peers and participate in the policy process, and help us write the history of community banking in America. Be counted. Be part of ICBA. Be part of our industry’s impres-sive collective power in numbers.
W W W. F I R S T B A N K E R S B A N C . C O M
ST. LOUIS, MO • OVERLAND PARK, KS • LINCOLN, NE
knowledge is power.In our business, GOVERNMENT & AGENCY BONDS
MUNICIPAL BONDS
MORTGAGE BACKED SECURITIES
PUBLIC FINANCE
MUTUAL FUNDS/EQUITIES
CORPORATE BONDS
BOND PORTFOLIO ACCOUNTING & ANALYSIS
Jerel Saltzman(866) 630-1131
James Gansner, Jr.(888) 726-2880
TEAM MAIN STREET IN ACTIONAT THE 42ND MANAGEMENT CONFERENCE & ANNUAL CONVENTION
NETWORKINGat the Convention
Creating connections at the
Wine & Cheese Reception, golf outings, and the
PAC Auction Gala.
EDUCATIONat the Convention
Right: Ag Economy
educational session.
Clockwise:
Jeff Gerhart, ICBA Immediate Past-President speaks during
the First General Session.
Gene Marks opens the
Second General Session.
Fred Grandy discusses
Washington politics.
Terry Dooley discusses the many
challenges of EMV in the U.S.
FUNat the Convention
Celebrating Team Main Street during
the Second General Session
Above: Fishermen
head out for the Catch-and-
Release Tournament
JoAnn Torpey and Pat Larson enjoy the Creative Spirits painting event.
2013-2014 CBI Executive Committee pose with their spouses.
Dave Hibbs and Jeff Gerhart present Erik Skovgard with with the 2012-2013
royalties check CBI receives from ICBA.
August 2013 . www.cbiaonline.org 9
Torpey Receives Top Honor From Community Bankers of IowaDale Torpey Receives the Community Bankers Founders Award
Independent community bankers from across Iowa were recognized during the Community Bankers of Iowa’s (CBI) awards ceremony. The ceremony was held during CBI’s 42nd Management Conference and Annual Convention in Okoboji, Iowa, July 17-19, 2013. The Robert D. Dixon Founders Award, established in 2003, is the most antici-pated and highly regarded honor of the ceremony. Dale Torpey, Chairman of the Board of Federation Bank in Washington, Iowa was announced as the 2013 recipi-ent.
Torpey has represented the community banking industry and been active on a state and national level. He is a past president of CBI and has a long associa-tion with the Independent Community Bankers of America (ICBA). His activi-ties with ICBA include serving on various committees and as chairman and co-chair of their lending committee. He has also served as a board member for the Federal Home Loan Bank (FHLB). Torpey progressed to Chairman of the Board for FHLB Des Moines during a time when strong leadership was needed to develop programs that were, and continue to be, essential to community bankers across Iowa and the nation. Torpey has also helped educate and train the up-and-coming leadership of community bankers by teaching at various bank-
ing schools within Iowa, as well as out-side of the state.
The Robert D. Dixon Founders Award was created to recognize those bank-ers who have devoted their lives and livelihoods to community banking. They embody commitment and devotion to their fellow bankers, their communities, and their industry. By following in the footsteps of the founders of CBI, they represent the best in community banking.
“Dale serves his communities, church,
and family with the same steadfast sup-port and leadership as he has provided for the banking industry,” stated CBI Executive Vice President and CEO Don Hole. “Dale depicts a standard of excellence and leadership among community bankers, and we are honored to announce him as the 2013 recipient of the Robert D. Dixon Founders Award.”
Above: Rob Dixon (left) presents the 2013 Robert D. Dixon Founders Award to Dale Torpey at the
Kick-Off Reception of the 42nd Management Conference & Annual Convention.
Left: Dale is being congratulated on the recognition and award by his wife JoAnn Torpey.
Kevin Tiernan Selected as “Up and Coming Banker of the Year”Tiernan Acknowledged by his Peers as a Leader in the Industry
Annually, one community banker is recognized by their peers for their per-formance and achievements in bank-ing as the Up and Coming Community Banker of the Year. Kevin Tiernan from Bankers Trust in Des Moines, Iowa was announced as the 2013 recipient.
Tiernan began his career with Bankers Trust in May 2011 as Vice President, Consumer Services Manager. Through his management of a sales team Tiernan’s branch has made significant increases in commercial deposits, total deposits and commercial loans, despite a continuously changing retail banking industry and decreasing expenses.
Outside of work, Tiernan continues to make time for many worthwhile endeavors within Des Moines. He is currently the President of the Des Moines Downtown Chamber, and Co-Chair of the Greater Des Moines Partnership, Affiliates Presidents Council. Tiernan is also a Board member for Variety Club of Iowa, the Downtown Community Alliance, Ballet Des Moines, and Community Youth Concepts. He also serves as a Mentor for the I Have a Dream Foundation. In ad-
dition, Tiernan volunteers on a regular basis with Hiatt Middle School students helping with the school’s Community Youth Concepts Group. In recogni-tion of his extensive volunteer work, Tiernan was awarded the 2012 Iowa Governor’s Volunteer Award.
“Kevin shows much enthusiasm and fun in his position at Bankers Trust and in the Des Moines community,” stated Bankers Trust SVP, Community Rela-tions Renee Hardman in her nomi-nation of Tiernan for the award. “At the same time Kevin demonstrates a strong work ethic and excellent leader-ship skills as a young professional in the banking industry.”
The Up and Coming Community Banker of the Year Award is presented by the Leaders of Tomorrow (LOT). LOT is a pro-gram created by CBI to enhance the growth, leadership, and networking skills of future banking leaders. LOT establishes a network of leaders who serve and strengthen their communities and advocate for the community banking industry.
LOT Co-Chair Brad Lane (left) presents the Up and Coming Community Banker of the Year Award to
Kevin Tiernan at the Kick-Off Reception.
TEAM MAIN STREET IN ACTIONAT THE 42ND MANAGEMENT CONFERENCE & ANNUAL CONVENTION
NETWORKINGat the Convention
Creating connections at the
Wine & Cheese Reception, golf outings, and the
PAC Auction Gala.
EDUCATIONat the Convention
Right: Ag Economy
educational session.
Clockwise:
Jeff Gerhart, ICBA Immediate Past-President speaks during
the First General Session.
Gene Marks opens the
Second General Session.
Fred Grandy discusses
Washington politics.
Terry Dooley discusses the many
challenges of EMV in the U.S.
FUNat the Convention
Celebrating Team Main Street during
the Second General Session
Above: Fishermen
head out for the Catch-and-
Release Tournament
JoAnn Torpey and Pat Larson enjoy the Creative Spirits painting event.
2013-2014 CBI Executive Committee pose with their spouses.
Dave Hibbs and Jeff Gerhart present Erik Skovgard with with the 2012-2013
royalties check CBI receives from ICBA.
August 2013 . www.cbiaonline.org 9
Torpey Receives Top Honor From Community Bankers of IowaDale Torpey Receives the Community Bankers Founders Award
Independent community bankers from across Iowa were recognized during the Community Bankers of Iowa’s (CBI) awards ceremony. The ceremony was held during CBI’s 42nd Management Conference and Annual Convention in Okoboji, Iowa, July 17-19, 2013. The Robert D. Dixon Founders Award, established in 2003, is the most antici-pated and highly regarded honor of the ceremony. Dale Torpey, Chairman of the Board of Federation Bank in Washington, Iowa was announced as the 2013 recipi-ent.
Torpey has represented the community banking industry and been active on a state and national level. He is a past president of CBI and has a long associa-tion with the Independent Community Bankers of America (ICBA). His activi-ties with ICBA include serving on various committees and as chairman and co-chair of their lending committee. He has also served as a board member for the Federal Home Loan Bank (FHLB). Torpey progressed to Chairman of the Board for FHLB Des Moines during a time when strong leadership was needed to develop programs that were, and continue to be, essential to community bankers across Iowa and the nation. Torpey has also helped educate and train the up-and-coming leadership of community bankers by teaching at various bank-
ing schools within Iowa, as well as out-side of the state.
The Robert D. Dixon Founders Award was created to recognize those bank-ers who have devoted their lives and livelihoods to community banking. They embody commitment and devotion to their fellow bankers, their communities, and their industry. By following in the footsteps of the founders of CBI, they represent the best in community banking.
“Dale serves his communities, church,
and family with the same steadfast sup-port and leadership as he has provided for the banking industry,” stated CBI Executive Vice President and CEO Don Hole. “Dale depicts a standard of excellence and leadership among community bankers, and we are honored to announce him as the 2013 recipient of the Robert D. Dixon Founders Award.”
Above: Rob Dixon (left) presents the 2013 Robert D. Dixon Founders Award to Dale Torpey at the
Kick-Off Reception of the 42nd Management Conference & Annual Convention.
Left: Dale is being congratulated on the recognition and award by his wife JoAnn Torpey.
Kevin Tiernan Selected as “Up and Coming Banker of the Year”Tiernan Acknowledged by his Peers as a Leader in the Industry
Annually, one community banker is recognized by their peers for their per-formance and achievements in bank-ing as the Up and Coming Community Banker of the Year. Kevin Tiernan from Bankers Trust in Des Moines, Iowa was announced as the 2013 recipient.
Tiernan began his career with Bankers Trust in May 2011 as Vice President, Consumer Services Manager. Through his management of a sales team Tiernan’s branch has made significant increases in commercial deposits, total deposits and commercial loans, despite a continuously changing retail banking industry and decreasing expenses.
Outside of work, Tiernan continues to make time for many worthwhile endeavors within Des Moines. He is currently the President of the Des Moines Downtown Chamber, and Co-Chair of the Greater Des Moines Partnership, Affiliates Presidents Council. Tiernan is also a Board member for Variety Club of Iowa, the Downtown Community Alliance, Ballet Des Moines, and Community Youth Concepts. He also serves as a Mentor for the I Have a Dream Foundation. In ad-
dition, Tiernan volunteers on a regular basis with Hiatt Middle School students helping with the school’s Community Youth Concepts Group. In recogni-tion of his extensive volunteer work, Tiernan was awarded the 2012 Iowa Governor’s Volunteer Award.
“Kevin shows much enthusiasm and fun in his position at Bankers Trust and in the Des Moines community,” stated Bankers Trust SVP, Community Rela-tions Renee Hardman in her nomi-nation of Tiernan for the award. “At the same time Kevin demonstrates a strong work ethic and excellent leader-ship skills as a young professional in the banking industry.”
The Up and Coming Community Banker of the Year Award is presented by the Leaders of Tomorrow (LOT). LOT is a pro-gram created by CBI to enhance the growth, leadership, and networking skills of future banking leaders. LOT establishes a network of leaders who serve and strengthen their communities and advocate for the community banking industry.
LOT Co-Chair Brad Lane (left) presents the Up and Coming Community Banker of the Year Award to
Kevin Tiernan at the Kick-Off Reception.
Independent community banks across Iowa have an important role and impact in their local communities. However, the volunteer work of one Iowa independent bank’s employees and their ingenuity in giving back to the Fort Madison and West Point communities earned them the Community Bankers of Iowa’s (CBI) Community Banking Month Best-of-the-Best Award. Lee County Bank and Trust was presented with the award and rec-ognized during CBI’s awards ceremony.
Throughout Community Banking Month (recognized in April in Iowa and across the nation) Lee County Bank and Trust’s employees volunteered with their local Meals on Wheels program. The local program was struggling with deliveries, so the bank’s employ-ees stepped in to help keep Meals on Wheels delivering a hot meal to those in need. “Not only are we helping out our com-munity, but our employees are also feeling the gratification of doing a good deed to help out their fellow neighbor,” stated Lee County Bank and Trust Marketing Manager Carla Meierotto. She also noted that the employees found so much enjoyment and fulfillment through volunteering with Meals on Wheels that they have continued working with the program past Community Banking Month.
What stood out to CBI and sealed Lee County Bank and Trust as the 2013 Best-of-the-Best Award recipient were their “random acts of kindness.” Throughout the year employees of the bank have been giving back to those who help support the Fort Madison and West Point communities by performing random acts of kindness. Examples of the random acts include: free coffee to the morning “coffee club” at local estab-lishments; free fountain beverages and coffees at local convenience stores; pre-paying for pizzas for those who called in for evening delivery, etc. Recipients of the random acts of kindness were all given a card that explained why they were being treated and thanking them
for supporting local merchants. The card read:
Community is very important to us at Lee County Bank & Trust N.A. and we appreciate your support of a local busi-ness to help keep our community thriving. Please accept this random act of kindness from us today as a token of our appreciation. To do something, however small, to help brighten a person’s day is a joy to us while giving back to those helping our community grow.
CBI’s Best-of-the-Best Award distinguishes one Iowa, independ-ent bank that epito-mizes how commu-nity banks are making a difference on Main Street. “The actions of Lee County Bank and Trust throughout Community Banking Month and the year truly exemplify the significant role that independent com-munity banks play in stimulating their local economies,” stated CBI Executive Vice President and CEO Don Hole. “Com-munity banks are based on relation-ships with customers and their symbiotic relationships with the communities they serve helps small businesses and Main Street Iowa commu-nities survive as the economy continues to recover.”
Lee County Bank & Trust Exemplifies How Community Banks Are Making a Difference on Main Street
The Fort Madison Bank Receives CBI’s Community Banking Month Best-of-the-Best Award
Carla Meierott accepts the Community Banking Month Best-of-the-Best Trophy on behalf of Lee
County Bank & Trust from Erik Skovgard.
August 2013 . www.cbiaonline.org 11
Nick Wetzeler, a National Honor Society student from Spirit Lake, was awarded one of the two Leaders of Tomorrow (LOT) scholar-ships during the Commu-nity Bankers of Iowa’s (CBI) awards cer-emony.
Wetzeler gradu-ated from Spirit Lake High School in May 2013 in the top 10 percent of his class. Throughout high school he played basket-ball, baseball, and golf. His spare time was spent volunteering at the local YMCA and as an active member of his church’s youth group.
Requirements for the LOT scholarship include writing an essay detailing the role of community banks. As the son of a third generation community banker, Wetzeler had a unique perspec-tive on the role community banks play in Iowa and his home-town.
If you were to listen only to mainstream media in the last several years, having a parent who works in the banking world would be almost an embarrassment. All banks, big and small, were the enemy. I can tell you from experience that this characterization is wrong. Community bankers work hard to serve their customers and I am proud to be a part of a family and community where these banks play an impor-tant role, wrote Wetzeler.
Wetzeler states that generalizing all financial institutions into one category of “big banks” ignores the important role of com-munity banks in hundreds of small towns across the nation. Independent, community banks and bankers generally have strong ties to their communities and an understanding of the local economy.
Because my dad (a third generation banker) and grandpa (a second generation banker) live and work in the same town as their customers, they understand the needs of our community and the ups and downs of our unique economy. We live in a resort town where there is a bump in our town’s economy for about three months. They understand that sometimes you need to stick with your customers through the good times (the summer months) as well as the leaner times of the year during the winter. It is a true partnership and trust is a key factor. My dad and grandpa know this because they live in the community with their customers. It is all about customer service for them.
Wetzeler was referred for the LOT scholarship by William Wet-zeler, President of The State Bank in Spirit Lake.
Leaders of Tomorrow Awards Two ScholarshipsProviding Scholarships to Deserving High School Seniors for 11 Years
Molly Bohe-man, a National Honor Society student from Ackley, was also awarded a Leaders of Tomorrow (LOT) scholar-ship during the awards cer-emony.
Boheman is a May 2013 graduate of Ackley Geneva Wellsburg Steamboat Rock (AGWSR) High School. While at AGWSR she was on the volleyball team, track team, a cheer-leader, and in the choir. Boheman is also an active member of her church’s youth group and has given back over 700 hours of her time in volunteer work to the community. One of her unique talents and interests is Sangai-Jutsu, a Japanese form of mar-tial arts. Currently Boheman holds a 4th degree black belt in Sangai-Jutsu, and in 2012 she was inducted into the American Karate King-Fu Black Belt Hall of Fame.
As a teller at Ackley State Bank, Boheman included her person-al experience and knowledge of the role community banks play in her hometown in her essay.
Aside from all the aspects of banking I think that the most im-portant part of all the local banks in our area is their commit-ment and dedication to the community. I value the relation-ships I have developed over the years with our customers and I hope they feel the same way, wrote Boheman.
Boheman also writes that these relationships are one of the major benefits of community banks.
Whether it’s a loan officer or a teller, customers want to be comfortable trusting them with their money. There is noth-ing greater than having faith in your bank to know that they will do everything they can to benefit you, the customer. In our bank a vast majority of the employees serve on various committees around town. They do a great job understanding the needs of our community and working with the different people, families, and businesses in the bank, to keep the community flourishing outside of the bank as well.
Boheman will be a freshman at Simpson College in the fall, where she is planning on majoring in accounting and hopes to become a CPA. She was referred to the scholarship by Gus Barker, President of Ackley State Bank in Ackley. Her father has also worked at Ackley State Bank for more than 19 years.
Congratulations to all 2013 award recipients!
LOT Co-Chair Brad Lane (left) presents Nick Wetzeler with a certificate of recognition for receiving one of the 2013 LOT Scholarships.
LOT Co-Chair Brad Lane (left) presents Molly Boheman with a certificate of recognition for receiving one of the 2013 LOT Scholarships.
Independent community banks across Iowa have an important role and impact in their local communities. However, the volunteer work of one Iowa independent bank’s employees and their ingenuity in giving back to the Fort Madison and West Point communities earned them the Community Bankers of Iowa’s (CBI) Community Banking Month Best-of-the-Best Award. Lee County Bank and Trust was presented with the award and rec-ognized during CBI’s awards ceremony.
Throughout Community Banking Month (recognized in April in Iowa and across the nation) Lee County Bank and Trust’s employees volunteered with their local Meals on Wheels program. The local program was struggling with deliveries, so the bank’s employ-ees stepped in to help keep Meals on Wheels delivering a hot meal to those in need. “Not only are we helping out our com-munity, but our employees are also feeling the gratification of doing a good deed to help out their fellow neighbor,” stated Lee County Bank and Trust Marketing Manager Carla Meierotto. She also noted that the employees found so much enjoyment and fulfillment through volunteering with Meals on Wheels that they have continued working with the program past Community Banking Month.
What stood out to CBI and sealed Lee County Bank and Trust as the 2013 Best-of-the-Best Award recipient were their “random acts of kindness.” Throughout the year employees of the bank have been giving back to those who help support the Fort Madison and West Point communities by performing random acts of kindness. Examples of the random acts include: free coffee to the morning “coffee club” at local estab-lishments; free fountain beverages and coffees at local convenience stores; pre-paying for pizzas for those who called in for evening delivery, etc. Recipients of the random acts of kindness were all given a card that explained why they were being treated and thanking them
for supporting local merchants. The card read:
Community is very important to us at Lee County Bank & Trust N.A. and we appreciate your support of a local busi-ness to help keep our community thriving. Please accept this random act of kindness from us today as a token of our appreciation. To do something, however small, to help brighten a person’s day is a joy to us while giving back to those helping our community grow.
CBI’s Best-of-the-Best Award distinguishes one Iowa, independ-ent bank that epito-mizes how commu-nity banks are making a difference on Main Street. “The actions of Lee County Bank and Trust throughout Community Banking Month and the year truly exemplify the significant role that independent com-munity banks play in stimulating their local economies,” stated CBI Executive Vice President and CEO Don Hole. “Com-munity banks are based on relation-ships with customers and their symbiotic relationships with the communities they serve helps small businesses and Main Street Iowa commu-nities survive as the economy continues to recover.”
Lee County Bank & Trust Exemplifies How Community Banks Are Making a Difference on Main Street
The Fort Madison Bank Receives CBI’s Community Banking Month Best-of-the-Best Award
Carla Meierott accepts the Community Banking Month Best-of-the-Best Trophy on behalf of Lee
County Bank & Trust from Erik Skovgard.
August 2013 . www.cbiaonline.org 11
Nick Wetzeler, a National Honor Society student from Spirit Lake, was awarded one of the two Leaders of Tomorrow (LOT) scholar-ships during the Commu-nity Bankers of Iowa’s (CBI) awards cer-emony.
Wetzeler gradu-ated from Spirit Lake High School in May 2013 in the top 10 percent of his class. Throughout high school he played basket-ball, baseball, and golf. His spare time was spent volunteering at the local YMCA and as an active member of his church’s youth group.
Requirements for the LOT scholarship include writing an essay detailing the role of community banks. As the son of a third generation community banker, Wetzeler had a unique perspec-tive on the role community banks play in Iowa and his home-town.
If you were to listen only to mainstream media in the last several years, having a parent who works in the banking world would be almost an embarrassment. All banks, big and small, were the enemy. I can tell you from experience that this characterization is wrong. Community bankers work hard to serve their customers and I am proud to be a part of a family and community where these banks play an impor-tant role, wrote Wetzeler.
Wetzeler states that generalizing all financial institutions into one category of “big banks” ignores the important role of com-munity banks in hundreds of small towns across the nation. Independent, community banks and bankers generally have strong ties to their communities and an understanding of the local economy.
Because my dad (a third generation banker) and grandpa (a second generation banker) live and work in the same town as their customers, they understand the needs of our community and the ups and downs of our unique economy. We live in a resort town where there is a bump in our town’s economy for about three months. They understand that sometimes you need to stick with your customers through the good times (the summer months) as well as the leaner times of the year during the winter. It is a true partnership and trust is a key factor. My dad and grandpa know this because they live in the community with their customers. It is all about customer service for them.
Wetzeler was referred for the LOT scholarship by William Wet-zeler, President of The State Bank in Spirit Lake.
Leaders of Tomorrow Awards Two ScholarshipsProviding Scholarships to Deserving High School Seniors for 11 Years
Molly Bohe-man, a National Honor Society student from Ackley, was also awarded a Leaders of Tomorrow (LOT) scholar-ship during the awards cer-emony.
Boheman is a May 2013 graduate of Ackley Geneva Wellsburg Steamboat Rock (AGWSR) High School. While at AGWSR she was on the volleyball team, track team, a cheer-leader, and in the choir. Boheman is also an active member of her church’s youth group and has given back over 700 hours of her time in volunteer work to the community. One of her unique talents and interests is Sangai-Jutsu, a Japanese form of mar-tial arts. Currently Boheman holds a 4th degree black belt in Sangai-Jutsu, and in 2012 she was inducted into the American Karate King-Fu Black Belt Hall of Fame.
As a teller at Ackley State Bank, Boheman included her person-al experience and knowledge of the role community banks play in her hometown in her essay.
Aside from all the aspects of banking I think that the most im-portant part of all the local banks in our area is their commit-ment and dedication to the community. I value the relation-ships I have developed over the years with our customers and I hope they feel the same way, wrote Boheman.
Boheman also writes that these relationships are one of the major benefits of community banks.
Whether it’s a loan officer or a teller, customers want to be comfortable trusting them with their money. There is noth-ing greater than having faith in your bank to know that they will do everything they can to benefit you, the customer. In our bank a vast majority of the employees serve on various committees around town. They do a great job understanding the needs of our community and working with the different people, families, and businesses in the bank, to keep the community flourishing outside of the bank as well.
Boheman will be a freshman at Simpson College in the fall, where she is planning on majoring in accounting and hopes to become a CPA. She was referred to the scholarship by Gus Barker, President of Ackley State Bank in Ackley. Her father has also worked at Ackley State Bank for more than 19 years.
Congratulations to all 2013 award recipients!
LOT Co-Chair Brad Lane (left) presents Nick Wetzeler with a certificate of recognition for receiving one of the 2013 LOT Scholarships.
LOT Co-Chair Brad Lane (left) presents Molly Boheman with a certificate of recognition for receiving one of the 2013 LOT Scholarships.
12 CBI Banker Update . August 2013
CFPB Releases Initial Overdraft Study ResultsWritten By: John M. Floyd, Chairman & CEO of John M. Floyd & Associates (JMFA)
Full Disclosure and Transparency Remain Standard Requirements for Overdraft Programs
After months of speculation regarding regulatory oversight of consumer financial products, the Consumer Financial Protection Bureau (CFPB) released the initial results of its 2012 inquiry into overdraft programs on June 13, 2013. Based on information received from banks in its initial study survey, along with feed-back from the public, the CFPB announced that it will continue to study the issue before addressing any policy changes.
And while CFPB Director Richard Cordray affirmed that over-drafts can provide consumers with needed access to funds, he expressed concern about program policies and procedures that can be “highly complex and difficult for consumers to under-stand, yet greatly affect whether and how often an account holder will incur overdraft fees.”
For instance, according to the study, there is a significant dif-ference in the procedures used by banks to determine when a transaction might overdraw a customer’s account and whether or not the customer would be charged an overdraft fee. These include:
• when a bank provides funds availability on deposits;• how a bank treats holds on funds in connection with debit
card transaction authorizations;• what transaction posting order is used by a bank;• how overdraft limits are set;• whether a bank offers waivers or delays in assessing over-
draft fees to accounts for de minimis transactions or short negative balance periods;
• how a bank promotes enrollment in automatic transfers from linked deposit accounts or credit lines to avoid over-drafts; and
• how a bank screens new account applicants.
According to Cordray, “What is marketed as overdraft protec-tion can, in some cases, put consumers in greater risk of harm. Consumers need to be able to control their costs and expenses, and they deserve clarity on these issues.”
While nothing in the report implies that banks should be pre-cluded from offering overdraft coverage for account holders, the CFPB plans further analysis of its findings regarding the number of consumers who are incurring heavy overdraft fees or account closures – along with the wide variations in practices and proce-dures used by financial institutions – to determine whether they are harming consumers.
Compliant financial products provide a valuable consumer resource. According to the Federal Deposit Insurance Cor-poration (FDIC), nine out of 10 Americans have a checking ac-count, making it the most widely used financial services product in the United States. These accounts provide a secure way for consumers to collect earnings and make payments, and for many, they serve as the entry point to the financial mainstream.
And while some may view the frequent tendency to overdraw a checking account as a lack of financial sophistication or even lack of judgment, it is important to remember that many Ameri-cans struggle financially and rely on liquidity from credit cards to accommodate unexpected expenses – or merely to make it until the next pay day.
According to a survey released by Bankrate.com, nearly three-quarters of Americans are living paycheck-to-paycheck, with little to no emergency savings. Fewer than one in four surveyed had enough of a cushion to cover unexpected medical expens-es or other emergency situations.
A fully disclosed overdraft program that clearly defines the rules by which an account holder may access an overdraft service establishes a straightforward approach of responsible use and helps customers avoid less attractive choices of meeting their liquidity needs, such as deferring bill payment or resorting to payday lenders. Moreover, overdraft limits that are set with the account holder’s full knowledge alleviate the chances of unexpected account overages and allow the customer to avoid the extra expense of merchant fees and penalties for returned items.
Protecting your customers and your bank with full disclo-sure. In today’s highly regulated environment, banks must strike a balance of compliance and good customer service to succeed. Providing customers with the products and services they want and need, while meeting and maintaining compliance requirements can be challenging; but it must remain a priority to avoid increased regulatory scrutiny.
As the industry anticipates the CFPB’s final ruling on overdraft programs, there are steps that can be taken right away to en-sure that your overdraft processes and procedures are compli-ant with all regulatory and consumer protection concerns. The key is to provide your account holders with the following:
• complete transparency regarding fees and program proce-dures;
• reasonable, communicated overdraft fees;• clearly established overdraft limits;• transaction clearing policies that avoid maximizing over-
drafts and related fees created by the clearing order;• the ability to easily monitor excessive usage; and• communication materials that outline alternative financial
products that more appropriately fit the needs of excessive overdraft users.
Community banks can survive and prosper in today’s environ-ment by starting out with compliant products and educating their employees about how to explain the value of their products to account holders. This simple combination will result in fewer regulatory concerns and stronger account holder relationships; along with the ability to maintain a healthy bottom line without having to raise fees or initiate new service charges.
August 2013 . www.cbiaonline.org 13
Most of us seem to live our entire lives without truly understand-ing ourselves. We talk too much, give advice too quickly, get too angry or fail to keep our promises. If we are honest with ourselves, we would admit that sometimes we feel smug over a friend’s plight or that we value looks and money over integrity and kindness. We rarely allow ourselves to go much beyond these realizations.
Understanding yourself is one of the most important tasks in hiding your goat. A lot of pop psychology says to accentuate the positive and push the negative aside. Unfortunately, without rec-ognizing potential negatives, you can’t cast them off. So, as you prepare to hide your goat, it may be helpful to discover your goat by answering the following questions.
Are you a faultfinder?Critical people can’t resist pointing out a problem. Nothing is ever good enough. Faultfinders expect perfectionism in them-selves and others. Finding fault or criticizing exposes your goat and almost always derails relationships and drives people away. Criticism does not persuade people to change, even if your criticism is valid. Worse, others will not trust you because they know that, sooner or later, they, too, will fall prey to your criticism. People will put their guard up. Spontaneity will disappear as they carefully choose their words and watch their actions around you. Over time, they won’t even want to be with you. Many roads lead to negativity. Sometimes a person is born into a family in which one or both parents are critical. As a result, the child grows up learning to look at the world through a negative lens. People can become faultfinders if they live or work with negative people. If someone around you is pointing out mistakes, flaws and injus-tices, it’s easy to start focusing on mistakes, flaws and injustices yourself. If you think you’re too critical a person, change.
Are you a jealous person?Do you constantly compare, evaluate and feel badly when someone else wins. Jealousy is a flaw we often have difficulty acknowledging in ourselves. Not acknowledging someone else’s achievements is one way jealousy rears its ugly head. I still remember the day a committee member informed me that I had
been elected to the Speaker Hall of Fame. When I told a fellow speaker, whom I had known for over fourteen years, about the induction, he said, “I’ve been nominated several times and never got elected. Sounds like you had the right committee voting.” Just as you do when herding your goats, you must look inside yourself for the reason you are jealous. The answer is there. Sometimes jealousy arises from insecurity. Eighteenth century scholar and mystic Moshe Luzzatto had great insight on jealousy when he wrote, “The one who envies gains nothing for himself and deprives the one he envies of nothing. There are those who are so foolish that if they perceive their neighbor to possess a certain good, they brood, worry and suffer to the point that their neighbor’s good prevents them from enjoying their own.”
Continued on page 14.
Steve Gilliland was the keynote speaker during the First General Session at the Community Bankers of Iowa’s 42nd Management Conference & Annual Convention, held July 17-19, 2013 in Okoboji, Iowa.
Thank you to everyone who Joined Team Main Street and attended the An-nual Convention!
Gilliland is one of the most in-demand and top rated speakers in North America. Gilli-land is also an accomplished author. His book Enjoy The Ride™ has been on the publisher’s best seller list for five consecutive years.
As a follow-up to Gilliland’s presentation, parts six and seven of his “Hide Your Goat” series will be published in this issue and the September issue of the “Community Banker Update.”
If you would like to purchase additional signed copies of Gilli-land’s books, please call the CBI office at 515.453.1495 for more information.
12 CBI Banker Update . August 2013
CFPB Releases Initial Overdraft Study ResultsWritten By: John M. Floyd, Chairman & CEO of John M. Floyd & Associates (JMFA)
Full Disclosure and Transparency Remain Standard Requirements for Overdraft Programs
After months of speculation regarding regulatory oversight of consumer financial products, the Consumer Financial Protection Bureau (CFPB) released the initial results of its 2012 inquiry into overdraft programs on June 13, 2013. Based on information received from banks in its initial study survey, along with feed-back from the public, the CFPB announced that it will continue to study the issue before addressing any policy changes.
And while CFPB Director Richard Cordray affirmed that over-drafts can provide consumers with needed access to funds, he expressed concern about program policies and procedures that can be “highly complex and difficult for consumers to under-stand, yet greatly affect whether and how often an account holder will incur overdraft fees.”
For instance, according to the study, there is a significant dif-ference in the procedures used by banks to determine when a transaction might overdraw a customer’s account and whether or not the customer would be charged an overdraft fee. These include:
• when a bank provides funds availability on deposits;• how a bank treats holds on funds in connection with debit
card transaction authorizations;• what transaction posting order is used by a bank;• how overdraft limits are set;• whether a bank offers waivers or delays in assessing over-
draft fees to accounts for de minimis transactions or short negative balance periods;
• how a bank promotes enrollment in automatic transfers from linked deposit accounts or credit lines to avoid over-drafts; and
• how a bank screens new account applicants.
According to Cordray, “What is marketed as overdraft protec-tion can, in some cases, put consumers in greater risk of harm. Consumers need to be able to control their costs and expenses, and they deserve clarity on these issues.”
While nothing in the report implies that banks should be pre-cluded from offering overdraft coverage for account holders, the CFPB plans further analysis of its findings regarding the number of consumers who are incurring heavy overdraft fees or account closures – along with the wide variations in practices and proce-dures used by financial institutions – to determine whether they are harming consumers.
Compliant financial products provide a valuable consumer resource. According to the Federal Deposit Insurance Cor-poration (FDIC), nine out of 10 Americans have a checking ac-count, making it the most widely used financial services product in the United States. These accounts provide a secure way for consumers to collect earnings and make payments, and for many, they serve as the entry point to the financial mainstream.
And while some may view the frequent tendency to overdraw a checking account as a lack of financial sophistication or even lack of judgment, it is important to remember that many Ameri-cans struggle financially and rely on liquidity from credit cards to accommodate unexpected expenses – or merely to make it until the next pay day.
According to a survey released by Bankrate.com, nearly three-quarters of Americans are living paycheck-to-paycheck, with little to no emergency savings. Fewer than one in four surveyed had enough of a cushion to cover unexpected medical expens-es or other emergency situations.
A fully disclosed overdraft program that clearly defines the rules by which an account holder may access an overdraft service establishes a straightforward approach of responsible use and helps customers avoid less attractive choices of meeting their liquidity needs, such as deferring bill payment or resorting to payday lenders. Moreover, overdraft limits that are set with the account holder’s full knowledge alleviate the chances of unexpected account overages and allow the customer to avoid the extra expense of merchant fees and penalties for returned items.
Protecting your customers and your bank with full disclo-sure. In today’s highly regulated environment, banks must strike a balance of compliance and good customer service to succeed. Providing customers with the products and services they want and need, while meeting and maintaining compliance requirements can be challenging; but it must remain a priority to avoid increased regulatory scrutiny.
As the industry anticipates the CFPB’s final ruling on overdraft programs, there are steps that can be taken right away to en-sure that your overdraft processes and procedures are compli-ant with all regulatory and consumer protection concerns. The key is to provide your account holders with the following:
• complete transparency regarding fees and program proce-dures;
• reasonable, communicated overdraft fees;• clearly established overdraft limits;• transaction clearing policies that avoid maximizing over-
drafts and related fees created by the clearing order;• the ability to easily monitor excessive usage; and• communication materials that outline alternative financial
products that more appropriately fit the needs of excessive overdraft users.
Community banks can survive and prosper in today’s environ-ment by starting out with compliant products and educating their employees about how to explain the value of their products to account holders. This simple combination will result in fewer regulatory concerns and stronger account holder relationships; along with the ability to maintain a healthy bottom line without having to raise fees or initiate new service charges.
August 2013 . www.cbiaonline.org 13
Most of us seem to live our entire lives without truly understand-ing ourselves. We talk too much, give advice too quickly, get too angry or fail to keep our promises. If we are honest with ourselves, we would admit that sometimes we feel smug over a friend’s plight or that we value looks and money over integrity and kindness. We rarely allow ourselves to go much beyond these realizations.
Understanding yourself is one of the most important tasks in hiding your goat. A lot of pop psychology says to accentuate the positive and push the negative aside. Unfortunately, without rec-ognizing potential negatives, you can’t cast them off. So, as you prepare to hide your goat, it may be helpful to discover your goat by answering the following questions.
Are you a faultfinder?Critical people can’t resist pointing out a problem. Nothing is ever good enough. Faultfinders expect perfectionism in them-selves and others. Finding fault or criticizing exposes your goat and almost always derails relationships and drives people away. Criticism does not persuade people to change, even if your criticism is valid. Worse, others will not trust you because they know that, sooner or later, they, too, will fall prey to your criticism. People will put their guard up. Spontaneity will disappear as they carefully choose their words and watch their actions around you. Over time, they won’t even want to be with you. Many roads lead to negativity. Sometimes a person is born into a family in which one or both parents are critical. As a result, the child grows up learning to look at the world through a negative lens. People can become faultfinders if they live or work with negative people. If someone around you is pointing out mistakes, flaws and injus-tices, it’s easy to start focusing on mistakes, flaws and injustices yourself. If you think you’re too critical a person, change.
Are you a jealous person?Do you constantly compare, evaluate and feel badly when someone else wins. Jealousy is a flaw we often have difficulty acknowledging in ourselves. Not acknowledging someone else’s achievements is one way jealousy rears its ugly head. I still remember the day a committee member informed me that I had
been elected to the Speaker Hall of Fame. When I told a fellow speaker, whom I had known for over fourteen years, about the induction, he said, “I’ve been nominated several times and never got elected. Sounds like you had the right committee voting.” Just as you do when herding your goats, you must look inside yourself for the reason you are jealous. The answer is there. Sometimes jealousy arises from insecurity. Eighteenth century scholar and mystic Moshe Luzzatto had great insight on jealousy when he wrote, “The one who envies gains nothing for himself and deprives the one he envies of nothing. There are those who are so foolish that if they perceive their neighbor to possess a certain good, they brood, worry and suffer to the point that their neighbor’s good prevents them from enjoying their own.”
Continued on page 14.
Steve Gilliland was the keynote speaker during the First General Session at the Community Bankers of Iowa’s 42nd Management Conference & Annual Convention, held July 17-19, 2013 in Okoboji, Iowa.
Thank you to everyone who Joined Team Main Street and attended the An-nual Convention!
Gilliland is one of the most in-demand and top rated speakers in North America. Gilli-land is also an accomplished author. His book Enjoy The Ride™ has been on the publisher’s best seller list for five consecutive years.
As a follow-up to Gilliland’s presentation, parts six and seven of his “Hide Your Goat” series will be published in this issue and the September issue of the “Community Banker Update.”
If you would like to purchase additional signed copies of Gilli-land’s books, please call the CBI office at 515.453.1495 for more information.
Do you have to be the center of attention?People who talk too much are attention-competitive. What they are saying is, “Pay attention to me!” Interrupting is another competitive behavior. Some people compete by starting a side conversation. They’re proclaiming, “What I have to say is more important than what others have to say.” People who seek to be the center of attention are terrible listeners, too. When someone else is talking, their minds wander and they rarely ask questions or contribute a comment.
Are you controlling?If you don’t recognize your own controlling behavior, hiding your goat will be impossible, leaving it exposed and vulnerable. So how controlling are you?
• Do you talk too much?• Do you frequently offer unsolicited advice?• Do you have trouble apologizing?• Do you pout and refuse to talk
when you get angry?• When you want something
done, does it have to be done now?
• Are you habitually late?• Are you often accused of not
listening?• Do you often finish other peo-
ple’s stories?• Do you usually have the last
word in an argument?
If you desire good relationships with your fellow workers, your spouse, your children and your friends, discover – and then eliminate – your controlling behaviors.
Do you get too angry?You may not like to admit it, but you know if you have an anger prob-lem. What you may not understand is what drives that anger, its con-sequences or what you can do to change. How you interpret events in your life could be negative by default, thereby generating your own anger. The people you surround yourself with can play a significant role in how you interpret certain events as well. Negative people often gravitate toward each other, further fueling the situation. Things not going the way you expect can also ignite your anger by making you feel off balance, threatened, chal-lenged and not in control. Maybe the worst byproduct of getting too angry is that you name-call, exaggerate and become sanctimonious.
I once read, “A life not examined
is like an unopened letter.” Just as it’s impossible to reach your destination when you don’t know where you are, you can’t become who you want to be until you’re sure who you are. I chal-lenge each of you to take an introspective journey. Then change the parts of yourself you don’t like and accentuate those you do. Having a clear self-image is essential in relationships, confi-dence and growth - and the only way you can hide your goat is to discover it first.
Underestimating yourself, minimizing your situation and magical or one-track thinking can conspire to get your goat. These things didn’t appear overnight. The final installment of Steve Gilliland’s “Hide Your Goat” series will examine the blueprint for self-direct-ed positive action, which begins and ends with understanding what holds you back. It’s time to get unstuck and, once and for all, rise above what gets your goat.
We’ve Upgraded. New Look. Same Wisdom.
©2013 EBN
BOLI & Deferred Compensation Experts 800.780.4EBN ebn-design.com
14 CBI Banker Update . August 2013
Asset/Liability Modeling and Model Review | Institutional Fixed Income | Portfolio Accounting and Safekeeping | Municipal Credit Analysis Municipal and Agency Debt Underwriting | CD Underwriting
888.974.9158 | www.boscinc.com
© 2013 BOSC, Inc. A subsidiary of BOK Financial Corporation. Broker/Dealer Services and Securities offered by BOSC, Inc., an SEC registered investment adviser, a registered broker/dealer, member FINRA/SIPC. Asset Liability Modeling and Model Review, CD underwriting and Safekeeping Services are provided by BOKF, NA dba Bank of Oklahoma, an affiliate of BOSC, Inc.
Strategic Expertise. In Your Backyard.When it comes to managing your organization’s balance sheet, you don’t have to look far to find proven professionals. With a dedicated staff of knowledgeable experts, we offer a full range of asset/liability consulting and investment services. Plus, there’s more to being local than simply convenience. We also know the market. And we know your challenges.
Give us a call, or better yet, let us come see you.
Do you have to be the center of attention?People who talk too much are attention-competitive. What they are saying is, “Pay attention to me!” Interrupting is another competitive behavior. Some people compete by starting a side conversation. They’re proclaiming, “What I have to say is more important than what others have to say.” People who seek to be the center of attention are terrible listeners, too. When someone else is talking, their minds wander and they rarely ask questions or contribute a comment.
Are you controlling?If you don’t recognize your own controlling behavior, hiding your goat will be impossible, leaving it exposed and vulnerable. So how controlling are you?
• Do you talk too much?• Do you frequently offer unsolicited advice?• Do you have trouble apologizing?• Do you pout and refuse to talk
when you get angry?• When you want something
done, does it have to be done now?
• Are you habitually late?• Are you often accused of not
listening?• Do you often finish other peo-
ple’s stories?• Do you usually have the last
word in an argument?
If you desire good relationships with your fellow workers, your spouse, your children and your friends, discover – and then eliminate – your controlling behaviors.
Do you get too angry?You may not like to admit it, but you know if you have an anger prob-lem. What you may not understand is what drives that anger, its con-sequences or what you can do to change. How you interpret events in your life could be negative by default, thereby generating your own anger. The people you surround yourself with can play a significant role in how you interpret certain events as well. Negative people often gravitate toward each other, further fueling the situation. Things not going the way you expect can also ignite your anger by making you feel off balance, threatened, chal-lenged and not in control. Maybe the worst byproduct of getting too angry is that you name-call, exaggerate and become sanctimonious.
I once read, “A life not examined
is like an unopened letter.” Just as it’s impossible to reach your destination when you don’t know where you are, you can’t become who you want to be until you’re sure who you are. I chal-lenge each of you to take an introspective journey. Then change the parts of yourself you don’t like and accentuate those you do. Having a clear self-image is essential in relationships, confi-dence and growth - and the only way you can hide your goat is to discover it first.
Underestimating yourself, minimizing your situation and magical or one-track thinking can conspire to get your goat. These things didn’t appear overnight. The final installment of Steve Gilliland’s “Hide Your Goat” series will examine the blueprint for self-direct-ed positive action, which begins and ends with understanding what holds you back. It’s time to get unstuck and, once and for all, rise above what gets your goat.
We’ve Upgraded. New Look. Same Wisdom.
©2013 EBN
BOLI & Deferred Compensation Experts 800.780.4EBN ebn-design.com
14 CBI Banker Update . August 2013
Asset/Liability Modeling and Model Review | Institutional Fixed Income | Portfolio Accounting and Safekeeping | Municipal Credit Analysis Municipal and Agency Debt Underwriting | CD Underwriting
888.974.9158 | www.boscinc.com
© 2013 BOSC, Inc. A subsidiary of BOK Financial Corporation. Broker/Dealer Services and Securities offered by BOSC, Inc., an SEC registered investment adviser, a registered broker/dealer, member FINRA/SIPC. Asset Liability Modeling and Model Review, CD underwriting and Safekeeping Services are provided by BOKF, NA dba Bank of Oklahoma, an affiliate of BOSC, Inc.
Strategic Expertise. In Your Backyard.When it comes to managing your organization’s balance sheet, you don’t have to look far to find proven professionals. With a dedicated staff of knowledgeable experts, we offer a full range of asset/liability consulting and investment services. Plus, there’s more to being local than simply convenience. We also know the market. And we know your challenges.
Give us a call, or better yet, let us come see you.
July Survey Results at a Glance:
• Rural Mainstreet Index indicates rural economy expansion continues at healthy pace.
• On average, bankers expect farm income this year to be down by 3 percent from last year.
• More than one-third of bankers report impacts from federal spending sequestration.
• More than three fourths of bankers consider passage of a new farm bill as very important to the Rural Mainstreet economy.
• Farmland price growth slowed for the seventh time in past eight months.
While growth for the Rural Mainstreet economy remains healthy, it slowed a bit in July, according to the monthly survey of bank CEOs in a 10-state area. Overall: The Rural Mainstreet Index (RMI), which ranges be-tween 0 and 100 with 50.0 representing growth neutral, slipped to 57.3 from June’s 60.5, but was well ahead of last July’s 47.3. “Last year at this time, the drought was having a significant negative impact on the Rural Mainstreet economy. This year, ample moisture has boosted the rural economy and the banker’s economic outlook,” said Ernie Goss, the Jack A. MacAllister Chair in Regional Economics at Creighton University. Additionally, energy production has taken on an increas-ingly important role for the rural economy. As reported by Jim Stanosheck, CEO of State Bank of Odell in Odell, Neb., “The area has about 45 wind generators being built in the next six months. This activity should spur the rural economy for next six to seven months.” Farming: The farmland-price index declined for the seventh time in eight months. The July index fell to 58.2 from June’s 58.4. “Our farmland-price index has been above growth neutral since February 2010. However, lower farm commodity prices and expected declines in farm income are slowing growth in farmland prices. I expect farmland price growth to continue to weaken as a stronger U.S. dollar weighs on agriculture com-modity prices,” said Goss. This month bankers were asked to project farm income for 2013. On average, bankers expect farm income to be down by 3 percent from 2012. Approximately 59.6 percent of bank CEOs expect farm income to be down from 2012, while only 19.5 percent anticipate an increase in farm income and the remaining
20.9 percent expected no change. Farm equipment sales also softened for July, with an index of 50.0, down from June’s 53.2. “Farmers are getting increasingly cautious regarding economic conditions. This has been reflected in declines in our equipment-sales index and in the stock prices of agriculture equipment producers,” reported Goss. Banking: The loan-volume index moved above growth neutral for the month. The index soared to 75.7 from June’s 66.7. The checking-deposit index advanced to 53.7 from June’s 48.5, while the index for certificates of deposit and other savings in-struments increased to a very weak 42.0 from 33.6 in June. Community bankers are more upbeat that Congress will address the increasing concentration of U.S. banking. As reported by Pete Haddeland, CEO of the First National Bank in Mahnomen, Minn., “TBTF (too big to fail) is gaining some traction (in D.C.).” This month bankers were also asked about the impacts of the federal spending sequester. Only 1.5 percent reported signifi-cant impacts, while 34.3 percent indicated moderate impacts with the remaining 64.2 percent detailing no impacts from the spending sequestration. Hiring: July’s hiring index declined to a strong 60.7 from June’s 61.4. “Readings over the past several months are consistent with an annualized growth rate in jobs of 1 percent. Businesses linked to agriculture and energy continue to add jobs at this slow, but positive pace,” said Goss. Confidence: The confidence index, which reflects expectations for the economy six months out, fell to 56.6 from 60.0 in June. “While healthy crop conditions have fortified the economic out-look, recent weaker than expected agriculture commodity prices have lowered that outlook,” said Goss “More than three-fourths, or 77.9 percent, of bankers think that Congressional passage of a new farm bill is important or crucial to the Rural Mainstreet economy,” said Goss. Home and retail sales: The July home-sales index slipped to 76.6 from June’s record high of 78.1. The July retail-sales index slipped to 53.1 from 53.9 in June. “Slightly higher mortgage rates failed to slow the rapidly improving Rural Mainstreet hous-ing sector,” said Goss. Each month, community bank presidents and CEOs in nonur-ban, agriculturally and energy-dependent portions of a 10-state
Main Street Economic Survey
C r e i g h t o nU N I V E R S I T Y E r n i e G o s s
Rural Mainstreet Economy Grows: Bankers Say Farm Bill Passage Important
16 CBI Banker Update . August 2013 August 2013 . www.cbiaonline.org 17
area are surveyed regarding current economic conditions in their communities and their projected economic outlooks six months down the road. Bankers from Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming are included. Illinois: While the RMI for Illinois declined in July to 57.6 from June’s 61.6, it has remained above growth neutral for 10 straight months. Farmland prices sank to 49.1 from 49.4 in June. The state’s new-hiring index dipped to 54.3 from June’s 55.2. Iowa: The July RMI for Iowa expanded slightly to 62.3 from June’s 62.2. The farmland-price advanced to 54.6 from 49.6 in June. Iowa’s new-hiring index for July improved to 58.0 from June’s 55.3. As reported by Steven Lane, CEO of Security Savings Bank in Farnhamville, “Most of the crops in our area were planted late. It’s now up to mother nature to see if it amounts to much.” Minnesota: The July RMI for Minnesota tumbled to a 53.4 from June’s 59.7. Minnesota’s farmland-price index fell to 51.3 from 58.5 in June. The new-hiring index declined to 55.8 from last month’s 61.2. Pete Haddeland, CEO of the First National Bank in Mahnomen, said, “Our crops look great.”
Missouri: The July RMI for Missouri rocketed to regional high of 81.2 from 59.2 in June. The farmland-price index for July remained strong at 78.9, though it was down from June’s 81.5. Missouri’s new-hiring index rose to 84.2 from June’s 76.7. Nebraska: After moving below growth neutral for January, Ne-braska’s Rural Mainstreet index has now moved above growth neutral for six straight months. The July RMI climbed to 58.0 from 56.5 in June. The farmland-price index for July fell to 48.5 from June’s 59.2. Nebraska’s new-hiring index stood at 53.9, down slightly from June’s 53.7. Weather remains a problem for some parts of the state. According to Bill McQuillan, president of CNB Community Bank of Greeley, “Pasture conditions continue to deteriorate because of the lack of moisture in the last 30 days.” South Dakota: The July RMI for South Dakota slipped to 59.9 from 60.5 in June. The farmland price index slumped to 50.8 from June’s 51.5. South Dakota’s new-hiring index for July decreased to 55.5 from June’s 56.5. As in other areas of the region, farm conditions are up significantly from last year. Ac-cording to David Callies, CEO of Miner County Bank in Howard, “Crops are doing very well.”
Tables 1 and 2 summarize survey findings.
This survey represents an early snap-shot of the economy of rural, agricul-turally and energy-dependent portions
of the nation. The Rural Mainstreet Index (RMI) is a unique index cover-ing 10 regional states, focusing on
approximately 200 rural communities with an average population of 1,300. It gives the most current real-time analy-sis of the rural economy. Goss and Bill McQuillan, CEO of CNB Community
Bank of Greeley, Neb., created the monthly economic survey in 2005.
Table 1: Rural Mainstreet Economy Last Two Months and One Year Ago: (index > 50 indicates expansion)
July 2012 June 2013 July 2013Area economic index 47.9 60.5 57.3Loan volume 65.3 66.7 75.7Checking deposits 47.9 48.5 53.7Certificates of deposit and savings instruments 41.7 33.6 42.0Farmland prices 58.6 58.4 58.2Farm equipment sales 46.1 53.2 50.0Home sales 58.6 78.1 76.6Hiring 52.8 61.4 60.7Retail business 44.4 53.9 53.1Confidence index (area economy six months out) 40.9 60.0 56.6
Table 2: The Rural Mainstreet Economy, July 2013Percentage of bankers reporting
Crucial Important but not Crucial
Somewhat Important
Not Very Important
How important is it for the Rural Mainstreet economy that a new farm bill is passed? 25.0% 52.9% 16.2% 5.9%
Up 6% - 10% Up 1% - 5% Unchanged DownCompared to the same time last year, farm income in your area will be: 3.0% 16.5% 20.9% 59.6%
Significantly Moderately Not at allThus far, how has the federal sequestration affected your area economy? 1.5% 34.3% 64.2%
July Survey Results at a Glance:
• Rural Mainstreet Index indicates rural economy expansion continues at healthy pace.
• On average, bankers expect farm income this year to be down by 3 percent from last year.
• More than one-third of bankers report impacts from federal spending sequestration.
• More than three fourths of bankers consider passage of a new farm bill as very important to the Rural Mainstreet economy.
• Farmland price growth slowed for the seventh time in past eight months.
While growth for the Rural Mainstreet economy remains healthy, it slowed a bit in July, according to the monthly survey of bank CEOs in a 10-state area. Overall: The Rural Mainstreet Index (RMI), which ranges be-tween 0 and 100 with 50.0 representing growth neutral, slipped to 57.3 from June’s 60.5, but was well ahead of last July’s 47.3. “Last year at this time, the drought was having a significant negative impact on the Rural Mainstreet economy. This year, ample moisture has boosted the rural economy and the banker’s economic outlook,” said Ernie Goss, the Jack A. MacAllister Chair in Regional Economics at Creighton University. Additionally, energy production has taken on an increas-ingly important role for the rural economy. As reported by Jim Stanosheck, CEO of State Bank of Odell in Odell, Neb., “The area has about 45 wind generators being built in the next six months. This activity should spur the rural economy for next six to seven months.” Farming: The farmland-price index declined for the seventh time in eight months. The July index fell to 58.2 from June’s 58.4. “Our farmland-price index has been above growth neutral since February 2010. However, lower farm commodity prices and expected declines in farm income are slowing growth in farmland prices. I expect farmland price growth to continue to weaken as a stronger U.S. dollar weighs on agriculture com-modity prices,” said Goss. This month bankers were asked to project farm income for 2013. On average, bankers expect farm income to be down by 3 percent from 2012. Approximately 59.6 percent of bank CEOs expect farm income to be down from 2012, while only 19.5 percent anticipate an increase in farm income and the remaining
20.9 percent expected no change. Farm equipment sales also softened for July, with an index of 50.0, down from June’s 53.2. “Farmers are getting increasingly cautious regarding economic conditions. This has been reflected in declines in our equipment-sales index and in the stock prices of agriculture equipment producers,” reported Goss. Banking: The loan-volume index moved above growth neutral for the month. The index soared to 75.7 from June’s 66.7. The checking-deposit index advanced to 53.7 from June’s 48.5, while the index for certificates of deposit and other savings in-struments increased to a very weak 42.0 from 33.6 in June. Community bankers are more upbeat that Congress will address the increasing concentration of U.S. banking. As reported by Pete Haddeland, CEO of the First National Bank in Mahnomen, Minn., “TBTF (too big to fail) is gaining some traction (in D.C.).” This month bankers were also asked about the impacts of the federal spending sequester. Only 1.5 percent reported signifi-cant impacts, while 34.3 percent indicated moderate impacts with the remaining 64.2 percent detailing no impacts from the spending sequestration. Hiring: July’s hiring index declined to a strong 60.7 from June’s 61.4. “Readings over the past several months are consistent with an annualized growth rate in jobs of 1 percent. Businesses linked to agriculture and energy continue to add jobs at this slow, but positive pace,” said Goss. Confidence: The confidence index, which reflects expectations for the economy six months out, fell to 56.6 from 60.0 in June. “While healthy crop conditions have fortified the economic out-look, recent weaker than expected agriculture commodity prices have lowered that outlook,” said Goss “More than three-fourths, or 77.9 percent, of bankers think that Congressional passage of a new farm bill is important or crucial to the Rural Mainstreet economy,” said Goss. Home and retail sales: The July home-sales index slipped to 76.6 from June’s record high of 78.1. The July retail-sales index slipped to 53.1 from 53.9 in June. “Slightly higher mortgage rates failed to slow the rapidly improving Rural Mainstreet hous-ing sector,” said Goss. Each month, community bank presidents and CEOs in nonur-ban, agriculturally and energy-dependent portions of a 10-state
Main Street Economic Survey
C r e i g h t o nU N I V E R S I T Y E r n i e G o s s
Rural Mainstreet Economy Grows: Bankers Say Farm Bill Passage Important
16 CBI Banker Update . August 2013 August 2013 . www.cbiaonline.org 17
area are surveyed regarding current economic conditions in their communities and their projected economic outlooks six months down the road. Bankers from Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming are included. Illinois: While the RMI for Illinois declined in July to 57.6 from June’s 61.6, it has remained above growth neutral for 10 straight months. Farmland prices sank to 49.1 from 49.4 in June. The state’s new-hiring index dipped to 54.3 from June’s 55.2. Iowa: The July RMI for Iowa expanded slightly to 62.3 from June’s 62.2. The farmland-price advanced to 54.6 from 49.6 in June. Iowa’s new-hiring index for July improved to 58.0 from June’s 55.3. As reported by Steven Lane, CEO of Security Savings Bank in Farnhamville, “Most of the crops in our area were planted late. It’s now up to mother nature to see if it amounts to much.” Minnesota: The July RMI for Minnesota tumbled to a 53.4 from June’s 59.7. Minnesota’s farmland-price index fell to 51.3 from 58.5 in June. The new-hiring index declined to 55.8 from last month’s 61.2. Pete Haddeland, CEO of the First National Bank in Mahnomen, said, “Our crops look great.”
Missouri: The July RMI for Missouri rocketed to regional high of 81.2 from 59.2 in June. The farmland-price index for July remained strong at 78.9, though it was down from June’s 81.5. Missouri’s new-hiring index rose to 84.2 from June’s 76.7. Nebraska: After moving below growth neutral for January, Ne-braska’s Rural Mainstreet index has now moved above growth neutral for six straight months. The July RMI climbed to 58.0 from 56.5 in June. The farmland-price index for July fell to 48.5 from June’s 59.2. Nebraska’s new-hiring index stood at 53.9, down slightly from June’s 53.7. Weather remains a problem for some parts of the state. According to Bill McQuillan, president of CNB Community Bank of Greeley, “Pasture conditions continue to deteriorate because of the lack of moisture in the last 30 days.” South Dakota: The July RMI for South Dakota slipped to 59.9 from 60.5 in June. The farmland price index slumped to 50.8 from June’s 51.5. South Dakota’s new-hiring index for July decreased to 55.5 from June’s 56.5. As in other areas of the region, farm conditions are up significantly from last year. Ac-cording to David Callies, CEO of Miner County Bank in Howard, “Crops are doing very well.”
Tables 1 and 2 summarize survey findings.
This survey represents an early snap-shot of the economy of rural, agricul-turally and energy-dependent portions
of the nation. The Rural Mainstreet Index (RMI) is a unique index cover-ing 10 regional states, focusing on
approximately 200 rural communities with an average population of 1,300. It gives the most current real-time analy-sis of the rural economy. Goss and Bill McQuillan, CEO of CNB Community
Bank of Greeley, Neb., created the monthly economic survey in 2005.
Table 1: Rural Mainstreet Economy Last Two Months and One Year Ago: (index > 50 indicates expansion)
July 2012 June 2013 July 2013Area economic index 47.9 60.5 57.3Loan volume 65.3 66.7 75.7Checking deposits 47.9 48.5 53.7Certificates of deposit and savings instruments 41.7 33.6 42.0Farmland prices 58.6 58.4 58.2Farm equipment sales 46.1 53.2 50.0Home sales 58.6 78.1 76.6Hiring 52.8 61.4 60.7Retail business 44.4 53.9 53.1Confidence index (area economy six months out) 40.9 60.0 56.6
Table 2: The Rural Mainstreet Economy, July 2013Percentage of bankers reporting
Crucial Important but not Crucial
Somewhat Important
Not Very Important
How important is it for the Rural Mainstreet economy that a new farm bill is passed? 25.0% 52.9% 16.2% 5.9%
Up 6% - 10% Up 1% - 5% Unchanged DownCompared to the same time last year, farm income in your area will be: 3.0% 16.5% 20.9% 59.6%
Significantly Moderately Not at allThus far, how has the federal sequestration affected your area economy? 1.5% 34.3% 64.2%
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