In ThIs Issue Teach children To Save day | vBa/aBa GovernmenT relaTionS SummiT
BankingirginiaV May/June 2011
Virginia Bankers association — serVing Virginia’s Financial community since 1893
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2010-2011 OFFICERS AND DIRECTORS OF THEVIRGINIA BANKERS ASSOCIATION
Charles H. Majors, Chairman, Danville
William Couper, Chairman-Elect, Washington, D.C.
H. Watts Steger, III, Immediate Past Chairman, Buchanan
O.R. Barham, Jr., StellarOne Corporation
Katherine E. Busser, Capital One Financial Corporation
Charles K. Collum, Jr., Burke & Herbert Bank & Trust Co.
Larry G. Dillon, C&F BankRandy K. Ferrell,
The Fauquier BankPete Jones,
Wachovia/Wells FargoMonte L. Layman,
The Page Valley BankGail Letts, SunTrust BankSamuel L. Neese,
Highlands Union BankSusan Ralston, Bank @LantecDavid P. Summers,
Virginia Heritage BankJeffrey M. Szyperski,
Chesapeake BankDaniel G. Waetjen, BB&TRichard T. Wheeler, Jr., Franklin
Federal Savings Bank
Statements of fact and opinion are made on the responsibility of the authors alone and do not implyan opinion or endorsement on the part of the officers or members of vBa.
AT-LARGE MEMBERSBenefits Corporation Chair
Richard M. Liles, McKenneyManagement Services Inc. Chair
Frank Bell, III, MidlothianGovernment Relations
Committee ChairChristopher W. Bergstrom, McLean
VBA Education Foundation ChairJ. Peter Clements, Carson
EDITORIAL & EXECUTIVE OFFICES4490 Cox Road Glen Allen, VA 23060804-643-7469 Fax 804-643-6308www.vabankers.org
Bruce T. WhitehurstPresident and CEOVirginia Bankers Association
Chandler DeweyCommunications & Marketing ManagerVirginia Bankers Association
SUBSCRIPTIONSIf you would like to subscribe to Virginia Banking, contact Chandler Dewey at [email protected]. virginia Banking is published bi-monthly. Subscription price is $25 per year and $45 for two years for nonmembers. copyright 2011.
featuresVirginia Bankers Join ABA for Government Relations Summitnational Bankers unite for common causerepresentatives from virginia’s banking industry traveled to Washington, d.c. to speak with congress about finding regulatory balance after dodd-Frank.
Server Virtualization is Fundamentally Changing the Future of IThow to run your bank better, faster and less expensively
4 calendar of events 5 insights 6 Worth noting 9 Washington update
10 legislative update11 Welcome new associate members14 compliance corner 22 Bankers on the move
Send us your thoughts or ideas on Virginia Banking!
Please email chandler dewey at [email protected]. has your information changed?
Please email Kellee edelin at [email protected] with your new contact information.
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12
BankingirginiaVVirginia Bankers association — serVing Virginia’s Financial community since 1893
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photo
in every issue
Teach Children to Save Day A Statewide SuccessBankers participated in the 15th annual educational day, reaching more than 12,500 students across the state.
DIRECTORSTimothy M. Warren Chairman Timothy M. Warren Jr. CEO & Publisher David B. Lovins President Vincent M. Valvo Group Publisher & Editor in Chief
FINANCE & ADMINISTRATIONJeffrey E. Lewis Controller / Director of Operations
EDITORIAL Christina P. O’Neill Custom Publications Editor Cassidy Norton Murphy Associate Editor
ADVERTISINGGeorge Chateauneuf Publishing Division Sales Manager Richard Ofsthun Advertising Sales ManagerCara Inocencio Advertising Sales ManagerEmily Torres Advertising, Marketing & Events Coordinator
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©2011 The Warren Group inc. all rights reserved. The Warren Group is a trademark of The Warren Group inc. no part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. advertising, editorial and production inquiries should be directed to: The Warren Group, 280 Summer Street, Boston, ma 02210. call 800-356-8805.
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May/June 2011 | Virginia Banking 3
May/June 2011
instructor-leD seminars
AnnuAl Convention 2011, White Sulphur SpringS, WeSt virginiAJune 19-22
SChool of BAnk MAnAgeMent, ChArlotteSvilleJuly 31-AuguSt 5
Cfo ConferenCe, ChArlotteSvilleAuguSt 29-31
ConSuMer lending SChool, glen Allen (riChMond)SepteMBer 13-14
Credit MAnAgeMent ConferenCe, ChArlotteSvilleoCtoBer 3-4
CoMMerCiAl lending SChool, glen Allen (riChMond)oCtoBer 18-20
instructor-leD courses
prinCipleS of BAnkingJune 13
generAl ACCountingJune 13
prinCipleS of BAnkingJuly 11
eConoMiCS for BAnkerSJuly 11
ConSuMer lendingJuly 18
generAl ACCountingAuguSt 1
WeBinars
SAfe depoSit SerieSJune 16
dynAMite trAining SeCretS for everyoneJune 22
reSpA revieW And updAteJuly 7
liquidity riSk MAnAgeMent – An evolving proCeSSSepteMBer 8
5 MiStAkeS BAnkerS MAke on SAleS CAllSSepteMBer 12
Blueprint for A neW Beginning - BAnk direCtor’S StrAtegy for reCoverySepteMBer 13
MergerS And ACquiSitionS in the Current environMentSepteMBer 14
StrAtegiC plAnning for A neW environMentSepteMBer 15
leAding the proSpeCting effortSepteMBer 19
the AlCo proCeSS – the BoArd roleSepteMBer 20
it riSk ASSeSSMent – tAke Control of your progrAMSepteMBer 21
the BASiCS on hSASSepteMBer 21
live event online Seminar Webinar
information and online registration is available at the vBA website. please either go to www.vabankers.org or use this form to check the box next to the program you want information about, then fax the form to the vBA office at 804-643-6308. the vBA will send you information about the program as soon as it is available, usually eight weeks before the program.
name_________________________________________________ Bank/firm___________________________________________
Address_____________________________________________________________________________________________________
City________________________________________________________________ State/Zip______________________________
phone___________________________ fax_________________________ email___________________________________
For more information go to www.vabankers.org.
4 Virginia Banking | May/June 2011 www.vabankers.org
Calendar of Events
I usually enjoy celebrating anniversaries, don’t
you? Here’s one I’m not so sure about: this
July marks the first anniversary since the pas-
sage of the 2,319-page Dodd-Frank Act. Thirteen
months in the making, Dodd-Frank was heralded as
the response to the Financial Crisis of 2008 and the
solution to what was wrong with our financial sys-
tem. Never mind that housing finance reform was
not included, even though the creation of a second-
ary market for subprime mortgages is high on the
list of root causes of the financial crisis. Never mind
that banks of all sizes – and community banks dis-
parately so – are at the other end of a double-barrel
shotgun firing over 200 new regulations our way,
both to add unnecessary cost and regulatory burden
and to take away revenue sources through govern-
ment price-fixing. Happy anniversary, Dodd-Frank!
During the months that Dodd-Frank was debated
in Congress, Virginia bankers continued to ask our
congressmen and senators to weigh carefully the
potential unintended consequences of such a mas-
sive legislative effort. We argued that imposing so
much change on our industry during such fragile
economic times would make it more difficult for
banks to drive economic recovery as they would in-
stead have to spend time figuring out the new rules
of the road. We pointed out that heaping more new
regulatory burdens on community banks – and in-
appropriately so – would put undue pressure on the
very institutions our country has been so proud to
have and would drive more banking consolidation
in and of itself.
In recent weeks, FDIC and Treasury representa-
tives have suggested that Dodd-Frank is good for
community banks, pointing to the new FDIC as-
sessment base, more oversight of large banks and
of nonbanks as key reasons they believe this to be
the case. Do they know that according to economic
estimates, a five basis point increase in deposit rates
neutralizes the beneficial change in FDIC assess-
ment for most community banks? What about the
prospective loss of more than 70 percent of debit in-
terchange revenue? What about the cost to comply
with every new rule the Consumer Financial Protec-
tion Bureau promulgates? What about all the new
reporting requirements relating to small business
loans?
As part of the one-year anniversary of Dodd-
Frank, the CFPB goes live on July 21. Although not
confirmed by the Senate as contemplated in Dodd-
Frank, Elizabeth Warren is setting up the CFPB, and
there is no mistaking the fact that as a special advisor
to the President, Warren is in control. She has been
saying all the right things to community bankers
about how CFPB will focus its efforts on nonbanks
and financial industry renegades. But if this is the
case, why not contain CFPB to the shadow banking
sector only, thereby matching actions with words?
Or at the least, how about giving banking regula-
tors more oversight of CFPB to make sure consumer
protection and safety and soundness don’t end up in
a head-on collision?
At about the same time as Dodd-Frank’s passage,
Federal Reserve Chairman Ben Bernanke testified to
Congress about the economy, calling it a time of
“unusual uncertainty.” Our industry suggested then
that unusual uncertainty would result from Dodd-
Frank and that certainly has been the case. We are
still in the early stages of determining exactly how
our industry will be reshaped as a result of this new
law; unusual uncertainty reigns upon this first an-
niversary. One thing is certain: with input from
bankers all over Virginia, the VBA will continue to
speak out and work toward the best possible indus-
try environment in Richmond and Washington.
Here’s hoping next year’s anniversary might bring
better news.
Bruce Whitehurst
president and Ceo,
virginia Bankers Association
Bruce Whitehurst can be reached by email at [email protected].
a Questionable anniversary
May/June 2011 | Virginia Banking 5 www.vabankers.org
”
“ Heaping more new regulatory burdens on community banks – and inappropriately so – would put undue pressure on the very institutions our country has been so proud to have and would drive more banking consolidation in and of itself.
Insights
Virginia Banks sHare ProFit DistriBution From aBa insurance Program
Virginia banks that purchased directors’ and officers’ and
fidelity bond insurance from the ABA Insurance Program and
are members of the American Bankers Association will share
$53,321 in profit distributions this year from the program’s re-
insurer, American Bankers Mutual Insurance Ltd, which has
declared a distribution of $4 million in underwriting profits to
995 banks nationwide that participate in the program. Insured
banks that are members of the American Bankers Association
are automatically owners of the company.
This is the program’s 21st consecutive profit-sharing distribu-
tion – $75 million has been declared since the first distribution
in 1991, based on the mutual program’s success and profitabil-
ity. The total distributed to Virginia banks is nearly $1.2 million.
Participating banks nationwide will receive checks this year
ranging up to $51,000, with $4,000 being the average amount.
The program offers D&O liability, financial institution bond,
Internet banking liability, employment practices liability and
other related insurance products to community banks.
First community Bank coo aPPointeD to FourtH term on FeDeral reserVe committee
E. Stephen Lilly, executive vice pres-
ident, COO and CIO of First Commu-
nity Bank, N.A. and its holding com-
pany, First Community Bancshares,
Inc., has been reappointed to the Fifth
District Payment Advisory Council
(PAC) of the Federal Reserve Bank
of Richmond. This three-year term is
Lilly’s fourth.
NotingWorth
6 Virginia Banking | May/June 2011 www.vabankers.org
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The PAC was formerly known as the Operations Advisory
Council and was established by The Federal Reserve Bank of
Richmond in 1978 to keep abreast of the technological and regu-
latory changes impacting national payment systems. The Fifth
District includes Maryland, Virginia, West Virginia, North Caro-
lina, South Carolina and Washington, D.C.
Lilly has been in his current role at First Community Bank
since 1997. His career in banking and operations began in 1981.
He is very active in local and state organizations by serving on a
number of industry and non-profit boards and committees.
VBa Director oF goVernment relations recogniZeD By RICHMOND: THe ALUMNI MAGAZINe
Recently, our own Matt Bruning
was recognized in the University of
Richmond’s Richmond: The Alumni
Magazine in an article about network-
ing called “Working the Web.” The ar-
ticle discusses how, throughout Matt’s
career, he has worked for and with a
number of University of Richmond
alumni. The trend continues, as Bruce
Whitehurst, VBA president and CEO,
was a 2004 graduate of the Robins School of Business.
To view the article, visit www.magazine.richmond.edu/
spring11/feature-2/working-the-web.html.
senD us your neWs! Please send submissions for Worth noting and Bankers on the move to chandler dewey at [email protected].
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compliance directions• A quarterly webinar that will help you organize, prepare, and implement
new requirements• A calendar of upcoming regulatory deadlines• A progress tool that helps you manage your upcoming requirements and
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Almost 70 banking leaders, including seven members
of the VBA’s Leadership Division, attended the VBA
Government Relations Summit March 14-15 at the
Renaissance Washington Hotel. With a new Congress just convening
– including three freshmen members from Virginia and our own
Rep. Eric Cantor as the House Majority Leader – it was an excellent
time for bankers to show up in large numbers to attempt to find a
regulatory balance much different from what Dodd-Frank intended.
The VBA Summit was held in conjunction with the American
Bankers Association’s Government Relations Summit. Nearly 1,000
participants, united in our common cause, joined together to make
our industry’s voice heard in Congress and the regulatory agencies.
This meeting was a key part of our federal government relations
program and was a great opportunity for us to hear the latest on
banking industry issues, visit all of our members of Congress or
their staffers to discuss these issues, and have dialogue with our
federal regulators.
This year, the lineup of speakers was impressive, as bank
participants heard from House Majority Leader Eric Cantor, Sen.
Chris Coons (Delaware), FDIC Chairman Sheila Bair, Larry Kudlow,
host of CNBC’s “The Kudlow Report,” and new ABA President and
CEO Frank Keating.
Thanks to all the bankers who took part in this important event!
8 Virginia Banking | May/June 2011 www.vabankers.org
Virginia Bankers Join ABA for government Relations summit
1 Virginia bankers with Rep. Eric
Cantor (fourth from left).2 Participants had the opportunity
to meet with Rep. Bobby Scott
(fifth from right).3 Bankers took the chance to
discuss some industry issues
with Rep. Robert Hurt (right).
4 Courtney Fleming, VBA director
of training and communications,
accepts the 2010 Get Smart
About Credit Day Statewide
Participation Award from
Kathryn Kelly, ABA Education
Foundation associate director,
on behalf of the VBA.
1
2
3
4
May/June 2011 | Virginia Banking 9 www.vabankers.org
If you’re thinking about how to be a better, bigger bank you’re probably thinking about the technology driving your business today.
Can it get you where you want to go?
If it’s time to find a technology platform that can, it’s time to think about Jack Henry Banking.
It’s time to think ahead.
are you thinking what we’re doing?
Share your Bank’s StoryWith my roots in America’s
Heartland, my very high
esteem for bankers is no secret. In the
many communities I have visited, there
has always been one thing that stood
out: The strong, positive presence of a
bank.
You are beacons of hope, signaling
a commitment to the economies of the
communities that you serve.
Last year, ABA Chairman Steve Wilson,
chairman and CEO of LCNB National
Bank, Lebanon, Ohio, formed a task force
of bankers to take up the challenge of
improving our industry’s image, to help
make those beacons shine brighter than ever. ABA Vice Chairman
Matt Williams, chairman and president of Gothenburg State Bank
in Gothenburg, Neb., and Bick Weissenrieder, chairman and CEO
of Hocking Valley Bank in Athens, Ohio, co-chaired the Proud to be
a Banker Task Force.
The result of the task force’s efforts is the
new ABA Toolbox on Telling Your Bank’s
Story.
“There isn’t a banker in this country who
isn’t troubled by the criticism that our industry
receives – in the media, from the public and
in Congress,” Williams and Weissenrieder
said in the toolbox’s introduction. “Our
real challenge is that customers, neighbors,
family and friends, reporters, policymakers,
and even our staff members may not be well
informed about all we do to contribute to the
success and growth of our communities.”
The new toolbox is about communicating
the good things banks do, such as how they
lend to individuals and small businesses
every day and faithfully contribute to
economic recovery and growth in their
communities. It’s about sharing a positive
story with employees, directors, customers,
the media and lawmakers.
Resources include, among other things, a
sample CEO letter to employees, an outline
for a bank impact statement, a customer
survey, a speech and PowerPoint presentation to community
leaders, and tips for working with the media.
You’ll also find great information about the entire banking
industry. For example, did you know that one out of every three
banks has served its local community for more than a century? Or
that most banks (64 percent) have been in business for 50 years or
more?
You can use the materials to develop a proactive, positive
communications campaign to help your employees – who are all
ambassadors for your bank and our industry – speak confidently
and comfortably whether serving customers in the bank or talking
with friends at a barbecue.
ABA members can download the free toolbox at www.aba.com/
members+only/bankstory_toolbox.htm.
We have an opportunity to change negative perceptions about
our industry. You can tell your bank’s story, rather than let others
drive public and customer opinion by what they write, say or
believe about us.
Frank keating president and Ceo,
American Bankers Association
Gov. Frank Keating can be reached by email at [email protected].
UpdateWashington
10 Virginia Banking | May/June 2011 www.vabankers.org
drawing the lines
Every decade, the federal
government undertakes
the process of counting
every U.S. resident. In 2010, the U.S.
Census Bureau completed the latest
round of adding up everyone and re-
leased final figures at the beginning
of this year. The Census figures help
calculate federal aid to communities
and assists experts in determining so-
cietal trends. However, the main pur-
pose of the Census is to reapportion
representation on all levels of govern-
ment to ensure equal representation.
Based on the official figures, Vir-
ginia’s population grew by just over
922,000 or 13 percent from 2000 to
2010. Not surprisingly, our growth outpaced the nation’s 9.7
percent increase. Loudon County led the way in Virginia with a
staggering 84 percent increase in population over the last decade,
making it the fifth fastest-growing county in the country.
Nationally, while Virginia’s population increased well beyond
the average, even more rapid growth in other states such as Tex-
as, Florida and Arizona, combined with population decreases in
many of the Great Lakes states, means shifts in Congressional
seats to and from those areas with no change in apportionment
in the Commonwealth among the 435 House representatives in
Congress. Despite retaining its 11 House districts, change is still
on the way in Virginia.
The process of drawing new Congressional and state legisla-
tive district lines – “redistricting” – is well underway. Once the
Census figures were in hand, students, academicians, political
junkies and yes, legislators, took to drawing maps of districts.
Ultimately, it is up to our elected state officials to pass these new
maps. Members of the House of Delegates, controlled by Re-
publicans, and the Virginia Senate, controlled by Democrats, ap-
proved their versions of how they would slice and dice Virginia
to accommodate shifts in populations across the Commonwealth
into 100 state House districts and 40 state Senate districts. Like-
wise, each chamber put forward their proposals on Virginia’s 11
House of Representative seats.
There are a number of criteria necessary to use in divvying up
Virginia’s population properly for elected representation. Both
federal and state boundaries must be compact, contiguous and
include communities of interest. Under the auspice of the federal
Voting Rights Act, Virginia must also take into account adequate
minority representation. Of course, there are numerous ways to
define these concepts and to put them into practice. And, as any
time you rest authority in a political body made up of political
people, partisan maneuvering does come into play.
The Virginia General Assembly has taken what looks to be
their first pass at new state legislative districts. After adjourning
the regular 2011 session, lawmakers reassembled to deal with
redistricting. Plans altering the state legislative lines passed both
bodies, albeit not without objections from the minority parties
in both chambers and criticisms from various outside groups.
As with any bill, the governor is the next step in the process.
In marked departure from previous redistricting sessions, Gov.
Bob McDonnell returned the approved combined plan back to
the legislature with his veto, questioning its legality and casti-
gating its political gerrymandering.
Where does that leave us now? The General Assembly will
continue to debate and formulate new or, potentially, exactly
the same redistricting plans. As of now, all 140 seats are up for
election this November, with August primaries awaiting. While
Congressional elections are further off, disagreement on fed-
eral lines continue to fester. Should legislative agreement not
come to fruition, the judicial system might be the final arbiter of
boundaries with approval of the Justice Department necessary
on any plan.
While all the uncertainty over the redistricting process re-
mains, the VBA’s Government Relations team continues to reach
out to elected officials on the issues important to our industry.
Despite the varying machinations, eventually new boundaries
will be determined, elections will be held and government will
continue on as it tends to do. We will be certain to keep you up-
dated on the process and the ultimate outcome. Your congress-
man or state legislator may change based on whatever new lines
are adopted, but the VBA will continue to work with our mem-
ber banks and our elected representatives to ensure your voice is
heard. As populations and maps change, know that our commit-
ment to advocating for you remains steadfast.
matt Bruning director of
government relations,
virginia BankersAssociation
Matt Bruning can be reached by email at [email protected].
UpdateLegislative
May/June 2011 | Virginia Banking 11 www.vabankers.org
are you thinking what we’re doing?
Our integrated core and complementary solutions eliminate the resources banks need to interface multiple products from multiple vendors … the impact of ongoing releases on interfaced products … and the manual processes you just can’t automate with interfaced products.
And with three distinct core systems and 100+ complementary solutions, we can build an integrated front- to back-office platform for your near- and long-term requirements.
We think integration is the difference between good and great technology.
Bank analysis & Design, mortgage & real estate serVicesBalZer anD associates, inc.
15871 City view drive, Suite 200Midlothian, vA 23113phone: (804) 794-0571fax: (804) 794-2635Website: www.balzer.cccontact: christopher m. shust, P.e., Vice Presidentemail: [email protected]
Balzer and Associates, Inc. is a multi-disciplinary architectural and engineering firm providing architectural, civil and structural engineering, surveying, landscape architecture, geotechnical engineering, environmental and traffic engineering services. Services include due diligence and feasibility studies, pay application verification, and REO evaluation and consulting.
consulting & trainingFroeHling & roBertson, inc.
3015 dumbarton roadrichmond, vA 23228phone: (804) 264-2701fax: (804) 264-1202contact: Jeffrey Hudson, Vice Presidentemail: [email protected]
Established in 1881, Froehling & Robertson, Inc. is a multi-disciplinary engineering firm that provides clients with the full range of services, including – but not limited to – the core competencies of environmental and geotechnical and construction materials testing. In support of this mission, F&R maintains a fleet of drilling equipment as well as accredited geotechnical and construction material testing laboratories that are utilized by each of their twelve offices. These offices, located throughout the Mid-Atlantic region, possess the local resources needed to deliver quick, efficient, and cost-effective service for clients.
core Processingcsi
3901 technology drivepaducah, ky 42001phone: (407) 880-2784Website: www.csiweb.comcontact: Debby Davis, sales executiveemail: [email protected]
Computer Services, Inc. (CSI), provides service and software solutions for community banks in both a service bureau and an in-house environment. In addition to core processing, their integrated banking solutions include imaging, cash management, Internet banking, corporate intranets, secure web hosting, online shopping, teller and platform services, ATM and debit card service and support, network management, and compliance software and services for regulatory compliance, homeland security and fraud prevention. Over 3,000 financial institutions are served with CSI’s products and services.
it consulting & serVices, insurancetHe Plateau grouP, inc.
po Box 7001Crossville, tn 38557-7001phone: (931) 484-8411fax: (931) 484-0692Website: www.plateaugroup.comcontact: Dick Williams, Presidentemail: [email protected]
The Plateau Group, Inc., provides valuable credit-related insurance products and services in the Southeast. Plateau markets its products and services through financial institutions, and other entities that offer consumer financing as a regular part of their business. Plateau is focused on the continuing development of new products and distribution channels to sustain long-term profitability and steady growth.
Welcome New Associate Members
12 Virginia Banking | May/June 2011 www.vabankers.org
By chris sutherland, matrix network services
Server Virtualization Fundamentally Changing Future of IT
v ir tualization is a proven software technology that is rapidly transforming the iT
landscape and fundamentally changing the way that people compute. vir tualiza-
tion allows you to enhance the way your iT environment operates. it simplifies the
physical infrastructure, providing centralized management and better flexibility for re-
source sharing. From data centers to desktops, vir tualization lets banks pool and share
iT resources centrally and standardize computer deployment and resources so data is
more secure.
For years, bankers have been watching and waiting
for the definitive direction of virtualization. Although
the technology isn’t new, there has been a delay in
adoption for reasons ranging from an overall lack of
knowledge about the benefits, to banks fearing a shift
in their day-to-day operations.
Today, virtualization technology is maturing and the
tangible benefits are being realized – and the timing
couldn’t be better. In the recent uncertain economic en-
vironment, the industry-wide virtualization initiative
is generating immediate and ongoing operating effi-
ciencies and cost savings for many banks nationwide.
And more and more banks are progressively plugging
in.
Below are the top five reasons banks are implement-
ing server virtualization:
1. GET MORE OUT OF RESOURCES
With virtualization, banks can pool common infra-
structure resources and break the legacy “one applica-
tion to one server” model with server consolidation.
Virtualization can dramatically reduce the number of
physical servers and dynamically redistribute excess
computing power to where it is needed most. As the
processing power of today’s servers continues to in-
crease, it is now easier than ever for one more powerful
server to replace multiple smaller servers.
Reducing the number of physical servers also re-
duces ongoing energy requirements, making it a more
environmentally friendly way of doing business. This
option is attractive to banks that are adopting “green”
business practices.
2. REDUCE DATA CENTER COSTS
Cost reduction is one of the primary reasons banks
are increasingly taking advantage of virtualization.
Virtualization requires fewer servers and related IT
hardware and can reduce real estate, power, and cool-
ing requirements. It also provides more efficient man-
agement tools, which can enable banks to improve
their server-to-administrator ratio and even reduce
personnel requirements. And looking at the big pic-
ture, virtualization dramatically reduces the hassle and
costs associated with ongoing hardware maintenance.
3. ENHANCE AVAILABILITY AND SECURITY
Virtualization increases availability of hardware and
applications, improving business continuity and disas-
ter recovery. It enables banks to securely backup and
migrate entire virtual environments with practically
no interruption in their day-to-day operations. With
virtualization, banks can eliminate planned downtime
and recover quickly from unplanned business interrup-
tions.
4. GAIN OPERATIONAL FLEXIBILITY
Virtualization enables banks to respond to market
changes with dynamic resource management, faster
server provisioning and improved desktop applica-
tion deployment. Banks need to be able to change software
and add new products in a reasonable timeframe. With a
virtual server infrastructure, they can do this without hav-
ing to find new hardware, order it and wait on having it
shipped to the bank. If you have the growth room in your
setup, you can configure and test without having to wait
for equipment.
5. IMPROVED DESKTOP MANAGEMENT AND SECURITY
Virtualization provides environments that users can ac-
cess locally or remotely, with or without a network con-
nection on almost any standard desktop, laptop, tablet PC
or smart device. With desktop virtualization, banks can se-
cure and manage desktops from one centralized location.
Using simple management tools, all desktops can be con-
figured the same and the data is stored at a data center to
help ensure that security and backup policy requirements
are upheld.
GETTING STARTED wITH VIRTUALIZATION
Banks that are interested in getting started with virtu-
alization should begin the process with discovery and
planning. It’s important to analyze the current operating
environment and use that information to decide how and
where virtualization should be utilized.
Discovery – First, take inventory of your entire environ-
ment, including servers, workstations and switches. Moni-
tor the performance of your environment, which includes
building a history of performance for servers, diagram-
ming what each workstation needs physically and tracking
performance of bandwidth locally on wide area networks.
Planning – Review your discovery documentation and
determine what elements of your environment are good
candidates for virtualization. Determine your future needs
in areas such as management, disaster recovery and cost
savings. And make sure you’re working with a trusted and
proven vendor that is experienced with evaluating and im-
plementing virtualized environments. Look for a vendor
that offers custom network solutions and consultation that
support virtualization, server consolidation, storage, com-
munications, conversions, and migrations.
Server virtualization can generate significant cost and
time saving benefits to banks. If you haven’t researched
how this operational enhancement can help your bank
save money, improve disaster recovery, and simplify day-
to-day processes, there’s never been a better time than
right now. Around the world, companies of all sizes are
benefiting from virtualization – don’t be left behind!
Chris Sutherland is a network engineer at Matrix Network Ser-
vices, offered by Gladiator Technology, a solution provided by the
ProfitStars® division of Jack Henry & Associates, Inc. (JHA).
He can be reached by email at [email protected].
14 Virginia Banking | May/June 2011 www.vabankers.org
New Regulation Z amendments that imple-
ment Truth in Lending provisions intended
to deal with loan officer pay are part of a
regulatory initiative to protect mortgage borrowers
from what regulators believe are unfair, abusive or
deceptive lending practices that can arise from loan
originator compensation practices.
Compliance with these rules became mandatory
on April 1. A federal court of appeals temporarily
blocked implementation of the rule on March 31, but
the United States Court of Appeals for the District of
Columbia Circuit denied emergency motions for ex-
pedited relief on April 5.
Initially announced last summer as part of a
mortgage regulation revamp, the final rule ap-
plies to closed-end consumer loans secured
by a dwelling or real property that includes
a dwelling that are subject to Regulation Z –
but not to home equity lines of credit (HELOCs) and
timeshare transactions.
The compensation rule contains two basic compo-
nents: The first relates to compensation paid to loan
originators, and the second requires creditors to es-
tablish procedures which will prevent loan origina-
tors from steering a consumer to a loan product that
will generate more compensation for the loan origi-
nator.
The new rules apply to mortgage brokers and
companies that employ them, as well as to mortgage
loan officers employed by depository institutions and
other lenders.
Loan originators include mortgage brokers, who
loan originator compensation rules now effective
By Donna rakes and Jim Dray thomas
Compliance Associates, inc.
CornerCompliance
VBA BENEFITS CORPORATION
VBA BENFITS CORPORATION
Providing competitive benefits for your employees has never been so easy. Our all-inclusive, cost-effective plans are developed by bankers for bankers and include:
Full-time partnership with a professional consulting firm, legal counsel, and audit firm•
State-of-the-art on-line enrollment and billing systems•
Representation and program management through a Board of Directors, •comprised of peer banks
Toll-free member services number to address benefit needs and inquiries•
Consolidated monthly billing for all benefit programs•
Preparation of plan documents and IRS filings, as well as assistance with •filings required of individual banks
Training services, staff meetings, regional seminars and users conference •
Administration of Flexible Spending Accounts and COBRA continuation•
VBA Benefits Corporation4490 Cox Road
Glen Allen, VA 23060(800) 643.5599
Visit our website at www.vabankers.org
May/June 2011 | Virginia Banking 15 www.vabankers.org
It’s only a sampling, but look what’s in the compliance services package TCA provides VBA member banks:
• Hands-on help, with scheduled on-site audits.• Timely, accurate information about compliance issues and trends.• Advice about how to meet federal compliance requirements.• An e-newsletter heads-up when the rules change.• Access to the TCA compliance professionals, the people who make TCA the
most respected source of compliance information and assistance in banking.
Whether your need is BSA/AML, IT vulnerability scans and web site security reviews, or training that keeps your staff — and directors — up-to-date, TCA is your Compliance Advantage.
Call us . . . today . . . to learn more. 1-800-934 -7347.
Thomas Compliance Associates, Inc.2846 N. Mildred Avenue, Suite 150Chicago, Illinois 606571-800-934-7347
www.tcaregs.com
may be natural persons or mortgage bro-
ker companies, including companies that
close loans in their own names but use
table-funding from a third party.
The term “loan originator” also includes
employees of creditors and employees of
mortgage brokers that originate loans (i.e.
loan officers).
Creditors are excluded from the loan
originator definition if they do not use
table funding, whether they are a deposi-
tory institution or a non-depository mort-
gage company. Employees of such entities
are loan originators.
As a result, the yield spread premium
(YSP) or servicing release premium (SRP)
earned by a depository or non-depository
institution that closes a loan with its own
funds or a bona fide warehouse line of
credit is not subject to the rule. However,
an institution may not split the YSP or SRP
with its loan officer employee or pay loan
officer employees based on the YSP or SRP
earned.
The rule prohibits a creditor or any oth-
er person from:
Paying compensation, directly or •
indirectly, to a mortgage loan origi-
nator that is based on loan interest
rates or other terms and conditions
of the loan. Compensation based
on a fixed percentage of the loan
amount, however, is permitted. Ex-
amples of prohibited compensation
practices that have been fairly com-
mon in the industry include pro-
grams that allow lenders to vary
the rate above or below the bank’s
rate and receive all or a portion of
the difference or allow lenders to
vary the amount of fees above or
below the stated fees and receive all
or a portion of the difference. Other
prohibitions include programs that
pay a bonus or other incentive
based on the profitability of the
department, business unit or bank,
and programs that pay tiered-rate
percentages of the loan amount –
1 percent for loans of $200,000 or
more and .75 percent for loans of
less than $200,000, for example.
Paying compensation to a loan •
originator for a particular transac-
tion if the consumer pays the loan
originator’s compensation directly.
Steering a consumer to a mortgage •
that provides the loan originator
with greater compensation as com-
pared to other transactions the
loan originator offered – or could
Continued on page 20
16 Virginia Banking | May/June 2011 www.vabankers.org
I t is unclear if effective enterprise risk
management programs would have
prevented or limited the damage as-
sociated with the recent financial crisis, but
it is likely that these programs will be in
place well before another recession. This is
true for two reasons; it is a good business
decision, and new and expanded exami-
nation requirements will soon require this
approach. While risk management prac-
tices most likely currently exist at your in-
stitution, it is not always clear how those
efforts relate to each other and if there is
a documented risk profile for the bank.
Wolf & Company, P.C. through their
WolfPAC Integrated Risk Management®
solution, provides a vital role as a strate-
gic partner to more than 100 banks across
the country. WolfPAC offers the tools to
create the most efficient and effective risk
management program possible. The risk
management program your bank devel-
ops with the help of WolfPAC will align
with your bank’s overall strategic objec-
tives by increasing profitability, lowering
costs, and reducing exposure to losses.
WolfPAC Integrated Risk Management
is an online suite of services developed
by the risk management experts at Wolf
& Company, the Boston-based firm with
more than 100 years of experience work-
ing with financial institutions. The lead-
ership team at WolfPAC has a significant
tenure and knowledge of the banking
industry, and the high quality technical
skills that allows them to meet the enter-
prise risk management needs of all finan-
cial institutions.
WolfPAC helps banks improve opera-
tional efficiency by automating and ana-
lyzing risk and controls for IT, privacy,
vendor, regulatory compliance, and other
operational risk assessments into a single
integrated service. This ability to create a
centralized view of the bank’s operations
lowers costs by providing managers with
a valuable understanding of their risk
profile, and aligning current resources
with existing budgets. The WolfPAC en-
terprise risk management solutions suite
includes 13 modules from which banks
can create a program that suits their indi-
vidual requirements.
The changes in the regulatory landscape
require banks to operate differently today.
WolfPAC is ahead of the curve in compli-
ance and regulatory issues and is able to
help banks better understand the threats
and risks to their organization. WolfPAC
enterprise risk management solutions al-
low financial institutions to remain safe,
sound, and sustainable.
For more information about how you
can develop and implement a risk assess-
ment program that will increase your
bank’s profitability while lowering expo-
sure to risk, please contact Joe Romanello
at (617) 261-8195 or email him at
VBA MsI endorses Wolf & Company, P.C.
VBA Welcomes VCDC
A catalyst organization, the Vir-
ginia Community Develop-
ment Corporation (VCDC)
creates opportunities for investor and
project sponsor partners to revitalize
communities through affordable housing
and community development. VCDC,
one of the VBA MSI’s newest endorsed
vendors, is a 501(c)3 certified non-profit
organization that takes a leadership role
in providing the experience, services and
coordination necessary to make this inno-
vative approach to investing work. Since
1990, they have successfully launched 14
tax-credit equity funds and assisted in
the development of nearly 100 properties
throughout Virginia with technical assis-
tance and equity investments. More than
30 Virginia banks and corporations enjoy
the benefits of investing in the VCDC’s
tax credit funds while supporting afford-
able housing in their local communities.
By balancing the interests of its partners,
VCDC delivers an above-market rate of
ROI as well as worthwhile affordable
housing and historic renovation projects –
resulting in changed lives and thriving
communities.
For more information about the Vir-
ginia Community Development Corpo-
ration, please call Arild Trent, Investor
Relations Director, at (804) 343-1200, ext.
116, or visit www.vacdc.org.
Endorsed Service Providers
May/June 2011 | Virginia Banking 17 www.vabankers.org
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sheshunoff 7(800) 477-1772www.smslp.com
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18 Virginia Banking | May/June 2011 www.vabankers.org
This year, more than 340 bank-
ers entered classrooms across
the Commonwealth on April
12 for Teach Children to Save Day.
The bankers reached more than 12,500
students through 422 presentations.
Bank of America community vol-
unteers in Norfolk presented to 536
students at Mary Calcott Elementary
School, 47 students at Ready Academy,
and 145 students at Campostella El-
ementary School.
In Community Bank’s case, volun-
teers participated in Teach Children
to Save Day and spoke to four second-
grade classes at Seatack Elementary
School, which is one of the bank’s part-
ners in education.
Meanwhile, Bank of Lancaster
planned a number of events for stu-
dents, including hosting first-graders
from Chesapeake Academy as the kick-
off event for Teach Children to Save
Day. These students, along with teacher
Kelly Antonio, toured the bank’s main
office, met mascot Penny, learned about
the importance of saving, and conclud-
ed their bank day with a pizza lunch
served in the bank’s board room.
Hazel Farmer, senior vice president
and consumer education director for
the bank, said that as community bank-
ers, “we are doing all we can to help
young students understand the differ-
ence between wants and needs and the
importance of saving. Throughout the
month of April we visited elementary
schools from Colonial Beach to Lan-
caster, helping young people develop
lifelong savings habits and helping
them understand the important role
banks play in their communities. The
Teach Children to Save Day program is
celebrating its 15th anniversary and has
reached over 4 million young people.
We are very pleased to have the oppor-
tunity to partner with the VBA and our
local educators to help students reach
their potential and become productive
adult citizens.”
Franklin Community Bank, N.A.
employees Linda Barbour, Julie Da-
vid and Lisa Spangler reached 32 kids
at Snow Creek Elementary School in
Franklin County, and The Bank of
Southside Virginia had employees
from all 15 of their branches in various
elementary schools throughout South-
side Virginia.
Citizens Community Bank em-
ployee Holly Blackwell presented in
Mrs. Lucy Wilson’s kindergarten class
at South Hill Elementary, while Karen
Whitten spoke to Chase City Elemen-
tary School and Nancy Daniel visited
with Meherrin-Powellton Elementary
School students. Sharon Pearson and
Amy Cooke also made it to North Car-
olina for a few presentations.
Sonabank participated with six
classes, reaching 144 students. Frank-
lin Federal Savings Bank continued to
teach its proprietary financial literacy
curriculum, Making Money Count™,
on Teach Children to Save Day. The
one-hour “edutainment” program rein-
forces second-grade SOLs in math, eco-
nomics, civics and oral language. Their
program is available, free of charge,
to all elementary schools in the city of
Richmond and surrounding counties of
Chesterfield, Hanover and Henrico.
The VBA and the VBA Education
Foundation would like to thank the 47
banks that participated in Teach Children
to Save Day (see sidebar, right).
Teach Children to save Day a statewide success
TOP: eric philipkosky from delegate roxann l. robinson’s office visits with a Salem Church elementary student. Middle: nancy Bulluck and Wes Shepherd, Citizens Community Bank, visited Mrs. Walton’s first-grade class at Meherrin-powellton elementary School.BOTTOM: Bank of lancaster’s Judy Sydnor visited Cople elementary School in Montross, virginia on teach Children to Save day, reaching 65 third-graders and 17 kindergarteners with programs about the importance of saving.
www.vabankers.org
1 Jennifer Merritt, franklin federal Savings Bank, with students at Salem Church elementary.
2 Chesapeake Bank employees visited Stonehouse elementary and presented an activity using the book “Alexander, Who used to Be rich last Sunday.”
3 Amy roberts, the Bank of Southside virginia, reads a fifth-grade Matoaca elementary class the story “rock, Brock, and the Savings Shock.”
4 Sonabank employees visited nathanael greene elementary students in Standardsville.
5 virginia delegate Brenda pogge, right, stopped by Chesapeake Bank’s presentation at Stonehouse elementary to speak with the students on the impor-tance of saving.
6 franklin Community Bank, n.A., at Snow Creek elementary School in franklin County. there were approximately 32 kids in attendance.
7 Brandon Atkins (pictured) and Mario huffman, American national Bank & trust, participated in teach Children to Save day with second-graders at Sacred heart School in danville. they also went to epiphany episcopal School and presented to second- and third-graders on April 5.
8 Community Bank employees participated in teach Children to Save day. lisa Wilkins (pictured) and kathy Bryan used teach Children to Save day lessons to teach two classes of the value of saving money and spending wisely.
Bank of america, n.a.Bank of Hampton roadsBank of lancaster Bank of mckenneyBank of the commonwealthBB&tBenchmark community Bankcardinal Bankcentral Virginia Bankchain Bridge Bank, n.a.chesapeake Bankcitizens Bank & trust co.citizens community Bankcommunity Bankcommunity capital Bank of Virginia (Vcc)eVBFarmers & merchants BankFirst and citizens BankFirst BankFirst Bank of VirginiaFirst capital BankFirst citizens BankFirst community Bank, n.a.Franklin community Bank, n.a.Franklin Federal savings BankHometown Bankmillennium Banknational Banknew Horizon Bank, n.a.oak View national Bankold Point national BankPendleton community BankPeoples community Banksandy spring Bankshore Banksonabankstellarone Banksummit community Banksuntrust Bankthe Bank of southside Virginiathe Business Bankthe Fauquier BanktowneBankunion First market Bankunited BankVillage BankVirginia savings Bank, FsB
May/June 2011 | Virginia Banking 19
1 4
5
3
2
6
7
8
20 Virginia Banking | May/June 2011 www.vabankers.org
have offered – to the consumer,
unless the loan is in the consum-
er’s interest. The anti-steering rule
does provide a safe harbor to fa-
cilitate compliance.
The safe harbor provision is met if:
The borrower is presented with •
loan options from a significant
number of creditors with which
the originator regularly does busi-
ness for each type of transaction in
which the consumer expresses an
interest (fixed rate, adjustable rate
or reverse mortgage).
The loan options presented to the •
consumer include the lowest inter-
est rate for which the consumer
qualifies; the lowest points and
origination fees; and the lowest rate
for which the consumer qualifies
for a loan with no risky features,
such as a prepayment penalty,
negative amortization or a balloon
payment in the first seven years.
Creditors who offer only portfolio loan
products and do not broker loans to sec-
ondary market investors will be deemed in
compliance with the anti-steering prohibi-
tions in Section 226.36(e)(1) if the creditor
complies with the loan officer compensa-
tion restrictions in Section 226.36(d)(1).
Creditors who offer both portfolio loan
products and loan products that are bro-
kered to the secondary market must de-
velop procedures to document compliance
with the anti-steering requirement.
Creditors who compensate mortgage
loan originators with any incentive or bo-
nus feature must retain records to evi-
dence compliance with Regulation Z for at
least two years after a mortgage transac-
tion is consummated.
VBA members seeking information or
more direct assistance with federal regu-
lations, including the new loan officer
compensation rules, should call TCA’s
Donna Rakes or Jim Dray. The toll-free
number is 800-934-7347. Rakes is manag-
er of TCA’s East Coast regional office in
Rustburg. Dray is president of TCA. TCS
is the VBA’s endorsed provider of compli-
ance services.
CornerCompliance
Continued from page 15
May/June 2011 | Virginia Banking 21 www.vabankers.org
©2011 PULSE
Collaboration Customer ServiceProfessional Development
pulsenetwork.com/debitregs
A Discover Financial Services Company
For 30 years, we’ve been alongside our participants through calm seas and rough waters. Today you are faced with new regulatory developments and more uncertainty than ever before. As we face the unknown together, know that we’ll be by your side as an advocate and trusted advisor – empowering you to make smart decisions and build a successful debit program. We see debit opportunities in everything we do, because it’s all we do. Profi t from our passion.
Stay informed by visiting our Durbin Amendment Resource Center at pulsenetwork.com/debitregs
All mortgage loan originators employed by a financial in-
stitution regulated by the OCC, Federal Reserve, FDIC, OTS,
NCUA and FCA must register as required by the SAFE Act.
The registration requirement is based on job duties, not
title.
A mortgage loan originator is “an individual who takes a
residential mortgage loan application and offers or negotiates
terms of a residential mortgage loan for compensation or gain.
The term does not include an individual who is not a mort-
gage loan originator and: (1) performs purely administrative or
clerical tasks on behalf of an individual who is a mortgage loan
originator; (2) performs only real estate brokerage activities (as
defined by the SAFE Act) and is licensed or registered as a real
estate broker in accordance with applicable state law, unless
the individual is compensated by a lender, a mortgage broker,
or other loan originator or by any agent of such lender, mort-
gage broker, or other mortgage loan originator; or (3) as solely
involved in extensions of credit related to timeshare plans.”
The term “administrative or clerical tasks” means “(1) the
receipt, collections, and distribution of information common
for the processing or underwriting of a loan in the mortgage
industry; and (2) communications with a consumer to obtain
information necessary for the processing or underwriting of a
residential mortgage loan.”
VBA members should keep in mind that commercial and
small business lenders often make consumer-purpose accom-
modation loans to their clients – often taking a mortgage se-
curity interest against the business owner’s residence. Based
on the definition of a “residential mortgage loan application,”
it appears that some small business and perhaps even some
commercial lenders are subject to the mortgage loan originator
rules.
Lenders should review current compensation policies and
make necessary adjustments.
THE DEFINITION OF A ‘MORTGAGE LOAN ORIGINATOR’
22 Virginia Banking | May/June 2011 www.vabankers.org
Eastpay
cardinal BankJeff Dimeglio, Senior Vice President,
Market Executive
cardinal Financial corporationDavid W. Frasier, Executive Vice
President and Director of Audit
carter Bank and trustJane ann Davis, Senior Vice
President and Chief Financial Officer
m. Wesley “Wes” Furrow, Branch Manager
amber P. norman, Branch Manager
old Point national Banksylvia Hazelwood, Vice Presidentgloria little, Branch Officersherri mcQuillan, Assistant Vice
President and Private BankerJoycelyn y. spight, Vice President
and Commercial Account Manager
old Point trust & Financial services, n.a.Jeff sheats, Wealth Strategist
m&t Bankedward kivior, Vice President and
Senior Relationship ManagerHinton P. Powers iii, Assistant
Mortgage Sales Manager
Virginia commerce Bank kimberly Bradford, Branch
ManagerWendy m. clark, Chief
Compliance Officerkimberly clay, Manager of Loan
Administrationlibby Fike, Vice President of Project
Managementcaroline Foster, Assistant Vice
President of ComplianceBarry Huitema, Vice President of
Retail Consumer Operations laura Jones, Assistant Vice
President of Compliance charles kapur, Vice President of
Community Banking
melanie mcandrew, Vice President and Customer Care Manager
John mcmanus, Senior Vice President of Community Banking
edward F. Powell, Vice President of Commercial Lending
MoveBankers on the
Dimeglio Frasier Davis sheatsFurrow norman Hazelwood little mcQuillan spight kivior Powers
are your bankers on the move? email submissions to [email protected].
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“
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