THE LATEST
SB157 Crosses $300 MILLION!
In May of 2019, Governor Brian Kemp came to CBA’s office to sign SB157 into law. SB157 erased a tremendous advantage for large banks by allowing community banks to place municipal deposits into an approved reciprocal deposit network, eliminating the need to pledge collateral and maintain costly, time consuming pricing records. As of last week, over $300 million has been placed into the reciprocal deposit networks by Georgia’s community banks. “I am delighted to see the meaningful impact SB157 is having on community banks and their local municipalities. As a result of CBA’s community bankonly focus, local community banks and local municipalities won with SB157,” stated Lori Godfrey, CBA’s Chief of Staff and EVP of Government and Regulatory Relations. John McNair, Pres/CEO of CBA commented, “When I came to CBA in October of 2018, I was stunned to learn that Georgia was the only state in the country to still require collateral pledging for municipal deposits. This was a clear disadvantage for community banks and local municipalities. CBA fought hard to get SB157 passed, and I am grateful for the support of the legislature and Governor Kemp to level the playing field for Georgia’s community banks.” For more about the benefits of SB157, contact Lori Godfrey.
CBIZ offers CBA members tailored programs to minimize risk and manage employee services Customized Insurance & Risk Management
mitigate key industry exposures including board liability, M&A, cyber, contracts, Fintech and fast-changing technologies.
Benefits, Retirement Plans, Payroll & HRIS
help manage cost & improve the health of your employees with a comprehensive captive health insurance program.
For more information contact: Kris St. Martin, Bank Services Program Director 763.549.2267 | KStMartin@CBIZ.com
www.cbiz.com/Banking J u ly/ A u g u s t 2 0 2 1 | G e or g i a C o m m un i ti es F i rs t | 7
