Palmetto Banker 2021 - 1 by SCBA

PALMETTO SOUTH CAROLINA BANKERS ASSOCIATION

Winter Issue 2021

Banker

Youn

BANKPA g Bankers Divisio n C SPORT ING CLA 2nd Annual YS TOUR NAMENT

was a Brea

th of Fresh

Air!

SOUTH CAROLINA BANKERS ASSOCIATION

121ST ANNUAL CONVENTION

2021 Annual Convention S U N D AY, J U N E 6 – W E D N E S D AY, J U N E 9 , 2 0 2 1

T H E C L O I S T E R AT S E A I S L A N D

Featured Speakers JAMES E. CLYBURN

ROBERT J. DARLING

DEADLINE TO REGISTER IS MAY 3 >

SEA ISLAND, GA

JIM EDWARDS

https://scbankers.org/events/annual-convention-trade-show/

2009 Park Street I PO Box 1483 Columbia, S.C., 29202-1483 803.779.0850 I Fax: 803.779.0890

www.scbankers.org 2020-21 SC BA EXEC U TIV E CO M M ITTE E Chairman........................................................................... James A. Bennett, First Citizens Bank Chairman-Elect................................................................ K. Wayne Wicker, South Atlantic Bank First Vice Chairman....................................... Fleetwood S. Hassell, The Bank of South Carolina Treasurer.................................................................................................. Boyd B. Jones, Synovus Immediate Past Chairman............................................................Samuel L. Erwin, First Horizon 2020-21 SC BA BOARD O F D IR E CTO R S Second Immediate Past Chairman................................................ David L. Morrow, United Bank President & CEO..................................... Fred L. Green III, South Carolina Bankers Association Directors...........................................................................Thomas Bouchette, The Citizens Bank Thomas R. Britt, Jr., Bank of Travelers Rest J. Holt Chetwood, First Citizens Bank Allison B. Cranford, TD Bank, N.A. Robert F. Dozier, Jr., First Reliance Bank Jennifer T. Jones, CBL State Savings Bank John D. Kimberly, Park National Bank Dominik Mjartan, Optus Bank Rose Buyck Newton, Bank of Clarendon J. Ted Nissen, First Community Bank J. Carlisle Oxner III, Arthur State Bank C. Kyle Thomas, Blue Ridge Bank David R. Torris, Truist Bank Annette L. Scott, Countybank Arnold A. Zipperer III, 1st Federal Savings Bank of SC, Inc. 2020-21 C OMMUNI TY B A N KE R S D IV IS IO N B O A R D Chairman........................................................................... J. Ted Nissen, First Community Bank Chairman-Elect..................................................Curtis T. Evatt, Oconee Federal Savings & Loan Directors......................................................Marion E. Freeman, Jr., The Conway National Bank L. E. Griffin, Home Federal Savings & Loan Richard N. McIntyre, First Reliance Bank Jamie O. Morphis III, Carolina Bank & Trust Co. 2020-21 BANK ERS SC H O O L B O A R D Chair..............................................................................................Annette L. Scott, Countybank Chair-Elect........................................................................ Marvin E. Robinson, Jr., Ameris Bank Immediate Past Chair............................................. Ford P. Menefee, The Bank of South Carolina Directors.......................................................................... Richard N. Burch, South Atlantic Bank Robert P. Hucks II, Coastal Carolina National Bank Calvin C. Hurst, Southern First Bank John M. Leighton, South State Bank Joseph A. Painter, First Community Bank W. David Keller, The Citizens Bank Michelle B. Seaver, United Community Bank J. Reeves Skeen, First Citizens Bank Robert L. White, Bank of Travelers Rest Mze Wilkins, Ameris Bank Course Coordinators........................................................................................James R. Clarkson John C. Griggs III, Synovus W. David Keller, The Citizens Bank Francis A. Townsend III, South State Bank 2020-21 Y OUNG BAN KE R S D IV IS IO N B O A R D O F D I R EC T OR S Chair.....................................................................................Allison B. Cranford, TD Bank, N.A. Chair-Elect.......................................................................................David P. Looper, Wells Fargo First Vice Chairman..................................................................Rufus T. Dunlap, V, Countybank Immediate Past Chair..................................................Elizabeth S. Steifle, Bank of Travelers Rest Directors.....................................................................................................Reid Boehm, Synovus Michelle A. Coletta, South Atlantic Bank Vaughan R. Dozier, Jr., First Community Bank Margi M. Fleming, The Citizens Bank Austin J. Goforth, First Palmetto Bank Lauren D. Greene, First Citizens Bank Daniel Harshaw, Bank of York Othniel W. Laffitte, GrandSouth Bank Everette J. Livingston, First Citizens Bank S. Alexis Matthews, The Peoples Bank Jared A. Polk, Enterprise Bank of SC Charles H. Redmond, South State Bank M. Brice Sprayberry III, United Community Bank B. Oneal Staples, Ameris Bank Trisha W. Warwick, Community First Bank

Contents 5 7 8 10 12 14 18 20 24 28 35 38 40 42

President’s Message ABA Update Economic Outlook Legislative Profile Legislative Update New Members of the Legislature Federal Update SCBA BankPAC 2020 SC Banking Data Young Bankers Division Education & Professional Development Welcome New Members Personal Transactions Banking News

SC B A St a f f President & CEO............................. Fred L. Green III Senior Vice President....................... Carolyn L. Bradley Senior Vice President....................... E. Anne Gillespie Senior Vice President & Counsel..... A. O’Neil Rashley, Jr., Esq. Director, Advertising & IT............... M. Caroline Snijders Administrative Assistant................... Bonnie E. Nelson The Palmetto Banker is a publication of the South Carolina Bankers Association. The magazine exists to serve its members by communicating news of interest, education and SCBA activities. Items from members are welcome, however the editor reserves the right to refuse copy. With the exception of official announcements, the SCBA disclaims responsibility for opinions expressed and statements made in articles published in the Palmetto Banker.

Losing Customers? Are you at risk of losing a key customer because you have a good quality loan request that you can’t get done at your bank? BDC can help. Being able to assist your customer with a loan opportunity increases your chances that they will remain loyal to you for years to come. However, if you can’t help them when they need help the most, you’re at risk of losing them as a customer. And, losing even one customer is unacceptable in today’s environment. That’s where BDC comes in, as we offer a wide array of creative loan programs that may be a perfect fit for your customers. To learn more about our lending options, contact one of our lenders today.

Peter Shand President PShand@BDCofSC.org 803.744.0305

Rob Evans Senior Vice President SBA Lending Officer REvans@BDCofSC.org 803.744.0308

Nat Green Senior Vice President SSBCI Lending Officer NGreen@BDCofSC.org 803.744.0309

Ted Crosson Vice President SBA Lending Officer TCrosson@BDCofSC.org 803.744.0312

A Leader in Small Business Lending

BDCofSC.org

President’s Message

We’re not quite out of the woods, BUT WE ARE GETTING

CLOSER …

We were all optimistic that we would begin the New Year with an environment that was becoming more normal. As it turned out, about the only thing that was normal was both Clemson and Alabama played in the NCAA football playoffs. Between politics, COVID, more PPP, and even bad weather, 2021 started as a continuation of the long hard 2020 that we all worked through. With the approach of spring, though, things are starting to become more normal. The balance of power in Washington has changed, but bankers are resilient and have worked through similar changes many times in the past. The second round of PPP loans is going smoother than the first. Congress and the Treasury implemented the initial round so quickly they essentially handed it to the bankers and said “you guys figure it out.” Even though there were a lot of changes along the way, we did figure it out. When the second round was started, we were ready because we had established the process and procedures to handle these unique loans to our small business clients. I suspect that when this round of allocated dollars is exhausted, South Carolina bankers will have made over $8 billion in PPP loans. These loans, of course, kept businesses open and allowed them to continue to make payroll. Although bankers always play an essential role in building communities, the tremendous results of the PPP activities is the greatest example of what we do. Although COVID is a long way from being eradicated, we are much better off than the dark days of late winter. The new cases per day trends are improving each week. The vaccination roll out might have been inconsistent in the early days, but it is rolling like a well-oiled machine now. I suspect that sometime in May everyone that wants a vaccination will have had the chance to get it. When it was my turn I showed up with my sleeve rolled up.

Fred L. Green III, President & CEO South Carolina Bankers Association

I think we should all encourage everyone we know to get vaccinated, not only for their safety but for all of those they come in contact with. When we look back over these last twelve months, it is really amazing the changes we worked through. In March, 2020 we had our annual Young Bankers Conference. As it turned out, that was the last big in-person event we had. It is only fitting that with the improving trends, the first in-person event in over a year was the 2021 Young Bankers Conference held last week at the Grove Park Inn. It was different, as you can imagine. Everyone wore mask and the meeting rooms were very large to allow for proper spacing. Our attendance was about 70% of prior years, but less people allowed us to have the proper safety precautions. As we look to future events on the calendar, our Annual Meeting will be held June 6-9 at The Cloisters at Sea Island. I think our challenge this year will be finding rooms to accommodate everyone that plans to attend. We encourage you to register and make room reservations now before it sells out. We had to cancel our Bankers School last July, but fully expect to resume it this year. Based on the flow of applications, I think it, too, will be at full capacity. I can’t wait to see everyone in the upcoming months. All of us will continue to be cautious and do the right things to protect each other’s health, but it sure will be good to see friends I’ve missed seeing in over a year. We have come a long way, and things will continue to be different for a while to come. I am thrilled, though, that we are “coming out of the woods.”

W I N T E R 2 0 2 1 • PALMETTO BANKER

MI SSION DRIVEN LENDING

Partnerships Matter.

Centrant Community Capital is your lending partner at every step, offering first-lien permanent mortgages to finance affordable multifamily housing. From initial membership through loan servicing, we provide your bank with information, support and guidance. Our loans offer a time-tested, low risk and profitable way to support community development efforts in the markets you serve.

How can we partner with you? Contact us to learn more.

(984) 344-9992 david@centrant.org centrant.org

ABA U p d at e

COVID-19 TURNS ONE:

Lessons Learned from a Global Health Crisis As impossible as it is to believe, we have been living in a global pandemic for an entire year. What began as a headline from a distant corner of the world quickly became a worldwide health crisis that continues to wreak havoc on our way of life and has, unfortunately, claimed the lives of too many of our fellow citizens. As I reflect on the last twelve months and the incredible changes that occurred virtually overnight to keep our society moving in the face of perilous uncertainty, I am filled with a deep sense of pride in how the banking industry stepped up to help make that happen. It speaks to the “can-do” spirit of America’s 2 million bank employees that as the world was shutting down, as daily routines were being upended, bankers embraced their role as economic first responders and got to work extending aid that helped keep individuals and businesses afloat. With vaccines now being rolled out to certain groups, we are anxiously awaiting the day when we can finally return to some semblance of a normal life. But achieving herd immunity from the virus will take time, and as we prepare to mark one full year of quarantines, social distancing and face coverings, I’d like to offer a few observations. Our financial system is resilient. After the last financial crisis, banks worked diligently to increase safety and soundness and manage risk more effectively. The post-2008 reforms were intended to help banks better absorb financial shocks—and the success of those

reforms was borne out in the crisis response. It was widely acknowledged, by everyone from Financial Services Committee Chairwoman Maxine Waters (D-Calif.) to Federal Reserve Chairman Jerome Powell, that banks performed well and were part of the solution to the coronavirus crisis. Thanks to the strength of our financial system, there is reason to be hopeful for the economic recovery. In fact, the top economists at some of the nation’s largest banks who serve on ABA’s Economic Advisory Committee agree that we could see growth topping 4% in 2021. We must, of course, temper that expectation with the knowledge that the recovery will likely be uneven, and that labor markets could lag behind overall growth, given the massive job losses that occurred. That’s why, going forward, our advocacy for pro-growth policies will be more important than ever. The digital revolution has been rapidly accelerated. Banks were already well on their way toward digital transformation before COVID-19. But the pandemic provided a push to bank customers who may not have fully embraced digital banking to do so in earnest. That will accelerate the digital transition even further, and will surely lead to efficiencies for banks down the road. The robust digital banking landscape also bodes well for financial inclusion—the ability to remotely access banking services will enable a broader set of customers to take advantage of the full panoply of financial tools and resources at their fingertips.

Rob Nichols, President and CEO American Bankers Association nichols@aba.com

The relationships with our state associations are critical. From the earliest days of the pandemic, state associations played an instrumental role in analyzing and disseminating information that bankers needed to make PPP loans, facilitate economic impact payments and continue operating amid constantly changing health and safety guidelines. With the help of our State Association Alliance partners, we delivered free resources to ABA members and nonmembers alike—including 33 free webinars, operational aids, crisis communications toolkits, scientific analyses and more—recognizing the importance of helping all banks weather the crisis. Through weekly calls—and sometimes daily calls—there was a continuous flow of information and feedback between ABA in Washington and all 50 states. This collaboration was vital as policymakers worked to calibrate and re-calibrate rules and regulations implementing the first CARES Act. I have no doubt that this engagement will continue now that a second stimulus has been passed and a third package could soon follow. These are just a few takeaways from this historic period. In the years ahead, I’m sure there will be even more robust lookbacks and more lessons that can be extrapolated from the coronavirus crisis. And the result of all of that learning, I hope, will only serve to make us stronger, safer and even more prepared for the future.

W I N T E R 2 0 2 1 • PALMETTO BANKER

A Look Back, and Forward By: Tom Barkin, President, Federal Reserve Bank of Richmond

As we begin a new year, I’ve been thinking back to the beginning of 2020. At that time, many people were asking, “After such a lengthy upturn, is a recession around the corner?” My response was that expansions don’t die of old age—they die of a heart attack. Little did I know I had the wrong ailment, and we were about to experience a shock with unprecedented costs, both human and economic. I’d like to reflect a bit on the roller coaster ride that’s been the past year, and share some perspectives on where we might be headed. (As always, these views are my own, and not necessarily those of my colleagues on the Federal Open Market Committee or in the Federal Reserve System.) Of course, in April the economy shut down. Spending plummeted, as did jobs. Sadly, the workers most affected were those on the bottom rungs of the income ladder — personal contact service workers who are disproportionately young, female, and people of color. The extraordinary fiscal stimulus enacted by Congress helped to bridge a number of those who lost their jobs. Real personal 8

W I N T E R 2 0 2 1 • PALMETTO BANKER

income actually increased through the spring and fall, despite the unusually sharp downturn, because of enhanced unemployment benefits and direct distributions to households. And people who were able to shelter at home found their spending declined dramatically. Both of these factors contributed to a huge increase in the saving rate. Those with elevated savings couldn’t spend on services the way they used to. So they paid down their credit cards and shifted their spending toward goods, especially those related to time at home or outdoor recreation, such as furniture, home and garden supplies, and boats. Spending on durable goods is actually higher than it was before the pandemic, while spending on services remains depressed. Manufacturers have benefited from elevated goods spending. Low rates haven’t hurt; interest-rate-sensitive sectors such as residential and automotive have been booming. Home builder confidence has hit all-time highs and single-family housing starts are the highest they’ve been since before the Great Recession.

Spending is returning to normal faster than employment. As I write this in early December, GDP is still 3.5 percent lower than it was at the end of 2019. Employment is down 6.5 percent. There are nearly 10 million fewer jobs in this country than there were in February— a deficit even larger than the one we saw in the aftermath of the Great Recession, when we were down 8.7 million jobs. Many businesses are still running at constrained capacity; others are understandably cautious and have taken the opportunity to streamline their operations. Leisure and hospitality employment remains down more than 20 percent. Despite elevated unemployment, I am still hearing from employers, especially in manufacturing, technology and health care, that they can’t find workers. In part, this is due to a drop in labor force participation, particularly among women. You have to imagine that it’s more difficult to commit to work when childcare and schools may be closed or remote and elder care facilities seem less safe. It’s also due to labor market mismatch; many displaced service workers don’t have the skills for

the jobs that are available, and given the uncertainty around the virus, they’re hesitant to move or invest in training for their next job. As evidence, look at community college enrollment. Community colleges offer certificate programs that can deliver new skills in a relatively short period of time, and so ought to be prospering in this time of elevated unemployment. But, unlike at four-year schools, enrollment is down, likely due to uncertainty, challenges with child care, lack of engagement with online schooling, or too little information about available financial aid. We have been talking about uncertainty all year. But recently the future seems to be coming into focus. I had hoped this virus would be behind us by now, but the continued escalation in cases makes me believe we still have a ways to go. Despite the encouraging progress with vaccines, it seems unlikely that a broad-enough rollout to make us comfortable fully interacting in personal commerce would occur before this summer. So the next few months could be challenging, but there is daylight on the horizon.

On the fiscal side, further legislative stalemate seems probable. Many businesses like this situation, and believe it promotes the certainty that supports investment. At the same time, while there may be one more smaller targeted stimulus to come, it seems likely the country will be revisiting fiscal prudence over the coming months. What does all this mean for 2021? I see promising signs for business investment, as I suggested earlier, supported by our accommodative forward guidance in monetary policy. In contrast, I think the spike in government spending is behind us. The key question then is what consumers will do—and those decisions constitute two-thirds of the economy. Here we have to come back to the elevated saving rate. There is a lot of money in people’s pockets that is cushioning the end of fiscal stimulus and could propel the economy at some point. The last time we saw a saving rate this high was during World War II, and the post-war years saw huge spikes in consumption — could we unlock similar pent-up demand next year?

While I certainly hope so, I see these savings more as a backstop than a stimulant. In the first half of the year, if the virus surges and fiscal support subsides, these savings will be essential to support spending, particularly for goods, and to enable the less fortunate to cope. In the second half of the year, I do expect s o m e p o s t - v a c c i n e r e s u rg e n c e i n demand for high-end services like a good meal or a nice vacation or a business trip. But ser vices generally don’t yield themselves to significant volatility—you don’t make up for missed haircuts, dentist appointments or vacation days— and the wealthy, who would by then have most of the savings, generally take a longer-term mindset on their spending. Overall, my outlook is for a slow recovery; you might say we took the elevator down and we are taking the stairs back up. But I also foresee a steady recovery— despite the downsides, the saving rate and fiscal and monetary policy are providing backstops. And the horizon isn’t far off.

W I N T E R 2 0 2 1 • PALMETTO BANKER

L e g i s l at i v e Profile

SPEAKER OF THE HOUSE

James H. “Jay” Lucas

Growing up in the small rural town of Hartsville, House Speaker James “Jay” Lucas never dreamed that his life’s path would take him where he is today. Born to Bobby and Shirley Lucas, Jay’s parents instilled in him the importance of personal responsibility and the value of motivation – traits that have provided a firm foundation for his life in public service. A proud Gamecock, Jay received his bachelor’s degree in political science from the University of South Carolina in 1975, graduating Phi Beta Kappa. He also received a master’s degree in public administration from the University of South Carolina in 1981. Upon graduation, Jay immediately went to work as the Financial Director for the City of Bennettsville, and then as the County Administrator for Fairfield County. Having high hopes of eventually practicing law, Jay applied this valuable work experience and knowledge to his future education. Jay received his law degree from the University of South Carolina in 1987. He graduated third in his class and was the managing editor of the South Carolina Law Review. After graduating, he served as the Darlington County attorney and as

a City Judge for the City of Hartsville before becoming a partner with Lucas, Warr and White in 1994. When former state Representative Michael Baxley retired in 1998, Jay took the opportunity to fulfill another life-long goal and run for public office. Given House District 65 had not been represented by a Republican since Reconstruction, Jay knew his election would be an uphill battle. Based on his performance in this election, Jay earned the nickname “Landslide Lucas” from former Speaker David Wilkins because he won by a mere handful of votes. Jay currently represents portions of Darlington, Kershaw, Lancaster, and Chesterfield counties. After serving several terms in office, Jay was elected Chairman of the Darlington County Republican Party. In November 2010, his colleagues in the House elected him as Speaker Pro Tempore. While serving in this position, Jay was provided the opportunity to become Speaker of the South Carolina House of Representatives in 2014. He was most recently elected Speaker for a fourth term on December 1, 2020.

W I N T E R 2 0 2 1 • PALMETTO BANKER

Jay believes that he has a responsibility as Speaker to enact reforms that will better the lives of all South Carolinians. Throughout his years in public service, Jay has become the proud recipient of several prestigious awards, including the Wi l k i n s Aw a rd f o r E x c e l l e n c e i n Legislative Leadership from the Riley Institute, the Jimmy Newsom Signature Award for contributions to public education in Darlington County, the South Carolina Manufacturing Alliance’s Roger Milliken Defender of Manufacturing Award, the Legislative Champion of the Year Award from the SC Alliance to Fix Our Roads, and the South Carolina Chamber of Commerce’s Public Servant on the Year Award. Jay is married to Tracy Ann Deglman, a dental hygienist who continues to offer him strength and support in every endeavor. They celebrated 30 years of marriage in 2020. Their son, Will, a graduate from the Virginia Military I n s t i t u t e w i t h a m a s t e r ’s d e g r e e from North Carolina State University, recently got married.

Analyze the Impact of COVID-19 with our Trusted Data Insights

The Impact of COVID-19 has lead financial firms to assess and adjust their business continuation plans. S&P Global Market Intelligence offers news, data, analytics, and web-based/mobile tools to give you the essential intelligence you need during this unprecedented time.

We are here to help. Our team at S&P Global Market Intelligence want you to be as informed as possible so you can address new business challenges and volatility head-on. Count on our industry-leading data to guide you through your next critical decisions. Here are some tools that our clients have found to be imperative resources: –

Commercial Prospecting Mapping Tool Visualize commercial real estate lending and business development opportunities in our powerful Maps application.

–

Monitor credit risk indictors of your current portfolio Leverage daily dashboards to monitor leading indicators of credit quality at your institution and analyze near and longer-term pricing levers to help stabilize your margin and net income.

–

Supply Chain and International Trade Intelligence Assess risk, locate new partners to strengthen your supply chains, and analyze new trends.

–

Leveraged Loan Commentary and Data Research Monitor and benchmark against the new realities of leveraged loan and high yield bond markets.

–

Credit Risk Management Tools and Perspectives Track macroeconomic impacts on credit risk and conduct analysis on probabilities of default.

Our Latest Analysis on the Impact of COVID-19 on Banks Reference our data insights on the global response to the coronavirus as you evaluate risk and monitor market changes. We're tracking across industries, capital markets, supply chains, and governments to bring you what's essential in the changing landscape. To learn more about our Banking Essential Tools please go to spglobal.com/marketintelligence/en/topics/ banking-essentials Our team is here to help you assess the shifting landscape. We're all in this together. To learn more about us, visit spglobal.com/marketintelligence/en/

Copyright © 2020 by S&P Global Market Intelligence Inc. All rights reserved. No content, including by framing or similar means, may be reproduced or distributed without the prior written permission of S&P Global Market Intelligence or its affiliates. The content is provided on an “as is” basis.

L e g i s l at i v e U p d at e

GENERAL ELECTION, C O R O N AV I R U S

Bring Many Changes to State House By Neil Rashley, Senior Vice President and Counsel, SCBA

The coronavirus pandemic in 2020 brought many changes and challenges to South Carolina – and the General Assembly and the November election were no exception. In the November 2020 General Election, voter participation significantly increased, with high tens of thousands of voters casting absentee votes. At the State House, the 2020 session was suspended in early March, came back for a few days in May and June, and then for two weeks in September. For banks, many of the elected leaders that strongly support banking remained in office but, even so, with the new legislative focus on the pandemic, there will be many challenges to move bills.

General Assembly Elections

Legislation for the 2021 Session

The Senate was up for re-election in November and there are now six new senators, with three of them defeating long-time incumbents. For the Senate as a whole, Republicans gained three seats and now have a 30-16 majority. Committee chairs critical to banking should remain the same: Sen. Ronnie Cromer, Banking and Insurance; Sen. Hugh Leatherman, Finance; Sen. Luke Rankin, Judiciary; and Sen. Thomas Alexander, Labor Commerce and Industry. In the Senate Banking committee there are two vacant slots to fill and those slots will be filled in 2021 on the first day of session.

Coronavirus shut down the session in 2020 and then re-ordered legislative priorities. When the General Assembly returned in September for a brief session they focused on adopting a budget and passing legislation dealing with the pandemic. As such, many bills and issues that would have been handled in 2020 instead were pushed off until this session, including many SCBA advocated for in 2020. Many of these bills were re-introduced when the General Assembly returned. Here are some of those bills as well as new bills and issues SCBA anticipates:

In the House, sixteen new representatives were elected and Republicans gained one net seat to increase their majority to 81–43. The House met in early December and assigned committees and elected chairs. Chairmen on key committees where most banking legislation goes will be: Rep. Bill Sandifer, Labor Commerce and Industry; Rep. Murrell Smith, Ways and Means; and Rep. Chris Murphy, Judiciary. Rep. Jay Lucas was re-elected the Speaker of the House. There will be six new legislators on the Labor, Commerce and Industry committee.

W I N T E R 2 0 2 1 • PALMETTO BANKER

BANK STATUTE MODERNIZATION SCBA was the primary proponent for this issue last session that would modernize South Carolina’s banking statutes. The bill passed the Senate last year but the House had no time to review it. This session both Chairman Cromer in Senate Banking and Chairman Sandifer in House Labor, Commerce and Industry introduced identical bills (S467 and H3583) and both bills will be top priority. The bills main focus is on de novo creation, conversion of non-South Carolina statechartered banks to a South Carolina charter, codifying some of the Board of Financial Institutions’ operational instructions – along with deleting old, outdated language.

REMOTE ANNUAL SHAREHOLDER MEETINGS

ELDER FINANCIAL ABUSE Chairman Alexander of the Senate Labor, Commerce and Industry, working with SCBA, introduced S425, a bill that allows a bank to decline or place on hold a transaction if elder financial abuse is suspected.

Providing a protection from liability due to COVID-19 was a priority of the business community in 2020 but the issue was not resolved last session. This year the Senate introduced S147 and the House introduced H3698 to address the liability problems businesses face.

South Carolina is one of only two states that requires an in-person annual shareholders meeting, and has no provision for remote meetings. This caused many difficulties for banks and corporations based in South Carolina during the pandemic. SCBA brought this issue to Chairman Sandifer’s attention and he introduced H3760, a bill that brings South Carolina up to speed with the rest of the country, allowing remote meetings if approved by the board of directors.

COVID-19 BUSINESS LIABILITY

ELECTRONIC AND REMOTE ONLINE NOTARIES

TAX REFORM

MEDICAL MARIJUANA

BLOCKCHAIN TECHNOLOGY

FORBEARANCE, FORECLOSURE AND EVICTION

Like other issues, this did not pass. The Senate had passed the bill but it stalled in the House Judiciary committee due to objections from the South Carolina Bar on the remote online notary issue—even though allowing notaries to conduct their business remotely and not in person would be a great benefit during the pandemic. Twenty-nine other states have now enacted statutes adopting this technology. Nonetheless, a bill allowing electronic notaries will be pushed forward next session and, hopefully, the legislature will also take another look at remote online notaries.

Tax reform did not get off the ground in 2020 but two bills were pre-filed in December that would reform income and sales taxation. Like last session’s bill, H3393 proposes to lower and flatten the individual income tax. Yet, it also eliminates all individual income tax credits, including the S Corp bank tax credit. H3992 is the sales tax reform bill and it also lowers and flattened the rate but does so by eliminating many sales tax exemptions and also imposing a sales tax on financial services. Property tax reform may also come up but will be much more difficult as true reform would require removing the present cap on residential property tax rates.

Two key bills were pre-filed for this session—S150 and H3361. Both legalize marijuana for medical use and also provide that if marijuana is still illegal under federal law, a bank that does business with an entity or person involved with medical marijuana could not be prosecuted or penalized by state authorities.

In the 2020 session there was a blockchain bill that proposed controversial concepts such as a fintech regulatory sandbox. This year a new bill, H3495, was introduced and it does not include this idea. Its focus is more on securities and anti-money laundering exemptions as well as amending South Carolina’s laws to recognize concepts like certificate tokens, digital assets and virtual currency. SCBA will work closely with legislators and state regulators to make sure that if this bill moves forward it will not negatively affect banks or consumers.

One bill that would ban foreclosures during a state of emergency, H3390, was prefiled. With the economic stress that the coronavirus pandemic has caused SCBA anticipates more bills concerning these issues will be introduced or discussed.

With coronavirus restrictions and safeguards in place, how business is conducted at the State House will be significantly different in 2021. But issues and bills will still arise and SCBA will work hard to address them—even virtually. If you have any questions about legislation, you can email Neil Rashley at SCBA at nrashley@scbankers.org. Legislation, members of the General Assembly and committee meetings can be found at www.scstatehouse.gov.

N e w M e mb e r s of the

L e g i s l at u r e

Congratulations

to the new members of the House of Representatives: District 3: Pickens Jerry Carter (R) • Retired CEO National Council of Examiners for Engineering and Surveying • Atlantic Christian College

District 34: Spartanburg Roger Nutt (R) • Engineer • Tennessee Tech University, 1989 • Workforce Development Board

District 33: Spartanburg Travis Moore (R) • Attorney • The Citadel, 2002 • USC School of Law, 2008

District 80: Richland Jermaine Johnson (D) • Community Organizer • College of Charleston, 2008

District 88: Lexington RJ May (R) • Political Consultant • University of South Carolina, 2009 • Phi Betta Kappa

District 96: Pelion Ryan McCabe (R) • Attorney • Newberry College, 1995 • USC School of Law, 1999

District 94: Summerville Gil Gatch (R) • Attorney • Southern Evangelical Seminary, 2015 • Georgetown Law School, 2019

W I N T E R 2 0 2 1 • PALMETTO BANKER

District 44: Lancaster Sandy McGarry (R) • Chair, Lancaster Republican Party • SC Republican Executive Committee

District 52: Kershaw Vic Dabney (R) • Career Army officer • Flight Simulation Instructor Pilot

District 64: Clarendon Kim Johnson (D) • University of South Carolina, 2006 • Director of Community Engagement, HopeHealth • Chair, Clarendon County School District Two

District 107: Myrtle Beach Case Brittain (R) • Attorney • Wofford College, 2002 • Charleston School of Law, 2007

District 109: N. Charleston Deon Tedder (D) • Attorney • South Carolina State University, 2012 • USC School of Law, 2015

District 99: Daniel Island Mark Smith (R) • Funeral Homes Owner • Chairman South Carolina Advisory Council on Aging

District 116: Charleston Chardale Murray (D)

District 115: James Island Spencer Wetmore (D)

District 112: Isle of Palms Joe Bustos (R)

• Folly Beach administrator, 2014 - 2020 • Princeton University, 2005 • Vanderbilt School of Law, 2010

• Former Military and Law Enforcement • Columbia College, 1975

• Owner Murray’s Mortuary • Hollywood town council • Talladega College, 1998

W I N T E R 2 0 2 1 • PALMETTO BANKER

N e w M e mb e r s of the

L e g i s l at u r e

Congratulations

to the new members of the Senate:

District 11: Spartanburg Josh Kimbrell (R) • Aviation Leasing and Charter • North Greenville Univ., 2007 • Gardner-Webb Business School

District 10: Greenwood Billy Garrett (R) • Attorney • Lander University, 1978 • USC School of Law, 1983

District 39: Orangeburg Vernon Stephens (D) • Retired Manufacturing Manager • South Carolina State University

W I N T E R 2 0 2 1 • PALMETTO BANKER

District 16: Lancaster Michael Johnson (R) • Attorney • Auburn University, 1993 • USC School of Law, 1996

District 27: Kershaw Penry Gustafson (R) • Community Advocate • Newbery College, 1992

District 44: Berkeley Brian Adams (R) • Retired Law Enforcement • Co-owner Tri-County Appraisals

W I N T E R 2 0 2 1 • PALMETTO BANKER

Federal U p d at e

Biden Election and Democrat Congressional Control WILL BRING CHANGES TO BANKING REGULATIONS AND LAWS With the results finalized after the 2020 General Election, Democrats now control both the House and Senate in Congress, although by slim margins. In the House, Democrats hold only a seven seat margin with six vacancies. The Senate is even tighter with a 50-50 split and the Democrats gaining control only by Vice President Harris’ tie-breaking vote as a Democrat. Since Joe Biden was elected president, this power-shift will have a significant effect on banking regulators, potential banking legislation, and on South Carolina’s banks.

than their predecessors in the Trump administration; most likely much more similar to the Obama appointees. Further, since Democrats now control Congress there will be little opportunity to question any regulations in Congress. Rep. Maxine Waters will continue as chair of the House Financial Services committee and Senator Sherrod Brown is now the chair of the Senate Banking committee. In South Carolina, former state representative Nancy Mace (R) defeated incumbent Joe Cunningham (D) to represent the 1st District. Sen. Lindsay Graham (R) successfully defended his seat defeating former South Carolina Democratic Party chairman Jaime Harrison. All of South Carolina’s other congressmen easily won their re-elections. Sen. Tim Scott was not up for re-election.

Already there are new presidential appointees at the OCC (Michael Barr), the Federal Reserve (Chair Janet Yellen), the CFPB (Dave Uejio), and possibly at the FDIC when Director Jelena McWilliams’ term ends in 2023. These new appointees will have substantially different views of banking regulations

S o u t h C a r o l i n a ’ s 2021-2022 C o n g r e ss i o n a l D e l e g at i o n SENATOR LINDSAY GRAHAM (R) Committees – Judiciary, Appropriations, Budget, and Environment SENATOR TIM SCOTT (R) Committees – Banking, Finance, Small Business, Health and Education REPRESENTATIVE NANCY MACE (R – 1ST DISTRICT) Committees – No assignment as of this publication REPRESENTATIVE JOE WILSON (R – 2ND DISTRICT) Committees – Armed Services, Education and Labor, Foreign Affairs

REPRESENTATIVE JEFF DUNCAN (R – 3RD DISTRICT) Committees – Energy and Commerce REPRESENTATIVE WILLIAM TIMMONS (R – 4TH DISTRICT) Committees – Financial Services REPRESENTATIVE RALPH NORMAN (R – 5TH DISTRICT) Committees – Homeland Security, Oversight and Reform REPRESENTATIVE JIM CLYBURN (D – 6TH DISTRICT) Leadership Position – Majority Whip Committees – None due to leadership position REPRESENTATIVE TOM RICE (R – 7TH DISTRICT) Committees – Ways and Means

South Carolina bankers recent meeting with Senator Tim Scott

W I N T E R 2 0 2 1 • PALMETTO BANKER

2021 PALMETTO SCHOLARSHIP One of the most important initiatives of the South Carolina Bankers Association’s Young Bankers Division is the Palmetto Scholarship program. Hundreds of thousands of dollars have been awarded over the years to deserving students. For more than a century, the SCBA has been blessed with the strong support of its member institutions and their employees. The Bankers Association believes offering scholarships to deserving children of bank employees helps demonstrate both its appreciation to member banks and their employees. It also serves as a means for building a path to a better, more prosperous South Carolina.

This scholarship is for children of member-bank employees OR part-time employees of a member bank who also meet the following qualifications: • • • • • •

Be a resident of South Carolina; Be a rising junior or rising senior in COLLEGE, in South Carolina (must be an accredited four-year college or university in South Carolina); Have a parent/legal guardian who lives in South Carolina and works for a SCBA member bank, bank holding company, or wholly owned subsidiary in South Carolina OR [the student] be a part-time employee at a member bank working a minimum of 20 hours per week; Have a minimum grade-point average of 3.0 on a 4.0 scale; Be active in his or her school and community, demonstrate a solid work ethic, and possess strong leadership abilities, good teamwork and a desire to succeed; and Submit a resume and letter of recommendation from a dean or professor when completing the online application. Part-time employees of a member bank must have a letter of recommendation from senior management.

Check scbankers.org mid-May to see a list of recipients W I N T E R 2 0 2 1 • PALMETTO BANKER

There’s no denying that the raging pandemic has brought with it a feeling of insecurity in the communities we serve. This lingering uncertainty makes it more important than ever that our story—as bankers who are relevant in our customers’ everyday lives—is communicated and supported. Our continued relevance depends on our communities’ understanding of what we can and do bring to them. By championing the elected officials who share our goals and understand the positive impact we make in our communities, we convey and strengthen our story. BankPAC allows us collectively to support these legislators and accomplish our mission to serve our communities through financial services.

We are thankful for this year’s participation in BankPAC that allowed us to beat SCBA’s goal: GOAL = $115,500 AMOUNT COLLECTED = $138,300 And as encouraging as it is to surpass our goal, we still have work to do. We can achieve even greater participation in BankPAC by conducting internal campaigns to attract individual contributions. This year, banks who secured both “employee” and “director” contributions ran an internal campaign, in addition to their corporate contributions. SCBA has designed a new web page to make it simple for all banks to conduct internal campaigns and obtain individual payments. Of course, SCBA is always available to banks to help in any way, including running an internal campaign. SCBA also introduced the President’s Club this year. Members are recognized as individuals who contributed $500 or more. In its inaugural year, the President’s Club contributed an incredible $12,450 to BankPAC. Thank you to the BankPAC Committee who worked hard to secure funds. We are grateful to all the banks, directors, and employees who contributed to BankPAC in 2020. Your participation is essential.

BankPAC Committee Robert F. Dozier, Jr. First Reliance Bank, Lexington

J. Carlisle Oxner III Arthur State Bank, Union

Thomas R. Britt, Jr. Bank of Travelers Rest, Travelers Rest

David R. Torris Truist Bank, Greenville

J. Huggins III United Bank, Charleston

Arnold A. Zipperer III 1st Federal Savings Bank of SC, Inc., Walterboro

Dominik Mjartan Optus Bank, Columbia

W I N T E R 2 0 2 1 • PALMETTO BANKER

By: Robert F. Dozier, Jr.

President’s Club Contributors Hazel Allin, Countybank James A. Bennett, First Citizens Bank Laurence S. Bolchoz, Jr., Coastal Carolina National Bank Thomas Bouchette, The Citizens Bank Michael R. Brenan, Truist Bank Allison B. Cranford, TD Bank N.A. Robert F. Dozier, Jr., First Reliance Bank R. Thornwell Dunlap III, Countybank Samuel L. Erwin, First Horizon Fred L. Green III, South Carolina Bankers Association

Robert P. Hucks, II, Coastal Carolina National Bank John D. Kimberly, Park National Bank Timothy W. Koch, TIB-The Independent Bankers Bank J.D. Nelson, Countybank H. Richard Sturm, Ameris Bank Thomas G. Trouche, ServisFirst Bank R. Bruce White, The Bank of Travelers Rest K. Wayne Wicker, South Atlantic Bank Arnold A. Zipperer III, 1st Federal of S. C.

TOTAL 2 0 2 0 PR ES I D ENT’ S C L UB DO N AT IO N S = $ 1 2 , 4 5 0 W I N T E R 2 0 2 1 • PALMETTO BANKER

Thank you to our Contributors ORGANIZATION NAME

CORPORATE/PAC

EMPLOYEES & DIRECTORS*

H H H H H H

Contributions $5,000 and Above United Bank Regions Bank Southern First Bank Truist Bank United Community Bank Wells Fargo

Contributions $2,500 - $5,000 South State Bank Anderson Brothers Bank GrandSouth Bank Pinnacle Financial Partners First Reliance Bank Security Federal Bank First Palmetto Bank South Atlantic Bank Countybank Synovus South Carolina Bankers Association

H H H H H H H

H H H H

H H

Contributions $1,000 - $2,500 Coastal Carolina National Bank Bank of Travelers Rest Arthur State Bank Carolina Bank & Trust Co. Coastal States Bank First Community Bank Palmetto State Bank The Citizens Bank Community First Bank Enterprise Bank of SC First Citizens Bank Park National Bank Bank of Clarendon Farmers & Merchants Bank of SC ServisFirst Bank First Horizon The Bank of South Carolina

H H H H H H H H H H H H H H H

H H

Contributions Under $1,000 Bank of the Lowcountry Bank of York Blue Ridge Bank CBL State Savings Bank First Bank Sandhills Bank 1st Federal Savings Bank of SC, Inc. Abbeville First Bank Bank of Greeleyville Beacon Community Bank Optus Bank Spratt Savings & Loan Ameris Bank TIB - The Independent Bankers Bank TD Bank

W I N T E R 2 0 2 1 • PALMETTO BANKER

H H H H H H H H H H H H

H H H

B a n k i n g D ata

South Carolina Banking at a Glance South Carolina Banking Institutions Total number of Banks in S.C. Institutions headquartered in S.C. Institutions headquartered out of S.C. S.C. Total Deposits Total Deposits for out-of-state banks Total Deposits for S.C.-headquartered banks Total number of bank offices in S. C.

6/30/19

6/30/20

74 47 27 $89.4 B $64.9 B $24.5 B 1194

72 45 27 $105.1 B $86.7 B $18.5 B 1198

3 $10.7 B

4 $5.2 B

9 $6.6 B 35 $ 7.2 B

10 $6.9 B 31 $ 6.4 B

South Carolina Chartered Banks Banks with over $1 billion in deposits Total S.C. deposits for these banks Banks with deposits greater than $500 million and less than $1 billion Total S.C. Deposits for these banks Banks with deposits less than $500 million Total S.C. Deposits for these banks

Banks with over $1 Billion in Deposits Bank

State

SC Offices

SC Deposits

SC Market Share

Wells Fargo Bank Bank of America Truist Bank First-Citizens Bank & Trust Company South State Bank TD Bank Synovus Bank United Community Bank United Bank Southern First Bank Pinnacle Bank The Conway National Bank First Community Bank Anderson Brothers Bank

SD NC NC NC FL DE GA GA VA SC TN SC SC SC

124 77 129 136 95 60 35 36 26 10 20 16 18 23

19,548,202 16,273,858 12,850,876 9,516,633 8,876,418 6,017,851 3,544,167 2,129,842 1,991,753 1,939,809 1,404,389 1,170,773 1,039,830 1,013,020

18.59% 15.48% 12.22% 9.05% 8.44% 5.72% 3.37% 2.03% 1.89% 1.85% 1.34% 1.11% .99% .96%

* In thousands

W I N T E R 2 0 2 1 • PALMETTO BANKER

Source: FDIC Summary of Deposits, June 30, 2020

Strategy. Simplified. Strategic planning for today’s financial institution. wipfli.com/fi-sp

SRM’s mission is to help clients adapt, survive, and thrive in response to change. We reduce costs, enhance revenues, and improve business processes for our clients — with $3.6 Billion in proven results since 1992. How may we help you?

@SRMCorp | srmcorp.com W I N T E R 2 0 2 1 • PALMETTO BANKER

W I N T E R 2 0 2 1 • PALMETTO BANKER

Lighting the way to Success July 11-16, 2021

Lander University Greenwood, SC

2 021 SOUTH CAROLINA BANKERS SCHOOL • One of the premier state banking programs in the country • Integrated and complete set of usable courses covering all aspects of banking, as well as overall bank management • Academic and social interactions with fellow bankers conducive to joint bank problem solving later in the workplace • Acquire a better knowledge of the total scope and role of the financial services industry in today’s economy • Provides benefits for the duration of one’s banking career

For more information, please call Carolyn L. Bradley at 803.779.0850 or email carolynbradley@scbankers.org. W I N T E R 2 0 2 1 • PALMETTO BANKER

Young Bankers Division

2020

Scholarship Golf Tournament The 2020 Young Bankers Division Scholarship Golf Tournament brought in close to $23,000 for the Palmetto Scholarship Fund. The scholarship awards deserving rising junior and senior college students of memberbank employees each year. The scholarship application is NOW OPEN, please be sure to spread the word to all employees! Once again, the field was sold out with 132 golfers participating in the tournament this year. “It was a great day on the links as the investments of so many came together to support the Young Bankers Division Scholarship Golf Tournament,” said Vaughan Dozier, Event Chair and First Community Bank Regional President. “The annual event, which helps to provide college scholarships to children of SCBA member bank employees, raised close to $23,000 dollars this year and combined with a $37,000 contribution from the SCBA Education Foundation is on track to provide $60,000 in scholarships.” The tournament wouldn’t be possible without the tremendous support of its sponsors, participants and volunteers each year. The 2021 Tournament will be held Monday, October 4th, so mark your calendars!

Congratulations to the winners: Manning Crapps, First Community Bank Vaughan Dozier, First Community Bank Mac Humphries, HUB International Charlie Mimms, Mimms Contracting

W I N T E R 2 0 2 1 • PALMETTO BANKER

EAGLE SPONSOR Pinnacle Financial Partners BIRDIE SPONSOR KeenanSuggs|HUB International BEVERAGE CART SPONSOR Elliott Davis, LLC Security Technology Services, Inc. HOLE-IN-ONE SPONSOR CSRA Business Lending

Thanks to our sponsors: PRIZE HOLE SPONSOR Bank of America Business Development Corporation/ Certified Development Corporation First Citizens Bank HOLE SPONSOR Bank of Clarendon Bank of Travelers Rest Coastal Carolina National Bank Community First Bank Countybank

Federal Home Loan Bank of Atlanta First Community Bank Haynsworth Sinkler Boyd, P.A. ICI Consulting, Inc. MPA Systems Oconee Federal Savings and Loan Park National Bank South Atlantic Bank Synovus The Bank of South Carolina The Citizens Bank Turner Padget Graham & Laney, PA

Closest to the pin:

Trent Thompson, South State Bank

W I N T E R 2 0 2 1 • PALMETTO BANKER

Young Bankers Division

The Young Bankers Division engaged in

fundraising efforts for BankPAC Thank you to everyone who supported the Young Bankers Division second annual BankPAC Sporting Clays To u r n a m e n t F u n d r a i s e r h e l d o n Wednesday, November 18, at Palmetto Shooting Complex in Edgefield, South Carolina. Chair of the Event, Othniel Laffitte, Vice President, Commercial Relationship Manager, GrandSouth Bank had this to say, “The Sporting Clays fundraiser was a

first-class tournament at a premier shooting complex, where proceeds are contributed to legislators who support the banking industry and the pro-business agenda in our state. This year’s event was another tremendous success with close to 90 shooters, beautiful weather, friendly competition and a lot of camaraderie. We were honored to have Representative Kirkman Finaly address our participants. He talked about the importance of bankers developing good relationships

with legislators. I’m confident and proud that the $22,000 raised today will make a meaningful impact to the PAC campaign.” Anyone who shares an interest in the future of the banking industry and wishes to preserve the important role of banks in our economy and our communities should contribute annually to one of the SCBA PACs. Please visit our website to learn more, www.scbankers.org.

Once the date for next year’s tournament is set, it will be posted on the SCBA website www.scbankers.org. If you are interested in securing a sponsorship for the 2021 event, contact Carolyn L. Bradley, carolynbradley@scbankers.org or (803) 779-0850.

Congratulations

to the winning team: Michael Boozer, Integrated Financial Solutions

W I N T E R 2 0 2 1 • PALMETTO BANKER

Duffie Powers, Gallivan, White & Boyd, P.A. Ben Skelley, AgSouth Farm Credit, ACA Charles Vernon, ArborOne Farm Credit

Highest Female Shooter:

Highest Male Shooter:

Flurry Contest Winners:

Mandi Boehringer Affordable Equity Partners

Nathan Catoe Enterprise Bank of SC

Chase Colbert, GrandSouth Bank Jake Nidiffer, Trinity Partners

T his

event would not have been possible if not for our generous sponsors .

Thank You!

Grand Sponsor First Reliance Bank

Prize Sponsor Turner Padget Graham & Laney, PA

Contest Sponsor DDI Technology an IAA company

Stand Sponsors Ameris Bank Bank of Travelers Rest CBL State Savings Bank Employer HR Group Enterprise Bank of SC Federal Home Loan Bank of Atlanta First Citizens Bank

Reception Sponsor Fitech Payments Refreshment Cart Sponsor Anderson Brothers Bank

Gallivan, White & Boyd, P.A. GrandSouth Bank Haynsworth Sinkler Boyd, P.A. First Horizon Integrated Financial Solutions Oconee Federal Savings & Loan Optus Bank South Atlantic Bank Steve H. Powell & Company

W I N T E R 2 0 2 1 • PALMETTO BANKER

2021 Calendar of Events M AY 2 0 2 1 Commercial Lending School May 11 – 13 Columbia, SC

Consumer Lending School May 19 – 20 Columbia, SC

For Commercial Lenders, Senior Loan-Support Officers and Loan-Review Officers. Member=$695 / Non-Member=$1900

For Consumer Loan Officers, Branch Managers, Assistant Branch Managers, Personal Bankers, Management Trainees and Collection Officers. Member=$530 / Non-Member=$870

JUNE 2021 SCBA Annual Convention and Trade Show June 6 – 9 The Cloister at Sea Island, Sea Island, GA For CEOs, CFOs, directors and upper executive management teams. Banker/Associate Member=$545, Spouse/Guest=$425, Child over 14=$165

J U LY 2 0 2 1 South Carolina Bankers School July 11 – 16 Lander University, Greenwood, SC For junior- and mid-management-level officers or administrators.

OCTOBER 2021 Young Bankers Division Annual Scholarship Golf Tournament October 4 Columbia Country Club, Blythewood, SC For Bankers, Associate Members and Vendors. Member Registration=$125 / Non-Member Registration=$175

NOVEMBER 2021 Young Bankers Division BankPAC Sporting Clays Tournament Fundraiser TBD Palmetto Shooting Complex, Edgefield, SC For Bankers, Elected Officials, Associate Members and Vendors.

A regis ll tratio n fees subje are c chan t to ge.

W I N T E R 2 0 2 1 • PALMETTO BANKER

E ducation and P rofessional D evelopment

SCBA Webinars:

Another source for your training needs while observing social distancing protocol! The SCBA has formed partnerships with a group of reputable online training providers to bring our members a wide variety of self-paced, instructor-led video training for every function area. SCBA’s remote learning allows you to have access to professional development delivered on your schedule, and it’s a great option for training while observing the social distancing protocol. If you are new to or have questions about Bank Webinars by OnCourse Learning, American Bankers Association (ABA), FinPro Director Webinars or ProBank Austin visit https://scbankers.org/all-online-training-opportunities/ or contact Anne Gillespie at agillespie@scbankers.org. The SCBA will be happy to help you navigate the websites.

W I N T E R 2 0 2 1 • PALMETTO BANKER

Brought to you through the South Carolina Bankers Association, ABA Training is a flexible, cost-effective professional development solution. With options for bankers at all stages of their career, in any size and type of bank, ABA Training offers courses across all lines of business and comes in a variety of formats to suit your schedule, your budget and your learning style. As an added benefit, most offerings provide Continuing Education Credits for ABA Professional Certifications such as the CRCM, CTFA, CERP, CFMP and more.

Great For Directors & Senior Executives FinPro’s Global Webinar Package is a series of 24 webinars offered throughout the year. The Global Webinar Package is structured with one flat fee per year that allows unlimited director and employee participation. The webinars are 60 minutes and occur twice a month. All webinars are recorded, so if you can’t attend the live webinar, you can view the recording at your convenience. CPE credits apply to the live webinars only. • • • •

Each webinar is 11:00 am EST* Unlimited registrants from your institution Access to webinar recordings and presentations One flat fee for the year

(formerly known as Total Training Solutions)

Total Training Solutions (TTS),a leading provider of bank regulatory compliance webinars, was acquired by OnCourse Learning in May of 2018. OnCourse Learning is a member of Adtalem Global Education (NYSE:ATGE), a global education provider headquartered in the UnitedStates. It empowers financial institutions to prepare their frontlines, compliance teams, executive leadership and board of directors with comprehensive enterprise compliance, risk management and professional development education that is effective and engaging. Over 10,000 clients and partners have adopted OnCourse Learning solutions to efficiently manage complexity, change and growth. Plus, over the course of our 40+ year history we have trained over 190,000 individuals with our NMLS-approved licensure and continuing education courses.

ProBank Austin provides a comprehensive list of one-, two-, and three-day online remote bank compliance seminars throughout the United States. Our courses cover the relevant, yet complex financial topics (see below) that are essential for doing business today. Led by one of our industry experts, our seminars address current bank regulations, operational procedures, marketplace trends, and the latest technologies. Learn more by visiting https://scbankers.org/probank-austin/.

The SCBA Education & Events calendar continues to change a great deal due to COVID-19, please visit https://scbankers.org/scba-events to see the most current calendar of events! W I N T E R 2 0 2 1 • PALMETTO BANKER

New

M e mb e r s

Welcome

We are fortunate to have an active and engaged roster Associate members and proudly welcome these new members:

AmeriHome Correspondent 1 Baxter Way, Suite 300 Thousand Oaks, CA 91362 (747) 212-0842 www.correspondent.amerihome.com Mr. Steve Lilley 1 Baxter Way, Suite 300 Thousand Oaks, CA 91362 (727) 939-9191 steve.lilley@amerihome.com Angell Molony, LLC 200 N. Main Street, Suite 301 Greenville, SC 29601 (803) 335-1449 www.angellmolony.com

Mr. Aaron Angell 200 N. Main Street, Suite 301 Greenville, SC 29601 (864) 248-4708 aaron@angellmolony.com

BankTEL, an Avidchange Company 319 Park Creek Drive Columbus, MS 39705 (622) 245-1007 www.banktel.com Bryan Schuler Two Perimeter Park South Birmingham, AL 35243 (678) 571-7109 BSchuler@avidxchange.com

Banzai 2230 N. University Pkwy #14 Provo, UT 84604 (801) 709-1808 www.teachbanzai.com Jacob “Jake” Finlinson 2230 N. University Pkwy. #14 Provo, UT 84604 (801) 709-1808 jake@teachbanzai.com 38

W I N T E R 2 0 2 1 • PALMETTO BANKER

AmeriHome is a top 3 correspondent investor, with clients including community and regional banks of all sizes. AmeriHome offers a suite of conventional and government products, both delegated and non-delegated, to support their clients’ growth. They also offer a true relationship to like-minded companies, including best-in-class service, industry leading turn times, and consistent and competitive pricing, allowing you to compete effectively in a challenging environment

With offices in both Aiken and Greenville, Angell Molony, LLC is dedicated to the enforcement of judgments across the state of South Carolina. The firm’s partners, Kevin N. Molony and Aaron J. Angell, work on a 100% contingency basis, covering all costs and expenses of the collections process. By utilizing an extremely thorough asset search program and applying the ever-changing South Carolina collection laws, the attorneys at Angell Molony have successfully collected on both large and small judgments for multiple banks throughout the state.

BankTEL, an AvidXchange company, helps financial institutions manage expenses with easy-to-use software that maintains transparency, accountability and regulatory compliance. BankTEL is the only international software company that focuses solely on accounting solutions for financial institutions, offering both accounts payable and payment automation technology. BankTEL delivers solutions to over 20% of the U.S. market share, with a 27-year history of serving clients of all sizes.

Banzai is a one-stop shop for financial education. Community banks partner with Banzai to create a culture of financial education in their service areas, all while building brand awareness. Banzai courses expose students to lifelike financial scenarios in a fun simulation, while adult-oriented resources guide users through their immediate financial questions.

Bell, Carrington, Price & Gregg, LLC 339 Heyward Street Columbia, SC 29207 (803) 509-5078 www.bellcarrington.com

Robert Blanchard 339 Heyward Street Columbia, SC 29207 (843) 469-5206 rblanchard@bellcarrington.com

Finkel Law Firm LLC 1201 Main Street, Suite 1800 Columbia, SC 29201 (803) 765-2965 www.finkellaw.com Sharon C. Bramlett 1201 Main Street, Suite 1800 Columbia, SC 29201 (803) 765-2935 sbramlett@finkellaw.com

NAI Columbia/ NAI Earle Furman 807 Gervais Street Suite 200 Columbia, SC 29201 (803) 254-0100 www.naicolumbia.com

Peyton D. Bryant 807 Gervais Street, Suite 200 Columbia, SC 29201 (803) 254-0100 (9876) pbryant@naicolumbia.com

RA Business Solutions 838 Granby Street Norfolk, VA 23510 (757) 455 9326 www.rabsolution.com Ms. Casie Burton 838 Granby Street Norfolk, VA 232510 (704) 577-3770 cburton@retailalliance.com United Bankers’ Bank 1650 W. 82nd Street Suite 1500 Bloomington, MN 55431 (800) 752-8140 www.ubb.com

Trey Moore 636 Kumatage Lane Chapin, SC 29036 (803) 522-0269 trey.moore@ubb.com

Bell, Carrington, Price & Gregg, LLC is a full-service law firm with offices in Greenville, Columbia and Charleston, South Carolina. The firm’s counsel reaches beyond those cities with the ability to practice in North Carolina and Georgia. Its attorneys represent institutions and individuals on a range of complex legal matters throughout the Carolinas and Georgia, with several core competencies, including Business and Finance, Real Estate Transactions, Creditor’s Rights, General Litigation, Real Estate Finance and Title Insurance Defense. Its clients are financial institutions, manufacturing companies, real estate developers and professionals, churches, entrepreneurs, small business owners and individuals that seek the highest level of representation without a strain on the budget. Finkel Law Firm LLC offers comprehensive creditor representation throughout all of South Carolina. We are a full-service law firm and represent traditional and non-traditional banking clients, mortgage services, commercial lenders, consumer lenders, and other creditor clients. We offer compliance guidance to our clients as well as representation at closings, both consumer and commercial. We also offer consumer and commercial workout and restructuring services as well as foreclosure, bankruptcy, REO and other default servicing services, including a full range of litigation and mediation services, from collection and recovery litigation, to the domestication of foreign judgments and the execution thereon, complex bankruptcy, construction, land use, zoning, subdivision, HOA, probate, landlord/ tenant, mechanics lien and other credit related litigation. NAI Columbia/NAI Earle Furman is a full service commercial real estate firm. The company is a partnership with NAI Earle Furman (Greenville, SC) and eight local principals, all of whom were senior brokers with NAI Avant, which has served the midlands market for over fifty years. As the Metropolitan Columbia representative of NAI Global, NAI Columbia is affiliated with more than 375 offices strategically located throughout the world. NAI Global is the single largest, most powerful global network of owner-operated commercial real estate firms that work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Columbia provides comprehensive brokerage, leasing, development, property and project management services throughout the Southeast. RA Business Solutions (RABS) is the exclusive Equifax Sales Agent for the Mid-Atlantic region. Their client portfolio includes auto dealers, banks, credit unions, finance companies, and real estate companies. The RABS team, working with Equifax, provides these industries leading edge consumer insights and analytics, as well as complete consumer and commercial credit files.

For over 45 years, United Bankers’ Bank’s reputation as a correspondent banking leader has been built on the trust, respect and confidence it has developed with its community bank customers. From providing innovative products, services and technologies, to understanding the challenges community banks face on a daily basis, UBB continually provides its customers with valuable solutions to remain competitive and strengthen the relationships they have built within their communities. UBB lives its First for Your Success credo by always putting the success of its community bank partners first and by never, ever competing with its customers. W I N T E R 2 0 2 1 • PALMETTO BANKER

Personal

Transactions

Jim Honeycutt

Preston Jones

ANDERSON BROTHERS BANK Jamie Carsten has joined Anderson Brothers Bank as VP/Commercial Loan Officer in the banks newest Florence office located at 2001 Hoffmeyer Road. Nicole Cifelli has been named Branch Operations Coordinator in the newly renovated North Myrtle Beach Office located at 1799 Highway 17N. Michele Rogers has joined the bank as Brand Ambassador.

COUNTYBANK Laura Beth Brooks has been appointed Assistant Vice President by the Board of Directions and has been promoted to Corporate Governance Manager. Patrick Craven has been promoted to an Assistant Vice President. John Stadsvold has joined Countybank as Senior Vice President, SeniorTrust Officer in Greenville. Pam Taylor has been elected as a Banking Officer. The key management team members at the new Simpsonville location of Countybank are Tim Lincolnhol, Senior Vice President and Simpsonville Market Executive, and Ginger King, Relationship Manager and Commercial Administrator.

Morgan Leath

Walter Reese

COASTAL CAROLINA NATIONAL BANK Ann Jaskwhich has been appointed Senior Vice President and Retail Banking Director for the bank. Marc Joehnk has joined the team as Vice President, Aiken Branch Manager. Clinton McKinney has been promoted to Senior Vice President, Upstate Market Executive.

FIRST RELIANCE BANK Elizabeth Bunn has joined First Reliance Bank as treasurer. Robert Haile has joined First Reliance Bank as CFO. Tiffany Kiminski has joined the Mt. Pleasant location of First Reliance Bank as the new Deposit Operations Manager. Jeff Paolucci has moved into the role of chief risk officer at First Reliance Bank. Walter Reese has joined First Reliance Bank as its new Vice President of Electronic Banking. He will be based in the company’s Charleston Office.

HOMETRUST BANK Steve Rekers has joined the company as senior vice president and chief accounting officer. C. Hunter Westbrook has been pointed President and Chief Operating Officer.

C. Hunter Westbrook

PARK NATIONAL BANK Jim Honeycutt has joined Park National Bank as a Vice President and Trust Office in the Spartanburg Office at 200 South Church Street. Preston Jones has joined Park National Bank as Vice President, Commercial Lender in its Anderson office.

SERVISFIRST BANK Tim Finney has been promoted to Vice President, Correspondent Sales Manager. Tim transitions to the role of Vice President, Correspondent Sales Manager from his position as Correspondent Relationship Manager for Georgia, North Carolina and South Carolina. He will continue to service his clients in Georgia and the Carolinas and work to expand the Bank’s relationships in those states, while now also leading and supporting the sales efforts of the other Correspondent Relationship Managers.

UNITED BANK Brian Goff has joined the bank as Director of Portfolio Management. United Bankshares, Inc. has appointed Dr. Patrice A. Harris to its Board of Directors.

UNITED COMMUNITY BANK Morgan Leath has joined United as Regional Banking Manager and will oversee operations at the two new Midlands area locations. Shannon Stephens will lead the regional leadership and commercial team.

W I N T E R 2 0 2 1 • PALMETTO BANKER

DIVERSITY IS ESSENTIAL FIND TALENT IN ALL THE RIGHT PLACES THROUGH OUR NEWEST PARTNERSHIP WITH AMERICA'S JOB EXCHANGE!

EVERY JOB YOU POST WILL BE DISTRIBUTED TO One-Stop Career Centers – 2,500 state employment offices working directly with veterans and local job seekers for job placement Community Based Organizations - Over 4,500 public and private nonprofit organizations, many focused on specific diversity hiring JOFDAV & Disabled Persons – Leading websites focused on assisting veterans and other job seekers with disabilities America’s Job Exchange Main & Niche Sites – This includes americasjobexchange.com and their network of sites that cater to veterans and individuals with disabilities

Helping Community Banks See What’s Possible

DON'T WASTE ANOTHER MINUTE! HEAD TO WWW.BANKTALENTHQ.COM AND USE CODE AJESPECIAL AT CHECKOUT TO RECEIVE 20% OFF THE JOB POSTING PACKAGE OF YOUR CHOICE!

Finding opportunities for community banks to grow becomes more challenging every month, but somehow it’s what we do, and what we do well. Using the power of partnerships we help community banks compete. •

If you have a problem or idea, call us.

•

We can help community banks reduce and manage risk.

•

We work with our clients to address friction points, working for improved performance.

If you are interested in new solutions to your problems, give us a call.

OUR TEAM IS READY TO HELP L-R: Leesa McShane, Rose Washofsky, Gary Shook, Jo Ellen McKinley

cbbonline.com | 800-822-1039

CBB_SC-BankersAssoc-Ad_8x4-75.indd 1

W I N T E R 2 0 2 1 • PALMETTO BANKER 10/7/20

41 1:20 PM

Banking News

AMERIS BANK Ameris Bank launched its 11th annual Helping Fight Hunger initiative this October. Due to COVID-19, this project was more important than ever as food insecurity is up by 60%, according to Feeding America. While this year’s campaign may have looked a little different to observe social distancing practices, Ameris Bank’s focus remained the same: to collect as many nonperishable food items as possible, during the month of October, to help its communities when they need it the most. AQUESTA BANK Aquesta Bank has received all regulatory approvals necessary to open a new branch in Mt. Pleasant. The new branch will be located at 602 Coleman Boulevard at the corner of Simons Street and Coleman Boulevard, just over the Ravenel Bridge. This location is expected to open during the second quarter of 2021. ANDERSON BROTHERS BANK

UNITED COMMUNITY BANK

Anderson Brothers Bank announces regulatory approvals of plans to open their new 4500 square-foot branch in the Murrells Inlet community. The branch will be located at 11975 Highway 17 Bypass, formerly Plantation Federal Bank. Terri Larkin will be the Branch Manager. Projected opening is planned for the first of October of this year.

United Community Bank is proud to have been named one of the Best Banks to Work For in 2020 by American Banker and Best Companies Group. This recognition is based on employee satisfaction and signifies the bank’s commitment to employee development and the fostering of a strong culture. This is the fourth consecutive year the bank has been featured on this list.

COUNTYBANK Countybank announces its new commercial loan office located at 309 S. Main Street, in Simpsonville. Services will range from commercial loans, business lending, and cash management. PALMETTO STATE BANK Russell L. Laffitte was named Chief Executive Officer of Palmetto State Bank on June 16, 2020. He is succeeding his father, Charles A. Laffitte, Jr., who will remain Chairman of the Board. Mr. Laffitte is a graduate of Newberry College as well as the SCBA Bankers School and Graduate School of Banking at LSU. He also received his MBA from Troy State University. In addition to his 23 year career in banking, Russell is a current member of the Hampton Rotary Club. He has served as the Vice Chairman for the Hampton County Disability and Special Needs Board as well as playing an active role on the Hampton County Economic Development Committee. He is a past Vestry Member of All Saints Episcopal Church and past Chairman of the Hampton Downtown Revitalization Committee. His commitment to his alma mater led him to serve as a past Board Member of Visitors at Newberry College. Mr. Laffitte and his wife, Susie, have two children Carter and Luke. 42

W I N T E R 2 0 2 1 • PALMETTO BANKER

United Community Bank is pleased to announce the addition of eight new bankers to its SBA Lending Division, which is one of the largest in the Southeast with approximately 60 bankers. Joining in various roles across several departments, these new additions to the team will be instrumental in helping the bank continue to support small business customers across the country. United’s SBA team led the community bank’s effort to process nearly 11,000 applications for small businesses during the Paycheck Protection Program application process earlier this year. United Community Bank will expand its operations in the Midlands region with two new full-services branches located at 4018 Forest Drive in Columbia and 5346 Sunset Boulevard in Lexington. Both branches plan to open on December 14. Jay Rajaee has joined United Community Bank as Chief Security Officer.

DO YOU KNOW WHO YOUR PAYMENT PROVIDER IS? IT COULD BE FITECH We are a leading merchant services provider committed to helping community banks be competitive and relevant in today’s market.

FITECH

Works exclusively with community banks

DID YOU KNOW THAT FITECH: 24/7 award-winning U.S. based

Dedicated personal relationship

Over 28 years of payment experience

True processor (not an ISO)

Partnered with over 100 banks

Bank core integration capability

customer service

manager for partners

CAN YOUR CURRENT PROCESSOR SAY THE SAME? Let us create a merchant services program that’s fit for your bank!

Matthew Mingenback 817.698.2268 mmingenback@fitech.com

Tanner Rizenbergs 817-698-2260 trizenbergs@fitech.com

2009 Park Street • PO Box 1483 Columbia, SC 29202-1483

Registration Open The 2021 SCBA Annual Convention

JUNE 6-9, 2021 | THE CLOISTER AT SEA ISLAND | SEA ISLAND, GA

Palmetto Banker 2021 - 1

Articles inside

Economic Outlook

Welcome New Members

Education & Professional Development

Legislative Update

Personal Transactions

President’s Message

Legislative Profile

ABA Update