Virginia Banking Nov/Dec 2011

November/December 2011

VIRGINIA BANKERS ASSOCIATION — SERVING VIRGINIA’S FINANCIAL COMMUNITY SINCE 1893

25 in 10: VBA Tour of

Virginia IN THIS ISSUE

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Banking

November/December 2011

V I R G I N I A B A N K E R S A S S O C I AT I O N — S E RV I N G V I R G I N I A ’ S F I N A N C I A L C O M M U N I T Y S I N C E 1 8 9 3

2011-2012 OFFICERS AND DIRECTORS OF THE VIRGINIA BANKERS ASSOCIATION William Couper, Chairman, Bank of America Jeffrey M. Szyperski, Chairman-Elect, Chesapeake Bank Charles H. Majors, Immediate Past Chairman, American National Bank & Trust Co. O.R. Barham, Jr., StellarOne Corporation Frank Bell, III, Chesapeake Bank Katherine E. Busser, Capital One Financial Corporation Tim Butturini, Wells Fargo Bank, N.A. Larry G. Dillon, C&F Bank Randy K. Ferrell, The Fauquier Bank Larry Heaton, Franklin Community Bank Gail Letts, SunTrust Bank John R. Milleson, Bank of Clarke County Samuel L. Neese, Highlands Union Bank Susan Ralston, Bank @Lantec Gary R. Shook, Middleburg Bank David P. Summers, Virginia Heritage Bank Daniel G. Waetjen, BB&T Richard T. Wheeler, Jr., Franklin Federal Savings Bank

Statements of fact and opinion are made on the responsibility of the authors alone and do not imply an opinion or endorsement on the part of the officers or members of VBA.

PUBLISHED BY

280 Summer Street, Boston, MA 02210 Phone: 617-428-5100 Fax: 617-428-5118 www.thewarrengroup.com

AT-LARGE MEMBERS Benefits Corporation Chair Richard M. Liles, Bank of McKenney Management Services Inc. Chair Frank Bell, III, Chesapeake Bank Government Relations Committee Chair Christopher W. Bergstrom, Cardinal Bank VBA Education Foundation Chair J. Peter Clements, The Bank of Southside Virginia

12

25 in 10: VBA Tour of Virginia VBA meets with 523 bankers for 25 meetings in 10 days.

EDITORIAL & EXECUTIVE OFFICES 4490 Cox Road Glen Allen, VA 23060 804-643-7469 Fax 804-643-6308 www.vabankers.org Bruce T. Whitehurst President and CEO Virginia Bankers Association

features

Chandler Dewey Manager, Communications/ Marketing and Financial Literacy Virginia Bankers Association

SUBSCRIPTIONS If you would like to subscribe to Virginia Banking, contact Chandler Dewey at cdewey@vabankers.org.

Virginia Banker is published bi-monthly. Copyright 2011.

DIRECTORS Timothy M. Warren Chairman Timothy M. Warren Jr. CEO & Publisher David B. Lovins President Vincent M. Valvo Group Publisher

& Editor in Chief FINANCE & ADMINISTRATION Jeffrey E. Lewis Controller / Director

of Operations EDITORIAL Christina P. O’Neill

Cassidy Norton Murphy

Custom Publications Editor Associate Editor

ADVERTISING George Chateauneuf

Richard Ofsthun Cara Inocencio Emily Torres

Publishing Division Sales Manager Advertising Sales Manager Advertising Sales Manager Advertising, Marketing & Events Coordinator

DESIGN & PRODUCTION John Bottini Creative Director Scott Ellison Senior Graphic Designer Ellie Aliabadi Graphic Designer

©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.

in every issue 4 Calendar of Events 5 Insights 6 Legal Line 7 Worth Noting

10

Get Smart About Credit Day 2011 Virginia Bankers Teach Children about the Basics of Credit

16

The Social Bank How to Approach the Social Footprint Your Bank Already Has (Whether You Like It Or Not)

20

Wellness Doesn’t Cost … it Pays!

Medical costs continue to go up, despite efforts to reduce them.

Learn how to make your health work for you.

8 14 18 22

Compliance Corner Legislative Update Washington Update Bankers on the Move

Send us your thoughts or ideas on Virginia Banking! Please email Chandler Dewey at cdewey@vabankers.org. Has your information changed? Please email Kellee Edelin at kedelin@vabankers.org with your new contact information.

Editor’s Note: Our September/October issue of Virginia Banking incorrectly stated that William F. “Tree” Rountree began his career with Farmers and Merchants Bank. Tree started out with United Virginia Bank. We regret the error.

November/December 2011 | Virginia Banking 3

Calendar of

Events

Live Event

INSTRUCTOR-LED SEMINARS

COMPLIANCE WITH FEDERAL LENDING REGULATIONS SEMINAR, SANDSTON DECEMBER 13, 2011

MORTGAGE DISCLOSURE COMPLIANCE, SANDSTON DECEMBER 15, 2011

ONLINE/INSTRUCTOR-LED SEMINARS

AIB GENERAL ACCOUNTING DECEMBER 12, 2011

AIB GENERAL ACCOUNTING JANUARY 9, 2012

AIB ANALYZING FINANCIAL STATEMENTS JANUARY 9, 2012

AIB ANALYZING FINANCIAL STATEMENTS 2012 financial forecast MARCH 5

MANAGING FUNDING, LIQUIDITY, AND CAPITAL JANUARY 9, 2012

AIB PRINCIPLES OF BANKING ACCELERATED JANUARY 17, 2012

AIB LAW AND BANKING: APPLICATIONS JANUARY 17, 2012

AIB CONSUMER LENDING JANUARY 17, 2012

c retail banking and marketing conference omni charlottesville hotel WEBINARS o march 13-14, 2012 n MINIMUM DISTRIBUTIONS IRA REQUIRED compliance school omni charlottesville hotel DECEMBER f 7, 2011 april 2-6, 2012 e APPROACH TO ANTICIPATING AND PRACTICAL security workshop MANAGING INTEREST RATE RISK r omni charlottesville hotel DECEMBER 7, 2011 april 25-26, 2012 e IRA CONTRIBUTIONS hr & benefits symposium n 14, 2011 DECEMBER omni charlottesville hotel may 6-8, 2012 c operations & technology workshop e

2 0 1 2

AIB PRINCIPLES OF BANKING

JANUARY 9, 2012

ABA ONLINE REVIEW COURSE FOR THE CRCM

EXAMINATION

JANUARY 23, 2012

AIB LAW AND BANKING: APPLICATIONS MARCH 5

downtown richmond marriott january 6, 2012

AIB PRINCIPLES OF BANKING

MARCH 5

AIB PRINCIPLES OF BANKING DECEMBER 12, 2011

Online Seminar

s c h e d u l e

stonewall jackson hotel & conference center staunton, virginia may 15-16, 2012

AIB PRINCIPLES OF BANKING JANUARY 23, 2012

annual convention the homestead june 17-20, 2012 school of bank management the university of virginia july 29-august 3, 2012 cfo conference omni charlottesville hotel august 27-29, 2012 credit management conference omni charlottesville hotel october 1-2, 2012

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 | November/December 2011

www.vabankers.org

Insights

Regulatory Malaise Malaise (from dictionary.com) 1. A condition of general bodily weakness or discomfort, often marking the onset of a disease. 2. A vague or unfocused feeling of mental uneasiness, lethargy or discomfort.

E Bruce Whitehurst President and CEO, Virginia Bankers Association

verywhere I go these days, people are talking about the high degree of uncertainty that exists in our country, our economy and our industry. Having been through the Financial Crisis of 2008 and the Great Recession that followed, uncertainty would seem to be a natural result as we struggle toward economic recovery. Sadly, the degree of uncertainty has been amplified substantially

by Congressional action and the current regulatory environment – not just in banking, but more broadly in business.

Our recent state legislative meetings – 13 of them around the Commonwealth – brought this point home as bankers and state legislators alike cited examples of regulatory challenges. I have written plenty about Dodd-Frank and its enormous and over-reaching impact on banking, but in these meetings, we also heard about EPA regulations that either add cost to new projects or lead to a denial of permits altogether. We heard from bankers about the challenges of lending – at least in certain industry categories – given the expectation that bank examiners will force these loans to be classified. We heard from state legislators and bankers alike about the small businesses that are unwilling to borrow for expansion – which would create new jobs – because of uncertainty over how health-care reform and changes to the tax structure might affect them. We heard that some businesses in need of more human resources are hiring contract or temporary employees to avoid making a commitment to hiring more full-time employees.

All this uncertainty and the extremely cautious regulatory environment are working directly against what we all want to see: sustainable economic recovery and a lower unemployment rate. It is truly a head-scratcher to observe so many ways our federal government is suppressing economic growth as it endeavors to micromanage business in America.

Where does this leave us? Even for an optimist

like me, it leaves us in a condition of malaise, as defined both ways. What do we do about it? We must stay in the fight, continue our legislative and regulatory advocacy, and challenge Congress and the White House to strike a better balance between government regulation and the free enterprise system.

We can commiserate about the challenges we face, but we must also advocate for needed changes. We must discard our feelings of malaise and persevere.

We are still learning what the full impact of healthcare reform will be. Thank goodness we have our VBA Benefits Corporation, which not only provides health insurance and related benefits to over 100 community banks, but also keeps all VBA member banks up to speed on health care reform.

We are still learning what the full impact of DoddFrank will be. Thank goodness we have a VBA advocacy and legal team that is focused on how our industry can influence regulatory promulgation as new proposals come out. Thank goodness we have a VBA Education & Training team bringing valuable training as we enter uncharted waters, especially – and unfortunately – in the compliance arena.

We are still fighting against an unfair portrayal of traditional banking, especially in the national media and, sadly, from some of our national political leaders. Blaming banks for everything might be in vogue, but it is not right. Thank goodness we have a VBA Communications and Financial Literacy team interacting with the media frequently to change perceptions and to point out the incredible and positive role banks play in their communities.

As we quickly approach a new year, one thing I know for sure is this: Virginia bankers will stay engaged in the political process, active in VBA advocacy and will continue to be leaders in their communities. We have real challenges before us, but we will do all that we can – together – to overcome this regulatory malaise and to get our economy and our country back on track.

Bruce Whitehurst can be reached by email at bwhitehurst@vabankers.org. www.vabankers.org

November/December 2011 | Virginia Banking 5

Line

Legal

Electronic Notary Law

B

Mel Tull General Counsel, Virginia Bankers Association

anks will soon be able to notarize documents without having to make customers come into their local branch. This past session, the General Assembly passed a bill allowing electronic notary publics to notarize documents when the signer is not in the notary’s presence if satisfactory evidence of the signer’s identity is established. Under previous law, satisfactory evidence of a signer’s identity could only be established in person for electronic notarizations. Beginning July 1, 2012, a Virginia electronic notary can electronically notarize documents using audio and video conference technology to confirm the signer’s identity. Below are some FAQs on the new law.

What is electronic notarization? Electronic notarization, as distinguished from traditional pen and paper notarization, is a process by which an electronic notary public affixes an electronic notary signature and seals information to an electronic document.

Virginia law has allowed for such notarizations since 2007.

How is the amended statute different from the previous version? The new law allows an electronic notary public to notarize a document when the signer is not in the notary’s presence if satisfactory evidence of the identity is established. Before the most recent amendments, an individual had to make a personal appearance before an electronic notary public for an electronic notarization. The 2011 amendment allows the satisfactory evidence of identity to be based on video and audio conference technology that permits the notary to communicate with and identify the signer at the time of the notarial act. A personal appearance is still considered satisfactory evidence of identity.

What are the video and audio conference technology requirements? The parties must simultaneously see and speak to one another, the signal transmission must be live (real time), and the signal transmission must be secure from interception through lawful means by anyone other than the persons communicating.

Do I have to be a notary public before I am commissioned as an electronic notary public? Yes. Individuals can apply to become an electronic notary

after they receive their notary public commission certificates from the circuit court.

What is the difference between an electronic notary public and a notary public? A notary public must complete a separate application to be an electronic notary public. In the application, the notary must provide a general description of the technology the applicant will use to create an electronic signature. The electronic notary public has the additional responsibility of keeping a copy of any video and audio conference that formed the basis for satisfactory evidence of identity. This electronic record must be kept for a period of at least five years from the date of the transaction.

Does the notarial act need to be performed in Virginia? No. An electronic notarial act performed in accordance with the statute is deemed to have been performed within the Commonwealth and is governed by Virginia law. It is important for the notary to be a commissioned Virginia electronic notary public.

What parts of the law are in effect? The entire statute is in effect with the exception of the provisions relating to the use of video and audio conference technology. Those provisions will have an effective date of July 1, 2012.

How does the statute protect against fraud? The statute requires the electronic notary public to confirm the principal’s identity by personal knowledge, an antecedent in-person identity proofing process in accordance with federal standards, a valid digital certificate, or by use of a personal identity verification card designed, issued, and managed in accordance with federal standards. These requirements, in addition to the obligation to maintain a copy of the recording of the video and audio conference, help to protect against fraud while allowing individuals and businesses to take advantage of the latest technology in an effort to facilitate transactions.

How will this affect my banking practice? The new electronic notary law will allow banks to obtain notarized documents from individuals who are out of state or unable to appear at a local bank branch. This will facilitate the ability to complete financial transactions or functions that require many notarized documents in an efficient manner.

Mel Tull can be reached by email at mtull@vbankers.org.

6 Virginia Banking | November/December 2011

www.vabankers.org

Noting

Worth

PETER CONVERSE NAMED BUSINESS LEADER OF THE YEAR

BY ALEXANDRIA CHAMBER The Alexandria Chamber of Commerce honored Peter A. Converse, president and CEO of Virginia Commerce Bank, as the 2011 Business Leader of the Year. Converse was recognized at the Chamber’s Business Awards Dinner on Oct. 6 at the U.S. Patent and Trademark Office.

The Chamber’s selection of Converse as the recipient of its top business award was based on his dedication and exemplary leadership in the business community. From the time he joined VCB as its CEO in 1994, the bank has grown under his leadership from two branches with $54 million in assets to what is now Northern Virginia’s largest community bank with over $2.9 billion in assets, 28 branches, a residential mortgage lending office and a wealth management services department.

Converse joins a distinguished list of honored business leaders since the awards program began in 1994.

VBA BANKER DAY 2012: On Thursday, Jan. 12, 2012, we invite you to join bankers from across the Commonwealth in visiting the General Assembly to advocate on behalf of our industry. Please email Bobbi Weimer for more information and to register at bweimer@vabankers.org or visit us online at www.vabankers.org.

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November/December 2011 | Virginia Banking 7

Compliance

Corner

SA Examinations Hit Risk Assessments Lack of Documentation Leads to Citations

By Donna Rakes and Jim Dray Thomas Compliance Associates, Inc.

T

he ability to find and share reliable compliance trend information can be especially beneficial to VBA member institutions: There are, for example, some noteworthy themes that have emerged during the current cycle of BSA/AML examinations.

It can take time for some trends to become apparent. The most recent FFIEC BSA/AML Examination Manual (April, 2010) included additional, expanded guidance on AML risk assessment – a sure sign that risk assessments would receive additional scrutiny during examinations.

That’s happening.

The AML risk assessment is the key analysis that drives the depth and complexity of a bank’s BSA/ AML management efforts. Understanding your institution’s risk profile allows you to design appropriate risk mitigation efforts.

There are no prescribed or recommended methods for assessing BSA/AML risk. Guidance from the FFIEC Interagency BSA/AML Examination Manual suggests, however, that banks begin by identifying specific risk categories – products, services, customers, entities, transactions and geographic locations.

The second step suggested in the Manual is to conduct a more detailed analysis of the data identified to better assess the risk within these categories.

Financial institutions generally do a good job of identifying their relevant risks. Nonetheless, banks need to expand on the documentation of analysis relied upon to quantify risks for relevant factors.

Regulators are paying attention to documentation, with documentation issues leading to citations in nearly two-thirds of examinations.

Bottom line: The examination devil is in the details.

RISK RATING FACTORS Your analysis should be sufficient to support the rating assigned to the risk factor. To quantify risk from cash activity, your analysis may include the following: • Number of CTRs filed.

• Cash shipment types and volumes.

• Use the query capabilities of your core processor to trend where cash activity is coming from or going to, i.e., average daily volumes of cash by account or customer type, and total amount and volume of cash ins and cash outs per day. The data will help

8 Virginia Banking | November/December 2011

you define how cash intensive your bank is.

• The number of cash-intensive businesses. Define what a cash-intensive business is – for example, businesses which deposit over $5,000 per transaction more than five times a year.

• Analyze controls over cash reporting and monitoring. Are all points of cash entry or exit identified and considered for CTR and suspicious activity monitoring and reporting?

A comprehensive analysis looks at data from several different perspectives. This concept can also be applied to an analysis of wire transfer data. For example, to quantify risks for wire transfers, you might analyze the following: • The number of international transfers as a percentage of total wire transfers.

• The number of transfers originated or received by customers designated as high risk or by customers using other high risk products or services.

• The number of international transfers to higher risk geographies or jurisdictions (such as FATF or INSCR designated countries).

Examiners are making certain institutions understand that the AML risk assessment should be a continuing process, not a one-time exercise. When the bank’s risk profile changes, its AML risk assessment should be updated to reflect the changes.

Examples of changes to relevant risks include new products and services; changes to existing products and services; and expansion through merger or acquisition, the opening of branches in different geographic location, or the addition or deletion of accounts for higher risk customers.

Even without these changes, keep in mind that the analysis to support assigned risk ratings should use current data. The AML risk assessment should be updated every 12 to 18 months, regardless of whether there are changes to risk factors.

CIP NON-COMPLIANCE CITATIONS Another area attracting attention is the Customer Identification Program (CIP). CIP requirements (mandated by Section 326 of the USA PATRIOT Act) became effective with a compliance date of Oct. 1, 2003. Examiners expect that, by now, your institution www.vabankers.org

is getting CIP right.

Consequently, there is an increased focus during this exam cycle on compliance with CIP requirements. Examiners are commonly citing institutions for noncompliance in CIP exceptions, which are red-flags for examiners. The CIP rule is somewhat flexible in how it allows you to reach the standard of “reasonable belief” that you have verified the identity of a person opening an account.

Based on your CIP risk assessment, you established standards for identification and verification of information provided.

Expectations are that you follow the procedures you have established. Otherwise, you are not meeting your own standards for “reasonable belief” you have verified the customer’s identity.

• Process for secondary review. Examiners review the end result, but they also focus on processes designed to ensure you remain compliant. Expectations are that your CIP efforts include a “quality control” process to ensure the requirements of your CIP are being followed.

• Documentation of the resolution of discrepancies discovered when verifying identity or identifying information. It is a CIP requirement to document the resolution of any substantive discrepancies uncovered when verifying identity. This issue is critical in this round of examinations.

Ever since the ID Theft Prevention requirements under FACTA defined an address discrepancy as a potential indicator of identity theft, address mismatches under CIP have become an even bigger focus. Address mismatches are a commonplace occurrence. Whatever method you rely upon to resolve address discrepancies, be certain that your process includes documenting the resolution.

VBA members seeking information or assistance on fair lending issues should call TCA’s Donna Rakes or Jim Dray. The toll-free number is 800-934-7347. Rakes is manager of TCA’s East Coast regional office in Rustburg. Dray is president of TCA. TCA is the VBA’s endorsed provider of compliance services. www.vabankers.org

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November/December 2011 | Virginia Banking 9

Get Smart About Credit Day 2011 Virginia Bankers Teach Children about the Basics of Credit

First National Bank held a Get Smart About Credit class at Amherst High School.

They participated across seven periods, which totaled 16 government classes and a total of 318 students.

G

Johanna Northstein, Chesapeake Bank, visited Gloucester High School.

She met with multiple classes, teaching students the “Four C’s of Credit” and showing them how credit scores can affect their lives in various ways.

Joe Biddlecomb and Ward Currin presented at Northumberland High School for Bank of Lancaster.

et Smart About Credit Day is an annual event put on by the American Bankers Association and one in which Virginia banks participate. This event allows bankers to enter the classroom to teach the fundamentals of money management, the meaning of good credit and credit scores, and the importance of saving. On Oct. 20, 132 Virginia bankers from 24 banks reached 5,816 students through 125 Get Smart About Credit Day presentations. Kudos to these bankers, who understand that working with students is a worthwhile endeavor.

Event highlights include: Oak View National Bank’s Senior Vice President of Administration Colin Borgstrom partnered with Marshall Middle School and the Fauquier County Public Library to provide several classes for over 100 teens in sixth to ninth grades. Class discussions focused on different types of available credit, budgeting now and for the future, and the

role that banks play in our economy.

First Bank, Strasburg conducted three Get Smart About Credit sessions at Strasburg High School and taught 76 students. Bankers visit the senior government classes at Strasburg High School twice a year to make sure that all seniors hear their message prior to graduation.

SunTrust Bank had a successful event in their Hampton Roads region, in which about 250 high school students participated.

Pendleton Community Bank’s Dayne Davis made presentations to the “Life Skills” class at Turner Ashby High School in Bridgewater.

American National Bank & Trust Company’s Brandon Atkins and Mario Huffman spoke at Woodberry Hills Elementary School’s Career Day, giving a lesson on borrowing money.

To see more pictures of Get Smart About Credit Day 2011, please visit us on Facebook at www.facebook.com/ virginiabankersassociation.

Thank you to the following banks that participated!

American National Bank & Trust Company Bank of Botetourt Bank of Lancaster Bank of the James BB&T Benchmark Community Bank C&F Bank Chesapeake Bank

10 Virginia Banking | November/December 2011

Community Bank Community Capital Bank of Virginia (VCC) First Bank & Trust Company First Bank, Strasburg First Community Bank, N.A. First National Bank HomeTown Bank National Bank

Oak View National Bank Pendleton Community Bank Peoples Community Bank StellarOne Bank SunTrust Bank The Bank of Marion TruPoint Bank Union First Market Bank

www.vabankers.org

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SEND US YOUR NEWS! Please send submissions for Worth Noting and Bankers on the Move to Chandler Dewey at cdewey@ vabankers.org.

www.vabankers.org

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November/December 2011 | Virginia Banking 11

25 in 10: VBA Tour of

Virginia

In just 10 days, the VBA Government Relations and Communications departments and the VBA Benefits Corporation held 25 meetings across the Commonwealth, reaching 523 bankers, media representatives and legislators.

October 5 Roanoke

October 6 Abingdon

12 Virginia Banking | November/December 2011

October 7 Danville

October 6 Danville-Leadership Division

The initial tour of the Commonwealth was planned in order to hold a series of legislative meetings. The VBA completed a series of meetings with Virginia state legislators, making stops in 13 cities: Abingdon, Charlottesville, Danville, Fairfax, Fredericksburg, Leesburg, Lynchburg, Manassas, Newport News, Richmond, Roanoke, Staunton and Virginia Beach. The meetings were well attended and the legislators heard our messages of federal regulatory pressures; the ability and desire banks have to make loans, but the lack of qualified borrowers; the many ways banks continue to be the foundation of the communities they serve; and our industry’s active role in financial literacy.

While on the road, the VBA media relations staff met with the editorial boards from four Virginia publications to talk about the banking industry and the current economic environment. A combination of publishers, editorial staff and reporters from the Norfolk-based Virginian-Pilot, the Lynchburg News & Advance, the Danville Register & Bee and the Bristol Herald Courier interacted with us as we reviewed the foreclosure environment in Virginia, the tremendous work banks do in the community, the current supply vs. demand issue

in lending, and the burden of the overregulation coming from the federal government.

Finally, three Leadership Division meetings were held over this time span as well. On Sept. 27, the Northern Virginia region of the division had its first event – a happy hour and networking meeting at American Taphouse in Reston. On Oct. 4, Lynchburg area Leadership Division members met up at Waterstone Pizza for happy hour and dinner. On Oct. 5, Leadership Division members attended Catfish and Crawdads in Danville, which was organized in part by Leadership Division Steering Committee member, Brandon Atkins, American First National Bank & Trust Company.

Additionally, The VBA Benefits Corporation had five meetings in Abingdon, Lynchburg, Richmond, Manassas and Newport News. VBA Benefits Corp.’s Annual Fall Meetings are specifically intended to cover any updates, plan design changes, carrier changes, rate actions, RFP results, etc. that will be occurring in the health insurance plans for the upcoming year. This included changes and updates to medical, dental, life, limited and vision plans.

Thanks to everyone who participated in these important meetings!

September 27 Northern Virginia-Leadership Division

September 27 Leesburg

October 5 Lynchburg

September 28 Fredericksburg & Manassas

September 27 Fairfax

October 4 Lynchburg-Leadership Division

October 3 Staunton

September 29 Newport News

October 4 Charlottesville

September 20 Richmond

September 30 Virginia Beach

Legislative

Update

Hearing Directly from Our Bankers

F Matt Bruning Director of Government Relations, Virginia Bankers Association

all at the VBA has been a busy time for our ongoing grassroots advocacy efforts across the Commonwealth. Over the course of three weeks, the VBA hosted 13 meetings between bankers and state legislators in all regions of Virginia. In total, 248 bankers attended these events, along with 90 legislators. Thanks to all those who took time out of their busy schedules to participate.

These meetings serve as a great opportunity for bankers and elected officials to discuss the issues important to our industry. Throughout the course of our trip, it was insightful to hear many of the same refrains echoed despite the diversity of geography.

Not surprisingly, the overall economic environment was front and center on everyone’s minds. While it was reassuring to hear the reminders that Virginia has weathered this recession far better than other locations, the uncertainty prevalent in all sectors of our economy, including financial services, remains the overriding concern.

Our bankers did an outstanding job of communicating the difficulty in the lending environment to the legislators. Bankers continually emphasized their desire and capacity to lend. However, as long as businesses and families are worried about forthcoming regulations, potential changes in tax policies and their overall fiscal future, the lack of demand for the loans necessary for our business model will linger. Acknowledging that the vast majority of that uncertainty has root in Washington, our state legislators were responsive to our requests to not further burden our industry or the customers we serve. Equally important as discussing our many challenges, our bankers reiterated the tremendous positive impact they have on their communities, both through their businesses as well as their community involvement and efforts in financial literacy.

Like our successful meetings with our state leaders, several bankers participated in meetings with members of the Virginia congressional delegation.

Rep. Robert Hurt (VA-5) heard from bankers about

the cost and time devoted to the overburden of regulations coming from Washington. As a member of the House Financial Services Committee, Hurt is keenly aware of the negative impact of “the suffocating government regulatory environment.� Our bankers were appreciative of the his comments, as well as his decision to co-sponsor HR 1965, modernizing the SEC registration threshold requirements.

Similarly, we were pleased to have Rep. Rob Wittman (VA-1) join us at our Fredericksburg state legislative breakfast. Including the congressman in our discussion with state legislators and our bankers proved beneficial to all in attendance. Contrasting the stark difference in approaches and outcomes between our General Assembly in Richmond and Congress in Washington reinforced not only how fortunate we are at the state level in Virginia, but also the frustrating environment at the federal level.

Wittman clearly understands our issues and, thanks to opportunities for continued conversations like this, is willing to listen to our bankers.

As we near the end of 2011, we can pride ourselves on the active engagement from our bankers over the past several months. Whether it was responding to calls to action on debit interchange votes in Congress or participating in one of our state legislative meetings, bankers throughout Virginia unquestionably recognize the importance of their involvement in the legislative and political process.

While we could be content to rest on our laurels, succumb to the tryptophan-included Thanksgiving slumber or be distracted by the hectic holiday schedule, it is imperative that we keep our momentum going in our aggressive advocacy outreach.

There are two clear upcoming opportunities for you to be involved in those efforts. The first is Thursday, Jan. 12, as part of Banker Day in Richmond. We are hoping to grow our record number of participants from the last gathering as bankers from all over meet with their state legislators during the new General Assembly session. As we Continued on page 19

Matt Bruning can be reached by email at mbruning@vabankers.org.

14 Virginia Banking | November/December 2011

www.vabankers.org

The Social Bank

How to Approach the Social Footprint Your Bank Already Has (Whether You Like It Or Not)

By Dean Browell, PhD Executive Vice President, Feedback

L

ike many conservative industries, many banks are still playing a dangerous waitand-see game with social media. Meanwhile, the public they serve have already begun amalgamating social media into their daily lives. In fact, many don’t see social media as definitive “thing” but rather simply a baked-in experience for every interaction with the Internet. Consider the last time you made a purchase online: did you encounter a review or a star rating? Moreover, the entire Internet experience is becoming defined bilaterally as the place where a company talks about itself (the traditional website) and the rest of the web – where you find out how people really feel.

VIRGINIA’S SOCIAL BANK CUSTOMERS This plainly carries over to financial services. In a 2011 study for the Virginia Bankers Association (VBA), results revealed that Virginians were far more verbose and curious about banking services online than the banks were at responding. With many of the discussions being decidedly geographic, discussing a particular service in a distinct region, questions about everything from checking accounts for teens to debit cards working overseas were asked and answered by the average consumer – and not always correctly – with recommendations for specific banks. Interestingly, many of these questions and answers were several years old – meaning they have been left out in the sun of the Internet, informing all who read them and going unchallenged for a long time. Consumers discuss their positive and negative experiences freely and in open,

public channels. These customers do not see the internal separation between marketing and customer service. To them, the experience is singular, a part of their everyday connection with their financial institution. This means a significant opportunity for Virginia banks to engage, listen and react to an audience of willing participants. But it also means there is a lot to learn about their targets – as well as what those targets already think of and say about these financial institutions themselves.

THE EARLY ADOPTERS MUST BEWARE THE SHINY OBJECTS For the banks already engaging, there’s more than just an overactive constituency to worry about – there’s the pace of the underlying technology itself.

Technological trends, especially in social media, can be dizzying to keep up with. It seems like every day there’s an update, a new feature, a new app, a new channel and maybe even a whole new twist on an old idea you thought was long gone. Meanwhile, longstanding channels go from frivolous “maybes” to “must-haves” as your target audiences voraciously adopt and adapt to a social media landscape some in your organization openly warned was a fad. Between Apple product debuts, Consumer Electronic Show (CES) announcements and South By Southwest (SXSW) app unveilings, it’s easy to become too obsessed with the latest and greatest technology – or to become so overwhelmed that you tune it out. The cacophony can rear its head in frustrating ways as your facility tries to keep up in message delivery and internal control of devices, channels, etc. The 2011 report exposes who in Virginia has successfully utilized what channels – and who likely should have listened before wading in.

YOUR BANK’S SOCIAL MEDIA POLICY Take internal policy development, for example, where social media has often been drawn into focus at such a fine level that we find ourselves actually

Dean Browell, PhD, is the executive vice president of Feedback, a Richmond, Virginia-based social media consultancy firm. He is also the chair of the Emerging Media Task Force. He can be reached at 804-484-4245 or dean@ feedbackagency.com. See Dean speak at the VBA Annual Convention, June 17-20, 2012.

16 Virginia Banking | November/December 2011

www.vabankers.org

naming devices in the policy itself. Rarely do other policies get the same scrutiny, and frequently we trade a heavily-crafted (and sometimes heavy-handed) social media policy in exchange for permission to pursue these channels, sometimes as a gift from the IT, lawyer and administrative groups. Getting as granular as actually naming devices or channels in your policy could be a dangerous route that causes you to frequently revisit – and likely re-fight – battles on a frequent basis. I recommend aiming at the task itself. Try to conceptualize the basis for one’s use of a particular social media channel and begin your policing there.

WHERE YOUR AUDIENCE LIVES: OFFLINE AND ON The most important concept surrounding trend watching is this: focus on your specific publics. Take note of what the savvy are doing, perhaps even dabble or pilot a program or two, but really pay attention to what your core audiences are actually using. In the 2011 report for the VBA, the best (and worst) practices of the financial industry were outlined, from successful single channels to the complete package of social experiences. It pays to evaluate what your audiences are doing even in light of social media channels you have already started.

Geography truly does play a part in what channels are preferred by your audiences – in rural areas we often see that mobile is in far stronger use because they have faster internet experiences on their phones than on their desktops, which can also lead to higher use of more mobile-friendly social channels such as Twitter. Always be careful to not generalize what your region is doing based on a national article.

But of equal danger is basing your perception on your audience’s use of various channels and trends on your own personal usage.

SMART MOVES:THREE RULES In evaluating trends there are three clear rules that will help you save time and money while keeping your sanity: Continued on page 22 www.vabankers.org

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November/December 2011 | Virginia Banking 17

Update

Washington

Connecting the Dots on Price-Fixing

W

ith the national media’s recent fo-

in the Wall Street Journal, which followed up on

cus on new bank service fees, the

an earlier letter by Sen. Richard Durbin (D-Ill.),

ABA has been quick to see that

who was defending his debit interchange price-

our industry’s side of the story gets told.

Frank Keating President and CEO, American Bankers Association

control law. “The real question is: Will retailers

We also want to shape this discussion so con-

reward customers with lower prices from their

sumers and policymakers clearly understand that

billion dollar windfall or will they simply pocket

the key driver of these new monthly fees is noth-

the money?” I asked. “I think we already know

ing less than government price-fixing.

the answer.”

In an interview with ABC World News Tonight

We also issued a press statement explaining

about bank fees, for example, I explained that

how the landscape for debit cards is changing,

regulatory

government-

and how the Durbin amendment and its conse-

imposed interchange fee restrictions, have forced

quences are symptomatic of a broader problem.

some banks to re-price their services and eliminate

Massive amounts of new regulation, govern-

free checking.

ment constraints on earning revenue and a tough

changes,

including

This was also my message in a letter published

economy are preventing banks from helping our

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www.vabankers.org

economy get back on track.

The

Durbin

amendment,

Continued from page 14 which

capped debit card fees below industry costs, provided big-box retailers with $7 billion in windfall profits while forcing banks to lose money on every debit card transaction. Many economists predicted that this direct transfer of costs from re-

tweeted (twitter.com/vabankers) from one of our recent state legislative meetings, a state senator noted, “as citizen legislators it is so important to hear directly from our constituent bankers.”

Second, please save the date and plan on attending our Capitol Hill visits as part of

the VBA/ABA Government Relations Summit on March 19-21 in Washington. This is another way to tell your representatives how banking works and how you make a difference in your community. For more information on either of these events, please contact Bobbi Weimer at bweimer@vabankers.org. I look forward to seeing you.

tailers to everyday Americans would result in higher fees for basic banking services and threaten our nation’s community banks. Unfortunately, we are now seeing that result.

We’re urging policymakers to take a hard look at the real cause of higher consumer fees. And you can help expand our communications outreach on this issue.

When

the

Virginian-Pilot

the

Times-Dispatch, or

another

local

newspaper publishes an article about banking fees and falls short of the facts, or doesn’t quite reflect our side of the story, write a letter and respectfully correct things.

A friendly phone call can also help you tell our side of the story, as well as cultivate valuable relationships as a trusted source with reporters on the banking beat.

As a banker, you’re a spokesperson for the industry in your community. You can help ensure that the public and policymakers better understand the issues that affect your business, and how you serve your customers and communities.

Gov. Frank Keating can be reached by email at fkeating@aba.com.

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November/December 2011 | Virginia Banking 19

Wellness Doesn’t Cost … it Pays!

By Roy Allison Vice President of Marketing and Sales, VBA Benefits Corp.

L

ike most of us, I get a lot of unsolicited mail – except now it’s usually email instead of the old kind. Once you’ve been identified in a particular field, or with a certain interest, the flood gates open. Somehow “they” know I’m in Employee Benefits, so the focused briefings multiply – the latest on health care reform, minimum loss ratios, essential benefits, and the like. Lately, though, I’ve been noticing a trend – as in my headline – so I thought I would peel a few layers off the onion.

The issue, it seems, is that medical costs continue to go up, despite all our efforts to reduce them. Some say the cost-saving effect of HMOs is not what it used to be, and consumer driven health care (high-deductible plans with a savings account) still doesn’t break the trend. Health care reform was supposed to save money, but the evidence is that costs are increasing for 2012 because of it.

So who is to blame? The evil insurance companies? Evil doctors and hospitals? Evil corporations? Maybe, as we hear far too often lately, it’s evil banks! Personally, I put a lot of faith in the great philosopher, Pogo.

Before “Doonesbury,” before “Pluggers,” before “Pearls Before Swine,” there was Pogo – a possum who lived in the swamp, and was very wise for his

size. His most famous saying was “We have met the enemy and he is us!”

I see a lot of depth to that, and a lot of relevance as well. It is becoming evident that fully half of health care claims can be attributed to lifestyle choices – smoking, alcohol or drug abuse, sedentary lifestyle and physical inactivity, seat belt use (or lack thereof) – but the greatest of these is obesity.

Obesity is often the underlying or contributing cause of diabetes, COPD, heart disease, stroke, breast and colon cancer, joint replacement – and increasingly, mental health issues. Experts are making dire predictions, like the recent ABC World News story reporting a study which found that “if trends continue, half of all American men will be obese by 2030.”

So how do we get at this ugly trend? More and more companies are offering Wellness Programs – including such features as health risk assessments, health screenings, walking programs, healthy lunch and vending programs, health advocates (coaches), and gym memberships. And while not without cost, these programs are starting to show how they can pay dividends early.

Recent news and email articles have talked of several success stories: • MWV observed disproportionate claims from a small segment of their population, and initiated a five-step program to engage employees.

By the second year, they achieved 56 percent enrollment, and 31 percent of participants improved their BMIs, while 23 percent lowered their blood pressure. Most encouragingly, they now expect a savings of $2 for every $1 invested.

• Robinson Engineering (Chicago) has long promoted health education, competitions, and health screenings, and claims a 10 to 1 return on investment.

• A Georgia company that focuses on incentives and health coaching reports that health cost increases average less than 2 percent annually over the last 10 years.

• Delta Dental reported that employees who receive the suggested preventive visit in the first year of coverage average almost 45 percent less in claims costs in the second year.

VBA Benefits has been promoting wellness

20 Virginia Banking | November/December 2011

www.vabankers.org

through its Banking on Wellness program for several years, and a number of banks and associate members have been enthusiastic participants. This year our focus is on three specific areas: • Increase overall awareness of health issues • Motivate individuals to make healthy lifestyle changes • Maintain healthy lifestyle initiatives

low to chart.

Getting all of us and all employees thinking about wellness and preventive services is a long-term goal that will help control medical costs. An effective program must be consistent, insistent, have clear goals – and management buy-in.

We’ve certainly heard the old adage, “It

all starts at the top and flows down,” and it has never been truer than with wellness programs.

As always, VBA Benefits wants to help with all your employee benefit needs.

Please call us at 800-643-5599.

Members who embrace the goals of the program by enrolling at least 10 employees and offer at least three programs in 2012 – health screenings, health risk assessments and future moms – will be eligible for incentive rewards in 2013, based on percentage participation: • At least 25 percent – monthly rates lowered by 1 percent • 50 percent or higher – monthly rates lowered by 2 percent For an effective program, employees have to be engaged. A recent survey I saw indicated 73 percent of employees would be more likely to lose weight or quit smoking with company incentives.

To reward employees, some suggestions are cash incentives, holding a raffle for participants, providing extra paid time off, or using promotional items like Tshirts, water bottles, etc.

The fact is, we’ve got to change behavior. Chronic claims are driving our medical insurance costs, and there is great opportunity for prevention – if we take advantage of what we have available. In our VBA plan, most preventive screening is at no cost to an insured participant – no copay, no deductible, no cost sharing at all. Yet last year our utilization report revealed some troubling statistics: of those eligible for mammography, only 47 percent took advantage of the free, lifesaving test. And that was not an isolated number – of those eligible for a Pap test, only 69 percent complied, and the percentage for colorectal screening was too www.vabankers.org

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November/December 2011 | Virginia Banking 21

Move

Continued from page 17

Bankers on the

Martin

Angel

Clarence

Slocum

Elliott

Frank

Reed

Benchmark Community Bank H. Nicole Martin, Vice President of Customer Relations and Compliance Officer

StellarOne Paige Hodge Bryant, Production Assistant June Elliott, Mortgage Loan Consultant Karen Frank, Mortgage Sales Manager

Cardinal Bank Janel M. Angel, Assistant Vice President of Commercial Lending Sushil K. Clarence, Executive Vice President and Manager of the Government and Technology Group Travis R. Slocum, Vice President and Senior Cash Management Officer

Virginia Commerce Bank Hans Greser, Assistant Vice President of Virginia Commerce Wealth Management Services and Financial Advisor for Infinex Investments, Inc. Meredith Hartman, Assistant Vice President of Credit Administration

Highlands Union Bank Jeff Fritts, Tennessee Area Manager

Village Bank Mortgage Corporation Jamie T. Reed, Senior Loan Officer

Are your bankers on the move? Email submissions to cdewey@vabankers.org.

Listen and observe: Using internal or external resources, see what your actual target audiences are doing; invest time and money into projects based on your regional trends, not nationwide trends. Your first move should be to study the 2011 report from the Virginia Bankers Association to give you a taste of what real social media research can provide.

Dabble, note and move on: Take note of the macro-concepts behind new apps, trends and more – but don’t be too distracted until you see your audiences using and adapting.

You can’t sit on the sidelines if you’re not even in the stadium: You can certainly pretend things won’t move without you, but don’t be surprised when your once-luddite boss comes in with an iPhone 5 playing Angry Birds 2.

Ideally, you want your bank to be informed and just ahead of the curve – not buried under it or so far ahead that you end up some place your audiences would never go.

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22 Virginia Banking | November/December 2011

www.vabankers.org

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