Virginia Banking March/April 2017 by The Warren Group

March/April 2017

VBA

Banker Day2017

IN THIS ISSUE

VBA MEMBER SPOTLIGHT: HAZEL FARMER, BANK OF LANCASTER & VBA COMMITTEE SPOTLIGHT

124 A B

V ANNUAL

CONVENTION

Featured Speakers: Mike Allen Co-Founder and Executive Editor of Axios

Dorothy A. Savarese Chairman of the American Bankers Association and Chairman, CEO and President of Cape Cod Five Cents Savings Bank

D. Oscarlyn Elder, Ed.D., CFA, CAIA Senior Vice President & Group Managing Director for the Mid-Atlantic Investment Advisory Group of SunTrust Bank

Jim VandeHei Co-Founder and CEO of Axios

Seth Mattison Founder and CEO of Futuresight Labs

2017 VBA ANNUAL CONVENTION June 18-21 The Omni Homestead Resort For more information, visit us online at www.vabankers.org.

March/April 2017

2016-2017 Officers and Directors of the Virginia Bankers Association John G. Stallings, Chairman, SunTrust Bank William H. Hayter, Chairman-Elect, First Bank & Trust Company T. Gaylon Layfield, III, Immediate Past Chairman, Xenith Bankshares, Inc. Richard M. Adams, Jr., United Bankshares, Inc. Christopher W. Bergstrom, Cardinal Bank Ravi Chandra, Wells Fargo Bank, N.A. Michael W. Clarke, Access National Bank Jeffrey V. Haley, American National Bank & Trust Leton L. Harding, Jr., Powell Valley National Bank Scott C. Harvard, First Bank, Strasburg Charles Henderson, Bank of America, NA Brad E. Schwartz, TowneBank Joe A. Shearin, EVB Susan K. Still, HomeTown Bank Daniel G. Waetjen, BB&T Michael O. Walker, Benchmark Community Bank Robert Wojciechowicz, Capital One Financial Corporation AT-LARGE MEMBERS VBA Benefits Corporation Chair Barry C. Elswick, TruPoint Bank Management Services Inc. Chair M. Andrew McLean, Middleburg Bank

VBA Education Foundation Chair Jeffrey M. Szyperski, Chesapeake Bank

Bruce T. Whitehurst President and CEO Virginia Bankers Association Monica McDearmon Communications & Financial Literacy Coordinator Virginia Bankers Association

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.

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VBA Banker Day 2017

features

Government Relations Committee Chair Ronald D. Haley, Blue Ridge Bank (Retired) EDITORIAL & EXECUTIVE OFFICES 4490 Cox Road Glen Allen, VA 23060 804-643-7469 Fax 804-643-6308 www.vabankers.org

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2017 Retail Banking & Marketing Conference

Attracting Deposits: The Marketing Value of Branches

VBA Member Spotlight: Hazel Farmer, Bank of Lancaster

in every issue 4 Calendar of Events 5 Insights 6 Committee Spotlight 7 Legal Line 8 New Associate Members 9 Legislative Update 10 Compliance Corner 11 Worth Noting 16 Washington Update 22 Bankers on the Move Send us your thoughts or ideas on Virginia Banking! Please email Monica McDearmon at mmcdearmon@vabankers.org. Has your information changed? Please email Kellee Edelin at kedelin@vabankers.org with your new contact information.

Visit www.vabankers.org/event-calendar to learn more about these events.

Calendar of

Contact Walt Lyons at wlyons@vabankers.org to be added to the VBA’s Weekly Webinar Update.

INSTRUCTOR-LED SEMINARS

WEBINARS CONTINUED

CONSUMER LENDING SCHOOL - GLEN ALLEN APRIL 19-20, 2017

BASIC BANKRUPTCY FOR BANKERS APRIL 13, 2017

ANTI-MONEY LAUNDERING & BANK SECRECY ACT 2-DAY SCHOOL (RESCHEDULED) - GLEN ALLEN APRIL 25-26 2017

THE WORLD OF TRUSTS FOR BANKERS APRIL 18, 2017

HR & TRAINING CONFERENCE - CHARLOTTESVILLE MAY 8-10, 2017 FUNDAMENTALS OF CREDIT ANALYSIS & BUSINESS FINANCING - GLEN ALLEN MAY 9-10, 2017

EQUIPMENT FINANCE: LOANS AND LEASES, PLUS CAPITALIZATION APRIL 18, 2017 INSURANCE BUSINESS CASH FLOW BASICS AND GLOBAL CASH FLOW INTEGRATION ISSUES FOR LENDERS AND ANALYSTS APRIL 18, 2017

INTEREST RATE RISK SEMINAR - GLEN ALLEN MAY 16, 2017

COMMERCIAL CONSTRUCTION LOANS: ADMINISTERING AND MONITORING APRIL 18, 2017

REAL ESTATE LENDING COMPLIANCE SEMINAR - CHARLOTTESVILLE MAY 16-18, 2017

FINANCIAL STATEMENT PROJECTIONS APRIL 18, 2017

OPERATIONS & TECHNOLOGY CONFERENCE - CHARLOTTESVILLE MAY 16-17, 2017

OPENING NEW ACCOUNTS II - BUSINESS ACCOUNTS APRIL 18, 2017

BANK MANAGERS 2-DAY SCHOOL - GLEN ALLEN MAY 23-24, 2017

DEALING WITH APPRAISALS: REGULATIONS AND REQUIREMENTS APRIL 18, 2017

VBA SCHOOL OF BANK MANAGEMENT - CHARLOTTESVILLE JULY 30-AUGUST 4, 2017

LANDSCAPE OF AGRICULTURE TODAY AND TOMORROW APRIL 18 & 20, 2017

CFO CONFERENCE - RICHMOND AUGUST 28-30, 2017

EXPANDING WORLD OF HSAS APRIL 19, 2017

BSA/AML COMPLIANCE MANAGEMENT SEMINAR - KINGSPORT, TN SEPTEMBER 11, 2017

ANALYZING TAX RETURNS FOR MORTGAGE DECISIONS APRIL 19, 2017

COMMERCIAL LENDING SCHOOL - GLEN ALLEN SEPTEMBER 26-27, 2017

ROBBERY PREVENTION & RESPONSE APRIL 19, 2017

LEADERSHIP CONFERENCE - STAUNTON OCTOBER 12-13, 2017

COMMUNITY BANK CAPITAL RAISING SIMPLIFIED APRIL 20, 2017

CREDIT MANAGEMENT CONFERENCE - CHARLOTTESVILLE OCTOBER 30-31, 2017

FFIEC MOBILE SERVICES GUIDANCE REVIEW APRIL 20, 2017

WOMEN IN BANKING CONFERENCE - MANAKIN SABOT NOVEMBER 9, 2017

COMPLIANCE PERSPECTIVES: A MONTHLY UPDATE APRIL 20, 2017

ENTERPRISE RISK MANAGEMENT WORKSHOP - GLEN ALLEN NOVEMBER 15-16, 2017

ATTRACTING THE NEXT GENERATION OF CUSTOMERS THE MILLENNIALS APRIL 21, 2017

WEBINARS BUILDING A RECOGNITION PROGRAM FOR SUCCESS APRIL 12, 2017 INTRODUCTION TO HSAS APRIL 12, 2017 SAFE DEPOSIT BOX “DANGER ZONES” APRIL 12, 2017 BOOSTING MORALE, SERVICE & CROSS SELLING APRIL 12, 2017

ADVANCED LENDING TECHNIQUES THROUGH LOAN HEDGING APRIL 21, 2017 COMMERCIAL & BUSINESS LENDING BASICS FOR SUPPORT PERSONNEL APRIL 24, 2017 CDD AND THE 5TH PILLAR APRIL 25, 2017 ADVANCED FINANCIAL STATEMENT ANALYSIS APRIL 25, 2017

EIGHT STRATEGIES FOR MEANINGFUL MEETINGS APRIL 13, 2017

THE BUSINESS OF BANKING: UNDERSTANDING THE FACTORS THAT DRIVE BANK PROFITABILITY APRIL 25, 26 & 27, 2017

FINANCIAL ANALYSIS OF COMMUNITY BANK ACQUISITIONS APRIL 13, 2017

ADVANCED HSAS APRIL 26, 2017

4 Virginia Banking | March/April 2017

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Insights

Buzzwords buzz-word: noun or phrase, often an item of jargon, that is fashionable at a particular time or in a particular context - oxforddictionaries.com

W Bruce Whitehurst President and CEO, Virginia Bankers Association

hile buzzwords have always been a part of our society, they seem to have proliferated in the age of the internet and social media. Buzzwords in today’s society include gig economy, webrooming, mic drop and swipe. If you know the meaning of all these, you are very up with the times! If not, take a few minutes to look them up so you can either impress (or embarrass) your kids! Buzzwords often have a negative connotation, especially in the workplace where they tend to be overused. Still relying on the ever-authoritative internet, I found this sample of current workplace buzzwords that we are probably all beyond done with (list according to Accountemps): • Out-of-pocket • Deep dive • Forward-thinking • Dynamic • Employee engagement Here is the list Accountemps had about a decade ago: • Value-added • Think outside the box • At the end of the day • Circle back • Synergy So, I am pleased to report to you that at the VBA, we have taken a deep dive into some forward-thinking, value-added, dynamic synergy and – at the end of the day – circled back to some buzzwords of our own. All kidding aside, we started a file on our network for industry buzzwords several months ago and we now have 22 individual topics on banking industry trends, to which we add content on a regular basis. All of us on the VBA staff are committed to being students of the industry we serve and several of us have the opportunity to regularly speak about the banking industry. Keeping up with current industry trends is vital to our ability to un-

derstand and support our member banks, as well as to speak as your industry voice. Our 22 buzzwords include many that would come to mind right away, like: • Compliance costs • Financial literacy • Cybersecurity • Fintech • Industry consolidation • Operational efficiencies • Delivery channels Our list also includes other topics, just as important but maybe not quite as front-of-mind, such as: • Biometrics • Millennials • Blockchain • Social media • Fiduciary rule • Student debt As you can see, we track a variety of topics as we strive to know as much about the banking industry as possible. Directly related to the VBA Strategic Plan, this research helps us in numerous ways. Staying on top of current industry trends helps us identify new training programs, current topics for our various conferences, products and services we might offer to our member banks and discussion items for when we visit with bankers. This information also helps us greatly when we speak at VBA conferences and address other audiences, as well as in our all-important industry advocacy efforts. We view it as a privilege to work for the industry that drives the economy and to press for an environment that allows banks to serve their customers and communities to the fullest extent possible. We have fun with the social and workplace buzzword clichés, while also being quite serious about the banking industry buzzwords we track. Our list keeps growing, which reflects the complexity of banking in this day and time. Do you have some banking buzzwords for us to add to our list? If so, please pass them along and help us be even better students of the industry. Email Bruce Whitehurst at bwhitehurst@ vabankers.org with any comments on this article or tweet him at @BruceTW. March/April 2017 | Virginia Banking 5

Committee

Spotlight

Planning Underway for 2017 VBA Events

he VBA committees have been meeting all year and are busy planning upcoming 2017 conferences and events, sharing ideas and discussing industry challenges and opportunities. Committees also have plans for guest speakers at this year’s meetings to enhance their time together and for personal and professional development. The VBA has 17 standing committees which represent many areas of banking. The general sharing of time and talent by bankers contributes to a stronger banking community in the Commonwealth. Specifically, committees are asked to: • Provide input to the VBA on matters affecting the banking industry and the committee’s functional area of banking • Identify possible legislative and/or regulatory issues • Provide input on education and training needs • Provide a forum for the exchange of ideas and for networking that will benefit each committee member and his/her bank If you are interested in learning more about VBA committees, please visit our websitewww.vabankers.org/vba-boards-and-committees.

Amy Nisenson (top right), consultant and executive director of the Mary Morton Parsons Foundation, spoke to the Marketing Committee about managing corporate philanthropic requests.

The Marketing Committee reviewed the agenda for the 2017 Retail Banking & Marketing Conference which was held March 8-9 in Charlottesville. The VBA relies heavily on committee feedback and input when planning the various conferences and events throughout the year. Matt Bruning (left), SVP, government and member relations of the VBA, provided a legislative update to the Retail Executives Committee in January.

Robyn Parker, vice president and agency manager of Bankers Title LLC, was a guest at the Mortgage Executives Committee meeting in February. Parker and the group discussed new topics in title insurance and settlement services. 6 Virginia Banking | March/April 2017

The Operations & Technology Committee met on the afternoon of Banker Day at Union Bank & Trust in downtown Richmond. Along with an informative roundtable session, this group worked to organize their 2017 conference, which will be held May 16-17 in Charlottesville. www.vabankers.org

Line

Legal

The Debate Over Remotely Notarizing Signatures by Webcam

T Mel Tull General Counsel, Virginia Bankers Association

o drive efficiency and customer satisfaction, banks and other lenders are pushing to fully automate the lending process – from application through loan signing. A significant roadblock to full automation is the traditional requirement that loan and real estate documents be signed in-person before a notary public. In 2011, Virginia became the first state to pass legislation permitting remote notarization by webcam. This year, several other states are considering remote notary legislation. With this backdrop, the esoteric topic of remote notarization is receiving a lot of attention around the country among notary experts, state legislatures and the banking community. Virginia law now allows three different notarization procedures: (i) “traditional notarizations” where an individual physically appears in-person in the presence of a notary, and the individual and notary physically sign paper documents; (ii) “electronic notarizations” where an individual physically appears in-person in the presence of a notary, and the individual and notary electronically sign electronic documents; and (iii) “remote notarizations” where an individual appears before a notary via audio and visual communications technology (i.e., webcams), without the signer physically appearing in-person before the notary, and the individual and notary electronically sign electronic documents. Electronic notarizations are gaining acceptance as electronic documents and signatures become more common. Remote notarizations, however, are controversial because of the elimination of the in-person appearance requirement. The most relevant concerns for the banking industry are whether Virginia remote notarizations will be accepted in other states or by Freddie Mac and other GSEs. It is unresolved whether other states will accept Virginia remote notarizations. The full faith and credit clause of the Constitution and notary reciprocity statutes in most states require states to honor notarizations performed in compliance with other states’ laws. However, most states require in-person appearance in their notarization statutes and may not accept remote

notarizations. This is problematic for lenders because in wrongful foreclosure actions, the adequacy of signatures on mortgage and foreclosure documents is often challenged (remember the robo-signing allegations). If remotely notarized mortgage and foreclosure documents are later attacked in court and invalidated for having improper notarizations or inadequate signatures, lenders could experience significant monetary losses and reputational damage. Freddie Mac recently revised its eMortgage Guide to provide that in states that do not permit remote notarization, the borrower must be physically in the presence of the notary. In states that permit remote notarization, remotely notarized e-mortgages are eligible for purchase by Freddie Mac, provided the notary is licensed and domiciled in the state in which the mortgaged premises is located and the remote notarization law was enacted. Interstate remote notarization is not permitted. The Virginia remote notary statute arguably permits a Virginia licensed notary to notarize loan documents secured by real estate located in other states. Those loans would not qualify under the Freddie Mac guidelines, which could significantly impair their value on the secondary market. Montana’s remote notary statute is limited to Montana real estate transactions. There are other issues raised by notary experts, many of whom believe that physical appearance, in-person, before a notary is the most essential principle of notarization. Some of their concerns include that notarized signatures are often required on important documents to allow the notary to evaluate the signer’s mental capacity to make decisions and enter into contracts and to evaluate the signer’s ability to exercise free will without undue coercion. These evaluations are probably not performed as well via online video interaction as with an in-person meeting. Experts are also concerned that, while electronic identity verification tools exist that may be better than witnessing a driver’s license in person, many online notaries do not use those electronic tools. They Continued on page 15 March/April 2017 | Virginia Banking 7

Welcome

New Associate Members

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BANK ANALYSIS & DESIGN/CONSULTING & TRAINING

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Address: 477 Viking Drive, Suite 100 Virginia Beach,VA 23452 CONTACT NAME: ED DENTON Phone: (757) 354-2115 Email: ed@coastlinecre.com

Address: 23 Friends Lane Newtown, PA 18940 CONTACT NAME: BRIAN REILLY Phone: (267) 364-6143 Fax: (215) 860-2204 Email: brian@bankbound.com

Coastline Commercial is a boutique real estate consulting and brokerage firm serving bank clients in the southeastern United States.The company provides special asset services for hotel and commercial real estate lenders, including consulting, receivership, foreclosure management, expert witness and real estate brokerage. Visit their website at www.coastlinecre.com.

BankBound is a digital marketing agency focused exclusively on the banking industry. If you’re seeking to acquire new customers, engage existing customers, and increase the visibility of your bank, speak with them today about a complimentary online analysis.

Interested in associate membership in the VBA? Contact Amy Binns at abinns@vabankers.org or 804-819-4726.

SECRET FORMULA REVEALED! Today’s banks are searching everywhere for a technology partner that does business the same way they do—a commitment to innovation and a focus on service. Well, look no further than CSI. Our innovative solutions and customer-centric approach are the secret combination you’ve been waiting for.

csiweb.com/Secret 8 Virginia Banking | March/April 2017

www.vabankers.org

Legislative

Update

Congressional Delegation Shakeup

S Matt Bruning Senior Vice President, Government & Member Relations, Virginia Bankers Association

ince June 2014, when current Virginia 7th District Congressman David Brat defeated then-U.S. House of Representatives Majority Leader Eric Cantor in a Republican primary, the 11 member delegation from Virginia to the House has undergone a substantial change. The defeat of Cantor coincided with the retirements of long-serving legislators Frank Wolf in the 10th District and Jim Moran in the 8th District. Two years later in this last election cycle, Congressmen Robert Hurt from the 5th District and Scott Rigell from the 2nd both departed of their own volition and Congressman Randy Forbes, opting not to run in a court-ordered reconfigured 4th District, failed to capture the Republican nomination in the redrawn 2nd District being vacated by Rigell. With all those machinations, Virginia’s House contingent had a near 50 percent upheaval in membership. With over 83 years of congressional service departing in just over two years – including the number two person in leadership and two senior members of the Appropriations Committee, Virginia has lost significant institutional knowledge and positions, which have been important in a Congress historically tilted toward seniority and climbing up the ranks. The retirement of Congressman Hurt, Virginia’s lone representative to the House Financial Services Committee over the last decade, leaves the Commonwealth without a voice in the room on the House side where most major banking legislation and policy is crafted. That is not to say Virginia lacks heft in Congress after those changes. 6th District Congressman Bob Goodlatte chairs the House Judiciary Committee, a powerful position overseeing the federal courts system, law enforcement and immigration issues, as well as banking industry pertinent policies as far reaching as patent reform and bankruptcy laws. 9th District Congressman Morgan Griffith serves on the Energy and Commerce Committee and chairs their Oversight and Investigations Subcommittee. On the other side of the Capitol, Sena-

tor Mark Warner is now the Vice Chairman of the Senate Intelligence Committee and continues to serve on the Senate Banking Committee, and Senator Tim Kaine maintains a Virginia spot on the Senate Armed Services Committee, critical in a state with an extensive military presence. However, the recent turnover means new members of Congress may not be as familiar with issues important to banking as those with longer tenure. It is helpful that all five of Virginia’s newest members previously served at the state government level. Representatives Barbara Comstock, Scott Taylor, Tom Garrett and Don McEachin all served in the General Assembly directly prior to their elections to Congress, while Congressman Don Beyer served two terms as Lieutenant Governor in the 1990s. Each of them is familiar with both the VBA and our industry from their time in Richmond, but with new issues to educate on and advocate for, it is important that we engage with all of them. VBA staff and local bankers from the districts of each of the three most recently elected members – Garrett, Taylor and McEachin – met with these “freshmen” in DC within the first month of their term to begin that process. The recent VBA/ABA Government Relations Summit provided another venue to deliver our message. More opportunities to engage with all our federal lawmakers will be forthcoming – both directly in person and through coordinated messages. As we all know, the regulatory avalanche burdening community-based banks stems from decisions made at the federal level over the past eight years. While these new lawmakers have heard our continued policy concerns in their former state roles, they now have the opportunity to make a greater impact and unyoke banks eager to further contribute to economic prosperity. As our industry presses for removal of impediments to serving our customers and a more reasonable regulatory environment, every vote in Congress will count. It is critical that our legislators – new and seasoned – continue to hear our unified message.

Email Matt Bruning at mbruning@vabankers.org with any comments on this article. March/April 2017 | Virginia Banking 9

Compliance

Corner

ADA and the Bank’s Website

I Dimitris Rousseau Deputy General Counsel, Compliance Alliance

t wasn’t that long ago that banks were getting hit with claims that their ATMs did not meet American Disability Act (ADA) compliance. A tidal wave of class action lawsuits against banks began in 2012 when the new ADA standards on ATM accessibility became effective. Rather than have a protracted court battle and the high litigation cost that comes with it, most banks decided to settle the cases, often for several thousand dollars. Just as the dust is settling on the ATM lawsuits, a new crop of lawsuits are being levied against banks (and other businesses alike): non-compliance with ADA standards for website accessibility. Back in 2012, banks had the benefit of a twoyear warning before the standards for ATM accessibility became effective. The standards for ATM accessibility were issued in 2010 with an effective date of March 15, 2012. The rule was clear and gave banks ample time to upgrade their ATMs. While that was cold comfort for banks that were hit by the slew of class actions, there was at least a clear standard and rule. That isn’t the case with the recent spate of lawsuits targeted at website compatibility. There have been proposals and rumblings of standards. The Department of Justice (DOJ) issued a proposed rule back in 2010 (75 FR 43460) that would affect websites entities, including banks, subject to Title III of the ADA. The DOJ has since backed off and not issued a final rule or any subsequent guidance for Title III entities. Whether websites are even subject to the ADA had been a hotly debated subject for more than a decade now. For the most part, it is generally settled that websites can be subject to ADA accessibility standards. There is a court split on whether the ADA applies to ecommerce or not. The Ninth Circuit adopted a nexus test for whether the ADA applies to websites. In Weyer v Twentieth Century Fox Film Corp., the Ninth Circuit concluded that there had to be some connection between the website and an actual physical place. Therefore, a service offered at a website would also have to be offered in a brick and mortar store for the ADA to apply to that website. The decision would imply that ecommerce-only stores, without a physical place of business, would be exempt from ADA regulations.

10 Virginia Banking | March/April 2017

Case law on this is still evolving and other courts have come out to state that even websiteonly businesses are subject to the ADA. In either event, most banks would be affected since the vast majority of banks have at least one physical branch, in addition to their online presence. The biggest issue now is what the website accessibility standards are. The DOJ has issued a new proposed rule for Title II entities, which include state and local governments (81 FR 28657). The rule doesn’t affect banks directly, but does set a standard for what the DOJ considers an accessible website. The DOJ is proposing to adopt a Level AA compliance with the WCAG 2.0 (Web Content Accessibility Guidelines) standards for government websites. While there is some clarity coming for Title II entities, the standards are still unclear as to what the DOJ or courts will use as a standard for Title III “places of public accommodation,” which includes financial institutions. The DOJ declined to announce a final rule on Title III website applicability in 2015 and they aren’t expected to do so until at least 2018. The lack of action by the DOJ has inspired a spate of lawsuits to settle the question. More specifically, the lawsuits are claiming non-compliance with the WCAG 2.0 standards and requesting that the courts should adopt those standards when determining whether a website meets ADA requirements. The WCAG standards have been around since 1999 with the recent iteration of the WCAG 2.0 issued in 2010 (guidelines available at www.w3.org/WAI). There are four basic principles to the WCAG 2.0 standard for website functionality: perceivable, operable, understandable and robust. The principles come with a litany of guidelines and standards and have different levels of compliance ranging from Level A to Level AAA, depending on the assistive technology embedded in the website. Some requirements include captions for audio, text alternatives to non-text content (i.e. images), and ability to resize text without assistive technologies. All functionality of the website Continued on page 15 www.vabankers.org

Noting

Worth

AMERICAN BANKERS MUTUAL INSURANCE LTD. DISTRIBUTES $1.5 MILLION TO BANKS

American Bankers Mutual Insurance Ltd. (ABMI), the reinsurer for the Directors & Officers and bond insurance program endorsed by the American Bankers Association (ABA) and the Virginia Bankers Association (VBA), declared a $1.5 million distribution to be shared by qualified ABA member banks insured through ABA Insurance Services Inc. This is the 27th consecutive year that the professional liability and bond insurance provider has declared a distribution, bringing the total declared to $82.7 million since the program’s inception in 1987. Nearly $1.3 million of that has been shared with Virginia banks. This year, 10 Virginia banks will share over $21,000: Blue Grass Valley Bank, Farmers & Merchants Bank, First Virginia Community Bank, Highlands Community Bank, Middleburg Bank, National Bank of Blacksburg, Old Point National Bank, Sonabank, Union Bank & Trust, and WashingtonFirst Bank.

HALEY ANNOUNCES RETIREMENT FROM BLUE RIDGE BANK Ronald D. Haley retired on March 31, 2017 from Blue Ridge Bank. Ron served most of his career with River Bancorp, Inc. and River Community Bank, N.A. before they merged with Blue Ridge Bank in 2016. Ron has served on the VBA Government Relations Committee since 2008 and served as chair since 2014. We wish Ron all the best in his retirement.

BROCKETT NAMED PRESIDENT OF MAINSTREET BANK

Chris Brockett

Chris Brockett was recently named president of MainStreet Bank. Before coming to MainStreet, Brockett was executive vice president and director of operations at EagleBank. Congratulations to Chris on this new role!

SUSAN MASON RETIRES FROM VBA

Susan Mason

www.vabankers.org

Susan Mason, longtime VBA receptionist, retired on March 31, 2017 after 31 years at the VBA. We will miss this treasured member of our VBA family and wish her all the best in her retirement.

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March/April 2017 | Virginia Banking 11

VBA

Banker Day 2017

12 Virginia Banking | March/April 2017

www.vabankers.org

ore than 270 bankers were in attendance at the 2017 VBA Banker Day on January 12 at the General Assembly. Bankers in attendance spent the day building and strengthening relationships with local elected officials by discussing examples of small business, affordable housing and community development efforts. Participants began their morning at the Richmond Convention Center with welcoming remarks from VBA Chairman-Elect Bill Hayter, a session preview from Delegate Terry Kilgore, and a briefing from the VBA’s Matt Bruning. Following meetings at the General Assembly building, attendees re-

www.vabankers.org

turned for lunch at the Convention Center. VBA President and CEO Bruce Whitehurst shared his perspective on the opportunities and potential pitfalls at the federal level for banking legislation. Thank you to the 50 Emerging Bank Leaders who attended this year’s event and the 45 people who attended the PreBanker Day reception at the Liberty Bar. The VBA would like to thank everyone who participated in this year’s Banker Day. Your strong presence at this event is critical to the VBA’s lobbying efforts and was noticed by legislators and lobbyists.

March/April 2017 | Virginia Banking 13

VBA Banker Day continued from page 13

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Legal Line continued from page 7

simply observe the individual’s driver’s license via online video. On the other hand, the proponents of remote notarization (many of whom are young technology entrepreneurs with start-up remote notary companies) believe that remote notarizations are an innovative use of technology to make the notary process more efficient and available to the public. They believe that remote notarizations offer many of the benefits of the traditional notary process and may even provide better identity validation and documentation than the traditional process. They believe the in-person requirement is outdated and should not stand in the way of progress. In January, the National Notary Association issued a Model Electronic Notarization Act (MENA) with substantial

commentary on remote notarization. The commentary notes that, “[t]he greatest challenge faced by the MENA drafters was deciding whether the Act should ignore, bar, legitimize or strictly condition ‘remote electronic notarizations.’” It concludes that, “[t]he MENA drafters decided that remote electronic notarization could not be passively ignored in the Act, but neither could it be unconditionally endorsed nor affirmatively banned. There is no doubt that remote electronic notarization can solve certain problems that flow from a signer’s lack of geographic proximity to an available notary. It, however, also is clear that remote electronic notarization carries a high potential for fraudulent exploitation and legal challenge unless the governing rules are carefully crafted and enforced.”

Within the banking industry, there are opinions on all sides. Some believe online notarizations are as good, or nearly as good, as in-person notarizations, and the advantages of innovation and automation far outweigh any minor limitations associated with remote notarizations. Others believe the concerns discussed above necessitate a more cautious, deliberate approach. The Virginia Bankers Association is involved in the state and national discussion and stands ready to advocate for legislative solutions as needed.

not come out for several years. In the meantime, disability attorneys will continue to issue demand letters. The internet has become an indispensable tool for commerce and our everyday lives. Access for persons with disabilities is crucial for such persons to function in modern times and so businesses should endeavor to make their online services available to everyone. The problem, however, is the uncertainty of the standards to which businesses are held. The lack of clarity in the rules has invited unnecessary litigation and with it, unnecessary legal costs. The DOJ needs to get on top of this and provide clear guidance on what is expected. Until then, we can expect the plaintiffs’ bar to continue to try and settle the debate in courts. Leaving the online community isn’t really an option, so that leaves banks

with essentially two choices: settle the claim or take your chances in court. Banks should keep an eye on the evolving litigation and how courts are dealing with these issues. To avoid possible litigation, banks may want to consider taking the prudent approach and voluntarily comply with the WCAG 2.0 Level AA guidelines. It’s expected that the DOJ will adopt these standards in 2018 as well.

For more information about remote notarization, contact Mel Tull, VBA General Counsel, at mtull@vabankers. org or (804) 819-4710. This article has been prepared for informational purposes only and is not legal advice.

Compliance Corner continued from page 10

should be operable through a keyboard without the required use of a mouse or specific timings of keystrokes. Financial institutions would be well-advised to review these WCAG principles and determine if their websites have such functionality. Any new website or updates to current websites should incorporate these guidelines as well. But the WCAG 2.0 standard isn’t law, at least not yet. Courts are still unsettled about this and it is unclear whether providing an alternative, such as a connection to a live person or the use of a teletypewriter (TTY) relay service, would be sufficient. Since most of the lawsuit claims have come in the past year or two, it will take some time for those claims to snake their way through the courts. A court opinion on the matter may www.vabankers.org

Throughout his career, Dimitris has worked with deposit and lending departments of financial institutions on both the production and compliance side. Compliance Alliance, a VBA Endorsed Provider, offers a wide variety of compliance support resources. To learn how to put them to work for your bank, call them at (888)-353-3933 or visit compliancealliance.com. March/April 2017 | Virginia Banking 15

Update

Washington

Getting into Washington’s Business

ew would dispute that Washington is very much in the business of banking. But who is in the business of Washing-

Rob Nichols President and CEO, American Bankers Association

ton? According to the Congressional Research Service, the members of the 115th Congress include a record number of women (109), African-Americans (52), Hispanic or Latino members (45), and Asian, Indian or Pacific Island Americans (18). They also include a fairly typical mix of professions, with a heavy dose of members having previously served in public office, business, law and education. A closer look at previous occupations reveals that our current class of lawmakers includes 36 from the real estate industry, 26 farmers or ranchers, 14 physicians, 11 accountants, nine social workers, eight ordained ministers, seven radio talk show hosts, six software company executives, three venture capitalists, two Peace Corps volunteers and one physicist.

If the past decade has taught us anything, it’s that more bankers need to be involved in the public policy debates surrounding our industry. And those casting votes on banking policy must fully understand and appreciate the impact their decisions will have on a community and its residents.

So where do bankers rank? There are currently 18 members who came to Congress with a background in banking. Relative to the other professions noted above, 18 bankers may seem like decent representation. But unlike the other professions, banking is an industry that plays a central role in economic growth and job creation. You have relationships with all these other professions, helping to meet their funding, cash management and payroll needs. You also have relationships with more than 112 million American households. That suggests we need far more bankers to serve in Congress, representing not 16 Virginia Banking | March/April 2017

just our institutions, but also the families, customers and communities that we serve. And if that isn’t enough reason, consider that of the 60 men and women who serve on the House Financial Services Committee – one of Congress’ largest committees and the one that sets the agenda and oversight of laws governing banking – only five have banking experience. That’s absurd. Now here’s the good news. Bankers are already in the business of serving their communities, not just through their bank, but also on the boards of local nonprofits, hospitals and school systems. Arguably serving in public office is nothing more than a logical next step rather than a giant leap. The even better news is that ABA has a way to help you take that next step. This September we are piloting our first ever ABA Candidate School to help bankers – Democrat, Republican or Independent – run for state or federal public office. The nonpartisan school, set for September 13-15, 2017, in Washington, D.C., will provide all the information you need on how to file necessary paperwork, manage paid and earned media, fundraise, research and target, and get out the vote. It will demystify the process. As you may have heard me say when describing ABA’s Power Up initiative, aimed at building our industry’s political capacity, if the past decade has taught us anything, it’s that more bankers need to be involved in the public policy debates surrounding our industry. And those casting votes on banking policy must fully understand and appreciate the impact their decisions will have on a community and its residents. So if you have ever considered running for office, or if you have been a vocal advocate on state or federal policy issues and are ready to take your political engagement to the next level, I strongly encourage you to apply to this school. Download an application (due June 1) and learn all the details at aba.com/RunforOffice. Washington has long been in banking’s business. Now it’s time to put more bankers in the business of Washington. When it comes to setting banking and economic policy, nothing beats your real-world experience. E-mail Rob Nichols at nichols@aba.com. www.vabankers.org

VBA

Conference

2017 Retail Banking & Marketing Conference

he 2017 Retail Banking & Marketing Conference, sponsored by the VBA’s Retail Executives and Marketing Committees, was held March 8-9 in Charlottesville. Attendees enjoyed several general sessions along with breakout sessions for their particular area of banking. Speakers at this year’s conference included Noah Scalin, Another Limited Rebellion; Terri Sands, Secura Risk Management; Donna Spurrier, Spurrier Group; Matt Bruning, Virginia Bankers Association; Chris DiLorenzo, The James Paul Group; Anne Ryan and

www.vabankers.org

Justin Melnick, Brownstein Group; John Waupsh, Kasasa; and keynote Eric Cook, WSI. Many banks also participated in the fourth annual Marketing Awards by showcasing their work at the conference. Winners of this year’s awards were BNC Bank, EVB, Farmers & Merchants Bank and Old Point National Bank. Thank you to this year’s sponsors: BankBound, Community Banking Technology Inc., Cummins Allison, Equifax, Harland Clarke, NCR, PWCampbell, SalesForce, Source4, Stern’s Printing and Engraving Co., Viamedia, and Works24.

March/April 2017 | Virginia Banking 17

Member

Spotlight

Hazel Farmer Bank of Lancaster

Hazel S. Farmer is senior vice president, chief relationships officer and consumer education director for Bank of Lancaster. Farmer joined the company in July of 1969 and will soon be celebrating her 48th anniversary. Her areas of responsibility include human resources, marketing, public relationships, charitable giving, the Golden Advantage program, and chairing the company’s Americans with Disabilities task force. She is also the consumer education director and oversees the financial literacy programs. Farmer was a part of the team that created the infrastructure for the first school bank in the Northern Neck, “Bright Futures Bank,” which is now in its 10th year of operation at Lancaster Middle School. This educational program has received recognition at both the state and national level, and was the recipient of the Virginia Tech Excellence in Education Award. Farmer has been recognized many times by various organizations for being a community leader and was recently one of five state finalists for the 2016 Community Banker of the Year award, awarded by the Virginia Association of Community Banks.

1. My three goals for the next year: a. Professional Career: Bank of Lancaster is merging with Virginia Commonwealth Bank, which is an exciting opportunity for both of our banks, but is certainly a change for our staffs and for the communities we serve. Both banks opened for business in the 1930s. As these two longstanding community traditions merge, I want to make the transition easy for our customers and at the same time provide support, encouragement and training for our combined team. Our greatest asset is our people and I want to help them succeed individually and professionally as we begin this exciting next step in our history. b. Planning for the Future: I’m in the process of training a wonderful young lady, Ann Marchetti, to take the reins with our financial literacy programs. She is helping me with Teach Children to Save Day and VBA Bank Day. She is already supervising our Bright Futures student bank and doing an exceptional job. It is fun and rewarding to see this new generation of bankers embrace these important educational opportunities. I think one of the best things we can do as managers and leaders in our company is to help our people succeed. When I retire, I certainly want my co-workers to miss me on a personal note, but on a professional level, I don’t want them to miss a beat. I want everything to run smoothly, and that will happen if we provide the right type of training, coaching and mentoring. c. Personal: A personal goal for me this year is just to have fun and make memories with my wonderful grandchildren. I’m a history and nature lover. Some of our grandchildren are now old enough to enjoy and appreciate all Virginia has to offer. I’m planning lots of fun outings to Colonial Williamsburg, Monticello, Luray Caverns, Natu18 Virginia Banking | March/April 2017

ral Bridge, and Stratford Hall. I’ll also enjoy playing with them at Busch Gardens, Water Country, the zoo, and our local state park. As the year goes on, I’ll move from my grandmother role to Mrs. Claus! My husband is a minister, but also plays Santa Claus during the holiday season, so I look forward to helping him; it’s always fun to drive the sleigh! We forget what it’s like to believe in Santa, and I absolutely love watching the faces of little children as they see Santa and “believe!” I have to admit, Granddaddy does have some of our little grands a bit confused, but that’s a story for another day!

2. My Media Mix: a. Music: My husband and I are both musicians and we love doing duets on the piano and the organ. He is much better than me, but we still have fun! He sang in the US Marine Corps chorus and I sing in my car! I simply love music of all types, from hymns to country to beach music to classical! My choice for the day depends on my mood. If you pass me in my car, you’ll probably find me singing anything from “My Girl” to “How Great Thou Art!” b. TV: I do like the NCIS shows, and I’ve gotten hooked on those new shows about Alaska, but I watch PBS more than anything else. I cried during the final episode of Downton Abbey! c. Books: The Bible is my handbook and I read it every morning. I’ve always been a reader; I spent one summer as a teenager reading every Nancy Drew book that was written (and listening to The Beach Boys on our new Hi Fi!). Over the years, I have enjoyed all of the classics. I’m a romantic at heart, so I find Nicolas Sparks books are a great escape! What would life be without love, right? www.vabankers.org

3. What I do when I’m not at work: I love the water. My father was a fish boat captain and my grandfather both fished and oystered, so I have deep water roots here in the Northern Neck where I was born and still choose to live. I grew up with a skiff but I also loved to jump off the dock and swim to my grandmother’s house around the bend. My feet are a bit webbed! I'm happy anytime I can be on the water or in the water! I enjoy spending time with my husband, our four children, nine grandchildren and we even have some great-grands now! Family is very important to me. No matter how busy I am, I’m always up for a movie night, a ferry ride, a walk in the woods or a bike ride. I feel so blessed to be a part of the lives of our young people at church. I spend a good deal of time with them as well.

4. You were recently featured on the American Bankers Association Teach Children to Save webinar, highlighting Bank of Lancaster’s many accomplishments in financial literacy. Your passion for serving the community is admirable. Why should banks be focused on providing financial education to their communities? First, I want to congratulate the ABA and the VBA on this 20th anniversary milestone! I was both honored and excited to have the opportunity to do this webinar because I have been a cheerleader for the program since its inception. I have always felt that when there is a need, and you can do something about it, you should do it. There is definitely a need to help young people understand money management. We are teaching our children algebra and history, but we’re not teaching them how to manage their money, something they will need to do every day of their lives. If we want to help these young people become more productive adult citizens, they need this type of education. I once heard this statistic and have never forgotten it: if you can teach a small child to save a portion of whatever money they receive, allowance, birthday money, or tooth fairy money, that discipline to save changes the way that child views money. That child is more likely to further their education and own a home; it changes the way they think! That is huge, and what an opportunity we have as bankers to help young people do this - to literally change their lives! Helping them understand the importance of good credit how to get it, how to keep it - goes hand in hand with learning to save. Programs such as VBA Bank Day help high school seniors understand how banks help their communities, as well as gives them a better idea of career opportunities in our field. As bankers, I feel we owe it to these young people to share our knowledge and help them; and the best way I have found to do that is through the financial literacy programs and resources offered by the VBA and the ABA. There is absolutely no excuse for not participating because the resources for success are at our finger tips! We can fill a need and we can make a difference. www.vabankers.org

5. Bank of Lancaster just celebrated the 10 year anniversary of the Bright Futures student bank at Lancaster Middle School. What impact has that program had on your community and the students? I believe we have created generations of savers over the past 10 years. The students who work the school bank learn life lessons about the work world. They go through the application process, interview, and learn money counting and customer service skills. I have heard numerous success stories about those student bankers having a “leg up” when they go to apply for a summer job or as they enter the work world after high school.

6. What advice would you give bankers and banks who are just starting their financial education programs? Make it happen! Don’t be overwhelmed or afraid to start. You have resources available through the ABA and the VBA that will give you every tool you need to make your presentations meaningful. Start with training. Kids can be tough; you need to be prepared and your presentations need to be fun and interactive. I would recommend that before anyone goes into the classroom that they attend Back to School at the VBA. After you hear the presentations and receive the materials, you’ll leave feeling like a teacher! Whether its classroom presentations or talking with students at VBA Bank Day, the VBA will walk you through it and help you be successful. Devote both human and financial resources to the financial literacy programs. Look for ways to expand your programs beyond the classroom. We have done presentations at the Boys & Girls Club and the YMCA. We also partner with The Reality Store, a great program to help young people see how far a pay check will go. A school bank is another program with so many benefits.

7. How long have you been involved with the VBA and what impact has this involvement had on your bank and your career as a banker? The VBA has been there for me for as long as I can remember! I’ve worn many hats over my 48-year career in banking, and this partnership has made my life so much easier. The VBA has always been there to help me with not only financial literacy but HR issues and anything that deals with banking. The timely and expert guidance given to me has been tremendously important to me as I tackled various responsibilities, which ultimately has been important to the overall success of our bank. On the regulatory side, I know the VBA played a huge role in getting personal finance and economics back into the classrooms. Bruce Whitehurst came to the opening of our school bank 10 years ago and Matt Bruning came to help us celebrate our 10th anniversary. They are truly handson partners! March/April 2017 | Virginia Banking 19

Attracting

Deposits

The Marketing Value of Branches Retail Deposits

Dan Elder Regional Director, Promontory Interfinancial Network

he value of maintaining physical branch locations has been a hotly contested topic for years as more and more customers move their banking activities online and even to their phones. Banks have been responding to market demand by focusing investments on online and mobile banking applications that enable everything from basic balance checking to check deposits and payments.

Corporate Deposits

Public Fund Deposits

20 Virginia Banking | March/April 2017

Yet, despite the large shift towards digital banking, branches are still considered a vital source for attracting deposits to banks, particularly retail deposits, which remain the primary funding source for most community banks. A large majority of respondents to Promontory Interfinancial Network’s Q3 2016 Bank Executive Business Outlook Survey (63.2%) indicated that they see in-branch sales as an essential channel for attracting retail deposits – double that of any other marketing channel. Branches play a more secondary role for other types of deposits, though they are still considered valuable for corporate deposits. Forty-two percent of respondents identified branches as being “very” or “somewhat” important for attracting corporate deposits, behind only direct sales outreach. The response was nearly identical by bank size, with both larger and smaller community banks seeing value in branches. ADDING BRICKS TO CLICKS While traditional branches have remained vital to community banks, the same cannot be said of traditional media marketing. Outside of branch marketing, community banks are showing a distinct preference for digital marketing channels over traditional media (print, broadcast, direct) for attracting retail deposits. Among the media marketing channels presented, 78% of respondents indicated that online advertising was “very” or “somewhat” important for attracting retail deposits, with www.vabankers.org

21% considering online channels “very” important. The percentage of respondents recognizing digital as either “very” or “somewhat” important in attracting retail deposits was greater than print (74%), broadcast (51%), or direct (57%) marketing channels. Larger community banks – with assets between $1 billion and $10 billion – were more likely to consider print and broadcast channels “very important” for attracting retail deposits, but these forms now lag online advertising with all respondents. Community banks have, on occasion, been characterized as lagging wider business trends when it comes to the adoption of technology. However, in this regard, community banks may actually have adapted ahead of wider marketing trends.

A study by eMarketer showed that, even as more and more ad spending moves to digital channels, broadcast advertising spending is expected to continue to exceed digital ad spending in the United States at least until 2018. For community banks that are often working with constrained ad budgets, digital marketing channels generally represent a more efficient and targeted method for reaching customers, either bringing them into a branch, or engaging fully online. Promontory Interfinancial Network, a VBA Endorsed Provider, offers unique services that bring banks and other institutions together in a way that helps each to benefit from the Power of ManySM – enabling them to offer services that otherwise might be too difficult or costly for them to offer on their own and providing them with tools to help manage their balance sheets. For more information about Promontory Interfinancial Network and its services, please contact Dan Elder at (866) 776-6426, ext. 3373 or delder@promnetwork.com.

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www.vabankers.org

March/April 2017 | Virginia Banking 21

Move

Bankers on the

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

Derwin Hall

Meredith Smith

Cheryl Gee

Kimberly Helms

Sonya Smith

Terri Stutz

Justin Wooldridge

Bill Holt

Candace Lenderman Beth Robertson

Todd Chapman

American National Bank & Trust Co. Derwin Hall – Vice President Bank of Lancaster Matt Paciocco – Senior Vice President, Commercial Banking Meredith Smith – Senior Vice President Benchmark Community Bank Cheryl Gee – Vice President, Market Leader Kimberly Helms – Assistant Vice President, Mortgage Officer Candace Lenderman – Vice President, Commercial & Construction Business Banker Beth Robertson – Vice President, Senior Branch Manager Rhonda Wilson – Vice President, Senior Branch Manager BNC Bank Lisa Hamm – Vice President, Branch Manager Sabrina McCarty – Vice President, Branch Manager C&F Bank Vicki Alvarez – Vice President, Branch Manager Traci Carlson – Vice President, Branch Manager Turner Coggin – First Vice President, Senior Loan Underwriter Mitch Fehr – Assistant Vice President, Facilities Manager Eric Floyd – Assistant Vice President, Branch Manager Kelly Garner – Vice President, Consumer Lending Operations Manager Dwight Keys – Assistant Vice President, Network Administrator Jennifer Kirvan – Assistant Vice President, Retail Data Analyst II Donna Matthews – Vice President, Construction Loan Manager Mary Moniz – Assistant Vice President, Treasury Solutions Consultant Tracy Pendleton – First Vice President John Randolph – Assistant Vice President, Financial Analyst Jason Robb – Vice President, Senior Underwriter Steve Schuman – Vice President, Loan Servicing Manager Teresa Weaver – First Vice President, Retail Market Leader Jenni Willner – Assistant Vice President, Branch Manager

22 Virginia Banking | March/April 2017

Rhonda Wilson

Lisa Hamm

Sabrina McCarty

A. Loran Adams

Brandy McKenzie

Joseph LeMense

Carter Bank & Trust A. Loran Adams – Senior Vice President, Director of Regulatory Risk Management Brandy McKenzie – Branch Manager Sonya Smith – Vice President, Corporate Project Manager Terri Stutz – Retail Lender Justin Wooldridge – Retail Lender First Tennessee Bank Bill Holt – President, Mid-Atlantic Region Fulton Bank Hafiz Balogun – Commercial Relationship Manager Park Sterling Bank Robert Campbell – Commercial Banker, Commercial Real Estate Justin Ingram – Business Banker Sean Link – Senior Commercial Banker, Commercial Operating Businesses TowneBank Curtis H. Straub III – Senior Vice President, Commercial Banking Division Union Bank & Trust Thomas Winston – Senior Vice President, Commercial Lender Charlie Vaughters – Senior Vice President, Commercial Lender Union Bankshares Corp. L. Duane Smith Jr. – Senior Vice president, Chief Marketing Officer United Bank Todd Chapman – Market President Joseph LeMense – Managing Director, Community Development and Non-Profit Banking

www.vabankers.org

VIRGINIA BANKING PARTNER SPOTLIGHT DIRECTORY

Auctioneers & Appraisers delivering successful results to Virginia Banking institutions since 1963

Coming in Early May...

2017 VBA Salary & Benefits Survey! Please plan to participate in the 2017 VBA Salary & Benefits Survey featuring salary, bonus/incentive and benefits data. We are once again excited to partner with Matthews Young - Management Consulting (MYMC), an expert in salary and benefits survey administration. Questions? Contact Amy Binns at abinns@vabankers.org or 804-819-4726.

YOU’RE INVITED!

TEACH CHILDREN TO

SAVE IS TURNING 20!

Join STASH, the Teach Children to Save pig, and bankers across the country in this 20-year celebration—and pledge to inspire local youth to become savvy savers!

#TeachChildrenToSave

Location: Classrooms and Community Centers across the country Date:

April 28, 2017 and throughout the calendar year

RSVP:

aba.com/Teach