Virginia Banking July/August 2012

July/August 2012

VBA Welcomes Jeff Szyperski, NEW CHAIRMAN

IN THIS ISSUE

BANK DAY SCHOLARSHIPS AWARDED

| ANNUAL CONVENTION COVERAGE

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July/August 2012

2012-2013 OFFICERS AND DIRECTORS OF THE VIRGINIA BANKERS ASSOCIATION Jeffrey M. Szyperski, Chairman, Chesapeake Bank Gary R. Shook, Chairman-Elect, Middleburg Bank William Couper, Immediate Past Chairman, Bank of America, NA O. R. Barham, Jr., StellarOne Corporation Christopher W. Bergstrom, Cardinal 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 A. Heaton, Franklin Community Bank, NA T. Gaylon Layfield, III, Xenith Bankshares, Inc. John R. Milleson, Bank of Clarke County Susan Ralston, Bank @Lantec John G. Stallings, SunTrust Bank David P. Summers, Virginia Heritage Bank Daniel G. Waetjen, BB&T Michael O. Walker, Benchmark Community Bank 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 Monte L. Layman, Blue Ridge Bank VBA Education Foundation Chair H. Watts Steger, III, Botetourt Bankshares, Inc.

12

VBA Welcomes Jeff Szyperski, New Chairman The chairman, president & CEO of Chesapeake Bank starts his one-year term.

features

EDITORIAL & EXECUTIVE OFFICES 4490 Cox Road Glen Allen, VA 23060 804-643-7469 Fax 804-643-6308 www.vabankers.org

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

Bruce T. Whitehurst President and CEO Virginia Bankers Association

Virginia Banking is published bi-monthly. Copyright 2012.

Chandler Dewey Manager, Communications/ Marketing and Financial Literacy 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.

16

Ashley Baboota Wins VBA Bank Day Scholarship Program Six additional winners take home $1,000 scholarships.

18

VBA’s 119th Annual Convention a Success Coverage and photos of the annual meeting.

20

Compliance, Possible Legal Issues Loom for Banks That Lag New ATM-ADA Requirements Initial compliance deadline is past and banks need to catch up.

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4 Calendar of Events 5 Insights 6 Worth Noting 8 Legal Line 10 Legislative Update

11 Washington Update 15 Welcome New Associate Members 20 Compliance Corner 22 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.

July/August 2012 | Virginia Banking 3

Calendar of

Events

Live Event

Online Seminar

INSTRUCTOR-LED SEMINARS

WEBINARS

CFO CONFERENCE, CHARLOTTESVILLE AUGUST 27

ADVANCED COLLECTION TECHNIQUES SEPTEMBER 11

CONSUMER LENDING 2012, GLEN ALLEN SEPTEMBER 18

INTERVIEWING SKILLS SEPTEMBER 11

HOW TO ENSURE COMPLIANCE WITH DEPOSIT REGULATIONS SEMINAR, VIENNA SEPTEMBER 25

Webinars

BUILD AN EFFECTIVE REFERRAL PROGRAM IN 60 DAYS SEPTEMBER 12 EFFECTIVE COMMERCIAL BUSINESS DEVELOPMENT PROGRAMS SEPTEMBER 12

HOW TO ENSURE COMPLIANCE WITH DEPOSIT REGULATIONS SEMINAR, SANDSTON SEPTEMBER 26

MERGERS AND ACQUISITIONS IN THE CURRENT ENVIRONMENT SEPTEMBER 12

COMPLIANCE HOT TOPICS, GLEN ALLEN SEPTEMBER 26

STRATEGIC PLANNING FOR A NEW ENVIRONMENT SEPTEMBER 13

HOW TO ENSURE COMPLIANCE WITH DEPOSIT REGULATIONS SEMINAR, CHESAPEAKE SEPTEMBER 27 CREDIT MANAGEMENT CONFERENCE, CHARLOTTESVILLE OCTOBER 1 COMMERCIAL LENDING SCHOOL, GLEN ALLEN OCTOBER 17 HOW TO ENSURE COMPLIANCE WITH DEPOSIT REGULATIONS SEMINAR, LYNCHBURG NOVEMBER 1

ONLINE SEMINARS

LOAN REVIEW: THE BEST TIME FOR BEST PRACTICES IS NOW SEPTEMBER 18 PROBLEM LOAN IDENTIFICATION AND PREVENTION SEPTEMBER 18 FIVE STEPS TO A SUCCESSFUL IT RISK ASSESSMENT SEPTEMBER 19 IRA BASICS SEPTEMBER 19 UPDATE ON HOT TOPICS IN COMPLIANCE SEPTEMBER 19 GROWING PROPERLY-PRICED, LONGER-TERM CORE DEPOSITS SEPTEMBER 20

AIB PRINCIPLES OF BANKING AUGUST 13 AIB BASIC ADMINISTRATION DUTIES OF A TRUSTEE AUGUST 13 ABA ONLINE REVIEW COURSE FOR THE CRCM EXAMINATION AUGUST 13 IRA ONLINE INSTITUTE SEPTEMBER 4

LEADING THE PROSPECTING EFFORT SEPTEMBER 17

REBOOTING LEADERSHIP: PRACTICAL TOOLS FOR FRONTLINE LEADERS IN THE NEW WORLD OF WORK SEPTEMBER 20 PROACTIVELY ASSESSING YOUR MANAGEMENT TEA SEPTEMBER 25 IRA BENEFICIARY DISTRIBUTIONS SEPTEMBER 26

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 | July/August 2012

www.vabankers.org

Insights

Perspectives “What we see depends mainly on what we look for.”

— Sir John Lubbock, 1823-1913 English Banker, Politician and Scientist

O Bruce Whitehurst President and CEO, Virginia Bankers Association

ur theme for the 119th VBA Annual Convention in June was “Perspectives.” We had a great program including perspectives on the banking industry, the economy, social media and the political landscape. To be sure, our speakers talked about the various challenges we face as a nation and as bankers, but there was a decidedly more upbeat feel to the convention and more optimism in both prepared remarks and informal discussion than we have seen in several years.

At the VBA, we have been getting a lot of perspectives on the economy, the industry and the political landscape from bankers and from other interested observers. As I mentioned in my remarks at the annual convention, it is clear that we are in a time of sea change, which means there is turbulence before calm is restored. It is increasingly evident that we will ride out the sea change and emerge stronger on the other side, even if that is hard to fully believe at present.

This spring we held six regional Leadership Division events around the commonwealth. Emerging bank leaders, CEOs and other executives participated and we had great discussion about current industry challenges and opportunities. One question I posed – so we would think in a glass-halffull kind of way – was, “what keeps you asleep at night?” There were some humorous answers about various sleeping aids (as I’m sure you can imagine), but there was also a range of very positive responses. Here are some to consider: • Knowing the positive impact my bank makes on our customers and the communities we serve.

• Banking is a noble profession; we do really good things for people and for businesses.

• The important financial literacy work we do and the difference it will make.

• Seeing the bright young talent we are attracting to this industry even while our industry’s image has been unfairly tarnished.

• Knowing we will figure out what it takes to adjust to new regulations and new compliance requirements; even though it won’t be fun, we are up to the task.

All of these insights resonated with me and gave me hope for where bankers see the industry going. We are a noble industry that makes people’s dreams come true. We invest in our communities in many ways. We have awesome young people coming into the industry who are clear future leaders; we are fortunate that we can say the same about the VBA staff. And, despite the significant challenges we face on the regulatory compliance front, we are the industry most likely to succeed; just look at the past 100 years or so and how resilient our great industry has been.

Without a doubt, we have a lot of near-term challenges. We must remain vigilant to seek improvements to the banking environment so that we are not overburdened with regulations that are unnecessary, yet add cost to the banking business which ultimately must be passed on to customers. We must find that balance between appropriate regulation and the ability to run banks as the privately held companies that they are. We must forge ahead as we have always done, with a single-minded focus on maintaining the best possible position from which to serve our customers effectively so we can help them realize their dreams. Confucius said, “When it is obvious that the goals cannot be reached, do not adjust the goals, adjust the action steps.” Our goals are clear, so we will continue to adjust the action steps needed to accomplish them.

We all have different perspectives based on our own experiences. That fact makes it even more amazing that, through the VBA, Virginia banking has unified for nearly 120 years to accomplish shared goals for our industry. Year 119 – under the leadership of VBA Chairman Bill Couper, the VBA and affiliated boards, VBA committees and the thousands of bankers who participated in our grassroots legislative efforts – was no exception.

My sincere thanks to all member banks for another great year and here is my perspective: I am incredibly proud to represent this noble industry.

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

July/August 2012 | Virginia Banking 5

Noting

Worth

IMMEDIATE PAST CHAIRMAN BILL COUPER RECEIVES AWARD City Year Washington, DC, recently presented their 2012 Lifetime of Idealism Award to Bill Couper.

Couper, Mid-Atlantic president for Bank of America, who has worked in Bill Couper the banking industry in the Greater Washington, DC and Baltimore areas for 40 years. Throughout his career, he has dedicated himself to giving back both personally and professionally through a variety of channels.

Congrats to our Immediate Past Chairman on this award!

ALICE P. FRAZIER NAMED TO ICBA BOARD OF DIRECTORS Alice Frazier, chief operating officer of Cardinal Bank, has been appointed to the board of directors for the Independent Community Bankers of America. Frazier joined Bank Alice P. Frazier Cardinal as executive vice president in 2009, and was appointed chief operating officer in February 2010.

Congrats Alice!

SCHMIDT RE-ELECTED TO FAIRFAX CITY COUNCIL Ellie Schmidt, executive vice president and chief compliance officer at Cardinal Bank, was re-elected to the Fairfax City Council. Schmidt grew up in the city of Fairfax after her family moved there in 1969. She has been a community leader in the city from a young age and takes great pride in her hometown. She was first elected to City Council in 2010. Kudos to Ellie on this achievement!

JOHNSON TO RETIRE FROM FEDERAL RESERVE Gene Johnson, vice president of supervision, regulation and credit, has announced his retirement, effective Sept.

30, 2012. Johnson joined the Federal Reserve Bank of Richmond in 1973 as an assistant examiner in bank supervision, was promoted to officer in 1984, and has overseen community and regional supervision since the late 1990s. Best of luck to Gene in retirement!

DUFFEE NAMED 2012 ITZKOWITZ FAMILY DISTINGUISHED FACULTY AWARD RECIPIENT During the May 5 commencement exercises of the University of Richmond School of Continuing Studies, Timothy M. Duffee, GB ’02, adjunct associate professor of liberal arts, was named the 2012 recipient of the Itzkowitz Family Distinguished Faculty Award. The award is given to the adjunct instructor who, according to the student body, has challenged students to be better thinkers, organizers, students, and/or persons. Duffee is an adjunct associate professor in the School of Continuing Studies and in the Richard S. Reynolds Graduate School of Business.

Duffee is vice president of First Community Bank in Richmond. He helped found the VBA Leadership Division to ensure development of future leaders in Virginia banking. He also co-developed the curriculum for Virginia’s high school teachers to use in a new, required course in economics and personal finance. Congrats on your award, Tim!

COMMUNITY BANKERS’ BANK AND CBB FINANCIAL CORP. ANNOUNCE NEW CHAIRMAN AND DIRECTORS The annual meeting of CBB Financial Corp was held at Farmington Country Club in Charlottesville, Virginia on May 23, 2012. This year the company celebrates its 25th anniversary of serving community banks.

The following three directors were reelected to serve three-year terms expiring at the 2015 annual meeting: Robert R. Chapman, III, Bank of the James; G. Lyn Hayth, The Bank of Botetourt; and Monte L. Layman, Blue Ridge Bank.

At the Board of Directors’ meeting, also held on May 23, Monte L. Layman was elected to serve as chairman of the board for 2012 and Ellis L. Gutshall (Valley Bank, Roanoke, Virginia) was elected vice-chairman. Layman succeeds John E. (Ed) Stringer of The Bank of Marion in Marion, Virginia, who served as chairman for 2011. Stringer will continue to serve as a director. The other current directors are: Christopher J. Honenberger, Clearpoint Financial Solutions, Inc.; Charles K. Collum, Jr., Burke & Herbert Bank and Trust; Jerri D. Cowan, Human Resources Consultants; Robert W. Jonte, Jr., Bank of Greeleyville; and William H. McFaddin, Community Bankers’ Bank.

WE WILL MISS Charles Franklin Scott Jr., 85, of Petersburg, Va., died peacefully in his home on May 7, 2012, lovingly surrounded by family. Scott served as president, CEO and chairman of the board of Virginia Commonwealth Bank (formerly First Federal Savings & Loan Association, formed in 1936). He will be missed.

6 Virginia Banking | July/August 2012

www.vabankers.org

VBA STAFF NEWS The summer has brought many changes to the VBA. Laurie Milligan was hired as chief operating offi cer of the VBA Benefi ts Corporation. John Snead comes to us as the new director of sales and marketing for the VBA Benefi ts Corporation as well. We also congratulate Roxanne Sheppard, former chief operating offi cer of the VBA Benefi ts Corporation, and Roy Allison, former vice president of sales and marketing for the VBA Benefi ts Corporation, as they head into retirement. Eddie Desch, government relations specialist, has left the VBA to begin his active duty service with the U.S. Navy as he heads to fl ight school in Pensacola, FL. Matt Bruning has been promoted to vice president of government relations, and Courtney Fleming has been promoted to vice president of education and training/communications. Lastly, Courtney has been elected to the Virginia Society of Association Executives’ board of directors. We are so proud of our staff members and wish them the best of luck in their new roles.

VIRGINIA BANKERS GRADUATE FROM THE GRADUATE SCHOOL OF BANKING AT LSU For over a half century, the Graduate School of Banking at Louisiana State University has been a major provider of advanced fi nancial education in the United States. The school’s purpose is to fi ll the need for graduate level study by bank offi cers and others meeting admission requirements leading toward a broader knowledge and understanding of major banking functions.

Congratulations to the following bankers who graduated from the Graduate School of Banking at LSU (from left): Kevin Wood, Chesapeake Bank; Becky Foster, Chesapeake Bank; Jonathan Comer, Blue Ridge Bank; Jim Butler, The Fauquier Bank; pictured with Bruce Whitehurst, Virginia Bankers Association.

On the Web! Virginia banking magazine is available as a digital edition!

Go to www.vabankers.org and click on “Virginia Banking” under the Communications tab.

Check it out on your computer or iPad today!

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Legal

VBA Successfully Improves Confession of Judgment Practice in Virginia

I

Mel Tull General Counsel, Virginia Bankers Association

n response to a significant issue raised by many of our members, the VBA successfully spearheaded an effort to pass legislation to improve the confession of judgment practice in Virginia. Without a single dissenting vote, the Virginia Senate, House of Delegates and governor approved VBA sponsored legislation (H.B. 648 and S.B. 416) that allows a substitute attorney-infact to confess judgment. The new law became effective on July 1, 2012.

Many commercial loan agreements contain confession of judgment provisions in which the debtor appoints an attorney-in-fact with authority to confess judgment on behalf of the debtor for the amount of the debt. These provisions allow the attorney-in-fact to enter a final judgment against the debtor in favor of the creditor for the unpaid amount of the debt without expensive and time consuming litigation. Only commercial loans may contain confession of judgment provisions – they

“

The new law preserves the usefulness of confession of judgment provisions while ensuring that debtors remain informed of who has authority to confess judgment.

”

8 Virginia Banking | July/August 2012

are generally prohibited in residential real estate loans.

Under prior law, only the person specifically identified as an attorney-in-fact in the note, bond or loan document was allowed to confess judgment, and a substitute attorney-in-fact was not allowed. This inflexibility created a significant problem because the need to confess judgment often arose many years after a note or loan document was prepared, by which time the attorney-in-fact specifically named in the instrument was often retired, deceased or otherwise unavailable to confess judgment.

Under the revised law, the payee, obligee or person otherwise entitled to payment under any note, bond or loan document can appoint a substitute attorney-in-fact to confess judgment against a defaulting debtor. This new ability improves the debt collection process by allowing a debt holder to obtain a judgment on an unpaid debt without a lengthy court process in situations where the original attorney-in-fact specifically identified in the debt document is no longer available to confess judgment.

Under the revised Virginia Code Section 8.01-435, a payee, obligee or person otherwise entitled to payment under a note, bond or loan agreement may appoint a substitute attorneyin-fact to confess judgment by specifically naming the substitute attorney-in-fact in an instrument appointing the substitute. That instrument must be recorded and indexed in the clerk’s office where the confession of judgment is to occur.

If the note, bond or loan document does not contain a notice informing the

www.vabankers.org

debtor that the person entitled to payment may appoint a substitute attorneyin-fact, then the person appointing the substitute attorney-in-fact must provide notice of the appointment to the debtor.

This notice must be sent by certifi ed mail to the debtor’s last known address within ten days after the creditor records the substitution instrument in the proper court. Initially, most debt holders will need to send this notice within ten days after they appoint a substitute attorneyin-fact because most existing notes, bonds and debt documents will not contain the requisite notice to the debtor. Going forward, banks should begin including provisions in their notes, bonds and loan documents that notify the debtor that a substitute attorney-in-fact may be appointed by the payee. By doing so, banks can avoid the need to provide additional notice to the debtor after they appoint a substitute attorney-in-fact.

In sum, the new law preserves the usefulness of confession of judgment provisions while ensuring that debtors remain informed of who has authority to confess judgment. For more information, please give me a call.

This article is designed to provide information on the subject addressed. It is provided with the understanding that none of the authors, contributors or publisher is engaged in rendering legal, accounting, or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

This article in no way intends or effectuates a restraint of trade or other illegal concerted action.

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

www.vabankers.org

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July/August 2012 | Virginia Banking 9

Legislative

Update

A View from Inside

By Eddie Desch

H

ow has the United States remained the economic world leader, but banking is now regarded as an evil occupation? Why do countries send their young men to war in the hopes of eventually creating a democracy, but “politics” has become a dirty word?

How do the most informed legislators continue to make decisions based on advice from industry experts, but lobbyists rank among the most hated professions?

One of the fastest growing groups in our population, Generation Y (those between the ages of 18 and 35), have become some the most outspoken on the above issues. Those in Generation Y, for the most part, have grown up in an age of constant communication. If it is mentioned on television, they believe it. If it refers to politics, they hate it. Rather than working to elevate themselves, they protest the success of others.

This places me in a very curious position, and affords me a unique perspective – a view from the inside.

Not only does my age place me squarely within Generation Y, but for the last two years I have worked as a registered lobbyist, representing the banking industry in Virginia. As is the custom with my generation, I entered this post with skepticism. However, I can sincerely report that after two years in this role, I can walk away feeling reassured that bankers do want what is best for their communities, legislators do want what is best for their constituents, and that both work hard every day to ensure that Virginia is financially stable.

A very successful businessman once told me that if you observed a small town in rural Virginia, and removed the local community bank, it would only be a matter of time before that town withered and disappeared. Few understand the pressures that banks face on a day-to-day basis. I believe that one might be hard pressed to find the average American who knows what the DoddFrank Act encompasses, or what the CFPB is.

These are very real issues that affect community banking every day, squeezing their margins, and

in some cases, forcing banks to close their doors.

Yet, even with the tightened margins and the incessant regulations, bankers have found a way to work with their customers and give back to the community. In 2012 alone, Virginia banks helped to reinvest in nearly 600 community groups and organizations. This is why I am proud to have been able to represent Virginia banks.

A similar, if not more intensified, public disdain exists in the political arena. Politics has become a social taboo, and legislators are viewed as corrupt individuals only out to serve themselves and further their political career. While I can only truly speak for our state government, I can tell you that this is not the case. Our state legislators are made up of regular citizens from all walks of life. These doctors, cattle farmers, barbers and school teachers work long hours, travel to Richmond to pen laws that best serve their communities, and then return to live in those communities.

Being from all walks of life, they are not experts in all subjects. They rely heavily on the lobbying corps, who are experts in their fields. Gone are the days of vote buying and under-the-table contributions. Honesty and integrity are now paramount in this profession. Legislators require truthful answers to make the best decisions for their constituents. These people truly care for the individuals and businesses they represent.

I have been proud to represent Virginia banks over the past two years. I will be leaving the industry at the end of the month, not because I have lost faith, but because I have been afforded the opportunity to pursue my lifelong dream. I have been accepted into the U.S. Navy Flight Training Program, and I will be leaving for active duty service on July 29, 2012. Unlike many in Generation Y, I will be able to enter our nation’s service with the full confidence that our political system is improving, and that banking will continue to be the backbone not only of our economy, but of our communities as well. My time at the Virginia Bankers Association has afforded me a unique view from the inside, one which gives me great faith in our country.

Eddie Desch is the former government relations specialist for the Virginia Bankers Association.

10 Virginia Banking | July/August 2012

www.vabankers.org

Update

Washington

Can You Dot-Bank on It?

T Frank Keating President and CEO, American Bankers Association

“

he Internet Corporation for Assigned Names and Numbers (ICANN) recent announced the 1,930 applicants for new generic top-level domain names (gTLDs) that range from .aaa to .zulu. (A top level domain is the text to the right of the final “.” in a URL, such as .com, .org or .net.)

Thirteen companies, including Amazon and Google, are going after .app. Seven companies want .love, 12 are pursuing .home or .homes, and one hopes for .unicorn. ABA and the Financial Services Roundtable have applied for .bank on behalf of the financial services community – an initiative endorsed by, among others, the Independent Community Bankers of America, British Bankers’ Association, European Banking Federation, Australian Bankers Association and the International Banking Federation.

Only one other applicant, Radixregistry, filed an application for .bank. This company was formed to apply for 31 separate top level domains – which suggests its interest has more to do with running a

The majority of you who responded to our

banker sur vey on this issue also told us that you would like to have a presence in .bank, and would reorient your mar keting and Internet banking effor ts toward .bank.

”

large number of domains than concentrating solely on making the Internet safer for banking. The ABA and the Roundtable, by contrast, filed what is known as a “community-based” application, which if accepted on that basis would give our application priority during the evaluation process.

Why should your bank care about this new rash of domain names or our .bank initiative? If you’re like most of the bankers we talk to about this sub-

ject, you already have your Web presence established. But once you were alerted to the potential for a .bank domain, you asked us to protect it, recognizing that only trusted representatives of the financial services community should control the operations of financial domains.

The majority of you who responded to our banker survey on this issue also told us that you would like to have a presence in .bank, and would reorient your marketing and Internet banking efforts toward .bank.

ICANN has trumpeted this domain-name expansion as a way to benefit consumers by increasing competition among registries. But early on the ABA saw the potential for this influx of new domain names to also create a flood of opportunities for scammers, cyber squatters, phishers and other fraudsters.

That’s why the ABA and the Roundtable formed fTLD Registry Services to prepare and file our application for .bank. If we are successful, fTLD will operate the .bank domain on our industry’s behalf, including overseeing the registration process to ensure applicants meet the standards of integrity and security that our industry demands and our customers expect.

The ABA’s advocacy efforts over a number of years succeeded in convincing ICANN that financial domains require higher security standards – and it has pointed to the 31 recommendations we submitted in concert with the Roundtable back in 2011 as an example of the level of security expected for financial domains.

Still, no one can or will protect bankers’ interests the way we can. The Internet may not recognize borders – but when it comes down to who will control .bank, bankers must define and protect our territory. You can help by submitting a comment to ICANN endorsing our .bank application. It is easy to do. Contact ABA’s Doug Johnson at djohnson@aba.com to find out how.

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

www.vabankers.org

July/August 2012 | Virginia Banking 11

VBA WELCOMES Jeff Szyperski, New Chairman

Jeffrey Szyper ski, chairman, president and CEO of Chesapeake Bank, was elected chairman of the Virginia Banker s Association on June 19, 2012, ser ving a one-year term and succeeding William Couper, president, Mid-Atlantic, Bank of America, NA. The VBA welcomes Jeff, and we invite you to learn a little more about your new chairman: How did you become a banker?

I became painfully aware that I didn’t want to be a CPA anymore! I actually had an opportunity to move back to where my wife grew up and work for the bank where her father was CEO. I started in loan administration during the early 1990s recession and was provided with a lot of good lessons working through the issues at that time, most of which transferred to how we approached lending through the 2000s and kept our head above water during the most recent recession.

What highlights, turning points, or significant events have shaped your career so far?

In my prior job I was involved in training in addition to my other duties within the firm. I developed a sincere interest in professional development that we have carried forward into Chesapeake Financial Shares. I strongly believe in the adage, “You don’t know what you don’t know,” and external professional development as well as internal is the only way to break that pattern.

How did you first become involved with the VBA? After attending the conventions, I initially served on the Training Officers Committee. As a hardcore, analytical, objective thinker, I was thrust into a committee very different from me, and

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it was extremely helpful. The committee did good work and eventually morphed into the HR Committee. Since then I have served on and chaired the Management Services Board. I have also served on the Bankers Investments Board as well as the Bankers Insurance Board, both of which are affiliated with the VBA. I currently serve on the VBA Board as well as the VBA Education Foundation Board.

How has your impression of the VBA changed over the years you have been actively involved?

The depth and breadth of the VBA has greatly expanded since I first became involved with the VBA. It has expanded its scope to better serve the advocacy needs, products and services needs, and benefits needs of its member banks. I truly feel the VBA “covers the waterfront” of the needs of Virginia banks and does each of their initiatives well. The staff is totally helpful, knowledgeable and professional.

What do you hope to bring to the association during your time as chairman? What are your goals for 20122013?

The last several years have been difficult ones for banks. There is no denying that. I feel as an industry we’re at a point where we need to collectively lift ourselves out of the emotional morass that we’ve been in and promote the im-

portance of our industry to our communities and state economy. We feel everyone knows the important role we fill, but the regulation raining down on us from Washington shows that we need to do a better job both with our legislators and our communities. I think the VBA has a unique role in helping us collectively coalesce this message as well as get it out.

In short, let’s bring back the optimism to our industry … our mojo.

How has the banking industry changed these past couple of years, in the midst of Dodd-Frank?

Where to start? I have diligently attempted to keep up to date on the issues facing our industry over the past years, but I still run across areas or nuances that I didn’t even know existed. The sheer volume, let alone the punitive nature, many of the regulations will have on our industry is sort of like a tsunami hitting. This is the discouraging element to many of the bankers today. I feel that those who choose to continue to play will have to step up their game and will prosper. Our industry is much needed, so we need to make sure we’re committed. We will all be better for it.

How must the banking industry change going forward?

We need to be more proactive and not assume everyone understands our importance to Virginia and our locales. We need to tell our story and not wait to be

July/August 2012 | Virginia Banking 13

asked, or, as a worst case scenario, wait until misguided legislation is introduced and play a lot of defense. I feel the best defense is a good offense.

You’ve been a big proponent of social media. What would you say to someone that is looking to get connected to banking through social media?

OMG! I hardly know where to start! (Just kidding.) With four children and a lot of young employees, I’ve come to realize that this is a core communication channel for a lot of people, not just the young “whippersnappers.” I think many people have a bias against it and Events like this are exnever get started. Some say pansive for the first-time attendee. In attending these, A little levity goes a long way in getting pridefully, “I’m not on Facebook!” or something of that the light bulb went off to me through sometimes difficult issues. sort. I personally feel far too that our interests would not much interaction happens be protected unless we prothis way, but I would sugtected them! I would encourgest everyone stick a toe into the water to see that, despite the age all banks to send as many employees and directors to these many negatives for some, there are a lot of positives also. as they’re able. They matter!

You’ve been a regular participant in VBA grassroots events, like Banker Day. Why should bankers be active in legislative policy and advocacy?

“

You’re involved with some of the VBA’s key product offerings like our CDARS and the VBA Check Program. What would you say to a bank that is considering using one of VBA’s products or services?

The great thing about the VBA offerings is you know due diligence has been done on the product as well as the company.

Both the VBA staff and the Management Services Board have reviewed these so you have a good feeling that the vendors have been properly vetted. With as many vendors as there are in our industry now, this means a great deal and is a huge timesaver.

”

What do people say you do best?

I try to keep humor injected into almost anything I’m involved in, hopefully in appropriate ways. A little levity goes a long way in getting through sometimes difficult issues. Both my mom and dad had this gift and imparted some of it to me.

Is there anything else you would like to add?

I’m really looking forward to my year as chairman. The VBA staff are professionals at making it as easy as possible on the chairmen. I hope they continue this practice!

Engaging the next generation is important. How would you like the VBA to reach out to younger bankers this year?

What advice would you want to pass on to them?

Under Watts Steger’s term as VBA chairman, the Leadership Division was initiated. This was a much-needed enhancement to groom the “collective succession plan” for Virginia bankers and provide better continuity for the VBA. I think this can be even better integrated into the core VBA offerings going forward. I’m not sure there is quite as much interplay between this division and the other active entities within the VBA as there could be.

What role has professional development and training played in your career?

I knew nothing about banking when I started in the industry in 1990. I was a business administration/accounting major at the University of North Carolina and went straight into public accounting. Everything I learned about banking I learned on the job and through schools. The Graduate School of Banking at LSU helped me immensely in connecting all of the dots regarding banking. The thing I enjoy about banking so much is the change. What is a solid skillset today will be a deficient skillset in several years, without continued professional development.

14 Virginia Banking | July/August 2012

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July/August 2012 | Virginia Banking 15

Ashley Baboota Wins VBA Bank Day Scholarship Program

From left: Mark Wright, regional president, Union First Market Bank; Ashley Baboota; Deepak Baboota, Ashley’s father; and Kista Fleming, market manager, Union First Market Bank.

T

he Virginia Bankers Association (VBA), together with the VBA Education Foundation and the VBA Leadership Division, is pleased to announce Ashley Baboota as the statewide scholarship winner of the VBA Bank Day Scholarship Program. The VBA Bank Day Scholarship Program began in 1991 when the third Tuesday in March was declared Bank Day in Virginia by the Virginia General Assembly. On this day, Virginia high school seniors spend a day in banks across the commonwealth shadowing a banker in their daily duties. The purpose of this experience is for the students to learn about banking, financial services, and the vital role banks play in their communities. From their experience, the students are required to write an essay on the topic, “How Banking Benefits My Community,” and seven scholarships (six regional and one statewide) are awarded on the basis of the essays.

From those six regional winners, Ashley was chosen as the statewide winner and received an additional $2,000 scholarship.

Scholarship certificates were presented at the winners’ individual senior nights or awards ceremonies. Bobbi Mason was present at Tabb High School to present Brandon Euker with his certificate, and Cathy Snowden attended Owen Holt’s 16 Virginia Banking | July/August 2012

Megan Harvey with her Bank Day certificate.

ceremony at Christchurch School. Royce Owen presented the award at Castlewood High School’s ceremony where Taylor Banner was a senior. Charlie Mantorana participated by giving Kelsey Smith her certificate, and Katie McLaren presented Megan Harvey with hers.

Union First Market employees Mark Wright, Kista Fleming and Alicia Howard were on hand at Ashley Baboota’s scholarship ceremony on June 12 to present her regional scholarship certificate and surprise her with the news of her statewide scholarship. Congratulations Ashley!

The VBA Bank Day Scholarship Program will take place again next year on March 19. Please contact Chandler Dewey at cdewey@vabankers.org to learn how to get involved.

Owen Holt with his scholarship certificate and his teacher, William Taylor.

THIS YEAR, BANK DAY TOOK PLACE ON TUESDAY, MARCH 20, AND THE SIX REGIONAL $1,000 SCHOLARSHIPS WERE AWARDED TO: • Capitol Region Winner: Owen Holt, Christchurch School, shadowed at Chesapeake Bank • Central/Southside Region Winner: Megan Harvey, E.C. Glass High School, shadowed at StellarOne Bank • Hampton Roads/Tidewater Region Winner: Brandon Euker, Tabb High School, shadowed at Old Point National Bank • Northern Virginia Region Winner: Ashley Baboota, Lake Braddock Secondary School, shadowed at Union First Market Bank • Southwest Virginia Region Winner: Taylor Banner, Castlewood High School, shadowed at TruPoint Bank

Taylor Banner at her scholarship ceremony, accepting her award.

• Valley Region Winner: Kelsey Smith, Turner Ashby High School, shadowed at StellarOne Bank

www.vabankers.org

HEADS OR TAILS… NO MATTER HOW YOU FLIP IT, YOU’RE A WINNER

BY PARTICIPATING IN THE RFI! Regulatory risk is one of the biggest challenges every banker faces in today’s post Dodd-Frank environment. That’s why the Virginia Bankers Association joined with bankers associations across the country to create the Regulatory Feedback Initiative.

The RFI is a brief, anonymous online survey that bankers complete immediately following each safety and soundness and compliance examination at their bank. The data we collect will allow us to track regulatory practices around the state, from state to state and from regulator to regulator.

The survey is completely anonymous. The data is only available in aggregate form and there is no way your specific data and comments can be traced back to your bank.

The data will enable us to identify any inconsistencies or misguided regulatory treatment as it unfolds. It will also enable us to work more effectively with the various regulatory agencies and suggest ways to make necessary changes in the examination process.

We’ll also prepare custom exam preparation reports for individual banks, including a summary of reports filed by similarly situated institutions, that will help banks better prepare for the next examination.

This long-term initiative is vital to improving the regulatory environment for banks across Virginia and across the country.

There is no cost to your bank to participate in the survey.

Please contact Richard Owen, senior vice president of the Virginia Bankers Association, at rowen@vabankers.org or 804-819-4715 with questions or for more information.

VBA’s 119th Annual Convention A Success

T President & CEO of Virginia Bankers Association Bruce Whitehurst, Roxanne Sheppard, President & CEO of Bank of McKenney and VBA Benefits Corporation Chairman Dick Liles, and Roy Allison.

As they headed into retirement, Bruce and Dick presented Roxanne and Roy with resolutions honoring their service.

Dean Browell and Jeff Thompson.

Dennis Gartman.

18 Virginia Banking | July/August 2012

he VBA’s 119th Annual Convention took place June 17-20 at The Homestead in Hot Springs, Virginia. Our theme was “Perspectives,” and we had speakers providing just that on everything from the banking industry, the economy, social media and to the political landscape.

We kicked off our convention with a welcome reception and the VBA BankPAC Silent Auction. The event was sponsored

by Investors Title Insurance Company, and all proceeds from the auction were contributed to VBA’s BankPAC. Thanks to all attendees, who helped us raise over $18,000 for our BankPAC campaign!

On Monday morning, we hosted bankers for two power breakfasts. The first was sponsored by MountainSeed Advisors, LLC, who discussed “The Battle for Independence: Managing the Appraisal and Evaluation Process.” MountainSeed is a multi-disciplined consulting firm that specializes in meeting the needs of financial institutions across the United States. The second was sponsored by PNC Bank. Presenter Gus Karris, managing director for PNC Bank’s foreign exchange business in the capital markets group, discussed “Going Global – Expanding Relationships with Global Banking Products.” PNC’s Financial Institutions Group is an experienced team of professionals dedicated to helping financial institutions better manage assets, risks and operations.

Our first business session was kicked off by Dennis Gartman, who provided us with a detailed economic outlook. Gartman has published “The Gartman Letter,” with commentary on the global capital markets, distributed daily since 1987. The letter addresses political, economic and technical trends from both long-term and short-term perspectives.

Following Gartman was Frank Keating with his perspective on banking legislative and regulatory issues. Keating is president and CEO of the American Bankers Association, which represents banks of all sizes and charters and is the voice for the nation’s $13 trillion banking industry and its two million employees.

Tuesday morning began with another power breakfast, presented by the Compliance Alliance. Compliance Alliance is an exciting and innovative collaboration between state bankers associations across the United States, with the goal of providing critical compliance services to the banking industry. Compliance Alliance is the only compliance solution owned, managed and directed by state bankers associations.

At our last business session, we heard from Dean Browell, Ph.D., and Jeff Thompson on The Social Revolution. Dean and Jeff lead a company called Feedback, and their approach encourages brands to listen and observe audiences before developing innovative plans and stewarding creative solutions that engage and develop relationships.

Our keynote speaker, Michelle Bernard, then wrapped up www.vabankers.org

THANK YOU TO OUR SPONSORS: PLATINUM LEVEL Investors Title Insurance Company

GOLD LEVEL ANOVA Financial Corporation Cintas Gary Shook (left) and his wife Ann Rodman listen as Bill Couper installs Gary as VBA Chairman-Elect.

Dixon Hughes Goodman LLP FHLBank Atlanta Harland Clarke MountainSeed Advisors Office Depot PNC Bank

Bill Couper (right) presents Chris Bergstrom with a plaque, thanking him for his service as Government Relations Committee Chairman.

Reliance Trust Company Sageview Consulting Group Troutman Sanders VBA Benefits Corporation

our business session with “The View from Washington.” Michelle Bernard is the chairman, founder, president and CEO of the Bernard Center for Women, Politics & Public Policy and appears regularly on TV as a political and legal analyst.

As our 2011-2012 program year came to an end, it was time to elect our new leaders. The election and installation of the new VBA officers and directors took place, and the convention closed with a reception and banquet for the installation of the new VBA chairman and chairman-elect. The VBA is pleased to welcome Jeffrey M. Szyperski, chairman, president and CEO of Chesapeake Bank, as the 2012-2013 VBA chairman, and Gary R. Shook, president and CEO of Middleburg Bank, as the new chairmanelect. Attendees celebrated their installation with dancing and musical entertainment provided by the band LIQUID PLEASURE. Thanks to everyone who attended this year’s event. We hope that the perspectives you heard were enlightening and perhaps even challenged your own opinions. See you on June 16-19, 2013, at The Homestead for our 120th Annual Convention!

Virginia Community Development Corporation (VCDC)

SILVER LEVEL Marshall Warner, Chesapeake Bank, joins LIQUID PLEASURE for a song.

Community Bankers’ Bank Computer Services Inc. (CSI) Fortis Foreclosure Services FTN Financial HSA Bank Keefe, Bruyette & Woods, Inc. Motley’s Auction & Realty Group PWCampbell Richmond Auto Auction Scott & Stringfellow, Inc. Spotts Fain PC The Marathon Organization, Ltd The Travelers Companies, Inc.

Michelle Bernard.

Vantiv LLC Virginia Small Business Financing Authority Williams Mullen Witt Mares, PLC Yount Hyde & Barbour PC

ADDITIONAL SPONSORS All Clear System, LLC Bank Compensation Group, Inc. Wende Szyperski pins her husband, Jeff Szyperski, as he is installed as VBA Chairman and their family looks on.

www.vabankers.org

Bankers Insurance, LLC

Strategic Risk Associates Thomas Compliance

July/August 2012 | Virginia Banking 19

Compliance

Corner

Compliance, Possible Legal Issues Loom for Banks That Lag New ATM-ADA Requirements Initial Compliance Deadline Was March 15

By Steve Field Information Technology Compliance Consultant, Thomas Compliance Associates, Inc.

A

TMs are the latest bank service to come under attack from regulators and, especially, consumer activists. Among the allegations: Banks do not have the proper fee notices in place on their ATMs. That’s actually a pretty simple problem to solve. Most banks have combated this issue by establishing procedures to regularly inspect their ATMs for proper signage. The inspection process includes taking photographs with date and time stamp information.

(There may be changes to the fee notice requirements – if legislation in both the U.S. Senate and House of Representatives that would eliminate the placard requirement passes.)

More serious are allegations that banks are ignoring new ADA ATM-related requirements.

In comparison, fee notices are for most banks a minor ATM compliance issue. It is the new ADA requirements that have raised new concerns for ATM operators – especially banks that have not bothered to meet the changed ADA requirements.

COMPLIANCE ISSUES

In today’s consumer-friendly, post-Dodd-Frank environment, the ADA ATM compliance issues should be covered as part of your bank’s regular independent IT review. To prepare, VBA member banks that have not already done so should review the ADA Guidelines to ensure they are conforming to the 2010 standards.

The Americans with Disabilities Act of 1990 (ADA) was revised to incorporate the 2010 ADA Standards for Accessible Design. ATM machine owners had until March 15, 2012, to upgrade existing ATM machines to comply with the 2010 standards.

If your bank is operating an ATM that is not yet in compliance, just having a plan in place to replace the ATM is no longer sufficient: You were required to have a compliance plan in place a year earlier, by March 15, 2011. And your bank was required to be in compliance (or structural safe harbor) by March 15, 2012, unless you can prove undue burden.

Many ATM operators have not been able to upgrade their machines because of demand-related

20 Virginia Banking | July/August 2012

scheduling issues of ATM installation companies.

Nonetheless, not having your bank’s ATMs upgraded after March 15, 2012, regardless of reason, puts a bank in violation of the ADA. There is no fudging the issue. On April 23, the Pittsburgh Post Gazette reported that a consumer had filed lawsuits against “at least seven banks” claiming that their ATMs do not support the audio requirements of the 2010 ADA Standards. The ADA requires, among other things, that ATMs be equipped with voice-enabling technology to serve visually impaired consumers.

Expect this type of lawsuit to come to other parts of the country.

The 2010 standards include: Speech output: ATMs must be speech enabled. Operating instructions and orientation, visible transaction prompts, user input verification, error messages, and all displayed information for full use shall be accessible to and independently usable by individuals with vision impairments.

Speech, the ADA update says, shall be delivered through a mechanism that is readily available to all users, including but not limited to, an industry standard connector or a telephone handset. Speech shall be recorded or digitized human, or synthesized.

Two advisory notices have also been included: Advisory 707.4: Privacy. In addition to people who are blind or visually impaired, people with limited reach who use wheelchairs or have short stature, who cannot effectively block the ATM screen with their bodies, may prefer to use speech output. Speech output users can benefit from an option to render the visible screen blank, thereby affording them greater personal security and privacy.

Advisory 707.5: Speech output. If an ATM provides additional functions such as dispensing coupons, selling theater tickets, or providing copies of monthly statements, all such functions must be available to customers using speech output. To avoid confusion at the ATM, the method of initiating the speech mode should be easily discoverable and should not require specialized training. For example, if a telephone handset is provided, lifting the handset can initiate the speech mode.

www.vabankers.org

NUMERIC KEYPADS

FLOOR SPACE, HEIGHT AND REACH

Numeric keys shall be arranged in a 12-key ascending or descending telephone keypad layout. The number fi ve key shall be tactilely distinct from the other keys.

Function key surfaces shall have tactile symbols as follows: enter or proceed key, raised circle; clear or correct key, raised left arrow; cancel key, raised letter X; add value key, raised plus sign; decrease value key, raised minus sign.

The clear fl oor or ground space shall be 30 inches (760 mm) minimum by 48 inches (1,220 mm) minimum.

Where a forward reach is unobstructed, the high forward reach shall be 48 inches (1,220 mm) maximum and the low forward reach shall be 15 inches (380 mm) minimum above the fi nish fl oor or ground.

The wording here is pretty close, but for exact wording, please see the ADA Standards at www.ada.gov/regs2010/2010ADAStan dards/2010ADAstandards.htm

DISPLAY

Visibility: The display screen shall be visible from a point located 40 inches (1015 mm) above the center of the clear fl oor space in front of the machine.

Characters displayed on the screen shall be in a sans serif font.

Characters shall be 3/16 inch (4.8 mm) high minimum based on the uppercase letter I. Characters shall contrast with their background with either light characters on a dark background or dark characters on a light background.

VBA members seeking information or assistance with IT, ATM or other information systems compliance issues should call Stephen Field, a CISSP (Certified Information Systems Security Professional) and TCA’s compliance consultant for information technology. The toll-free number is 800-934-7347. TCA is the VBA’s endorsed provider of compliance consulting and support.

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July/August 2012 | Virginia Banking 21

Move

Bankers on the

Sydnor

Prillaman

Bladich

Scott

Blumenstein

Brooks

Cohen

Ean

Walker

Doherty

Hall

Taylor

Walker

Witt

Bank of Lancaster Judy G. Sydnor, Branch Officer Benchmark Community Bank Todd Jones, Vice President and Relationship Banker Cardinal Bank Penny Bladich, Senior Vice President and Market Executive Marc J. Blumenstein, Vice President and Real Estate Loan Officer Marie Thomas Brooks, Vice President

Adam I. Cohen, Senior Vice President, Senior Portfolio Manager, Cardinal Wealth Management Division Sokhea Ean, Assistant Vice President and Banking Office Manager Bernadette B. Walker, Assistant Vice President and Compliance Specialist MainStreet Bankshares, Inc. Richard Prillaman, Vice President – Credit Administration Freda Scott, Loan Servicing Officer

Oak View National Bank Samuel W. Parker, Vice President StellarOne Bank Tim Doherty, Regional Mortgage Sales Manager Gary Hall, Mortgage Loan Officer Kimberly R. Taylor, Secondary Market Manager Thomas “Tom” Zachry, Senior Vice President and Commercial Relationship Manager TD Bank Nancy H. Walker, Store Manager

s ave

The Fauquier Bank Samuel B. Blaser, Officer James P. Butler, Senior Vice President Ryan J. O’Loughlin, Officer Jennifer L. Wheeler, Officer Michelle L. Wilson, Officer

t h e dat e * v b a l ead er sh ip

co nfe

rence * o ct .1 112

the voice of your

*

industry

Union First Market Bank Christopher Lumpkin, Senior Vice President of Commercial Lending Virginia Commerce Bank Samir Abhyankar, Vice President, Community Banking Kimberly Triglia, Branch Manager Steve Witt, Senior Vice President and Product Development Manager

Are your bankers on the move?

Email submissions to cdewey@vabankers.org.

wi

n te

rgre

en r e so

rt

Save the Date! For more information, contact Anna Clay at aclay@vabankers.org.

22 Virginia Banking | July/August 2012

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