Volume 70, Number 8 • THE NEWSPAPER OF THE MISSOURI BANKERS ASSOCIATION • Thursday, August 21, 2014 The Missouri Banker Visit our web site at http://www.mobankers.com Dr. David Kohl will give the opening key- note address at MBA’s 2014 Young Bankers Leadership Conference scheduled for Oct. 16 and 17 at Tan-Tar-A Resort, Osage Beach. Dr. Kohl, a nationally recognized economist, will speak on global and domestic economic trends. Lee Wetherington from ProfitStars, Valdo- sta, Ga., will talk about young bankers tran- sitioning into leadership roles and the strate- gies for the future of banking. Donna de St. Aubin of St. Aubin, Haggerty & Associates, Northbrook, Ill., will discuss tools for helping employees build good working relationships. How to turn a customer’s service visit to the bank into a sales opportunity will be the focus for a general session by Dana Perkins from St. Meyer & Hubbard, Columbia. Mark Towers with Speak Out Seminars, Southlake, Tex., will talk about how important relation- ship building is to leadership. The Oct. 17 general sessions will feature a CEO panel discussion on leadership lessons and the closing address by Mark Arnold from On the Mark Strategies, Carrollton, Tex. Ar- nold will talk about strategies to elevate your life and your bank. Members of the CEO Panel will be Mike Wasson, president and CEO, Midwest Inde- pendent Bank, Jefferson City; Kim Barnes, president and CEO, The Callaway Bank, Fulton; and Mark Harrington, president and CEO, Old Missouri Bank, Springfield. The recipient of the 2014 Young Bank- ers Leadership Award will be announced at the luncheon on Oct. 16, and the conference dinner that evening will include networking entertainment. For more information about the Young Bankers Leadership Conference agenda and registration, visit the MBA website at www. mobankers.com or call the MBA at 573-636- 8151. Young Bankers Leadership Conference to feature Dr. Kohl, Lee Wetherington Richard Weaver retired as Missouri Com- missioner of Finance on July 31 and ac- cepted a position as vice president/member solutions with the Federal Home Loan Bank of Des Moines. He is now the main point of contact for FHLB Des Moines members in western Missouri. He was appointed Commissioner of Fi- nance on March 27, 2009, and was confirmed unanimously by the Missouri Senate on April 16, 2009. He served as the Division’s deputy commissioner from 2004 to 2009. Weaver began his career at the Division of Finance in 1985 working in the mail room and attending Lincoln University to earn his degree in business administration and accounting. “While Rich has been the top banking regulator in Mis- souri,” said Max Cook, MBA president and CEO, “he has been an advocate for state chartered banks to succeed. While we hate losing him as the Commissioner of Finance, we are glad that he is continuing to be a part of the Missouri banking community.” “We thank Rich for all that he has done to make Missouri one of the strongest states for banking in the nation,” Cook said. Deputy Commissioner Debra Hardman will serve as Act- ing Commissioner of Finance while the search for a new commissioner is underway; and Christie Kincannon, chief counsel for the Division of Finance, will assume the joint role of acting deputy commissioner and chief counsel during the transition. Rich Weaver retires as Missouri Commissioner of Finance; joins Federal Home Loan Bank Rich Weaver In the fall of 2009 the Missouri Bankers Association selected Segs4Vets as its designated charity and began encouraging MBA member banks and their employees to raise funds for the group. Segs4Vets provides Segway mobile transporters to men and women who were wounded in service to America. Since the first fundraising effort, the MBA family has raised more than $190,000 for the organization by publishing cookbooks to sell, holding bake sales and breakfasts, sponsoring casual days and encouraging customers and employees to make donations. Other successful projects have been 5K runs and competitions between banks and public officials. This year Nov. 7, the Friday before Veterans Day, is designated as MBA’s Sixth Annual Segs4Vets Day. Fundraising events sponsored by MBA members not only raise money for Segs4Vets but also raise public awareness of the struggles of injured veterans. The impact of the program extends beyond the recipient to the family and extended family. For Plans underway for MBA’s 2014 Segs4Vets fundraising many, the Segway has had such a psychological impact on the recipients that it has brought about a dramatic positive change in the family dynamics. For more information about MBA’s 2014 fundraising efforts, visit the MBA website at www. mobankers.com and click on Segs4Vets under Member Resources on the home page. A group of Segway recipients was recognized at Busch Stadium last summer after a weekend training session in St. Louis. Donations to Segs4Vets are also used to fund training for the veterans as well as maintenance of the equipment.
Transcript
Volume 70, Number 8 • THE NEWSPAPER OF THE MISSOURI BANKERS ASSOCIATION • Thursday, August 21, 2014
The Missouri Banker
Visit our web site at http://www.mobankers.com
Dr. David Kohl will give the opening key-note address at MBA’s 2014 Young Bankers Leadership Conference scheduled for Oct. 16 and 17 at Tan-Tar-A Resort, Osage Beach. Dr. Kohl, a nationally recognized economist, will speak on global and domestic economic trends. Lee Wetherington from Profi tStars, Valdo-sta, Ga., will talk about young bankers tran-sitioning into leadership roles and the strate-gies for the future of banking. Donna de St. Aubin of St. Aubin, Haggerty & Associates, Northbrook, Ill., will discuss tools for helping employees build good working relationships. How to turn a customer’s service visit to the bank into a sales opportunity will be the focus for a general session by Dana Perkins from St. Meyer & Hubbard, Columbia. Mark Towers with Speak Out Seminars, Southlake, Tex., will talk about how important relation-ship building is to leadership. The Oct. 17 general sessions will feature a
CEO panel discussion on leadership lessons and the closing address by Mark Arnold from On the Mark Strategies, Carrollton, Tex. Ar-nold will talk about strategies to elevate your life and your bank. Members of the CEO Panel will be Mike Wasson, president and CEO, Midwest Inde-pendent Bank, Jefferson City; Kim Barnes, president and CEO, The Callaway Bank, Fulton; and Mark Harrington, president and CEO, Old Missouri Bank, Springfi eld. The recipient of the 2014 Young Bank-ers Leadership Award will be announced at the luncheon on Oct. 16, and the conference dinner that evening will include networking entertainment. For more information about the Young Bankers Leadership Conference agenda and registration, visit the MBA website at www.mobankers.com or call the MBA at 573-636-8151.
Young Bankers Leadership Conferenceto feature Dr. Kohl, Lee Wetherington
Richard Weaver retired as Missouri Com-missioner of Finance on July 31 and ac-cepted a position as vice president/member solutions with the Federal Home Loan Bank of Des Moines. He is now the main point of contact for FHLB Des Moines members in western Missouri. He was appointed Commissioner of Fi-nance on March 27, 2009, and was confi rmed unanimously by the Missouri Senate on April 16, 2009. He served as the Division’s deputy commissioner from 2004 to 2009. Weaver began his career at the Division of Finance in 1985 working in the mail room and attending Lincoln University to earn his degree in business administration and accounting. “While Rich has been the top banking regulator in Mis-souri,” said Max Cook, MBA president and CEO, “he has been an advocate for state chartered banks to succeed. While we hate losing him as the Commissioner of Finance, we are glad that he is continuing to be a part of the Missouri banking community.” “We thank Rich for all that he has done to make Missouri one of the strongest states for banking in the nation,” Cook said. Deputy Commissioner Debra Hardman will serve as Act-ing Commissioner of Finance while the search for a new commissioner is underway; and Christie Kincannon, chief counsel for the Division of Finance, will assume the joint role of acting deputy commissioner and chief counsel during the transition.
Rich Weaver retires as Missouri Commissioner of Finance; joins Federal Home Loan Bank
Rich Weaver
In the fall of 2009 the Missouri Bankers Association selected Segs4Vets as its designated charity and began encouraging MBA member banks and their employees to raise funds for the
group. Segs4Vets provides Segway mobile transporters to men and women who were wounded in service to America. Since the fi rst fundraising effort, the MBA family has
raised more than $190,000 for the organization by publishing cookbooks to sell, holding bake sales and breakfasts, sponsoring casual days and encouraging customers and employees to make donations. Other successful projects have been 5K runs and competitions between banks and public offi cials. This year Nov. 7, the Friday before
Veterans Day, is designated as MBA’s Sixth Annual Segs4Vets Day. Fundraising events sponsored by MBA members not only raise money for Segs4Vets but also raise public awareness of the struggles of injured veterans. The impact of the program extends beyond the recipient to the family and extended family. For
Plans underway for MBA’s 2014 Segs4Vets fundraisingmany, the Segway has had such a psychological impact on the recipients that it has brought about a dramatic positive change in the family dynamics. For more information about MBA’s 2014 fundraising efforts, visit the MBA website at www.mobankers.com and click on Segs4Vets under Member Resources on the home page.
A group of Segway recipients was recognized at Busch Stadium last summer after a weekend training session in St. Louis. Donations to Segs4Vets are also used to fund training for the veterans as well as maintenance of the equipment.
Page 2 The Missouri Banker August 21, 2014
Address changes Changes in addresses for The Missouri Banker can be mailed to the MBA at P.O. Box 57, Jefferson City, MO 65102, Attn: Database Manager or e-mailed to [email protected]
By Denny DeischerVice PresidentMBA Educational Services
The Dodd-Frank Act brought to the lending industry amended appraisal disclosure requirements and expanded the requirement to provide copies of the ap-praisals/valuations to those applying for loans secured by a fi rst lien on a dwelling. Regulation B was amended
by a fi nal rule issued by the Consumer Financial Protec-tion Bureau (CFPB). As a part of the requirements, Regulation B, Section 12 CFR 1002.14(a) states: “A creditor shall provide a copy of each such appraisal or oth-er written valuation promptly upon completion, or three business days prior to con-summation of the transaction (for closed-end credit) or ac-count opening (for open-end credit), whichever is earlier.” (Emphasis Added). “Within three business days” is a very common phrase when trying to fi gure out by when disclosures are due, by when action must be taken, or within what time-frame action may be taken. A concern looming out there is the mistake that could be made complying with the timing requirement of delivering the copy of an ap-praisal/valuation if “promptly upon completion” is not considered correctly. The application and meaning of the “promptly upon completion” standard depends upon the facts and circumstances, including but not limited to when the bank receives the appraisal or other written valuation, and the extent of any review or revision after the bank receives it. “Completion” occurs when the last version is received by the bank, or when the bank has reviewed and accepted the appraisal or other written valuation to include any changes or cor-rections required, whichever is later. The commentary contains examples and more details regarding “completion” and prompt delivery, especially when multiple documents and multiple versions of documents are involved: For purposes of this tim-ing requirement, “provide” means “deliver.” Delivery
occurs three business days after mailing or delivering the copies to the last-known address of the applicant, or when evidence indicates ac-tual receipt by the applicant, whichever is earlier. Delivery to or actual receipt by the ap-plicant by electronic means must comply with the E-Sign Act. Comment 14(a)(1)-7 provides discussions regard-ing multiple versions: The reference to “all” appraisals and other written valuations does not refer to all versions of the same appraisal or other valuation. If a creditor has received multiple versions of an appraisal or other written valuation, the creditor is re-quired to provide only a copy of the latest version received. If, however, a creditor al-ready has provided a copy of one version of an appraisal or other written valuation to an applicant, and the creditor later receives a revision of that appraisal or other written valuation, then the creditor also must provide the appli-cant with a copy of the revi-sion. If a creditor receives only one version of an ap-praisal or other valuation that is developed in connection with the applicant’s applica-tion, then that version must be provided to the applicant. In a transaction that is being consummated (for closed-end credit) or in which the account is be-ing opened (for open-end credit), if an appraisal or other written valuation has been developed but is not yet complete, the deadline for providing a copy three busi-ness days before consumma-tion or account opening still applies, unless the applicant waived that deadline as provided under § 1002.14(a)(1), in which case the copy must be provided at or before consummation or account opening. Even if the transaction will not be consummated (for
closed-end credit) or the ac-count will not be opened (for open-end credit), the copy must be provided “promptly upon completion” as pro-vided for in § 1002.14(a)(1), unless the applicant has waived that deadline as pro-vided under § 1002.14(a)(1), in which case as provided for in § 1002.14(a)(1) the copy must be provided to the ap-plicant no later than 30 days after the creditor determines the transaction will not be consummated or the account will not be opened. The commentary provides an example of both meeting and not meeting the “prompt-ly upon completion” standard as follows, respectively: On day 15 after receipt of the application, the bank’s underwriting department reviews an appraisal and determines it is acceptable. One week later, the bank sends a copy of the appraisal to the applicant. The applicant receives the copy more than three busi-ness days before the date of consummation. The bank has provided the copy of the appraisal promptly upon completion. On day 12 after receipt of the application, the bank’s underwriting department reviews an appraisal and determines it is accept-able. Although the bank has determined the appraisal is complete, the bank waits to provide a copy to the appli-
cant until day 42, when the bank schedules the consum-mation to occur on day 50. The bank has not provided the copy of the appraisal promptly upon completion. Based on the discus-sion above, and taking into account the examples just presented from the commen-tary, it only makes sense that the policy should ensure any appraisal/valuation be pro-vided the appropriate appli-cant within a handful of days of the appraisal/valuation being received and accepted. This will ensure the deliv-ery if made “promptly upon completion.” Please contact Mike No-blett at the MBA Compliance Library at 573-636-8151 if you have any other questions on this topic. This article is for informational purposes and does not contain or con-vey legal advice. The infor-mation should not be used or relied upon in regard to any particular situation without consultation with your bank attorney. MBA Compliance Services and its Compliance Force program offer a variety of programs to aid banks with compliance needs. Services available include on-site education, in-bank training, compliance reviews and loan review. For more information, call Carol Barnett at the MBA at 573-636-8151 or email her at [email protected].
‘Promptly upon completion’ versus three business days
MBA’s 2014 Directors Forum will feature presentations by Mike Woody with J. Michael Woody, Inc.; Don Hutson with BKD CPAs & Advisors; and Denny Deischer with the MBA. Also on the agenda is a regulator roundtable with represen-tatives of the FDIC, State of Missouri, OCC and the Federal Reserve Banks of St. Louis and Kansas City. This year’s program has been designed to help directors and bank executives develop strategies for keeping profi ts in the bank. The forum will be held on Friday, Sept. 19 in Columbia at the Stoney Creek Hotel and Conference Center. For more information about the event, visit the MBA website at www.mobankers.com.
Directors Forum set for Sept. 19
Page 3The Missouri Banker August 21, 2014
Paid Advertisement
In today’s competitive retail loan market, every deal is more important than the last and can lead to the next. That’s why MIB is all-in when it comes to supporting your participation loan needs.
The way we do business helps you do more business. So the next time you have to say ‘no’ because of capital requirements, consider saying ‘yes’ to MIB.
One Source. One Call. | 1-800-347-4642 | mibanc.com
Last week, regional meet-ings were held in Kansas City and Springfi eld. Both meetings had more than a hundred in attendance, including several candidates for state House and Senate seats. Meetings yet to be held are set for Cape Girardeau on Aug. 27; St. Louis on Aug. 28; and Columbia on Sept. 3. These meetings are an opportunity for bankers and MBA to present issues that are important to the banking industry to candidates and incumbent lawmakers. For a few hours we have their undivided attention, and this is so valuable in this day and age of instant access to
news and information. If you are not registered for the regional meetings, please do so today. Contact the candidates in your area and invite them to the meeting. These efforts today are an investment in future policy-making.
We have been discussing term limits at the regional meetings and highlighting the level of experience of our elected offi cials. It is rather startling to realize how little legislative experience there is in the Missouri legislature following the implementation of term limits in 2002 which
allow House and Senate members to serve only eight years in each body. Here are the latest num-bers on term limits and leg-islative experience following the 2014 elections:Missouri House• Two years or less
experience – 83 representatives
• Four years of experience – 56 representatives
• Total of four years or less experience – 139 representatives
Missouri Senate• Two years or less experi-
ence – 19 senators• Four years of experience
– 11 senators• Total of four years or less
experience – 30 senators Term limits have resulted in a very inexperienced legislature. No one would at-tempt to run a business with this little experience. Thus it is incumbent on bankers to:• Get to know your state
House and Senate mem-bers;
• Come to Jefferson City as part of MBA’s Target
Banker program; and• Contribute to MBA’s
Regional Political Action Committees.
The regional PACs will meet on Friday, September 12th, following the MBA Board of Directors meet-ing. Decisions will be made for contributions for the November general election. As always, input from bank members is welcomed!
Industrial production rises U.S. industrial production increased 0.4 percent in July, marking six consecutive monthly gains, the Federal Reserve reports. Production was up 5 percent year-on-year. Manufac-turing rose 1 percent for a 4.9 year-on-year gain.
Regional Meetings have a good start
Page 4 The Missouri Banker August 21, 2014
Paid Advertisement
Titling Tips
Call
Paula Hansen
at 800-234-4939
Let Missouri Bankers Insurance Services help you with all of your health and life
insurance needs.Medical Dental
Long Term CareLife & Additional LifeLong Term Disability
Felonious AssaultGroup & Individual Accident
VisionCancer
Talk to Paula today!
By Linda PetersenManagerMBA Title Service Attached to the bottom of Missouri titles for all motor vehicles, pull behind trailers and ATVs is a tear off section to be used by sellers of the unit to report the sale to the Missouri Department of Rev-enue (DOR). There is also a separate form on the depart-ment’s website for fi ling a Notice of Sale (DOR 5049). The form can be found at http://dor.mo.gov/forms. The requirement to fi le a Notice of Sale became effec-tive on Jan. 1, 2006. There is a notation at the bottom of all titles stating this require-ment. The net selling price is recorded on the Notice of Sale to assist the DOR in de-termining the amount of sales tax owed. If the individual who purchases a vehicle fails to title it within the required 60 days, that person will probably begin receiving statements from the DOR asking for the tax to be paid. There are some types of sales that are exempt from
Notice of Sale: When and when not to file it fi ling the Notice of Sale. Do not fi le a Notice of Sale on:1. Vehicles with a salvage or
junk title.2. Repossessed vehicles at
the time the repo title is obtained.
3. Vehicles awarded by a Court Order.
4. Vehicles sold (or traded) to a dealer.
5. Vehicles sold to an out-of-state purchaser.
6. Vehicles transferred to a TOD (Transfer on Death) benefi ciary. However, if the TOD sells the vehicle the Notice of Sale is required.
7. Vehicles transferred to benefi ciaries named in a trust or from an individual to a trust.
8. Manufactured homes.9. Vessels and outboard
motors. The Notice of Sale is required in these special circumstances:1. Lenders who sell their
repossessed vehicles unless they sell to a dealer.
2. The sale by an authorized personal representative of
an estate.3. A trustee who sells on
behalf of the trust.4. Sale by the sheriff or other
receiver.5. Sale by a representative or
successor such as a power of attorney, etc.
6. Sales not listed as exempt on the list above. If in doubt, check it out.
A Notice of Sale (original or photocopy) may be used for the same purposes as a bill of sale in obtaining a 180 tax credit, a temporary per-mit and/or to substantiate the purchase price of a unit.
The State of Missouri is allowed to impose a penalty of up to $200 for failure to fi le a Notice of Sale within 60 days of a sale. They are also allowed to impose a penalty of up to $300 if a seller fi les a fraudulent Notice of Sale by altering the net sale price to avoid paying proper taxes, penalties and fees. Although we have not seen this done as of yet, we have seen the cards
sent for payment of taxes, etc. If a sale is rescinded after the Notice of Sale is fi led, submit a copy of the original Notice of sale with “Re-scinded Sale” written across it. Sign and date the copy and submit it to the post offi ce box provided on the Notice of Sale; Dept. of Revenue, Motor Vehicle Bureau, PO Box 3050, Jefferson City, MO 65105.
The Consumer Financial Protection Bureau recently announced 2015 increases in dollar thresholds for several Regulation Z provisions governed by the CARD Act, the Home Ownership and Equity Protection Act and the Dodd-Frank Act. For credit cards, the penalty fees safe harbor will be set to $27 for a fi rst late payment and $38 for each subsequent late payment within six months. The minimum interest charge disclosure threshold will remain unchanged. The HOEPA loan threshold will be $20,391 and the HOEPA fee trigger will be $1,020. For Qualifi ed Mortgages, points and fees cannot exceed 3 percent of loans of $101,953 or more; $3,059 for loans between $61,172 and $101,953; 5 percent of loans between $20,391 and $61,172; $1,020 for loans between $12,744 and $20,391; and 8 percent of loans of less than $12,744.
CFPB updates Reg Z dollar thresholds
IRA Update Seminars set MBA will hold three IRA Update Seminars taught by Mike Nelson during October. The seminars will help par-ticipants build on their basic knowledge of IRAs. The seminars will be held on Oct. 21 in Cape Girardeau; Oct. 22 in Columbia; and Oct. 23 in Springfi eld. For more information, visit the MBA website at www.mobankers.com.
Page 5The Missouri Banker August 21, 2014
Paid Advertisement
Actions Providence Bank, Columbia, received permission to convert from a state chartered bank to a state char-tered non-fi duciary trust company. Bank of Bolivar, Bolivar, received permission to establish a separate branch at 1339 E. Republic Rd., Suite A, Springfi eld.
Bank of Belton, Belton, received permission to merge with and into Metcalf Bank, Lee’s Summit, the surviving bank, under the name of Metcalf Bank. The man banking house of the surviving bank shall be the present main banking house of Metcalf Bank, Lee’s Summit.
A charter has been issued to Central Bank of Audrain County, Mexico, in conversion of First National Bank of Audrain County from a national banking association to a state chartered bank. Certifi cates of Authority were also issued for separate branches at First and Chest-
nut, Laddonia, and at 205 W. High-way 54, Vandalia. First Home Bank, Mountain Grove, received permission to change the main banking house from 142 E. First Street, Mountain Grove, to 207 W. Third St., Mountain Grove.
Fifty-five young bankers took part in the 2014 Young Bankers Day at the Kansas City Fed on Aug. 12. Speakers at the event included Kansas City Fed President Esther George and Jason Brown and Tara Hurston.
Page 6 The Missouri Banker August 21, 2014
Paid Advertisement
Who Should AttendFinancial institutions’ CEOs, CFOs, investment officers, board members, and those who are directly or indirectly responsible for f inancial management functions will benefit from this seminar. There is no cost for this seminar.
CPE credits will be earned for your attendance.
AgendaThursday, October 16
Golf and Dinner included
Friday, October 17Breakfast, Seminar, and Lunch
RegistrationRegister online at GoBaker.com/seminars. For more information, call Skoshi Heron at 888.990.0010.
Featured SpeakerJohn Ryding is the Chief Economist and a founding partner of RDQ Economics LLC—a New-York based independent macroeconomic consulting, advisory, and research firm. John formed RDQ Economics with Conrad DeQuadros following the merger of Bear Stearns and JPMorgan in 2008. Prior to the merger, John was the Chief U.S. Economist for Bear Stearns.
October 16-17, 2014Oklahoma City, Oklahoma
The Skirvin HiltonOne Park AvenueOklahoma City, OK
Winning the Performance Challenge
Member: FINRA and SIPC www.GoBaker.comOklahoma City, OK | Austin, TX | Birmingham, AL | Indianapolis, IN | Salt Lake City, UT | Springfield, IL | 800.937.2257The Baker Group LP is the sole authorized distributor for the products and services developed and provided by The Baker Group Software Solutions, Inc.
As the economic environment transitions into a new phase, bank managers must gear up to meet new challenges and opportunities. Achieving high performance in a fast-changing environment requires powerful tools, techniques, and processes to find the optimal balance between risk and reward. It also requires a partnership with proven winners.
The Baker Group’s Interest Rate Risk and Investment Strategies Seminar is developed specifically for managers of financial institutions. Designed for high performance, it is an in-depth examination of current topics.
Interest Rate Risk and Investment Strategies Seminar
Page 7The Missouri Banker August 21, 2014
Regional Meetings held in Kansas City, Springfield
Representative Tony Dugger, (R-Hartville) in photo above, chair of the Missouri House Banking Committee, talks about banking issues at the Ozark Regional Meeting in Springfield. He is running for re-election in the 141st District.
Rep. Sandy Crawford, (R-Buffalo), a former banker and member of the Missouri House Banking Committee, also attended the Ozark Regional Meeting to visit with bankers. She is running for re-election in the 129th District.
MBA Chairman Dan Robb welcomes bankers and candidates to the Truman and Pony Express Regional Meeting held last week in Kansas City.
John Mayfield, in photo above, (D-Independence) introduces himself at the Regional Meeting held in Kansas City. He is running for re-election in House District 20. In photo at right, Paul Thompson, left, and Mark Thompson, right, visit with Rich Weaver, former Commissioner of Finance who is now with the Federal Home Loan Bank of Des Moines.
Bob Wray, left, with The Capital Corporation, LLC, visits with Dan Hegeman, a Missouri Senate candidate, at the Regional Meeting in Kansas City. Hegeman, a Republican, is running unopposed in Senate District 12 in Northwest Missouri.
Page 8 The Missouri Banker August 21, 2014
Paid Advertisement
AgendaAugust 201427 Regional Meeting, Cape Girardeau28 Regional Meeting, St. LouisSeptember 20143 Regional Meeting, Columbia3 HMDA Seminar, Stoney Creek Inn, Columbia4 and 11 AIB Principles of Banking Class, O’Bannon Bank,
Buffalo9-11 IRA School, Columbia12 MBA Board of Directors Meeting, MBA Offi ce,
Jefferson City17-19 Compliance Conference, Holiday Inn Executive
Center, Columbia (New Location)24 and Oct. 1 AIB Principles of Banking, The Bank of Mis-
souri, Cape Girardeau29 - Oct. 2 MBA Washington VisitOctober 201416 - 17 Young Bankers Leadership Conference, Tan-Tar-A
Resort, Osage Beach22 Security Management Seminar, Stoney Creek Inn,
Columbia22 and 29 AIB Principles of Banking Class, MBA Offi ce,
Jefferson City30 - 31 Bank Legal Issues Conference, Courtyard by
Marriott, ColumbiaNovember 201413 BSA/AML Seminar, Stoney Creek Inn, Columbia19-20 Lending Compliance Workshop, Stoney Creek Inn,
ColumbiaDecember 20143 MBA Board of Directors Meeting, InterContinental
Hotel, Kansas City3 - 5 Executive Management Conference, The
InterContinental Hotel, Kansas City9 IRA Basic Seminar, Cape Girardeau10 IRA Basic Seminar, Columbia11 IRA Basic Seminar, Springfi eldJanuary 201525-30 MBA School of Bank Management, Stoney Creek
BeachMarch 201524- 25 Tri-State Leadership and Human Resource
Conference, Kansas CityApril 201523-24 Women Bankers Conference, Tan-Tar-A Resort,
Osage Beach
The FDIC is launching a pilot program to identify and highlight promising ap-proaches for fi nancial educa-tion tied to safe, low-cost savings accounts to school-aged children. This pilot will consist of FDIC-insured fi nancial insti-tutions that have entered, or intend to enter, working re-lationships with schools and/or non-profi t organizations to help these children open savings accounts in conjunc-
tion with fi nancial education programs. The FDIC will connect pilot participants together to share best practices and to provide technical assistance in addressing challenges re-lated to the operation of their programs. The FDIC plans to share results of the pilot to provide banks with best practices to work with schools or other organizations to combine fi -nancial education with access
to a savings account. The pilot will be conduct-ed in two phases: the fi rst covers programs that will be in place during the 2014-2015 school year. Through Aug. 22, 2014, the FDIC is soliciting interest from insti-tutions that will have a youth savings program underway during the 2014-2015 school year. For the second phase, the FDIC will begin solicit-ing interest in April 2015 for institutions that will begin new savings programs with schools in the 2015-2016 school year. More information can be found on the FDIC website at www.fdic.gov/consumers/banking/youthsavingspilot/.
Two Missouri bankers have been recognized as honor students for MBA’s AIB 2014 spring semester. They are Crystal Lovett with American Trust Bank, Kirks-ville, and Clint Stobbe with Farmers Bank of Northern Missouri, Unionville. Cindy Wells, Exchange Bank of Missouri, Fayette, earned her Bank Financial Management Diploma during the AIB spring semester. Three bankers earned AIB certifi cates during the spring semester. Nancy Goellner, F and M Bank and Trust Co., Hannibal, received her Personal Banking Certifi cate. Katie Price, West Plains Bank and Trust Co., received her Bank Teller Certifi cate. Eric Isbell, UMB Bank, Kansas City, received his supervisor certifi cate. For more information on the education opportuni-ties through MBA’s AIB programs, visit the MBA website at www.moba nkers.com or call Cindy Foltz at 573-676-8151.
MBA’s AIB names honor students, recipients of diplomas and certificates
FDIC launches financial education pilot program
Page 9The Missouri Banker August 21, 2014
Achievements
Paid Advertisement
Kristie Green has joined Bank Star of the BootHeel, Steele, as a loan offi cer. She has nine years of banking experience, special-izing in loan processing and compliance.
Elizabeth Spence has joined Bank Star of the BootHeel as loan ad-ministrative coordinator.
Brad Badgley has been elected chairman of the Board of Bank Star One, Lake Ozark. Badgley is graduate of the John Marshall Law School and has had a
Kristie Green
successful trial practice in Bel-leville, Ill. His election follows the retirement as chairman of Dr. Donald B. Ruthenberg, who served in that capacity since 2004. Dr. Ruthenberg will continue as chairman emeritus on the Board. Gwen Sullens has returned to Bank Star One, Lake Ozark, as vice presi-dent/loan offi cer. She had worked for the bank for more than 21 years before joining the Missouri Depart-ment of Health and Senior
Elizabeth Spence
Brad Badgley
Gwen Sullens
Services two years ago. Micah Scott has been pro-moted to vice president, small busi-ness banking at Guaranty Bank, Spring-fi eld. He began his career at the bank in 2008 as a credit analyst. Deborah Coleman has been promoted to branch manager at the Harvest-er Branch for St. Johns Bank. She has been with the bank since 1973 and is also the director of the St. Johns Bank Presi-dent’s Club.
Micah Scott
Deborah Coleman
Jamie Esch has joined Metropolitan National Bank as community bank presi-dent of the Tri-Lakes market. He has 18 years of banking experience. The Tri-Lakes area includes Kimberling City, Branson, Branson West, Blue Eye and Hollister. Jason Whitesell has joined Old Missouri Bank as vice president in the lending area. He has 13 years of banking expe-rience. Jason will be working in Ash Grove and Walnut
Jamie Esch
Grove in conjunction with the banks purchase of the Bank of Ash Grove.
Josh Helton has joined Arvest Bank, Lebanon, as a commercial lender. He has worked as a bank lender since 2002.
Michelle Burke was promoted at Metropoli-tan National Bank from loan offi cer/special assets at Branson West to as-sistant vice president/loan of-fi cer at Kimberling City. She has been with the bank for 13 years.
Jason Whitesell
Josh Helton
Michelle Burke
Page 10 The Missouri Banker August 21, 2014
The Missouri Bankers Association is offering a customized wall calendar for 2015, “Scenes of Missouri,” exclusively to MBA members. These calendars are a great way to thank your customers for their business and promote your bank. Rather than using stock photos and text from any calendar vendor, these full-color, high-quality calendars will uniquely promote Missouri and your bank! Your name and/or logo will be imprinted at the bottom. And you can’t beat the price – just 99 cents per calendar (plus imprint charge, tax and shipping). Photos used in the calendar are selected from among those submitted by Missouri bankers, directors, and family members. Calendar page size is 11” x 8 1/2”, calendar opened size is 11” x 18”. The imprint area is approximately 1” x 11”.
The deadline for ordering 2015 calendars will be August 29, 2014. Shipment can be expected in October. The minimum quantity that can be ordered is 100.
The $50 setup charge includes typesetting text and logo placement for imprint area (in black), if needed. The setup charge is $100 for spot color (PMS) text and/or logo. Please specify if you want black or color imprint.
If you have questions, please call Carol Barnett at the MBA at 573-636-8151 or email [email protected].
Send no money now! Orders will be billed when shipped, and shipping and tax will be
added at that time.
2015 Scenes of Missouri Calendar
2015 Scenes of Missouri Calendar Order Form
Name _______________________________________________________________
Bank ________________________________________________________________
Street Address ________________________________________________________
By Ben Norquist, CPCPresident and CEOConvergent Retirement Plan Solutions, LLC A decision handed down earlier this year by the U.S. Tax Court (Bobrow v. Com-missioner) is having ripple
effects throughout the IRA industry. Following the deci-sion, the Treasury Depart-ment issued Announcement 2014-15 indicating that the IRS would be changing its long-standing interpretation of the 12-month rollover
restriction.Background Under certain circumstanc-es, federal tax law permits IRA holders to avoid taxa-tion on the portion of an IRA withdrawal that is redeposited into an IRA within 60 days of
withdrawal. This type of tax-free IRA transaction, where the IRA holder takes con-structive receipt of IRA funds and then subsequently depos-its them back into an IRA, is referred to as an IRA-to-IRA rollover. One of the criteria
for a taxpayer to be eligible for an IRA-to-IRA rollover is that the taxpayer must not have previously rolled over another IRA distribu-tion taken within the past 12 months (i.e., the “12-Month Rule”). Historically, the IRS has interpreted the 12-Month Rule to allow one rollover per distributing IRA, rather than one rollover per indi-vidual; thereby allowing individuals with multiple IRAs the possibility of com-pleting multiple IRA-to-IRA rollovers within a 12-month period (e.g., see the IRS’s explanation of the restric-tion in the 2013 version of IRS Publication 590). In the case of Bobrow v. Commis-sioner, however, the tax court interpreted the 12-Month Rule more narrowly, fi nding that only one IRA distribu-tion may be rolled over by a taxpayer (to another IRA) within a 12-month period, regardless of how many IRAs the individual owns. Shortly after the tax court ruling was handed down, the IRS announced it would begin applying the more restric-tive Bobrow Interpretation as early as January 1, 2015.What this means for IRA providers? As a result of this change, most IRA providers will need to take action between now and year end to ensure their organization’s IRA docu-ments, forms and procedures are in compliance with the new IRS position as of Jan. 1, 2015. In addition, to avoid any potential miscommunication with IRA clients, providers will want to make sure that all employees who may be involved in assisting IRA holders with rollover transac-tions are made aware of these changes. Editor’s Note: Convergent Retirement Plan Solutions, LLC is an endorsed business partner of the MBA Bank-ers Service Corporation. For more information contact Ben Norquist at [email protected].
IRA rollover c ompliance: Adapting to the IRS’s new ‘Bobrow Interpretation’
Page 11The Missouri Banker August 21, 2014
MBAds Come join the KCB Bank team! We are a growing and fi nancially stable community bank with multiple branches around the Kansas City area, looking for a Commercial Lender/Loan Offi cer for our Gladstone, MO branch. Experienced candidates must have 5 + years’ experience as a commercial lender and offer the following; strong customer relationship management skills, business development skills and demonstrated com-munity inv...olvement. We offer a competitive salary and benefi ts package! Please send resume to: Human Resources, P.O. Box 888, Kearney, MO 64060 or via email to [email protected]. EOE
Bank 21 has two immediate openings for Loan Offi cer s in the Carrollton and in the Marshall, Missouri banking centers. The ideal candidate should have a minimum of 2-3 years of lending experience, preferably in consumer, small business and ag and be famil-iar with the area. Equivalent experience will be considered.
Commercial Lender for Mid-Missouri Bank at Joplin/Webb City Loca-tions: This successful Com-mercial Lender candidate must be committed to providing the community with outstand-ing banking service. This position is responsible for the development of a loan book of business while maintain-ing and servicing an existing portfolio. This Lender must positively represent the Bank and the marketing of its services. Also required is the skill to be well aware of risk vs. reward when evaluating terms of loans. Minimal education requirements are a Bachelor’s Degree in Finance, Business, or Economics with an MBA preferred, and a minimum of 5 year s experience in the fi eld. Wage will be commensurate with solid experience, and a complete benefi ts package is included. You must send a letter of introduction, resume, and wage requirements to Keith Mills, P.O. Box 14740, Springfi eld, Missouri 65814.EOE
Bank 21 offers a competitive salary and excellent benefi t package. Send confi dential resume to: [email protected]. EOE
Compliance SpecialistDo you know BSA, OFAC, TISA, and EFA? If so we’d like to get to know you. Cum-mings, Ristau & Associates, P.C., a St. Louis area account-ing fi rm specializing in fi nan-cial institutions, is seeking to add a qualifi ed compliance specialist who is familiar with deposit and operations compliance regulations to its staff. Candidate should pos-sess a minimum three years of related experience along with strong written and oral communication skills. CRCM and/or CAMS designation is a plus. Ability and willingness to travel primarily in Missouri and southern Illinois with some overtime required. Please send resume to: 13023 Tes-son Ferry Road, Suite 201, St. Louis, MO 63128 or via email to [email protected]. EOE.
Deadline to place a classifi ed advertisement in The Mis-souri Banker is fi ve days prior to publication date.Email ads to snorfl [email protected] and an invoice will be mailed to you. Logo insertion charge, $12.50.
Classifi ed advertisements are posted on the public side of the MBA Web Site at no extra charge for the same time
period as advertised in The Missouri Banker.
Classifi ed ad rates are as fol-lows:• $1.00 per word for one
issue• $1.50 per word for two
issues• $2.00 per word for three
issues
Paid Advertisement
(844) 546-7034 www.MyMBIS.com
MOTHER NATURE CAN HIT AT ANY TIME...
FIND OUT YOUR REPLACEMENT COST VALUE... BEFORE IT’S TOO LATE
ARE YOU COVERED?
The Federal Housing Finance Agency has unveiled a 2015-2019 strategic plan for Fannie Mae, Freddie Mac and the Federal Home Loan Banks that stresses maintaining broad liquidity in the housing fi nance market, improving the effectiveness of operations and reducing risks to taxpayers. The agency warned that continued weakness in the hous-ing market could pose risks to the plan, citing continued dis-tress sales, tightened mortgage credit standards and growing levels of student debt among young adults that is reducing homeownership. The FHFA will accept public comments on the strategic plan through Sept. 15. More information is available about the plan on the FHFA website at www.fhfa.gov/AboutUs/Reports/ReportDocuments/FHFA_Strategic_Plan_Fiscal_Years_2015-2019.pdf
FHFA releases strategic plan for Fannie Mae, Freddie Mac, FHLB
Page 12 The Missouri Banker August 21, 2014
MBA’s 2015 Schools
School Objectives ______________________________________________The purpose of the school is to provide students with the knowledge and understanding of laws and regulations that impact lending practices, deposit functions, marketing and management by:
Developing an understanding of federal laws and regulations;Developing basic management skills and effective techniques for compliance administration; and
exposure to the experience and knowledge of other students.
___________________________________________
institutions.
material.
ongoing commitment to bank compliance education.Return with new and valuable compliance insights and solutions.
Missouri.
_________________________________________
provide that information by:Focusing on the operating cycle of a business, and the key variables for long term success;Helping students develop their analytical skills and management evaluation techniques;Acquiring an awareness of the economic environment and how it affects the lending decision;Understanding the borrower and loan management alternatives available to a lender in the event of loan default; and
student to apply lessons learned.
Complete school information can be found at www.mobankers.com. Or call the MBA at 573-636-8151.
___________________________________________The Missouri School of Bank Management is a two-year program with a comprehensive study of thirteen functional areas of
of the school is to provide that instruction by:
1. Imparting a thorough understanding of banking and the interrelationships of each function.
3. Enhancing analytical skills and management techniques.4. Applying the concepts learned through two interim written assignments.5. Learning management skills through a bank simulation where students experience running a bank, working with other depart-
6. Exposing students to the experience and knowledge of other bankers across the state.
