Virginia Banking July/August 2011

IN THIS ISSUE ANNUAL CONVENTION | BANK DAY SCHOLARSHIPS | HEALTH CARE REFORM

VBA WELCOMES BILL COUPER,CHAIRMAN OF THE BOARD

BankingirginiaV July/August 2011

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

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2011-2012 OFFICERS ANDDIRECTORS OF THEVIRGINIA BANKERSASSOCIATION

William Couper, Chairman, Bank of America

Jeffrey M. Szyperski, Chairman-Elect, Chesapeake Bank

Charles H. Majors, Immediate Past Chairman, American National Bank & Trust Co.

O.R. Barham, Jr., StellarOne Corporation

Frank Bell, III, Chesapeake Bank Katherine E. Busser, Capital One

Financial Corporation Tim Butturini, Wells Fargo Bank, N.A. Larry G. Dillon, C&F Bank Randy K. Ferrell, The Fauquier Bank Larry Heaton, Franklin Community

Bank Gail Letts, SunTrust Bank John R. Milleson, Bank of Clarke

County Samuel L. Neese, Highlands Union

Bank Susan Ralston, Bank @Lantec Gary R. Shook, Middleburg Bank David P. Summers, Virginia Heritage

Bank Daniel G. Waetjen, BB&T Richard T. Wheeler, Jr., Franklin

Federal Savings Bank

Statements of fact and opinion aremade on the responsibility of theauthors alone and do not imply anopinion or endorsement on the partof the officers or members of VBA.

AT-LARGE MEMBERSBenefits Corporation Chair

Richard M. Liles, Bank of McKenneyManagement Services Inc. Chair

Frank Bell, III, Chesapeake BankGovernment Relations

Committee ChairChristopher W. Bergstrom, Cardinal Bank

VBA Education Foundation ChairJ. Peter Clements, The Bank of Southside Virginia

EDITORIAL & EXECUTIVE OFFICES4490 Cox Road Glen Allen, VA 23060804-643-7469 Fax 804-643-6308www.vabankers.org

Bruce T. WhitehurstPresident and CEOVirginia Bankers Association

Chandler DeweyManager, Communications/

Marketing and Financial LiteracyVirginia Bankers Association

SUBSCRIPTIONSIf you would like to subscribeto Virginia Banking, contactChandler Dewey at [email protected].

Virginia Banking is published bi-monthly. Subscription price is $25 per year and $45 for two years for nonmembers. Copyright 2011.

featuresThe Times They are A-Changin’,and the Annual Convention Helps Bankers PrepareThe 118th Annual Convention is held at the Greenbrier in West Virginia.

VBA Welcomes Bill Couper, Chairman of the BoardElected in June for a one-year term, the VBA invites you to meet our new chairman

4 Calendar of Events 5 Insights 6 Worth Noting 8 Legislative Update 9 Washington Update

10 Legal Line11 Welcome New Associate Members20 Compliance Corner 22 Bankers on the Move

Send us your thoughts or ideas on Virginia Banking!

Please email Chandler Dewey at [email protected]. Has your information changed?

Please email Kellee Edelin at [email protected] with your new contact information.

12

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

16

18

14

in every issue

Congratulations to the Winners of the Bank Day Scholarship Program!Seven scholarships were awarded to six winners of the annual contest.

What’s Really Under the Hood of Health Care Reform?What health care reform means for your bank’s business.

DIRECTORSTimothy M. Warren Chairman Timothy M. Warren Jr. CEO & Publisher David B. Lovins President Vincent M. Valvo Group Publisher & Editor in Chief

FINANCE & ADMINISTRATIONJeffrey E. Lewis Controller / Director of Operations

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July/August 2011 | Virginia Banking 3

July/August 2011

INSTRUCTOR-LED SEMINARS

VIRGINIA BANKERS SCHOOL OF BANK MANAGEMENT, CHARLOTTESVILLE JULY 31 – AUGUST 5

DEPOSIT DOCUMENTATION, SANDSTON AUGUST 2

DEPOSIT DOCUMENTATION, CHARLOTTESVILLE AUGUST 3

DEPOSIT DOCUMENTATION, VIENNA AUGUST 4

STRESS TESTING FORUM, RICHMOND AUGUST 9-10

CFO CONFERENCE, CHARLOTTESVILLE AUGUST 29-31

CONSUMER LENDING SCHOOL, GLEN ALLEN SEPTEMBER 13-14

CREDIT MANAGEMENT CONFERENCE, CHARLOTTESVILLE OCTOBER 3-4

COMMERCIAL LENDING SCHOOL (3-DAY), GLEN ALLEN OCTOBER 18-20

WEBINARS

LIQUIDITY RISK MANAGEMENT – AN EVOLVING PROCESS September 12

5 MISTAKES BANKERS MAKE ON SALES CALLS September 12

BLUEPRINT FOR A NEW BEGINNING – BANK DIRECTOR’S STRATEGY FOR RECOVERY September 13

MERGERS AND ACQUISITIONS IN THE CURRENT ENVIRONMENT September 14

STRATEGIC PLANNING FOR A NEW ENVIRONMENT September 15

LEADING THE PROSPECTING EFFORT September 19

THE ALCO PROCESS – THE BOARD ROLE September 20

IT RISK ASSESSMENT – TAKE CONTROL OF YOUR PROGRAM September 21

THE BASICS ON HSAS September 21

Live Event Online Seminar Webinar

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 2011 www.vabankers.org

Calendar of Events

Thank goodness bankers are a resilient group of people. Time and again, bank-ers have shown the ability to bounce back

from economic, legislative and regulatory setbacks; our economy and our country are much the better for it. But as I wrote in my last column, the over-whelming nature of the Dodd-Frank Act of 2010 and the approximately 250 new regulations coming – on top of the revenue takeaways that also accom-pany this law – will certainly put our industry’s resiliency to the test.

That is why we had so much discussion about the current regulatory and compliance environ-ment this spring when the VBA and its subsidiary boards, plus several past VBA chairmen, came to-gether in a joint meeting to discuss industry chal-lenges and to set top VBA priorities for 2011-2012. Following outstanding conversation and input from our banking leaders, the VBA board adopted an action plan that flows from three top priorities:• Action on regulatory and compliance issues to

provide proactive, preventative and responsive support and relief

• Communication to and about the banking industry

• Products and services excellence and innovation

The VBA staff has identified 14 goals and 43 ac-tions to support these top priorities, and we will report our progress at each board meeting in the coming year. In this column I want to tell you about one important new initiative that actually sup-ports all three of our top priorities: the Regulatory

Feedback Initiative (RFI).I have written before about the Alliance of State

Bankers Associations, our peer group that provides so much mutual support and coordinated lobbying on behalf of banks in all states. This group has now taken our collective efforts to the regulatory side, where the current bank exam environment sug-gests we must work to regain a level of regulatory balance that is currently missing. We have advo-cated on behalf of banks quite a bit in recent years, meeting with regulators to talk about the trends we see and hear about. What has been missing – until now – is quantifiable data on examination trends.

The RFI is a mechanism that allows banks to complete confidential surveys following each exam. We have retained a third-party firm known for its integrity in the provision of confidential sur-vey information that will use the surveys to build a nationwide database of information that can be used in two powerful ways:

1. To advocate with regulators when what they say in Washington and what their examin-ers are actually doing in the field are not in alignment and need attention.

2. To provide banks with the ability to obtain a peer bank report from their region and peer size, showing recent examination trends as the bank prepares for its next exam.

We have recently sent more detailed informa-tion about the RFI to all VBA member bank CEOs and are encouraging all banks to participate in this most important ongoing program.

When I joined the VBA in 1993, one of my first tasks was to lead a bank examination survey of Vir-ginia banks. The survey was paper-based and we tabulated the results at the VBA office, then shared a summary of those results with all the bank regu-latory agencies. We were in a similar regulatory

Bruce Whitehurst can be reached by email at [email protected].

Bruce Whitehurst

President and CEO,

Virginia Bankers Association

Priority One: Action on Regulatory & Compliance Issues

July/August 2011 | Virginia Banking 5 www.vabankers.org

”“ We will continue to focus on how we can meet

these priorities in various ways to benefit our member banks.

Insights

Continued on page 22

VIRGINIA COMMUNITY BANK ANNOUNCES NEW CEO

On May 19, the board of di-rectors of Virgin-ia Community Bank announced that A. Preston Moore, Jr., was u n a n i m o u s l y approved to as-sume the role of president and CEO of

the bank. A. Pierce Stone, previously the bank’s president and CEO, will continue in the role of chairman of the board.

Moore has been with Virginia Com-munity Bank since 2008, serving as senior vice president and COO. He boasts nearly 30 years of commercial lending and de-velopment experience. Moore is a native of Woodberry Forest, Virginia, and he ob-tained both his undergraduate degree and MBA from the University of Virginia.

RHODES NAMED CHAIRMAN OF THE BOARD

Congratulations to H.C. Rhodes of Highlands Community Bank, who was recently named chairman of the board of directors. Rhodes will also continue to serve as president and CEO.

GSB-LSU NEWSSusan Harman, a vice president at Old

Point National Bank and an honor gradu-ate of the Virginia Bankers School of Bank Management, was elected a class officer of the Graduate School of Banking at Louisi-ana State University, class of 2013.

Additionally, Aubrey “Todd” H. Hall, president of First National Bank, Altavista, and Lance Nobles, vice president and se-nior business relationship manager at Wa-chovia, A Wells Fargo Company, were rec-ognized at the Graduate School of Banking at Louisiana State University for their out-standing record of ten A’s. Hall and Nobles

were two of only three students to make this achievement this year.

Kudos to these three bankers for their tremendous accomplishments.

CBB FINANCIAL CORP. AND COMMUNITY BANKERS’ BANK HOLD 2011 ANNUAL MEETING

CBB Financial Corp. held its annual meeting of shareholders on May 25 at Farmington Country Club in Charlot-tesville. CBB Financial Corp. is the one-bank holding company for Community Bankers’ Bank.

The following directors were re-elect-ed to serve three-year terms expiring at the 2014 Annual Meeting: Robert (Bob-by) W. Jonte, Jr., Bank of Greeleyville, Greeleyville, SC, and Ellis (Ellie) L. Gut-shall, Valley Bank, Roanoke.

Other elected directors currently serv-ing are Lyn Hayth (Bank of Botetourt), Charlie Collum (Burke & Herbert Bank & Trust), Monte Layman (The Page Valley Bank), Ed Stringer (The Bank of Marion), and Bob Chapman (Bank of the James).

During the board of directors meet-ing also held on May 25, Ed Stringer was elected chairman of the board for 2011-2012 and Monte Layman was elected vice-chairman. Stringer succeeds Char-

lie Collum, who served as chairman for 2010-2011 and continues to serve on the board.

AUSTIN L. ROBERTS, III, RETIRES FROM THE BANK OF LANCASTER

Bay Banks of Virginia, Inc., holding company for Bank of Lancaster and Bay Trust Company, announced that Austin L. Roberts, III, has stepped aside as president and CEO of Bank of Lancaster. Following Roberts’ announcement to the board of directors of Bank of Lancaster, Kenneth O. Bransford, Jr., was elected president and CEO of the bank and was also elected to the bank’s board of directors. Roberts will remain as vice chairman of the bank and as president and CEO of Bay Banks of Vir-ginia until his planned retirement in March of 2012.

At one point in his career, Roberts was the youngest bank president in Virginia, and in 1980, was named Outstanding Young Man in our commonwealth by then-Gov. Charles Robb. Roberts joined Bank of Lancaster in May 1990 with 20 years of banking experience. He received his bach-elor’s degree in accounting and his MBA from the College of William and Mary, where he is an active alumnus. In 1994, Roberts was the recipient of the William and Mary Alumni Medallion, the highest

NotingWorth


VIRGINIA BANKERS MEET WITH CONGRESSMAN GOODLATTE

On June 8, 18 Virginia bankers met with Rep. Bob Goodlatte in Roanoke. Among other agenda items, the bankers discussed our top federal policy priorities with Goodlatte, such as the Durbin Interchange amendment and regulatory reform. A special thanks to all the bankers who attended this meeting.


EVB MAKES COMMITMENT TO AID LOCAL SENIOR HOUSING FACILITY BY PROVIDING THE SENIOR CRIMESTOPPERS PROGRAM

EVB, through its partner-ship with the Virginia Bank-ers Association and the Senior Housing Crime Prevention Foundation (SHCPF), is pro-viding the Senior Crimestop-pers program to Carrington Place in Tappahannock, a lo-cal senior nursing facility. A charter presentation was held for its residents on May 24.

The Senior Housing Crime Prevention Foundation is a national organization whose mission is to provide safe and secure living environments for our nation’s senior housing residents through the operation of the nationally-acclaimed crime prevention program, Senior Crimestoppers, in each participating bank’s CRA assessment area.

The Senior Crimestoppers program is a coordinated group of components designed to reduce and/or prevent the occurrence of crimes in long-term care facilities and senior housing communities. It has been extremely successful, with a documented reduction in crimes against seniors of approximately 92 percent since 1995.

The program works much like a neighborhood watch where senior facilities with a strong commitment to crime prevention implement increased awareness and a zero-tolerance policy. The program will provide ongoing crime prevention programs to the residents of long-term care and senior housing facilities to help deter incidents of crime.

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award the college can bestow upon one of its graduates.

Kenneth O. Bransford, Jr., joined Bank of Lancaster in November of 1971. He has held the offices of assistant cashier, vice president, and senior lending officer with overall responsibility for the company’s loan operations, and retail delivery ad-ministrator with overall responsibility for the company’s branches throughout the Northern Neck. In 1994, the board elected Bransford senior vice president, and in 2002, he was elected executive vice president.

WE WILL MISS...William Frances “Tree” Rountree Jr.,

66, left this world surrounded by his lov-ing family and friends on June 29, 2011. Fighting cancer for more than 22 years, Tree’s resolute spirit, determination and deep abiding faith enabled him to over-come many physical challenges associ-ated with this disease. After graduating from Maury High School, Tree attended The College of William and Mary. Tree continued his education, going on to earn his master’s degree in finance from Dartmouth College, Graduate School of Credit and Financial Management, Tuck School. Tree began his banking career at United Virginia Bank, moved to First & Merchants Bank, Sovran Bank, Nations Bank, then Bank of America, later found-ing Monarch Bank, serving as president, CEO and director.

Known throughout the business com-munity as “tireless” recruiter for his be-loved Monarch Bank, Tree also modeled to all of his employees, business associ-ates and friends the need to serve. His incredible leadership skills, indomitable spirit and servant’s heart helped more than 40 local community agencies and organizations. His honors included 2010 Business Hall of Fame, the John Krueger Outstanding Volunteer Award, Horizons HR Roast & Toast honoree, the Robin Hoods of Virginia Beach “A Noble Deed” award recipient and Norfolk’s Outstand-ing Young Man of the Year. Tree will be deeply missed.


Looking Back and Moving Ahead

A s someone with more than a passing interest in history, Winston Churchill is one of my favorite figures. A bold

statesman, daring tactician and talented orator, Churchill had an innate gift for inspiring hope in bleak times, of which there were many during his life in public service. There are a plethora of quo-tations from Churchill that capture that gift on a range of policy and military issues, but one of my favorite is a more reflective insight on life in gen-eral: “the longer you can look back, the farther you can look forward.”

Churchill’s admonition to look back is often ig-nored in our increasingly fast paced and deadline-driven lives. And much like in Churchill’s time, it becomes even more difficult in periods of uncer-tainty. While our conflicts are far different than those with which Churchill dealt, our industry is clearly in a time of constant change and the uncer-tainty that change inevitably brings.

So, it is imperative to take the time to look back in order to properly plan out our future. Over the past twelve months, the VBA and countless Vir-ginia bankers have been actively engaged in con-tinuous efforts in support of our industry. The fall-out of the economic recession and the new market realities as we seek to emerge combined with the “solutions” emanating from Washington, particu-larly in the form of regulatory reform in the Dodd-Frank Act, have made the necessity of action more acute than ever.

How have Virginia bankers responded to this ever-dynamic environment? They advocated strongly for their businesses, their communities and their industry as a whole. In the fall, over 300 bankers came out to attend in-district meetings with their state legislative representatives and 351 braved the cold in Richmond in January to advo-cate for our issues on Banker Day. One hundred and thirty-four gathered with several members of our federal delegation at the end of last year and 76 attended the GR Summit in Washington

this March. Dozens more participated in vari-ous meetings with elected leaders and regulators throughout the year to ensure our unified voice was being heard. Recently, over 800 Virginia bank-ers sent emails or called our senators about the Fed’s interchange rule. Our recently completed VBA BankPAC campaign saw several new banks participate and others who increased their contri-bution levels.

The results of those efforts are obvious. Our General Assembly session saw the failure of several harmful foreclosure bills. While the final outcome on interchange in the Senate was disap-pointing, those contacts to our Senators made a difference in securing both their votes in support of our industry.

There is much to be proud of as we look back over our past progress, but as Churchill’s quote un-derscores, we must use our past as we plan for the future. Several VBA boards and our staff recently undertook a review and update of our strategic priorities and goals (see Bruce’s column). One of the overwhelming areas that we will continue to work in and enhance is the legislative and regula-tory engagement by bankers. The statistics above are great, but in order to achieve future success, we must continue to do better. Even when times are tough, we must, collectively as an industry and in-dividually, push ourselves to be active in shaping our future. We hope you commit to taking advan-tage of upcoming events with elected officials and regulators, identifying a grassroots coordinator in your bank and expanding your BankPAC partici-pation. Here at the VBA, we will seek out different ways for you to be engaged but we need your ac-tive participation to make them a success.

Another of Churchill’s great insights was “to im-prove is to change; to be perfect is to have changed often.” Moving forward together, the VBA will learn from our past and continue to change as we seek to improve our advocacy on behalf of our members, always striving for perfection.

Matt Bruning Director of

Government Relations,

Virginia BankersAssociation

Matt Bruning can be reached by email at [email protected].

UpdateLegislative


Pushing the Pendulum

I r e c e n t l y

had the

c h a n c e

to speak

before bankers

gathered at

ABA’s annual

R e g u l a t o r y

C o m p l i a n c e

Conference here

in Washington.

One take-away

for me is how

very well served

your banks

are by these dedicated and professional

compliance officers.

A second take-away is that compliance

is an essential function within any bank.

There are four legs that support the

modern bank business model: management

and employees; products and services;

marketing; and compliance. Each element

supports and is necessary to the others.

The serious focus on regulatory is not

without reason, considering the extreme

swing of the regulatory pendulum that

we’ve seen in the aftermath of the financial

crisis and the passage of the Dodd-

Frank Act.

However, when regulations get in the

way of your bank’s ability to serve your

customers and grow your communities,

things have clearly gone too far. I’ve heard

that frustration expressed by many of you

during my visits with you at state bankers

associations around the country. You want

to do the right thing, but the regulatory

environment – the overall burden, the

overkill and overzealous examiners – is

blocking your path forward.

We’ve got to work together to change that.

In a perfect world, the banking industry

would have an equal partnership with its

regulators, who would be more vested in

seeing banks succeed than writing them up

on items where they’ve failed.

The truth is that the regulatory culture

has to change. It’s a big challenge, but we

have to begin moving towards that goal.

How? It starts with being involved.

As I told the bankers at our Regulatory

Compliance Conference, it’s important for

bank CEOs to listen to their compliance

staff members, and learn what is and isn’t

working in their institutions. CEOs need

to share this information with their state

associations and ABA. (You might want to

join ABA’s Open Compliance Committee,

which “meets” every other month by

regularly scheduled conference call. You

can learn more about this committee on

aba.com.)

This way, when we meet with regulators

and lawmakers, we can continue to

effectively present the industry’s case by

providing credible, real-world examples

and anecdotes. These are things that will

be remembered by policy-makers.

Ask for your staff members’ input and

let us know what you’ve learned. Together,

we can begin moving the regulatory

pendulum back into equilibrium.

Gov. Frank Keating can be reached by email

at [email protected].

Frank Keating President and CEO,

American Bankers Association

UpdateWashington

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VBA Welcomes Mel Tull as General Counsel

I am pleased to announce that Mel Tull joined the Virginia Bankers Association as general counsel on June 1. We are very excited to have

him on the VBA team and he will be a great addi-tion. Mel recently sat down with me to discuss his background, the VBA, and the banking industry.

Mel, tell us a little bit about yourself.I grew up in the Maryland suburbs of Washing-

ton D.C. and have lived in Virginia for the last 24 years. I graduated from Virginia Tech in 1991 with a degree in accounting. I lived in Northern Virginia for several years after that while working for a ma-jor accounting firm. I then moved to Charlottesville to attend law school at the University of Virginia. After graduating from UVA in 1997, I joined the Richmond office of the law firm Hunton & Williams, where I worked for the last 14 years. I currently live in the Short Pump area of Richmond with my wife, Annemarie, and our three children.

Tell us more about your practice at Hunton & Williams.

As a partner on the corporate and securities team, my practice focused on many different busi-ness, financial and transactional legal matters. For example, I assisted a public insurance company with its initial public offering of common stock, the proceeds from which were used to acquire what became its primary insurance subsidiary. I was the general outside counsel for that company for several years, helping them with SEC reporting, corporate governance, commercial contracts and additional financings. Finally, as the U.S. economy slipped into the recent recession, I represented them in the sale of the corporation to a much larger insur-ance company.

What from your recent experiences will you bring with you as you start your new role at the Virginia Bankers Association?

My general corporate law background will be useful as I provide advice to the board of directors and management of the VBA and its for-profit sub-sidiaries and affiliates – VBA Benefits Corporation, VBA Management Services, Inc., Bankers Insurance, L.L.C. and Bankers Title, L.L.C., among others – on day-to-day legal matters. My mergers and acquisi-tions experience will be beneficial should any of the for-profit entities elect to grow through acquisitions. Most importantly, I look forward to delivering the same high-quality service to VBA member banks on a wide range of legal and regulatory issues.

What do you look forward to the most about working at the Virginia Bankers Association?

For many years now, I have worked with compa-nies as they struggled to comprehend and comply with a myriad of complex government regulations. I have seen firsthand the burdens and costs this im-poses on for-profit companies. I am most looking forward to the opportunity to proactively influence the legislative process as an advocate for the bank-ing community to advance sensible regulations that promote stable financial markets in which banks can efficiently and profitably provide affordable finan-cial services to individuals and businesses in our communities.

Last year you participated in the LEAD Virginia program. Tell us about that experience and its rel-evance to the Virginia Bankers Association.

LEAD Virginia is a non-partisan organization

Bruce Whitehurst President & CEO,Virginia Bankers Association

Mel Tull can be reached by email at [email protected].

LineLegal

Continued on page 17

Meet the VBA’s new general counsel, Mel Tull


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3526 Mayland Ct.Richmond, VA 23233Phone: (804) 747-5924Fax: (804) 747-5926Website: www.cumminsallison.comCONTACT: MARK RUTKAVirginia Branch ManagerEmail: [email protected]

Cummins is a designer, manufacturer and distributor of innovative and reliable coin and currency handling solutions. The Cummins focus on design excellence began with the company’s creation in 1887, and the introduction of a perforator that revolutionized the banking industry. Tried and proven in the largest and smallest operations, Cummins coin and currency equipment is known for unmatched features, great ease of use and reliability. Their dedication to excellence has made Cummins the industry leader; designing, engineering, manufacturing and servicing the fastest, most reliable and accurate currency handling solutions in the world.

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38 Fountain Square PlazaCincinnati, OHPhone: (678) 886-3934Website: www.ftpsllc.com

CONTACT: AARON CAFFEYBusiness Development ExecutiveEmail: [email protected]

For four decades, Fifth Third Processing Solutions has been a pioneer in providing secure electronic payments and credit/debit card processing services. They connect businesses and financial institutions, regardless of size, with premier payment acceptance services. Partnering with nearly 170,000 merchant locations and 3,000 banks and credit unions, they are uniquely qualified to help with your payment processing needs.

CONSULTING & TRAINING, OFFICE SYSTEMS AND PRINTINGEXPENSE REDUCTION SERVICES INC.

15833 Spyglass Hill LoopGainesville, VA 20155Phone: (703) 753-5825Fax: (703) 753-5826Website: www.erservices.comCONTACT: MATTHEW STREETVice PresidentEmail: [email protected]

Expense Reduction Services, Inc. has been helping financial institutions find hidden costs in their overhead and operating back office expenses since 1993. They work on a contingency fee so they only get paid if they find you savings. Their mission is to find creative solutions to reduce expenses and improve your bottom line.

CREDIT & LENDING RESOURCES, FUNDING & CAPITAL SOURCESREDCO 504

406 Princess Anne St.Fredericksburg, VA 22401Phone: (540) 373-2897Fax: (540) 899-4808Website: www.redco504.orgCONTACT: JEFF ROUSE, SR. Business Development OfficerEmail: [email protected]

REDCO 504 is a full-service provider of SBA 504 Loans to businesses for the purchase of owner occupied real estate or machinery/equipment. 504 Loans finance up to 40 percent of the purchase price with a 20-year, fixed interest loan.

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VBA Welcomes Bill Couper, Chairman of the Board

TELL US A LITTLE BIT ABOUT YOURSELF.

HOW DID YOU BECOME A BANKER?

At the University of Virginia, once I realized

that I wasn’t going to be a chemistry major, I

started pursuing a degree in finance. I had begun

to think about a career in banking when I worked

with a local banker on my thesis for graduation.

That crystallized my thinking around the

industry, but first I had to serve four years in the

Navy. By the time I was discharged, I was ready

to get my career started.

William Couper, Bank of America, N.A., was elected the new chairman of the

Virginia Bankers Association on June 21, 2011, serving a one-year term and

succeeding Charles H. Majors, American National Bank & Trust Company.

The VBA welcomes Bill, and we invite you to learn a little more about our

new chairman.

WHAT ARE SOME OF THE MOST SIGNIFICANT

CHANGES IN THE BANKING INDUSTRY YOU HAVE

WITNESSED SINCE YOU EMBARKED ON YOUR CAREER?

Where to start? When I began in 1972, the industry

operated under a regulatory structure that had been in place

and unchanged since the Depression. You had to come to a

commercial bank to get a checking account, savings and loans

could pay ¼ percent more on passbook accounts and that was

capped at 5¼ percent, Glass-Steagall was an impassable barrier

between banks and investment banks, and interstate branching

was prohibited. My original company was limited to the

District of Columbia and couldn’t offer a credit card because of

D.C. usury laws. There were no ATM networks, online bill pay,

or mobile banking; computers were massive things that existed

only in specially-built facilities. It’s pretty clear that all of that

has changed.

WHAT ARE SOME OF THE MOST

IMPORTANT THINGS YOU’VE

LEARNED ABOUT BANKING OVER

THE YEARS?

As the (ancient) Greeks are reported

to have said, “moderation in all things.”

With all the changes over the years, the

fundamentals are still the same. Treat

your customers well, control your costs

and credit quality, and things work out.

HOW LONG HAVE YOU BEEN

INVOLVED WITH THE VBA, AND WHAT IMPACT HAS

THIS INVOLVEMENT HAD ON YOUR BUSINESS AND

CAREER AS A BANKER?

I actually came to the VBA relatively late. I was named

president of the Mid-Atlantic region for Bank of America in 2005

and joined the board at that time. My involvement has given me

a solid statewide view of the environment in Virginia –

both economically and politically. And my involvement in the

national legislative process has increased considerably.

IN YOUR VIEW, WHAT IS THE ROLE OF THE VBA AND

HOW DOES IT BEST SERVE ITS MEMBER BANKS?

The VBA recognizes that its members have diverse needs

and interests, and does a great job of meeting the needs and

harmonizing the interests. All member banks have a common

interest in the business climate and regulatory burden, but

depending on size, geography, and business model, we might

use the broad array of products and services differently. As

is so often the case, what you get out of the VBA depends on

what you put into it.

WHAT DO YOU HOPE TO BRING TO THE ASSOCIATION

DURING YOUR TIME AS CHAIRMAN? WHAT ARE YOUR

GOALS FOR THE COMING YEAR?

I hope to play a role in helping the industry navigate the

rapidly changing environment. Clearly the recent financial

crisis made the case for change, but there is a lot to be

concerned about in some of the 2,000-plus pages of the Dodd-

Frank bill.

WHAT ARE YOU LOOKING FORWARD TO THE MOST

AS VBA CHAIRMAN?

I have thoroughly enjoyed the interaction with my fellow

bankers and look forward to continuing that over the next year.

VBA President and CEO Bruce Whitehurst and I have blocked

out some time to visit members in their offices to get views

firsthand.

ECONOMISTS ARE PREDICTING

THE ECONOMY COULD PICK UP

OVER THE NEXT YEAR. WHAT

ROLE DO BANKS HAVE IN THE

ECONOMIC DEVELOPMENT OF

COMMUNITIES?

Here’s hoping those economists

are right. But banks are very

dependent on the economic vitality

of the communities that they serve,

and we all understand that. It’s no

surprise that bankers can usually be

found actively engaged in the local and state-wide economic

development organizations, whether they are chambers of

commerce or economic development authorities.

WHAT IS ONE PIECE OF ADVICE YOU WOULD GIVE TO

SOMEONE ENTERING THE BANKING INDUSTRY?

A couple of years ago my daughter joined another member

bank, and I had lots of fatherly advice for her: learn all she

can about the industry, not just the part of it she’s working in

right now, and be ready for the changes that are sure to come

and create opportunity for her. She had a great education and

that got her in the door, but many other factors will determine

whether she advances. And I suggested that she get her

company to send her to the VBA Bank School, where she’s now

in her second year.

TELL US SOMETHING ABOUT YOURSELF THAT

WOULD SURPRISE YOUR FELLOW BANKERS.

As I mentioned earlier, between college and my banking

career, I spent four years in the Navy. In its wisdom, the Navy

decided I would make a fine Portuguese linguist.


WHAT DO YOU SEE AS YOUR

BIGGEST CHALLENGE IN YOUR FIRST

YEAR AS CHAIRMAN OF THE VBA?

There are so many uncertainties in the

environment and it is hard to predict the

impacts on the industry. Because the VBA

exists to serve its members, it will have to

be nimble in order to respond to whatever

changes develop.


The VBA’s 118th Annual Conven-tion took place June 19-22 at the Greenbrier in White Sulphur

Springs, WV. With the changes made to the Greenbrier, our Convention pro-gram, and the banking industry, we thought it appropriate to theme our Convention after the popular Bob Dylan song, “The Times They Are A-Changin’.”

This year, in addition to our normal programming, we changed our agenda to include two more power breakfasts in order to offer our attendees a total line-up of four options. Sponsored by PNC Capital Markets, Wolf & Company, P.C./Witt Mares, PLC, Virginia Commercial Fi-nance (VCF), and ANOVA Financial Cor-poration, these breakfasts gave bankers an additional opportunity to learn more about important industry issues and how these companies can provide solutions.

We also added even more speakers to our business sessions. In addition to the President’s Report, the Chairman’s Report, and the BankPAC report from Bruce Whitehurst, Charley Majors, and Chris Bergstrom respectively, we had six speakers address the over 300 mem-bers of the audience to discuss our bank-ing industry and the changes that are to come our way. On Monday, Robert J.

Morgan, managing director and princi-pal of Austin Associates, spoke on “Bank-ing: What Am I Doing in this Business?,” followed by David L. Sokol, president of SKL Investment Corporation, who gave “A View on Banking and the Economy.” Speaker of the Virginia House of Del-egates William J. Howell emphasized the importance of bankers contacting their legislators, and Gov. Frank Keating, pres-ident and CEO of the American Bankers Association, discussed “Banking Legisla-tive and Regulatory Priorities.”

On Tuesday, David Pearce Snyder, strategic forecaster and life styles editor of The Futurist gave his presentation on “Four Strategies for Consumer Bank-ing.” Lastly, our keynote speaker, John Hope Bryant, a philanthropic entrepre-neur, presented “Rethinking Everything: Financial Literacy, Silver Rights and Empowered Individuals,” and implored bankers to get involved with financial literacy.

An additional change to our agenda came in the form of our newest event, the VBA Silent Auction. The event con-cluded with a live auction portion con-ducted by sponsor Tranzon Fox, and all proceeds from the auction were contrib-uted to VBA’s BankPAC. Thanks to all the

The Times They are A-Changin’,and the Annual Convention Helps Bankers Prepare

1 Charley Majors welcomes Jim Justice, owner of the Greenbrier, to the VBA’s Silent Auction.

2 Gov. Frank Keating came from Washington, D.C. to address attendees on the importance of our government relations efforts and told Virginia bankers to keep up the good work.

3 Keynote speaker John Hope Bryant encouraged bankers to make a difference in their communities by getting involved with financial literacy efforts.

4 Convention attendees were treated to a surprise performance by The Three Waiters, who dressed as Greenbrier waiters and shocked the audience by suddenly beginning to sing opera songs.

5 Over 450 bankers, associate members and guests attended the Convention this year.

6 Charley Majors watches as Lisa Couper pins her husband, William Couper, chairman of the Virginia Bankers Association.

7 Newly installed Chairman-Elect Jeff Szyperski, and Ann Rodman Shook enjoy the fun of The Three Waiters’ performance.

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attendees, who helped us raise almost $12,000 for our BankPAC campaign!

As our 2010-2011 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 banquet and dinner for the installation

of the new VBA chairman and chairman-elect. The VBA is pleased to announce and welcome William Couper, mid-Atlantic president of Bank of America, N.A., as the 2011-2012 VBA Chairman, and Jeffrey M. Szyperski, chairman, pres-ident and CEO of Chesapeake Bank, as the new chairman-elect.

Thanks to everyone who attended this year’s event. The times they are a-changin’ indeed, but one thing that won’t change is the VBA’s effort to provide our bank members with the all that we pos-sibly can. We hope to see you on June 17-20 in Hot Springs, Virginia, for the 119th Annual Convention.

5

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The third Tuesday in March was

declared Bank Day in Virginia by

the Virginia General Assembly in

1991. 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 ex-

perience 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 Communi-

ty,” and seven scholarships (six regional

and one statewide) are awarded on the

basis of the essays.

This year, Bank Day took place on

Tuesday, March 15, and was sponsored

by the VBA Education Foundation and

the VBA Leadership Division.

The six regional winners received

$1,000 regional scholarships and were

entered to win an additional statewide

scholarship.

We are also happy to announce that

our Hampton Roads/Tidewater Re-

gional winner, Morgan Pate, was chosen

as the statewide winner and received an

additional $2,000 scholarship. Congratu-

lations to Morgan and all the regional

winners of the program. A special thanks

as well to the over 100 students who par-

ticipated and the 23 Virginia banks who

hosted them!

Next year, Bank Day will take place on

March 21. Please contact Chandler

Dewey at [email protected] to

participate.

Congratulations to the Winners of the Bank Day Scholarship Program!

Regional WinnersCapital Region

Margaret Scribe, Chesapeake Bank

Central/Southside Region

Erin Fothergill, StellarOne

Hampton Roads/Tidewater Region

Morgan Pate, Old Point National Bank*

Northern Virginia Region

Hailey Zurschmeide, Capital One

Southwest Virginia Region

Victor Scott, First Community Bank

Valley Region

Jacob Bailey, StellarOne

*Statewide winner

1 The VBA’s Chandler Dewey (left) attended Cave Spring High School’s awards program on May 24 to award Erin Fothergill her scholarship certificate.

2 Chesapeake Bank employees Cathy Mise and John O’Shaughnessy presented Maggie Scribe with her scholarship at Mathews High School on May 26.

3 On May 27, Vicki Mays from First Community Bank was present for the senior class awards ceremony for Victor Scott at the Graham High School Auditorium.

4 Sherri Hull, StellarOne, was on hand at Wilson Memorial High School for Jake Bailey’s awards ceremony on May 31.

5 Lisa Korpella, Capital One, and Eddie Desch, VBA, presented Hailey Zurschmeide with her award on June 9 at Loudon Valley High School.

6 Rann Paynter (VBA), Kelly Winn Johnson (Old Point National Bank) and Bobbi Mason (Old Point National Bank) surprised Morgan Pate (second from left) with the announcement of her statewide win at her awards ceremony on June 9.

1 4

2 5

3 6


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that brings together leaders in business, government and non-profits from across Virginia to study the regional differences, opportunities and challenges facing the commonwealth of Virginia. Each month, my 45 classmates and I spent three days visiting a different region of our common-wealth, meeting local business, govern-ment and community leaders, discuss-ing local economic and social issues and immersing ourselves in the local culture. Across Virginia, each region is unique, which translates into different needs for banks serving those areas. This statewide regional perspective will enable me to better understand these needs and assist banks all across Virginia, particularly com-munity banks serving local communities.

Are you involved in any other organi-zations or extracurricular activities?

In recent years, I have served on boards and committees of several non-profit charitable organizations that are focused on health and children’s issues, includ-ing the Leukemia & Lymphoma Society, the Sickle Cell Association of Richmond, and the Richmond Hope Foundation. I re-cently joined the Children’s Home Society of Virginia, a non-profit adoption agency, as a member of its board of directors and its treasurer. My family and I are members of Trinity United Methodist Church. I be-lieve deeply in devoting a portion of my time and talents to community service and helping others in need.

What is one thing readers would be surprised to learn about you?

While I enjoy a casual round of golf when I can fit it in among all of my kids’ activities, my true athletic passion these days is triathlons. I recently completed a half-ironman triathlon and aspire to someday complete a full ironman dis-tance event.

Anything else?For his years of dedicated service to the

VBA as general counsel, Jay Spruill has earned the respect and admiration of many in the banking industry. I would like to thank Jay for his advice and counsel as I have transitioned into this new role.

Continued from page 10


What’s Really Under the Hood of Health Care Reform?By Roxanne SheppardChief Operating Officer,VBA Benefits Corporation My counterpart in South Dako-

ta recently wrote an article for a state banking magazine that

outlined the health care reform mandates that went into effect in the first year of the legislation – a total of 25! What he didn’t cover in his article is that over the next few years there will be another 63 man-dates, for a total of 88 provisions to be implemented between 2010 and 2014, as a result of this overreaching legislation.

Everyone is now familiar with the pro-visions that affect employee benefits (al-though some of these may be waived or have delayed effective dates for grandfa-thered plans):• The option to provide medical cover-

age for adult children up to age 26 re-gardless of student or marital status.

• Unlimited lifetime maximums on

insurance coverage.• Covering preventive screenings with-

out co-pays and co-insurance in when received network, and expanding the list of medical services that are in-cluded in the definition of preventive screenings.

• The elimination of annual dollar lim-its on certain benefits.

• Eliminating pre-existing condition ex-clusions for children under age 19.

• No longer requiring prior authoriza-tion for emergency services required while out of network.

• Eliminating pre-tax reimbursements from health accounts (FSAs, HSAs, and HRAs) for non-prescribed over the counter medicines.

• Increasing the tax on non-qualified HSA withdrawals from 10 to 20 percent.

www.vabankers.org July/August 2011 | Virginia Banking 19

Most folks in the employee benefits in-dustry believe that now that these provi-sions have been enacted, they will not be rescinded.

So this list accounts for eight provi-sions. What are the other 80 all about and who’s going to pay for them?

Almost 40 of the provisions relate to Medicare and Medicaid programs. Many of these have to do with improving the care given and cost structure of how pay-ments are handled within these systems. All noble endeavors; however, when it comes to who is going to pay for the majority of these changes, it will be the American taxpayer.

There are 15 or so provisions that are a hodge podge of items relating to pub-lic health policy including establishing a Prevention and Public Health Fund, and also a new prevention council; funding a project to review the clinical effects of certain medical treatments; a project to study the effect of medical malpractice on tort actions; developing a national quality strategy for health care; develop-ing standards for financial disclosures between health entities, and so on and so forth. Again, all noble causes, but many,

it seems to me, will have to be funded through additional taxes.

Twenty-some provisions relate to how health insurance will be handled by the insurance carriers. These include panels to review health insurance costs and pre-mium increases, funding to provide ad-ditional consumer information and guar-anteed availability of coverage, and all of the work the states will be required to do to establish the insurance exchanges for 2014. Some of these provisions include imposing additional fees on the health in-surance sector and on the pharmaceutical manufacturing sector. My guess is that employers and individuals will all ex-perience higher costs for their insurance coverage as a result of these additional requirements on the insurance industry.

And how do individuals and employ-ers fare in these health care reform pro-visions? U.S. citizens will be required to have insurance coverage beginning in 2014 or experience a tax penalty (the legality of which is being contested by some states, including Virginia), and those earning more than $200,000 (or $250,000 for married couples) will experi-ence a payroll tax increase of 0.9 percent as

a component of FICA tax in 2013. Employ-ers will be required to report the value of employer sponsored health coverage on W-2s starting in 2012, and in 2013 will be required to limit the amount allowed in a health care FSA to $2,500. Then, in 2014, employers with 50 or more eligible em-ployees will be required to offer essential health insurance coverage or be penalized at least $2,000 per employee if they don’t offer coverage. The icing on the cake is the excise tax on employer-sponsored “Ca-dillac plans” that will be implemented in 2018. The good news is that for now, small employers with fewer than 25 employees, may be eligible for a small business tax credit for offering health insurance cov-erage, and may be eligible for a grant for establishing a wellness program.

So it seems as though Medicare and Medicaid are the big winners in this leg-islation, and for the most part, employers will get additional taxation, reporting and disclosure requirements. So I echo the sentiments of my South Dakota coun-terpart – when your congressional repre-sentative wants to know what’s on your mind, tell them to work on repealing the health care reform legislation.

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The federal emphasis on fair housing is serious and potentially expensive for banks whose fair lending programs fail to pass muster.

A recent complaint and agreed order with Citizens Republic Bancorp, Inc. (CRBC) and its Citizens Bank subsidiary, filed in late spring by the U.S. Department of Justice, is the most recent indication that fair lend-ing continues to receive intensive scrutiny during ex-aminations – and strict enforcement.

The best way for VBA members to avoid a similar fate is to learn from the Citizens’ experience and man-age their fair lending programs effectively.

The complaint alleged violations of the Fair Hous-ing Act and Equal Credit Opportunity Act because CRBC and Citizens Bank failed to provide home mortgage lending services in the Detroit, Mich., met-ropolitan area to the residents of majority African-American neighborhoods on an equal basis as those services that were provided to residents of predomi-nantly white neighborhoods.

The complaint alleged that the bank’s policies and practices intended, or had the effect, to discourage or deny residents of majority African-American census tracts an equal opportunity to obtain residential real estate loans.

CRBC acquired its fair lending problems when it acquired Republic Bank in 2007. The complaint stated that Republic Bank had effectively redlined the city.

According to the complaint, the bank’s branch expan-sion was race-based, with branch locations designed to serve the banking and credit needs of majority white areas. Republic’s four branch offices in Wayne County were located in majority white tracts outside the city of Detroit. Citizens’ one office in Wayne County is in a majority white suburban location.

The bank’s penetration of majority African-Ameri-can tracts in the Detroit metropolitan area was signifi-cantly less than comparable lenders. The complaint stated that there was “statistically significant” failure to provide loan services to and draw applications from majority African-American tracts. (In 2010, the bank revised its CRA assessment area to include all of Wayne County and the city of Detroit.)

THE SETTLEMENTThe agreed order to settle the allegations brought

by the Department of Justice requires CRBC and Citizens Bank to:

• Include Wayne County and the city of Detroit in its assessment area.

• Provide fair lending training to all employees, in-cluding independent contractors, with significant involvement in residential lending.

• Open a loan production office in an African-Amer-ican neighborhood in the city of Detroit and hire two community lenders.

• Invest in the formerly redlined majority African-American areas of Wayne County by providing $1.5 million in a special financing program.

• In partnership with the city of Detroit, provide $1.625 million in matching grants of up to $5,000 to existing homeowners for exterior improvements in targeted project areas, to stabilize and revitalize those neighborhoods.

• Devote $100,000 annually for five years to advertis-ing, marketing and consumer financial education targeting those areas. Advertising in at least one African-American oriented print medium and on two African-American oriented radio stations also is required.

• Provide a minimum of four outreach programs an-nually to real estate brokers, agents and other enti-ties in real estate related businesses.

The order is similar to the 2006 consent order against Centier Bank which alleged discrimination on the basis of race and national origin as the bank avoid-ed serving the lending and credit needs of majority racial minority neighborhoods in Gary, East Chicago and Hammond, Ind. Centier Bank had significantly expanded its branch network, but few of its offices were in majority racial minority census tracts.

WHAT VBA MEMBERS SHOULD DOThere are steps VBA members can take to minimize

their fair lending risk. For example:• Effective fair lending risk management should

include reviews of your lending policies and pro-cedures, including servicing, modifications and foreclosures.

• Analyses of area demographics and your bank’s lending performance to prohibited basis group ap-plicants and in minority areas are essential items to review.

• A comparison of your bank’s applications, origi-nations and denied applications with the perfor-

Federal Fair Housing Emphasis: Serious, Potentially Costly

By Donna Rakes and Jim Dray Thomas

Compliance Associates, Inc.

CornerCompliance


mance of other lenders in the area is equally essential.

• If your bank is acquiring another insti-tution, a review of that bank’s lending distribution, both by geography and by borrower income, as well as lending to minorities, should be part of the due diligence process.

A fair lending risk assessment should address issues that either continue to be, or have emerged, as the focus of fair lending examinations. These issues include:• Required signatures of co-borrowers on

consumer and commercial loans. Have policies and procedures on required signatures, especially for commercial loans.

• Ordering joint credit reports for mar-ried applicants, but individual credit reports for unmarried co-applicants. The practice is considered discrimina-tory.

• Consideration of income for married and unmarried applicants. The income and debts of all applicants should be combined when calculating debt ratios. The treatment of nontaxable income should be stated in written loan policies and procedures, and be consistently ap-plied in practice.

• Marketing and other outreach efforts should extend to the entire community. If there are significant racial or other protected group minority populations, banks should consider print and broad-cast media directed to those popula-tions.

Outreach efforts should include call pro-grams to real estate agents and others serv-ing majority racial minority areas; partner-ships with churches, schools and other social organizations to sponsor financial literacy and/or home ownership counsel-ing sessions; and involvement of manage-ment and staff in nonprofit organizations serving the majority racial minority com-munities.• Discretionary underwriting and pricing

authority should be strictly controlled or eliminated.

• A second review process should be in

place to review denied loan applications for compliance with fair lending laws.

• Fair lending training provided to all staff, including the board of directors.

• Complaints filed with your regulator and the Department of Justice alleging fair lending violations should be inves-tigated and promptly resolved.

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

It’s only a sampling, but look what’s in the compliance services package TCA provides VBA member banks:

• Hands-on help, with scheduled on-site audits.• Timely, accurate information about compliance issues and trends.• Advice about how to meet federal compliance requirements.• An e-newsletter heads-up when the rules change.• Access to the TCA compliance professionals, the people who make TCA the

most respected source of compliance information and assistance in banking.

Whether your need is BSA/AML, IT vulnerability scans and web site security reviews, or training that keeps your staff — and directors — up-to-date, TCA is your Compliance Advantage.

Call us . . . today . . . to learn more. 1-800-934 -7347.

Thomas Compliance Associates, Inc.2846 N. Mildred Avenue, Suite 150Chicago, Illinois 606571-800-934-7347

www.tcaregs.com


MoveBankers on the

Jenkins Leiby Rodriguez Owens Ramsey Waller Boyd Byers

environment – albeit without Dodd-Frank promulgation hanging over our heads – and we found the survey to be helpful to-ward restoring a more balanced regulatory climate. Our expectation is that the RFI, which will be so much more robust and powerful than the one I just described from nearly two decades ago, will make an im-pact in this most important area.

As to the RFI and VBA’s top strategic priorities:• Action on regulatory compliance: check.• Communication to and about the bank-

ing industry: check.• Products and services excellence and in-

novation: check.

We will continue to focus on how we can meet these priorities in various ways to benefit our member banks.

Please participate in this important new initiative and please contact the VBA’s Richard Owen at [email protected] or 804-819-4715 with any questions.

Continued from page 5

Benchmark Community BankSusan Jenkins, Relationship Banker

Cardinal BankGregory Cartrette, Assistant Vice

President, Wealth ManagementBradford K. Leiby, Vice President and

Banking Center ManagerJose A. Rodriguez II, Vice President and

Banking Center ManagerQuentin Roos, Assistant Vice President,

Wealth ManagementShannon Owens, Assistant Vice President,

Branch Manager

National Bankshares, Inc.Lara E. Ramsey, Senior Vice President,

Administration

Virginia Commerce BankSerena Bowen, Branch Officer and Branch

ManagerChristopher “Tony” Price, Vice President,

Commercial LendingGill H. Waller, Senior Vice President of

Government Contract Lending

Virginia Commonwealth BankC. Rodes “Dusty” Boyd, Executive Vice

President and Chief Credit Officer

Virginia Community BankWilliam Byers, Senior Vice President and

Chief Lending Officer

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