IBAT's Bottom Line March 2, 2009
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Immediate Action Requested
Recognizing the importance of correspondent accounts and the desire for interest earnings, IBAT initiated personal meetings with decision makers at the Dallas Fed. In addition, the association filed a supportive comment letter that acknowledges the important move that the Fed has taken by amending Reg D to permit the pass through of interest on EBAs. At the same time, IBAT reminded the Fed that most community banks have more than one correspondent bank relationship, and therefore it would be appropriate to permit more than one EBA. Read our electronically filed comment.
All IBAT Members should file an electronic comment today with the Federal Reserve as the deadline for comments is Monday, March 2. Simply click here now to weigh in on this important issue to ensure that community bank liquidity lines through correspondent bank relationships are preserved.
IBAT Capitol Report
Special Update!As you have likely heard, the FDIC announced today a proposal http://www.fdic.gov/news/news/press/2009/pr09030.html for a special assessment of 20 basis points, with the possibility of an additional 10 basis points on the banking industry. This is an interim rule, and comments will be accepted over the next 30 days. Please know that IBAT will be sending a strong comment letter (and will post a copy as well as instructions for filing your own letter), and will do whatever possible to mitigate the impact on community banks in Texas.
We have received a number of calls and emails from our membership, and share your concerns. While there is clearly stress in other parts of our nation in the community banking industry, the vast majority of the cause of this mess as well as the risk lies squarely at the feet of the "too-big-to-fail" banks and the irresponsible behavior of other sectors in the financial services business. While we understand the importance of a healthy FDIC fund, we find this particular solution to be wholly unacceptable. Community banks didn't profit from the excesses of the past, and shouldn't have to shoulder a pro-rata share of the costs to pay for others' bad behavior. It is time for community bankers to stand up for community banks. Stay tuned for additional information.
Read the Captiol Report.
IBAT Foundation
In Memory
Community bankers lost a powerful advocate and teacher last week. Corpus Christi banker and banking school lecturer Frank Adams passed away on February 14. A memorial fund in his honor has been established within the IBAT Foundation. Contributions will go toward Frank Adams recognition on the IBAT Wall of Heroes and Legends. For details, contact Mary Lange, mlange@ibat.org. Click here for a full obituary.
Legal Ease Question of the Week
Question: When we open accounts, loans, etc. are we required to verify or validate SSN’s?
To find out the answer, click here.
IBAT PAC Drive
You should have received a letter from IBAT this past week about the annual PAC Drive. Please help our community banking industry by conducting a PAC Drive with not only your board of directors, but your employees. To be entered in the drawing, we need:
1. Your board members to contribute a minimum of $100 to either the IBAT PAC or the IBAT FedPAC
2. Ask your employees to contribute to one of the two PACs. And remember, the sale of Dream Vacation tickets counts as a PAC Drive. Not only do your employees have an opportunity to contribute to the industry that provides their livelihood, they might also be in the Dream Vacation drawing during the IBAT Convention.
For more information, click here.
PAC Contribution Form
PAC Drive Drawing Information
On the Education Front
Operations Compliance Summit
April 7, 2009 - San Antonio, TX
More Information . . .
What you will learn:
- Best practices for security intrusion notification
- Tips for ID theft red flags
- HR refresher and veterans’ rights
- New liability for remotely created drafts
- Compliance with stolen check reporting
- BSA update
- New school depository requirements
IBAT's 35th Anniversary
1974 TV ShowsIn 1974, first-class postage stamps jumped from 8-cents to 10-cents. The last US troops left Vietnam and Richard Nixon resigned as President.
On March 22, 1974, an organizational directors meeting for an association for independent banks in Texas was called by Fred T. Brooks of Merchants State Bank in Dallas.
On July 17, 1974, an organizational meeting of the members was held at the Sheraton Hotel in Austin, Texas. There were 252 charter members of IBAT.
Many things have changed in our world since 1974, but the Independent Bankers Association of Texas is still looking out for the community banking industry. Thank you for helping us reach this milestone.
Now, it’s time to test your trivia expertise on popular television shows from 1974.
Match the show in Column A with the clue in Column B.
Column A | Column B 1. President Ford changed the time of a press conference so he wouldn’t miss his favorite television program 2. Modernized version of The Waltons 3. Show about a blue-collar worker and his family that became one of the most influential television shows in history 4. Star was once a fugitive…now a private eye 5. Who loves ya, baby? 6. Show’s main star went on to become famous movie director |
Answers:
A-4 (David Janssen starred in The Fugitive before becoming Harry O)
B-5 (Det. Kojak’s trademark catch-phrase)
C-6 (Ron Howard a.k.a. Richie Cunningham went on to direct Apollo 13 among others)
D-2 (Created by Earl Hamner who also created the Waltons)
E-1 (starred Angie Dickinson as Sgt. Pepper Anderson)
F-3 (Carroll O’Connor created the irascible Archie Bunker)
Solutions from Services
| Web Application Security: A Comprehensive Approach |
Texas Governor's Mansion Restoration
We Need Your Help
Thanks to all of the banks who have volunteered to collect donations for the Governor’s Mansion restoration project. IBAT members already helping in this effort include:
Amarillo National Bank
American Bank of Texas, Marble Falls
American National Bank, Gonzales
Citizens Bank, Claude
Citizens National Bank, Henderson
D'Hanis State Bank
First-Lockhart National Bank
First National Bank of Bastrop
First National Bank of Hico
First National Bank, Jasper
First National Bank, Quanah
First National Bank, Wichita Falls
First State Bank, Clute
First State Bank of Uvalde
Lakeside National Bank, Rockwall
Liberty National Bank, Paris
Menard National Bank
Mills County State Bank, Goldthwaite
Pioneer Bank, SSB, Dripping Springs
Round Top State Bank
Star Bank, Fort Worth
Texas Leadership Bank, Royse City
Statement Stuffers are also available. To view, click here: Governor's Mansion Statement Stuffers
For a complete Order Form with pricing, click here: Governor's Mansion Order Form
Read the: Governor's Mansion Press Release and the Governor's Mansion Fact Sheet.
The restoration drive runs through April 30. For additional information, call Mae Beth at 800.749.4228.
Baker Market Update
The US domestic economy’s downward momentum was reported to be even more severe than previously thought in the fourth quarter of 2008. Q4 GDP was originally clocked at - 3.8%... that was the preliminary number. Read More in the Baker Market Update.
Although this information has been obtained from sources, which we believe to be reliable, we do not guarantee its accuracy. This is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.
IBAT 17th Annual Congressional Visit
The Time to Act is NowNow is the time for community bankers to stand up and be counted in Washington! Amid the turmoil of the failure of many of the mega banks, we can draw a clear distinction for our congressmen between Wall Street and Main Street. But we can only convey this message by being united as we travel to Washington on May 12 to tell “our story.” We had a record-breaking attendance in 2008. Let’s break another record in 2009. There is no fee to attend. You just need to pay for your travel and hotel. Make sure your franchise is protected on Capitol Hill! Click HERE for more information. Sponsorship opportunities are also available!
Coming Soon
For a complete listing of upcoming events, CLICK HERE. Meanwhile, please mark your calendar for some of our key upcoming events.
Appraisals Summit
March 5 - Dallas
How to Create & Maintain a Sales Culture in a Community Bank Summit
March 18-19 - San Antonio
Congressional Visit
May 12-14 - Washington, D.C.
IBAT/SWACHA Bank on Boot Camp
June 2-3 - Austin
IBAT Leadership Conference
June 18-20 - San Antonio
IBAT 35th Annual Convention
October 10-13 - Westin La Cantera Resort, San Antonio