FDIC-insured banks that do not meet the criteria for regular membership and are offering correspondent banking services in the State of Texas may be deemed “Correspondent Associates.” Applicants for Correspondent Associate membership must complete an application form, providing adequate references, which must be approved by a majority vote of the IBAT Board of Directors or the Executive Committee acting for the Board.
Correspondent Associate membership has certain limitations. Such members and their officers and employees may not hold elective office, vote generally for the Board of Directors or officers of the association, or vote on provisions relating to articles, bylaws, or governing resolutions. Correspondent Associates may not hold themselves out as “regular” members of the association. Correspondent Associates may also be prohibited from participating in certain activities of the Association, including the development of and advocacy for public policy positions of the Association, as determined by the IBAT Board of Directors.
Other than the limitations described above, Correspondent Associates shall be entitled to the following rights and privileges of membership in the association: the right to receive member-only discounts from endorsed service providers, on educational programs and at the annual convention and any trade show sponsored by the association.
Annual dues for Correspondent Associates are set at 80% of the current dues level of member banks (see Dues Policy).