 The
Franklin Club | |
Contribute $100 or more to the our state PAC, you will become a member of the Franklin Club.
Everyone receives a Franklin Club lapel pin and recognition at IBANYS events. We're also adding a part of www.ibanys.net dedicated to Franklin Club members.
Click the link below.
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Upcoming IBANYS Events |
3/1/12 - Board of Directors Meeting, Albany- Snowed out! 3/22/12 - Regional Meeting, Catskill/Hudson Valley, Newburgh 3/26/12 - Enterprise Risk Management Program, Syracuse 3/29/12 - Regional Meeting, NYC/Long Island, TBD 4/19/12 - Compliance Conference, Albany 5/3/12 - Security Conference, Albany 5/17-18/12 - CFO Conference, Otesaga Resort, Cooperstown |
Click HERE to see all the upcoming IBANYS events!
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Inside IBANYS
February 29, 2012
Happy Leap Day!
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CFPB's Cordray hosts meeting with community bankers
By Dan Valente, IBANYS Director of Government Relations
Several IBANYS members recently took advantage of an invitation to meet with the newly appointed Director of the Consumer Financial Protection Bureau, Richard Cordray, and Deputy Director Raj Date in President Franklin D. Roosevelt's former New York City residence. IBANYS, in conjunction with ICBA, organized the meeting on short notice and was able to produce an impressive turnout. Those in attendance included IBANYS President and CEO Frank Capaldo; IBANYS Director of Government Relations Dan Valente; Peter Forrestel, President and CEO of the Bank of Akron; Chris Dowd, President and CEO of Ballston Spa National Bank; Douglas Manditch, Chairman and CEO of Empire National Bank; Eileen Bagnoli, President and CEO of Pioneer Savings Bank; ICBA Northeast Regional VP John Pettazzoni; Robert Rey, President and CEO of NVE Bank; Michael Vittorio, President and CEO of the First National Bank of Long Island; and Jill Sung, President of Abacus Federal Savings Bank.
IBANYS and other community bankers were given the opportunity to outline many of their concerns facing community banks, particularly in New York State. The conversation was frank and members displayed their passion and tenacity in describing their concerns.
Director Cordray reiterated to the group that community banking issues are essential to our economy and need to be addressed. He expressed his concern that community banks were being lumped-in with all financial institutions responsible for the current financial environment; all while stating that he understands that the community banking model had nothing at all to do with the financial meltdown . Cordray discussed the possibility of enacting a two-tiered regulation system in order to combat the ever-growing regulations and compliance issues. This would undoubtedly lessen the regulatory burden for community banks and IBANYS will continue to be a voice in support of a two-tiered system.
Mr. Date, however, appeared to be less in-tune with the needs of community banks, even stating that bank CEO's tend to be out of touch or "divorced" from compliance issues. IBANYS members were quick to set the record straight and passionately proclaimed the contrary. Those in attendance vehemently asserted that CEO's are indeed intimately involved with all issues of their institutions, especially compliance.
The meeting quickly wrapped up, but not before a commitment from all parties that the discussion needs to continue into the future. Director Cordray indicated that he would like the opportunity to conduct meetings with community bankers in the upstate region of New York State.We will keep you updated of any developments as they occur.
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IBANYS welcomes new Member Bank!
IBANYS continues to grow, and is pleased to introduce our newest Member Bank, Empire National Bank! The Islandia based bank is our fourth Member to come out of Long Island. With three locations, Empire National Bank prides itself on bringing customer service back to an area once served with many large, "impersonal" banks.
ENB Chairman and CEO Doug Manditch says, "At Empire, we have assembled a talented and experienced team of local commercial bankers to provide cutting edge service and products to fit all financial needs. Our team lives and works in the communities they service."
Please help IBANYS in welcoming Empire National Bank!
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Compliance Peer Group takes off, Government Relations Committee continues excellence
By Dan Valente, IBANYS Director of Government Relations The newly formed IBANYS Compliance Peer Group has held their first meeting via conference call. Approximately 20 members joined the conference call to discuss the future and direction of the group. The group's mission is to provide a forum for compliance officers to share  ideas and best practices, discuss compliance issues and network with peers who are facing similar issues. The group is comprised of mostly compliance officers; however any banker, regardless of title, who is responsible for, or takes part in their banks compliance matters are encouraged to participate. The peer group is headed by co-chairs Frank Sarratori, Senior Vice President, General Counsel, and Chief Compliance Officer of Pioneer Savings Bank in Troy, New York; and Hilde Neubauer, General Counsel and Compliance Officer of Alden State Bank. Prior to the conference call the members were polled to determine which compliance issues are most significantly affecting the manner in which their banks conduct business. The responses were overwhelming and the mounting and ever-changing regulations are stretching budgets thin for community banks all over the state. Staffs for compliance departments are in some cases outnumbering those responsible for lending. These kinds of situations are unsustainable and that is the reason the IBANYS formed the Compliance Peer Group. In addition to future conference calls and webinars, IBANYS will also be creating a secure, online discussion board for the members of the group to share ideas and communicate. The discussion board portal will be located on the IBANYS website (www.ibanys.net) much like the existing board established for CFO's. Finally, IBANYS will be hosting a Compliance Seminar on April 19, 2012 in the Albany-area. Information for this ¾ day event will be published soon. The seminar will highlight speakers and presenters on compliance issues and offer a unique opportunity for members to network with their peers. If you would like more information, or would like to join the Compliance Peer Group, please contact Dan Valente, IBANYS Director of Government Relations at 518-436-4646 or via email at danv@ibanys.net. Members of the Government Relations Committee continue to meet on a monthly basis. The GR committee is responsible for dictating the IBANYS state and federal legislative agendas, as well as raising and dispersing political action funds to the elected officials who best represent community banker's needs. 2012 has so far featured engagements with leaders in both the Senate and the Assembly, meetings with the NYS Department of Financial Services Superintendent Ben Lawsky, and also with newly appointed Director of the Consumer Financial Protection Bureau, Richard Cordray. IBANYS is on the map and elected officials are noticing the important services that community bankers provide for their communities. Bills are beginning to move through the legislature and IBANYS has issued memos supporting various initiatives including the CDARS program and the continued prohibition of credit unions receiving municipal deposits. IBANYS has also continues to issue memos opposing bills that add to the burdens of mounting regulations and compliance issues. IBANYS members need to reiterate that a one-size-fits-all approach to banking is not conducive to community banks. Steps need to be taken to ensure that the community banking model is sustainable in order to best serve our customers and the communities that we serve.
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What Financial Crisis? 4 Great Regional Banks With Rising Dividends
By Richard Bloch, 2/24/12, www.seekingalpha.com
A few days ago, I wrote an article about Jim Cramer's regional bank picks, which he published in his 2009 book, Getting Back To Even.
Those banks didn't do so well since Cramer issued those recommendations, so I thought I'd look to see if I could find any regional banks that not only survived the financial crisis, but actually thrived.
I set some pretty strict criteria:
- Current dividend yield of at least 3%
- A history of raising dividends even through the financial crisis
- Current share price higher than in January 2008
- Generally stable or rising earnings
I used the screener at YCharts.com and didn't find too many candidates. And although I screened for regional banks throughout the country, 3 of my 4 picks happen to be located in New York (with one in Virginia).
I suppose there are regional banks in the rest of the country that are doing well, but these 4 banks met my criteria and have an outstanding record of not only surviving the financial crisis, but thriving, If you owned these banks, you might not even know there was a banking crisis...
CLICK HERE to see which two IBANYS Member Banks were in the group of four!
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Washington Policy Summit Meeting set for April
We have been extended the opportunity from ICBA to attend the 2012 Washington Policy Summit, April 24-26.
In an attempt to encourage higher attendance to this event, ICBA has opened up registration and would like to invite community bankers from New York to attend. Because there is limited registration available, this is on a first-come, first-served basis. IBANYS would love to have as many Member Banks as possible attending.
You can have a look at the schedule of events here.
Remember: ICBA is limited in the number of people they can house at the Gaylord event rooms; once the convention department has registered the maximum number of attendees, registration will shut down. Interested in registering for the event? E-mail us!
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Why should you contribute to PAC?
If you haven't contributed to the New York State Independent Bankers Political Action Committee, what are you waiting for? Here's why you should contribute to PAC:
- You are helping to fund necessary political contributions that IBANYS alone cannot fund.
- Allows you to pool money together with those who have the same goals, and give to politicians whose views best support our needs.
- If you contribute at least $100, you'll join the Franklin Club, and get a really cool pin.
- Funds support political campaigns that support YOU, the Community Banker!
There has never been a greater time to support the PAC. If you'd like to contribute, e-mail Dan Valente, IBANYS Director of Government Relations.
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Frank J. Capaldo
President / CEO
Victoria Miller
Director of Administration & Membership
Erin Clark
Director of Communications, Development & Marketing
Dan Valente
Director of Government Relations
William Y. Crowell, III
Legislative Counsel
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