VACB Chairman 2014
Jeff Dick
Chairman, CEO,
and President
MainStreet Bank

Chairman's Letter

The Community Banker Magazine


Computer Services, Inc.

Community Bankers: Submit Your Comments on EGRPRA to ICBA

The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) require that regulations prescribed by the Federal Financial Institutions Examination Council, Office of the Comptroller of the Currency, FDIC and Federal Reserve System be reviewed by the agencies at least once every 10 years. The purpose of this review is to identify outdated, unnecessary or unduly burdensome regulations and to consider how to reduce regulatory burden on insured depository institutions while, at the same time, ensuring their safety and soundness and the safety and soundness of the financial system.

To facilitate this review, the agencies have divided their regulations into twelve subject-matter categories and will publish four requests for comment over a two-year period. The first request deals with three categories-Applications and Reporting, Powers and Activities and International Operations-and comments are due by Sept. 2, 2014. These three categories cover such things as branching, operating subsidiaries, fiduciary activities, investment in securities and bank premises, real estate lending, and the sale of insurance.

A full list of the regulations can be found in the charts that are included in the first request for comments. ICBA Supports this periodic review and is seeking member comments to EGRPRA. Submit comments here.

Make Your Plans Now to Attend the VACB Convention

All VACB Members are invited to attend the 37th Annual Convention & Trade Show at the beautiful Hilton Virginia Beach Oceanfront. This year's program is sure to be one of our best! We have a stellar line up of industry speakers and special guests for our Business Sessions, two wonderful off-site excursions, and entertainment that will be sure to please all!

We also have our trade show where our Associate Members will share their latest products, services and offerings with attendees. We are also holding our Deeper Dive sessions Monday afternoon and will again offer special pricing for a one-day Convention Pass for bankers who want to see what VACB is all about!

And if that isn't enough, there will be plenty of networking and fellowship opportunities with peers from all over! But wait...there's more...WE ARE AT THE BEACH!!! Please click HERE for all the Convention information. We look forward to seeing you at the beach for our Convention this October!!

Call To Action!
Take A Stand on Call Report Regulatory Burden.
[ Sign The Petition ]

As call report regulatory burden continues to grow, ICBA Chairman John Buhrmaster and ICBA President & CEO Cam Fine are urging community bank directors, employees and advocates to sign a petition supporting relief from these onerous and excessive quarterly requirements.

As part of ICBA's war on regulatory burden, a recent call report survey calls attention to the fact that the call report has grown to nearly 700 pages of instructions and 80 pages of forms that must be filed with the government every 90 days. It represents burgeoning regulatory overkill that is harming community banks and inhibiting economic growth in communities nationwide. ICBA's petition highlights the increasing complexity of the report and advocates for allowing highly rated, well-capitalized community banks to file a short-form call report twice each year.

VACB Member Banks Excel
Two Local Banks Make SNL Financial's List

For the past half-decade, only 20 banks in the United States have managed to reward investors with cumulative dividend growth of at least 30% and annual 2% increases, according to a recent report from SNL Financial.

A full ten percent (two!) of those banks are VACB Members - Chesapeake Bank of Kilmarnock and Blue Ridge Bank of Luray! Heartiest congratulations to Jeff Szyperski, Monte Layman and their fine teams.

Technology Pioneers
VACB Member Bank Joins Technology Co-op

Sandra K. Dudding, CEO of The Farmers Bank of Craig County joined forces with five other community bankers to form The Bankers Community Cooperative, a not-for-profit corporation that will be the first-ever member-owned and controlled co-op of a core banking system.

The co-op was formed when Waldorf Computer Systems, provider of BANCADO, a core banking system went looking for a buyer. The six community banks banded together to purchase the software and gain the rights to use its core processing software. Co-op organizers are hopeful that the new model will deliver major benefits to participating community banks. The most important benefit by being a low-cost provider, and helping our independent banks to stay independent.

As more banks join the co-op, member banks will have a greater influence over software developments and will ensure that developments reflect the needs of its member community banks.

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