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

Chairman's Letter

The Community Banker Magazine


Computer Services, Inc.

VACB / Williams Mullen 14th Annual Bankers Cup A Success
Rainy Day Didn't Keep Golfers Away!

Team Bank Design & Equipment won the 14th Annual Bankers Cup Golf Tournament held May 29 at the Spring Creek Golf Club. The team consisted of Bernie Barnhart, Robert Gabler, Joe King and Bill Sayre. Even though the weather was soggy, the golfers were ready for a fun day on the green!

Our Tournament couldn't be the success it was without the huge support of our Associate Members. A huge thank you goes to:
  • Williams Mullen
  • Federal Home Loan Bank of Atlanta
  • Vining Sparks, an endorsed provider of ICBA
  • Sentry Management
  • BFS Group
We would also like to thank our hole sponsors:
  • The Affinion Group
  • Bank Design & Equipment
  • Baskervill
  • DCMI Mid Atlantic
  • Davenport & Company
  • Dogwood Research
  • Fowler and Company
  • ICBA
  • Re$ubmitIt!
  • Secure Banking Solutions
  • Spotts Fain
  • Strategic Risk Associates
  • Terrapin Financial Services
Thank you to all who supported our tournament!!

VACB Bankers Engage Congress at ICBA Washington Policy Summit
VACB Bankers Get Face Time with Virginia Congressional Delegation

Eight community bankers from the Old Dominion recently joined 1,000 other community bankers from across the nation as part of the 2014 ICBA Washington Policy Summit. The Virginians enjoyed an engaging visit with Senator Tim Kaine, and also had productive visits with Congressmen Robert Hurt, Bob Goodlatte and Morgan Griffith. The group also met with staff for Sen. Warner and Reps. Wittman, Cantor, and Connolly. The primary focus of the bankers' advocacy was increasing the momentum for regulatory relief, primarily through requesting that members co-sponsor the major ICBA-backed bills on the topic: H.R. 1750 and S. 1349. Bankers were able to provide specific examples of inhibiting regulations in their banks and the solutions to those problems found in the CLEAR Act. Also on the legislative agenda, educating members and staff about the critical needs of community banks in the ongoing deliberations over GSE reform in particular, preserving access to the secondary market for community banks. Bankers also spoke to ending the unfair tax subsidies enjoyed by the credit unions and the Farm Credit System. The articulate group benefitted from its diversity men and women representing bank leadership, bank staff and directors, from banks of all sizes and locations across the Commonwealth. Also during the summit, bankers heard from Fed Chair Janet Yellen in her first address to an industry trade group following her confirmation. The group was also pleased to be the guest of the Federal Home Loan Bank of Atlanta for dinner one evening during the Summit. Each successful year broadens the foundation for the next year's efforts. VACB will be concentrating on adding more bankers, more directors, more key staff, and perhaps some major customers to its 2015 delegation.

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.

Tell Your Senators to Support Bill Delaying Flood Insurance Rate Hikes

ICBA continues calling on the nation's community bankers to urge their senators to support legislation to delay sharp increases in National Flood Insurance Program premiums.

The Homeowner Flood Insurance Affordability Act (S. 1846), introduced by Sens. Robert Menendez (D-N.J.) and Johnny Isakson (R-Ga.), would delay rate increases for up to four years by giving the Federal Emergency Management Agency time to develop a plan to help property owners who cannot afford higher premiums.

If Congress does not approve S. 1846, dramatic rate increases included in the 2012 Biggert-Waters flood insurance reforms would continue to be implemented. These increases would destabilize the still-recovering housing market in affected areas and negatively affect home values.

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 future developments reflect the needs of its member community banks.

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