The Official Publication of the Illinois Bankers Association illinois.bank
November-December 2021
The Digital Divide Branch vs. Digital Banking in Illinois
ADDRESS SERVICE REQUESTED ILLINOIS BANKERS ASSOCIATION 3201 WEST WHITE OAKS DRIVE, SUITE 400 SPRINGFIELD, IL 62704
November-December 2021 • Vol. 106 / No. 6 • illinois.bank
TABLE OF CONTENTS
8
18 DEPARTMENTS 5
Message from the President & CEO
6
Compliance Corner
19 Preferred Vendors 22 Future Leaders Alliance 24 Golf Outing Highlights
Top 3 Texting Tips
10 FEATURES
8 Branch vs. Digital Banking in Illinois 10 Treasury Management Products Offer Untapped Opportunity 12 Transform your Banking Operations with these Top 3 Texting Tips 14 Petefish, Skiles & Co. Donates $10,000 18 For Community Banks, the Worst May Not Be Over 26 Ag Banking Conference Highlights
30 On the Move 31 Events Calendar
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32 Member News 32 Ad Index 33 Welcome New Members 34 News & Notes 39 The Last Page Our Mission: Advocacy. Education. Industry Resource...for all Illinois bankers. Our Vision: Connecting Bankers. Advancing Banking.® Our Core Values: The Illinois Bankers Association will place our members’ interests first, be responsive to their needs, and provide them with the highest level of professionalism and service. The IBA staff is the Association’s greatest asset. We will conduct ourselves with integrity and respect. We will work together as a team, share information, build upon our strengths, embrace new ideas, and recognize and celebrate accomplishments.
OFFICERS AND EXECUTIVE COMMITTEE MEMBERS Michelle Gross Chair State Bank of Bement
William Gleason Chair-Elect The Leaders Bank, Oak Brook
Betsy Johnson Vice Chair Solutions Bank, Forreston
Thomas Chamberlain Treasurer Iroquois Federal Savings & Loan, Danville
Anthony Nestler Member-at-Large Hickory Point Bank and Trust Co., Decatur
BOARD OF DIRECTORS REGION 1
REGION 4
Joan HeggenMcMahon U.S. Bank, Chicago
Scott Bland First Neighbor Bank, Toledo
Frank Pettaway The Northern Trust Company, Chicago
Anthony Nestler Hickory Point Bank and Trust, Decatur
REGION 2
REGION 5
James Hannon First Security Trust and Savings Bank, Elmwood Park
Gary Collins Old Second National Bank, Aurora
T.J. Burge Community Partners Savings Bank, Salem
Quint Harmon Pioneer State Bank, Earlville
Pamela Sharar-Stoppel Wintrust Financial Corporation, Wheaton
Courtney Olson First Bank of Highland Park
Richard Knebel The Bradford National Bank of Greenville
James Huiskamp Blackhawk Bank and Trust, Milan
Matthew Smith First Mid Bank & Trust, Mattoon
REGION 3
AT LARGE
Lawrence Horvath Heartland Bank and Trust, Bloomington
Dane Cleven Community Savings Bank, Chicago
Richard Mahoney First Midwest Bank, Chicago
Bethany Shaw Peoples National Bank (Future Leaders Alliance Board Chair / non-voting member)
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Amy Randolph First Busey Corporation, Champaign Steven Rosenbaum Hoyne Savings Bank, Chicago
Two Offices to Serve You! Springfield Office: 800-783-2265 • Chicago Office: 800-878-2265 To connect with our staff, use this email format: firstinitiallastname@illinois.bank Illinois Bankers Education Services, Inc.
Executive Administration
Government Relations
Randy Hultgren, President & CEO
Ben Jackson, Executive Vice President
Erich Bloxdorf, Executive Vice President & COO
Aimee Smith, Assistant Vice President
Bob Anderson, Manager, Education Relations & IT Support
Mary Curl, Executive Assistant & HR Manager
Marketing and Member Relations
Cassie Mattson, Manager, Event Management & FLA
Pam Macha, Springfield Office Coordinator Finance and Administration Mark Bennett, CPA, CFO & Executive Vice President
Legal and Compliance Carolyn Settanni, Executive Vice President & General Counsel Carly Berard, Senior Counsel Michael Schasane, Staff Attorney Amy Giacomucci, Law Assistant
Randy Hultgren Secretary President & CEO Illinois Bankers Association
Jeff Fauver Catlin Bank
ILLINOIS BANKERS ASSOCIATION STAFF DIRECTORY
Marie South, Financial Assistant
C. Brant Ahrens Immediate Past Chair CIBC, Chicago
Rick Parks First National Bank of Waterloo
Tyler Rouse First Federal Savings Bank of ChampaignUrbana
Marcia Stratton, CPA, Director
T.J. Burge Member-at-Large Community Partners Savings Bank, Salem
Megan Collins Bank of America, Chicago
Julie Winterbauer, Senior Vice President Tammy Squires, Vice President, Data & Digital Marketing Robin Lane, Director, Associate Membership Linda Koch, Manager, Member/ Business Relations
Callan Stapleton, CAE, President
Denise Perez, Manager, Education & Training Debbie Jemison, CAE, Director, Financial Literacy Amy Sale, Education Assistant Illinois Bankers Group Insurance Trust
Sarah Cowan, Membership Assistant
Erich Bloxdorf, Plan Administrator
Illinois Bankers Business Services, Inc.
Hillary Meyers, Trust Manager
Mike Mahorney, Senior Trust Advisor
Brian Hoffman, President Adam Walsh, Vice President, Insurance Services Maddison Harner, Manager, Marketing & Digital Communications
Editorial Office 3201 West White Oaks Drive Ste. 400 Springfield, IL 62704 217-789-9340 www.illinois.bank With the exception of official announcements, the Illinois Bankers Association disclaims all responsibility for opinions expressed and statements made in articles published in Illinois Banker. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is provided with the understanding that the publisher is not engaged in rendering legal or other professional services. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. Illinois Banker (ISSN 0019-185X) is published bi-monthly and is available at a cost of $45 per year for members and $90 per year for nonmembers. Regular issue single copy price is $8.50. Postmaster, send address change to Illinois Bankers Association, 3201 W. White Oaks Drive, Ste. 400, Springfield, IL 62704. News items from members of the Illinois Bankers Association are invited and are due on the first of the month preceding publication. © Copyright 2021 by Illinois Bankers Association (unless individual articles list copyright). Reproduction of any material in the Illinois Banker is strictly prohibited without written permission of the publisher.
MESSAGE
Protecting the Dream
Randy Hultgren
IBA President & CEO
The treasured opportunity for every individual to pursue their dreams with a trusted funding guide by their side is a goal shared by almost everyone. Freedom, opportunity, and economic growth do not happen by accident. Government policies have an impact on the ability of people to pursue their dreams and to have the help and guidance of a banker to plan and fund the process. There must be constant awareness that well-meaning proposals in Washington, D.C. and Springfield can have devastating unintended consequences. Know that your Illinois Bankers Association is engaged at every level of government, advocating for your customers and you so that the American Dream can still be a reality. 2021 has been a difficult year for all of us. It has been especially challenging for us, with the Capitol and legislative offices being closed to almost all meetings in Springfield and DC. I am very proud of IBA’s fantastic Government Relations team, Ben Jackson and Aimee Smith, and the group of advocates that they lead in staying persistent and finding creative ways to ensure that our elected officials know the vital role that banks play in the health and well-being of our communities. They have been amazingly effective in overcoming obstacles to continue fighting for our industry. As I write this article, there is a huge threat to freedom and opportunity in the form of a suggested proposal that would require banks and financial institutions to report customer transactions to the Internal Revenue Service over a certain threshold, possibly as low as $600. There are other tax proposals and nominations that could result in significant damage to our economy and to banking as we know it. It is more important than ever that all bankers are fully engaged with our elected officials to let them know how important banking is to our communities and small businesses and how some of these proposals would damage the ability for individuals and families to work with a banker to pursue their dreams. Because of these pressing challenges, I went to Capitol Hill at the end of September
to hand deliver a letter from the Illinois Bankers Association, on behalf of all Illinois banks, to express our concern. I personally went to the office of every Illinois Member of the House and Senate. Most of our Illinois delegation was able to meet to discuss our concerns with several of these proposals. As grateful as we are for their interest and attention in the position of Illinois Bankers, we remain concerned that harmful proposals will be inserted into the Reconciliation package before it is voted on in the House and the Senate. As you know, it would only take the concerns of one or two of our Senators or Representatives saying they cannot support this proposal because of their concerns for security, privacy, and access to financial guidance for all Americans and these negative proposals would be removed. By the time you are reading this, a group representing our IBA Board of Directors also will have gone to Washington, D.C. to advocate on your behalf to our elected officials and we will likely know if our efforts have been successful. We will not win every battle, but we need to be in the fight for freedom and opportunity. Your voice is powerful and does have an impact. We ask you to remain informed on what is being proposed and debated at different levels of government and to read our regular updates, Advocacy in Review, on issues concerning banking. Please stay in communication with your elected officials about proposals and nominations that will impact your ability to serve your customers. I also would ask you to consider supporting Illinois Bankers PAC. This allows us to support Democratic and Republican candidates who will listen to and consider the perspective of banks in Illinois. It is more important now than ever because events we support might be the only time our Government Relations team gets to meet and talk with elected officials with access to the Illinois and US Capitol extremely limited. Will you join with us in the struggle to protect the ability for you to continue to serve your customers? We are stronger together!
November-December 2021 •
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COMPLIANCE CORNER The IBA Law Department
QUESTION
Are banks considered “federal contractors” covered under the President’s recent executive order regarding vaccination requirements for federal contractors?
ANSWER
No, we do not believe that Executive Order 14042 (Ensuring Adequate COVID Safety Protocols for Federal Contractors) will apply to banks — unless they provide services directly to the federal government or federal employees or operate on federal property (such as providing financial services in a federal building or on a military base). Executive Order 14042 generally requires federal contractors and subcontractors operating under a “federal contract” to follow the COVID-19 safeguards published by the Safer Federal Workforce Task Force, which include COVID-19 vaccination requirements for “covered contractor employees.” The order’s definition of “federal contracts” includes only four categories of contracts: (1) “procurement contract[s] . . .. for services, construction, or a leasehold
interest in real property,” (2) service contracts covered by the Service Contract Act, (3) contracts for concessions, and (4) contracts in connection with federal property or lands and related to offering services for federal employees. Based on the types of contracts listed in Executive Order 14042, we do not believe it was intended to apply to banks (for example, due to banks’ deposit insurance relationship with the federal government, which has been a basis for imposing affirmative action requirements for federal contractors onto banks, but only in that context). However, if a bank enters into a contractual agreement with the federal government that fits into one of the four categories listed above, we believe the bank would be subject to Executive Order 14042 and its vaccination requirements.
QUESTION
A customer would like to name her personal trust as the beneficiary of her payable on death (POD) account. Is this permissible?
ANSWER
Yes, we believe an individual may name their personal trust as the beneficiary of their POD account. The Illinois Trust and Payable on Death Accounts Act allows an individual to sign an agreement with a bank “providing
that on the death of the last surviving person designated as holder the account shall be paid to or held by one or more designated beneficiaries,” and “beneficiary” is defined to include a trust.
QUESTION
Do you know if the recent amendments to the Illinois Revised Uniform Unclaimed Property Act (RUUPA) changed how we should handle dormant accounts?
ANSWER
The Illinois RUUPA was recently amended by Public Act 102288, and signed into law on August 6, 2021. To summarize, the Public Act:
u Amends the definition of virtual currency, sets the presumed abandonment period for virtual currency as five years, and explains how virtual currency should be delivered to the Treasurer if abandoned.
u Shortens the presumed abandonment period for money orders from seven to five years after issuance.
u Lengthens the presumed abandonment period for automatically renewing time deposits from three years after the initial term to three years after the initial term plus one automatic renewal term.
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u Expands the “linked accounts” rule slightly by allowing an apparent owner to indicate interest in their deposit accounts and avoid abandonment when they take qualifying actions on “any other accounts” they have with the same financial organization. Previously, the accounts had to appear on the same consolidated statement. u Clarifies language that allows holders to delay reporting and delivering abandoned automatically renewable time deposits to the State Treasurer when doing so would result in a penalty or forfeiture in the payment of interest.
u Restates the Treasurer’s authority to examine national banks and other federal charters if the Treasurer “has a
reason to believe that a financial organization is not in compliance” with RUUPA.
u Requires certain business associations to make negative reports of property presumed abandoned even if they have no reportable property.
Additionally, your customers may be interested to know that the Public Act:
u Allows the Treasurer to use information from the State
u Modifies the payment of interest on time deposits in the
Board of Elections and Secretary of State to identify abandoned property owners.
Treasurer’s possession.
About the IBA Law Department
Our IBA Law Department provides many resources to help our bank members meet their compliance challenges, including a dedicated compliance website (www.GoToIBA.com) where users can submit their compliance questions to the IBA Law Department. We also publish a free weekly e-newsletter highlighting the latest regulatory developments, select recent Q&As, and other useful information – let us know if you want to subscribe! Note: This information does not constitute legal advice. You should consult bank counsel for legal advice, even if the facts are similar to those discussed above.
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Branch vs. Digital Banking in Illinois By Steve Bruyn, Foresight Research
O
verheard from the fly on the wall, “We can save a lot of money by closing branches so let’s make sure that we run this bank as efficiently as we can.” Then the branch folks added, “No, no, our business still relies on the personal touch with our customers.” Financial folks respond, “All the customers want is digital banking and the fintech’s are coming to meet that need – big time.” Branches respond, “Our advantage is our branches, and you want to give that up?” So, the argument continues with no facts from the customer – the ultimate judge. So, who is right? Foresight Research surveyed 700 banking consumers to measure the banking habits of consumers in Illinois.
Users of Branch and Digital Banking in Illinois
Online banking, followed closely by mobile apps, is the predominant mode of banking access across Illinois. While branch banking is used at least occasionally by 4 out of 5 customers or members, only 16% are frequent branch users. Gen X and Millennial customers/members most often access banking services via mobile apps or online banking, and nearly half are frequent users of peer- to- peer payment apps. Baby Boomer customers/members are most likely to use online banking services with mobile apps a distant second place. High income customers and members are more likely to use digital (both online and mobile), and over half are frequent users of peer- to- peer payment apps. So, overall, score one for the finance types who point to the diminished use of branches.
Respondents were asked about switching their financial institution if a branch was no longer conveniently located.
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% reported that they would switch to another financial institution.
Expectations and Satisfaction with Branch and Digital Access
Frequent users of digital often have significantly higher expectations than frequent users of branch banking. This is particularity true when it comes to fees (including credit card fees), and savings interest rates. Interestingly a good reputation is also more important perhaps reflecting a less frequent personal interaction with their financial institution and a greater reliance on brand image. Almost 80% of banking consumers over 57 are extremely or very satisfied, while Gen Z and Millennials are significantly less satisfied. Additionally, downstate customers are significantly more satisfied than Chicagoland customers. In addition, overall satisfaction among customers/members is about the same for large bank customers, community bank customers and credit union members. However, overall satisfaction among digital only banks is significantly less. Satisfaction levels are equivalent among frequent users of digital compared to frequent users of branch banking. Frequent users of branch banking are somewhat more often satisfied on “offers good financial advice” and “friendly courteous personnel,” but not enough to place a higher value on the banking relationship.
compared to community bank, or credit union customers or members. Additionally, frequent digital users (often with high incomes) were just as likely to switch as frequent users of branches. It seems that high digital use does not result in significantly reduced intended switching. The reason 8 out of 10 frequent digital users say that a conveniently located branch is extremely or very important. Handling problems easily or offering financial advice, two very highlevel expectations, are not as well served with digital or the call center. So, branches still matter but they may be reimagined in the future. About the Author: Steve Bruyn is CEO of Foresight Research, an IBA Associate Member. Foresight Research is a marketing research firm and a leader in cost effective syndicated reports. Foresight Research has been working with many Fortune 500 companies for over 20 years and annually surveys about 15,000 banking consumers in 60 markets. Give them a call to find out more.
More than 80% of frequent users of branch banking also are extremely or very satisfied overall with their financial institution. Additionally, satisfaction generally meets or exceeds expectations. So, with a few exceptions, frequent users of digital and frequent users of branch banking are equally satisfied with their primary financial institution.
Closing Branches
Now let’s turn to the possible penalties for branch closings. With the infrequent use of branches and the high cost of maintaining branches it is tempting to close some branches. Respondents were asked about switching their financial institution if a branch was no longer conveniently located. 23% reported that they would switch to another financial institution. Big bank customers were less likely to switch
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Treasury Management Products Offer Untapped Opportunity
This was one of the key takeaways from a recent virtual workshop held by the UFS banking community. By Michael Popke, Two Lakes Media. Commissioned by UFS.
T
reasury management products and services represent untapped opportunity for community banks to expand business relationships, enhance their critical role in unlocking the potential of their communities, and provide expanded non-interest fee revenue. That was among several vital takeaways from a four-and-a-half-hour interactive webinar and workshop hosted in April 2021 by UFS Tech, the Grafton, Wis.-based technology outfitter for community banks. Presenter Marci Malzahn, an expert on cash management and treasury management solutions and services, as well as owner of Malzahn Strategic — a community bank management consulting firm in Maple Grove, Minn. — led 90 attending bankers of the UFS community with a deeper understanding of how treasury management tools can align with their business goals and benefit their customers. Additionally, Malzahn shared ideas for integrating more treasury management services into banks’ offerings, and provided sales and marketing strategies to ensure successful implementation. “Treasury management products are the glue for your customers, providing noninterest fee income that banks need to maximize. These products also allow you to become trusted advisors and consultative experts in financial services for your business clients,” Malzahn told attendees, who participated in multiple online breakout discussions, interactive polls and networking opportunities. Attendees also received valuable document templates, and actively engaged with Malzahn and UFS treasury experts. What follows are summaries of five treasury management topics that Malzahn facilitated at length with members of the UFS community.
Why You Should Offer Treasury Management Products and Services
Banks and their employees can reap benefits by implementing a series of treasury management products and services. Those benefits include: u Becoming an “advisor” rather than simply a “transactor,” and a well-rounded “banker” rather than a “lender.” These products are great reasons to regularly engage with local businesses while enhancing employee’s knowledge of their business clients, and deepen relationships with key business leaders. u Creating cross-selling opportunities. This can be accomplished, at least in part, by leveraging the use of account analysis statements to better understand your customers and sell the value of those services, whether or not you decide to hard charge. u Generating new non-interest fee income, determined by and based on the industries in which business clients are involved, and the level of national bank competition in your market. u Establishing a competitive advantage over other banks in the community.
Effectively Marketing Treasury Management Products and Services
Effective treasury management involves successfully marketing and selling products and services to new and existing customers. Here are five of Malzahn’s suggestions to help sell and spread the word: u Encourage teamwork: An institution’s business banker and the treasury management specialist should meet with prospective clients together to ensure seamless integration of products and services. u Provide needs assessments for clients: Get to know prospects using an assessment template
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(provided to attendees, courtesy of Malzahn) that explores the company’s industry, customers, suppliers, balances, transactions, business operations and more. u Package cash management services: While any business can benefit from such services as positive pay and merchant credit cards, specialized industries may require specialized services. Retailers that provide refunds and warranty payments, for example, might be interested in digital disbursements, while law firms and construction companies could benefit from escrow accounts and zero balance accounts. u Offer customized proposals: This will allow the bank to provide the exact services a client needs, placing that customer at the “right level of services” from the start while also leaving open the possibility of additional cash management opportunities. u Promote your services: Incorporate your treasury management options into branding and marketing materials, and advertise for such enhanced services as positive pay or same-day ACH.
u Positive pay, in which businesses upload a list of checks issued, and the bank matches them to cleared items. This service can be automated or manual. u Remote deposit capture, allowing businesses to create and send check images to banks for deposit, thereby helping banks increase productivity for their clients.
mobile banking, remote deposit and wire transfers. u Don’t be deterred by risks. Technologies already exist (with more on the way) to help protect banks and their clients against fraud, identity theft and other risks associated with cryptocurrency and other emerging products and services.
Treasury Management Products and Services Evolving
Developing a Treasury Management Strategy
Treasury Management Products and Services Available
Risks Involved with Treasury Management
Malzahn shared details about various treasury management products and services. Here is a sampling of the most popular: u Cash Management Reporting through business specific digital and mobile solutions. u ACH Origination, in which banks can be at the center of payroll, risk management, and cash management. u Merchant credit card processing, in which banks partner with a merchant credit card processing vendor and offer the merchant’s services to their business clients.
Malzahn shared details about various emerging treasury management products that will help take bankers to the next level of service. Here is a sampling: u Digital payments and mobile wallet services, including Apple Pay, Google Pay and Zelle. They provide for more secure transactions by not capturing personal information or requiring a signature or a card swipe. u Cryptocurrency settlement and custody solutions, and network access using Blockchain technology to transfer funds from one party to another securely. u Evolving solutions to mitigate fraud
Offering new treasury management and cash management products and services comes with increased risks — whether they be strategic, financial, legal, operational or technological. Compounding those risks is the fact that each one has the potential to adversely impact a bank’s reputation. Malzahn provided webinar attendees with several tips about how to navigate such risks, including the following: u Designate a point person. Each institution should have someone who monitors and conducts risk assessments. u Be aware of which products and services require risk assessments. They include
Malzahn wrapped up the interactive webinar by recommending attendees follow six “next steps” to implement and enhance the treasury management and cash management products and services they offer. The process begins with simply identifying which ones to make available, and then it builds in complexity with each successive step. Malzahn encouraged and responded to questions from the UFS community throughout the webinar, while also promising to send all attendees several related bonus documents for them to use at their own banks. In the end, she reiterated her initial assertion that attendees should stop waiving fees for treasury management and cash management services. Instead, they should follow her guidelines for creating a non-interest fee generation strategy that works for their particular institution and its clients. This workshop, one of several planned for 2021, was the latest in a series of webinars/seminars UFS offers to help employees of community banks make technology work for them — rather than the other way around. UFS is the technology outfitter for community banks providing purpose-built solutions while making technology work for the banks, instead of the other way around. www.ufstech.com. Contact: UFS - 2230 Dakota Drive, Grafton, WI 53024 262-424-5957 mikec@ufsdata.com
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Transform your Banking Operations with these Top 3 Texting Tips By Mark Miyamoto, Eltropy
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inancial Institutions (FIs) have found that their clients are requesting the ability to communicate via text messaging. In doing so, FIs have also found it to be very efficient and effective, in turn, providing a better client experience, streamlining operations, and enhancing the bottom line. Why is texting so effective?
u 95% of texts are opened within 90 seconds and responded to in 3 minutes of being received u Texting can increase customer engagement by 800%+ u 90% of customers prefer text messaging over phone calls u The statistics go on When deploying texting, FIs should be aware of the best practices, regulations, and how to best use the technology for each particular use case, whether it be marketing, lending, collections, client services, etc. Financial Institutions, which operate under the most stringent regulations in the world, need to be aware of how to use texting safely, securely, and efficiently. Here are the top three tips to be aware of when implementing an enterprise text messaging solution.
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1. SMS/MMS is Unencrypted
Texts are sent using a technology called SMS (Short Message Service) and picture Texts are sent using a technology called MMS (Multimedia Media Service). As consumers, we often text pictures to each other without thinking twice about the security of the text and/or picture. However, many are not aware that both SMS and MMS are unencrypted as noted in an article by Apple which explains this further. While it is a great idea to have banking clients send pictures of documents with important information (driver’s license, paystub, proof of residence, W4, etc.) to help streamline operations like Account Opening, Lending, Hiring, etc., the FI needs to ensure the transmission of the data is secure. Since text messages travel over unsecured channels and are inherently not secure, these documents and associated Personally Identifiable Information (PII) should absolutely be restricted from being sent to the bank via MMS to eliminate risk for both the client and the bank. The only way to securely acquire such documents via text is to ensure the texting platform can transfer the document in a secure and encrypted manner within the texting workflow. Just as mobile deposit capture allows for check images to be securely delivered in collaboration with an FI’s native banking app, the Eltropy platform enables documents to be delivered with the same level of security and encryption in collaboration with texting.
2. Text Messaging is Regulated, Unlike Email
Since texting is regulated by the FCC and operates under the TCPA (Telephone Consumer Protection Act), FIs need to know what type of text (informational or promotional) can be sent and to whom. The regulations prohibit contact with consumers unless the company has the proper “consent” to contact the consumer. Implicit consent allows an entity to send “informational” texts, while “express written consent” allows for the delivery of “promotional” texts. There are various ways to acquire such consent, whether digitally or manually. Also important is the ongoing management of the consent throughout the bank’s different departments. Situations may arise where multiple departments may be sending texts to clients. However, if the client opts out of receiving texts from one department, the other parts of the organization should be aware of the opt-out type (departmental or organizational) so it can proceed accordingly. Email, on the other hand, is not regulated, which is why many emails go unanswered or even unnoticed. As consumers, we have accepted the fact that our email boxes will have an abundance of spam. Therefore, we pay less attention to our personal email inboxes compared to our text inboxes - the coveted, preferred and protected way to channel communication. The combination of regulated text boxes with the sheer simplicity of texting makes texting a more responsive and trusted channel of communications, in turn, making client interactions easier and more efficient.
3. Most Popular Use-Cases
A texting platform built for FIs can facilitate happier clients, more efficient interactions (reduced OPEX, less phone tag) and a better bottom line (i.e. – accelerated interest income). u Applications - Lending / Account Opening - Oneto-one texting conversations eliminate the dreaded game of phone tag while enabling productive and efficient communication with the applicant. When combining efficient text conversations with the ability to securely transfer images of documents (driver’s license, paystub, proof of insurance/residence, etc..), Eltropy clients have accelerated the loan and account opening process by 20%+. u Collections - Actual phone engagement for collections is extremely low because the situation is personal, undesirable and/or the person may be busy during the time of the collections call (typically during work hours). Texting is appreciatively less personal, asynchronous and
has a “paper trail” for ease of reference. Eltropy clients have seen 40x more engagement with texting as it is the perfect tool for the collections use-case. u Marketing - Most people care about their finances and want to be kept current on the bank’s special offers. Delivering marketing messages via text is very efficient since people open texts fast and pay more attention to them. Therefore, once people register to receive marketing texts, the FI needs to be tactful in how and when texts are delivered for maximum effectiveness. u Contact Center - The asynchronous characteristic of texting can be leveraged in the contact center during 1-to1 texting conversations. Customer Service Representatives (CSRs) can effectively have between 5-10 simultaneous text conversations vs. a single conversion that can be had via a phone call. The adoption of text conversations will also inherently reduce call volumes. u Emergencies / Alerts / Reminders and more Since texts are attended to immediately, there is no better channel to deliver time sensitive messages for events such as branch closures, emergencies, or alerts (i.e. – perpayment courtesy reminder or delinquency notification). In summary, a proper enterprise texting platform can be utilized by ALL departments within an FI for all the aforementioned use-cases and more. If we look at how we personally communicate with friends and family, we realize texting is so easy and the preferred method of communication. Further, one big take away that every business learned from Covid-19 is that it needs to be able to communicate efficiently and effectively with their clients (and prospects), and texting can certainly meet this objective. Text Messaging is a game changer! In order to get the most out of texting, it is imperative that the financial institution is aware of the regulations, security considerations and etiquette to maintain an effective channel of communication with its clients. About the author: Mark Miyamoto has been working with financial institutions since 1999 where he was instrumental in deploying the first mobile banking site in the USA. Since then, his experience in digital banking also includes MFA/OOB authentication, data management and digital communications. To learn more about how texting can impact your Financial Institution, contact Mark at mark.miyamoto@eltropy.com. For immediate response, text 916-549-2979. Built specifically for FIs, Eltropy’s texting/digital communications platform is used by over 200 FIs nationwide (www.Eltropy.com). Eltropy is a new IBA Associate Member and recently presented at the BankTech Conference.
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Petefish, Skiles & Co. Donates $10,000 The IBA Scholarship program provides scholarship funding to high school graduates and college students seeking a degree in the financial services industry. The scholarships help develop a vibrant talent pool of future leaders in the field of banking. In August, Dave Brandon, IBA’s Scholarship Committee Chair and Assistant Vice President of Trust and Wealth Management for Hickory Point Bank & Trust, was honored to visit with Brock Thompson, Loan Officer and Farm Manager at Petefish, Skiles & Co. located in Virginia, IL. Brock was very pleased to deliver a special announcement and present $10,000 to the Illinois Bankers Scholarship Fund! He discussed the bank’s recent 150th anniversary and their commitment to give $150,000 back to the communities they serve. The bank also presented each of the school districts in their market with a $10,000 donation, all while growing the bank into its newest market in Jacksonville. Dave thanked Brock on behalf of the IBA and indicated that the donation pushed the scholarship fund balance over $100,000. Donations like this allowed the IBA to award seven $1,000 scholarships to aspiring bankers in 2021, including three from the Linda J. Koch fund, and four from the Illinois Bankers Scholarship fund.
A BIG Thank You to our Donors A BIG thank you to Petefish, Skiles & Co. and to all the donors for their support in influencing students to begin their professional careers in the financial services industry.
2021 Scholarship Winners
Jacob Britt
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Doruntina Hamza
Brittney Lear
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Nick Lovitsch
Jack Nick
Sophia Reyes
List of Organization Donors (as of 10/21/2021) Alliance Community Bank Amalgamated Bank of Chicago American Bank and Trust Company, N.A. American Community Bank & Trust Bank & Trust Company Bank of Bluffs Beardstown Savings, sb Belmont Bank & Trust Company Bement Bancshares, Inc. Bradford National Bank Carrollton Bank Catlin Bank Central Bank of St. Louis Central Federal Savings and Loan Association CenTrust Bank N A CIBC Community Bank of Elmhurst Community Bank of Oak Park River Forest Community Partners Savings Bank Community Savings Bank Community State Bank of Rock Falls DeWitt Savings Bank Farmers & Mechanics Bank Farmers & Merchants State Bank of Bushnell First Bank of Highland Park First Federal Savings Bank First Mid Bank & Trust, N.A. First Midwest Bank First National Bank of Brookfield First National Bank of Nokomis First National Bank of Steeleville
First Neighbor Bank, N.A. First Savings Bank First Secure Bank and Trust Co. First Security Trust and Savings Bank First State Bank, Mendota First State Bank of Campbell Hill FNBC Bank and Trust Forest Park National Bank & Trust Company Fortress Bank Grundy Bank Heartland Bank and Trust Company Hickory Point Bank & Trust High Point Financial Services, Inc. Home State Bank, N.A. Hoyne Savings Bank Illinois Bankers Association INB, National Association Iroquois Federal Savings & Loan Association Lakeside Bank LincolnWay Community Bank Lisle Savings Bank MB Financial Bank Middletown State Bank Midland States Bank Millennium Bank MUFG Union Bank, N.A. Municipal Trust & Savings Bank Murphy-Wall State Bank and Trust Company Nashville Savings Bank North Shore Trust and Savings NorthSide Community Bank
OSB Community Bank Peoples Bank Peru Federal Savings Bank Peoples Bank & Trust Petefish, Skiles & Co. Philo Exchange Bank Prairie Community Bank Prospect Bank Quad City Bank and Trust Company Raritan State Bank Republic Bank of Chicago S & H Holdings Sauk Valley Bank & Trust Company Security Bank, sb Security Savings Bank SENB Bank State Bank of Bement State Bank of Cherry Sterling Bank Tempo Bank The Farmers & Merchants National Bank of Nashville The Frederick Community Bank The Leaders Bank The State Bank Group Town and Country Financial Corporation TrustBank UMB Bank, n.a. United Community Bank Washington Savings Bank
November-December 2021 •
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List of Individual Donor continued (as of 10/21/2021) John Albin - Longview Capital Corporation
Michael Fallon - MUFG Union Bank, N.A.
Kevin Olson - Grundy Bank
Stephan Antonacci - Security Bank, sb
Jeffery Fauver - Catlin Bank
David Onion - Chicago Capital Holdings, LLC
Candee Arvin - INB, National Association
Daniel Fleming - Bank & Trust Company
Georgia Pelletiere - Lisle Savings Bank
Florian Barbi - First Nations Bank
Rick Francois - American Community Bank & Trust
Alyssa Pena - American Community Bank & Trust
Robert Barker - Middletown State Bank
Carol Jo Fritts - First Neighborhood Bancshares, Inc.
Nicole Porrez - First Midwest Bank
Micah Bartlett - Town and Country Financial Corporation
William Gleason - The Leaders Bank
Bradley Ray - Security Savings Bank
Shalonda Bedenfield - Federal Home Loan Bank of Chicago
Scott & Shawn Grigsby
Keith Reckmann - Nashville Savings Bank
Brian Beerman - FNBC Bank and Trust
Michelle Gross - State Bank of Bement
Kent Redfern - Bank & Trust Company
Scott Bland - First Neighbor Bank, N.A.
Renée Hageman - First Security Trust and Savings Bank
Gregory Richelman - First State Bank of Campbell Hill
Jeff Bowden, Illinois Bankers Association - retired
Scott Hamer - First Secure Bank and Trust Co.
Larry Richman - CIBC
Dave Brandon - Hickory Point Bank & Trust
Susan Hemker - Collinsville Building & Loan Assn
Jaclene Robinson-Ivy - The Northern Trust Company Anna Rocha-Gray - First Midwest Bank
Michelle Bryant - First Midwest Bank
Herbert Henson Jr. - The Clay City Banking Company
Thomas Bugielski - Republic Bank of Chicago
Dawn Hockett - INB, National Association
Kevin Rogers - Philo Exchange Bank
T. J. Burge - Community Partners Savings Bank
John Hutchinson - Iroquois Farmers State Bank
Jeffrey Rose - American Bank and Trust Company, N.A.
Jessie Bushmaker - Associated Bank, NA
Deborah Jemison - Illinois Bankers Association
Steven Rosenbaum - Hoyne Savings Bank
Perry Byers - Holcomb Bank
Betsy Johnson - Solutions Bank
Thomas Russe - Sterling Bank
Thomas Chamberlain - Iroquois Federal Savings & Loan Association
Paul Jones - Busey Bank
Christopher Simon - Bank of Calhoun County
Nicholas Chulos - First Midwest Bank
Kevin Klug - Illinois Bankers Association
Callan Stapleton - Illinois Bankers Association
Jean Claude - Central Bank of St. Louis
Linda Koch - Illinois Bankers Association
Michael Steelman - Farmers & Merchants State Bank of Bushnell
Patricia Clausen - NorthSide Community Bank
Kevin Kosobucki - West Town Bank & Trust
Deanna Stendeback - Carrollton Bank
Travis Clem - SouthernTrust Bank
Karlie Krehbiel - Lisle Savings Bank
Peter Stickler - Inland Bank and Trust
Dane Cleven - Community Savings Bank
Kayla Krippner - Heartland Bank and Trust Company
Bruce Taylor - MB Financial Bank
Gary Collins - Old Second National Bank
Steven Kueker - North County Savings Bank
Michelle Toll - MA, MBA - The State Bank Group
Trent Cox - Farmers & Mechanics Bank
Tanya LaBuda - First Midwest Bank
Dianna Torman - Prairie Community Bank
Jo David Cummins - Community First Bank of the Heartland
Stephen Lear - North Shore Trust and Savings
Pamela Verkler - Iroquois Federal Savings & Loan Association
Daniel Daly - SENB Bank
John Leinberger - Alliance Community Bank
W. Eric Volkmann - Prospect Bank
Marty Davis - Murphy-Wall State Bank and Trust Company
Kelsey Lillion - American Bank and Trust Company, N.A.
Daniel Watts - Forest Park National Bank & Trust Company
Kirsten Davis-Franklin - Former Illinois Bankers Association
Lara Long - State Bank of Bement
Robert R. Wallace
Ashley Deuth - Solutions Bank
Pam Macha - Illinois Bankers Association
Charles Waterman Nick Weaver - Amalgamated Bank of Chicago
David Dodson - Peoples State Bank of Colfax
Lindsy McAnally - Alliance Community Bank
David Doedtman - Washington Savings Bank
Timothy McConville - First State Bank, Mendota
Dennis Weger - Bank of Bluffs
Fred Drake - Heartland Bank and Trust Company
Dirk Meminger - Sauk Valley Bank & Trust Company
Susan Wetzel - Litchfield National Bank
Barbara Duryea - Fortress Bank
Gary Nation - Central Federal Savings and Loan Association
Donald Wilson - McHenry Savings Bank
Rich Eckert - Beardstown Savings, sb
Anthony Nestler - Hickory Point Bank & Trust
Julie Winterbauer - Illinois Bankers Association
Daniel Eichelberger - TrustBank
Sheila Noll - Midwest Independent BankersBank
Lisa Wolff - The First National Bank of Carmi
Illinois Bankers Scholarship Application Period Begins January 1
Donate to the Illinois Bankers Scholarship Fund
The scholarship program provides funding to high school graduates and college students seeking a degree in the financial services sector. The program was created to promote the development and continuation of a vibrant talent pool of future leaders in the field of banking.
Individual and corporate monetary contributions are accepted throughout the year. There are several ways to contribute:
Applicant and Scholarship Highlights u Sponsored by an IBA member financial institution
u Mobile Text: 44-321 with the message “IBGIVE”
u Attend any accredited college or university u Brief essay on “Why are you considering a career in the banking industry?” u Awarded in amounts of $1,000 u Application accepted from January 1 through March 31. Award recipients announced by May 31 Submit My Application Here: https://Illinois.Bank/ Education-Events/Scholarship
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• November-December 2021
u Online (Secure): Giving Guide: https://My.Illinois. Bank/About-Us/Giving-Guide u Mail check payable to: Illinois Bankers Education Services, Inc. 3201 W. White Oaks Drive, Suite 400, Springfield, IL 62704 u Amazon Smile: Place your orders through Amazon Smile (Illinois Bankers Education Services Inc.) u Member banks are given the option to “round up” their IBA dues with the extra payment going to the scholarship fund.
For Community Banks, the Worst May Not Be Over By Jeff Voss, CPA, Managing Partner, Artisan Advisors
T
here’s a lot of talk lately about getting back to normal. People are getting vaccinated. Mask restrictions are easing. Towns and cities across America are opening up again. Businesses are beginning to call people back into the office and many industries are seeing signs of real recovery. Banking is something of a different story. Given the data that is disclosed by the larger publicly traded banks, you might believe that the worst is over. For smaller privately held banks, that may not be the case. Frankly, we see three significant issues that community banks must still contend with. First, lending in certain commercial sectors such as hotels, restaurants, office buildings, and retail strip centers are common in community bank loan portfolios. While these sectors may rebound, with the added time and aid provided by various government programs, it is clear that COVID continues to negatively impact many of these businesses. At some point, the impact of these issues will be fully disclosed. Unfortunately, the disclosure of this information for non-publicly traded banks is still not available to the general public. Only the banking regulators and the banks with these portfolios truly know the potential impact at this point. Second, two rounds of PPP lending created strong growth in bank commercial loan portfolios and related origination fees in 2020 and 2021. Unfortunately, these loans and related fees are one-time events by their nature. Most of this growth will likely go away by the end of 2022. Additionally, banks took proactive steps toward increasing loan loss reserves in 2020. Many of these banks are now beginning to reverse these reserves to levels deemed to be more realistic. Last, residential mortgage origination fees increased at many community banks to record levels, as customers took advantage of historically low mortgage rates. The real question to be asked is: what do the core earnings of most banks look like after removing the positive impact of PPP fees,the reversal of excess 2020 loan loss provisions and normalizing mortgage fees? We would contend that most community bank core earnings are flat to down in 2021, as loan growth in non-PPP sectors has been slow. At the same time, customer bank deposits are growing as they wait for market interest rates to move upward. As liquidity grows, banks have no place to invest these funds as falling market rates have resulted in near record lows for yields on investments. When rates do rise, what will happen to mortgage fees and the growth in deposits?
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• November-December 2021
Third, as we become more assured that COVID is under control, our economy will likely grow rapidly. Unfortunately, our economy is linked to what happens in the rest of the world. While the COVID cases are dropping each week across the country, other parts of the world are still being ravaged by the virus. It is a race to vaccinate the United States and world populations amid speculation about the risks and benefits of taking these vaccines. While the United States economy has started to pick up quickly, as more of our population becomes fully vaccinated, we believe that this rapid growth will be tempered by year end, as the vaccination rate slows. All three of these issues are variables that need to be factored into strategic planning for the second half of the year, as well as into preparation for regulatory exams. Unexpected, and unpleasant, surprises may be lurking behind what could be interpreted as an initial rebound after such an unprecedented year.
PREFERRED VENDOR
November-December 2021 •
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PREFERRED VENDOR Post-PPP Portfolio Management By Connor Mulvey, Vice President–Business Development
1
We have a number of borrowers in our SBA Portfolio that have not done well over the last 18 months and the CARES Act payments have expired. Industries such as: day cares, spas & salons, full-service restaurants, breweries and bars are all collectively struggling. What are some proactive steps we can take to minimize any losses we may incur?
I would suggest now is the time to make sure your SBA loan files are compliant and up-to-date. Review your portfolio and identify the accounts where these types of industries are or will have issues in 2021 and early 2022. If you have not completed a loan/file review now is the time. Windsor provides external file review and there are several very competent firms that will review the file for eligibility, underwriting and identify any missing key documents. It is also very important to get key compliant documents into the file before your borrower becomes less cooperative. Performing an external file review can not only
identify exceptions that may result in a repair or denial, it can also identify systemic process flaws within your SBA processing, underwriting, closing and servicing functions.
2
We have a growing watch list of potential problems. When is a site visit required by the SBA?
The only time that the SOP 50 57 2 specifically requires a site visit is when a loan is put into liquidation. Other times when it is prudent to do a site visit include: u Prudent Servicing Standards – whatever your institution’s site visit policy is. u During consideration of a workout plan. u If there is a change in environmental risk. u During a payment deferment.
3
What should we do to prepare for a site visit? u Review the loan file, specifically collateral documents. u Complete new lien searches. u Determine the status of taxes – property, payroll, income. u Appraisal review – Does a new appraisal need to be ordered?
4
What needs to be addressed in the site visit? u Determine whether the property is occupied or vacant. u Assess if there is environmental risk. u Gather information for the preparation of a liquidation plan. u Evaluate the possibility of a workout with the borrower. u Repossess personal collateral, if appropriate. u Develop a plan for the Care and Preservation of the collateral including securing the property and making sure that you have insurance coverage on the collateral. u Evaluate if any repairs or cleanup are necessary on the property.
As prudent lenders, we must work with our borrowers to the extent we can. In the cases where we may have to go through liquidation, it is critical that our process, documentation, and staff know what to do should we need to ask for a Guaranty Purchase.
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• November-December 2021
Windsor Advantage, LLC is the nation’s largest Government Guaranteed SBA and USDA Lender Service provider, based in Chicago with offices in Indianapolis IN, and Charleston, SC. Windsor manages over $1.8 billion in SBA and USDA servicing assets. IBA Preferred Vendor
For more information, please contact: Connor Mulvey Vice President–Business Development Windsor Advantage, LLC 444 N Wells St., Suite 201 Chicago, IL 60654 P:312-585-6596 | C:708.408.1820
SBA Notes of Interest The CARES Act has supported thousands of SBA businesses since 2020 and the payment relief did not come soon enough. Nonetheless, many SBA borrowers may not survive once the SBA discontinues payment subsidy relief. We have been asked some very good questions relative to handling borrowers in 2021 and working out stressed portfolios.
November-December 2021 •
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• November-December 2021
November-December 2021 •
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EVENTS HIGHLIGHTS
Fall Golf Outing Highlights October 4 Pekin Country Club
1st Place Team Ross Hager, Kerber, Eck & Breckel; Seth Rebbe, Petefish, Skiles & Co.; Cliff Bumgarner, Kerber, Eck & Breckel; and Brock Thompson, Petefish, Skiles & Co.
2nd Place Team Shawn Roman, Tim Nimrick and Chris Gordon, all from Community State Bank
3rd Place Team Gary Genenbacher, BKD, LLP; and Kevin Rogers, Les Hoveln and Chris Vandeventer, all from Philo Exchange Bank
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• November-December 2021
Michelle is cool under pressure as Greg Kistler, Mike Holloway and Doug Sanders, F & M Bank, look on.
IBA's Adam Walsh; Craig Hepner, OSB Community Bank; IBA Chair Michelle Gross, State Bank of Bement; T.J. Morris, Iroquois Federal Savings and Loan Assoc.; Ken Hayes, Strategic Resource Management
Craig Gustafson, Dave Boswell, Tom Miler and Jason Pettit, all from Union Federal Savings and Loan Assoc., join in some laughs with IBA Chair Michelle Gross.
Everyone had fun at the Longest Drive hole, sponsored by Ironcore.
Mark Vance, Carrollton Bank; Dean Heinzmann, Fortress Bank; Dave Haney, Carrollton Bank; Michelle Gross; and Sean McGuire, Fortress Bank
Terry Morrow, Farmers and Merchants State Bank of Bushnell, eyes up the perfect line for Michelle!
November-December 2021 •
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EVENTS HIGHLIGHTS
Ag Banking Conference August 25-26 Crowne Plaza Springfield The IBA’s Ag Banking Conference was the first hybrid conference with more than 100 Illinois bankers joining in-person and 60 plus streaming virtually. The conference featured ag specialists in all areas, including agricultural markets, economics, and risk management.
Our first hybrid conference kicked off Day 1 by welcoming all the attendees who were joining us virtually.
Several students and their professor from Illinois State University's Agribusiness program were in attendance over the two days in Springfield.
Matt Jennings from IDFPR joined the IBA's Ben Jackson to discuss a regulator's perspective on current agricultural environment.
Dwight D. Raab of First Midwest Bank and Bob Rhea of Illinois FBFM discuss how they can help bankers and farm operators become better prepared for the future.
We truly embraced hybrid for this Ag Technology Trends and Opportunities panel moderated by Jim Schultz of Open Prairie Ventures. The panelists included Aaron Rudberg of s2G Ventures, Christian Horn of Cultivian Sandbox, and Tim Hoerr of Serra Ventures.
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• November-December 2021
Mark your calendar!
2022 Ag Banking Conference • August 24-25
A crowd favorite, Eric Snodgrass, provided the weather update for our bankers.
Eric Snodgrass's weather presentations are always interactive, informative and full of laughs!
Dr. Kohl did what he does best, provided timely updates, engaged attendees, and made them laugh at the same time.
Delaney Howell, Chief Marketing Officer for Trader Ph.D., presented on the current trade outlook and its impacts on commodity markets.
There were several opportunities for attendees to mingle and network with one another during the two-day event. Peer networking is so important for continued professional development!
We couldn't hold our event each year without the support of our sponsors. It was so good to have inperson networking again!
A panel of young farmers facilitated by Dr. Kohl provided new perspectives and insights concerning the intergenerational transition in agriculture.
November-December 2021 •
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• November-December 2021
ON THE MOVE Belleville
BANK OF CLINTON COUNTY Bank of Clinton County, which opened its doors in New Baden last month, has added Brad Haar to its lending team as a community banker and mortgage Haar consultant.
Greenville
BRADFORD NATIONAL BANK Robert Luitjohan of Highland was recently elected to serve on the banks’ board of directors. He is the former owner of Oberbeck Grain Luitjohan in Highland and New Douglas and was involved in that business for 43 years. Kevin Euler has joined the banking team in Greenville. Euler brings with him 16 years of banking experience working primarily in the lending Euler field. At Bradford National Bank, he will work with both consumer and commercial customers.
Jefferson City, MO
MIDWEST INDEPENDENT BANCSHARES, INC. Beth Utrecht has joined the organization as a VP/Human Resources Officer. She has over 40 years of HR experience.
Springfield
TOWN AND COUNTRY BANK Town and Country Bank is happy to announce that Jake Price will serve as Branch Manager for the company’s Jacksonville location on Price Morton Avenue. He comes to Town and Country Bank after holding a number of roles in the banking and financial industry. As an experienced banker, Price has used his knowledge and expertise to aid customers with determining ideal loan products for their specific financial situations, originate loans for residential purchases, and oversee the opening and management process of accounts for personal and commercial banking clients. Town and Country Bank is pleased to announce that Mike Crews has been promoted to Branch Manager of its Wabash Avenue location Crews in Springfield. Crews graduated from Lincoln Land Community College with an Associate of Arts degree and later attended the University of Illinois Springfield where he earned a Bachelor of Arts degree in Political Science. He is also a proud member of the Illinois Bankers Association Future Leaders Alliance Class of 2022.
Mattoon
FIRST MID WEALTH MANAGEMENT First Mid Wealth Management is pleased to welcome Josh Chamblin to their financial advisor team. Chamblin has been advising individuals and businesses in the
Utrecht
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• November-December 2021
Decatur community for the past four years. In addition to his tailored financial planning, investment strategy, and retirement solutions advice, Chamblin’s clients most appreciate the personal service they receive from him and his consultative approach to helping them make informed investment decisions. Chamblin is a Decatur native and a military veteran. He served eight years of active duty in the U.S. Marine Corps prior to working his way through college. Chamblin has associate, bachelor, and master degrees in Business Administration. He earned his MBA at Millikin University. Chamblin also is active in the community as a member of the Decatur Municipal Band, the Small Business Executive Committee of the Greater Decatur Chamber of Commerce, the Marine Corps League, and the Mount Zion Council of the Knights of Columbus. Prior to joining First Mid, he was a Financial Advisor at Wells Fargo Advisors in Decatur.
Waterloo
BANK OF MONROE COUNTY Dawn Carter has joined Bank of Monroe County as a Community Banker and Mortgage Consultant, bringing decades of client service Carter experience to support Monroe County residents and their financial needs. Carter has 22 years of experience managing clients, maintaining relationships, and leading marketing and business initiatives at an architectural firm. She has lived in Waterloo for 17 years and has a deep passion for supporting the community.
Visit our online Calendar of Events for full event descriptions and delivery methods
EVENTS CALENDAR
Visit https://my.illinois.bank/Education-Events/Upcoming-Programs
SEMINARS, CONFERENCES & FORUMS
DECEMBER
2 Chicago Area Chapter Holiday Breakfast – Lisle
3 Bank Counsel Conference – Chicago 3 CFO Forum Springfield 3 CFO Forum Schaumburg
JANUARY
7
Federal Benefit Payments Garnishment Requirements
13 Marketing & Advertising Compliance, Part 1
19
All About Flood Insurance Compliance Requirements
20 Ability to Repay/Qualified Mortgages Review and Update
21 Legal Liabilities when Check Fraud Occurs 26 Opening Complex New Accounts,
GSB ONLINE SEMINARS
DECEMBER 1 3 6
IRA Beneficiary Distributions Cybersecurity 101 - Board Basics
Commercial and Industrial Lending in Today’s Competitive Market
7 Navigating and Analyzing a Business Tax Return
7 Problem Loan Workout in Today’s Market
19 Basics of Banking 25 Hot Topics in Compliance – Springfield 27 Hot Topics in Compliance – Oak Brook
Part I: Business Accounts
27 Excel Explained: Budget Spreadsheets 28 Opening Complex New Accounts,
7 7
ONCOURSE LEARNING WEBINARS
28
Using an Effective Selling System to “Score” Your Prospects
14 Developing and Analyzing
29 Marketing & Advertising
14
DECEMBER
1 TRID: All About Construction Loans 4 Signature Card Danger Zones 4 Audit Report Writing 6 Legal Essentials for Lenders
Part II: Trust and Fiduciary
ABA ONLINE TRAINING COURSES
6
Overview of Residential Mortgages and Home Equity Lending Key Financial Ratios
Five Keys to Better Credit Memos and Loan Packages
Compliance, Part 2
DECEMBER
Loan Agreements and Covenants
14
Improving Commercial Loan Pricing and Profitability
Analyzing Financial Statements
November-December 2021 •
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MEMBER NEWS ASSOCIATE MEMBER NEWS Vedder Price’s Financial Institutions Group Recognized by Best Lawyers in America
The Financial Institutions Group at Vedder Price is pleased to announce that four of its members have been recognized in the 2022 edition of The Best Lawyers in America®. The Best Lawyers in America® list is based on a peer-review survey process in which thousands of leading attorneys confidentially evaluate other attorneys in their practice areas. Recognition in Best Lawyers is widely regarded by both clients and legal professionals as a significant honor, conferred on a lawyer by his or her peers. The Vedder Price Financial Institutions group attorneys listed in The Best Lawyers in America® 2022 are as follows: u James M. Kane u Thomas P. Desmond u Daniel C. McKay II u Jennifer Durham King
SomerCor Grows Its Board of Directors
United Bankers’ Bank
SomerCor is excited to announce five new board members from across the financial services industry, bringing new sector perspectives and expertise to the organization. Jim Bruno - JP Morgan Chase, Erica L. King - Greenwood Archer Capital, Michael Martino Fifth Third Bank, Julie Winterbauer, and Simon Yohanan - First Bank of Highland Park were recruited to expand our small business lending footprint, strengthen SomerCor’s commitment to diversity and inclusion, and help enhance economic development in under-resourced communities throughout Illinois. Congratulations to IBA’s Julie Winterbauer and all of the new members of the SomerCor Board!
Bruno
King
Winterbauer
Yohanan
Martino
United Bankers’ Bank (UBB), the nation’s first bankers’ bank, and RiskScout, the nation’s leading onboarding and due diligence fintech platform, announced their unique partnership to provide streamlined compliance solutions surrounding hemp and other emerging markets existing in our communities. Through this collaboration, UBB’s community banks will have the ability to offer financial services to underserved businesses, such as private ATMs, Cash Intermediaries, Money Services Businesses, Hemp, Cannabis, Cryptocurrency, and others. It can be a challenge to roll out this type of business line due to the sheer magnitude of enhanced regulatory obligations. The partnership with RiskScout will involve direct collaboration between UBB and the high risk banking solution firm to align the needs of UBB’s community bank customers with the services provided by RiskScout. Detailed information about this exciting, new, cost-saving service can be found at https://ubb. formstack.com/forms/riskscout.
ADVERTISING INDEX Bankers’ Bank (Wisconsin)
800-388-5550
bankersbank.com
2
Foresight Research
248-608-1870
foresightresearch.com
9
Graduate School of Banking
608-243-1945
gsb.org
LKCS
815-223-0391
lk-cs.com
38
MIB – Midwest Independent BankersBank
800-347-4642
mibanc.com
40
SPARK
612-345-0683
lendwithspark.com
17
UMB Bank, n.a.
314-612-8018
umb.com
7
Wipfli, LLP
800-486-3454
wipfli.com
15
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• November-December 2021
28-29
WELCOME NEW ASSOCIATE MEMBERS (as of 10/07/2021) .BANK Registry Washington, DC .register.bank A .BANK domain provides banks a gated, more secure space for online banking and email. Our verification process and monitored security requirements for .BANK ensure bad actors don’t have access to .BANK domains for phishing and spoofing attacks that lead to breaches, malware, ransomware, identity theft and financial fraud. The .BANK domain is a paradigm shift in addressing cyberattacks, providing bank employees, vendors and customers a quick, visual way to authenticate bank emails and websites. AutoMail, LLC Jonesboro, AR goautomail.com You can use our software or manpower to put your compliance tasks on autopilot, improving them with our expertise and resources to save time and money. Outsource your statement processing to our fulfillment division or use our AutoMail® PRO software to process your mailings in-house. We have options for statement redesign, electronic delivery, and tax notice processing. We also offer solutions for automated e4641 and Asset Verification processing, custom programming, and marketing services.
NEW MEMBER BANKS
Experian Costa Mesa, CA experian.com/banks Experian is the world’s leading global information services company. During life’s big moments — from buying a home or a car to sending a child to college to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime. Hartman Executive Advisors Timonium, MD hartmanadvisors.com Hartman Executive Advisors is an independent strategic IT advisory firm. We work with banks and financial institutions nationwide to assess their current IT ecosystem, needs and challenges in order to provide tailored recommendations and practical guidance from seasoned, C-level IT leaders to optimize business performance and prepare for future growth. ISL Education Lending West Des Moines, IA iowastudentloan.org Iowa Student Loan Liquidity Corporation, doing business as ISL Education Lending, is a nonprofit corporation offering private student loans for students and families who have exhausted other sources of aid. In addition, we provide scholarships and programs for families and reinvest funds in programs to benefit students and borrowers.
First State Bank Shannon-Polo 1 S Linn St Shannon, IL 61078-0085
LaSalle State Bank
654 1st St LaSalle, IL 61301-2484
Liberty Bank for Savings 2392 N Milwaukee Ave Chicago, IL 60647-2951
When your bank’s a member, you’re a member!
Synctera Mountain View, CA synctera.com From day one, we’ve engaged deeply with community banks and fintechs to understand their aspirations and what holds them back. Wherever you are in your fintech partnership journey, our deep domain expertise across banking, technology and compliance puts us in a unique position to guide and support you along the way. Technology Advisors Inc. Des Plaines, IL techadv.com Technology Advisors is a global business and technology consulting company that provides services for CRM implementation, project management, sales automation, analytics, and other business functions. The goal of TAI is to help customers drive more revenue by successfully utilizing their software mix for automation, departmental alignment, and streamlined services.
November-December 2021 •
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NEWS & NOTES Foresight Research: Bank Churn/The Vulnerable Community Bank The cost of acquisition for new customers and members is high. With an average cost of $400 or more, the important question is how do you reduce churn and make the acquisition cost payoff? Foresight Research interviewed almost 11,000 people across the United States in 44 markets who are involved in household banking decisions. They found very interesting facts. First, 12% of the households have done business with their current bank or credit union for less than 2 years. And 12% of those surveyed plan to switch in the next year or two. Among the new relationships (less than 2 years), about 1 out of 4 do not have a banking relationship that they would consider valuable. The result is that 20% are considering switching again. The most vulnerable to lose these customer relationships are the community banks. So, how do you slow it down? You know their needs and how to communicate with them. What are they looking for? Is it the new digital technology, do they want more branches, or incentives on their credit cards? Rather than guessing, Foresight asked them what the most important reasons were in selecting a new bank or credit union. At the top of the list are free checking; accurate transactions; convenient branch locations; quick and easy problem resolution; and friendly courteous personnel. For more information, visit foresightresearch.com or contact Steve Bruyn, 248-608-1870 ext.12, steve@foresightreserch.com for more information.
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First National Bank of Omaha Awards $817,000 in Impact Grants
First National Bank of Omaha (FNBO) has awarded a total of $817,000 in Impact Grants to 45 nonprofit organizations in Nebraska, Iowa, Colorado, Illinois, Kansas and Texas, announced Alec Gorynski, Vice President, Community Development and Corporate Philanthropy. The grants support programs related to education and workforce development, with the intent to help individuals in the bank’s communities become economically self-sufficient. In Illinois, FNBO awarded $80,000 ($20,000 each) in Impact Grants to four organizations: The Neighbor Project (Aurora), Friends of McHenry County College Foundation (Crystal Lake), DeKalb County Youth Service Bureau, Inc. (DeKalb), and Home of the Sparrow, Inc. (McHenry).
• November-December 2021
OCC assigns ‘outstanding’ Community Reinvestment Act rating to 5 banks By Marisol Grandi
The Office of the Comptroller of the Currency released a list of 19 Community Reinvestment Act performance evaluations that became public in August. Of the 19 evaluations, five are rated “outstanding.” The OCC assigned an “outstanding” rating to Mount Vernon, Ill.-based Peoples National Bank NA, Lake City, Minn.-based Lake City Federal Bank, Wadena, Minn.-based Mid-Central National Bank, Dunkirk, N.Y.-based Lake Shore Savings Bank and Beresford, S.D.-based First Savings Bank on their compliance with the Community Reinvestment Act. The remaining banks on the list received “satisfactory” ratings. Congratulations, Peoples National Bank, NA!
NEWS & NOTES Marquette Bank receives ABA’s 2021 Community Commitment Award
The American Bankers Association Foundation named six banks as 2021 Community Commitment Award winners. The annual awards recognize banks for extraordinary corporate social responsibility efforts in six specific categories ranging from affordable housing to economic inclusion. The winners were recognized at ABA’s Annual Convention in Tampa on Oct. 19. “Over the last two years, we have seen America’s banks demonstrate an unwavering commitment to supporting their communities in good times and bad,” said Rob Nichols, ABA president and CEO. “This year’s winners represent the very best our industry has to offer and we’re proud to recognize them for their tremendous efforts.” Volunteerism Category Winner u Marquette Bank, Chicago, Ill. for its collaboration with Illinois Partners in Hope to provide mobile food pantries that distribute USDA food boxes to Chicago residents. Fueled by its Marquette Neighborhood Commitment initiative, 78 employeevolunteers from five Marquette Bank branch locations served over 19 hours to distribute over 3,000+ boxes of food safely to families in need. Congratulations, Marquette Bank!
First Women’s Bank Celebrated Grand Opening
Bradford National Bank Supports Connecting All Comets Program The Bradford National Bank board of directors has signed on as the Naming Donor for the Connecting all Comets program being proposed for Greenville High School. The bank has agreed to donate $250,000 to the high school to help fund the program renovations. Connecting All Comets is a part of a phased approach to the facility improvement process, that focuses on upgrading existing Comets sports facilities. The Board of Education has approved for the design of artificial turf on the football and baseball fields. Other projects being considered include lights on the baseball and softball fields, new tennis courts, an auxiliary gym, and new weight room/athletic training facilities.
GSBC graduated 141 total students as part of its class of 2021, 40 of whom attended and graduated virtually. GSBC held a hybrid graduation ceremony on Thursday, July 29, 2021, in Boulder, CO, incorporating the virtual graduates.
First Women’s Bank (the Bank) celebrated its grand opening with a ribbon cutting ceremony at its flagship location in Chicago on September 22. In addition, the Bank announced its Mission Partners, including Aon, Wendy’s, Comcast Corporation, William Blair and the Western Golf Association/Evans Scholars Foundation (WGA), whose support will help to bridge the gender lending gap. “Small business owners support their families, their employees and their communities—we’ve formed First Women’s Bank to support them,” said Marianne Markowitz, President and CEO, First Women’s Bank. First Women’s Bank is a first-of-its-kind, purpose driven bank with a mission to grow the economy and advance the role of women within it. The Bank is the only women-founded, women-owned and women-led commercial bank in the country with a strategic focus on serving the women’s economy. It is also the first new bank in the State of Illinois in more than a decade. The Bank will serve a national lending and deposit market from a single flagship location in Chicago at 1308 N. Elston through a modern, digital banking experience. First Women’s Bank is more than a bank. In addition to providing innovative capital solutions for small businesses, the Bank has created the FWB Collective, a community of resources, support and inspiration for small businesses and a platform through which individuals and organizations can provide tangible support for the women’s economy. Learn more about the First Women’s Bank and how to join the Bank on its mission at www. FirstWomens.Bank.
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NEWS & NOTES In Memory Of United Bankers’ Bank and J Outlaw Consulting Announce Partnership to Provide Check Vendor Contract Negotiation Services United Bankers’ Bank (UBB) is pleased to announce its partnership with J Outlaw Consulting, experts in vendor contract negotiation. Through this collaboration, UBB will introduce community banks to J Outlaw Consulting for their check vendor agreement negotiations to provide the best possible contract terms. With over 35 years of check printing industry experience, J Outlaw Consulting deals directly with the top-level decision makers that create the contract terms and pricing.
Daniel G. Watts Re-elected to FHLBank Chicago Board of Directors
The Illinois Bankers Association congratulates Daniel G. Watts, Director and President of IBA member Forest Park National Bank & Trust Company, on his recent re-election to The Federal Home Loan Bank of Chicago's Board of Directors. Illinois members re-elected Daniel G. Watts. In January 2010, Watts joined Forest Park National Bank and Trust Company. He has been an executive banking professional for over 25 years. He began his career at The American National Bank and Trust Company of Chicago, after which he became an Executive Officer and Director at Cosmopolitan Bank and Trust, Pullman Bank and Trust and Park National Bank (all subsidiaries of
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the former FBOP Corporation). Dan currently serves as a board member of Community Investment Corporation (CIC) and Chicago Neighborhood Initiatives (CNI). He served as a past Illinois Bankers Association Chair and past President of The Bankers Club of Chicago. Watts earned an undergraduate degree in Economics from Northwestern University, a law degree from Loyola University of Chicago School of Law, and an MBA from the University of Chicago Booth School Of Business. Watts joins fellow Illinois bankers on the FHLB Chicago board: • Michelle L. Gross, IBA Chair, Executive Vice President/Chief Operating Officer, Information Systems Officer, and Director, S tate Bank of Bement • David J. Loundy, Chairman and CEO, Devon Bank • David R. Pirsein, President and Chief Executive Officer, F irst National Bank in Pinckneyville • Michael G. Steelman, Chairman and Chief Executive Officer, Farmers and Merchants State Bank of Bushnell
• November-December 2021
In Memory of Frank Fleming Frank Leighton Fleming, 83, of Litchfield, Illinois passed away Friday, September 17, 2021, surrounded by his family. Frank was born in Litchfield on December 25, 1937, to William Harold and Greta Belle Bachstein Fleming. He attended Litchfield Community High School and graduated with an accounting degree from Southern Illinois University - Carbondale. He served in the Illinois National Guard. He married Alberta Lee Crawford on July 22, 1961, at First Baptist Church in Litchfield, and they recently celebrated 60 years of marriage. Frank was a respected community banker with Litchfield National Bank for 67 years, serving as chairman of the board at the time of his death. Frank loved his LNB family as his own. Frank was honored in 2008 as Banker of The Year by the Illinois Bankers Association. He was a tremendous IBA supporter and served on several committees and boards, including the IBA Board of Directors. Frank was a member of the IBA’s 50 Year Club, recognizing his years of service to the industry. He served many local organizations including the Litchfield Chamber of Commerce and the Litchfield Economic Development Commission. Frank was honored to receive the Litchfield Citizen of the Year in 1988. Frank enjoyed traveling to banking conferences and visiting with many friends from the industry, but his greatest joy was spending time with his family, especially his grandchildren and greatgrandchildren. In Memory of Leon Holschbach Leon J. Holschbach, 68, of Effingham, IL, died on October 20, 2021. He passed peacefully and gracefully in the company of his life’s two great loves: his wife of forty years, Deb and his daughter, Lauren. He fought a courageous year-long battle with ALS.
NEWS & NOTES
Leon was born on March 21, 1953, in Manitowoc, WI, the fourth of eleven children to Vernon and Dorothy Holschbach. He fondly remembered a childhood of catching crayfish in Silver Creek and causing mischief at St. Boniface Catholic School. He attended the University of Wisconsin where he majored in economics, but his true passion was history. Shortly after college, he had the opportunity to gain experience and mentorship under John McGuire at Citizens State Bank in Clinton, WI where he earned the role of president by his late 20s. More importantly, this is where he met Deb who was working part-time as a teller while pursuing her master’s degree. Leon started at Midland States Bank in 2007 serving as CEO of the company and vice chairman of the bank until his retirement at the end of 2018. Leon also served on the IBA Board of Directors for two terms from 2012 - 2016. A highlight of his career was ringing the NASDAQ bell after Midland States Bank became publicly traded in 2016. In Memory of Rhonda Politsch Rhonda J. Politsch of Sublette passed this life on August 28, 2021, at the age of 62. Rhonda was born February 18, 1959, in Mendota to William and Shirley (Alshouse) Politsch. Rhonda graduated from Mendota High School 1977 and Illinois Valley Community College. In 1979, she began her 42-year career in banking with Sublette Farmers State Bank, later becoming Pioneer State Bank. She served with the Sublette Business Association and Sublette Fire Protection District. Rhonda was passionate about animals and devoted much of her time competing with her dogs in agility competitions and obedience training. In Memory of James K. Pridmore (December 27, 1960 - October 10, 2021) At the end of a life, especially one that ends all too soon, it’s easy to dwell on the destination. Fortunately for
everyone that knew and loved James Keenan Pridmore, he had a favorite creed he would recite often throughout his passage: “Life is all about the journey.” Throughout his life these simple words were a compass in a steadfast pursuit led by curiosity and above all – passion. James’ journey began December 27, 1960. Born to Lawrence and Virginia (Barrett) Pridmore, he grew up in LaGrange Park with his four older siblings. From there he attended the University of Notre Dame where he met his wife, Libby, and went on to have their sons, Keenan and Jack. James was a highly respected banker, with a successful 30-year career. These were some of the waypoints, but to truly remember James is to heed his advice and reflect on the magic in the middle. We were all so fortunate to walk alongside him on his life’s journey. James is preceded in death by his father Lawrence, and survived by his mother Virginia, former wife Libby, son Keenan and daughter in-law Allison, son Jack and daughter in-law Amanda, his grandchildren Marin, Henry and Eleanor, his siblings Chip, Peggy, Annie, Mark and many beloved nieces and nephews. In Memory of William Rice William A. Rice II, 70, died Saturday, September 18, 2021, at Jersey Community Hospital. He was born on May 31, 1951, in Alton, one of two sons born to the late S. Jackson and Dorothy (Warner) Rice. Bill graduated with the Class of 1969 from Western Military Academy in Alton, Illinois and went on to attend Central Methodist College in Fayette, Missouri, graduating in 1973 with his Bachelor of Science Degree in Business and Accounting. Following his graduation, Bill returned to Jersey County, where he began working for the family business,
W.A. Rice Seed Company in Jerseyville. Founded in 1898, Bill was proud to carry on the legacy of the family business as its 3rd generation owner, in addition to owning and operating Schneider Seed Company. He served as a board member and was past president of the Illinois Crop Improvement Association, Illinois Foundation Seeds, Inc. and Illinois Seed Dealers Association. He was well respected by his employees and colleagues for his unwavering integrity, hard work and reliability. Selfless in every aspect of the word, Bill’s life centered around three very simple, yet profound, ideals – Family, Faith, and Community. Bill was proud of his Jersey County roots and dedicated himself to many area causes throughout the years. He served for over 30 years with the Jerseyville Rotary Club, housing 8 foreign exchange students during his time as a Rotarian. He also served as a Jersey Community Hospital Board Member for 32 years, retiring from this position in 2020. He was currently serving as Jersey State Bank Board Chairman, having joined the board in 2002, and has served in his current role as Chairman since March 2013. In Memory of Del Rogers Delmar “Buck” Rogers, 83, passed away on Monday, August 16, 2021. He was born January 24, 1938, in Lanesville, Ill. Del was a US Army veteran and received his master’s degree from Northwestern University, serving as class representative for the graduate school of management in 1970. He was a banker for 50 years, retiring from LaSalle National Bank in Chicago, provided consulting services to banks for 7 years after retirement and taught at the Graduate School of Banking in Madison, Wis., for 30 years.
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THE LAST PAGE
IBA Chicago Staff
IBA Staff Working the Midwest Bank Leaders Conference
IBA Springfield Staff
It All Started 130 Years Ago (November 5, 1891) The Illinois Bankers Association has a rich history that dates back to 1891. It began with this invitation requesting the presence of Illinois bankers at an organizational meeting for what was to become the Illinois Bankers Association. Following that initial meeting, 62 bankers signed on to become Charter Members of the Association. “The undersigned Bankers of Illinois, desiring to promote
a better acquaintance among the fraternity in the State, as well as to offer opportunities for the discussion of questions of interest, arising from time to time, invite you to meet with us at the State House in Springfield, Thursday, November 5, 1891, at 12 p.m. for the purpose of organizing a State Association for Bankers, if such an organization be deemed advisable.”
Charter Members of the Association W.W. Anderson - First National Bank, Taylorville A. Atherton - Tracy, Atherton & Co., Pleasant Plains B.F. Beesley - Jacksonville National Bank Lorenzo Bull - State Savings Loan and Trust Co., Quincy L.L. Burroughs - Peddecord, Burrows and Co., Decatur Ben F. Caldwell - Ben F. Caldwell and Co., Chatham John R. Chapman - American Trust and Savings Bank, Chicago T.K. Condit - First National Bank, Beardstown G.W. Constant - Bank of Illiopolis Henry Dawson, Jr. - Auburn State Bank J. M. Dooley - Third National Bank, Bloomington W.B. Dunlap - First National Bank, Mattoon C.L. English - First National Bank, Danville B.H. Ferguson - Springfield Marine Bank D.M. Funk - First National Bank, Bloomington G.W. Graham - Farmers and Traders Bank, Meredosia M.H. Greenbaum - Livingston County National Bank, Pontiac S.M. Grubbs - First National Bank, Litchfield T.W. Hall - First National Bank, Harrisburg Thos. W. Halliday - City National Bank, Cairo John L. Hamilton, Jr. - Hamilton and Lateer, Hoopeston H.C. Hamilton - First National Bank, Girard C.T. Hanshaw - Bank of Palmyra H.H. Harris - First National Bank, Champaign John W. Hart - Farmers State Bank, Auburn W.A. Heath - Champaign National Bank Frank Hoblit - First National Bank, Lincoln S.H. Jones - State National Bank, Springfield Lee Kincaid - Banker, Athens John A. King - Fort Dearborn National Bank,Chicago N.C. King - Havana National Bank
Otho S. King - First National Bank, Mason City Edward D. Keys - Farmers National Bank, Springfield C.B. Lanning - First National Bank, Petersburg C.W. Lincoln - First National Bank, Mount Pulaski John S. Little - Bank of Rushville F. Lowe - Havana National Bank H.H. Marbold - Banker, Greenview B.O. McReynolds - Decatur National Bank J. Millikin - J. Millikin and Co., Bankers, Decatur J.W. Orr - Baughman, Orr and Co., Tuscola F.C. Orton - Lincoln National Bank G.J. Pattison - Caldwell, Henderson and Co., Virden Charles Ridgeley - Ridgeley National Bank, Springfield Thomas S. Ridgway - First National Bank, Shawneetown John Robertson - Farmers National Bank, Virginia D.W. Smith - Illinois National Bank, Springfield H.A. Shepherd - State Bank, Jerseyville Geo. H. Souther - Sangamon Loan and Trust Co., Springfield W.A. Steele - Merchants and Farmers Bank, Sullivan C.W. Tietsort - Bank of Medora F.W. Tracy - First National Bank, Springfield Henry Tubbs - National Bank of Monmouth T.J. Viddle - First National Bank, Pana T.D. Vredenburgh - Loami Bank R.R. Wallace - State Bank of Hamilton Richard Wangelin - Belleville Savings Bank S.M. Warner - Old National Bank, Centralia Peter Whitmer - Peoples Bank, Bloomington W.L. Wiley - Exchange Bank, Brimfield C.E. Wilson - Mattoon National Bank George Wree - Bank of Niantic
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