Monday, October 25, 2021

Week of April 5

In This Issue…

2021 OBA Convention approaching in May

The Oklahoma Bankers Association 2021 Convention is set for May 24-26 in Oklahoma City, with the brand-new Omni Hotel as the host locale.

This year’s convention will be slightly different than previous years as, after the cancellation of the 2020 Convention, several events will be packed into the schedule and there will be no keynote speaker to begin and end the convention. Instead, going hand-in-hand with the convention theme of “Where everybody knows your name”, this year’s convention will focus on the bankers and members of the Association – the ones whose names everyone knows!

The few days will consist of enjoyable activities, informative breakout sessions, and recognition of some of the best and the brightest of the OBA, including a tribute to our retiring OBA President and CEO Roger Beverage.

Click here for more information and to register for the event, and here to find out more about the Convention Golf Tournament, which will happen early Monday afternoon of convention.

You can contact the OBA education department with any other questions at 405-424-5252. Remember that current local COVID-19 guidelines will be followed during the convention.

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Georgia Credit Union buys largest bank yet

Yes, this short story is about a Jacksonville, Florida-based credit union buying a publicly traded Jonesboro, GA-based bank, but it’s worth reading we think.

VyStar Credit Union is a bit over $10 billion in total assets, and it reached out to buy Heritage Southeast Bancorp, with total assets of $1.6 billion. It’s the largest bank purchased by a credit union to date. VyStar is the 13th largest credit union in the United States.

What’s interesting is that the credit union bought Heritage “to better compete against large banks and financial technology companies”  in the Atlanta MSA, according to an article that appeared in S&P Global, April 5, 2021, authored by Lauren Seay and Rucha Khole. The banks that were specifically mentioned by the credit union CEO as competition included Wells Fargo and (OBA-Member) Bank of America.

VyStar was able to pay Heritage $27 per share, a large premium from the closing price on 3/31/21 for its stock. The Heritage stock sold for 1.84 x book value. According to the article, Heritage was not looking to sell, but this offer was too good to pass up.

Since 2015, 40 credit unions have acquired different banks around the country, including Edmond-based Prime Bank ($281.8 million).

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Bank On initiative – Reaching out to the unbanked

From the ABA’s Website

The vast majority of consumers in the country have a bank account and enjoy the safety, security and benefits that come with it. But there are still some who remain outside the banking system. For those individuals, access to a simple transaction account can be a first step toward long-term financial security.

As part of ABA’s commitment to reduce the number of unbanked and underbanked people in the country, we are encouraging all banks to join the Bank On movement by offering low-cost, basic accounts that meet the Bank On initiative’s National Account Standards. By taking this step, your bank will demonstrate your commitment to financial inclusion, while also adding new customers in the process.

How it Works

Bank On connects consumers to safe and affordable bank accounts. The Bank On national platform, led by the nonprofit Cities for Financial Empowerment Fund (CFE Fund), helps individuals navigate the marketplace and easily identify accounts that meet their needs. When an account is Bank On certified, consumers know it has features they are looking for, including low or no fees, no overdraft charges, online bill pay and other basic attributes—giving them more confidence to begin or restart their banking relationship with the right tools to manage their money.

Across the country, Bank On coalitions help match consumers with financial institutions in their community that offer the “certified” accounts. To date, close to 90 state or city coalitions work to connect residents to the 24,000 financial institution branch locations in the U.S. that currently offer a Bank On-certified account.

Bank On Account Certification

Many banks already offer qualifying accounts and can apply, at no cost, for a Bank On certification through the CFE Fund. For those banks that don’t currently offer accounts that meet every Bank On standard, the industry’s top core providers, who provide the operational backbone for many banks, have committed to simplifying the process for banks to create and offer qualifying accounts.

Help move the needle on economic inequality by joining the growing list of banks that offer Bank On certified accounts. To sign up, visit joinbankon.org/certify.

About Bank On

The Bank On National Account Standards were created by national nonprofit organization the Cities for Financial Empowerment Fund—or CFE Fund—and are widely supported by consumer advocates and the financial services industry.

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Deadline approaching for 2021 OBA college scholarship

Each year, the OBA awards a $1,000 scholarship to an incoming freshman who has a parent, grandparent, sibling or spouse who is a Professional Member of the Association.

The student must enroll in an accredited Oklahoma institution of higher education. The applicant must also be graduating from an Oklahoma high school. A panel of bankers will select the winning applicant.

Click here to access the application for the 2021 scholarship. Applications are due April 16, 2021.

Questions? Contact Megan McGuire at our office at 405-424-5252 or by email at megan@oba.com.

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April Office Depot savings for OBA member banks

Office Depot® and Oklahoma Bankers Association have partnered to provide exclusive benefits and savings on a wide selection of products and services including:

  • Office Essentials
  • Cleaning and Breakroom Solutions
  • Print & Copy Services
  • Furniture
  • Technology

Office Depot is your one stop solution. We’ve been doing this for more than 30 years, and we’re committed to helping you take care of business.

View this month’s coupons here, or register your bank for free here!

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OBA education corner …

April showers bring May flowers and new OBA education events! Check them out below.

NOTE: Effective March 16, 2020, and until further notice, TTS (our webinar provider) has extended the OnDemand access period for all ‘Live Plus Five (Days)’ registrants to 60 days (versus five business days). Also, they are waiving the $75 per location fee for additional locations.

  • Seven Habits of Effective Credit Administration, webinar, April 13 — This course is intended to provide guidance on how to develop and maintain a Credit Administration function that will provide guidance to anyone involved in the credit function of the bank and to insure safeguards are in place to manage the bank’s loan portfolio in a safe and sound manner.
  • Opening Minor Accounts, webinar, April 13 — During this program, you will learn how to answer your adult account holder’s questions on how to set up accounts for grandchildren, for college, for other reasons to set up minor accounts.We will review the basic legal ownerships you may offer for your minor customers, talk about how to transition them into adult accounts and look at do’s and don’ts of account card set up for minors.
  • Alert! Revisions to Three Sections of the BSA FFIEC Exam Manual, webinar, April 14 — During this webinar we will cover these revisions and what you need to do and know.
  • Top 25 Safe Deposit Compliance Issues, webinar, April 15 — At this workshop you will receive current information about the top 25 safe deposit compliance issues and an in-depth explanation about how they impact on your financial institution and your safe deposit box renters.
  • Dress Codes and Work Appearance – Spandex is a Privilege Not a Right, webinar, April 16 — This serious subject is presented with humor and down-to-earth examples and advice by an attorney who has helped companies throughout the United States effectively address issues of an ever-changing workplace.
  • 2021 Workshop for Loan Assistants and Loan Processors, April 20-Oklahoma City; April 21-Tulsa — This seminar is designed to increase the lending knowledge and administrative effectiveness of one of the most important positions in a community bank’s lending staff – the loan assistant/loan processor.
  • Top 10 Most Frequent Flood Issues, webinar, April 21 — This program is for those involved in obtaining and maintaining flood insurance on mortgage loans and will cover the top 10 issues surrounding the category.
  • Understanding Revocable and Irrevocable Trust Documents, webinar, April 22 — This presentation will provide financial institution personnel with best practices to use when dealing with these complex legal documents.
  • 2021 Spring Human Resources Seminar, April 22, Oklahoma City — Today’s HR professionals must be well-versed in areas such as employment law, workplace safety, staffing and the latest technologies that impact the HR role. This makes ongoing Human Resources education and training an absolute necessity.
  • BSA 101 for New BSA Compliance Officers, webinar, April 23 — This session will provide new BSA Compliance Officers with information on the laws and rules, as well as guidance on resources that can help make their jobs easier.
  • Commercial Loan Defaults and Workouts, webinar, April 28 — This program will cover guidelines for the Bank in a workout situation, including the documentation to consider before, during and after negotiations take place with borrowers and guarantors.
  • Advanced Commercial Lending C&I Lending Seminar, May 7, Oklahoma City — This two-part seminar will cover commercial & lending in today’s competitive market, and commercial real estate lending in today’s economy.

Are you interested in joining an OBA board or committee? Click here to complete the Committee Interest Form for 2021-2022. We would love for you to get involved!

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