1. finance
2. bank

the
Independent Report
“Colorado banking at its best”
A PUBLICATION OF
1900 Grant Street, Suite 1120, Denver CO 80203
303.832.2000 / fax 303.832.2040
www.ibcbanks.org
In this issue...May/June 2015
Support IBC’s Associate Members!_____________________________________________3
Independent Bankers of Colorado
Washington Policy Summit_______________________________________________________4
2015 IBCEF Education Programming________________________________________________5
2014 - 2015 OFFICERS AND DIRECTORS
Chairman
Tom Olson, President, Points West Community Bank
President
Allan Tormohlen, Vice President, Canon National Bank
President-Elect
Byron Maynes, President, First National Bank Cortez
ICBA State Director
Chuck Johnston, President, North Valley Bank
District Directors
District A
Dave Brewick, President, Evergreen National Bank
Brandon Berkley, President, Berkley Bank
Kyle Heckman, President, Flatirons Bank
John Ezell, Senior Vice President, Redstone Bank
District B
Harry Devereaux, President, Home State Bank
John Sneed, President, FMS Bank
Shawn Osthoff, President, Bank of Colorado
Dan Allen, President, First FarmBank
District C
Quentin Leighty, CFO, First National Bank
Las Animas/Monument Branch
Megan Harmon, Branch President & COO, Eastern
Colorado Bank
Dave Reyher, President, Colorado East Bank & Trust
Andrew Trainor, Regional President, Legacy Bank
District D
Ed Merritt, Jr., President, Dolores State Bank
Ashley Burt, President, Gunnison Bank & Trust
P J Wharton, President, Yampa Valley Bank
Boyd Hodges, President, Pine River Valley Bank
Advisory Board Members
Bill Mitchell, President, Bankers’ Bank of the West
Staff
Barbara
M.A. Walker, Executive Director
.
Maelynn Lewis, Administration Director, Secretary/Treasurer
Jennifer Lusk, Member Services Director
IBC Legal Counsel
Thomas Bieging and John Burrus
Bieging Shapiro & Barber, LLP
2015 IBCEF Webinar Schedule______________________________________________________6
BCEF’s 42nd Annual Convention Save the Date! 1______________________________________8
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IBCEF’s 27th Annual Ag and Natural Resources Conference_______________________________10
Support Bankers Foundation of ColoradoI______________________________________________12
Smart Phones and Branchless Banking________________________________________________13
Western States School of Banking June 2015 Register Now!________________________________16
Why Community Banks Matter________________________________________________________17
Support IBC Preferred Providers!______________________________________________________18
Congratulations First National Bank Las Animas and Yampa Valley Bank!______________________18
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Add an Empty Chair—The Customer___________________________________________________23
IBC’s Federal Priority Issues_________________________________________________________25
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Bankers Foundation of Colorado’s Fundraisers Save the Dates!______________________________28
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Archived Webinars Available_________________________________________________________30
Is the Curve Going to Flatten?_______________________________________________________31
Colorado Enterprise Fund Advantage with SBA Community Advantage Loans__________________33
Evaluating and Implementing an Effective Core Processing System_________________________35
IBCEF Scholarship Recipients!______________________________________________________37
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Imposter Fraud_________________________________________________________________40
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Join IBC’s 80-ATM Surcharge Free Network______________________________________45
IBC Lobbyist
Mary Marchun, The Capstone Group
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Kissel’s photos have appeared in travel publications
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major photo contest with one of his steam train
photos, which is currently on brochures and in
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Colorado Division of Banking in 2004 after a career
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Bob’s photos visit his website at
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Chairman
Tom Olson, President, Points West Community Bank
Directors
Rocky Levkulich
Kenneth So, President, Premier Bank
CJ Juleff, Partner, CJ Juleff & Associates
Tom Chesney, President, AMG National Trust Bank
Kelly Malone, FHLBank Topeka – Denver Office
Directors continued
Jay Rickstrew, President, Alpine Bank
Larry Meier, Executive Vice President, Western States Bank
Karen Witt, Partner, Lewis Roca Rothgerber LLP
Eric Budreau, Partner, Eide Bailly LLP
Lauren O’Connell, O’Connell Consulting Group
2
SUPPORT THE IBC’S ASSOCIATE MEMBERS!
Accounting/Compliance
Anderson & Whitney
970-352-7990
Betzer, Call, Lausten & Schwartz, LLC
303-296-2900
BKD, LLP
303-861-4545
Eide Bailly LLP
303-770-5700
Financial Outsourcing Solutions, LLC
888-212-8799
Fortner, Bayens Levkulich & Garrison, PC 303-296-6033
Garland Heart – Info Security| Compliance |
Consulting
972-429-8200
Iverson & Associates, LLC
303-949-7702
Kennedy & Coe, LLC
970-685-3463
Moss Adams LLP
310-481-1205
Stockman Kast Ryan & Co., LLP
719-630-1186
Human Resources/Management/Training
BankersEdge
877-999-3343
BankersHub
866-575-4932
Expert Business Development
610-771-2121
KLG Consultants, LLC
303-721-1467
Insurance/Benefit Services
Bank Financial Services Group
303-489-1844
Central States Family of Companies
303-290-8901
Equias Alliance
469-252-1037
Financial Designs Ltd.
303-832-6100
ICBA Reinsurance
888-790-6615
IMA Colorado
303-507-5403
The Kansas Bankers Surety Co.
785-228-0000
*Travelers
720-200-8416
Advertising/Equipment/Printing/Supplies
*AccuSource, Safeguard Distributor
800-992-0304
FF&S, Inc.
303-323-4341
*Harland Clarke
800-525-8848
SPC – Security Products Companies
800-338-3086
ValueTec Financial Equipment, LLC
303-550-6361
Investments/Funding and Lending Partners
303-854-3035
1st Reverse Mortgage USA
The Baker Group
405-415-7200
Colorado Enterprise Fund
303-860-0242
Colorado Housing and Finance Authority 303-297-7329
Colorado Lending Source
303-657-0010
Cornerstone Home Lending –
Correspondent Lending Division
505-263-6110
D A Davidson
303-764-6021
FHLBank Topeka – Denver Office
303-893-3452
FTN Financial
800-456-5460
Gill Capital Partners
303-296-6260
*ICBA Mortgage
800-253-5356
*ICBA Securities
800-422-6442
iHELP Private Student Loan Program
610-234-0592
Investment Centers of America
701-250-3234
Motel Man Management & Receivers
303-422-4298
Mountain West Mortgage LLC
970-379-4857
Northland Securities Inc.
303-801-3380
*Promontory Interfinancial Network
303-706-9265
TNS (The Note Shop) Loans
303-539-3000
Computer Products/Consulting
AccuSystems
719-583-8004
BankOnIT
405-605-3901
Computer Services, Inc.
970-212-7104
FIS EGRC
888-323-0310
Garland Heart – Info Security | Compliance |
Consulting
972-429-8200
*Secure Banking Solutions (SBS)
785-594-0503
SPC – Security Products Companies
800-338-3086
Consulting/Marketing/Strategic Planning
Bank Strategies
303-618-0056
BancVue
877-342-2557
KPMG Corporation Finance
303-339-9099
O’Connell Consulting Group
303-795-3539
TPS Property Tax Consultants
303-477-4504
Correspondent Banking Service
Bankers' Bank of the West
303-291-3700
CenterState Bank
303-773-0441
The Independent Bankers Bank
972-650-6000
INTRUST Bank
800-732-5120
Pacific Coast Bankers’ Bank
888-399-1930
Law Firms
Bieging Shapiro & Barber (IBC Counsel)
Coan Payton & Payne LLC
Fairfield and Woods, PC
Lewis Roca Rothgerber LLP
Markus Williams Young &
Zimmermann LLC
Moye White LLP
Rogers & Stodden LLC
Sherman & Howard L.L.C.
Shook, Hardy & Bacon LLP
Spencer Fane LLP
Stinson Leonard Street LLP
Data Processing/EFT/ATM/Card Processing/Merchant
Services
866-398-2178
21st Century Financial Services
*Bankers' Bank of the West
303-291-3700
Computer Services, Inc.
800-545-4274
D+H
800-815-5592
Hypur Inc.
480-409-4599
*ICBA Bancard/TCM Bank
800-242-4770
*Integrated Bank Technology
303-308-9930
Jack Henry Banking
417-235-6652
*PULSE
713-223-1400
SHAZAM
515-288-2828
*Vantiv
303-399-8929
720-488-0220
970-225-6700
303-894-4416
303-623-9000
303-830-0800
303-292-7946
720-393-9045
303-299-8384
303-285-5300
303-839-3838
303-376-8400
Loan Review Services
Eide Bailly LLP
303-770-5700
Iverson & Associates, LLC
303-949-7702
IBC Lobbying and Public Relations
The Capstone Group (IBC Lobbyists)
303-860-0555
*IBC Preferred Providers
3
Washington Policy Summit
Community Bankers Wrap-up Advocacy Meetings on Capitol Hill
By Barbara Walker, IBC Executive Director
Community bankers from across the nation gathered on Capitol Hill at
the end of April for more than 300 meetings with members of Congress
as part of the ICBA Washington Policy Summit. Nearly 1,000
community bankers and industry advocates gathered in the nation’s
capital for the Summit. Ten Colorado community bankers joined me in
visiting with Colorado’s Congressional Delegation to advocate on your
behalf. A great shout out to the following community bankers who are
all ICBA leadership and/or committee member community bankers!
IBC President Allan Tormohlen, Vice President Canon National Bank;
IBC President-Elect Byron Maynes, President First National Bank
Cortez; ICBA State Director to the IBC Chuck Johnston, President
North Valley Bank; IBC Directors: Harry Devereaux, President Home
State Bank; and Quentin Leighty, CFO and President First National Bank Las Animas, Monument Office; Former ICBA
and IBC Officer and Director Dale Leighty, Chairman First National Bank Las Animas; Former IBC Directors DJ
Tedesco, President Castle Rock Bank, and Doug McClure, Chairman Rocky Mountain Bank and Trust; Former IBC
Director and current IBC Education Foundation Director Tom
Chesney, President AMG National Trust Bank; and Tom Ogaard,
President Native American Bank.
We advocated for community bank regulatory relief, improving data
and cyber security laws, repealing the credit union and Farm Credit
System tax exemptions, and more. All community bankers can take part
by using ICBA’s Be Heard grassroots website to call on their members
of Congress to cosponsor regulatory relief legislation.
During the Summit, Senate Banking Committee Chairman Richard
Shelby (R-Ala.), told community bankers that he is working on regulatory relief legislation ahead of a markup scheduled
for May 14. ICBA has been working with the committee to include regulatory relief provisions from the association’s
Plan for Prosperity platform. Representative Randy Neugebauer (R-Texas), Chairman of the House Subcommittee on
Financial Institutions and Consumer Credit, called on community bankers to highlight in
meetings with lawmakers the importance of regulatory relief for consumers. Neugebauer,
a former community banker and small-business owner, said community bank input is
critical in helping Congress address excessive regulation and its effect on local
communities. The House Financial Services Committee last month advanced several bills
with provisions from ICBA’s Plan for Prosperity regulatory relief platform. Community
bankers also heard from Federal Reserve Governor Daniel Tarullo and CFPB
Director Richard Cordray. Community bankers also attended sessions with key federal
regulators, including FDIC Chairman Martin Gruenberg, Comptroller of the
Currency Thomas Curry and CFPB Director Richard Cordray.
The ICBA Washington Policy Summit made headlines in several major media outlets:
Bloomberg, The Wall Street Journal,
American Banker and MarketWatch, as
well as National Mortgage News, Morning Consult and Market News
International.
We also thank the Federal Home Loan Bank Topeka for sponsoring a
delightful dinner for attendees from the IBC and the Nebraska
Independent Community Bankers, hosted by the bank’s Director of
Government Relations Eric Haar. All the way around—a great trip to
our Nation’s Capital and Capitol Hill!
4
2015 IBC Education Foundation Programs
2015 Education Programming
IBCEF’s Conferences
2015 IBC Education Foundation Loan Officer Boot Camp
Presented in partnership with Bieging Shapiro & Barber
Thursday and Friday, May 14 and 15, 2015
Federal Reserve Bank, 1020 16th Street, Denver
BSA / AML Mile High Summit
Tuesday, July 21, 2015
Federal Reserve Bank of Kansas City – Denver Branch, 1020 16th Street, Denver
2015 IBCEF Cyber Security Workshop
Friday, July 31, 2015
Eide Bailly Offices, 440 Indiana Street, Golden
IBCEF’s Annual Convention
Wednesday – Friday, September 16 – 18, 2015
Vail Marriott Mountain Resort, 715 West Lionshead Circle, Vail
IBCEF’s Programs
ACH Executive Briefing Series*
The “Quarterly Executive Briefing” is a new series offered by the IBCEF to keep the busy executive up to date on some of the biggest issues facing
the payments industry. These webinars, presented by SWACHA, will provide timely information on current topics in today’s rapidly changing
environment plus provide insight on government initiatives that affect the ACH Network and its participants. A PowerPoint presentation will
accompany each session.
Wednesday, January 21, 2015, 9:00 – 10:00 a.m. – Completed
Wednesday April 15, 2015, 9:00 – 10:00 a.m. – Completed
Wednesday, July 15, 2015, 9:00 – 10:00 a.m.
Wednesday, October 21, 2015, 9:00 – 10:00 a.m.
ACH Lunchtime Learning Webinar Series*
AAP – What is it? How do I become one? Friday, February 6, 2015, 11:00 – 11:30 a.m. – Completed
ACH Security Framework Rule, Friday, February 20, 2015, 2015, 11:00 – 11:30 a.m. – Completed
Direct Access, Friday, March 6, 2015, 11:00 – 11:30 a.m. – Completed
Return Time Frames – ACH vs. Reg E, Friday, March 30, 3015, 11:00 – 11:30 a.m. – Completed
ISO 20022, Friday, April 3, 2015, 11:00 – 11:30 a.m. – Completed
Health Care EFT Payments, Friday, April 17, 2015, 11:00 – 11:30 a.m. – Completed
Stop Payments: R08/R38/R52, Friday, May 1, 2015, 11:00 – 11:30 a.m.
OFAC – An Overview, Friday, May 15, 2015, 11:00 – 11:30 a.m.
Regulation E – Error Resolution Process, Friday, May 29, 2015, 11:00 – 11:30 a.m.
Financial Elder Abuse, Friday, June 12, 2015, 11:00 – 11:30 a.m.
*Register for the entire series or pick and choose the modules that meet your personal and professional objectives
5
IBCEF’s Webinar Schedule
All webinars are from 1:00 – 2:30 p.m. unless otherwise noted
MAY
Revised Escrow Rules Effective August 1, 2015
Tuesday, May 5, 2015
From Prospect to Customer: Skills & Tools for Successful Business Development
Wednesday, May 6, 2015
Director Series: Morning Regulator & Industry Hot Buttons for Directors, 9:00 – 10:30 a.m.
Thursday, May 7, 2015
Duties of the Board Secretary: Fundamentals, Best Practices & E-Package Delivery
Tuesday, May 12, 2015
Home Equity, HELOC & Second Lien Risk Management, Including Maturing HELOC Guidance
Wednesday, May 13, 2015
IRA Series: IRA Death Distributions: Beneficiary Options & Tax Consequences
Thursday, May 14, 2015
Wire Transfer Compliance: Who is Liable?
Tuesday, May 19, 2015
You’re the New HR Officer, Now What?
Wednesday, May 20, 2015
Advanced ACH Specialist Series: ACH Death Notification Entries (DNEs) & Reclamations: Your Bank’s Liability
Thursday, May 21, 2015
The ALLL in Troubled Debt Restructuring: Identifying & Accounting for Impaired Loans
Wednesday, May 27, 2015
Handling Difficult Customers: Effectively Dealing with Intimidation, Negativism & Anger
Thursday, May 28, 2015
Testing Loan Audit Procedures for Integrated Disclosure Compliance Before the August 1, 2015 Deadline, 9:00 – 10:30 a.m.
Friday, May 29, 2015
JUNE
Collection Call Techniques: Compliant Telephone Scripts & Responses
Compliance Rules Lenders Must Know
Commercial Appraisal Review Part 1: Income Approach
Mastering the SBA 7a Loan Part 1: Eligibility & Program Requirements
BSA Compliance Series: BSA Officer Reports to the Board
Countdown to the Integrated Disclosure Deadline: August 1, 2015
New Accounts Series: Properly Handling Fiduciary Accounts: Authority, Ownership, Access & Liability
Dealing with the New Fannie Mae Collateral Underwriter for Mortgages
When a Borrower Dies: Next Steps & Best Practices
From Frontline to Teller Supervisor: Developing Skills & Making a Smooth Transition
Stress Testing Your Loan Portfolio: Regulations, Risk & Impact on Value
IRA Series: Processing IRA Rollovers & Transfers
Top 10 Deficiencies in Audit Findings from Regulators & External Auditors
Tuesday, June 2, 2015
Wednesday, June 3, 2015
Thursday, June 4, 2015
Tuesday, June 9, 2015
Wednesday, June 10, 2015
Thursday, June 11, 2015
Tuesday, June 16, 2015
Wednesday, June 17, 2015
Thursday, June 18, 2015
Tuesday, June 23, 2015
Wednesday, June 24, 2015
Thursday, June 25, 2015
Tuesday, June 30, 2015
JULY
Regulatory Oversight of Third-Party Vendors: Due Diligence, Management & Contracts
Tuesday, July 7, 2015
Mandatory Compliance Regulations for the Frontline
Wednesday, July 8, 2015
Managing E-SIGN, E-Statements & E-Disclosures
Thursday, July 9, 2015
Director Series: Morning Understanding the Board’s Role in Cyber Security Risk, 9:00 – 10:30 a.m.
Tuesday, July 14, 2015
Mastering the SBA 7a Loan Part 2: Documentation, Closing & Funding
Wednesday, July 15, 2015
Commercial Appraisal Review Part 2: Sales Approach
Thursday, July 16, 2015
Your Customer Has Filed Bankruptcy, Now What?
Tuesday, July 21, 2015
Regulation E Made Easy
Wednesday, July 22, 2015
Emerging Leader Series: Developing Your UDAAP Program: Policy, Procedures, Risk Assessment & Audit
Thursday, July 23, 2015
Construction to Permanent Lending Compliance with CFPB Rules: Issues & Update
Tuesday, July 28, 2015
Call Reports: Lending Schedules RC-C, RC-N & RI-B
Wednesday, July 29, 2015
Advanced ACH Specialist Series: Does Your Originator Agreement Meet NACHA Rule Requirements? Thursday, July 30, 2015
AUGUST
Fair Lending Comparative File Review
Tuesday, August 4, 2015
Cross Selling & Referral Opportunities for the Frontline: Strategies to Enhance the Customer’s Experience & Grow the Bank
Wednesday, August 5, 2015
New Accounts Series: Business Account Signature Cards & Resolutions: Entities, Authority & Documentation
Thursday, August 6, 2015
Garnishments, Subpoenas, Summonses, Levies: Handling Official Demands for Customer Funds
Tuesday, August 11, 2015
Advanced Commercial Loan Documentation
Wednesday, August 12, 2015
CFPB Income Verification Rules for Self-Employed Borrowers: Tax Implications for Qualified Mortgages Thursday, August 13, 2015
Website & Social Media Compliance
Tuesday, August 18, 2015
USPAP Issues & Best Practices for Residential Appraisal Reviewers: Avoiding Violations
Wednesday, August 19, 2015
BSA Compliance Series: How to Redesign Your BSA Program to Impact Your Bottom Line
Thursday, August 20, 2015
Emerging Leader Series: Debt Service Coverage Calculations in Underwriting
Tuesday, August 25, 2015
Mastering the SBA 7a Loan Part 3: Servicing, Liquidation & Guaranty Purchase
Wednesday, August 26, 2015
Facebook: Update on System, Strategies, Techniques & Tips
Thursday, August 27, 2015
6
SEPTEMBER
Strategic Planning Years 1, 3 & 5: Scope, Techniques & Elements in Drafting Your Written Plan
Wednesday, September 2, 2015
Advanced ACH Specialist Series: Defining & Identifying Third-Party Senders: Risk, Liability & Audit Requirements
Thursday, September 3, 2015
Director Series: Morning UDAAP for the Board & Senior Management, 9:00 – 10:30 a.m.
Wednesday, September 9, 2015
Call Reports: Understanding the New Regulatory Capital Requirements & the Revised Schedule RC-R
Thursday, September 10, 2015
Mortgage Advertising: Keeping Your Promotions Compliant, 9:00 – 10:30 a.m.
Friday, September 11, 2015
Managing the 8 Categories of Risk Assessment
Tuesday, September 15, 2015
Loan Underwriting Basics: Interviewing, Credit Reports, Debt Ratios & Regulation B
Wednesday, September 16, 2015
Imaged Documents: What to Keep, What to Destroy, What Holds up in Court?
Thursday, September 17, 2015
IRA Series: Auditing IRAs Step-by-Step
Tuesday, September 22, 2015
Basic Banking for New Employees Part 1: Banking System, Deposit Operations, Lending
Wednesday, September 23, 2015
Regulator Guidance & Issues in ATM Security
Thursday, September 24, 2015
HR Danger Zones: Regulations, Requirements & Best Practices to Keep You Out of Trouble
Tuesday, September 29, 2015
Mandatory Compliance Regulations for Deposit Operations
Wednesday, September 30, 2015
OCTOBER
Proper Repossession, Notice & Sale of Non-Real Estate Collateral, 9:00 – 10:30 a.m.
Regulation E Requirements for Debit Card Error Resolution: Processing, Disclosure & Investigation
Mortgage Loan Origination & Servicing: Issues, FAQs & Lessons Learned
Powers-of-Attorney & Living Trust Documents: Guidelines for Deposit Accounts & Loans
BSA Compliance Series: Identifying, Reporting & Monitoring Suspicious Activity
New Security Officer Training: Responsibilities, Best Practices & Skill-Building Tools
New Accounts Series: Opening Accounts for Minors: Ownership, Access & Transactions
Accounting Developments Update: Recent Issues & What’s on the Horizon
Advanced ACH Specialist Series: Understanding & Navigating ACH Rules for ODFIs
Emerging Leader Series: Key Leadership Strategies for Growth, Profitability & Retention
Network Security 101: A Comprehensive Overview
Maintaining Compliant FDIC Records, Including Related Email & Social Media Retention Rules
Friday, October 2, 2015
Tuesday, October 6, 2015
Wednesday, October 7, 2015
Thursday, October 8, 2015
Wednesday, October 14, 2015
Thursday, October 15, 2015
Tuesday, October 20, 2015
Wednesday, October 21, 2015
Thursday, October 22, 2015
Tuesday, October 27, 2015
Wednesday, October 28, 2015
Thursday, October 29, 2015
NOVEMBER
Director Series: Morning Interest Rate Risk Policies, Considerations & Consequences: What Directors Should Know, 9:00 – 10:30 a.m.
Tuesday, November 3, 2015
Form 1099 Reporting: Third-Party Vendors, Foreclosures, Debt Forgiveness & More
Wednesday, November 4, 2015
Remote Deposit Capture Update & Issues for Commercial, Consumer & Mobile Banking
Thursday, November 5, 2015
Regulatory Requirements for the Board & Senior Management
Tuesday, November 10, 2015
IRA Series: IRA Reporting, Common Issues & Error Resolution
Thursday, November 12, 2015
Basic Banking for New Employees Part 2: Regulatory Issues, Exams, Audits
Tuesday, November 17, 2015
Robbery Prevention, Apprehension & Recovery
Wednesday, November 18, 2015
Emerging Leader Series: Managing Credit Risk
Thursday, November 19, 2015
Nuts & Bolts of Effective Metro 2 Credit Reporting via e-OSCAR
Tuesday, November 24, 2015
DECEMBER
Advanced ACH Specialist Series: Regulation E Error Resolution Rules Versus NACHA Operating Rules: Obligations, Consumer Disputes &
Case Studies
Wednesday, December 2, 2015
Call Reporting for New Preparers & Reviewers
Thursday, December 3, 2015
BSA Compliance Series: BSA Special Risks: Policy, Law Enforcement & Regulator Issues
Tuesday, December 8, 2015
Managing Accounts & Records for Nonresident Aliens: Opening, Identifying, Monitoring & Tax Reporting Wednesday, December 9, 2015
Safe Deposit Issues: Drilling, Unpaid Rent, Death & Unclaimed Property
Thursday, December 10, 2015
New Accounts Series: Opening Donation, Benevolent & Other Accounts for Nonprofit Organizations & Corporations
Tuesday, December 15, 2015
Exercising the Bank’s Right of Setoff on Deposit Accounts & Loans
Wednesday, December 16, 2015
Appraisals & Evaluations: Guidelines, Regulatory Concerns & FAQs
Thursday, December 18, 2015
For more detailed information regarding these programs please contact
IBC Education Foundation, 1900 Grant Street, Suite 1120, Denver, CO 80203
Phone: 303-832-2000, Fax: 303-832-2040
e-mail: [email protected] or [email protected]
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42nd Annual Convention
Wednesday – Friday, September 16 – 18, 2015
Vail Marriott Mountain Resort
715 West Lionshead Circle, Vail
8
Colorado
Agricultural
Development
Authority
The Colorado Agricultural Development Authority (CADA) Beginning Farmer Program is available to
assist beginning farmers and ranchers in Colorado with purchases of
land, breeding stock, or equipment.
This program provides tax-exempt
bonds to lenders who provide lowinterest financing for approved
purchases. Individuals who own
insubstantial amounts or no farm
land may qualify for up to $500,000
in tax exempt bonds under this
program. Parent-child and other
directly related person transactions
are now allowed under this program.
IBC Board Member Testifies at U. S.
Senate Committee on Small Business
and Entrepreneurship: Reducing the
Burden of Federal Regulations on
Community Banks and Small
Businesses
IBC Director Dave
Reyher, President of
Colorado East Bank and
Trust, testified on April 9
at the U. S. Senate
Committee on Small
Business and
Entrepreneurship:
Reducing the Burden of
Federal Regulations on
Community Banks and Small Businesses, hosted by
Senator Gardner and attended by Representatives Coffman
and Tipton at the State Capitol.
In his testimony, Dave reviewed recent community bank
surveys by the Independent Community Bankers of
America and KPMG. “There are two clear conclusions to
the results of these surveys:
“1. Lenders are leaving markets because of the
regulatory risk of needing to comply with all of the new
rules and regulations and the severe consequences of
non-compliance which includes civil money penalties,
regulatory consent orders, and in extreme cases potential
closure of the bank. The CFPB provides Rural
Exceptions to some of the burdensome regulations, but
these do not adequately protect small banks, and even
with the most recent proposals for easing these rules, it
doesn’t go far enough. Unfortunately, individuals that
reside in smaller, rural communities have fewer and
fewer options available to them when their bank no
longer offers products and services as a result of the
regulatory risks.
mm
For information on this program contact
participating agricultural lenders or the:
“2. The rules and regulations meant to provide protection
to customers have done exactly the opposite and in some
cases have had very negative effects on customers.
Obtaining credit for long term, solid customers used to
take an hour or so to consummate for simpler loans, and
a week or two for more complex deals. Today, simple
loans take a day and a half and more complex deals to
the same customer will, at best, take 30 days, and in most
cases take up to 60 days to consummate. Further, the
blame for the delay in “getting the deal done” does not
end up with the bureaucrats and rule makers, but instead
with the banker sitting across the desk from the
disgruntled customer.
Colorado Agricultural
Development Authority
700 Kipling Street, Suite 4000
Lakewood, CO 80215-8000
Tel: (303) 815-9543
Fax: (303) 237-4851
www.cadafarmloan.com
Continued on next page
9
IBC Board Member Dave Reyher Testifies
Continued from prior page
“Sadly, as a result of the increased regulatory scrutiny of our industry the new regulations have brought to the table, we
are slowly seeing a “commoditization” of the products and services we can offer to our customers. Gone are the days of
taking care of our customers on a personal, one-on-one basis. This cookie cutter approach to lending in particular has led
to less credit being available not only in smaller communities, but to small businesses and consumers nationwide. „
IBC EDUCATION FOUNDATION’S 27TH ANNUAL
AGRICULTURE AND NATURAL RESOURCES CONFERENCE
MOISTURE!
It happened again! Rain, sleet, hail, wind, and snow! But the cold damp
weather could not dampen the spirits of the more than 75 attendees at the IBC
Education Foundation’s 27th Annual Agriculture and Natural Recourses
Conference. More than 60 bankers representing 24 banks were in attendance.
Pertinent topics of economics, commodities, cattle, grains, organic and local
food markets and much, much more were discussed over a period of a day
and a half!
THANK YOU TO ALL WHO ATTENDED.
Dr. Dawn Thilmany McFadden, Professor, Agribusiness and Agribusiness Extension Economist, Colorado State
University, started our conference. Dr. Thilmany’s statistics regarding the growth in organic and local food markets are
staggering. Colorado’s combined sales of agricultural commodities and manufactured foods and beverages are estimated
at $13.3 billion. Of that, an estimated $2.2 billion is exported from the U.S.; $6.3 billion is sold out of state and $4.8
billion is sold within Colorado. U.S. retail sales of organic foods grew to almost $35.1 billion in 2013, up 11% (OTA),
and organic sales have doubled from $25 billion in 2003 to almost $51 billion in 2008. Fruit and vegetables lead the
market, followed by dairy and beverages.
Dr. Stephen Koontz, Professor and Extension Economist, Department of Agricultural &
Resource Economics, Colorado State University, projected markets will remain steady for
corn, hay, and oilseeds, and conveyed cautious news about soybeans and wheat. Dr. Koontz
indicated the drought, world and domestic economies, and demands continue to wreak havoc
on these markets. Dr. Koontz indicated grains short-term pricing outlook is status quo and
then may soften.
Randy Blach, CEO, CattleFax, cautioned that market swings and volatility are here to stay.
Beef supplies in 2015 will remain unchanged; however, supplies and numbers are predicted
to increase in 2016-2018. During 2014-2015, the
market experienced a peak in profits. Retail prices
increased over $2 per pound since 2010 and over $1 per pound since 2013. The U.S.
and Brazil will continue to be the largest exporters of all meat protein, nearly 50%,
into the global market. Export values per head have increased 6% on average for the
last 20 years. Randy warned – record high prices along with a strong dollar are
slowing exports. Pork and poultry production is estimated to increase 6-5% in 2015.
Retail prices are up 4-6% and demand remains strong for poultry. Randy remarked
the corn and hay/forage crops are also critical to livestock markets.
Water = liquid gold in Colorado. Adam DeVoe, Attorney, Special Counsel, Lewis Roca Rothgerber LLP, presented
information on water rights – ownership, rights, collateral and securitization. Colorado is the 6th driest State in the US.
The Colorado Constitution makes water the property of the public, subject to appropriation; the basic tenant of Colorado
water law is “first in time, first in right,” and appropriation is made when water is physically taken from a stream and put
to beneficial use. There are senior and junior water rights. Adam advised attendees to do their water rights due diligence
and to treat security interests like real property, i.e., use a Deed of Trust and UCC-1 financing statement to encumber
water rights.
Continued on next page
10
27th Annual Agriculture and Natural Recourses Conference
Continued from prior page
Dr. Stephen Koontz presented Economic Update and
Implications for the Ag Economy. We thank Dr. Nathan
Kauffman, Omaha Branch Executive and Economist,
Federal Reserve Bank of Kansas City, for allowing Dr.
Koontz to use his information. Economic indicators
demonstrate: U.S. labor markets have steadily improved;
housing markets have gradually recovered; lower oil
prices should boost U.S. economy and exerted downward
pressure on inflation; and the Federal Reserves’ balance
sheet has stabilized. Research indicates a stronger dollar
could be a significant headwind for U.S. agriculture. The
bad news is farm income is projected to drop further thus
affecting personal income and farmland values are also
declining.
Concluding day one was April Dahlager, Director,
Business and Cooperative Programs, USDA Rural
Development. April provided information on USDA’s
Rural Energy for America Program (REAP) and myriad
grant programs available through USDA.
Thanks to our joint IBC and IBC Education
Foundation Ag and Natural Resources Committee
members for their continued support and dedication to
this conference:
Jay Goddard, Points West Community Bank
Elly Alexander, Stockmens Bank
Eric Hoffner, Farmers Bank
Dave Hubbard, The Eastern Colorado Bank
Dallas Kiburz, Bankers’ Bank of the West
Brett Legg, The Eastern Colorado Bank
Tom Olson, Points West Community Bank
Myron Sams, First National Bank Hugo-Limon
Tom Tomky, Colorado East Bank & Trust
Congratulations to our prize drawing winners:
Tara Rosenbaum, Bankers’ Bank of the West
Erinn Beuck, Points West Community Bank
Brian Hundertmark, Morgan Federal Bank
Barbara Walker, Executive Director, Independent
Bankers of Colorado, began Friday morning with a state
legislative update. The IBC continues to be the trusted
and exclusive lobbying voice for Colorado’s community
banks both at the state and federal levels.
THANKS TO OUR VERY
GENEROUS SPONSORS!!
It was a pleasure having Mark Scanlan, Senior Vice
President, Agriculture & Rural Policy, for the Independent
Community Bankers of America (ICBA) and Secretary for
ICBA’s Agriculture-Rural America Committee, join us to
provide detailed insights into ICBA’s key federal
legislative initiatives. It is good to hear first-hand what is
taking place in Congress and what can be expected in the
future. ICBA continues its fight on behalf of the nation’s
community banks.
Last but not least, Dr. David Kohl, Professor Emeritus in
the AAEC Department at Virginia Tech concluded our
conference. His presentation on Trends and New Insights
on Credit Analysis had everyone’s attention. Dr. Kohl is
cautiously optimistic for 2015. He highlighted five macro
factors impacting ag: emerging nations–economic
slowdown; biofuels, oil and technology; central banking
strategy–U.S. and abroad; king dollar and its duration; and
mother nature. Other key considerations include: grains–
supply and demand, high overhead, weather; concern of
livestock markets; retirement of ranchers; decreasing land
values. In addition, Dr. Kohl raised concern regarding
increases in interest rates; production concentration;
global factors including Europe, Japan and China,
government intervention and Euro debt. Dr. Kohl warned
all to be cognizant of what is taking place worldwide and
be aware of land bubbles and crashes. He left everyone
wanting more. He’s just incredible!
GRAND CHAMPION
ICBA Services Network
RESERVE GRAND
CHAMPION
Bankers’ Bank of the West
Farmer Mac
FHLBank Topeka
DIVISION CHAMPION
Graduate School of Banking
at Colorado
CLASS WINNER
Colorado Agricultural Development Authority (CADA)
Markus Williams Young & Zimmermann, LLC
Ponderosa Advisors LLC
11
The next time your bank is raising funds
to support someone in need in your community, please don’t forget
The Bankers Foundation of Colorado
The BFC’s Matching Gift Program supports Colorado’s community bankers
help their communities in an even greater way!
Since 2001, the Bankers Foundation of Colorado has granted nearly $164,000 in Matching Gifts.
Following are just a few examples of our Matching Gift amounts and purposes.
$1,000
$1,000
$800
$4,000
$800
$2,000
Living expenses for widow with 4 children
Living expenses to raise 4 abandoned grandchildren
Living expenses for cancer patient
Living expenses for survivor of a traumatic brain injury
Burial expenses for a child
Education fund for child survivor of a mud slide
$4,000
$3,200
$4,000
$2,000
$4,000
$5,000
Medical expenses for victim of traumatic car accident
Living expenses for victims of a house fire
Care expenses for a child with birth defects
Living expenses for victims of a tornado
Therapy expenses for a child with severe brain injury
Care expenses for a child with genetic disorder
For a comprehensive list of the BFC’s Matching Gifts and our Matching Gift request form,
please visit our website at www.bankersfoundationofcolorado.org
The Bankers Foundation of Colorado’s Board of Directors Thanks You
for All that You Do for Your Communities
Kristin Godfrey
Stinson Morrison Hecker
Sean Lening
Kiowa County National Bank
Jay Rickstrew
Alpine Bank
Ruben Rios-Blanco
North Valley Bank
Mark Johnson
KBS
Eric Budreau
Eide Bailly
Rob Holt
Academy Bank
Kelly Zamorski
Redstone Bank
Paul Harrison
Bankers’ Bank of the West
Adam Snyder
FirstBank
Michael VanNorstrand
Valley Bank & Trust
Barbara Walker
Independent Bankers of
Colorado
12
Ryan Pospeck
Fortner Bayens Levkulich & Garrison
Terry Zupan
Legacy Bank
Brad Krebill
Grand Valley Bank
Gary Lund
Lenders Risk Services, Inc.
Most smartphone users surveyed would consider
branchless banking
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13
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14
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15
Join us June 13 – 20, 2015 on the
Campus of New Mexico State University!
Six reasons why the Western States School of banking should be your banking school.
1. Outstanding Value – our competitive tuition rate includes single room accommodations on the NMSU campus, most meals,
special events, and all instructional materials.
2. Learn While You Work - The condensed WSSB program lets you advance your education while maintaining employment.
3. Designed for Professionals - Regardless of experience or bank size, every banking
professional can benefit from this program.
4. Expert Instructors - WSSB’s nationally recognized faculty members have years of
experience working at leading universities, banks, and consulting firms.
5. Real World Application - Between sessions you’ll work on a series of projects that
let you apply on the job what you learned at school.
6. Geared for the Adult Student - The WSSB curriculum is designed to encourage
interaction between faculty and students while developing academic and professional
growth.
2015 Western States School of Banking Curriculum
‡
‡
‡
‡
‡
‡
‡
Freshman Year
Legal Aspects of Banking I
Sales and Marketing I
Risk Management
Banking Technology
Profitability Management
Commercial Credit
CEO Panel
‡
‡
‡
‡
Correspondence Projects
Market Place External and
Internal Analysis
Funds Management
Credit Risk Management
Marketing Plan
About New Mexico State University
Founded in 1888, New Mexico State University
began as an agricultural college and preparatory
school. It has grown into a comprehensive
institution dedicated to teaching research, and service at the
graduate and undergraduate levels. It is the only land-grant
institution in New Mexico that is also classified as Hispanicserving by the federal government and ranked by Carnegie
Foundation in the top research category, Research Extensive.
NMSU is also home of the New Mexico’s NASA Space Grant
Program. With extension and research sites in every county,
New Mexico State is developing distance-education capabilities
to extend its reach to all of the citizens of the state. It is located
in the southern New Mexico city of Las Cruces.
‡
‡
‡
‡
‡
‡
‡
Senior Year
Legal Aspects of Banking II
Sales and Marketing II
Banking Ethics
Human Resources
Banking Simulation
Team Building
Leadership
About Las Cruces, NM
A city of more than 80,000, Las
Cruces is a perfect setting for a major
university
and
your
learning
experience at the Western States School of Banking. It
is the largest city in southern New Mexico. The city’s
elevation is approximately 4,000 feet. It is located at the
intersection of I-10 and I-25 in the fertile Mesilla Valley
with the Rio Grande River to the west and the 9,000 foot
peaks of the Organ Mountains to the east. The Mesilla
Valley is a part of the larger Rio Grande Valley and the
mountains are an extension of the Rocky Mountain
chain. The region features a contrast of desert mesas,
fertile farmlands and saw-toothed mountains that
majestically reflect the breathless sunsets so common in
the southwest.
Furthering your Education after Western States School of Banking
WSSB Graduates are encouraged to continue their education with the Graduate School of Banking at Colorado. Upon graduation
from WSSB, Alumni can enter the Graduate School of Banking at Colorado as a second -year student. The top graduate of
Western States School of Banking also receives a $1,250 scholarship per year for three consecutive years to the Graduate School
of Banking at Colorado.
For more information please visit our website: www.wssbonline.org
or contact Karen Ray by phone: (505-324-2085) email: [email protected]
16
WHY COMMUNITY BANKS MATTER, AND WILL SURVIVE
By John Depman, KPMG LLP, an Associate Member of the IBC
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you’re bound to spot
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or tucked in a shopping
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town, a branch of one
the country’s 6,600
community banks
When community banks succeed, they are staffed by
individuals who share a sense of the bank’s strategy
of offering customers the products and services they
want, when they want them. Today, that mandate might
mean banks will need to offer such services as new apps
on smartphones or they may need to lean more heavily on
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of the need, community banks cannot lose sight of the
customer, who is becoming much more demanding with
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become accustomed to a one-click, right-now retail
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As institutions that offer much-needed credit to small
businesses, make mortgages that turn the American
dream into reality, and support public projects that
enhance our daily lives, community banking’s impact
on our country’s economic growth and stability
cannot be overstated:KLOHVWUHQJWKHQLQJWKHVH
institutions is in everyone’s interest, those at the senior
level—management and boards—are facing tough
choices and challenges as they attempt to modernize,
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A community bank’s shared sense of strategy hinges
not only on how well its leaders read and quickly
adapt to their customers’ demands, but also their
ability to clearly articulate the bank’s mission and
purpose to employees and customers. Those same
leaders also must be able to accept change when
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Although there are 57 percent fewer community banks
today compared to the number in business when I began
my banking career 26 years ago, and the percentage of
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declined from about 40 percent to about 14 percent in that
period, today’s community banking system is no less vital
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accept that some traditions and ways of working must be
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A Federal Deposit Insurance Corporation (FDIC) report
shows that community banks make up about 45 percent of
WKHLQGXVWU\¶VVPDOOORDQVWRIDUPVDQGEXVLQHVVHVSmall
business is the backbone of America and community
banks are the engine that drives small business.
Further, the FDIC report indicates that in 20 percent of
America’s counties, there would be no banking offices if
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you how fortunate they are to have community banks to
provide credit and other needed financiaOSURGXFWV7KH\
would point out local public projects that wouldn’t have
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tell you they are also grateful for the leadership community
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public reaOPDQGIRUIXQGVWKH\GRQDWHWRORFDOQRQSURILWV
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time when community banks will vanish and be replaced
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my mind that community banks will remain a vibrant
segment of the industry, if for no other reason than they
continue to make the personal connections that any
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that survive will be the ones that give total attention to the
customer, focus on agility and differentiate themselves
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Tags: Fdic, Community Banks, Strategy
Community banks epitomize all that is important in
our industry—the personal touch. Yes, banking is
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need to ramp up their mobile and social-media capabilities
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John Depman is national leader of regional and
FRPPXQLW\EDQNLQJDW.30*//3+HFDQEHUHDFKHGDW
MGHSPDQ#NSPJFRP or via LinkedIn
Think what these statistics say about the importance of
face-to-face interaction with banking customers: From
2002 to 2014, the number of commercial banks and
17
IBC PREFERRED PROVIDERS
Congratulations!
First National Bank Las Animas &
Yampa Valley Bank
In the Top 100 of SNL’s Annual Ranking of Community Banks
with less than $500 million in assets
18
BFC
Bankers Foundation of Colorado
“By Coloradoans for Coloradoans”
Register Now!
Monday June 22, 2015
BFC’s Annual Golf Tournament Fundraiser
The River Course at Keystone
This par-+XUG]DQ-)U\FRXUVHEULQJVDQHOHPHQWRIGUDPDWR\RXUJDPH7KHSDU-35 front nine is oriented around the
path of the Snake River and the par-36 back nine winds through a ORGJHSROHSLQHIRUHVW,PSUHVVLYHHOHYDWLRQFKDQJHV
variable bunkers, water hazards, and five VHWVRIWHHVRQHDFKKROHFRPELQHWRFKDOOHQJHJROIHUVRIDOODELOLWLHV7KHWK
hole features a -foot elevation drop from tee to green and the scenic 18th hole offers 12 bunkers and spectacular
YLHZVRI/DNH'LOORQ$GGWRWKDWWKHPDJQLILFHQW views of snow-capped peaks and wildlife and it’s easy to see this is a
JROILQJH[SHULHQFHXQOLNHDQ\RWKHU7RWDO\DUGDJHLV– "Our philosophy is to design golf courses that stir the
VSLULWH[FHHGH[SHFWDWLRQDQGGHI\ XQGHUVWDQGLQJ,QGRLQJWKLVJROIEHFRPHVDFRPSOH[SX]]OHUHTXLULQJVWUHQJWKVNLOO
and strategy VHWLQDQHQYLURQPHQWRIXQTXHVWLRQLQJEHDXW\\HWVXEMHFWWRWKHLUUHSUHVVLEOHIRUFHVRIQDWXUH
'U0LFKDHO+XUG]DQ
Keystone Golf has been rated as one of the Best Golf Resorts in America
by Golf Magazine and Golf Digest
Tournament Registration at 7:30 a.m., Tournament starts at 8:30 a.m.,
followed by Lunch, Tournament Awards, and Special Awards Presentation to
BFC Founders and Past Board Members
Discounted room rates are available at the Keystone Lodge & Spa or the Inn at Keystone
on a first-come, first-serve basis. Please call 800-258-0437 and use discount code when making the
reservation CC3IBC. Keystone Lodge & Spa Queen $159.00 or Inn at Keystone Double $119.00.
There is no set number of rooms blocked at these rates. Rooms are subject to availability.
One night's deposit is due at time of reservation/booking, and there is a 30-day cancellation
policy. Discounted rates are available Saturday through Tuesday for anyone wanting to enjoy the
resort this Father’s Day weekend before the BFC’s Annual Golf Tournament Fundraiser
The Foundation’s 2015 Annual Golf Tournament, which will be its only golf tournament this year,
and its Annual Sporting Clays Tournament and Annual Indoor Shooting Range Tournament are
WKH%DQNHUV)RXQGDWLRQRI&RORUDGR¶VSULPDU\IXQGUDLVHUV Please consider participating,
sponsoring, and donating to these Bankers Foundation of Colorado HYHQWV The Bankers
Foundation of Colorado is a charitable organization established by Colorado community
banks to financially support families and individuals who are suffering hardships
LQWKHFRPPXQLWLHVZHVHUYH
Learn more about the Foundation’s Matching Gift Program and for
Tournament Registration and Sponsorship information at
www.bankersfoundationofcolorado.org
19
20
BSA/AML
Mile High Summit
Tuesday, July 21, 2015
Federal Reserve Bank of Kansas City
- Denver Branch
1020 16th Street, Denver
Presented by the IBC Education Foundation
in partnership with Bieging Shapiro & Barber
IBC Education Foundation
A 501(c)(3) Nonprofit Organization
21
Compliance is What We Do
Local Community Banks are our strong point
Our compliance expertise includes all regulatory areas affecting financial institutions. Our services can include:
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Financial Outsourcing Solutions
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1-888-212-8799
INTERNAL AUDIT + CONSULTING
WE’VE GOT YOU COVERED
Coan, Payton & Payne, LLC provides a full range of legal services
to the banking industry including:
› Loan Documentation and Lending Practices
› Workouts, Foreclosures, Receiverships and Replevin
› Asset Sales and Purchases
› General Commercial and Priority Litigation
› Bankruptcy and Insolvency Law
› Breach of Fiduciary Duty and Lender Liability Claims
› Corporate Governance
Together with our clients, we create and implement Rock Solid®
strategies for success.
OUR BANKING LAW TEAM
G. Brent Coan Michael C. Payne Walter A. Winslow R. Clay Bartlett
Brett Payton Steve Suneson
Daniel W. Jones Jacob W. Paul
22
cp2law.com
Add an Empty Chair
By Lauren O’Connell, IBCEF Director and President of O’Connell Consulting Group, Inc., a professional marketing firm that specializes in
developing customized marketing solutions for community banks to help them acquire new profitable customers and motivate existing customers to
buy more and refer your bank more often.
Bank. Having the visible reminder of an empty chair
around the table will help you keep your customers top of
mind – and reminds your team that it’s their responsibility
to focus on the customer whenever discussing decisions
that will impact them. An alternative approach might be
to assign one or two team members to stand in for the
customer - that way, you’re assured their “voice” is always
in the room.
We know it’s hard to stay focused on all the stakeholders
in your bank. Shareholders, regulators, employees,
customers, prospects, media, the marketplace – it’s quite a
juggling act keeping them all top of mind when you’re
making decisions and addressing the challenges you face
in driving success at your bank.
According to Daniel Pink, Jeff Bezos from Amazon
includes an empty chair in all his important meetings:
“It’s there to remind those assembled who’s
really the most important person in the room:
the customer.”
And make sure your decisions will ultimately make your
customers feel more valued and appreciated – especially
the ones you really really want to keep.
As you know, competition is getting tougher and your best
customers are being courted by your competition all the
time. You know you make wiser decisions when your team
thoroughly discusses the customer impact of any decisions
you make, especially how customers will feel about the
Just try it at a meeting when a customer is not present.
Add an empty chair as a very tangible reminder of the
impact of your decisions and please email me at
[email protected] and let me know if it
made a difference!
SHOULDN'T YOUR BANK’S MARKETING
GENERATE REVENUE?
You may be focused on growth or perhaps you’re preparing to sell your
bank in the near future. Either way, marketing should be — and
can be — the fuel that propels you forward.
Call us. We have 30+ years experience producing growth for
community and regional banks.
23
Lauren O’Connell
303-795-3539
[email protected]
Our roots share the same soil.
We’re a family-owned, Midwest financial institution, and we’ve
helped community banks just like yours provide customers with
financial ser vices to rival even the biggest banks. And because
we call many of the same communities home, we’re per fectly
intrustbank.com
suited to help your bank – and your community – thrive.
Member FDIC I ©2015 INTRUST Bank
Dan Heinz 316-383-1415
|
Bruce Frost 316-383-1418
24
|
David White 316-383-1435
Independent Bankers of Colorado
IBC’s Federal Priority Issues 114th United States Congress
As of April 21, 2015
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
Support Legislation To Grow Local Economies / H.R. 37
Support Capital Access for Small Community Financial Institutions Act / H.R. 299
Support Easing Privacy Notice Burden / H.R. 601 (Cosponsor Representative Perlmutter)
Support Preserving Access to Manufactured Housing Act / H.R. 650
Support Mortgage Choice Act / H.R. 685 (Cosponsor Representative Tipton)
Support Legislation to Protect More Americans From Operation Choke Point / H.R. 766
Support Bill Addresses Too-Big-To-Fail Subsidy Via Market Discipline / H.R. 888
Support Repeal of Estate Tax / H.R. 1105
Support Qualified Mortgage Status to Portfolio Loans / H.R. 1113 (Cosponsor Representative Tipton)
Oppose Credit Union Push to Expand Subsidized Business Lending Authority / H.R. 1188 and H.R. 1422
Support C F P B Advisory Boards Act / H.R. 1195 (Cosponsor Representative Tipton)
Support Multi-Pronged Clear Relief Act / H.R. 1233
Support Allowing Reassessment of CFPB “Rural” Designation / H.R. 1259
Support Bureau Advisory Commission Transparency Act / H.R. 1265
Support Enhancements to CFPB Governance / H.R. 1263 and H.R. 1266 (Cosponsor Representative Coffman)
Support Clarifying Expedited Funds Availability Act’s Application to U.S. Territories / H.R. 1367
Support American Jobs and Community Revitalization Act / H.R. 1389
Support Mortgage Servicing Asset Capital Requirements Act / H.R. 1408 (Cosponsor Representative Perlmutter)
Support SAFE Act Confidentiality and Privilege Enhancement / H.R. 1480 (Cosponsor Representative Perlmutter)
Support Community Bank Access to Capital Act / H.R. 1523
Support Community Institution Mortgage Relief Act / H.R. 1529
Support Flexibility for Savings and Loans Association Charters / H.R 1660 and H.R. 1661
Support the Strengthening of Data Security / H.R. 1770
Support Privacy Notice Modernization Act of 2015 / S.423
Support Raising CFPB Exam Threshold to $50 Billion / S. 482
Support Cybersecurity Information Sharing Act / S.754
Support Bank Examination Accountability / S. 774
Support Community Lending Enhancement and Regulatory Relief Act / S. 812
Support Comprehensive Regulatory Review Act / S.881
Support Jobs Act Reporting Thresholds for S & L Holding Companies, Allowing Short-Form Call Reports / S. 927
Support Data Security Act / S. 961
End Outmoded Credit Union Tax Subsidy
Support Tax Reforms that Invest and Create Jobs in America
Halt the Farm Credit System’s Non-Farm Lending and End the FCS Tax Exemption
Act on Patent Abuse
Oppose Repeal of 1031 Exchanges
25
26
Senior Home Equity Reaches $3.9
Trillion, Breaks Previous Records
New Reverse Mortgage Guidelines
By Tim Harder, Vice President-Business Development, 1st Reverse Mortgage USA,
an Associate Member of the IBC
Portions of this article are excerpted from
Reverse Mortgage Daily and the Scotsman Guide
have to demonstrate they have the means
to pay real estate taxes and home
insurance, both of which are obligations of
a reverse mortgage.Reverse mortgage
borrowers will need to provide tax returns,
paystubs and bank statements, and will be
The NRMLA/RiskSpan Reverse Mortgage required to meet residual income levels
Market Index (RMMI), which measures and have a satisfactory credit profile. In
trends in home values, home equity and essence, reverse mortgage underwriting
guidelines will be
mortgage debt of
homeowners age 62 Embraced by aging baby boomers similar to VA loans
which have been a
and older, reached
and their trusted advisers
proven
way
to
186.78 during the
fourth quarter of 2014, marking the 11th financial stability for many years.
Home equity among seniors continues to
rise, reaching $3.9 trillion in the fourth
quarter of 2014 — signaling potential for
more
reverse
mortgage
market
opportunities to come as economic factors
improve.
straight quarter of growth for the index,
which dates back to 2000.
Previously, the RMMI rose to 183.87 in
the third quarter of 2014 — the highest
level since Q3 2007. Also in the third
quarter of 2014, senior home equity
increased to $3.84 trillion, but has since
risen further to $3.9 trillion in the fourth
quarter of 2014.
Recovering home values and improving
consumer confidence is leading more and
more people to consider a reverse
mortgage.
The most significant new
guideline is the requirement that every
borrower must undergo a financial
assessment prior to approval. This
financial assessment will verify the
borrower’s ability and willingness to pay
financial obligations associated with the
HECM loan. Specifically, borrowers will
To ensure funding will be available for tax
and insurance obligations, borrowers who
do not meet the standards of the financial
assessment will be required to establish a
fully funded or partially funded life
expectancy set-aside. This requirement
may narrow the number of potential
reverse mortgage borrowers. Compared to
conventional mortgage financing, the fully
funded life expectancy set-aside is
significantly longer because it is tied to the
life expectancy of the borrower.
If you have any questions or would like
additional information regarding the New
FHA Reverse Mortgage updates, please
contact:
Tim Harder, Vice President-Business
Development, 1st Reverse Mortgage USA
at 303-854-3030 or [email protected]
27
Save the Date!
Monday, August 17th from 12:15 p.m. to 5:00 p.m.
Annual Western Slope
Indoor Sport Shooting Tournament Fundraiser!
Registration at 12:15 p.m., Tournament Start at 1:00 p.m.,
followed by Awards Presentations and Dinner at 4:00 p.m.
Grand Junction CO
Save the Date!
Friday, October 2nd from 11:30 a.m. to 4:00 p.m.
Annual Front Range
Sporting Clays Tournament Fundraiser!
Registration at 11:30 a.m., Lunch at Noon, Tournament Start
at 1:00 p.m., followed by Awards Presentations
Brighton CO
Please visit us today at
www.bankersfoundationofcolorado.org
for registration and sponsorship information and to learn more about
the Bankers Foundation of Colorado’s Matching Gift Program.
28
FRAUDULENT FUNDS TRANSFER—WHAT YOU NEED TO KNOW
Q & A with Tracey Santor, CPCU, AFSB, AIC, bond product manager,
financial institutions, Travelers Bond & Specialty Insurance,
A Preferred Provider of the IBC
Q: What do you see as one of the biggest risks facing
Community Banks right now?
A: On-line criminals fraudulently instructing financial
institutions to send money to their accounts is a big
concern. The act of wiring money from a bank account
or line of credit to pay bills is easy and convenient, so
more people ar e doing it. In fact, the primary clearing
house for large banking transactions, Clearing House
Interbank Payments System, or “CHIPS” reports that it
moves approximately $1.5 trillion per day on its wireless
network. The majority of these transactions take place
without a problem but criminals have focused on hacking
this method of transferring money to line their own
pockets. With this in mind, funds transfer fraud and
computer fraud are threats that every organization must
consider.
Q: What practices can my bank institute to help fight
security breaches?
A: For instances like the one mentioned above, customer
and employee education are key. Educate customers and
employees on procedures that enable consistent
oversight of payments and accounts, and may reduce
fraud risk. These include: SSC/Payment Factory setups,
Dual Custody practices, and ACH Positive Pay. Also,
consider verification procedures that are independent
and spread through the different departments of the
financial institution and encourage your customers to do
the same. Financial institutions should have discussions
with their customers about purchasing commercial crime
coverage which would protect the customer under the
Fraudulent Funds Transfer insuring agreement. Finally,
institute Multi-Factor / Multi-Channel Payment
Authentication whereby the bank practices using:
x Callbacks: prior verification of payment
instructions to a predetermined telephone
number
x Passwords & SMS ID Codes
x Out of band verification
x Other industry-accepted verification procedures
Q: What is are fraudulent funds transfers?
A: When someone poses as a customer to take control of
an account or line of credit to engage in unauthorized
transactions.
Q: Can you provide an example?
A: Your institution’s website receives what appears to be
legitimate input from a business customer linking its
payment account to an outside account at another
institution. The username and password are valid and
your other security procedures have been satisfied.
Through your website, your institution then receives
instructions to transfer funds from the customer’s
account to that outside account. Your institution
complies. One week later, you are contacted by law
enforcement and told that your customer was the victim
of a scheme perpetrated by cyber-criminals; and fielding
calls from the customer questioning your safeguards.
Additionally, banks should speak with an independent
agent, who can recommend the right insurance solutions
to help protect against such risks.
Q: What about the cost to my organization?
A: Cost concerns are important, but the cost to your
business should this happen can be further reaching and
include long-term damage to your reputation. Some
security procedures may have a cost associated with
them but things like employee and customer education
are practically free and can save financial institutions
and/or their customers from being victims.
Q: Where does this leave my bank?
A: Your institution’s security has not been directly
attacked, but your customer’s security was somehow
lacking the ability to prevent an intrusion. Now, you’re
facing potential legal, regulatory, and maybe even
reputational issues.
Q: Where can I learn more?
A: In addition to insurance coverage that can help offset
the impact of computer fraud risks, Travelers offers
numerous educational resources, such as insightful losscontrol articles and tips. Learn more here.
29
ARCHIVED WEBINARS ARE AVAILABLE WHEN YOU ARE!
Did you know you can order archived webinars long after the webinar is over? Since the archived links are available for
six months following the live broadcast, you can order any time during that six months.
The archived webinar link is a recording of the live event, including audio, visuals, handouts, and the speaker's email
address for follow-up questions. Archive orders also include a free CD ROM.
AFFORDABLE TRAINING WHERE AND WHEN YOU CHOOSE
Click on the picture below to see a complete list of available archived webinars.
Watch for more webinars offered by the IBC Education Foundation –
your first source for education
30
IS THE CURVE GOING TO FLATTEN?
Why it does and what to do about it
By Jim Reber, President/CEO, ICBA Securities, a Preferred Provider of the IBC
Before we get too deep into this
investment column, I’d like to be on
record that I’m not predicting
anything about interest rates. Not
that they’re going higher, not that
they’ll be range-bound, not that this
so-called curve flattening is about to
happen.
Nonetheless, it is probably a good
time to talk about the consequences
that accompany these what-ifs. The
Fed continues to make noises about
removing the “accommodation”
when the totality of economic data
justifies it.
The data, at least
domestically, continues to report at
least decent performance.
Moving horizontally
There are numbers that prove the
yield curve for government and
federal agency bonds flattens as rates
begin to rise. The yield curve, as we
recall, is the graphic display of the
yields for various maturities of a
given borrower, ranging from very
short (e.g., overnight) to very long
(10 years or more). When the
difference in “short” and “long”
shrinks, we say the curve “flattens.”
As it’s been more than a decade
since the Federal Reserve last began
a rate hike cycle (in June 2004), we
may have forgotten why this occurs.
The answer is really two-pronged.
First,
short-term
high-quality
investments have always had yields
that are tied to overnight rates. The
global benchmark overnight rate is
Fed Funds, which is what banks
domestically charge each other for
short-term loans. The Federal Open
Market Committee, a subset of the
Federal Reserve Board, sets the rate.
(As an aside, Prime rate in the U.S. is
almost always exactly three percent
(3.00 percent) higher than Fed
Funds.) The normal difference, or
“spread,” between the yield of Fed
Funds and the two-year Treasury
note is about 25 basis points, or 0.25
percent.
Secondly, longer-term investors,
which include community banks but
are primarily non-depositories, don’t
really care what the Fed is doing to
manipulate short rates. Since the
value of longer investments can
swing wildly with changing rates,
those investors are fixated on
expected inflation. Ironically, the
more aggressively the Fed tries to
stamp out inflation by raising rates,
the more likely it is that the longtimers will get their desired real (net
of inflation) returns. Over the last 20
years, investors in 10-year Treasury
notes have demanded a yield of
about 2.50 percent over inflation.
To complete the thought, the higher
short rates go, the more insulated
(against inflation) bonds are, so
longer-term buyers don’t demand
higher yields. The result is a flatter
yield curve.
Values added
Many community bank portfolio
managers have instinctively held
back some liquidity, in anticipation
of better returns soon. Most of them
have been disappointed that rates
have been pretty much unchanged
over the last 18 months. Some of
these same investors are now
wondering if yields are going to only
trickle higher, leaving earnings
essentially unchanged.
Perhaps a middle ground to ponder is
an investment with all these features:
x Acceptable current yield
x Monthly cash flow
x Moderate premium
x Low risk weighting and good
liquidity
x Ability to rachet higher in
yield in near future
Such an investment exists in a hybrid
adjustable-rate mortgage (ARM).
31
These instruments have a fixed rate
for a period, and eventually will
begin floating annually. The ARMs
with the fixed periods which seem to
offer reasonable value are those that
begin floating in 48 to 72 months.
An example is FNMA 849359.
This bond will have a stated rate of
interest (“coupon”) of 2.00 percent
until June 2020, when it will begin to
float annually. From then on, it will
adjust to the 1-year LIBOR rate plus
1.67 percent, which today would be
2.38 percent. In other words, this
ARM is not fully indexed at this
point. Other benefits are that it has a
tolerable premium price (about
102.00), generous annual caps (2.00
percent), and an attractive loan count
of more than 200 loans.
The real tale of the tape is its yield
until the reset date of about 1.50
percent, with an effective duration of
only 2.4 years. Most bond analysts
would conclude that this has a very
attractive risk/reward profile. And,
it has a reasonable chance to perform
well when (or if?) the yield curve
flattens. As always, be sure to have
your broker demonstrate the proforma prices in a variety of future
interest rate scenarios.
Curve flattening? I don’t know any
better than you. But I know that
some well-structured hybrid ARMs
won’t be your biggest problem if that
happens.
Jim Reber can be reached at 800-4226442 or [email protected].
FIND THE RIGHT PARTNER TO HELP
KBS
A Berkshire Hathaway Company
[email protected]
(785) 228-0000
P.O. Box 1654, Topeka, KS 66601
32
THE COLORADO ENTERPRISE FUND (CEF) ADVANTAGE WITH
SBA COMMUNITY ADVANTAGE LOANS
Offering More Flexibility with Loan Amounts, Rates, Terms and Collateral
By Alisa Zimmerman, Marketing and Communications Director, Colorado Enterprise Fund, an Associate Member of the IBC
After exhausting their personal savings and credit, and the support of family and friends, small
business owners continue to need loans to establish and grow their enterprises. These days, they have
many options including the convenience of online lending with accompanying high interest rates,
the opportunity to raise capital from strangers via crowdfunding or angel investors, or visiting their
local bank or credit union to discuss financing options they qualify for to access needed capital.
At times, small business owners who don’t qualify for bank financing are referred to CEF to apply for
an SBA Community Advantage loan. This government-backed, pilot program is designed to increase
the number of SBA 7(a) lenders who work with underserved communities - lenders like Colorado
Enterprise Fund (CEF) that are community-based, mission-focused financial institutions focused on
helping disadvantaged small businesses and their communities achieve economic success.
In Colorado, the SBA Community Advantage program offered by CEF leverages its almost 40 years of
experience in lending to underserved markets by utilizing extensive loan management and in-house
technical assistance expertise to help borrowers be more successful. CEF’s SBA Community
Advantage program also offers additional advantages to referring bankers:
x
Loan amounts that range from $75,000 to $250,000 for new and existing small businesses
x
Underwriting guidelines that are more flexible but still within SBA requirements
x
Other CEF loan products for small businesses that don’t qualify for an SBA loan
x
Quicker in-house loan processing than SBA due to track record in servicing and underwriting
CEF has processed several SBA Community Advantage loans over $100,000 supporting small business
start-ups in retail trade, light manufacturing and healthcare industries. To view and download the CEF
SBA Community Advantage loan brief, click here. To refer a small business to CEF, contact Marcia
Johnston-Walden, SBA Community Advantage Loan Specialist, at 720.473.4056 or
[email protected].
About Colorado Enterprise Fund:
Founded in1976, CEF, independently or in partnership with other lending institutions and investors,
provides loans up to $500,000 to finance small businesses and start-ups that are unable to secure
funding through traditional channels. With a mission to accelerate community prosperity by financing
and supporting entrepreneurs and small businesses, CEF has provided over $41 million in loans to
almost1600 businesses to help create or retain close to 12,000 jobs in the state since 1990. For more
information, visit: www.coloradoenterprisefund.org.
y 1888 Sherman Street, Suite 530 y Denver CO 80203 y p 303.860.0242 y f 303.860.0409 y
33
34
EVALUATING AND IMPLEMENTING AN
EFFECTIVE CORE PROCESSING SYSTEM
Brian Mischel, Director, BKD, LLP / Steven Wuchnick, Manager, BKD, LLP
BKD, an Associate Member of the IBC
The diverse demands of financial institutions in today’s environment require an integrated, flexible and secure core
processing system solution. This system affects virtually every critical aspect of a financial institution’s operations,
including processing deposits, payments, loans, most transactions and customer data. The core processing system can
directly impact business objectives, growth goals and customer satisfaction. Evaluating core processing options and
determining the best option is one of the most important decisions a management team can make.
The technology platform is the backbone of all bank operations, and implementing a new core processing system is an
extensive process that requires considerable planning and coordination. While a system conversion can involve significant
time and resources, it can be an opportunity to improve processes as new functionality is added. Here are some points to
remember as your organization considers whether to make this important change.
TIME FOR A CHANGE
Many institutions have been running the same core system for years, despite the fact their business model or needs may
have changed. If current system capabilities are not meeting current or future needs, it may be time to review other
options. The evaluation of institution needs should be a strategic process driven by input throughout the organization. A
team should be assembled that includes senior management and representatives from each business line or department.
The team should have a clear, uniform understanding of key business objectives and critical issues throughout the
institution and evaluate the performance of the current system and provider, as well as the current contract, service
expectations and future institution needs.
Examples of situations that indicate other core processing system options should be considered include:
x An old and aging system that is no longer supported
x A system requiring a high degree of manual processes versus automation
x Increased demand for services to be delivered over new channels, such as mobile banking, that are not offered or
functionality that lags behind competitors
x Inability to easily roll out new products to support strategic growth plans
A new core processing system can provide increased efficiency, more flexibility, better integration across products and
stronger security and protection of data. Converting core systems is a costly and demanding undertaking, and converting
systems in the middle of the current contract may be cost-prohibitive. It takes clearly defined improvements to justify a
change. Once the decision has been made to explore core system options, a request for proposal (RFP) can be sent to
prospective service providers to facilitate the evaluation process.
DUE DILIGENCE
An RFP outlines an institution’s needs and expectations when searching for a system and provider. All selection criteria—
including performance requirements, business needs, partnership expectations and any other concerns—should be
included in the RFP. Many institutions will use a consultant in various parts of the core system evaluation process. A
consultant can add value by sharing pros and cons of the available options, help craft language in the RFP and help
management identify the key decision factors in making a selection.
The best provider candidates after the initial due diligence or RFP process should be brought in to demonstrate their
processing systems. Each presentation should conclude with questions and an internal debriefing discussion of each
option. Each provider’s references should be contacted to discuss their experience and answer practical questions. There is
no better assessment of a product than a peer who is a current user.
CONTRACT NEGOTIATION
Once the right system has been identified, the contract will need to be negotiated. A consultant and legal counsel can
assist in the negotiation process. Core processing is one of the most significant noninterest expenses for a financial
Continued on the next page
35
EVALUATING AND IMPLEMENTING AN EFFECTIVE CORE PROCESSING SYSTEM
Continued from prior page
institution, and in the current environment of tight interest margins, rising compliance costs and less-than-stellar economic
growth, controlling expenses is critical in building shareholder value and maintaining performance. A poorly negotiated
core processing contract also can significantly reduce shareholder value in mergers and acquisitions and even obstruct a
potential deal. While financial terms are an important aspect of the contract, other key contract issues should be
considered, including the following:
x All service agreements, including well-defined responsibilities and recourse
x Language regarding dispute resolution and how disagreements will be resolved
x Agreement length and any termination clauses
x Renewal scenarios and required notice prior to making a change
x Backup and recovery processes
x Account management
x Training
x Technical support
IMPLEMENTATION
In order to fully take advantage of the new core system’s capability, all users should thoroughly understand the system. A
successful core conversion implementation requires planning well in advance of the conversion date, along with
preparation of data to be converted and significant training.
CONVERSION PROCESS PLANNING
All parties should develop a clear blueprint of the conversion and senior management at all levels should participate in the
planning and completion of tasks. Discussion with peer institutions that have gone through a similar conversion process is
helpful in establishing the steps and timeline and avoiding common pitfalls. Set a schedule with milestones and stick to it
to stay on track. A clearly planned conversion process will help control the costs of the conversion. Frequent meetings are
necessary to track progress and issues.
DATA PREPARATION
The data to be converted should be ready for the migration to the new system. Customer account information must be
correct prior to conversion to ensure a smooth process. Complete as much system clean-up as possible before conversion.
Reports should be compared from the old system to the new system prior to conversion. Don’t assume terminology and
reports on the old system will be the same on the new system. Extract and archive as much relevant information from the
old system as possible in the event it is needed subsequent to conversion.
STAFF TRAINING
The most critical aspect of the implementation is training the users. Getting employees trained and comfortable with the
new system is imperative. Frequent, transparent communication is necessary throughout the conversion process.
Employees should be reminded of why they are doing certain things to help re-establish the how. Support from
management will be necessary, as some might be overwhelmed during the process. Employees should be encouraged to
suggest how processes can be re-engineered for improved effectiveness and efficiency. In addition, issues will arise in the
implementation phase, so senior management’s handling of these situations will send a message to all employees.
Having the right core processing system in place is essential to remain competitive in the financial institution landscape.
The system should be evaluated to ensure strategic objectives of the institution are being met and shareholder value is
being maintained. An effective core processing system can add value for the institution through better functionality,
efficiency and cost savings.
For more information on how a core processing conversion may impact your institution, contact Brian Mischel. „
This article is for general information purposes only and is not to be considered as legal advice. This information was written by qualified,
experienced BKD professionals, but applying this information to your particular situation requires careful consideration of your specific facts and
circumstances. Consult your BKD advisor or legal counsel before acting on any matter covered in this update.
Article reprinted with permission from BKD, LLP, bkd.com. All rights reserved.
36
CONGRATULATIONS
MOZINGO AND CLARINE
IBCEF SCHOLARSHIP RECIPIENTS
The IBC Education Foundation (IBCEF) and Colorado’s independent community banks announced
the recipients of their 20th Annual Scholarship Competition on April 23, 2015 in conjunction with
Colorado MoneySmart Week. Requirements of the scholarship competition were: A cumulative GPA of 3.0 or higher; attendance at
a public or private Colorado or a contiguous state university, college, junior college, community college, vocational/trade school; a
banking relationship at an IBC member bank, completion of an application and essay question. The IBCEF awarded a total of $2,000
in scholarships. Scholarships were awarded in two categories: Bank customer and bank employee or child of a bank employee.
Each recipient received a one time $1,000 scholarship. KARA MOZINGO, sponsored by ALPINE BANK, will graduate from Rifle
High School and is the recipient in the child of a bank employee category. She plans to attend Grand Canyon University and major in
Psychology. The recipient in the bank customer category was: MEGAN CLARINE, sponsored by VALLEY BANK & TRUST.
Megan will graduate from Mountain Range High School and plans to attend either Colorado State University, Johnson and Wales
University or Brigham Young University. She plans to major in Business Management/Finance. We wish both Kara and Megan the
best of luck in pursuing their educational goals.
Offering loans up
to $500,000 including SBA 7(a)
loans up to $250,000
Rocky Mountain Archery
Call us with a referral at 303.860.0242 or refer a small biz
anytime at coloradoenterprisefund.org
Sweet Action Ice Cream
TODAY WE BUILD SOMETHING
BIGGER THAN OURSELVES.
It’s time to transform banking at its very core.
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CORE BANK PROCESSING • MANAGED SERVICES • MOBILE & INTERNET SOLUTIONS
PAYMENTS PROCESSING • ELECTRONIC & PRINT DISTRIBUTION • REGULATORY COMPLIANCE
37
Looking for that perfect fit?
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Alert your staff: $OHUWDOOVWDIIHVSHFLDOO\PDQDJHPHQWWKHDFFRXQWVSD\DEOHGHSDUWPHQWDQGDQ\RQHUHVSRQVLEOHIRU
FKDQJLQJDGGUHVVHVRUVHQGLQJSD\PHQWVLQDQ\IRUP
Create a culture of open communication:,IVRPHWKLQJVHHPVRGGVWDIIVKRXOGIHHOFRPIRUWDEOHDVNLQJTXHVWLRQVŊHYHQ
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Verify the request:(VWDEOLVKSURFHGXUHVWRYHULI\DQ\XQXVXDOUHTXHVWPDGHRXWVLGHFXVWRPDU\FKDQQHOV$Q\ODUJHUHTXHVWV
HYHQZKHQUHFHLYHGWKURXJKSURSHUFKDQQHOVZKHWKHUE\PDLOID[HPDLORURQOLQHHQWU\VKRXOGEHYHULƓHGZLWKDSKRQHFDOO
WRDSUHYLRXVO\FRQƓUPHGQXPEHU5HPHPEHUWKDWFRQWDFWLQIRUPDWLRQUHFHLYHGDWWKHWLPHRIDQ\IUDXGXOHQWUHTXHVWLVOLNHO\
IUDXGXOHQWDVZHOO$OZD\VYHULI\XVLQJLQIRUPDWLRQDOUHDG\LQ\RXUUHFRUGV)UDXGXOHQWUHTXHVWVWRFKDQJHDQDGGUHVVRU
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RIWHQVWRSLPSRVWRUIUDXGEHIRUHDORVVLVVXIIHUHG
Call KBS (785) 228- 0000 to discuss this
article and other loss prevention topics or
products to help protect your bottom line.
Connect with us on social media:
%DQNVPD\GLVWULEXWHWKHDUWLFOHWRLWVFXVWRPHUVLIWKH\VRFKRRVH
(YHU\RQHQHHGVWREHDZDUHRILPSRVWRUIUDXGWRVWRSWKHFURRNV
DQGSUHYHQWORVVHVWRERWKEDQNVDQGEDQNFXVWRPHUV ,QWHUQHW&ULPH&RPSODLQW&HQWHU
twitter.com/kbsforbanks
39
linkedin.com/company/kbsforbanks
Colorado’s Historic Preservation Tax Credit
for Commercial Properties
WHAT IS A TAX CREDIT?
HOW CAN THE TAX CREDITS HELP ME?
HOW DO I RESERVE A TAX CREDIT?
A tax credit is a dollar-for-dollar reduction in the
amount of tax owed to the government. Tax credit
SURMHFWVFUHDWHMREVDQGSURYLGHÀQDQFLDOLQFHQWLYHV
to revitalize historic buildings. Federal and state tax
laws offer tax credits for historic preservation projects
that follow the Secretary of the Interior’s Standards
for Rehabilitation of Historic Properties. The federal
government offers a tax credit between 10 and 20
percent, which can be paired with the state tax credit.
» Colorado’s state historic preservation tax credits are
transferable: you can sell them upon completion of
your project. Selling credits can bring in additional
funds for your project, for a cash match for a grant,
or for a loan.
www.advancecolorado.com/hptc
In 2015, Colorado will offer tax credits for historic
buildings. Preservation tax credits are managed
MRLQWO\E\WKH2IÀFHRI(FRQRPLF'HYHORSPHQWDQG
International Trade 2(',7DQG+LVWRU\&RORUDGR
WHAT TYPE OF PROPERTY IS ELIGIBLE?
Property must be:
Pre-2015 state tax
credit
»At least 50 years old
»Locally landmarked or
listed on the State Register
New state tax credit »At least 50 years old
for residential
»Locally landmarked or
properties
listed on the State Register
New state tax credit »Locally landmarked or
for commercial
listed on the State Register
properties
»Income-producing
www.historycolorado.org/oahp/available-programs
» Using preservation tax credits gives you access to
additional federal and state funding pools, grant
programs, and further tax credits.
1.
Register with OEDIT on their tax
credit website
2.
Submit a Tax Credit Application
(TCA) and rehab plan. Use OEDIT’s
project checklist to make sure you’ve
turned in all requested materials,
such as photographs and drawings.
3.
History Colorado and OEDIT will
conduct a preliminary review of
project materials and respond to your
request.
4.
If the project materials you submitted
meet the requirements, OEDIT will
reserve a preliminary tax credit
on your behalf, pending available
funding.
» Historic preservation tax credits lower your tax bill,
which can increase your tax refund.
WHEN CAN I APPLY?
Applications for the new commercial
state preservation tax credit will
be accepted starting July 2015.
Applications are accepted
year-round on a rolling basis.
RESERVATION LIMITS PER YEAR
Expenditures 2016 2017 2018 2019
(VWLPDWHGUHKDE
$2.5 $5 $5 $5
expenditures of
million million million million
$2 million or less
5.
History Colorado will conduct a
detailed review and ensure your
project follows the Standards
for Rehabilitation. Upon History
Colorado’s approval of project, OEDIT
ZLOORI¿FLDOO\UHVHUYHWKHWD[FUHGLWVIRU
the applicant (90 days).
(VWLPDWHGUHKDE
$2.5 $5 $5 $5
expenditures over
million million million million
$2 million
6.
» Each building is limited to $1 million in credit
in any one calendar year. Owners may apply for
credits on multiple properties.
$OODSSOLFDWLRQVDUHUHVHUYHGRQDÀUVWFRPHÀUVWVHUYHGEDVLV.
Want to learn more? Visit h-co.org/statetaxcredit
Ken Jensen 2(',[email protected] or 303/892-3743
Joseph Saldibar +LVWRU\&RORUDGRDWMRVHSKVDOGLEDU#VWDWHFRXV or 303/866-3741
40
You will claim your tax credit upon
completion of your project and
approved proof of rehabilitation.
NEW CREDIT
COMMERCIAL
Eligible properties
Eligible applicants
OLD CREDIT
Property must be designated individually, or it must
be part of a historical contributing district, at the
national, state, or local level.
/LVWHGRQ6WDWH5HJLVWHURI+LVWRULF3URSHUWLHVRUODQGPDUNHGE\D&HUWLÀHG
/RFDO*RYHUQPHQW&/*
More than 50 years old, and
Listed on State Register of Historic Properties or landmarked by
D&HUWLÀHG/RFDO*RYHUQPHQW&/*
Property Owner, or
Property Owner, or
Tenant with lease of at least 39 years, or
Tenant with lease of at least 5 years
Holders and those with property under contract
Costs must exceed adjusted basis
RIWKHSXUFKDVHSULFHPLQXVFXUUHQWYDOXHRIODQG
Costs must exceed $5,000
Project must meet the Secretary of the Interior’s Standards
Project must meet the Secretary of the Interior’s Standards
Time limits
$SSOLFDQWPXVWVWDUWZRUNZLWKLQPRQWKVRIDOORFDWLRQDQG
$SSOLFDQWPXVWEHDWOHDVWÀQLVKHGZLWKLQPRQWKVRIDOORFDWLRQ
Project must be completed within 24 months
RUZLWKDRQHWLPHH[WHQVLRQ
Completed work
Can be claimed if completed within 60 days* and documented (* or
ZKLFKHYHULVODWHU
Can be claimed if within 24 month period and documented
Eligible projects
25% of 4XDOLÀHG5HKDELOLWDWLRQ([SHQGLWXUHV45(V for projects less than
PLOOLRQ
RI4XDOLÀHG5HKDELOLWDWLRQ([SHQGLWXUHV45(V
Extent of tax savings
20% of 4XDOLÀHG5HKDELOLWDWLRQ([SHQGLWXUHV45(V for
projects more than $2 million
Additional 5% credit for properties located in areas that
None
Disaster relief
have been designated as disaster areas within past 6 years
The maximum amount of tax credit available to any commercial property is
$50,000 per property
Project cap
$1 million per year
Credit availability
See Reservation Limits Per Year chart on opposite page
Subject to yearly budget estimates
Credit length
Can be used for up to 10 years
Can be used for up to 10 years
Allowable costs
$Q\H[SHQGLWXUHVDOORZHGE\IHGHUDOWD[FUHGLW,56FRGHF$
4XDOLÀHG5HKDELOLWDWLRQ([SHQGLWXUHV45(V
Fees
$500 Part 1 fee
Issuance fee of 3% of tax credit amount
3DUWIHHPD\EHZDLYHGIRUSURMHFWVXQGHU
$750 Part 2 fee
Recapture
No recapture of credits under the new law
Recapture plan if property sold within 5 years
Transferability &
saleability
2ZQHUVLQFOXGLQJQRQSURÀWRUJDQL]DWLRQVPD\use, transfer
or sell creditsWRRWKHUWD[SD\HUVWKHVHRWKHUWD[SD\HUVPD\LQ
WXUQWUDQVIHUFUHGLWVWRDGGLWLRQDOWD[SD\HUVXVLQJWKH2(',7ZHEVLWH
1RQHFUHGLWVVWD\ZLWKRZQHU
Learn more or apply at: KFRRUJVWDWHWD[FUHGLW
41
January 2015
Fit, Potential, Coachability and Desire in Hiring Decisions
Ken Greenberg, President and CEO, KLG Consultants, LLC
Frequently we are asked why resumes do not play a big role in our selection process. Let me say up front, it is not because
we believe that resumes are embellished or false. We do not believe that at all.
With people, as with other things, past performance is not necessarily a guarantee of future success with new hires
or promotions.
The key is are they a fit for the position and your culture. We do not just look at what they know but how they learn and
adapt to see if a candidate might be a fit for a particular position. This is key because the same position in different
organizations may require a different set of work flows, systems and institutional knowledge to perform well. That
benchmark of performance must be understood and the adaptability of candidates cognitive capacity in the context of the
skills to do that job well, should be measured to closely match the benchmark. The key is to measure specific job skill
aptitude, not general cognitive ability. We use custom built cognitive assessments for each job for this reason.
However, that is only one type of fit. The other is culture fit. Some Human Capital consultants think this is the more
important element of fit. A skilled professional who does not fit culturally, or who cannot adapt culturally, either will not
stay long or will become disruptive. While we can measure current behavioral tendencies and we do, we also want to look
at coachability. Can they be assimilated into the culture and modify their behavior and become a high performer and team
player.
"Can They Become One of Us?"
Part of this is dependent upon your onboarding and training program but it is also incumbent upon hiring managers and
HR to use a tool to measure cultural fit and adaptability, pre-hire. There are many tools to do this, we use the Hogan.
Another critical factor in any hire or promotion decision is potential. What is potential and how do you measure it? That
depends on the position, the industry and the size of the company. All of those factors and more, need to be taken into
consideration to set a benchmark of growth potential and adaptability in new hires. This takes skill and a methodical
interview process of the hiring manager, HR and/or the board of directors for c-level positions. The position's requirement
for an ability to adapt, create and inspire vision in others, analyze complex problems and/or handle a quickly changing
macro environment needs to be assessed.
The last factor that should be considered is the candidate's desire to succeed. Some people call this motivation and that
may be a more accurate term. We prefer to find out what the candidate really desires to achieve in their career and
through their career. Any assessment process should answer this question, "is the candidate's desire aligned with what the
position and culture delivers?" This can be measured in many ways and financial success is only one determinant and in
many cases not the most important one.
If a position and culture only deliver extrinsic rewards such as financial incentives, hiring managers need to be honest
about that while looking at cultural fit. Conversely if a culture is based on the intrinsic rewards of purpose and cause for
example, candidates must be assessed for this type of desire or motivation.
Happy to talk more by phone, skype or google hangouts to fill in the details.
http://www.klgconsultants.com/contact_us
(877) 873-9299
42
The IBC Legal Hotline
Free Legal Advice for IBC Member Banks
As a member of the Independent Bankers of Colorado, your bank can
receive free legal advice through our Legal Hotline. Attorneys at the law
firm of Bieging Shapiro & Barber, L.L.P., staff the Legal Hotline as a
benefit to member banks.
Member banks can defray a significant amount of their IBC
membership dues by taking advantage of this exceptional free
member bank service!
Member banks are permitted to contact Bieging Shapiro & Barber on
simple legal-related questions involving the member bank.* Services
provided through the Legal Hotline include responding to inquiries on
the following issues:
x Regulatory
x Consumer
x Audit
x Compliance
x Uniform Commercial Code
x Uniform Consumer Credit Code
Bieging Shapiro & Barber also will review agreements and provide
recommendations in conjunction with the Legal Hotline.
* Bieging Shapiro & Burrus reserves the right to charge the member bank
for services required to respond to complex or time consuming inquiries.
This will not be done without prior notice to the member bank.
Take advantage of this free value added service!
Receive the information you need when you need it.
Contact the IBC for additional information at 303.832.2000.
43
INDEPENDENT BANKERS OF COLORADO
IBC’s 80-ATM SURCHARGE FREE NETWORK!
The Independent Bankers of Colorado’s alliance of community banks offers your customers access to 80 surcharge-free
ATMs throughout Colorado and in Kansas.
As a member of the Independent Bankers of Colorado, you waive surcharges to the customers of banks belonging to our
network, while retaining the option to charge non-member customers who use your ATMs.
Our alliance means that community bank customers will remain with their community-based banks, yet be able to access a
broad choice of surcharge-free ATM locations.
LOCATIONS
Alamosa
Alamosa
Berthoud
Brighton
Brighton
Buena Vista
Buena Vista
Canon City
Canon City
Canon City
Center
Colorado City
Colorado Springs
Colorado Springs
Colorado Springs
Commerce City
Cortez
Cortez
Dacono
Del Norte
Denver
Denver
Denver
Denver
Dolores
Englewood
Fairplay
Falcon
Florence
Fort Collins
Fort Collins
Fort Collins
Fort Morgan
Fort Morgan
Frederick
Granada
Greeley
Holly
Hudson
Hugo
First Southwest Bank
First Southwest Bank
Home State Bank
Valley Bank & Trust
Valley Bank & Trust
Colorado East Bank & Trust
Colorado East Bank & Trust
Canon National Bank
Canon National Bank
Legacy Bank
First Southwest Bank
Canon National Bank
Canon National Bank
Canon National Bank
Legacy Bank
Valley Bank & Trust
Dolores State Bank
First Southwest State Bank
Colorado East Bank & Trust
First Southwest Bank
Bank of Denver
Bank of Denver
Bank of Denver
Valley Bank & Trust
Dolores State Bank
Front Range Bank
Colorado East Bank & Trust
The State Bank
Canon National Bank
Home State Bank
Home State Bank
Home State Bank
FMS Bank
FMS Bank
Valley Bank & Trust
Colorado East Bank & Trust
FMS Bank
Colorado East Bank & Trust
Valley Bank & Trust
First National Bank Hugo
44
720 Main Street
3333 Clark Street
310 Mountain Ave.
4900 E. Bromley Lane
30 N. 4th Avenue
725 Hwy 24
438 US Hwy 24 S
816 Royal Gorge Blvd.
2101 Fremont Drive
1010 Royal Gorge Blvd.
2060 E Highway 112
1 N. Parkway
3204 W. Colorado Avenue
518 N. Chelton Road
1580 E. Cheyenne Mountain Blvd.
6990 E. 72nd Avenue
744 East Main
1510 East Main
801 Flying Circle
555 Cedar Street
530 S. Holly Street
810 E. 17th Avenue
405 16th Street
6171 N. Washington Street
101 6th Street
3594 S. Logan
351 Hwy 285
7495 McLaughlin Road
401 E. Main Street, Unit A
303 E Mountain
3227 Timberline
2337 S. Shields
1505 E Burlington (2 ATMs)
520 Sherman Street
450 Oak Street
108 E. Goff Street
2425 35th Avenue
101 N. Main
580 Dahlia Street
321 4th Street
IBC’s 80-ATM SURCHARGE FREE NETWORK!
LOCATIONS
Keenesburg
La Junta
La Junta
La Salle
Lakewood
Lamar
Lamar
Leadville
Limon
Loveland
Loveland
Loveland
Loveland
Loveland
Loveland
Loveland
Mead
Pagosa Springs
Pagosa Springs
Pueblo
Pueblo
Pueblo
Pueblo
Pueblo
Pueblo
Pueblo
Pueblo
Pueblo
Pueblo West
Rocky Ford
Severance
Springfield
Strasburg
Stratton
Westminster
Wiley
Windsor
Elkhart, KS
Tribune, KS
Colorado East Bank & Trust
Colorado East Bank & Trust
The State Bank
Colorado East Bank & Trust
Front Range Bank
Colorado East Bank & Trust
Legacy Bank
First Mountain Bank
First National Bank Hugo – Limon Branch
Home State Bank
Home State Bank
Home State Bank
Home State Bank
Home State Bank
Home State Bank
Home State Bank
Colorado East Bank & Trust
First Southwest Bank
First Southwest Bank
Canon National Bank
Canon National Bank
Canon National Bank
Colorado East Bank & Trust
Colorado East Bank & Trust
Colorado East Bank & Trust
Legacy Bank
Legacy Bank
Legacy Bank
Legacy Bank
The State Bank
Colorado East Bank & Trust
Colorado East Bank & Trust
Valley Bank & Trust
Colorado East Bank & Trust
Valley Bank & Trust
Legacy Bank
Home State Bank
Colorado East Bank & Trust – Elkhart
Colorado East Bank & Trust – Tribune
550 E. Woodward
310 E. 3rd
124Colorado Avenue
207 1st Avenue
13013 W. Alameda Parkway
101 W. Pearl
210 E. Olive Street
409 Harrison Avenue
981 2nd Street
935 N Cleveland
1355 E. Eisenhower Blvd
2695 W. Eisenhower Blvd
300 E. 29th Street
2842 SE Frontage Road
2000 N. Boise
2842 SE Frontage Road (2 ATMs)
141 Main Street
643 San Juan
249 Navajo Trail Drive
101 W. 5th Street
76 W. Dunlap Drive
2 Amherst Avenue
1515 Fortino Avenue
94 S. Tiffany Drive
1219 S. Prairie Avenue
101 N. Main Street
101 N. Main Street (Drive-up)
730 Desert Flower Blvd.
7 E. Spaulding
301 N. Main Street
399 4th Avenue
1030 Main Street
56641 Colfax Avenue
141 Colorado Avenue
11145 Sheridan Blvd.
220 Main Street
7499 Westgate Drive
432 Morton Street
Hwy 96 & Hwy 27
For information about how your bank can join our network, please call Heidi Saba at
303-399-8929 or [email protected]!
45
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