December 2019

The Virginia Banking eNewsletter is a monthly supplement to Virginia Banking magazine, intended to help you stay on top of industry knowledge via current trends data and insights.

From the VBA

As 2019 comes to an end, we are excited about providing opportunities to help the banking industry’s talent pipeline grow in the next decade. Banks across Virginia will again be hosting high school seniors for the VBA Bank Day Scholarship Program in March 2020 — an opportunity for high school students to learn about the industry, how banks support their communities and the variety of career opportunities that banking provides. More than 550 students participated in the 2019 program at 36 banks. A total of $26,000 in scholarships will be awarded to twelve students in 2020.

Next summer, college students will participate in the VBA Internship Program. Now in its fourth year, this program allows interns from across the state to participate in training and networking events, interact with the VBA Emerging Bank Leaders, complete a capstone project and presentation, and earn the VBA Certificate of Completion. This past summer, 32 interns from eleven different banks received their Certificate of Completion.

Virginia Tech has recently piloted an exciting new program, Credit Corps, in partnership with Atlantic Union Bank. The unique experiential learning program is aimed at enhancing students’ skills in credit risk analysis, business analytics, teamwork, and portfolio management. By participating in this program, students gain experience in banking and risk management by participating in actual loans with their bank partner, with real money from the Virginia Tech Foundation. Students will function as commercial loan officers with responsibilities including reviewing financial statements, interviewing management at the borrowing companies, identifying risk issues, and managing fund inflows and outflows, as repayments are made and new loans considered. In addition, students who complete the program will exit with a RMA Credit Risk Manager Certification.

"Credit Corps will prepare students for jobs and careers across a wide range of finance career paths and offer financial firms a pipeline of credit-savvy recruits with hands-on experience,” said finance professor George Morgan, who led efforts to develop the program.

Virginia Tech is looking for additional bank partners for the future of this program, specifically for the Spring 2020 semester. If you are interested in learning more about this program and understanding what a bank partnership entails, please contact Dr. George Morgan or Dr. Fred Hood of Virginia Tech.

Contact Monica McDearmon at the VBA for more information on any of these programs.

Bankers On The Move & Recent Promotions

Benchmark Community Bank
Nicole Martin – Senior Vice President, Operations
Tabitha Poore – Senior Vice President, Controller

First Bank & Trust Company
Terry Brizendine – Senior Vice President, Commercial Lender

Delta Dental of Virginia
Computer Services Inc
Industry News & Trends
The number of Suspicious Activity Reports related to elder financial exploitation has risen dramatically over the past several years, as seniors face increasing threats from both domestic and foreign actors, according to a new analysis by the Financial Crimes Enforcement Network. (ABA Banking Journal)
The latest edition of "Richmond Fed at a Glance" takes a look at the economic risk of climate change and what we know about how central banks are responding to climate risks. Also included are results from the 2019 Community Pulse survey and a regional economic outlook. (Richmond Fed)
The digital transformation imperative is galvanizing enterprises in all sectors to focus intensely on accelerating growth, speeding time to market and fostering innovation. For banks, the most urgent imperative is to put the customer at the center of their digital transformation agendas, especially if they expect to win in the emerging financial services ecosystem of the future. (Banking Exchange)
Welcome New Associate Members

Bank Card Servicers & Providers/Merchant Bankcard Processing

Star Financial Services, Inc.
Star Financial offers ATM outsourcing and managed service programs specifically designed to fit your financial institution’s needs — providing transaction processing, reliable maintenance and cash management, daily operations and compliance, while reducing your institution’s time and money investment.

Virginia Small Business Financing Authority
The rise of new technologies has created unprecedented opportunities but also unique challenges for bankers as we compete to serve customers with cutting-edge technologies. This is especially true for community banks, which naturally have fewer resources and smaller staff sizes than their larger counterparts. America's smallest banks must remain nimble and flexible. (Forbes)
Bank marketers know that each year brings a new calendar, new budgets and new opportunities. Getting out in front of the coming year with a solid content plan starts with a calendar strategy. One that, from a tactical standpoint, may be easier to lay out than you realize. (ABA Bank Marketing)
As bank consolidation continued, between 2012 and 2017, the number of bank branches declined by 7 perecent across all counties, according to a new research study published by the Federal Reserve. (Federal Reserve)
From VBA Partners
Growing a financial institution’s loan portfolio is an ongoing priority for bankers. However, reaching those lending goals is more challenging than ever. Here, VBA Endorsed Provider Harland Clarke takes a look at how loan marketing has changed in the past few years and how FIs can prepare for future success.