pull the string - uba spring the major banks launch cam- paigns and start battling to be recognized...
TRANSCRIPT
SUMMER 2013
O F F I C I A L P U B L I C A T I O N O F T H E U T A H B A N K E R S A S S O C I A T I O N
Pull the String:CRM success requires a proactive
daily commitment from your bank’s managers
www.swlaw.com
Straight talk. Sound counsel. Practical solutions. At Snell & Wilmer, some things never change.
Providing the breadth and dePth oF eXPerienCe to meet the legal needs oF banking Clients
CommerCial FinanCe
bankruPtCy, Creditors' rights and litigation
Brian D. Cunningham 801.257.1954
James H. Jones 801.257.1921
Landon A. Hardcastle 801.257.1927
Benjamin Beasley 801.257.1961
David E. Leta 801.257.1928
Jeffrey W. Shields 801.257.1877
Brock Worthen 801.257.1521
Troy J. Aramburu 801.257.1525
Timothy J. Dance 801.257.1908
Douglas P. Farr 801.257.1863
Landon O. Sullivan 801.257.1885
Blakely Joy Denny 801.257.1841
Michael A. Gehret 801.257.1530
denver | las vegas | los angeles | los cabos | orange county | phoenix | reno | salt lake City | tucson
gateway tower West , 15 West south temple , su ite 1200, sa lt lake city, ut 84101-1547
UBA Board of Directors2012/2013EXECUTIVE COMMITTEE CHAIRMANLouise P. KellyPresident & CEO, EnerBank USASalt Lake City, UT
VICE CHAIRMANAnthony J. HallPresident & CEOLewiston State Bank, Lewiston, UT
2ND VICE CHAIRMANGreg A. WinegardnerUtah Regional PresidentWells Fargo, Salt Lake City, UT
IMMEDIATE PAST CHAIRMANDamon G. MillerUtah Market PresidentU.S. Bank, Salt Lake City, UT
COMMUNITY BANK ADVISORY CHAIRMANR. Tod MonsenCEO/PresidentRock Canyon Bank, Orem, UT
INDUSTRIAL BANK ADVISORY CHAIRMANKelvin L. AndersonPresident & CEOOptum Bank, Salt Lake City, UT
REGIONAL BANK ADVISORY CHAIRMANMichael MorrisEVP, Real Estate Banking GroupZions Bank, Salt Lake City, UT
PRESIDENTHoward M. HeadleeUtah Bankers AssociationSalt Lake City, UT
BOARD MEMBERSScott AndersonPresident & CEOZions Bank, Salt Lake City, UT
Russ BarneyVP & Regional Business Banking ManagerBank of the West, Salt Lake City, UT
Robert M. BowenPresident and COOBrighton Bank, Salt Lake City, UT
Lee A. CarterPresident & Chief Operating OfficerUBS Bank USA, Salt Lake City, UT
Mark D. HowellPresident - Intermountain BankingAmericanWest BankSouth Jordan, UT
Bruce JensenPresident & CEOTown & Country BankSaint George, UT
Nathan J. MorganCEO/ChairmanContinental BankSalt Lake City, UT
Kenneth H. PetersenChairmanBMW Bank of North AmericaSalt Lake City, UT
Jason PricePresident & CEOPrime Alliance BankWoods Cross, UT
Joe StroudGeneral CounselG.E. Capital BankSalt Lake City, UT
Jill TaylorDistrict PresidentKeyBanKSalt Lake City, UT
Paul F. ThomePresident & CEOSallie Mae Bank, Salt Lake City, UT
M. Craig ZollingerPresident & CEOJPMorgan Chase, Salt Lake City, UT
summer 2013 3
www.swlaw.com
Straight talk. Sound counsel. Practical solutions. At Snell & Wilmer, some things never change.
Providing the breadth and dePth oF eXPerienCe to meet the legal needs oF banking Clients
CommerCial FinanCe
bankruPtCy, Creditors' rights and litigation
Brian D. Cunningham 801.257.1954
James H. Jones 801.257.1921
Landon A. Hardcastle 801.257.1927
Benjamin Beasley 801.257.1961
David E. Leta 801.257.1928
Jeffrey W. Shields 801.257.1877
Brock Worthen 801.257.1521
Troy J. Aramburu 801.257.1525
Timothy J. Dance 801.257.1908
Douglas P. Farr 801.257.1863
Landon O. Sullivan 801.257.1885
Blakely Joy Denny 801.257.1841
Michael A. Gehret 801.257.1530
denver | las vegas | los angeles | los cabos | orange county | phoenix | reno | salt lake City | tucson
gateway tower West , 15 West south temple , su ite 1200, sa lt lake city, ut 84101-1547
4 Credit Unions in a Panic The large bank-like credit unions are in a panic. Their ridiculous tax exemption is on the chopping block and the bankers didn’t even put it there. By Howard Headlee, President
5 Washington Update: The Road Ahead for Housing June is typically declared National Home ownership Month, a time to tout the benefits of homeownership and guide consumers to what many have always viewed as the ultimate goal – a place to call your own. By Frank Keating, President and CEO, American Bankers Association
6 Effectively Marketing Small Busi- ness Loans Every spring the major banks launch cam- paigns and start battling to be recognized as the #1 small business lender in Utah. By Ty Kiisel
10 Pull the String: CRM success requires a proactive, daily commitment from your bank’s managers A wise and very successful banker in Alaska once said about the bank’s sales and service culture, “If I leave it alone for one day we stop making progress. If I ignore it for even two days we begin to slide backward.” By Barbara Kempf, Synapsys Consulting Manager,
Jack Henry Banking
12 As Credit Crunch Tightens, Financial Institutions Look Within for Opportunities As the mortgage crisis continues to wield a tight grip on the banking industry, financial institutions are scaling back their pursuit of new lending relationships.
16 New Regulations for Municipals in 2013: Dodd-Frank, Section 939 A Effective January 1, 2013, bank regulators implemented new standards for municipal investments that require most banks to adopt a new approach to the credit analysis pro-cess. By Drew Simmons, The Baker Group LP
17 Teach Children to Save Thank you to more than 300 bankers across Utah who helped more than 20,000 Students develop a better understanding of the value of savings through Teach Children to Save lessons. By Lindsay Scott
19 Women’s Conference On April 24th, 196 bankers and speakers gathered at Noah’s in South Jordan for the 8th Annual Women in Banking Conference, a Development Conference for Banking Profes- sionals.
By B Wilkes
20 Bank Kudos
22 Bankers on the Move
24 UBA Associate Members
UBA Board of Directors2012/2013EXECUTIVE COMMITTEE CHAIRMANLouise P. KellyPresident & CEO, EnerBank USASalt Lake City, UT
VICE CHAIRMANAnthony J. HallPresident & CEOLewiston State Bank, Lewiston, UT
2ND VICE CHAIRMANGreg A. WinegardnerUtah Regional PresidentWells Fargo, Salt Lake City, UT
IMMEDIATE PAST CHAIRMANDamon G. MillerUtah Market PresidentU.S. Bank, Salt Lake City, UT
COMMUNITY BANK ADVISORY CHAIRMANR. Tod MonsenCEO/PresidentRock Canyon Bank, Orem, UT
INDUSTRIAL BANK ADVISORY CHAIRMANKelvin L. AndersonPresident & CEOOptum Bank, Salt Lake City, UT
REGIONAL BANK ADVISORY CHAIRMANMichael MorrisEVP, Real Estate Banking GroupZions Bank, Salt Lake City, UT
PRESIDENTHoward M. HeadleeUtah Bankers AssociationSalt Lake City, UT
BOARD MEMBERSScott AndersonPresident & CEOZions Bank, Salt Lake City, UT
Russ BarneyVP & Regional Business Banking ManagerBank of the West, Salt Lake City, UT
Robert M. BowenPresident and COOBrighton Bank, Salt Lake City, UT
Lee A. CarterPresident & Chief Operating OfficerUBS Bank USA, Salt Lake City, UT
Mark D. HowellPresident - Intermountain BankingAmericanWest BankSouth Jordan, UT
Bruce JensenPresident & CEOTown & Country BankSaint George, UT
Nathan J. MorganCEO/ChairmanContinental BankSalt Lake City, UT
Kenneth H. PetersenChairmanBMW Bank of North AmericaSalt Lake City, UT
Jason PricePresident & CEOPrime Alliance BankWoods Cross, UT
Joe StroudGeneral CounselG.E. Capital BankSalt Lake City, UT
Jill TaylorDistrict PresidentKeyBanKSalt Lake City, UT
Paul F. ThomePresident & CEOSallie Mae Bank, Salt Lake City, UT
M. Craig ZollingerPresident & CEOJPMorgan Chase, Salt Lake City, UT
6 10
By Harland Clarke
www.uba.org4
T heir lobbyists in D.C. are scurrying about, trying to whip up all sorts of indignation but their members aren’t
responding like usual, and neither are members of Congress.
The behavior of these massive, multi-bil-lion dollar institutions is finally catching up to them. They have systematically walked away from everything it means to be a real credit union. And now the country is in deep debt trouble, and they are finding it difficult to hide.
In the past all they had to do is cry banker: “The big, bad bankers want to tax credit unions out of business in order to elim-inate competition and force everyone to use a bank.” But this time, the questions about their tax status aren’t coming from bankers and no one is buying their claim that they would wither away and die if they had to pay taxes like every other business in America.
But here’s their biggest problem. By opening up their membership to anyone who breathes and is sometimes vertical, they have destroyed the “common bond” or “union” amongst their members. Real credit unions on the other hand, where members share some meaningful affinity or connection, have many of the same political characteristics of a labor union. Members rally to defend the common interests of their union.
However, there is no common bond at these large, bank-like credit unions and the only tie most members have is the
auto-loan they got in the finance office of an auto dealership.
This distinction isn’t lost on members of Congress either. They have big issues to deal with. The country is $17 trillion in debt and our tax policy is stifling the eco-nomic growth necessary to grow out of it. That leaves them with some very difficult choices, most of which are much more painful than taking away a tax subsidy from highly profitable, billion dollar finan-cial institutions that just received massive taxpayer bailouts.
As I write, members of the House and the Senate tax-writing committees have their heads down and are working hard on comprehensive tax reform. Everything is on the table. The goal is a broader base and lower, more competitive rates. It’s no wonder the lobbyists for the large, bank-like credit unions are in a panic. Their arguments are weak and their political
threats are miniscule compared to many of the other issues on the table.
This sort of tax policy discussion only comes around every 20-30 years. It’s im-portant to every American that Congress gets it right. And given the important role banks and real credit unions play in the overall economy, it’s particularly import-ant to restore balance in the financial sector so we can move forward based on free market discipline, not artificially in-duced government distortions. Failure to do so will change the American financial system forever. The real credit unions will continue to be gobbled up by the large, bank-like ones and the banking industry will likewise continue to consolidate as it looks for economies of scale in order to try to compete with the government subsi-dy. The result: fewer, larger institutions, not a pretty picture for anyone. n
The BoTTom LineBy Howard Headlee, President
Credit Unions in a PanicThe large bank-like credit unions are in a panic. Their ridiculous
tax exemption is on the chopping block and the bankers didn’t
even put it there.
The fact is, many of these consumers don’t see any difference between these large credit
unions and a bank, and they are a little surprised when they learn that these multi-
billion dollar financial institutions don’t pay any taxes on the millions of dollars in
profits they retain each year.
summer 2013 5
J une is typically declared National Homeownership Month, a time to tout the benefits of homeownership
and guide consumers to what many have always viewed as the ultimate goal – a place to call your own.
But there’s irony in trying to celebrate homeownership today. The share of Americans who own their own homes dropped to 65 percent in the first quarter – the lowest level since 1995. That’s no doubt a reflection of economic condi-tions, as well as a realization by consum-ers that sometimes renting is better than buying.
Facilitating homeownership – in the form of making mortgage loans – also has become harder, which puts a damper on the celebration. In fact, as the banking industry assesses new mortgage finance
rules and proposed capital changes, many of you are challenged to see how staying in the mortgage business makes good business sense.
At ABA, we are working to ensure that your bank has a place in the post-Dodd-Frank mortgage market, and that you can continue to help make homeownership a reality for creditworthy borrowers.
It’s clear from the conversations I have had with bankers in Utah and across the country that one of your biggest challenges is the implementation of the Consumer Financial Protection Bureau’s ability-to-repay rule and the “qualified mortgage” standards.
ABA is advocating changes to the rule that would help keep affordable mortgage credit flowing to deserving
The Road Ahead for Housing
By Frank Keating, President and CEO, American Bankers Association
washington update borrowers. We’re also seeking more time for banks to comply with this and the many other Dodd-Frank-mandated mortgage reforms that were finalized in January.
We also are offering a new guide – avail-able online in June – for bank CEOs and directors that will help banks strategical-ly examine the implications of the new mortgage lending environment. As the guide explains, the CFPB’s ability-to-repay standards “create a fundamentally new paradigm for residential mortgage lending” by establishing three kinds of loans with very different legal treatments and risk implications.
Understanding these risk implications and developing a strategic response is central to the work of bank CEOs and their directors.
The guide is the latest in a number of resources and webinars that we have developed to help banks like yours adapt to changes in mortgage finance. We’re also continuing to shape regulatory policy through our comment letters and requests for clarifications. You can keep up to date on all of our offerings by clicking on aba.com/mortgageresources.
As for June, we can still celebrate the value of homeownership, but ABA will be broadening our consumer outreach to cover housing in general. After all, it’s important to highlight the issues and options regard-ing the most basic of needs – having a place to live – regardless of whether one rents or buys.
Please join us, then, for “American Hous-ing Month.” Look for resources online at aba.com/housingmonth — including cus-tomizable news releases and a social media toolkit — that you can share with your customers to help them understand their housing and homeownership options.n
© 2013 American Bankers Association. All rights reserved. Reprinted with permission.
E-mail Frank Keating at [email protected]
www.uba.org6
E very spring the major banks launch campaigns and start battling to be recognized as the #1 small business
lender in Utah. Bank marketers use any-thing they can think of to promote their bank as the best small business lender.
Unfortunately, the way we marketed small business lending five or ten years ago isn’t as effective as it once was.
How a bank marketer spends his or her budget to acquire new customers is often the difference between success and failure—and it starts with three simple questions:
1. How do you identify your best potential customers?
2. How do you find more of them?3. How do you close more small busi-
ness loans?
Know the answers to these questions, and you’re well on your way to success. You might even end up as #1.
Identify your best potential customersAs a marketer at Lendio, I’m always ask-ing myself, “Who am I talking to?” A little analysis can identify borrower profiles you can categorize within a range of “profit-able to not-very-profitable.”
1. Your most profitable prospects: Identifying what differentiates your most profitable small business cus-tomers from the others is the first step to understanding your “sweet spot.” Once you know who they are, you can create a profile. What characteristics do they share? Credit score, time in business, annual revenue? Once you know what the customers you really want to lend to look like, do the same with the others. You’ll likely discover many of them fit into similar and interest-ing groups.
2. Balance quality and quantity: If your bank is like most, some of the business owners that don’t fit into your “best” category, are still good customers that likely still fit
into your small business lending criteria. Your true “sweet spot” isn’t your perfect customer, but rather, a variety of profiles balanced between quality and quantity.
3. Analyze your business loan prod-ucts: To maximize efforts, you need to identify which loan products go best with each profile. For example, the profile that matches an SBA 7(a) loan is probably different from the profile that matches a line of credit or equipment loan. Knowing which products make the most sense for your identified customer profiles helps you more efficiently spend your marketing dollars. Ann Muhnkerjee, SVP and CMO of Frito-Lay North America, said, “I think the days of traditional mass marketing are kind of over.” Nowhere is this truer than how we market small business loan products. Targeted messages to a targeted audience succeed while mass market messaging falls flat.
Finding more customersIn a perfect world, when a small business borrower needs a loan he or she will make a visit to the bank, meet with a banker, complete some paperwork, and get fund-ed. Times have changed.
Today, banks rely on several “channels” to find new customers. Some are definitely more effective than others.
• Current Customers: Many potential loan customers already patronize your bank. Target them with loan products designed to match their profile through email, direct mail, or by phone.
• Centers of Influence: Many bank-ers rely on professionals like CPAs, attorneys, real estate agencies, small business workshops, and chambers of commerce to identify potential small business owners who are good candidates for a business loan.
• Business Databases: Hoovers, Ex-perian, and other contact databas-es can be a pretty good source of information about the businesses within your bank’s footprint.
• Traditional Cold Calling Ap-proaches: Many banks target borrowers with door-to-door contacting or cold calling by tele-phone, but usually only as a last resort—when nothing else seems
Effectively Marketing Small Business Loans
By Ty Kiisel
summer 2013 7
to be working.• Online PPC (Pay-Per-Click):
You’d be surprised at how many potential small business customers are looking online before they see their local banker today. PPC is another way banks reach out to potential borrowers. An online ad that appears in search results (and across web networks) is some-times an effective way to find new customers. The major platforms for PPC are Google Adwords and Bing Ads.
• SEO (Search Engine Optimiza-tion): SEO is about optimizing your website for organic Google search. For example, if you were to write a web page about “busi-ness financing options in Vernal,” you might use SEO to ensure it appears at the top of a search. Google’s keyword tool helps iden-tify the monthly search volume on terms relevant to your bank.
• Affiliate Marketing: Online affil-iates are individuals or companies that are in a related industry and sell the contact information of people who frequent their site. They charge a commission per lead delivered, and the amount you’re willing to pay largely deter-mines the quality of the lead.
• Content Marketing: Most people use the Internet to find informa-tion—to learn. A blog, newsletter, white paper, or e-books give your potential customers a place to learn, search, and inquire about you and your products. Regularly publishing educational informa-tion (not sales information) online builds trust with your audience and identifies your bank as the small business lending thought leader. It’s also valuable from an SEO perspective.
• Lead Generation Companies: Companies like Lendio deliver leads on a pay-per-lead basis. We target potential borrowers that match your “sweet spot.” Identify the profiles of people just like the customers you’ve identified in your analysis and a good lead gen-eration company combines years of marketing experience with channels like SEO, PPC, affiliates, and others to deliver contact infor-mation for the potential borrowers you really want to meet.
Close more loansBuilding the right culture within your bank and among your loan officers is critical. Successful banks across the country have discovered that a more sales-driven culture makes loan officers more successful at “selling” a small business loan to the bank’s “sweet spot.”
Here are four best practices that will help your loan officers close more loans:
1. Contact Leads Quickly: Once a potential borrower is identified, time to contact is paramount—best practice is minutes rather than hours or days. Finding new cus-tomers is expensive; it doesn’t make sense to allow any to slip through the cracks.
2. Understand Borrower Needs: Ev-ery potential borrower is different and one-size does not fit all. Too often, loan officers don’t know enough about a potential bor-rower’s business and promote the wrong type of loan or the wrong terms—which can mean rejection in underwriting.
3. Sales Assets: All the content your bank produces—blog posts, white papers, success stories, etc.—are valuable assets your loan officers can use to help borrowers through the loan process.
4. A CRM/Lead Management Tool: A CRM (Customer Relationship Management) tool enables loan officers to track every contact they make and every customer they acquire. Many loan professionals still rely on spreadsheets or other documents to do what a CRM tool makes very simple.
The way small business owners interact with the bank is changing. They’re going online, they’re shopping around, and they have more options for financing than ever before. While the parade float in the local 4th of July celebration demonstrates a bank’s tie to the community, it’s likely not the most effective way to fill your bank with small business borrowers who match the profile you’re looking for—borrowers who will ultimately leave your bank with a loan. n
Small business evangelist and veteran of over 30 years in the trenches of Main Street business, Ty makes small business best prac-tices, tips and advice accessible by weaving
personal experiences, historical references and other anecdotes into relevant discussions about leading peo-ple, managing a business, small business financing, and what it takes to be successful for Lendio. Ty also shares his passion for small business every week on Forbes.com.
There is a process to everything we do and it starts with identifying the right questions and the best place to begin. Knowing where to start and what to ask comes from experience and discipline. This is just the beginning of what we provide to our clients.
We’re a network of firms in 158 countries with more than 180,000 people who are committed to delivering quality in assurance, tax and advisory services. For more information on how our Salt Lake City Banking and Capital Markets practice can help you address your business challenges, contact Ryan J. Dent at (801) 534-3883 or [email protected].
You get good at doing
© 2013 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
www.uba.org10
T hat’s how culture change works. It’s something that requires consistent, everyday focus. Whenever something
gets in the way of the leadership team’s commitment to CRM everything stops. When the CRM strategy is eliminated from each day’s conversation, it stagnates. If senior management fails to promote, discuss, and display commitment to CRM for two consecutive days, the entire strate-gy begins to decline.
Focus Every Single DayIt’s not easy to consistently demonstrate the importance of excellent client relation-ship management every single day. Some days there really are other very important things to be handled. What’s a manager to do?
Enlist others in the organization to be part of your every-single-day communication strategy. Identify the ways that each mem-ber of the management team can consis-tently communicate the organization-wide importance of the CRM strategy.
CEO – The CEO is the primary service and sales leader. Without highest level definition of the CRM strategy and with-out consistent highest level demonstration
Great lending managers accept their role as CRM leaders by helping to forge the CRM strategy to best serve their clients and to support how their lenders work with clients and prospects to build and grow relationships.
Outstanding lending managers clearly communicate that the bank will make loans and grow broad relationships with clients and prospects. The bank identifies ways to expand relationships, even beyond lending to include deposit, trust, invest-ment, and insurance products. Members of the manager’s team must stay focused on CRM every single day.
Branch Administration – The EVP-Branch Administration often accepts the first-line CRM cheerleader role after the CEO. The retail associate’s role as service provider and sales person is often most clearly defined. The branch administra-tor’s greatest challenge may be to share CRM leadership duties with every front-line branch manager. Branch administra-tors must be certain that every manager in the system is clearly communicating every day that the CRM strategy is alive and well and they’ll implement it today and every day to give clients the best service possible.
Every Manager – The CFO, the IT Manager, the Marketing Manager, and the HR Manager are CRM leaders, too. Every day, without fail, they must find a way to communicate the critical value of excellent execution of the CRM strategy. Without their support and participation, management gives an inconsistent mes-sage. Without every mid- and senior-level manager’s support, the few skeptics on the front-line will see cracks in the organiza-tion’s commitment to CRM. Senior-level inconsistency will be read as uncertainty.
Pull the StringBring your management team together today to very clearly identify the ways each team member can and will walk the walk and demonstrate commitment to the CRM strategy. Without conscious daily commitment, the front-line rightly believes “this too shall pass.” You can’t push a string. Get out front and pull every day. n
of the value and importance of the CRM strategy, all else will fail. CRM is not a grassroots strategy. It is definitely a trick-le-down strategy. When every memberof the organization sees every day that the CEO believes in the CRM strategy and is walking the walk, every member of the organization will do the same.
Operations – The EVP-Operations is in an excellent position to reinforce the CEO’s CRM message or to negate it. To send a clear message to every employee, opera-tions leaders should consistently work to review and revise client process to make “the way we do business” increasingly client-friendly. That message: I agree with the CRM strategy and am working to make every operation part of the solution for our clients, not part of the problem. When the CEO must shift focus away from CRM for a few days the EVP-Oper-ations’ support of the CRM strategy helps to fill the leadership void for those days.
Lending – The EVP-Lending gets a bad rap in some organizations. Lenders can be the prima donnas who resist changing the way they work with the client and chang-ing the way they document their workto share information organization-wide.
A wise and very successful banker in Alaska once said about
the bank’s sales and service culture, “If I leave it alone for one
day we stop making progress. If I ignore it for even two days we
begin to slide backward.”
Pull the String: CRM success requires a proactive, daily commitment from your bank’s managers
By Barbara Kempf Synapsys Consulting Manager Jack Henry Banking
Barbara Kempf manages consulting and training for the Synapsys CRM solution at Jack Henry Banking, a division of Jack Henry & Associates. She can be reached at [email protected].
Enlist others in the organization to be part of your ev-ery-single-day communication strategy.
801.474.3232 | mwsbf.com
Utah’s #1 Small Business Lender
Use your SBA 504 loan to:- Purchase land and/or a building- Construct a new facility- Purchase equipment- Renovate or remodel existing facilities
EXCITING NEWSMountain West Small Business Finance now offers SBA Community Advantage Loans for operating capital to small businesses.
Call today to see how easy it is to work with Mountain West Small Business Finance to help your clients succeed!
THERE ARE A NUMBER OF WAYS TO HELP YOUR
CLIENTS SUCCEEDOne important number for you to remember is 504—as in SBA 504 loans. Contact Mountain West Small Business Finance and help your clients get a flexible loan with a low monthly payment, a low fixed interest rate, and that require only 10% down.
See more Utah small business success stories at mwsbf.com
504
www.uba.org12
“I n the first quarter alone we have seen a 50 percent decline in secured loan direct mail
solicitations,” says Stephenie Williams, senior strategic account planner for Harland Clarke’s Marketing Services Client Strategy department. “That’s a key sign that banks are focusing inward. There’s not much appetite to look for new customers because the possibility of default is too high.”
Not surprisingly, banks are turning to their own backyards to cultivate less risky growth opportunities. One example is the focus on revolving credit lines that are not fully utilized by a bank’s existing customers. There are plenty of people who fall into this category. According to MyFico.com, more than half of all credit card holders are using less than 30 percent of their total credit card limit. And the Consumer Bankers Association notes that, on average, consumers only use 55 percent of their available home equity lines.
Other industry statistics show that a third or more of financial institutions have dormant or inactive accounts, and that only 14 percent of Americans use more than half their available credit.
“There is a real supply and demand problem,” says Williams of consumers’ desire for new credit combined with financial institutions’ unwillingness to extend new lines of credit due to market conditions.
Existing credit card account holders are a known quantity, explains Nekasha Ross,
marketing services manager with Harland Clarke. “You know more about their level of credit risk,” she says. Having ready access to account and payment history enables bankers to be more selective about whom they target and allows for more customized messaging and offers. In effect, marketing to existing account holders can be less risky since financial institutions can conduct periodic reviews of their revolving credit accounts.
“By looking at how long customers have been with you and their payment histories and whether they have other accounts with your institution, you can make more informed decisions and identify who is less likely to default,” she says.
Another reason to target existing credit account holders is that they are up to six times more likely to respond than outside prospects, according to both Ross and Williams.
“In some cases we’re getting double-digit response rates,” says Williams. With results like these, this marketing approach pays for itself very quickly, whether implemented by a large national bank or a community bank. “Financial executives see the return on investment and then their question becomes, ‘Why wouldn’t we do this?’”
Consider the case study of a major innovative credit card issuer that faced a series of hurdles: declining revenue in a mature market, escalating costs for account acquisitions, a jump in closed and dormant accounts, and dwindling
profitability on existing accounts. “It decided to target existing credit lines by mailing a convenience check pack instead of a traditional check letter,” says Ross. The results? An impressive response rate of 6.1 percent, and an off-the charts ROI of 1,534 percent!
In this economic cycle, the time is right to offer relief in the form of a month with no payment to credit customers who may be feeling a budget pinch. With the holidays right around the corner, the time is right for skip-a-pay offers that can generate additional fee and interest income for your financial institution and provide welcome relief for your customers.
The Keys to Success
Ross adds that if you decide to employ an outside marketing services firm to help initiate a credit optimization program, it is important to choose one that has Payment Card Industry (PCI) certification. “Working with a company that has PCI certification helps ensure that your account holders’ confidential credit data is not compromised,” she explains.
Whether you implement such a program in-house or use an external vendor, the key to success is to be highly selective when targeting account holders. Reaching out to fewer people — those account holders determined to be less risky and potentially more profitable — means your marketing expenses will be lower and your return on investment higher. And, while this approach can be used at any point in an account’s life cycle, it is especially useful during the first year. “Industry results have shown that accounts activated within the first 90 days have 50 percent higher balances,” says Ross. (See sidebar, “Credit Optimization: Five Facts You Need to Know,” to help determine if this marketing vehicle is right for your financial institution.)
The last thing anyone wants is for people who are poor credit risks to fall deeply into debt. “That’s why we encourage making the most of your existing creditworthy relationships,” says Ross. “It’s simply about reminding account holders in good standing to use the credit you’ve already extended to them.”
As Credit Crunch Tightens, Financial Institutions
Look Within for OpportunitiesBy Harland Clarke
As the mortgage crisis continues to wield a tight grip on the
banking industry, financial institutions are scaling back their
pursuit of new lending relationships.
summer 2013 13
Credit Optimization can help maximize the profitability of your existing credit portfolios, increase retention rates and enhance your competitive standing. It works best when used to welcome and activate new account holders, stimulate ongoing utilization, and improve account retention.
To learn more, contact your Harland Clarke account representative, call 1-866-609-8609 or www.harlandclarke.com/marketing. n
Who’s safeguarding your business?
We help safeguard our clients from the increasingly complex regulatory and legal environment facing finan-cial institutions. Clients rely on our problem-solving skills and know-how for regulatory compliance, secured transactions, documentation preparation, negotiation, workouts, foreclosures and other lending challenges.
Please contact Gary Winger at [email protected] or 801.328.3600
www.kmclaw.com
A t t o r n e y s A t l A W
Kirton McConkie is a full-service law firm successfully representing business, intellectual property, real estate, litigation, international, technology, healthcare, construction, employment, tax and estate planning clients.
Harland Clarke is State Association’s preferred provider of marketing services. Harland Clarke Marketing Services is a full service, leading edge provider of marketing services devoted to helping financial institutions create sustainable, measurable growth through the seamless delivery of comprehensive marketing solutions.
Upcoming Summer WebinarsThe Utah Bankers Association, in partnership with
BankersEd, Graduate School of Banking and Total Training Solutions, is pleased to offer our members a variety of
quality, educational webinars. Webinars (on-line seminars) are a cost-effective way to train employees on relevant, bank
specific courses delivered by top experts in the industry. The delivery format combines three convenient methods
of communication: phone, online presentation and a chat window for asking questions. Fees for the webinars include
all handouts and materials, and a single connection that allows for an unlimited number of participants on your
connection by speaker phone.
The Changing World of Mortgage Requirements
for 2013 and ‘14 due to the CFPB
July 29, 20139:00 a.m. – 11:00 a.m.
Compliance Perspectives July 29, 2013
12:00 p.m. – 1:00 p.m.
Using Business Tax Returns to Analyze Lending
Requests July 30, 2013
12:30 p.m. – 2:30 p.m.
Understanding Loan Documents: Loan Documents Part 1
August 5, 201312:30 p.m. – 2:30 p.m.
Business Accounts: Authority and Liability
August 6, 20139:00 a.m. – 11:00 a.m.
Focus on Evaluations Under Real Estate Appraisal
GuidelinesAugust 6, 2013
12:30 p.m. – 2:30 p.m.
The New SAR: Line by Line
August 7, 20139:00 a.m. – 11:00 a.m.
BSA/AML Compliance: Recent Developments &
Common ErrorsAugust 7, 2013
10:30 a.m. – 12:30 p.m.
Get Global: Understanding Global Cash Flow Analysis
August 8, 20139:00 a.m. – 11:00 a.m.
Sales Series: Developing Centers of Influence
August 12, 201311:00 a.m. – 12:00 p.m.
Compliance Management and Fair Lending Training for the Board of Directors
August 13, 20139:00 a.m. – 11:00 a.m.
Expensive HMDA Reporting Mistakes
August 13, 201312:30 p.m. – 2:30 p.m.
Look For The Complete Webinar Calendar at
www.uba.org
Here are just a few of our upcoming webinarsthis summer
We’re here to help.
Funding is a balancing act. Getting it right is crucial to managing your interest-rate and liquidity risks.
What can you do?
Consider complementing your duration-uncertain core deposits with duration-defined funding from the Seattle Bank:
• Fixed-Rate Advances• Symmetrical Prepayment Advances
How do you find the right balance? Use our Blended Funding Model to optimize your funding structure. Contact your Relationship Manager or our Funding Desk for details.
www.fhlbsea.com 206.340.2300 800.973.6223
12-004-FED_UBA_Funding_Ad_20130108.indd 1 1/8/13 2:52 PM
Steve Genereau, SVP Chief Deposit Officer
www.reichandtang.com | [email protected] | 866-237-2752
RTF1073 (0313) | Copyright 2013. All rights reserved.
Flexible Funding Solutions Tailored to Meet Your Balance Sheet Needs
- Decrease cost of funding with highly stable retail deposits
- Strategically plan for short- and long-term funding needs
- Utilize unique deposit structures to better match liabilities to assets
Uniquely flexible deposit solutions designed specifically for industrial loan companies—so unique, we can’t say any more about it in this public advertisement.
Contact Reich & Tang today.
Steve Genereau, SVP Chief Deposit Officer
www.reichandtang.com | [email protected] | 866-237-2752
RTF1073 (0313) | Copyright 2013. All rights reserved.
Flexible Funding Solutions Tailored to Meet Your Balance Sheet Needs
- Decrease cost of funding with highly stable retail deposits
- Strategically plan for short- and long-term funding needs
- Utilize unique deposit structures to better match liabilities to assets
Uniquely flexible deposit solutions designed specifically for industrial loan companies—so unique, we can’t say any more about it in this public advertisement.
Contact Reich & Tang today.
Steve Genereau, SVP Chief Deposit Officer
www.reichandtang.com | [email protected] | 866-237-2752
RTF1073 (0313) | Copyright 2013. All rights reserved.
Flexible Funding Solutions Tailored to Meet Your Balance Sheet Needs
- Decrease cost of funding with highly stable retail deposits
- Strategically plan for short- and long-term funding needs
- Utilize unique deposit structures to better match liabilities to assets
Uniquely flexible deposit solutions designed specifically for industrial loan companies—so unique, we can’t say any more about it in this public advertisement.
Contact Reich & Tang today.
www.uba.org16
E ffective January 1, 2013, bank regula-tors implemented new standards for municipal investments that require
most banks to adopt a new approach to the credit analysis process. The biggest take away is clear: credit ratings will no longer serve as sole justification for credit quality.
Fortunately for most community banks, credit ratings have become an afterthought in the credit review process. The first blow came several years ago when, in the wake of the financial crisis, the lion’s share of monoline credit insurers lost their AAA ratings and the associated ratings on insured municipal bonds. Investors soon realized the importance of analyzing the underlying credit profile of the municipal-ity, regardless of ratings or credit enhance-ment features.
Regulators have also addressed the appro-priateness of using third party research. While the use of a reliable third party to aid the bank in its credit analysis process is acceptable, third party analysis is neither required nor appropriate as the only as-sessment of credit quality. In the same way that it is no longer acceptable to rely solely
on credit ratings, a third party can not be the only assurance the institution hato jus-tify credit quality. In the absence of a third party’s credit rationale, using third party data is sufficient so long as the institution can justify a credit opinion internally.
Amidst much speculation as to how to implement a robust credit analysis frame-work, the FDIC, OCC, and the Federal Reserve have set out clear guidelines for what they expect in determining the
permissibility of municipal investments. Below we have compiled a summary of those guidelines to aid your institution in implementing such a framework. The bot-tom line is this: examiners must see proof of an internal credit analysis process.
Key Factors for All Municipal Investments
1.Confirm spread to UST is consistent with bonds of similar credit quality. 2.Confirm risk of default is low and consistent with bonds of simi- lar credit quality. 3.Confirm capacity to pay and assess the financial and operat- ing performance through internal credit analysis. 4.Understand local demographics/ economics. Consider unemploy- ment data, local employers, income indices, and home values.
Key Factors for General Obligation Bonds
1.Evaluate the soundness of a municipality’s budgetary position and review management experience. 2.Determine the stability of tax revenues and the issuer’s tax- ing authority. 3.Consider debt profile and level of unfunded liabilities. 4.Identify the diversity of revenue sources.
Key Factors for Revenue Bonds
1.Assess the source and strength of the revenue structure for municipal authorities. 2.Consider obligor’s financial condition and reserve levels. 3.Compare annual debt service and debt coverage ratio. 4.Review credit enhancements, legal covenants, and nature of the project.
Many banks have already established in-ternal credit analysis procedures, utilizing key credit metrics such as those high-lighted in The Baker Group’s Municipal Credit Profile. As shown in the example below, this allows the investor to perform a pre-purchase credit analysis that is both useful and efficient. These credit metrics are derived from the bond’s official state-ment, financial statements, and other rel-evant filings from the obligor. Hyperlinks to these documents are embedded within the Credit Profile, allowing the investor to perform further analysis. The Credit Profile also provides bond level data such as the purpose of issuance, pledged secu-rity, and tax status; three years of trend data; macroeconomic indicators such as unemployment and income statistics; and the obligor’s pension funding status.
This kind of reporting has received posi-tive feedback both from portfolio manag-ers and examiners, especially in light of the regulations imposed by Dodd-Frank. To comply with these regulatory guide-lines, banks are advised to review the rele-vant metrics, establish appropriate bench-marks before the purchase decision, and perform an annual post purchase review of each credit in the portfolio. Clearly, credit analysis has become an important issue for bank investment officers. Now that regulatory expectations are clarified, banks will need to ensure that they have in place the reporting tools, processes, and resources necessary to properly manage the investment portfolio. n
New Regulations for Municipals in 2013:
Dodd-Frank, Section 939 ABy Drew Simmons, The Baker Group LP
Since 1979, we’ve helped our clients improve deci-sion-making, manage interest rate risk, and maximize investment portfolio performance. Our proven approach of total resource integration utilizing software and products developed by Baker’s Software Solutions* — combined with our solid investment experience and advice — makes us the investment firm of choice for many community financial institutions. For more information, contact Drew Simmons at The Baker Group: 800-937-2257, www.GoBak-er.com, or email: [email protected].
*The Baker Group LP is the sole authorized distributor for the products and services developed and provided by The Baker Group Software Solutions, Inc.
Drew Simmons Vice President – Financial Strategies Group The Baker Group LP
summer 2013 17
T hank you to more than 300 bankers across Utah who helped more than 20,000 Students develop a better understanding of the value of savings through Teach Children to Save
lessons. Some young people know more about Julius Caesar and volcanoes than they do about budgeting and balancing a check-book. While schools prepare students for real world success, Utah Bankers focus on helping young people develop skills for financial success. This year’s campaign included a signed declaration by Governor Gary Herbert, declaring April 23, 2013 officially “Teach Children to Save Day” in the state of Utah.
Since the program began in 1997, bankers have helped millions of students across the nation learn to manage their money more effectively. Bankers teach lessons on budgeting, savings, prioritiz-ing needs over wants and more with students. This isn’t just nice- to-know information. These are need-to-know facts for everyone. For more information on the program visit www.abaef.com and click on Teach Children to Save. n
Teach Chilrdren to SaveBy Lindsay Scott
Diebold’s deposit automation. The more you put into your ATMs, the more your customers put into them.
With Diebold’s deposit automation, Laconia Savings Bank dramatically increased deposits, customer satisfaction and processing effi ciency. In fact, throughout
implementation, deposits increased well over 100%. It’s another advancement toward optimum ATM productivity. And another reason why Diebold has
remained a leader for more than 150 years.
For the entire story, visit www.diebold.com/boldinnovation.
1.800.806.6827 www.diebold.com [email protected]
die8780-08_DA Implem_UtahBankr_v01AR_20130506.indd 1 5/6/13 2:55 PM
summer 2013 19
O n April 24th, 196 bankers and speakers gathered at Noah’s in South Jordan for the 8th Annual Women in Banking Conference, a Development Conference for Banking Pro-
fessionals. This year’s theme, “Elevate Yourself—Opportunity, Accountability and Networking” celebrated achievement and underscored the important role successful women play in the banking industry. Top-notch speakers covered a wide variety of timely topics including an update on banking issues, communi-cating during a time of transformation, diversity, managing social capital, and accountability. The packed agenda also included a panel of dynamic local businesswomen who shared their inspi-rational stories of entrepreneurship and banking relationships, and attendees were motivated during lunch by two-time Olympic medalist and small business owner, Shannon Bahrke Happe.For a fun twist, attendees each provided their years of service in
the financial services industry, to create a “years of banking ex-perience spectrum” and the aggregated numbers of all attendees were impressive and frankly extraordinary!
Years of service – range of 1 to 40 years Average years – 16 years Combined total number of years in the industry – 2,687 years
The short, yet rich history of this conference continues to provide a unique opportunity for those in the early stages of their career to the seasoned banker—someone to whom the industry looks quite differently than when they entered banking—to be inspired, energized and invigorated with new ideas and strategies to achieve and succeed in this great industry of banking. n
Women in Banking Conference By Becky Wilkes
www.uba.org20
BANK OF AMERICAN FORK HONORS RETIREES
A s part of its centennial celebrations, Bank of American Fork hosted
27 bank retirees to visit, enjoy lunch and share mem-ories about working in the communities they are a part of. Larry Miner, a retiree who worked at the bank
for 44 years, shared the story of a long-time bank cus-tomer who was first his grade-school teacher. She and her husband, an elderly couple that retired after many years of employment, were careful savers. Miner realized there was a safe way for them to earn more money from their account and invited them in to his office to talk about the potential plan. They were on board and made the switch to the new account. In the morning, the customer came in and expressed to Miner that they changed their minds—they just didn’t want to change things up. Miner reversed the changes they made, putting into practice the idea that the primary responsibility of the bank was to always deal fairly with customers. The oldest retiree in attendance, 95-year-old Karma Whimpey, spoke about how working at the bank was more than just a job, but it was being part of a family.
BANK OF AMERICAN FORK OPENS A ST. GEORGE MORTGAGE OFFICE Bank of American Fork opened a mortgage office in St. George. The office is at 491 East Riverside Drive, St. George, Utah 84790-7051. The office is staffed by Chris Palmer, loan officer, and Kimberly Nunley, loan processor. The bank is still in the hiring process for a secretary and another loan officer. The new office can be reached at 435-319-6900.
“Bank of American Fork is looking forward to serving the people building and buying homes in the St. George area,” said Richard Beard, president and CEO of Bank of American Fork. “We already have a strong customer base in Washington County with people who know us and appreciate working with a strong, locally-owned communi-ty bank. We hope our unique offering of big-city banking with small-town service will be valuable to this vibrant and growing area of Utah.”
You can reach the new office at 435-319-6900. For other questions, please feel free to call 800-815-BANK or visit us at www.bankaf.com.
BANK OF AMERICAN FORK SPONSORS CENTURY BIKE RIDE ON HISTORIC TRAIL
The Pony Express Century ride sponsored by Bank of American Fork and Epic Century is a beautiful bike ride that celebrates Eagle Mountain’s Pony Express Days. The out-and-back ride followed the Pony Express Trail from Saratoga Springs, continuing North to Rush Valley. Riders chose either 30-mile, Metric Century, 100-mile or 100-plus-mile ride. All riders brought a non-perishable food donation, to be given to the Utah Food Bank.
BANK OF AMERICAN FORK EVENT RECOGNIZES WOMEN OF COURAGE
Bank of American Fork was once again the title sponsor for the 8th Annual Woman of Steel Triathlon and 5K on May 18, 2013 at the American Fork Fitness Center. The all-female triathlon includes a 300-meter outdoor-pool swim, 12-mile bike and 3-mile run, and also offers a 5K as a separate race and is a USAT-sanctioned race.
The event honors women who have used fitness to over-come life-changing obstacles. It also benefits Kids on the Move, a non-profit organization that provides services to families and children with special needs.
This year, to celebrate the idea that “You don’t have to finish first to be a woman of steel” and to celebrate 100 years of serving Utah communities, Bank of American Fork gave a $100 gift card to every 100th person to cross the finish line.
BANK OF AMERICAN FORK’S MURRAY BRANCH IS BEING RELOCATED
Bank of American Fork’s Murray branch is being relocated to 5824 South State Street, to open for business in that office on July 1, 2013. The branch is currently at 195 East 6100 South
BANK KUDOS
summer 2013 21
in Murray where it has been in the community since 2003. This move will allow Bank of American Fork greater visi-bility and give customers easier access to the bank, allow-ing Bank of American Fork to better serve the Murray area community.
The current location will be open for business during its regular hours through June 28, 2013. The office will be closed June 29 for the move. The new location will open on July 1, 2013.
“We are excited to improve our location to better serve the community in the Murray area,” said Richard Gray, SVP of commercial lending and Murray branch manager. “This new location will give us better visibility and stature in Salt Lake County and improved access from State Street. We also look forward to this change to redesign the office space to better serve customers.”
BANK OF UTAH DONATES $15,000 AND 290 SERVICE HOURS TO LOCAL COM-MUNITIES DURING FIRST QUARTER OF 2013
Bank of Utah President Douglas L. DeFries, announced that the 60-year old bank has donated an estimated $15,000 in cash and 290 hours of service in the commu-nities in which it serves, during the first quarter of 2013.
More than a dozen organizations received support from the locally-owned community bank.
“Bank of Utah has done exceedingly well over the years, and as one of Utah’s community banks it’s our responsibil-ity to give back to our neighbors and friends in need, on a consistent basis,” said DeFries. “We’re deeply committed to truly making a difference and helping our surrounding communities prosper.”
The scope of service hours and funds donated by Bank of Utah included teaching financial literacy courses at The YMCA, at the Boys and Girls Club, and the English Language Center of Cache Valley, Inc.; providing athletic and academic scholarships for Weber State University and Utah Valley University; serving in leadership positions in community organizations including the Family Counseling Services of Northern Utah, the Family Support Center of Ogden and the Ogden Housing Authority; supporting the Economic Development Corporation of Utah in its effort to bring in new business from out-of-state; providing free tax return preparation services at Cottages of Hope and United Way agencies; and teaching business finance prin-ciples to small business owners through LDS Employment Center and SCORE. n
www.uba.org22
Jake Barney has accepted the position of Chief Financial Officer for Celtic Bank. Jake previously served as Corporate Controller. He joined Celtic Bank in 2006. An extremely competent analyst, Jake has been instrumental in evaluating complex accounting and financial transactions. Jake will continue to successfully manage the Bank’s external audit process in addition to the many other aspects of his new position.
Craig Calafati has accepted the position of Executive Vice President-Business Development for Celtic Bank. Craig previ-ously served as Senior Vice President of Business Development. Craig joined Celtic Bank in 2004 and has proven to be a strong proponent of the Bank’s Business Development Team. Craig is a critical thinker who strikes an excellent balance between the pro-motion of business and the long- term best interests of the Bank. Craig will continue to work to recruit and retain expert-quality Business Development Officers.
Jordan L. Call has joined Bank of Utah as a loan officer in the Logan City Center mortgage office. Call brings more than seven years of experience working in the mortgage and finance industries. He enjoys helping people with the most important investment decision they will likely ever make.
Prior to joining Bank of Utah, Jordan worked as a branch manag-er for OneMain Financial. Jordan currently resides in Providence with his wife Rebekah and their two daughters. He enjoys spend-ing time with his family, reading, skiing and being outdoors.
Nathan Carter has been named the new IT System Network As-sistant at Central Bank. Carter has worked for Central Bank since 2005, spending time as a Teller, Customer Service Representative, Loan Assistant, Commercial Loan Officer, and most recently as a Mortgage Loan Officer.
Josh Everton was recently promoted and he now oversees all aspects of Bank of American Fork’s customer-facing electronic services and sales technologies and works with the marketing team on digital marketing and sales analysis. Since
Everton joined the bank in January 2007 as the first manager fully dedicated to the development of the bank’s electronic chan-nel, he has overseen several successful website rebuilds; helped raise over $70 million with the launch of SaveSmart Direct, an Internet-only savings product; helped the bank to deliver its first mobile solutions in 2008 and foster triple-digit customer adoption year-after-year; and participated in the creation and launch of a number of new service offerings as a member of the bank’s prod-uct development committee.
Daniel Godfrey has accepted the position of Senior Vice Pres-ident-Asset Based Lending for Celtic Bank. Daniel previously served as Vice President-Asset Based Lending. Daniel joined Celtic Bank in 2007. He has been an integral part of building the Bank’s Asset Based Lending team and positioning it as a partof Celtic Bank’s long term Strategic Plan. Daniel is a creative and innovative financial architect who has successfully designed financial products that meet the needs of his extensive client base.
Brian Gurney has been promoted to the Chief Compliance Offi-cer position at Central Bank. Gurney worked as the Senior Audi-tor for Central Bank for over six years, holds a Master’s Degree in Accounting from BYU, is a CPA and has extensive knowledge of all areas of banking and compliance.
David B. Guzy of Sandy, Utah has been named senior vice president and senior trust officer at Bank of Utah. Guzy is a graduate of Brigham Young University in finance and economics who has worked for 30 years in banking, finan-
cial planning and investment management positions. He most recently served as an investment advisor for Financial Network in Salt Lake City. Guzy has served as president of the BYU Man-agement Society in Salt Lake City and on the National Steering Committee for that organization. He is a board member for the Primary Children’s Medical Center Foundation and serves on the advisory board for the BYU Undergraduate Business School.
Larry R. Hintze of Centerville, Utah, has joined Bank of Utah as a vice president and relationship manager. Hintze, who will work at the Redwood Road bank branch, brings more than 30 years of commercial, construction and residential real estate lending experience. He most recently served
as vice president for Zions Bank’s real estate banking group. Hin-tze is a University of Utah graduate and is a member of the board of governors for City Academy Charter School, past president of Utah Mortgage Broker’s Association and a Utah State Certified Residential Appraiser.
Stephanie Horne will oversee private banking for Zions Bank, where she has worked since 1997. Horne has served since 2003 as a senior vice pres-ident and private banking relationship manager. In her new position she will meet client needs for
advisory service in the areas of trusts, investments, insurance and private banking.
Bankers on the Move
summer 2013 23
Linda Howell has accepted the position of Senior Vice Presi-dent-Community Relations for Celtic Bank. She has previously served as Vice President-Community Relations and Vice Presi-dent-Residential Mortgage Lending. Linda has been with Celtic Bank since its inception and has worked through all of the chal-lenges and success that the Bank has experienced to date. She will continue to work to broaden the Bank’s position within the communities we serve.
Stephen Howell has accepted the position of Senior Vice Presi-dent-Construction Lending for Celtic Bank. Stephen previously served as Vice President-Construction Lending. Stephen joined Celtic Bank in 2002 as an intern while finishing his business degree at the University of Utah. Stephen excels in both residen-tial construction and mortgage lending and has proven himself successful at analyzing and monitoring complex commercial construction projects over a vast geographic reach.
Janet Lopez was recently promoted and oversees couriers, mailroom, data and image process-ing and wires and ACH for Bank of American Fork’s 13 branches. Lopez has been in the bank-ing industry for 36 years, with the last 11 years at Bank of American Fork.
Wade Newman has accepted the position of President and Chief Operating Officer for Celtic Bank. Wade previously served as Chief Financial Officer. Wade joined Celtic Bank in 2005 and has been a highly valued member of the Executive Management Team. He has extensive experience both inside and outside of the realm of financial services, which has enabled him to focus on long-term objectives. Wade is a skilled administrator and will continue to lead the company’s operational team.
Kung Nguyen has accepted the position of Vice President-Inter-nal Audit for Celtic Bank. Kung previously served as Internal Auditor. Kung joined Celtic Bank in 2009. She is extremely thorough and highly skilled in an area of increasing importance within the financial services sector. Kung possesses incredible interpersonal skills and has done a handsome job of maintaining relationships with those whom she is required to critique and audit.
Chaitali Patel has been hired by Zions Bank to head Family Business Services, a new initiative providing specialized education, resources and support to family-owned businesses. Patel brings 12 years of experience to Zions Bank, working
in various wealth management positions at HSBC Private Bank, Bank of Hawaii, and most recently PNC Bank in Washington, D.C.
Eric Petersen has accepted the position of Executive Vice Presi-dent-Corporate Development and Strategy for Celtic Bank. Eric previously served as Senior Vice President. Eric joined Celtic Bank in 2006. He is a thoughtful and strategic thinker who is able to calmly deliberate in high-stress situations. Eric will con-tinue to be a crucial player in the design and implementation of the Strategic Plan of Celtic Bank.
Dustin Phillips was recently promoted to branch manager at Bank of American Fork’s Saratoga Springs Branch. Phillips has been in the banking industry for 20 years in California, Oregon and Missouri, the last six years working as a loan offi-
cer at Bank of American Fork. Phillips also serves as the chair-man of the Pleasant Grove, Utah library board of trustees.
Leslie Rinaldi has accepted the position of Senior Vice Presi-dent/Corporate Counsel for Celtic Bank. Leslie joined Celtic Bank in 2012 and previously served as Corporate Counsel. She demonstrates a unique ability to transcend disciplines. Beyond her acute legal mind, Leslie has and will continue to contribute significantly in the areas of project management and information technology.
Keith Schmidt has been hired by Zions Bank as its executive director of Premier Wealth Management. Schmidt brings a robust wealth management background to the newly created position. He directed wealth management for Union Bank in California and for Wells Fargo in Texas, and spent 13 years with Bank of America in various senior positions.
Jacob Sharp has been hired by Central Bank as Senior Internal Auditor. Sharp’s background includes work as a Senior Auditor at Squire and Company for the past six years and a Master of Accounting degree from BYU Marriott School of Management.
Jessica Wilson has joined the bank as our new Marketing Direc-tor for Celtic Bank. Jessica brings a wealth of experience and has made an immediate impact.
Steve Winters was recently promoted to be a branch manager at Bank of American Fork’s American Fork Branch, now in his 13th year at the bank. Winters has grown his SBA, commercial and commercial real estate loan portfolio from $14MM to $29MM since 2006 and has built many long-term banking relationships along the Wasatch front. n
www.uba.org24
UBA Associa te MembersAMC Links 3051 W. Maple Loop DriveLehi, UT 84043Tel: 866-439-9546Contact: James IsbellEmail: [email protected]
Bank Financial Services Group22650 Echo Lake RoadMoreno Valley, CA 92557Tel: 951-712-1106Contact: Larry RowleyEmail: [email protected]
Bankers’ Bank of the West1099 18th St., Ste. 2700Denver, CO 80202-1927Tel: 303-291-3700Contact: Dallas KiburzEmail: [email protected]
BMA Banking Systems2151 South 3600 WestWest Valley City, UT 84119-1121Tel: 801-978-0200Contact: Casey TimmermanEmail: [email protected]
Callister Nebeker & McCullough10 E South Temple, Ste 900Salt Lake City, UT 84133-1115Tel: 801-530-7300Contact: W. Jeffrey FillmoreEmail: [email protected]
Central States Family of Companies1627 E. Geddes Circle NorthCentennial, CO 80122Tel: 303-290-8901Contact: Scott SexsonEmail: [email protected]
Cintas Document Management3120 W. California Ave., Suite HSalt Lake City, UT 84104Tel: 801-977-9800Contact: Matt HolladayEmail: [email protected]
Citi Global Markets390 Greenwich StreetNew York City, NY 10013Tel: 212-723-7478Contact: Frederick JorinEmail: [email protected]
D.A. Davidson & Co.8 Third Street NorthGreat Falls, MT 59401Tel: 406-268-3084Contact: Tom HayesEmail: [email protected]
Deluxe Corp5820 W Harold Gatty DrSalt Lake City, UT 84116Tel: 800-332-4234 X 156538Contact: Joyce ShortEmail: [email protected]
Diebold, Incorporated2302 S. Presidents DriveSalt Lake City, UT 84120Tel: 330-498-2773Contact: Jim Hawkes
Dorsey & Whitney LLP136 S. Main St., Suite 1000Salt Lake City, UT 84101Tel: 801-933-7365Contact: Steven T. WatermanEmail: [email protected]
Eide Bailly LLP5929 Fashion Point Dr., Ste 300Ogden, UT 84403-4684Tel: 888-777-2015Contact: Gary SmithEmail: [email protected]
Experis Finance9980 S. 300 West, Suite 200Sandy, UT 84070Tel: 801-924-1103Contact: Ryan K. SchmidtEmail: [email protected]
Express Recovery Services, Inc.2790 S. Decker Lake DriveSalt Lake City, UT 84119Tel: 801-631-7609Contact: Rachel QuinnEmail: [email protected]
Federal Home Loan Bank of Seattle1001 Fourth Ave, Ste 2600Seattle, WA 98154Tel: 206-340-2344Contact: Chris ThomasEmail: [email protected]
Fiserv618 Lafayette Drive NEAlbuquerque, NM 87106Tel: 505-890-8449Contact: Rob DurhamEmail: [email protected]
FPS GOLD1525 W. 820 N.Provo, UT 84601-1342Tel: 801-429-2126Contact: Matt S. DeVisserEmail: [email protected]
Harland Clarke4867 Harold Gatty DriveSalt Lake City, UT 84116-2815Tel: 801-288-2133Contact: Michael KellyEmail: [email protected]
Hawkins Cloward & Simister LC1095 South 800 EastOrem, UT 84097Tel: 801-224-1900Contact: Jake McClellanEmail: [email protected]
InnoVentures Capital Partners515 South 700 East Ste 2ASalt Lake City, UT 84102Tel: 801-741-4200Contact: Steve GrizzellEmail: [email protected]
Jones Waldo170 S Main St., Ste 1500Salt Lake City, UT 84101-1644Tel: 801-521-3200Contact: George SuttonEmail: [email protected]
Kirton McConkie50 East South TempleSalt Lake City, UT 84111Tel: 801-328-3600Contact: Gary WingerEmail: [email protected]
Loomis2535 W California AveSalt Lake City, UT 84104-4527Tel: 801-736-0215Contact: D. Scott MayneEmail: [email protected]
summer 2013 25
UBA Associa te MembersMcGladrey, LLP300 S 4th St Ste 600Las Vegas, NV 89101-6017Tel: 702-759-4000Contact: Matt YoungmanEmail: [email protected]
Moss Adams LLP601 W Riverside Ave, St 1800Spokane, WA 99201Tel: 509-747-2600Contact: Mike ThronsonEmail: [email protected]
Mountain West Small Business Finance2595 E 3300 SSalt Lake City, UT 84109-2727Tel: 801-474-3232Contact: Steve SuiteEmail: [email protected]
Office Depot Business Solutions281 West 2100 SouthSalt Lake City, UT 84115-1830Tel: 801-977-7994Contact: Warren SchroerEmail: [email protected]
Pia Anderson Dorius Reynard & Moss 222 S. Main Street, Suite 1830Salt Lake City, UT 84101Tel: 801-350-9000Contact: Nathan DoriusEmail: [email protected]
Premier Data Corporation2182 S West TempleSalt Lake City, UT 84115-2531Tel: 801-521-3282Contact: Kevin G. DabbEmail: [email protected]
Promontory Interfinancial Network, LLC1515 North Courthouse Road, Suite 1200Arlington, VA 22201Tel: 702-839-9802 Contact: Glenn MartinEmail: [email protected]
PwC201 S. Main Street, Suite 900Salt Lake City, UT 84111Tel: 801-534.3883Contact: Ryan J. DentEmail: [email protected]
Ray Quinney & Nebeker P.C.36 S State Street, Ste 1400Salt Lake City, UT 84111-1451Tel: 801-532-1500Contact: Kevin GladeEmail: [email protected]
Richards Brandt Miller & Nelson299 S Main Street, 15th FloorSalt Lake City, UT 84111-1919Tel: 801-531-2000
Sandler O’Neill + Partners, L.P. 1251 Avenue of the Americas, 6th FloorNew York, NY 10020Tel: 212-466-7800Contact: Avi BarakEmail: [email protected]
Scalley Reading Bates Hansen & Rasmussen15 West South Temple, Ste 600Salt Lake City, UT 84101Tel: 801-531-7870Contact: Jonathan RuppEmail: [email protected]
Simpson & Company, CPAs1111 E. Brickyard Road, Ste. 112Salt Lake City, UT 84106-2592Tel: 801-484-5206Contact: Kenneth R. SimpsonEmail: [email protected]
Snell & Wilmer, LLP15 W South Temple, Ste 1200Salt Lake City, UT 84101-1547Tel: 801-257-1900Contact: Lori NeweyEmail: [email protected]
Supernal Software, LLC127 Marina DriveLa Crosse, WI 54603Tel: 608-785-7101Contact: Maria NorbergEmail: [email protected]
Systemax Corporation4501 Alex Boulevard, Suite ASpringfield, IL 62711Tel: 800-525-9995 X 126Contact: Patrick P. BrueEmail: [email protected]
Tanner LLC36 South State, Suite 600Salt Lake City, UT 84111-1400Tel: 801-532-7444Contact: Nate HewardEmail: [email protected]
The Baker Group2975 West Executive Parkway, Suite 139Lehi, UT 84043Tel: 800-937-2257Contact: Brian BatesEmail: [email protected]
Travelers Insurance6060 S Willow DriveGreenwood Village, CO 80111Tel: 720-200-8406Contact: Jim ShortallEmail: [email protected]
Utah Community Reinvestment Corporation1165 East Wilmington Ave., Ste 200Salt Lake City, UT 84106Tel: 801-366-0040Contact: Steven L. GrahamEmail: [email protected]
Utah Interactive136 E. South Temple, Ste 1150Salt Lake City, UT 84111Tel: 801-983-8428Contact: Sara WattsEmail: [email protected]
Van Cott 36 South State Street, Suite 1900Salt Lake City, UT 84111Tel: 801-532-3333Contact: Thomas T. BillingsEmail: [email protected]
Zions Bank Correspondent Banking310 South Main Street, Suite 1400Tel: 801-844-7854Contact: Steve CampbellEmail: [email protected]
Zoolender.com391 North Main Street #1Spanish Fork, UT 84660Tel: 801-798-9111Contact: Anthony M. PowellEmail: [email protected]
We are excited to welcome our newest associ-ate members:• AMCLinks• Diebold,Incorporated• EideBaillyLLP• Zoolender.com
PRSRT STD U.S. POSTAGE
PAIDSALT LAKE CITY, UT
PERMIT NO. 508
This magazine is designed and published by Media Communications Group. | 1.855.747.4003
SALT LAKE CIT Y, UT (801) 532-3333 | OGDEN, UT (801) 394-5783 | PARK CIT Y, UT (435) 649-3889 | LAS VEGAS, NV (702) 436-0008
BANKING & FINANCIAL SERVICES Van Cott is experienced in all aspects of banking and lending law fundamental to complex commercial and financial transactions. We represent many of the nation’s largest financial institutions and bank holding companies in connection with state and federal regulation, and the documentation of loans and other commercial transactions. We also counsel our clients with regard to the formation of bank holding companies and financial industry mergers, acquisitions and related securities, and corporate and tax issues.
THOMAS BILLINGS - CHAIR ROBERT ANDERSONTACY HARTMAN GERALD SUNIVILLE SPENCER REED HEIDI GORDONjOSHUA CANNON
Utah Bankers Association175 S Main Street, Ste 1420
Salt Lake City, UT 84111
Van Cott Bagley
Cornwall & McCarthy
P.C.a Full SerViCe
law FirM