A Conversation with French Hill

A Conversation with Congressman French Hill

What were your career goals when you first entered government? How has that changed over time?

When I announced that I would run for Congress in the fall of 2013, I had spent the last two decades as a community banker here in Arkansas. However, just prior to moving home to take a post at First Commercial Corp. (now Regions Bank - Arkansas), I had spent four years working for President George H.W. Bush during his administration at the U.S. Treasury and at the White House. Prior to my service with President Bush, I had five years working in commercial and investment banking as well as two years on the professional staff of the U.S. Senate Committee on Banking. Thus, with that business background, I ran for Congress with a keen interest on prioritizing government spending, rightsizing and balancing the cost-benefit of federal regulations, achieving pro-growth tax reform, and creating an environment more conducive to spur new company formation and entrepreneurship. During the past five years, I have spoken out on these objectives and have introduced and supported legislation to achieve them; in many cases, I’m gratified by the success that has been achieved.

Over time, my work has expanded to include a great passion for our men and women who have worn the uniform, our veterans. I’m proud to have a crackerjack military and veteran team of advisors on my staff, and together, we are working to advance important veteran legislation and provide quality service to our veterans facing individual challenges here in our central Arkansas.

What has been one of the biggest challenges you’ve had to face in the federal government?

Clearly, the biggest challenge that I believe confronts all members of Congress, including me, is the intense gravitational pull by so many forces to increase government spending while rarely prioritizing spending programs or alleviating regulatory burden. It’s the key reason I have restarted former Sen. William Proxmire’s, “Golden Fleece Award” to recognize government waste, fraud and abuse. Any time that we have an opportunity to gain efficiencies, cut out waste, or enhance a program without spending more money it’s an opportunity to celebrate. It’s the rare visitor to my office seeking to reduce spending for a particular topic or even willing to leave it flat!

But clearly, today and for immediate future, the most significant challenge is the overwhelming public health crisis and the resulting economic catastrophe that is COVID-19. This challenge will continue to manifest itself for many months and years to come.

How do you maintain a work/life balance?

Life in Congress has as its biggest challenge time management. Spending three to four days of the week in Washington and the balance of the time home in central Arkansas makes work/life balance a real juggling act. I enjoy spending time at home with family or on a family trip. Our family loves exploring new places and spending time together on the road. Personally, meaningful time in the outdoors -- hunting, hiking, climbing, canoeing -- are key elements of striking that balance. For five decades, I have treasured my time exploring Arkansas’s beautiful rugged terrain. Time on the trail or on the river is immediate tonic to me, and for me, there are never enough hours in the outdoors.

What is the most important lesson you’ve learned in your career to date?

thers and my dad all of whom had terrific work ethics — accompanied by warm, witty senses of humor. I’ve always encouraged colleagues, young people, and students that that “success comes before work” only in the dictionary. There is no substitute for perseverance, and I firmly believe that a key difference between successful people and those who don’t make is that successful people look at that list of tasks that they do not want to do — and they do them anyway.

How would you describe your leadership style? What experiences have you had to cultivate that style?

My leadership style is service-focused. I believe in building a plan and ensuring that the team entrusted with that plan has the training and resources necessary to carry it out to success. I believe in a collaborative effort where leaders lead by doing and setting a positive, energetic example.

Tell us about your experiences working with the Arkansas Bankers Association.

I greatly enjoyed my two decades of association with the Arkansas Bankers Association. I served on the Board of Directors and attended many annual meetings and annual summer seminars. I’m grateful for the friendships that I built through the Association and the knowledge that I acquired from high-quality speakers, training opportunities, and peer-topeer exchanges.

What is been your greatest achievement that you are most proud of? (Professional, personal, or both)

Personally, I am devoted to our family and live in awe of Martha’s legal career and community leadership as well as Liza and Payne for their exceptional talents and abilities. It’s been so rewarding to watch our kids grow, learn, and become successful young adults.

Professionally, it had been a goal since my college days of starting a banking-related business before I turned 40. My grandfather and my father had always urged me to develop professional skills and leadership in order to prepare me for heading off on my own and helping start a new enterprise. I missed my goal, as I was 42 years old when I started Delta Trust and Banking Corp. I’ll be forever grateful to my fellow investors and our remarkable team of bankers and leaders that built our successful community institution.

Any philosophy or motto you tried to live or work by?

In 1983, I visited the White House for the first time during the administration of President Reagan. President Reagan had given senior White House staffers a lucite block for their desk with his favorite saying on it. A friend gave me one, and I’ve kept it on my desk ever since. It reads: “There is no limit to what a man can do or where he can go if he doesn’t mind who gets the credit.” It has been a wonderful guide.

SECURE YOUR LOANS.

C O U N T O N O U R B A N K I N G INDUSTRY ATTORNEYS.

• COVID-19 Guidance • Corporate &

Private Lending • Business Transactions • Commercial &

Real Estate Lending

LITTLE ROCK | ROGERS | JONESBORO | AUSTIN

Jill Grimsley Harry Hamlin Melissa Bandy

Scott Schallhorn 425 W. Capitol Ave., Ste. 1800 | Little Rock, AR 72201 | (501) 688-8800

Commercial Lenders:

Are you ready for this By Kelly W. McNulty

very lender has experienced that scenario where they get notice that one of their loans is in default and they begin preparing for a workout. Most lenders have also had that scenario turn into a nightmare once they discover that the financing statement that was intended to place a lien on the borrower’s equipment was never filed. What is the next step? What if the borrower files bankruptcy? Are there other liens out there? Identify Problems and Issues Once a loan goes into default, the first thing every banker should do is gather all loan documentation associated with the loan to ensure everything they thought was in the file is actually in the file. The lender should check that the promissory note, the mortgage, the security agreement, the assignment of rents, the guaranty and similar documents are all found, and make sure that all documents are signed and include all of the troubled economic time? e

In a thriving economy, the severity of issues like these are lessened. Low default rates and healthy balance sheets tend to make loan documentation errors fade into the background. When the economy turns, however, these mistakes raise their ugly heads. During the Great Recession, and specifically for the 10 quarters following the third quarter of 2008, total comrelevant information. An unsigned security agreement can turn a fully secured loan into a general unsecured claim. All loan documents should correctly note the loan number and have the correct borrower. We have all seen loan documents that have one name on the front, but have the signature of another entity or person on the signature page. mercial loans and leases fell by a total of $1.3 trillion—a 16.2% drop for their peak. During that same time period, there were approximately $412 billion in commercial real estate loan defaults. The commercial loan default rate ballooned from .3% to almost 6%. If there are deficiencies, the lender should immediately determine exactly what actions are needed to shore up any issues. If the mortgage or UCC-1 financing statement were not recorded—have them recorded immediately. If the guaranty is not signed, contact the borrower and have them sign it (the use

Commercial lenders may now be facing an even more daunting challenge. Credit Suisse recently estimated that the second quarter GDP will contract by 33.5%. In other words, the period from April 1 to June 30 is shaping up to be the worst quarter on record going back to 1945. According to data from the Department of Labor, 22.4% of Americans who were in the of a forbearance agreement will be discussed in more detail below). Are the inventory or equipment lists up-to-date? To complete most of these tasks, the lender will have to communicate with the borrower, and that presents an opportunity for the lender to become more intertwined with the borrower and his or her business. labor force before the coronavirus pandemic (162.9 million) filed 36.5 million unemployment claims in the eight weeks beBe An Asset to Your Borrower tween mid-March and mid-May 2020. One of the main complaints most borrowers have is that they

The recent economic downturn gives lenders the ability to lender. This communication issue is also prevalent for lendrevisit how they handle loan defaults and workouts. The imers when there is a default. Borrowers have a history of dismediate goal of a commercial lender during a tumultuous ecoappearing once the loan goes into default. Lenders can take nomic period is to ensure that its loan is properly documented a few simple steps to avoid this problem and to facilitate the and the collateral is secured, to establish an open line of comworkout process. munication with the borrower, and, in the event of a workout, are not able to communicate openly and regularly with their to create documentation that will make the loan enforcement Set Up a Meeting. When was the last time you visited the process cleaner, safer and more efficient. Below are a few ways borrower’s business? Such a visit allows the lender to not only lenders can accomplish these goals. improve their relationship with the borrower, but it also al36 The Arkansas Banker n Summer 2020

lows the lender to view how the business is operating. Is the business properly staffed? Is there sufficient inventory? Is the building in good condition? If your main collateral is the business’s equipment, can you locate the majority of the pieces of equipment on-site? Is that delivery truck the bank has a lien on still being used, and where is it located? Only by visiting the business and getting to know your borrower better can you answer these questions.

Arrange for Regular Updates. Most loan documents contain a provision that requires the borrower to provide the lender with regular updates on accounts’ receivables, inventory and other similar information. Have you been using that? Do you have this most basic information in your file, or, as is common, is your most recent inventory list from when the loan was issued? While most borrowers may see this additional reporting requirement as a hassle, explain that the bank can only make decisions on refinancing or loan workouts if they have the most updated information. Arrange for the borrower to send you monthly (or more frequently if necessary) reports. If the borrower is not already preparing these reports, that may be a warning sign.

Use These Meetings and Information to Your Benefit.

While most lenders are wary of getting too involved in their borrower’s business, banks can use these client meetings and updated information to better understand the viability of the borrower. In these troubled economic times, banks want their borrowers to be as healthy as possible. Banks can use this information to assist clients in improving their areas of deficiency. Is their A/R constantly lagging more than 60 or 90 days? Are they under-insured or over-staffed? While always avoiding taking actual control of the business, lenders can help improve the health of their borrowers by providing guidance and assistance on basic business operations. Even if it is just “gentle prodding,” a borrower that knows the bank is going to review its operations will most often work harder to ensure its business is running efficiently.

Forbearance Agreement

The Washington Post recently reported that the “economy has entered a deep recession that has echoes of the Great Depression in the way it has devastated so many businesses and consumers, triggering mass layoffs and threatening to set off a chain reaction of bankruptcies and financial losses for companies large and small.” Unfortunately, regardless of your efforts to assist the borrower, there will be many loans that wind up in the special assets department.

A forbearance agreement is often the best weapon in a lender’s arsenal when a loan goes into default. A forbearance agreement is an agreement whereby the borrower ratifies and reaffirms all of its financial and other obligations to the bank, agrees to certain payment obligations, and waives many of its defenses to an enforcement action, in exchange for the lender (temporarily) foregoing its enforcement rights. A forbearance agreement also helps your borrower by providing it a structured workout plan. Your forbearance agreement should, at a minimum, contain the following provisions. Recital of Loan History. The beginning of any forbearance agreement should set forth all of the loan documents that have been executed by the borrower. This not only centralizes all of the relevant information on the loan, it also forces you as the lender to organize and assemble all of the loan documentation.

WHEREAS, the Borrower executed and delivered to Lender that Promissory Note dated _____ in the original amount of $_____, and that Security Agreement dated _____filed of record in the Arkansas Secretary of State Office on _____ as Instrument No. _____, and that Mortgage dated _____and recorded in the Office of the Circuit Clerk and Ex-Officio Recorder for _____ County, Arkansas (the “Recorder’s Office”) on _____ as Instrument No. _____, and that Assignment of Leases and Rents dated _____ and recorded in the Recorder’s Office on _____ as Instrument No. _____, and related security and loan documents related to Loan No. _____ (collectively, “Loan No. _____”).

Reaffirmation. The borrower should ratify and reaffirm all of the loan documents, all of their signatures, and all of its obligations contained in the loan documents. For example:

Borrower and Guarantor swear, affirm, attest, warrant and represent to Lender the following:

That this Agreement constitutes and comprises a legal, valid and binding obligation that is fully and completely enforceable against Borrower and Guarantor.

That Borrower and Guarantor hereby ratify and reaffirm all of their financial and other obligations of every nature that are set forth and contained in the Loan or New Loan Documents.

Forbearance Conditions. The forbearance agreement should fully and clearly set forth the new payment terms and other conditions placed upon the borrower. For instance, the agreement should state how much the new payments will be and when they are due. If any taxes are due, the agreement should require the borrower to pay them by a date certain. The bank can also get the borrower to agree to the reports and meetings encouraged above. The agreement should also require the borrower to pay the cost (i.e., attorney’s fees) for the preparation of the forbearance agreement, and any other costs that may be incurred by the lender. Finally, to ensure that the borrower will assist in any additional modifications that may be necessary in the future, the agreement should have the following provision:

Borrower shall perform such other actions as deemed reasonably necessary by Lender to accomplish the purposes of this Agreement.

Waiver. One of the main goals of a forbearance agreement is to ensure that the borrower does not possess any claims against the lender or defenses to the enforcement of the loan documents. To the extent any such claims or defenses exist, the forbearance agreement should contain language waiving them. (Continued on next page.) The Arkansas Banker n Summer 2020 37

(Continued from previous page.) Neither Borrower nor Guarantor possess any offset rights, counterclaim rights or other defenses to the payment and performance of their financial or other obligations that are set forth in the Loan, New Loan Documents or this Agreement but to the extent they may have such a claim or right, they fully waive and release them in their entirety.

Neither Borrower nor Guarantor possess any lender liability, duress, business or contractual interference or other claims of any nature against Lender, its predecessors in interest, successors or assigns, or its agents, but to the extent they may have any such claims, they fully and knowingly waive and release any such claims in their entirety.

Event of Default and Termination of Forbearance. The agreement should contain provisions similar to the following:

All parties hereto acknowledge, understand and agree that Borrower’s failure to pay when due any required payment due under the Loan and this Agreement or to pay or perform any other condition or covenant of any nature as contained in this Agreement or the Loan or New Loan Documents, shall be considered an Event of Default without the need for any notice or any cure period, notwithstanding the existence of any notice or cure periods in the Loan or New Loan Documents, all of which are hereby waived (“Event of Default”). This Agreement shall terminate on _____, unless extended as provide for herein. All parties hereto acknowledge, understand and agree that should any Event of Default occur under this Agreement prior to _____, the Loan, or the New Loan Documents, then Lender’s obligation to forbear collection and enforcement efforts shall immediately cease, and that the Lender shall have the right to promptly and immediately prosecute its claims against Borrower and Guarantor.

Consent Judgment. Although some courts will resist the enforcement of this provision, the forbearance agreement should provide that the “Lender shall be entitled as a matter of law and fact to a judgment against Borrower and Guarantor should Lender terminate its forbearance obligations under this Agreement.”

There are many other provisions that can and should be added to the forbearance agreement to ensure that the lender is in the best possible position at this stage of the loan. You should contact a creditor’s rights attorney at the first sign of borrower distress and he or she can assist you in preparing the necessary documents and making sure that you are ready for the worst.

Kelly W. McNulty is a partner at GILL RAGON OWEN, P.A. Mr. McNulty’s practice focuses on business litigation, commercial foreclosures, representation of creditors in bankruptcy and non-bankruptcy, and providing general corporate representation. He regularly speaks and writes on the issues facing lenders and other creditors in bankruptcy and foreclosure.

Take heart—we’re here for you.

The COVID-19 outbreak is an evolving crisis, and we want to keep financial institutions up to speed on the latest tax and accounting updates as we evaluate ways to mitigate the inevitable economic effects. Visit our COVID-19 Resource Center at bkd.com/covid-19 for relevant news, changing guidelines and new regulations.

Everyone needs a trusted advisor. Who’s yours?

Tonya Cellers

Community Banker lll Simmons Bank, Hot Springs, AR

What can banks do to better appeal to millennials – in the

workforce and as customers?

Millennials bring new ideas and innovations, so it is important for banks to make recruiting them a priority. They can focus on recruiting at colleges and on social media, offer a competitive salary, expand perks and increase volunteer efforts in their communities. We want defined career paths and the opportunity to make a difference in our community. If a bank can accomplish those two things, they would make banking an appealing choice.

To gain millennials as clients, banks must reach them in their preferred channels like social media. They need to focus on mobile banking that is fast and easy. Millennials are not intimidated by tech like previous generations. If they can focus on convenience while still promoting the banker client relationship, they will have life long customers.

What technology innovation has made the most impact on your life?

My smart phone of course! I know it is cliché, but I do everything from my phone. Banking, shopping, investing, interacting with friends, you name it. I also use it every day to listen to either a book, music or one of my favorite podcasts.

What advice do you have for women wanting to get into banking?

Just go for it! Banking is still a male dominated field, but it doesn’t have to stay that way. It is important for women to have a seat at the table. We can bring different perspectives and skill sets that are important to the industry and community. You should not be afraid to be yourself even if you are the only woman in the room. Early in my career, I tried to be more like my male counter parts. I was not being authentic to myself or my work style. One of my favorite quotes is “Don’t make yourself small to make others feel more comfortable”. I think women often fall into that trap when working in a male dominated environment. Engrained social norms can be a difficult thing to change. However, I think it would be difficult to be happy and successful in your career if you are not being authentic. I am incredibly fortunate to now work for a bank that sees the importance of a diversified workforce and embraces women in banking.

What civic project has your bank participated in that touched you the most?

Recently, our team provided lunch for the ER staff at our local hospitals. During this time of uncertainty, it was important for us to let our medical workers know that we appreciate their sacrifices. We also used clients who own restaurants for the catering. Our community is hurting so any small gesture of appreciation and support means a lot to them right now.

What can you simply not resist?

Any opportunity to spend with my son! I will cancel plans to hang with him. Luckily, my friends are gracious with me.

Legal Developments in Banking By Justin T. Allen Attorney • Wright, Lindsey, & Jennings LLP

There are two significant issues for banks that have made their way through the court system recently. One involves waiver of jury trials in the event of a dispute and the other impacts cross collateralization. Banks need to be mindful of these developments as they move forward with drafting loan documents.

tJury Trial Waiver he last 2 years have seen a lot of activity with regard to jury trial waiver provisions, including multiple court decisions and legislative activity. Earlier this year, the Arkansas Supreme Court weighed in again and the opinion seems to be largely good news in that it supports the validity of jury trial waiver provisions in lending transactions.

In late 2017, in Tilley v. Malvern National Bank (Tilley I), the Arkansas Supreme Court invalidated the jury trial waiver provision in the loan documents. The Court held that a jury trial waiver can only be done in the manner “prescribed by law” and, since the legislature had not passed a law allowing a waiver in that manner, the Court declined to enforce the provision.

In the wake of that decision, in a 2018 special session, the legislature passed Act 13, which allowed for a jury trial waiver in lending contracts. After Act 13 was adopted, MNB again sought to enforce the waiver against Tilley. That issue went back up to the Supreme Court and, in December of 2019, the Court essentially ruled that Act 13 could not be applied retroactively to Tilley’s claim against MNB. (Tilley II)

The majority opinion in Tilley II was troubling because it contained some language that suggested that Act 13 wasn’t valid in any case, present or future. The good news is recently, in BHC Pinnacle Pointe Hospital v. Nelson , the Arkansas Supreme Court issued an opinion that should ensure that Act 13 is valid, and jury trial waivers are enforceable in lending transactions.

In Nelson, the two named plaintiffs filed a class action suit against Pinnacle alleging violations of the wage and hour laws in Arkansas. Pinnacle moved to dismiss relying on a clause in the employment agreement calling for such disputes to be submitted to arbitration, rather than to a court. The circuit court denied Pinnacle’s request, but the Supreme Court reversed and held the matter should be dismissed and submitted to arbitration.

One of the plaintiffs’ arguments in the case relied on Tilley v. Malvern National Bank. Plaintiffs claimed that since the arbitration clause in the employment agreement was based on federal arbitration law that is was invalid because a wavier can only be provided by “Arkansas law.” The Court rejected that argument, holding that the jury trial waiver can be based on court rule, Arkansas law and/or federal law.

In short, while a borrower may still try to argue otherwise, Nelson strongly suggests that Act 13 is valid and enforceable moving forward despite the loose language in Tilley II. Indeed, it holds that a jury trial waiver can be enforced in the manner prescribed by both state and federal law.

Cross Collateralization

In March, the Arkansas Court of Appeals handed down an opinion in Equity Bank vs. Southside Baptist Church, 2020 Ark App. 199. Equity Bank (Bank) was the lender to Southside Baptist Church (Church) on two separate loans: a 2008 loan of $2,600,000 secured by a mortgage on real property owned by the Church (Note 1) and a 2012 loan with a principal amount of about $150,000 secured by the Church’s furniture, fixtures, inventory, and equipment (Note 2).

The Church defaulted on the two notes, and the Bank filed suit. The parties attended mediation, and resolved most of their issues: The Church deeded the land to the Bank, the parties agreed that the remaining debt associated with Note 2 is $55,000, and the Church sold the collateral securing Note 2 for $55,000. The only remaining issue was to which of the two outstanding debts the $55,000 would be applied.

The Church filed a motion for summary judgment that the $55,000 should apply to the debt under Note 2. The Bank asserted that, due to cross collateralization language included in Note 2, it had the option to apply the $55,000 to the debt memorialized in Note 1. The circuit court granted the Church’s motion for summary judgment and ordered application of the $55,000 to Note 2 after finding that the cross-collateralization clause in Note 2 did not clearly contemplate extending security to the Note 1 debt. The Bank argued on appeal that language in Note 2 specifying that “this Agreement secures all obligations, debts and liabilities, plus interest thereon, of [Southside Baptist] to [Equity Bank] . . . whether now existing or hereafter arising” clearly referred to Note 1 and that all parties involved knew of the Note 1 debt at the time Note 2 was executed.

The Court of Appeals noted that while Arkansas law does permit parties to secure existing or future debt under the terms of a mortgage or security agreement given to secure a different debt, the security will not be extended to prior debts unless the instrument unambiguously identifies those debts intended to be secured. The Court did not find the phrasing “all debt” “now existing” to properly identify Note 1. The Court affirmed the circuit court’s decision to apply the $55,000 to Note 2.

As a result of this ruling, when cross collateralization is desired, the existing notes should be unambiguously identified by referencing the specific debt obligation document, and attaching it, and a mortgage modification should be filed referencing the cross collateralization.

INVEST IN YOURSELF

The Graduate School of Banking at Louisiana State University is Worth the Investment!

the best time to invest in yourself is today! I want to encourage everyone, but especially women who have overlooked the program and hesitated due to scheduling and family commitments. This program is for you! I can’t guaranty it will be easy, but it will be worthwhile. Most working parents, but especially moms, have learned a key survival skill for life……RELAX. Your house doesn’t have to be magazine photo-ready all year. You don’t have to make an “A” on every paper (though some think you do). Balance is the key to the success of the program. The materials covered By Robin Simpson, Community Bank President, BancorpSouth, Rogers, AR The Graduate School of Banking at LSU (GSBLSU) is an intenin your career. sive program of study with two weeks on campus for three consecutive years in addition to self-study projects for the two intervening years, so it is a commitment, but I know families can make it work. I want to share information about scheduling, family concerns, and home study which are often among the reasons that fewer women enroll versus men. FAMILY You will have some free time during the weekend between the on-campus weeks. It is possible for family or friends to come and see you for a few hours, which helps minimize homesick feelings. This may not be possible for some, but the break beSCHEDULING tween classes is a welcomed rest! I encourage you to call the GSBLSU office to discuss possible As a mom, you can find value in your children bonding with scheduling conflicts. Many issues can be resolved…since the dad. Personally, mine enjoyed a mini-vacation while I was program is held in late May it commonly coincides with gradugone, which included a major league baseball game and a ation ceremonies or other work obligations. helicopter ride. With technology, you can see your children’s For example, my roommate had to miss afternoon classes and casions, I stepped out of an evening social so I could connect fly home to attend her children’s high school graduation. She with my family. I was still able to be a part of important moflew back the next morning, and had a private proctored exam ments with my girls. You can also connect with family during on Sunday, before the session resumed Sunday night. Anbreaks between classes or during the long lunch break each other classmate began GSBLSU with me in 2017, but was not day. able to attend in 2018 due to work commitments. The school gave him permission to join a later class in year two, moving The impact on children seeing their parent (especially daughback his graduation, but allowing him to retain credit for the ters who see their mom) setting a goal, committing the time to work he had already completed. As a class officer, I am aware make it happen, and completing a professional certification is of some new “classmates” we gained, who re-joined our class impactful. Children will see the importance of education and to graduate in 2019, after sitting out for at least one year. It can life-long learning. be done! and the experience gained is the journey and the investment sweet faces while they tell you about their day. On a few oc

GSBLSU 2019 Class Officers: (left to right) Ben Burton, Mitch Gay, Robin Simpson, Cliff Kilpatrick, and Miguel Garcia.

(Photo on opposite page) GSBLSU Graduating Class of 2019.

HOME STUDY SURVIVAL

Remember to RELAX. Produce the best work you can, within the time you can commit. (Choose a reasonable time limit. You will not be able to complete your projects in two hours.) Sometimes you have to choose how much time you want to commit, and don’t get too detailed if it means more time commitment than you can afford.

Family support is a huge benefit for home-study projects. Have your children make memories with grandparents or go on an adventure with dad. This will allow some uninterrupted hours to write papers or conduct research.

A few tips on survival of the home study projects: The projects are usually published while you’re still at GSBLSU. You can spend time getting a head start, reviewing the projects, or asking questions from the instructors to get a clear understanding of expectations. Start the projects as soon as you can when you arrive home. The projects are related to class work and you will find the information is fresh from class time and notes. The projects have due dates and may not be due until fall, but you will feel much better when the holidays are approaching if you have a head start. Planning ahead even for procrastinators, will be helpful. You can do it!

RESULTS

Though I will not imply that GSBLSU will win you an immediate promotion, I will say, improved credentials cannot hurt you. I was promoted at work during my second year of the GSBLSU program, and one of my roommates was awarded a huge promotion that coincided with our GSBLSU graduation in 2019. Your company likes having high quality teammates they can be proud of!

Your completion of the Graduate School of Banking at LSU will impact your future:

• Your family will be proud of your accomplishment of an important goal • Your children will have a favorable view of life-long learning • Your employer will see your commitment to your career and self-improvement • Your resume’ will be a forever highlight that you have graduate study credentials • Your network will include bankers, regulators and many other professional experts from among the connections you make while attend GSBLSU, in addition to • Lifelong new friends.

Investing in yourself is worth the effort!

The Arkansas Bankers Association oversees scholarships which are awarded annually to worthy candidates. As of last year, in addition to a general scholarship open to all candidates, a new scholarship open only to female and minority applicants to the Graduate School of Banking at LSU was offered. Please see the Arkansas Bankers Association website to obtain current information.

We write today on behalf of the Arkansas Cattlemen’s Association (ACA), representing over 8,650 cattle producers and their families located across the state of Arkansas. We would first like to thank you for your comments during Governor Hutchinson’s COVID-19 press conference on March 28, 2020. It is reassuring to know that money is safe, insured and assessable for cattle producers and their families during these difficult times.

Much like Arkansas banks, Arkansas cattle operations are open and operating. Every day, Arkansas cattle producers are rising to the challenge to meet the protein needs of Arkansas, the United States and the world. Unfortunately, like so many industries across the nation, the COVID-19 outbreak has not left the catttle industry and producers unscathed. A recent economic damage assessment from Kansas State University, estimated that the COVID-19 outbreak has damaged the cow-calf sector of the cattle industry to the tune of $3.53 billion; while the stocker sector of the industry has been damaged by $3.79 billion. Loss of equity and volatile markets will undoubtedly have serious repercussions for producers and will reverberate through the industry for a significant time.

We recently received an email from one of our members, a young producer in Greene County, which read in part; “When talking to lenders, the trending rebuttal is ‘we are being told it is business as usual’ from the cattle market.” This email illustrates the uncertainity and level of concern in our industry. As stated above, while cattle markets continue to operate and cattle move through the supply chain, prices are artificially low, in response to COVID-19. We write this letter today to offer ourselves as a resource to the members of the ABA. The ACA is ready and willing to assist our local banks by answering questions about market events, governmental economic assistance for cattle producers, or common management practice. Please know we are available to assist you and your membership however we can so together we can assist the cattle producers of Arkansas.

The ability for cattle producers to access financial tools is critically important. We appreciate all of our local banks across the state that continues to serve our agriculture communities. There is a saying, “Behind ever successful farmer is a wife who works in town.” It may be past time to add “and an understanding banker.” We wish you and the ABA continued success. If we may be of service, please do not hesitate to reach out.

Sincerely,

Bernie Freeman President Arkansas Cattlemen’s Association

Cody Burkham Executive Vice President Arkansas Cattlemen’s Association