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V irginia Banking July/August 2011







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irginia V Banking V I R G I N I A B A N K E R S A S S O C I AT I O N — S E RV I N G V I R G I N I A ’ S F I N A N C I A L C O M M U N I T Y S I N C E 1 8 9 3

2011-2012 OFFICERS AND DIRECTORS OF THE VIRGINIA BANKERS ASSOCIATION William Couper, Chairman, Bank of America Jeffrey M. Szyperski, Chairman-Elect, Chesapeake Bank Charles H. Majors, Immediate Past Chairman, American National Bank & Trust Co. O.R. Barham, Jr., StellarOne Corporation Frank Bell, III, Chesapeake Bank Katherine E. Busser, Capital One Financial Corporation Tim Butturini, Wells Fargo Bank, N.A. Larry G. Dillon, C&F Bank Randy K. Ferrell, The Fauquier Bank Larry Heaton, Franklin Community Bank Gail Letts, SunTrust Bank John R. Milleson, Bank of Clarke County Samuel L. Neese, Highlands Union Bank Susan Ralston, Bank @Lantec Gary R. Shook, Middleburg Bank David P. Summers, Virginia Heritage Bank Daniel G. Waetjen, BB&T Richard T. Wheeler, Jr., Franklin Federal Savings Bank

Statements of fact and opinion are made on the responsibility of the authors alone and do not imply an opinion or endorsement on the part of the officers or members of VBA.


280 Summer Street, Boston, MA 02210 Phone: 617-428-5100 Fax: 617-428-5118

AT-LARGE MEMBERS Benefits Corporation Chair Richard M. Liles, Bank of McKenney Management Services Inc. Chair Frank Bell, III, Chesapeake Bank Government Relations Committee Chair Christopher W. Bergstrom, Cardinal Bank VBA Education Foundation Chair J. Peter Clements, The Bank of Southside Virginia EDITORIAL & EXECUTIVE OFFICES 4490 Cox Road Glen Allen, VA 23060 804-643-7469 Fax 804-643-6308 Bruce T. Whitehurst President and CEO Virginia Bankers Association

July/August 2011


VBA Welcomes Bill Couper, Chairman of the Board Elected in June for a one-year term, the VBA invites you to meet our new chairman


Chandler Dewey Manager, Communications/ Marketing and Financial Literacy Virginia Bankers Association


The Times They are A-Changin’, and the Annual Convention Helps Bankers Prepare The 118th Annual Convention is held at the Greenbrier in West Virginia.


Congratulations to the Winners of the Bank Day Scholarship Program! Seven scholarships were awarded to six winners of the annual contest.


What’s Really Under the Hood of Health Care Reform? What health care reform means for your bank’s business.

SUBSCRIPTIONS If you would like to subscribe to Virginia Banking, contact Chandler Dewey at cdewey@ Virginia Banking is published bimonthly. Subscription price is $25 per year and $45 for two years for nonmembers. Copyright 2011.

DIRECTORS Timothy M. Warren Chairman Timothy M. Warren Jr. CEO & Publisher David B. Lovins President Vincent M. Valvo Group Publisher & Editor in Chief FINANCE & ADMINISTRATION Jeffrey E. Lewis Controller / Director of Operations EDITORIAL Christina P. O’Neill Cassidy Norton Murphy

Custom Publications Editor Associate Editor

ADVERTISING George Chateauneuf Richard Ofsthun Cara Inocencio Emily Torres

Publishing Division Sales Manager Advertising Sales Manager Advertising Sales Manager Advertising, Marketing & Events Coordinator

DESIGN & PRODUCTION John Bottini Creative Director Scott Ellison Senior Graphic Designer Ellie Aliabadi Graphic Designer

in every issue 4 Calendar of Events 5 Insights 6 Worth Noting 8 Legislative Update 9 Washington Update

10 Legal Line 11 Welcome New Associate Members 20 Compliance Corner 22 Bankers on the Move

Send us your thoughts or ideas on Virginia Banking! ©2011 The Warren Group Inc. All rights reserved. The Warren Group is a trademark of The Warren Group Inc. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. Advertising, editorial and production inquiries should be directed to: The Warren Group, 280 Summer Street, Boston, MA 02210. Call 800-356-8805.

Please email Chandler Dewey at Has your information changed? Please email Kellee Edelin at with your new contact information.

July/August 2011 | Virginia Banking 3

Calendar of


Live Event



Online Seminar


















Information and online registration is available at the VBA website. Please either go to or use this form to check the box next to the program you want information about, then fax the form to the VBA office at 804-643-6308. The VBA will send you information about the program as soon as it is available, usually eight weeks before the program. Name_________________________________________________

Bank/Firm ___________________________________________

Address_____________________________________________________________________________________________________ City________________________________________________________________ Phone___________________________


State/Zip______________________________ Email___________________________________

For more information go to 4 Virginia Banking | July/August 2011


Priority One: Action on Regulatory & Compliance Issues

T Bruce Whitehurst President and CEO, Virginia Bankers Association

hank goodness bankers are a resilient group of people. Time and again, bankers have shown the ability to bounce back from economic, legislative and regulatory setbacks; our economy and our country are much the better for it. But as I wrote in my last column, the overwhelming nature of the Dodd-Frank Act of 2010 and the approximately 250 new regulations coming – on top of the revenue takeaways that also accompany this law – will certainly put our industry’s resiliency to the test. That is why we had so much discussion about the current regulatory and compliance environment this spring when the VBA and its subsidiary boards, plus several past VBA chairmen, came together in a joint meeting to discuss industry challenges and to set top VBA priorities for 2011-2012. Following outstanding conversation and input from our banking leaders, the VBA board adopted an action plan that flows from three top priorities: • Action on regulatory and compliance issues to provide proactive, preventative and responsive support and relief • Communication to and about the banking industry • Products and services excellence and innovation

We will continue to focus on how we can meet these priorities in various ways to benefit our member banks.

The VBA staff has identified 14 goals and 43 actions to support these top priorities, and we will report our progress at each board meeting in the coming year. In this column I want to tell you about one important new initiative that actually supports all three of our top priorities: the Regulatory

Feedback Initiative (RFI). I have written before about the Alliance of State Bankers Associations, our peer group that provides so much mutual support and coordinated lobbying on behalf of banks in all states. This group has now taken our collective efforts to the regulatory side, where the current bank exam environment suggests we must work to regain a level of regulatory balance that is currently missing. We have advocated on behalf of banks quite a bit in recent years, meeting with regulators to talk about the trends we see and hear about. What has been missing – until now – is quantifiable data on examination trends. The RFI is a mechanism that allows banks to complete confidential surveys following each exam. We have retained a third-party firm known for its integrity in the provision of confidential survey information that will use the surveys to build a nationwide database of information that can be used in two powerful ways: 1. To advocate with regulators when what they say in Washington and what their examiners are actually doing in the field are not in alignment and need attention. 2. To provide banks with the ability to obtain a peer bank report from their region and peer size, showing recent examination trends as the bank prepares for its next exam. We have recently sent more detailed information about the RFI to all VBA member bank CEOs and are encouraging all banks to participate in this most important ongoing program. When I joined the VBA in 1993, one of my first tasks was to lead a bank examination survey of Virginia banks. The survey was paper-based and we tabulated the results at the VBA office, then shared a summary of those results with all the bank regulatory agencies. We were in a similar regulatory Continued on page 22

Bruce Whitehurst can be reached by email at

July/August 2011 | Virginia Banking 5



VIRGINIA COMMUNITY BANK ANNOUNCES NEW CEO On May 19, the board of directors of Virginia Community Bank announced that A. Preston Moore, Jr., was unanimously approved to assume the role of president and CEO of the bank. A. Pierce Stone, previously the bank’s president and CEO, will continue in the role of chairman of the board. Moore has been with Virginia Community Bank since 2008, serving as senior vice president and COO. He boasts nearly 30 years of commercial lending and development experience. Moore is a native of Woodberry Forest, Virginia, and he obtained both his undergraduate degree and MBA from the University of Virginia.

RHODES NAMED CHAIRMAN OF THE BOARD Congratulations to H.C. Rhodes of Highlands Community Bank, who was recently named chairman of the board of directors. Rhodes will also continue to serve as president and CEO.

GSB-LSU NEWS Susan Harman, a vice president at Old Point National Bank and an honor graduate of the Virginia Bankers School of Bank Management, was elected a class officer of the Graduate School of Banking at Louisiana State University, class of 2013. Additionally, Aubrey “Todd” H. Hall, president of First National Bank, Altavista, and Lance Nobles, vice president and senior business relationship manager at Wachovia, A Wells Fargo Company, were recognized at the Graduate School of Banking at Louisiana State University for their outstanding record of ten A’s. Hall and Nobles 6 Virginia Banking | July/August 2011

VIRGINIA BANKERS MEET WITH CONGRESSMAN GOODLATTE On June 8, 18 Virginia bankers met with Rep. Bob Goodlatte in Roanoke. Among other agenda items, the bankers discussed our top federal policy priorities with Goodlatte, such as the Durbin Interchange amendment and regulatory reform. A special thanks to all the bankers who attended this meeting. were two of only three students to make this achievement this year. Kudos to these three bankers for their tremendous accomplishments.

CBB FINANCIAL CORP. AND COMMUNITY BANKERS’ BANK HOLD 2011 ANNUAL MEETING CBB Financial Corp. held its annual meeting of shareholders on May 25 at Farmington Country Club in Charlottesville. CBB Financial Corp. is the onebank holding company for Community Bankers’ Bank. The following directors were re-elected to serve three-year terms expiring at the 2014 Annual Meeting: Robert (Bobby) W. Jonte, Jr., Bank of Greeleyville, Greeleyville, SC, and Ellis (Ellie) L. Gutshall, Valley Bank, Roanoke. Other elected directors currently serving are Lyn Hayth (Bank of Botetourt), Charlie Collum (Burke & Herbert Bank & Trust), Monte Layman (The Page Valley Bank), Ed Stringer (The Bank of Marion), and Bob Chapman (Bank of the James). During the board of directors meeting also held on May 25, Ed Stringer was elected chairman of the board for 20112012 and Monte Layman was elected vice-chairman. Stringer succeeds Char-

lie Collum, who served as chairman for 2010-2011 and continues to serve on the board.

AUSTIN L. ROBERTS, III, RETIRES FROM THE BANK OF LANCASTER Bay Banks of Virginia, Inc., holding company for Bank of Lancaster and Bay Trust Company, announced that Austin L. Roberts, III, has stepped aside as president and CEO of Bank of Lancaster. Following Roberts’ announcement to the board of directors of Bank of Lancaster, Kenneth O. Bransford, Jr., was elected president and CEO of the bank and was also elected to the bank’s board of directors. Roberts will remain as vice chairman of the bank and as president and CEO of Bay Banks of Virginia until his planned retirement in March of 2012. At one point in his career, Roberts was the youngest bank president in Virginia, and in 1980, was named Outstanding Young Man in our commonwealth by thenGov. Charles Robb. Roberts joined Bank of Lancaster in May 1990 with 20 years of banking experience. He received his bachelor’s degree in accounting and his MBA from the College of William and Mary, where he is an active alumnus. In 1994, Roberts was the recipient of the William and Mary Alumni Medallion, the highest

EVB MAKES COMMITMENT TO AID LOCAL SENIOR HOUSING FACILITY BY PROVIDING THE SENIOR CRIMESTOPPERS PROGRAM award the college can bestow upon one of its graduates. Kenneth O. Bransford, Jr., joined Bank of Lancaster in November of 1971. He has held the offices of assistant cashier, vice president, and senior lending officer with overall responsibility for the company’s loan operations, and retail delivery administrator with overall responsibility for the company’s branches throughout the Northern Neck. In 1994, the board elected Bransford senior vice president, and in 2002, he was elected executive vice president.

WE WILL MISS... William Frances “Tree” Rountree Jr., 66, left this world surrounded by his loving family and friends on June 29, 2011. Fighting cancer for more than 22 years, Tree’s resolute spirit, determination and deep abiding faith enabled him to overcome many physical challenges associated with this disease. After graduating from Maury High School, Tree attended The College of William and Mary. Tree continued his education, going on to earn his master’s degree in finance from Dartmouth College, Graduate School of Credit and Financial Management, Tuck School. Tree began his banking career at United Virginia Bank, moved to First & Merchants Bank, Sovran Bank, Nations Bank, then Bank of America, later founding Monarch Bank, serving as president, CEO and director. Known throughout the business community as “tireless” recruiter for his beloved Monarch Bank, Tree also modeled to all of his employees, business associates and friends the need to serve. His incredible leadership skills, indomitable spirit and servant’s heart helped more than 40 local community agencies and organizations. His honors included 2010 Business Hall of Fame, the John Krueger Outstanding Volunteer Award, Horizons HR Roast & Toast honoree, the Robin Hoods of Virginia Beach “A Noble Deed” award recipient and Norfolk’s Outstanding Young Man of the Year. Tree will be deeply missed.

EVB, through its partnership with the Virginia Bankers Association and the Senior Housing Crime Prevention Foundation (SHCPF), is providing the Senior Crimestoppers program to Carrington Place in Tappahannock, a local senior nursing facility. A charter presentation was held for its residents on May 24. The Senior Housing Crime Prevention Foundation is a national organization whose mission is to provide safe and secure living environments for our nation’s senior housing residents through the operation of the nationally-acclaimed crime prevention program, Senior Crimestoppers, in each participating bank’s CRA assessment area. The Senior Crimestoppers program is a coordinated group of components designed to reduce and/or prevent the occurrence of crimes in long-term care facilities and senior housing communities. It has been extremely successful, with a documented reduction in crimes against seniors of approximately 92 percent since 1995. The program works much like a neighborhood watch where senior facilities with a strong commitment to crime prevention implement increased awareness and a zerotolerance policy. The program will provide ongoing crime prevention programs to the residents of long-term care and senior housing facilities to help deter incidents of crime.

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July/August 2011 | Virginia Banking 7



Looking Back and Moving Ahead


Matt Bruning Director of Government Relations, Virginia Bankers Association

s someone with more than a passing interest in history, Winston Churchill is one of my favorite figures. A bold statesman, daring tactician and talented orator, Churchill had an innate gift for inspiring hope in bleak times, of which there were many during his life in public service. There are a plethora of quotations from Churchill that capture that gift on a range of policy and military issues, but one of my favorite is a more reflective insight on life in general: “the longer you can look back, the farther you can look forward.” Churchill’s admonition to look back is often ignored in our increasingly fast paced and deadlinedriven lives. And much like in Churchill’s time, it becomes even more difficult in periods of uncertainty. While our conflicts are far different than those with which Churchill dealt, our industry is clearly in a time of constant change and the uncertainty that change inevitably brings. So, it is imperative to take the time to look back in order to properly plan out our future. Over the past twelve months, the VBA and countless Virginia bankers have been actively engaged in continuous efforts in support of our industry. The fallout of the economic recession and the new market realities as we seek to emerge combined with the “solutions” emanating from Washington, particularly in the form of regulatory reform in the DoddFrank Act, have made the necessity of action more acute than ever. How have Virginia bankers responded to this ever-dynamic environment? They advocated strongly for their businesses, their communities and their industry as a whole. In the fall, over 300 bankers came out to attend in-district meetings with their state legislative representatives and 351 braved the cold in Richmond in January to advocate for our issues on Banker Day. One hundred and thirty-four gathered with several members of our federal delegation at the end of last year and 76 attended the GR Summit in Washington

this March. Dozens more participated in various meetings with elected leaders and regulators throughout the year to ensure our unified voice was being heard. Recently, over 800 Virginia bankers sent emails or called our senators about the Fed’s interchange rule. Our recently completed VBA BankPAC campaign saw several new banks participate and others who increased their contribution levels. The results of those efforts are obvious. Our General Assembly session saw the failure of several harmful foreclosure bills. While the final outcome on interchange in the Senate was disappointing, those contacts to our Senators made a difference in securing both their votes in support of our industry. There is much to be proud of as we look back over our past progress, but as Churchill’s quote underscores, we must use our past as we plan for the future. Several VBA boards and our staff recently undertook a review and update of our strategic priorities and goals (see Bruce’s column). One of the overwhelming areas that we will continue to work in and enhance is the legislative and regulatory engagement by bankers. The statistics above are great, but in order to achieve future success, we must continue to do better. Even when times are tough, we must, collectively as an industry and individually, push ourselves to be active in shaping our future. We hope you commit to taking advantage of upcoming events with elected officials and regulators, identifying a grassroots coordinator in your bank and expanding your BankPAC participation. Here at the VBA, we will seek out different ways for you to be engaged but we need your active participation to make them a success. Another of Churchill’s great insights was “to improve is to change; to be perfect is to have changed often.” Moving forward together, the VBA will learn from our past and continue to change as we seek to improve our advocacy on behalf of our members, always striving for perfection.

Matt Bruning can be reached by email at 8 Virginia Banking | July/August 2011



Pushing the Pendulum



In a perfect world, the banking industry

which “meets” every other month by



would have an equal partnership with its

regularly scheduled conference call. You


regulators, who would be more vested in

can learn more about this committee on


seeing banks succeed than writing them up


before bankers gathered ABA’s

on items where they’ve failed.

This way, when we meet with regulators


The truth is that the regulatory culture

and lawmakers, we can continue to


has to change. It’s a big challenge, but we

effectively present the industry’s case by

have to begin moving towards that goal.

providing credible, real-world examples

Regulatory Compliance

How? It starts with being involved.

Conference here

As I told the bankers at our Regulatory

in Washington.

Compliance Conference, it’s important for

Ask for your staff members’ input and

One take-away

bank CEOs to listen to their compliance

let us know what you’ve learned. Together,

for me is how

staff members, and learn what is and isn’t

we can begin moving the regulatory

very well served

working in their institutions. CEOs need

pendulum back into equilibrium.



to share this information with their state

are by these dedicated and professional

associations and ABA. (You might want to

Gov. Frank Keating can be reached by email

compliance officers.

join ABA’s Open Compliance Committee,


Frank Keating President and CEO, American Bankers Association

and anecdotes. These are things that will be remembered by policy-makers.

A second take-away is that compliance is an essential function within any bank. There are four legs that support the modern bank business model: management and employees; products and services; marketing; and compliance. Each element supports and is necessary to the others. The serious focus on regulatory is not without reason, considering the extreme swing of the regulatory pendulum that

However, when regulations get in the

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Can it get you where you want to go?

we’ve seen in the aftermath of the financial crisis and the passage of the DoddFrank Act.

customers and grow your communities, things have clearly gone too far. I’ve heard that frustration expressed by many of you during my visits with you at state bankers associations around the country. You want

If it’s time to find a technology platform that can, it’s time to think about Jack Henry Banking. It’s time to think ahead.

to do the right thing, but the regulatory environment – the overall burden, the overkill and overzealous examiners – is blocking your path forward.

are you thinking what we’re doing?

We’ve got to work together to change that.

July/August 2011 | Virginia Banking 9



VBA Welcomes Mel Tull as General Counsel Bruce Whitehurst President & CEO, Virginia Bankers Association


am pleased to announce that Mel Tull joined the Virginia Bankers Association as general counsel on June 1. We are very excited to have him on the VBA team and he will be a great addition. Mel recently sat down with me to discuss his background, the VBA, and the banking industry. Mel, tell us a little bit about yourself. I grew up in the Maryland suburbs of Washington D.C. and have lived in Virginia for the last 24 years. I graduated from Virginia Tech in 1991 with a degree in accounting. I lived in Northern Virginia for several years after that while working for a major accounting firm. I then moved to Charlottesville to attend law school at the University of Virginia. After graduating from UVA in 1997, I joined the Richmond office of the law firm Hunton & Williams, where I worked for the last 14 years. I currently live in the Short Pump area of Richmond with my wife, Annemarie, and our three children. Tell us more about your practice at Hunton & Williams. As a partner on the corporate and securities team, my practice focused on many different business, financial and transactional legal matters. For example, I assisted a public insurance company with its initial public offering of common stock, the proceeds from which were used to acquire what became its primary insurance subsidiary. I was the general outside counsel for that company for several years, helping them with SEC reporting, corporate governance, commercial contracts and additional financings. Finally, as the U.S. economy slipped into the recent recession, I represented them in the sale of the corporation to a much larger insurance company.

Meet the VBA’s new general counsel, Mel Tull

What from your recent experiences will you bring with you as you start your new role at the Virginia Bankers Association? My general corporate law background will be useful as I provide advice to the board of directors and management of the VBA and its for-profit subsidiaries and affiliates – VBA Benefits Corporation, VBA Management Services, Inc., Bankers Insurance, L.L.C. and Bankers Title, L.L.C., among others – on day-to-day legal matters. My mergers and acquisitions experience will be beneficial should any of the for-profit entities elect to grow through acquisitions. Most importantly, I look forward to delivering the same high-quality service to VBA member banks on a wide range of legal and regulatory issues. What do you look forward to the most about working at the Virginia Bankers Association? For many years now, I have worked with companies as they struggled to comprehend and comply with a myriad of complex government regulations. I have seen firsthand the burdens and costs this imposes on for-profit companies. I am most looking forward to the opportunity to proactively influence the legislative process as an advocate for the banking community to advance sensible regulations that promote stable financial markets in which banks can efficiently and profitably provide affordable financial services to individuals and businesses in our communities. Last year you participated in the LEAD Virginia program. Tell us about that experience and its relevance to the Virginia Bankers Association. LEAD Virginia is a non-partisan organization Continued on page 17

Mel Tull can be reached by email at 10 Virginia Banking | July/August 2011


New Associate Members


CUMMINS ALLISON CORP. 3526 Mayland Ct. Richmond, VA 23233 Phone: (804) 747-5924 Fax: (804) 747-5926 Website: CONTACT: MARK RUTKA Virginia Branch Manager Email:

Cummins is a designer, manufacturer and distributor of innovative and reliable coin and currency handling solutions. The Cummins focus on design excellence began with the company’s creation in 1887, and the introduction of a perforator that revolutionized the banking industry. Tried and proven in the largest and smallest operations, Cummins coin and currency equipment is known for unmatched features, great ease of use and reliability. Their dedication to excellence has made Cummins the industry leader; designing, engineering, manufacturing and servicing the fastest, most reliable and accurate currency handling solutions in the world.





406 Princess Anne St. Fredericksburg, VA 22401 Phone: (540) 373-2897 Fax: (540) 899-4808 Website: CONTACT: JEFF ROUSE, SR. Business Development Officer Email:

15833 Spyglass Hill Loop Gainesville, VA 20155 Phone: (703) 753-5825 Fax: (703) 753-5826 Website: CONTACT: MATTHEW STREET Vice President Email: Expense Reduction Services, Inc. has been helping financial institutions find hidden costs in their overhead and operating back office expenses since 1993. They work on a contingency fee so they only get paid if they find you savings. Their mission is to find creative solutions to reduce expenses and improve your bottom line.

REDCO 504 is a full-service provider of SBA 504 Loans to businesses for the purchase of owner occupied real estate or machinery/equipment. 504 Loans finance up to 40 percent of the purchase price with a 20-year, fixed interest loan.


FIFTH THIRD PROCESSING SOLUTIONS 38 Fountain Square Plaza Cincinnati, OH Phone: (678) 886-3934 Website: CONTACT: AARON CAFFEY Business Development Executive Email:

For four decades, Fifth Third Processing Solutions has been a pioneer in providing secure electronic payments and credit/ debit card processing services. They connect businesses and financial institutions, regardless of size, with premier payment acceptance services. Partnering with nearly 170,000 merchant locations and 3,000 banks and credit unions, they are uniquely qualified to help with your payment processing needs.

We support banks’ evolving business strategies with 100+ integrated complementary solutions that help them respond to dynamic customer and market demands … capitalize on business opportunities … solve operational problems … increase operating efficiencies … and fast-track new financial products and services. And for banks that need niche products outside our broad offering, jXchange™ – a services-oriented architecture on a .NET platform – provides open connectivity between our core and complementary solutions and those third-party products. We think maximizing your technology investments and operating flexibility is just good business.

are you thinking what we’re doing?

July/August 2011 | Virginia Banking 11

VBA Welcomes Bill Couper, Chairman of the Board William Couper, Bank of America, N.A., was elected the new chairman of the


Virginia Bankers Association on June 21, 2011, serving a one-year term and


succeeding Charles H. Majors, American National Bank & Trust Company.

At the University of Virginia, once I realized that I wasn’t going to be a chemistry major, I

The VBA welcomes Bill, and we invite you to learn a little more about our

started pursuing a degree in finance. I had begun

new chairman.

to think about a career in banking when I worked with a local banker on my thesis for graduation. That crystallized my thinking around the industry, but first I had to serve four years in the Navy. By the time I was discharged, I was ready to get my career started.

12 Virginia Banking | July/August 2011







Where to start? When I began in 1972, the industry

I hope to play a role in helping the industry navigate the

operated under a regulatory structure that had been in place

rapidly changing environment. Clearly the recent financial

and unchanged since the Depression. You had to come to a

crisis made the case for change, but there is a lot to be

commercial bank to get a checking account, savings and loans

concerned about in some of the 2,000-plus pages of the Dodd-

could pay ¼ percent more on passbook accounts and that was

Frank bill.

capped at 5¼ percent, Glass-Steagall was an impassable barrier


between banks and investment banks, and interstate branching was prohibited. My original company was limited to the District of Columbia and couldn’t offer a credit card because of D.C. usury laws. There were no ATM networks, online bill pay, or mobile banking; computers were massive things that existed only in specially-built facilities. It’s pretty clear that all of that has changed.

AS VBA CHAIRMAN? I have thoroughly enjoyed the interaction with my fellow bankers and look forward to continuing that over the next year. VBA President and CEO Bruce Whitehurst and I have blocked out some time to visit members in their offices to get views firsthand.







THE YEARS? As the (ancient) Greeks are reported

There are so many uncertainties in the environment and it is hard to predict the

to have said, “moderation in all things.”

impacts on the industry. Because the VBA

With all the changes over the years, the

exists to serve its members, it will have to

fundamentals are still the same. Treat

be nimble in order to respond to whatever

your customers well, control your costs

changes develop.

ECONOMISTS ARE PREDICTING THE ECONOMY COULD PICK UP OVER THE NEXT YEAR. WHAT ROLE DO BANKS HAVE IN THE ECONOMIC DEVELOPMENT OF COMMUNITIES? Here’s hoping those economists are right. But banks are very dependent on the economic vitality of the communities that they serve,

and credit quality, and things work out.

and we all understand that. It’s no surprise that bankers can usually be


found actively engaged in the local and state-wide economic


development organizations, whether they are chambers of


commerce or economic development authorities.

I actually came to the VBA relatively late. I was named president of the Mid-Atlantic region for Bank of America in 2005 and joined the board at that time. My involvement has given me a solid statewide view of the environment in Virginia – both economically and politically. And my involvement in the national legislative process has increased considerably.

WHAT IS ONE PIECE OF ADVICE YOU WOULD GIVE TO SOMEONE ENTERING THE BANKING INDUSTRY? A couple of years ago my daughter joined another member bank, and I had lots of fatherly advice for her: learn all she can about the industry, not just the part of it she’s working in right now, and be ready for the changes that are sure to come


and create opportunity for her. She had a great education and


that got her in the door, but many other factors will determine

The VBA recognizes that its members have diverse needs

whether she advances. And I suggested that she get her

and interests, and does a great job of meeting the needs and

company to send her to the VBA Bank School, where she’s now

harmonizing the interests. All member banks have a common

in her second year.

interest in the business climate and regulatory burden, but


depending on size, geography, and business model, we might use the broad array of products and services differently. As is so often the case, what you get out of the VBA depends on what you put into it.

WOULD SURPRISE YOUR FELLOW BANKERS. As I mentioned earlier, between college and my banking career, I spent four years in the Navy. In its wisdom, the Navy decided I would make a fine Portuguese linguist. July/August 2011 | Virginia Banking 13





The Times They are A-Changin’,

and the Annual Convention Helps Bankers Prepare 1 Charley Majors welcomes Jim Justice, owner of the Greenbrier, to the VBA’s Silent Auction. 2 Gov. Frank Keating came from Washington, D.C. to address attendees on the importance of our government relations efforts and told Virginia bankers to keep up the good work. 3 Keynote speaker John Hope Bryant encouraged bankers to make a difference in their communities by getting involved with financial literacy efforts. 4 Convention attendees were treated to a surprise performance by The Three Waiters, who dressed as Greenbrier waiters and shocked the audience by suddenly beginning to sing opera songs. 5 Over 450 bankers, associate members and guests attended the Convention this year. 6 Charley Majors watches as Lisa Couper pins her husband, William Couper, chairman of the Virginia Bankers Association. 7 Newly installed Chairman-Elect Jeff Szyperski, and Ann Rodman Shook enjoy the fun of The Three Waiters’ performance.

14 Virginia Banking | July/August 2011


he VBA’s 118th Annual Convention took place June 19-22 at the Greenbrier in White Sulphur Springs, WV. With the changes made to the Greenbrier, our Convention program, and the banking industry, we thought it appropriate to theme our Convention after the popular Bob Dylan song, “The Times They Are A-Changin’.” This year, in addition to our normal programming, we changed our agenda to include two more power breakfasts in order to offer our attendees a total lineup of four options. Sponsored by PNC Capital Markets, Wolf & Company, P.C./ Witt Mares, PLC, Virginia Commercial Finance (VCF), and ANOVA Financial Corporation, these breakfasts gave bankers an additional opportunity to learn more about important industry issues and how these companies can provide solutions. We also added even more speakers to our business sessions. In addition to the President’s Report, the Chairman’s Report, and the BankPAC report from Bruce Whitehurst, Charley Majors, and Chris Bergstrom respectively, we had six speakers address the over 300 members of the audience to discuss our banking industry and the changes that are to come our way. On Monday, Robert J.

Morgan, managing director and principal of Austin Associates, spoke on “Banking: What Am I Doing in this Business?,” followed by David L. Sokol, president of SKL Investment Corporation, who gave “A View on Banking and the Economy.” Speaker of the Virginia House of Delegates William J. Howell emphasized the importance of bankers contacting their legislators, and Gov. Frank Keating, president and CEO of the American Bankers Association, discussed “Banking Legislative and Regulatory Priorities.” On Tuesday, David Pearce Snyder, strategic forecaster and life styles editor of The Futurist gave his presentation on “Four Strategies for Consumer Banking.” Lastly, our keynote speaker, John Hope Bryant, a philanthropic entrepreneur, presented “Rethinking Everything: Financial Literacy, Silver Rights and Empowered Individuals,” and implored bankers to get involved with financial literacy. An additional change to our agenda came in the form of our newest event, the VBA Silent Auction. The event concluded with a live auction portion conducted by sponsor Tranzon Fox, and all proceeds from the auction were contributed to VBA’s BankPAC. Thanks to all the




attendees, who helped us raise almost $12,000 for our BankPAC campaign! As our 2010-2011 program year came to an end, it was time to elect our new leaders. The election and installation of the new VBA officers and directors took place, and the convention closed with a banquet and dinner for the installation

of the new VBA chairman and chairmanelect. The VBA is pleased to announce and welcome William Couper, midAtlantic president of Bank of America, N.A., as the 2011-2012 VBA Chairman, and Jeffrey M. Szyperski, chairman, president and CEO of Chesapeake Bank, as the new chairman-elect.

Thanks to everyone who attended this year’s event. The times they are achangin’ indeed, but one thing that won’t change is the VBA’s effort to provide our bank members with the all that we possibly can. We hope to see you on June 1720 in Hot Springs, Virginia, for the 119th Annual Convention.

[ MCRA ] ®

July/August 2011 | Virginia Banking 15

Congratulations to the Winners of the Bank Day Scholarship Program! 1






1 The VBA’s Chandler Dewey (left) attended Cave Spring High School’s awards program on May 24 to award Erin Fothergill her scholarship certificate. 2 Chesapeake Bank employees Cathy Mise and John O’Shaughnessy presented Maggie Scribe with her scholarship at Mathews High School on May 26. 3 On May 27, Vicki Mays from First Community Bank was present for the senior class awards ceremony for Victor Scott at the Graham High School Auditorium. 4 Sherri Hull, StellarOne, was on hand at Wilson Memorial High School for Jake Bailey’s awards ceremony on May 31. 5 Lisa Korpella, Capital One, and Eddie Desch, VBA, presented Hailey Zurschmeide with her award on June 9 at Loudon Valley High School. 6 Rann Paynter (VBA), Kelly Winn Johnson (Old Point National Bank) and Bobbi Mason (Old Point National Bank) surprised Morgan Pate (second from left) with the announcement of her statewide win at her awards ceremony on June 9.

Margaret Scribe, Chesapeake Bank


Central/Southside Region

seniors spend a day in banks across the

We are also happy to announce that

commonwealth shadowing a banker in

our Hampton Roads/Tidewater Re-

their daily duties. The purpose of this ex-

gional winner, Morgan Pate, was chosen

perience is for the students to learn about

as the statewide winner and received an

banking, financial services, and the vital

additional $2,000 scholarship. Congratu-

role banks play in their communities.

lations to Morgan and all the regional

Regional Winners Capital Region

Erin Fothergill, StellarOne Hampton Roads/Tidewater Region Morgan Pate, Old Point National Bank* Northern Virginia Region Hailey Zurschmeide, Capital One Southwest Virginia Region Victor Scott, First Community Bank Valley Region Jacob Bailey, StellarOne *Statewide winner

he third Tuesday in March was

The six regional winners received

declared Bank Day in Virginia by

$1,000 regional scholarships and were

the Virginia General Assembly in

entered to win an additional statewide

1991. On this day, Virginia high school


From their experience, the students are

winners of the program. A special thanks

required to write an essay on the topic

as well to the over 100 students who par-

“How Banking Benefits My Communi-

ticipated and the 23 Virginia banks who

ty,” and seven scholarships (six regional

hosted them!

and one statewide) are awarded on the basis of the essays. This year, Bank Day took place on Tuesday, March 15, and was sponsored

Next year, Bank Day will take place on March 21. Please contact Chandler Dewey at to participate.

by the VBA Education Foundation and the VBA Leadership Division.

16 Virginia Banking | July/August 2011

Continued from page 10 that brings together leaders in business, government and non-profits from across Virginia to study the regional differences, opportunities and challenges facing the commonwealth of Virginia. Each month, my 45 classmates and I spent three days visiting a different region of our commonwealth, meeting local business, government and community leaders, discussing local economic and social issues and immersing ourselves in the local culture. Across Virginia, each region is unique, which translates into different needs for banks serving those areas. This statewide regional perspective will enable me to better understand these needs and assist banks all across Virginia, particularly community banks serving local communities. Are you involved in any other organizations or extracurricular activities? In recent years, I have served on boards and committees of several non-profit charitable organizations that are focused on health and children’s issues, including the Leukemia & Lymphoma Society, the Sickle Cell Association of Richmond, and the Richmond Hope Foundation. I recently joined the Children’s Home Society of Virginia, a non-profit adoption agency, as a member of its board of directors and its treasurer. My family and I are members of Trinity United Methodist Church. I believe deeply in devoting a portion of my time and talents to community service and helping others in need. What is one thing readers would be surprised to learn about you? While I enjoy a casual round of golf when I can fit it in among all of my kids’ activities, my true athletic passion these days is triathlons. I recently completed a half-ironman triathlon and aspire to someday complete a full ironman distance event. Anything else? For his years of dedicated service to the VBA as general counsel, Jay Spruill has earned the respect and admiration of many in the banking industry. I would like to thank Jay for his advice and counsel as I have transitioned into this new role.

Housing Equity Funds of Virginia Over 20 years of profitable investing For more information contact Arild Trent at 804.343.1200 x116 or Virginia Community Development Corporation |

Resourceful. Responsive. Reliable.

Do business with someone who thinks like you.

804.239.0452 July/August 2011 | Virginia Banking 17

What’s Really Under the Hood of Health Care Reform? By Roxanne Sheppard Chief Operating Officer, VBA Benefits Corporation

18 Virginia Banking | July/August 2011


y counterpart in South Dakota recently wrote an article for a state banking magazine that outlined the health care reform mandates that went into effect in the first year of the legislation – a total of 25! What he didn’t cover in his article is that over the next few years there will be another 63 mandates, for a total of 88 provisions to be implemented between 2010 and 2014, as a result of this overreaching legislation. Everyone is now familiar with the provisions that affect employee benefits (although some of these may be waived or have delayed effective dates for grandfathered plans): • The option to provide medical coverage for adult children up to age 26 regardless of student or marital status. • Unlimited lifetime maximums on

insurance coverage. • Covering preventive screenings without co-pays and co-insurance in when received network, and expanding the list of medical services that are included in the definition of preventive screenings. • The elimination of annual dollar limits on certain benefits. • Eliminating pre-existing condition exclusions for children under age 19. • No longer requiring prior authorization for emergency services required while out of network. • Eliminating pre-tax reimbursements from health accounts (FSAs, HSAs, and HRAs) for non-prescribed over the counter medicines. • Increasing the tax on non-qualified HSA withdrawals from 10 to 20 percent.

Most folks in the employee benefits industry believe that now that these provisions have been enacted, they will not be rescinded. So this list accounts for eight provisions. What are the other 80 all about and who’s going to pay for them? Almost 40 of the provisions relate to Medicare and Medicaid programs. Many of these have to do with improving the care given and cost structure of how payments are handled within these systems. All noble endeavors; however, when it comes to who is going to pay for the majority of these changes, it will be the American taxpayer. There are 15 or so provisions that are a hodge podge of items relating to public health policy including establishing a Prevention and Public Health Fund, and also a new prevention council; funding a project to review the clinical effects of certain medical treatments; a project to study the effect of medical malpractice on tort actions; developing a national quality strategy for health care; developing standards for financial disclosures between health entities, and so on and so forth. Again, all noble causes, but many,

it seems to me, will have to be funded through additional taxes. Twenty-some provisions relate to how health insurance will be handled by the insurance carriers. These include panels to review health insurance costs and premium increases, funding to provide additional consumer information and guaranteed availability of coverage, and all of the work the states will be required to do to establish the insurance exchanges for 2014. Some of these provisions include imposing additional fees on the health insurance sector and on the pharmaceutical manufacturing sector. My guess is that employers and individuals will all experience higher costs for their insurance coverage as a result of these additional requirements on the insurance industry. And how do individuals and employers fare in these health care reform provisions? U.S. citizens will be required to have insurance coverage beginning in 2014 or experience a tax penalty (the legality of which is being contested by some states, including Virginia), and those earning more than $200,000 (or $250,000 for married couples) will experience a payroll tax increase of 0.9 percent as

a component of FICA tax in 2013. Employers will be required to report the value of employer sponsored health coverage on W-2s starting in 2012, and in 2013 will be required to limit the amount allowed in a health care FSA to $2,500. Then, in 2014, employers with 50 or more eligible employees will be required to offer essential health insurance coverage or be penalized at least $2,000 per employee if they don’t offer coverage. The icing on the cake is the excise tax on employer-sponsored “Cadillac plans” that will be implemented in 2018. The good news is that for now, small employers with fewer than 25 employees, may be eligible for a small business tax credit for offering health insurance coverage, and may be eligible for a grant for establishing a wellness program. So it seems as though Medicare and Medicaid are the big winners in this legislation, and for the most part, employers will get additional taxation, reporting and disclosure requirements. So I echo the sentiments of my South Dakota counterpart – when your congressional representative wants to know what’s on your mind, tell them to work on repealing the health care reform legislation.

For 30 years, we’ve been alongside our participants through calm seas and rough waters. Today you are faced with new regulatory developments and more uncertainty than ever before. As we face the unknown together, know that we’ll be by your side as an advocate and trusted advisor – empowering you to make smart decisions and build a successful debit program. We see debit opportunities in everything we do, because it’s all we do. Profit from our passion.

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July/August 2011 | Virginia Banking 19



Federal Fair Housing Emphasis: Serious, Potentially Costly

By Donna Rakes and Jim Dray Thomas Compliance Associates, Inc.


he federal emphasis on fair housing is serious and potentially expensive for banks whose fair lending programs fail to pass muster. A recent complaint and agreed order with Citizens Republic Bancorp, Inc. (CRBC) and its Citizens Bank subsidiary, filed in late spring by the U.S. Department of Justice, is the most recent indication that fair lending continues to receive intensive scrutiny during examinations – and strict enforcement. The best way for VBA members to avoid a similar fate is to learn from the Citizens’ experience and manage their fair lending programs effectively. The complaint alleged violations of the Fair Housing Act and Equal Credit Opportunity Act because CRBC and Citizens Bank failed to provide home mortgage lending services in the Detroit, Mich., metropolitan area to the residents of majority AfricanAmerican neighborhoods on an equal basis as those services that were provided to residents of predominantly white neighborhoods. The complaint alleged that the bank’s policies and practices intended, or had the effect, to discourage or deny residents of majority African-American census tracts an equal opportunity to obtain residential real estate loans. CRBC acquired its fair lending problems when it acquired Republic Bank in 2007. The complaint stated that Republic Bank had effectively redlined the city. According to the complaint, the bank’s branch expansion was race-based, with branch locations designed to serve the banking and credit needs of majority white areas. Republic’s four branch offices in Wayne County were located in majority white tracts outside the city of Detroit. Citizens’ one office in Wayne County is in a majority white suburban location. The bank’s penetration of majority African-American tracts in the Detroit metropolitan area was significantly less than comparable lenders. The complaint stated that there was “statistically significant” failure to provide loan services to and draw applications from majority African-American tracts. (In 2010, the bank revised its CRA assessment area to include all of Wayne County and the city of Detroit.) THE SETTLEMENT The agreed order to settle the allegations brought by the Department of Justice requires CRBC and Citizens Bank to:

20 Virginia Banking | July/August 2011

• Include Wayne County and the city of Detroit in its assessment area. • Provide fair lending training to all employees, including independent contractors, with significant involvement in residential lending. • Open a loan production office in an African-American neighborhood in the city of Detroit and hire two community lenders. • Invest in the formerly redlined majority AfricanAmerican areas of Wayne County by providing $1.5 million in a special financing program. • In partnership with the city of Detroit, provide $1.625 million in matching grants of up to $5,000 to existing homeowners for exterior improvements in targeted project areas, to stabilize and revitalize those neighborhoods. • Devote $100,000 annually for five years to advertising, marketing and consumer financial education targeting those areas. Advertising in at least one African-American oriented print medium and on two African-American oriented radio stations also is required. • Provide a minimum of four outreach programs annually to real estate brokers, agents and other entities in real estate related businesses. The order is similar to the 2006 consent order against Centier Bank which alleged discrimination on the basis of race and national origin as the bank avoided serving the lending and credit needs of majority racial minority neighborhoods in Gary, East Chicago and Hammond, Ind. Centier Bank had significantly expanded its branch network, but few of its offices were in majority racial minority census tracts. WHAT VBA MEMBERS SHOULD DO There are steps VBA members can take to minimize their fair lending risk. For example: • Effective fair lending risk management should include reviews of your lending policies and procedures, including servicing, modifications and foreclosures. • Analyses of area demographics and your bank’s lending performance to prohibited basis group applicants and in minority areas are essential items to review. • A comparison of your bank’s applications, originations and denied applications with the

mance of other lenders in the area is equally essential. • If your bank is acquiring another institution, a review of that bank’s lending distribution, both by geography and by borrower income, as well as lending to minorities, should be part of the due diligence process. A fair lending risk assessment should address issues that either continue to be, or have emerged, as the focus of fair lending examinations. These issues include: • Required signatures of co-borrowers on consumer and commercial loans. Have policies and procedures on required signatures, especially for commercial loans. • Ordering joint credit reports for married applicants, but individual credit reports for unmarried co-applicants. The practice is considered discriminatory. • Consideration of income for married and unmarried applicants. The income and debts of all applicants should be combined when calculating debt ratios. The treatment of nontaxable income should be stated in written loan policies and procedures, and be consistently applied in practice. • Marketing and other outreach efforts should extend to the entire community. If there are significant racial or other protected group minority populations, banks should consider print and broadcast media directed to those populations. Outreach efforts should include call programs to real estate agents and others serving majority racial minority areas; partnerships with churches, schools and other social organizations to sponsor financial literacy and/or home ownership counseling sessions; and involvement of management and staff in nonprofit organizations serving the majority racial minority communities. • Discretionary underwriting and pricing authority should be strictly controlled or eliminated. • A second review process should be in

place to review denied loan applications for compliance with fair lending laws. • Fair lending training provided to all staff, including the board of directors. • Complaints filed with your regulator and the Department of Justice alleging fair lending violations should be investigated and promptly resolved.

VBA members seeking information or assistance on fair lending issues should call TCA’s Donna Rakes or Jim Dray. The toll-free number is 800-934-7347. Rakes is manager of TCA’s East Coast regional office in Rustburg. Dray is president of TCA. TCA is the VBA’s endorsed provider of compliance services.

It’s only a sampling, but look what’s in the compliance services package TCA provides VBA member banks: • • • • •

Hands-on help, with scheduled on-site audits. Timely, accurate information about compliance issues and trends. Advice about how to meet federal compliance requirements. An e-newsletter heads-up when the rules change. Access to the TCA compliance professionals, the people who make TCA the most respected source of compliance information and assistance in banking.

Whether your need is BSA/AML, IT vulnerability scans and web site security reviews, or training that keeps your staff — and directors — up-to-date, TCA is your Compliance Advantage. Call us . . . today . . . to learn more. 1-800-934-7347.

Thomas Compliance Associates, Inc. 2846 N. Mildred Avenue, Suite 150 Chicago, Illinois 60657 1-800-934-7347

July/August 2011 | Virginia Banking 21


Continued from page 5

Bankers on the





Benchmark Community Bank Susan Jenkins, Relationship Banker Cardinal Bank Gregory Cartrette, Assistant Vice President,Wealth Management Bradford K. Leiby, Vice President and Banking Center Manager Jose A. Rodriguez II, Vice President and Banking Center Manager Quentin Roos, Assistant Vice President, Wealth Management Shannon Owens, Assistant Vice President, Branch Manager National Bankshares, Inc. Lara E. Ramsey, Senior Vice President, Administration





Virginia Commerce Bank Serena Bowen, Branch Officer and Branch Manager Christopher “Tony” Price, Vice President, Commercial Lending Gill H. Waller, Senior Vice President of Government Contract Lending Virginia Commonwealth Bank C. Rodes “Dusty” Boyd, Executive Vice President and Chief Credit Officer Virginia Community Bank William Byers, Senior Vice President and Chief Lending Officer

environment – albeit without Dodd-Frank promulgation hanging over our heads – and we found the survey to be helpful toward restoring a more balanced regulatory climate. Our expectation is that the RFI, which will be so much more robust and powerful than the one I just described from nearly two decades ago, will make an impact in this most important area. As to the RFI and VBA’s top strategic priorities: • Action on regulatory compliance: check. • Communication to and about the banking industry: check. • Products and services excellence and innovation: check. We will continue to focus on how we can meet these priorities in various ways to benefit our member banks. Please participate in this important new initiative and please contact the VBA’s Richard Owen at or 804-819-4715 with any questions.

VBA BENEFITS CORPORATION Providing competitive benefits for your employees has never been so easy. Our all-inclusive, cost-effective plans are developed by bankers for bankers and include: • Full-time partnership with a professional consulting firm, legal counsel, and audit firm • State-of-the-art on-line enrollment and billing systems • Representation and program management through a Board of Directors, comprised of peer banks • Toll-free member services number to address benefit needs and inquiries • Consolidated monthly billing for all benefit programs


• Preparation of plan documents and IRS filings, as well as assistance with filings required of individual banks • Training services, staff meetings, regional seminars and users conference • Administration of Flexible Spending Accounts and COBRA continuation

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Virginia Banking July/August 2011  

In this issue of Virginia Banking, meet Bill Couper, the new VBA chairman of the board; see coverage of the annual convention; and learn abo...