IBA nomination ballots will be mailed to members May 1
Nomination ballots for the IBA Chairman-elect and Treasurer will be mailed to member banks on May 1. The ballots must be returned to the IBA office in the provided postage-paid envelope by May 31.
Current IBA Treasurer Roger E. Claypool has announced his candidacy for Chairman-elect. Claypool is president and CEO of Shelby County State Bank in Harlan and began his term as IBA Treasurer in Sept. 2007. He has served on the boards of the IBA and Iowa Bankers Insurance and Services, Inc. and has served as secretary and chairman of the IBA’s Group 5.
Kevin R. Eekhoff, president and CEO of First National Bank of Akron, is running for IBA Treasurer. Eekhoff has served on the IBA Board and is currently a member of the IBA Finance Committee. He has been chair of IBA’s Group 1 and has also been a member of the IBA Management Committee.
Please call the IBA’s Molly Lydon at 515.286.2988 or 800.532.1423 with any questions about the nomination process.
Treasury’s regulatory reform blueprint raises concerns
A proposal unveiled by the U.S. Department of the Treasury last week contains sweeping provisions that would significantly change the existing financial regulatory system. Treasury Secretary Henry Paulson, Jr. announced the release of the “Blueprint for a Modernized Financial Regulatory Structure” on March 31.
Among the blueprint’s recommendations are the long-term, restructuring of the financial regulatory system and the phase-out of the federal thrift charter and its regulator. The blueprint would also create a federal Mortgage Origination Commission to evaluate, rate and report on the adequacy of each state’s system for licensing and regulating participants in the mortgage-origination process.
Longer term, the proposal suggests reconstituting the FDIC as a federal insurance guarantee corporation.
The Iowa Bankers Association is concerned about the blueprint’s potential impact on the industry. IBA President and CEO John Sorensen said the proposal contains some troubling provisions.
“The proposal would threaten the viability of the state bank charter, a source of product innovation and regulatory efficiency, and would also permit the mixing of banking and commerce,” said Sorensen.
Sorensen said the proposal also has good points, including proposals to effectively enforce uniform, universal mortgage standards and elimination of the federal credit union charter.
The American Bankers Association reports that there is not enough time to the proposal to move far from the table at this time, leaving much left to the succeeding administration.
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IBA members honored for support of Guard and Reserve
The Iowa Bankers Association was one of five recipients of the 2007 Seven Seals Award awarded by the Iowa Committee for Employer Support for the Guard and Reserve (ESGR). The award is presented to select employers that have gone above and beyond in their support of civilian military members.
IBA President and CEO John Sorensen (center) accepted the award on behalf of IBA member banks at the ESGR Award Luncheon on April 5 in Des Moines. Major General Ron Dardis (left) and ESGR State Chair Barry Spear (right) presented the award.
Learn more about Iowa ESGR at www.iowaesgr.org.
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BUILD contributions reach $49,200 so far in 2008
The Iowa Bankers Association would like to thank members who have contributed to the 2008 BUILD campaign since the February kickoff. As of April 1, the support of IBA members had raised $49,200 for the political action committee (PAC).
“Each of our individual commitments to BUILD is what creates a successful group effort that helps elect politicians whose basic philosophies and beliefs are consistent with our own. In the case of the banking industry, we support candidates who understand business and its importance to the local, state and national economy,” said IBA Chair-elect Tom Stanberry, coordinator of the 2008 BUILD campaign.
In 2007, BUILD raised over $165,000 and became one of the top five PACs in Iowa. IBA members can continue to help strengthen the industry’s voice by contributing to BUILD in 2008. Each individual contribution brings the PAC closer to the 2008 fundraising goal of $170,000.
Click here to download a 2008 BUILD contribution worksheet.
IBA members from the following institutions made BUILD contributions from Feb. 1 to April 1:
Ackley State Bank, Ackley *
First National Bank, Akron *
Peoples State Bank, Albia *
Iowa State Bank, Algona *
Legacy Bank, Altoona
Ames National Corporation, Ames
First National Bank, Ames
Community State Bank, Ankeny
Landmands National Bank, Audubon
Commercial Savings Bank, Carroll
Midwest Heritage Bank, Chariton
Cherokee State Bank, Cherokee
Clear Lake Bank & Trust Co., Clear Lake *
Citizens First Bank, Clinton
Gateway State Bank, Clinton
Peoples Trust & Savings Bank, Clive *
First State Bank, Conrad
First National Bank, Creston
Decorah Bank & Trust Company, Decorah *
East Dubuque Savings Bank, Dubuque *
Liberty Trust & Savings Bank, Durant *
Fidelity Bank & Trust, Dyersville
Bank Plus, Estherville
Fairbank State Bank, Fairbank *
Lee County Bank & Trust NA , Fort Madison
Glenwood State Bank, Glenwood *
Security Savings Bank, Gowrie
Grinnell State Bank, Grinnell *
Citizens Savings Bank, Hawkeye
Heritage Bank NA, Holstein *
Security State Bank, Independence *
Iowa Bankers Association, Johnston
Iowa Bankers Insurance & Services, Johnston
Iowa Bankers Mortgage Corporation, Johnston
Polk County Bank, Johnston *
Iowa State Savings Bank, Knoxville
Primebank, Le Mars
First State Bank, Lynnville *
Bankers' Bank, Madison
Farmers & Merchants Savings Bank, Manchester
First State Bank of Mapleton, Mapleton *
Farmers State Bank, Marion *
Heritage Bank, Marion *
Northwoods State Bank, Mason City *
Mediapolis Savings Bank, Mediapolis
Peoples Savings Bank, Montezuma
Moorhead State Bank, Moorhead *
Wayland State Bank, Mount Pleasant *
Mount Vernon Bank & Trust Co., Mount Vernon
Community Bank, Muscatine
Farmers & Merchants State Bank, Neola *
New Albin Savings Bank, New Albin
State Bank of Lawler, New Hampton *
Danville State Savings Bank, New London
New Vienna Savings Bank, New Vienna
First Newton National Bank, Newton *
City State Bank of Norwalk, Norwalk
American State Bank, Osceola *
MidWestOne Bank, Oskaloosa *
Community State Bank, Paton
Marion County State Bank, Pella
Houghton State Bank, Red Oak *
First National Bank, Shenandoah
Iowa-Nebraska State Bank, Sioux City
Vantus Bank, Sioux City
Security Trust & Savings Bank, Storm Lake
Northeast Security Bank, Sumner
Security State Bank, Sutherland
Security State Bank, Waverly
State Bank & Trust Company, Waverly
West Bank, West Des Moines *
Westside State Bank, Westside
Farmers Savings Bank, Wever
Farmers & Merchants State Bank, Winterset *
Farmers State Bank, Yale *
* Indicates the institution has met its 2008 BUILD goal. Click here to view a complete list of individual contributors.
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U.S. Senate rejects mortgage-bankruptcy amendment
On April 3 the U.S. Senate voted 58-36 to table an amendment offered by Sen. Dick Durbin (D-IL) that would have allowed bankruptcy judges to change mortgage terms on primary residences. The vote, which came after a day-long debate on the housing stimulus package (H.R. 3221), means the Durbin bankruptcy amendment will not be included in the legislation addressing the foreclosure crisis.
The Iowa Bankers Association (IBA) and other groups were concerned the amendment would increase the cost of buying a home, pricing some Americans out of the housing market while making home ownership more expensive for others.
“The IBA thanks our members for their grassroots contacts on this issue over the past few weeks and for contributing to a significant win for our industry,” said IBA President and CEO John Sorensen.
Sen. Charles Grassley (R-Iowa) opposed the amendment, while Sen. Tom Harkin (D-Iowa) voted in its favor.
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IBIS recognized by AAA for outstanding sales achievement
Iowa Bankers Insurance and Services, Inc. (IBIS) recently received the 2007 President’s Award for Outstanding Sales Achievement from AAA The Auto Club Group. IBIS earned the honor by achieving more than $200,000 in sales of new insurance premiums during 2007.
Iowa AAA consultant Nick Spencer said the achievement was notable because IBIS began marketing AAA insurance in June of 2007 and was able to reach $233,000 in sales by December.
“IBIS is always proud to be singled out by any company for the production and volume generated by all of our participating subagents,” said IBIS/Agency Services Vice President Gary Livesay. “It confirms we made the right decision for our subagents when selecting this particular insurance company.”
Livesay expects premiums to continue to increase with AAA through 2008 and beyond.
Approximately 67 insurance agencies in Iowa are currently appointed to do business with AAA through IBIS/Agency Services. The AAA contract allows bonus commissions to be paid to all participating agencies who submit business from July 1, 2007, to Aug. 31, 2008. To qualify, the business submitted during this time period must achieve a 50 percent pure loss ratio (written premium minus paid losses) or less.
Special AAA contests have also been valuable to participating agencies. In the fourth quarter of 2007, AAA ran a contest which paid $60 per auto (not per policy) for new business which generated over $17,500 in bonus checks that went out to all participating agencies in February.
Iowa AAA consultant Nick Spencer (left) presented the AAA President’s Award for Outstanding Sales Achievement to Gary Livesay, vice president of IBIS/Agency Services.
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Iowa Speedway discount promotion now available to all IBA members
Currently, the IBA partners with the Iowa Speedway in Newton to offer a 15 percent discount on race tickets for Bank Club banks. Due to an overwhelming interest in the promotion, the IBA has opened the offer up to all IBA member banks. To qualify visit www.ticketmaster.com, select the race you would like to attend and enter IABANKERS08 in the promotional code box. Select the seating level you prefer and follow the instructions to make your purchase. Ticket limits and restrictions may apply. Offer expires Sept. 21, 2008. For race information, contact the Iowa Speedway at 866.RUSTY.GO or visit www.iowaspeedway.com. If you have any questions, contact the IBA’s Dia Gross at 800.532.1423, ext. 4384.
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Business leaders optimistic about Iowa’s economic future
As discussion of a national economic slowdown continues to make headlines nationwide, a panel of Iowa business leaders expressed optimism about the condition and future of Iowa’s economy. The April 1 forum at Drake University featured a five-member panel, which included Iowa Bankers Association Chairman Jim Schipper.
Iowa Department of Economic Development Director Michael Tramontina reported that the state’s economy is “very strong,” noting that Iowa is “well poised to grow into the future with biotechnology.”
As Chairman and CEO of American State Bank in Osceola, Schipper offered insight from the perspective of Iowa banks. He said the strength of Iowa’s agricultural economy is very strong but noted the impact of increasing energy and oil prices.
“It’s not unusual any more for a community bank to be talking about the price of energy and oil ... as it relates to corn prices and agriculture in Iowa, so we’re certainly not isolated from economic issues,” Schipper said.
Questions about the sub-prime mortgage issue and the impact of interest rate cuts were also addressed by the panel.
“One of our biggest challenges in banking today is the volatility of markets, particularly the volatility of interest rates,” Schipper said, noting that low interest rates are good for homebuyers seeking an affordable mortgage. “For everybody that’s happy about interest rates being low, we have just as many people unhappy ... because they’re living on their interest checks from their CDs,” he said.
Schipper emphasized the soundness of Iowa banks, noting that almost all banks in the state are highly-rated by regulators.
“Iowa banks are in the business of making loans. ... The banking system in Iowa is very strong and well-capitalized and very liquid, and we’re looking every day for new loan opportunities,” he said.
Pictured above (from left): IBA Chairman Jim Schipper; State Budget Director Dick Oshlo; David Maahs of the Greater Des Moines Partnership; Leisa Fox of the Iowa Association of Business and Industry; and Iowa Department of Economic Development Director Michael Tramontina.
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IBMC honored for efforts to help first-time homeowners
Iowa Finance Authority recently awarded Iowa Bankers Mortgage Corporation (IBMC) the Top Mortgage Aggregator Award for 2007. IBMC was honored for its efforts to help Iowans become first-time homeowners in 2007. During the year, IBMC originated 258 FirstHome loans totaling more than $18 million. The efforts of IBMC and other lenders across the state helped a record 3,485 Iowans achieve the dream of homeownership with IFA’s FirstHome and FirstHome PLUS programs. Pictured (from left) are Irene Hardisty with Iowa Finance Authority, IBMC Marketing Representative Pam Kucera and IBMC President Dan Vessely. The award was presented on April 3 at the Iowa Mortgage Association Spring Conference in Iowa City.
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Register now for Capitol Hill Visit and post trip
Join the Iowa Bankers Association for the 41st annual Capitol Hill Visit June 10–13 followed by the post trip to The Greenbrier resort June 13–15. Participants will spend four exciting days in our nation’s capitol visiting with legislators, seeing the sights and gaining insight from notable speakers, including Jim Nussle, Director of the Office of Management and Budget.
Registration materials have been mailed to IBA member banks. Click here for more information or to download a registration form online. The deadline to register is May 12. Contact the IBA’s Molly Lydon with any additional questions at 800.532.1423 or e-mail mlydon@iowabankers.com.
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