Community bankers from across Virginia gathered at Kingsmill Resort in early October for VACB’s 47th Annual Convention & Trade Show. Members enjoyed quality time together while bringing VACB’s proven formula for convention success to life. The VACB annual convention focuses on trends in the banking environment, exposure to the latest solutions provided by our Associate Members, and great networking opportunities throughout our time together. The two business sessions delivered valuable insights and inspiration, perfectly aligning with the convention’s goals. The Monday session began with the annual business meeting, where officers and directors were elected. Up next was an economic overview presented by Thomas O’Neill with Equifax. O’Neill framed his session around credit trends and delinquencies, discussing the Fed’s recent rate cut and its implications for banks, consumers and the broader economy. Our next presenter and familiar friend was Alan Kaplan, who provided insight into the war for talent in banking. Alan stressed that finding and keeping talent continues to be a struggle in the financial sector. The environment in which banks address talent needs is unlike any before. Banks are stretching well outside the box to attract employees from the current labor market by offering benefits like flex time, professional development opportunities and even pet insurance. Alan shared that those implementing these innovative ideas have positioned themselves for continued success. He also reminded attendees just how critical it is to have the banks’ succession planning start early and to have both CEO and board succession plans reviewed regularly. The first business session ended with a lively and engaging discussion on generative AI and how it will affect the future of banks and customers alike. Sam Richter got attendees buzzing about the practical uses bankers can deploy to use generative AI in their bank roles to improve performance. In addition to sharing how to use these new tools, Sam cautioned attendees about the ethical considerations and decisions business leaders face with these rapidly evolving tools. Monday afternoon, attendees gathered to celebrate retiring VACB President & CEO, Steve Yeakel. A celebratory lunch allowed attendees to honor Steve’s contributions to VACB during his 12-year tenure. Virginia Bureau of Financial Institutions Commissioner Joe Face started the comments, delivering a very sincere sendoff for Steve. Commissioner Face recounted the years they had worked together for the betterment of community banking in the Commonwealth. Others followed Commissioner Face and thanked Steve for his service to community banking in Virginia and all that he had accomplished on their behalf. At the Chairman’s Celebration on Monday night, attendees dressed to the nines for a night at Joe’s Speakeasy, reliving the carefree spirit of the Roaring Twenties! Outgoing VACB Chair Joe Witt was honored for his year at the VACB 47TH ANNUAL CONVENTION COVERAGE October 6-8, 2024 Kingsmill Resort, Williamsburg, Virginia 8 The CommunityBanker
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