12 Hoosier Banker October 2015 CONVENTION COVERAGE Welcome to the 2015 Annual Convention of your Indiana Bankers Association. It has been my privilege to serve as your 2015 board chairman, and I would like to update you on your association. Membership includes all of the 117 banks and thrifts headquartered in Indiana, 21 banks and thrifts headquartered outside of Indiana, and four trust companies, for a total of 142 financial members. We are also proud to have 185 associate members who support the IBA financially with the purchase of booth spaces, sponsorships and advertising throughout the year. IBA remains financially strong, with about $6.3 million in cash and investments and a net worth of around $6.7 million. IBA has no debt and is one of the most financially secure state bankers associations in the country. In 2014 IBA had a net income of $2,011,226, of which $1,723,431 was from entrepreneurial efforts in New Markets Tax Credits, resulting in a net operating profit of $287,795. You may recall that the IBA is the only trade association in the country to have ever been granted an allocation of New Markets Tax Credits. This entrepreneurial pursuit of over a decade ago is now culminating over the next couple of years and will result in about $8 million to the IBA. The U.S. Department of the Treasury has a two-year clawback of the tax credits following the closing of each transaction, and the IRS has a three-year window to audit and challenge a tax return. Consequently your board of directors wants to be cautious in our use of these funds. By the year 2020, all of these dates will be behind us, and plans can then be made and implemented regarding the best use of these funds to support the industry in Indiana. Our annual audit from CliftonLarsonAllen resulted in a clean audit. In addition we asked CliftonLarsonAllen to perform an audit of our operations processes, to make sure we did not unwittingly breach any of our system’s integrity resulting from our data base management system conversion in 2014. That audit, too, came back clean. There were also audits of our 401(k) by the IRS, of property taxes by the Marion County auditor, and of the Group Health Insurance Trust by the Department of Labor. I am pleased to report that all came back clean and require no action on our part, and no monetary penalties. At the Statehouse this year, we were able to fight off attempts to require lenders to maintain abandoned real estate during the foreclosure process, even though it is not owned by the lender during this process. We were also able to support legislation that clarified that funeral trusts could be invested in third-party investments and passed legislation that clarifies that only the state legislature has the power to enact the rules for foreclosures, not local government. A crowning IBA 2015: A Year of Achievements About the Chairman Larry W. Myers, 2015 chairman of the Indiana Bankers Association, is president and chief executive officer of First Savings Bank, Clarksville. He additionally serves on the bank’s board of directors and as president of the First Savings Charitable Foundation. Myers joined First Savings Bank in 2005 as chief operating officer and was named to his current position in 2006. He previously served since 1982 with National City Bank, most recently as area president of Southern Indiana. Myers is a member of the St. Louis Federal Reserve Community Depository Institutions Advisory Council and has served the American Bankers Association on the Community Bank Council and Mutual Council. He currently is chairman of the Lincoln Heritage Council of Boy Scouts of America and is active with the One Southern Indiana-Chamber of Commerce. A certified trust financial adviser, Myers earned bachelor’s and MBA degrees from the University of Kentucky, has completed the Graduate School of Banking of the South and the Cannon Trust School, and holds Series 7 and Series 66 licenses. He previously served the IBA as first vice chairman, second vice chairman and southeast region director. He will continue service to the IBA board of directors in 2016 in the capacity of immediate past chairman. Annual Convention address by: Larry W. Myers First Savings Bank, Clarksville IBA Chairman 2015
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