Hoosier Banker 23 Later this year, the IEDC will start to award $50 million of the new Rehabilitation Tax Credit on an annual basis. The projects that are awarded these tax credits are the most exciting business expansion opportunities in Indiana. Tax credit purchasers are receiving a cash on cash spread in excess of 8% with limited risk in exchange for helping the state achieve its economic goals.12 There is no better time for banks doing business in Indiana to invest in Indiana! HB 1 IEDC 2019 Business Plan; go to: calendar.in.gov/site/ iedc/event/iedc-2019-businesses-plan-27000-newhoosier-jobs-with-record-high-average-wages/ 2 Go to: iedc.in.gov/incentives A new law—the Economic Growth, Regulatory Relief, and Consumer Protection Act—makes most reciprocal deposits no longer brokered. This is a huge growth opportunity for banks across the nation. Now your bank can grow even more deposits that increase franchise value; attract even more high-value, local customers; and increase funds available for local lending. To learn more, contact your Regional Director, Erich Buckenmaier, at (866) 776-6426, ext 3354 or ebuckenmaier@promnetwork.com. MOST RECIPROCAL DEPOSITS NO LONGER BROKERED Tena Chipman, Bloomfield service manager, MutualBank, Muncie, has completed 40 years of banking service. Karen Simmons, compliance analyst, MutualBank, Muncie, has completed 20 years of service with the bank. Traci Trotter, administrative assistant human resources, First Bank Richmond, has completed 25 years of service with the bank. Carol McCurdy, assistant Centerville branch manager, First Bank Richmond, has completed 20 years of service with the bank. 3 Go to: secure.in.gov/apps/iedc/transparencyportal/ searchtaxgrantloancontracts 4 IC 6-3.1-19; go to: iedc.in.gov/incentives/communityrevitalization-enhancement-district-tax-credit 5 IC 6-3.1-11; sunset as of Dec. 31, 2019; some project awards still in need of investment. 6 IC 6-3.1-34; started on Jan. 1, 2020; go to: iedc.in.gov/ incentives/redevelopment-tax-credit 7 Federal Register Aug. 2, 2005 (Volume 70, Number 147); pages 44256- 44270. Go to: fdic.gov/news/news/ financial/2005/fil7905a.html 8 OCC, Government Targeted Areas, Common Part 24 Questions (2013; go to: occ.gov/topics/consumers-andcommunities/community-affairs/resource-directories/ public-welfare-investments/common-part-24-questions. html#GTA 9 IC 28-1-11-14. 10 See 12 C.F. R. 25,195,228, et al; IC 28-1-11-14. 11 Public Law 102-102-485, §6(b), 106 stat, 2774 and 12 U.S.C. § 338a. 12 The typical tax credit transaction results in the sale of the tax credit only. A bank participating in a tax credit transaction does not participate in the economic operations of the small business awarded the tax credit. ANNIVERSARY MILESTONES A salute to bankers with 20+ years of service Cindy Zay, vice president/ mortgage lending manager, First Federal Savings Bank, Huntington, has completed 35 years of service with the bank. She serves as secretary of the board for Love INC of Huntington County and is a member of the Knights of Columbus #1014 Ladies Auxiliary. Zay is a graduate of Purdue University. Miriam Barker, customer service manager/loan processor in the North Huntington office of First Federal Savings Bank, Huntington, has completed 30 years of service with the bank. She joined the bank as a teller and later was promoted to head teller and to customer service representative/new accounts/loan processor. HB
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