ISSUE 2 • 2024 116TH ANNUAL UBA CONVENTION RECAP THE OFFICIAL PUBLICATION OF THE UTAH BANKERS ASSOCIATION
Discover® Debit keeps it simple. If you’re scanning through a hefty monthly debit statement, you’re likely missing hidden or confusing fees. With Discover® Debit you get a one-page statement, transparent fees, and more revenue. Let’s talk about it. Find out more at DiscoverDebit.com/NoGames We Don’t Play Games with Your Debit Program
TABLE of CONTENTS 4 The Bottom Line By Howard Headlee, President and CEO, UBA 5 WASHINGTON UPDATE The “Other” CRA A Lesser-Known Tool in the Policy Toolbox By Rob Nichols, President and CEO, ABA 6 116th Annual UBA Convention Recap By Brian Comstock, Director of Communications & Marketing, UBA 9 Introducing the 2024-2025 UBA Board of Directors 10 Message From the New UBA Chair By Mark Packard, Chair, UBA, President/CEO, Central Bank 12 Eric Schmutz Named 2024 Distinguished Banker 13 UBA Women in Banking Conference By Brian Comstock, Director of Communications & Marketing, UBA 14 The Power of Blogging Enhancing the Community Bank Social Media Marketing Strategy By Neal Reynolds, President, BankMarketingCenter.com 16 Bank Kudos 18 Benchmark Your Way to Workforce Success By Al Elio, Content Marketing Manager, isolved 20 Branch Closings Requirements and Nuances By Erin Busse, JD, Associate General Counsel, Compliance Alliance 22 Bankers on the Move 24 Welcome to Our New Associate Members! 24 UBA Associate Members Utah Banker 3
BY HOWARD HEADLEE President and CEO, UBA The Bottom Line Unbelievable. That’s the only way I can describe the current political situation. But perhaps not for the reasons one would expect. It’s been decades since we witnessed an attempted assassination of a president of the United States. And while it is unbelievable that someone was able to get a gun onto a roof in such proximity to a high-profile target, it’s even more unbelievable that a subtle head turn was the only thing preventing a catastrophic event that could have dramatically changed so many aspects of American life. We’ve also never seen an incumbent president purportedly lose his mental acuity in real-time while in office, forcing a major party to change candidates four months before an election. It’s also unbelievable that those we look to for reliable information may not have been as forthcoming as we’d expect. Frankly, these events are a wake-up call that we MUST temper the outrageous political rhetoric and personal demonization of public servants in America. But that’s a subject for another column, another day. To me, what is truly unbelievable about this election cycle is not the attempted assassination or the withdrawal of the incumbent, but rather the fact that both sides are hyperventilating about threats to our democratic republic, while neither refers to the national debt or the dysfunctional budget process in D.C. Equally unbelievable is the fact that many voters refuse to acknowledge the connection between this fiscal dysfunction and the inflation that is ravaging their lives. Or the fact that our $35 trillion in debt — and the lack of discipline that has created it — is the single greatest threat to our form of government, our freedoms and our way of life. Bankers are in a perfect position to rise above the partisan narratives and to lead the country in a realistic and sober conversation about the implications of our financial situation, and the threat it poses to the pursuit of happiness in America today. Everything we do in the banking industry is focused on helping Americans safeguard and grow their financial resources as they pursue this happiness. Inflation is the anti-bank. It does the exact opposite. It works against everything we are doing every minute of every day. We can’t beat inflation without fiscal discipline inside the beltway, and we are nowhere near that goal. But we could achieve it if voters — our customers — demand it from those seeking election, and bankers need to lead that discussion. In today’s political cycle, voters are inundated with unbelievable narratives and extreme rhetoric, and they are growing weary of all the political hyperbole. It might be the perfect time for bankers to lead their communities in a thoughtful discussion about our country’s debt and lack of fiscal discipline. If not us, who? If not now, when? We of all people understand that time is not on our side. Utah Banker 4
WASHINGTON UPDATE The “Other” CRA A Lesser-Known Tool in the Policy Toolbox BY ROB NICHOLS President and CEO, ABA measure, it sent a strong and clear signal that Congress disagreed with the bureau’s rule. In addition, a resolution of disapproval under the CRA was also passed in May to invalidate the Securities and Exchange Commission’s Staff Accounting Bulletin 121, which changed the way that banks and other publicly traded entities are expected to account for digital assets held in custody. ABA is also supporting a CRA challenge to the CFPB’s recently finalized credit card late fee rule. The House Financial Services Committee favorably reported that resolution of disapproval in April. The Congressional Review Act is so powerful because resolutions can move to the Senate floor quickly through an expedited “fast track” procedure and that, once on the floor, a resolution requires only a simple majority vote to pass — not 60 votes, like most legislation. This fast-track process stipulates a specific timeframe during which rules issued in this Congress can be invalidated by the next Congress: The rule must be issued during a window of 60 session or legislative days prior to Congress’ adjournment at the end of the year in order for the next Congress to have an opportunity to invalidate the rule. We are now nearing the window where any final rules that are issued by the agencies could be challenged under the CRA in the next Congress — yet another reason why electoral outcomes matter. However the elections shake out in November, ABA’s focus will remain unchanged: supporting a policy environment that supports America’s banks in their mission to supply credit to their customers, clients and communities. And we’ll continue to use every tool in the toolbox to ensure that our broad and diverse banking sector can continue to thrive. Email Rob at nichols@aba.com. The banking agencies are tasked with writing and implementing regulations for the laws enacted by Congress, but they do not have free reign. In creating these rules, regulators must act within the boundaries of their statutory authority or run the risk of legal challenge — and ABA has not been afraid to hold them accountable in court when they get it wrong. But Congress can also hold agencies accountable when there are policy disagreements by simply overriding final rules. In ABA’s view, regulators have exceeded their authority in several recent regulatory actions, including the 1071 final rule, the credit card late fee final rule, the new Community Reinvestment Act final rule and the expansion of UDAAP authority via an update to an examination manual. When I addressed bankers at the 2024 ABA Washington Summit earlier this year, I assured them that ABA would use every tool in our toolbox to push back against the “regulatory tsunami” that regulators have unleashed upon the banking industry. Litigation is obviously a tool that we’ve been forced to use now several times — as evidenced by our four current legal challenges against bank regulators — but it isn’t the only option. Among the other tools available is a lesser-known mechanism called the Congressional Review Act — which we sometimes refer to as “the other CRA.” The Congressional Review Act was enacted in 1996 to provide Congress with an avenue for overturning certain federal regulatory actions, but inexperience with the new law and divided government meant it was only used once in its first 21 years. During the Trump administration, however, when Congress and the White House were controlled by the same party, the CRA was used successfully 16 times. Highlights included ABA-backed resolutions to overturn the CFPB’s rule effectively banning the use of mandatory arbitration for financial products — a rule that ABA strongly opposed — and a resolution to nullify the bureau’s 2013 indirect auto lending guidance after the Government Accountability Office issued a formal decision in 2017 that the guidance constituted a rule. Congress passed CRA resolutions three more times during the Biden administration, and lawmakers continue to introduce them. Recently, ABA supported a CRA challenge to the CFPB’s 1071 final rule. That CRA challenge was passed by a bipartisan majority in both the House and Senate — and though President Biden ultimately vetoed the Utah Banker 5
116th Annual The 116th Annual UBA Convention returned to the beautiful Sun Valley Resort on June 23-26, 2024. The setting was picturesque, the weather was idyllic and the turnout was outstanding, with more than 400 bankers, guests and business partners gathering to reconnect with friends, collaborate with colleagues and enjoy time with family. The event kicked off with registration in the Exhibit Hall on Sunday afternoon, as bankers and their families visited more than 45 exhibitors — including many familiar faces while also welcoming some new ones to the event. As always, there were plenty of games, swag, candy and smiles all around. Nonverbal Communications Expert Linda Clemons® led off the Monday Business Session, providing insights into the nonverbal cues we all use and signs we should look for in others. With her funny and engaging style, everyone was on the edge of their seat. Derek White from Galileo Financial Technologies discussed transformation beyond the glass and how interactions will be the currency of the future. Geoff Gray and Howard Headlee capped off the morning by looking ahead to November’s election, with predictions for the White House and Congressional races and how any shift in power will affect the banking industry. Attendees enjoyed lunch on the Lodge Terrace — which featured wonderful prize giveaways from event exhibitors — before dispersing to breakout sessions on topics like FHLBank, employee engagement and motivation, industry hot topics with the UDFI and real-time payments. Later that afternoon, nearly 600 participants packed the Inn’s Limelight Ballroom for the UBA’s “world famous” bingo game, competing for awesome prizes like hoverboards, Legos, wireless speakers, theater gift cards and many others. RECAP UBA CONVENTION BY BRIAN COMSTOCK Director of Communications & Marketing, UBA Continued on page 8 Utah Banker 6
Utah Banker 7
Tuesday was the traditional Activities Day, with attendees and family members partaking in a fun run, whitewater rafting trip, golf tournament, horseback riding, trap shooting, pickleball tournament and — new this year — UTV off-road rides! Following a little downtime and some necessary cleanup — particularly for the UTV riders — bankers and guests gathered for the Chairman’s Reception & Dinner, honoring UBA Immediate Past Chair Andrea Moss (Nelnet Bank) and ABA Chair Julie Thurlow (Reading Cooperative Bank). After dinner, several bankers were recognized for their service to the UBA and the industry, including UBA Chair Andrea Moss, Immediate Past Chair Matt Bloye, UBA Board Members Kay Hall and Spencer White, and Emerging Bank Leaders Chair Tyson Broderick. In addition, three bankers were presented with 40 Year Service Awards. 40 YEAR SERVICE AWARD HONOREES • Rob Bowen — CEO, Brighton Bank • Peter Morgan — Executive Director of National Lending, Zions Bank • Michael Poll — Director of Credit (Private Banking), Zions Bank We also took a moment to acknowledge Becky Wilkes for the indelible contributions she has made to the Utah Bankers Association. She is retiring at the end of the year, and she will be sorely missed by her team and bankers throughout Utah. The evening’s program closed with the presentation of the Distinguished Banker Award to State Bank of Southern Utah President & CEO Eric Schmutz — see page 12 for more. But then it was time for everyone to hightail it over to the Sun Valley Pavilion for a night of rock ‘n’ roll with Liverpool Legends, the premier Beatles tribute act. Bankers were dancing in the aisles and singing along to Beatles classics, a rocking ending to a magical night. Wednesday’s Business Session brought the convention to a close. ABA Chair Julie Thurlow implored the audience to continue advocating and innovating in the face of the current policy and regulatory environment. Robert Spendlove provided an economic outlook that was lukewarm at best but the situation in Utah leaves room for hope. Andrea Moss reflected on her year as UBA Chair, presenting a “Top 10 Reasons for Optimism” list, and then it was time to elect the 2024-2025 UBA Board of Directors. The assembled bankers installed Mark Packard (President/CEO, Central Bank) as chair (see page 9 for the complete list), and he took a moment to discuss the UBA’s rich history and all that we can accomplish together. Packard introduced the convention’s closing speaker — Jim Olson, former CIA chief of counterintelligence. Olson and his wife lived as spies for more than 30 years, and he recounted the challenges, hardships and opportunities that life created for his children, family and friends. “Our country faces grave danger,” he said, “[but] we will prevail ... because our best young people are stepping forward.” Mark your calendar! The 117th Annual UBA Convention will return to Sun Valley on June 22-25, 2025. Continued from page 6 Utah Banker 8
Introducing the 2024-2025 UBA BOARD of DIRECTORS Chair Mark Packard Central Bank President/CEO Provo Vice Chair Todd Boren Celtic Bank President & COO Salt Lake City 2nd Vice Chair & Treasurer Shelly Holt First Community Bank President & CEO Layton Immediate Past Chair Andrea Moss Nelnet Bank President & CEO Draper President Howard Headlee Utah Bankers Association President & CEO Salt Lake City Chair, Regional Bank Advisory Council Mori Paulsen Bank of America Salt Lake Market President Salt Lake City Chair, Community Bank Advisory Council Branden Hansen Bank of Utah President Ogden Chair, Industrial Bank Advisory Council Jason Price WEX Bank President & CEO Sandy Board Members Bruce Ashcroft Brighton Bank President & COO Salt Lake City Brady Bagley American Express Vice President & Controller Salt Lake City Phil Beck JPMorgan Chase Executive Director & Area Manager Salt Lake City Jan Bergeson Ally Bank Utah Market Leader Sandy Matt Bloye Wells Fargo Region Executive for Utah and Idaho Salt Lake City Paul Burdiss Zions Bank President & CEO Salt Lake City Kristin Dittmer Regions Bank EVP, EnerBank Risk Manager Salt Lake City Lew Goodwin Square Financial Services Banking Services Lead Sandy Terry Grant Altabank President & CEO American Fork Gary Harding Milestone Bank Chairman, CEO & President Salt Lake City John Jones Cache Valley Bank CEO Logan Kevin Krohn U.S. Bank Senior Vice President, Utah Market Leader Ogden Carson Lappetito Sunwest Bank President & Director Sandy Jason Lloyd WebBank President & CEO Salt Lake City Kisty Morris Morgan Stanley Bank Executive Director Salt Lake City Eric Schmutz State Bank of Southern Utah President & CEO Cedar City David Stahl Hillcrest Bank Market President Bountiful Joe Stroud UBS Bank USA Executive Director & General Counsel Salt Lake City Drew Yergensen KeyBank Utah Market President Salt Lake City Utah Banker 9
Message From the New UBA Chair My name is Mark Packard. To introduce myself, let me share a little bit about the people closest to me. I am married to the amazing Wendy Lee Packard, who asked me out on our first date by sliding a deposit slip into the bank drive up with her name and phone number. What a gutsy move, how could I ever say no to a girl like that! We have three beautiful daughters who TRY to keep their father out of trouble. I have an amazing mentor and best friend who I have worked with for over 40 years, and just so happens to be my brother, Matt Packard. Come to think of it, he has tried to teach me lessons for almost 60 years. I am the last child of Cal and Betty Packard, who I love and miss dearly. I am a fifth-generation banker at Central Bank, which started in Springville in 1891. Our bank is built on the importance of culture and the stories that have created that culture, which gives us a firm foundation to charter our way forward in a complex and ever-changing industry. Culture is not only important in our individual banks, but it is also a vital component for the Utah Bankers Association. So, who are we as an association? And what has Utah Bankers grown up to be since its beginnings in 1909? Marriner Eccles, who formed First Security Bank in 1928 and later served as the chair of the Federal Reserve Board, stated in a speech given to the UBA in 1925, “The strength and usefulness of these organizations depend upon the cooperative efforts of the members. Our very progress is directly dependent upon our ability to work together. Today in a highly complex state of commercial and industrial organization, man depends not upon his own unaided strength, but upon his ability to work in great units. Progress is a growing participation of more and more people in more and more of the good things of life.” What a quote. Substituting Utah Bankers, let me reiterate one part: “The strength and usefulness of Utah bankers depends upon the cooperative efforts of the members. Our very progress is directly dependent upon our abilities to work together.” BY MARK PACKARD Chair, UBA, President/CEO, Central Bank Utah Banker 10
Combining this ability to work together with the strategic vision of UBA — to Promote, Protect and Provide — makes us a strong and cohesive organization that can confront the challenges we face today. To achieve our goals to promote, protect and provide, we must do it together. Over the last 115 years, we have pulled together through good times and challenging times to create an organization of camaraderie, caring and action. That is the culture that has been built in the UBA, and you can see the examples of this culture from the beginning. In 1909, there were 95 national banks in the state of Utah, including McCornick & Co., Walker Brothers, Zions Savings Bank, National Bank of the Republic, Deseret National and First National Bank, to name a few. There were also many small institutions spread throughout the state. In June of 1909, the Salt Lake Herald-Republican describe the first meeting of the Utah Bankers with this headline: “Utah Bankers Meet to Form an Association — To Promote Best Interest of the Institutions of State and Promote against Crime.” The association had 61 of those 95 banks as initial members its first year, and Lewis S. Hills of Deseret National Bank was the first president. Bankers have been the core of leadership from the beginning. In fact, the organization was run solely by bankers for almost 60 years. This example of service has been amplified throughout the years, as bankers have engaged in the UBA to create a powerful team to promote, protect and provide for the Utah banking industry. There have been so many bankers in the past that have paved the way and sacrificed their time and talents for the betterment of our industry through the UBA. Each of us can think of people in our own organizations and other banks that have done this, and I can think of three generations of my own family that have had the opportunity to serve with other bankers and UBA staff. Since the mid-1960s, there have only been four individuals to help bankers run the organization: Fred Eberhard, Harold Anderson, Lawry Alder and Howard Headlee. Each leader’s personality has been different, and each has promoted the goals of UBA in a unique way, while always moving the association forward. Currently, we are blessed to have the bright, creative, tenacious and hard-working Howard Headlee leading us. We also need to thank his wife, Tana, for her sacrifice, and we appreciate her willingness to share Howard with us as he works long hours and is away from home. But Howard can’t do it alone. The team that has been built at UBA is amazing! This team supports and helps us in so many ways. Becky, Sara, Brian and Beth are vital pieces in making the organization a success. As we all now know, Becky is retiring at the end of this year. Her dedication to UBA is unmatched, her friendship is felt by all and her love for bankers and the industry is unrivaled. She will be missed! Each person in the UBA office is a skilled steward of their area, and they continually raise it up and prepare it so that the next person can take it to higher heights. So, what role do we play? As I look around our great state, I see hours and years of service and dedication to Utah bankers and the industry. Thank you for all you and your organizations do for the UBA! Your great work is embodied by this quote from Roy Simmons, a banking icon and leader of Zions National Bank for many years: “The only way to truly appreciate what you have is to work for it.” He also said in 1960 to the Junior Chamber of Commerce, “The only way you get ahead is to do something that no one asks you to do — do it on your own. Walk that extra mile.” We can’t become complacent in our participation with UBA. It is a team sport, and we must do our part, continually elevating and promoting our game so that UBA can progress and move forward. That could mean supporting the committees, being more active with the state legislature, sending more bankers to D.C. to visit representatives or having employees participate in the Executive Development Program, Emerging Bank Leaders or the Women’s Conference. By engaging our employees and providing these opportunities, we enable the next generation to become protectors, who are invested in furthering the great works of past bankers. I encourage you to sit down individually with your management and write down a few additional things that will increase your organization’s involvement with the UBA. The sacrifice you make as an individual and an organization will be returned to you, your bank and future generations of bankers many times over. I’d like to close with a quote from NFL quarterback Tom Brady, from his Hall of Fame induction speech: “The foundation of a successful team, a family or business is asking what you can do to support the mission … Everyone (is) committed to winning. Everyone (is) selfless. Everyone (is) always asking, ‘What can I do to help the team win?’ As the great John Wooden said, ‘Happiness begins where selfishness ends.’ To be successful at anything, the truth is you don’t have to be special. You just have to be what most people aren’t. Consistent, determined and willing to work for it. No shortcuts.” I love this quote because it represents our culture at UBA. We are consistent, determined and willing to work. We honor those who have come before us. We are working to ensure a better banking environment for today and in the future. This is who we are at the Utah Bankers Association. We can’t become complacent in our participation with UBA. It is a team sport, and we must do our part, continually elevating and promoting our game so that UBA can progress and move forward. Utah Banker 11
Eric Schmutz Named 2024 Distinguished Banker Eric Schmutz, president & CEO of State Bank of Southern Utah, was recognized as the 2024 Distinguished Banker in a presentation at the 116th Annual Utah Bankers Association Convention on June 25, 2024. The Distinguished Banker Award — first presented in 1985 — is awarded periodically to a Utah banker who makes a lasting impact on his or her institution, community and the banking industry. Schmutz is the 28th recipient of the UBA’s highest honor. During his nearly 40 years at State Bank, Schmutz has driven incredible growth for the bank, and he has been a respected leader in the industry, serving on the Board of State Bank Advisors, ABA Community Bankers Council and the board of directors of the UBA, in which he was elected chairman in June 2021. Despite a busy banking career, Eric and his wife, Brenda, are very active in their community and church. He has served as a Bishop, Stake President and Area Seventy in the Church of Jesus Christ of Latter-day Saints, serves on the Board of Trustees of Southern Utah University, and was awarded a Lifetime Achievement Award from the Cedar City Chamber of Commerce. Utah Banker 12
UBA Women in Banking Conference BY BRIAN COMSTOCK Director of Communications & Marketing, UBA The Utah Bankers Association hosted its 19th Annual Women in Banking Conference April 18, 2024, in downtown Salt Lake City and via Zoom. More than 200 bankers filled the Radisson hotel ballroom, with nearly 250 more joining online, for an inspiring day of speakers, featuring networking expert Ellen Poole, First Community Bank President & CEO Shelly Holt, Nelnet President & CEO Andrea Moss, Utah State Sen. Luz Escamilla and many others. Each presenter brought unique perspectives and experiences to the podium, but there were several prevailing themes, including: • “Out-prepare the competition — good luck is preparation meeting opportunity.” • “When in doubt, do the kindest thing.” • “Growth and change are constant.” • “How do you provide value to colleagues and your organization?” • “Do more, but don’t be afraid to ask for more.” Attendees at the Radisson also took part in a People Bingo Networking activity, allowing them to get to know many of their colleagues in the room. Women in Banking has become one of the UBA’s biggest annual conferences, and we hope to see you at next year’s event!
The Power of Blogging Enhancing the Community Bank Social Media Marketing Strategy BY NEAL REYNOLDS President, BankMarketingCenter.com Time flies, doesn’t it? Yes, it’s time once again for our biannual article about blogging. Why? Content (marketing) is king. Not only that, but over the last few years, a few months in fact, social media marketing has taken on an even greater importance. The opportunities that messaging across social media platforms in particular, are enormous. The key to growing share of wallets, deposits, customers and revenues is growing relationships. That hasn’t changed. What has changed is the way consumers behave. The watershed shift from in-line to online had begun to take place well before COVID, but the pandemic certainly accelerated it. The result has been an exponential increase in the opportunities community banks have to build and solidify personal relationships. It’s this personalization, as you know, that’s at the heart of the community bank brand. It’s no surprise that banks have been working hard over the last two years to execute strategies that make social media marketing an integral part of their overall marketing. Blogging has become a major focus for forward-thinking banks. Not only can blogging connect you with your customers, build relationships, increase brand awareness and generate sales leads, but it does so efficiently, effectively and measurably. In short, blogging facilitates interaction, interaction equals engagement, engagement equals relationship, and relationship equals loyalty and, ideally, increased revenue. Let’s talk about a few of the benefits: • Establishing Expertise and Authority: Consistently publishing high-quality blog articles enables your community bank to showcase its expertise and establish itself as a trusted source of guidance, services and products. By providing valuable insights, tips and advice on topics such as personal finance, small business banking, mortgage loans and financial planning, community banks can position themselves as go-to resources for financial information and guidance. Over time, this continues to build credibility and trust among customers, leading to stronger relationships and increased loyalty. • Driving Website Traffic and Engagement: Regularly scheduled blog articles serve as valuable content assets that will drive traffic to your website and increase engagement on your social media platforms. By sharing blog posts across social channels and driving visits to your site, you’re giving visitors the opportunity to learn more about your products and services. Additionally, blog articles provide opportunities for readers to comment, share and interact with the content, fostering community engagement and conversation. A lucky side benefit? Those visits are measurable, which means your blogs are providing valuable insights into audience behaviors. • Enhancing Search Engine Visibility: Start by thinking about the size of your website. How many pages are there? Probably not that many, right? And think about how often you refresh/ update the content on those pages. Probably not that often. This is where your blog comes in. Every time you create and publish a blog post, search engines consider that yet another indexed page on your website. This means that with each post, you’re creating one more opportunity for your site to show up on the search engine results page (SERP) and drive traffic to your website in a prospect’s organic search. Utah Banker 14
Not only can blogging connect you with your customers, build relationships, increase brand awareness and generate sales leads, but it does so efficiently, effectively and measurably. By consistently publishing fresh, relevant blog content that incorporates targeted keywords and phrases, you’re improving your organic search rankings and attracting more traffic from search engines like Google. This, in turn, increases your bank’s visibility and exposure to those potential customers who are actively searching the World Wide Web for financial information and services. • Building Relationships and Trust: Consistent blogging provides regular touchpoints for a community bank’s customer experience. By taking on common questions, concerns and challenges faced by customers through your blog, you’re demonstrating your understanding of your customers’ needs. Over time, this too fosters trust and loyalty among customers, leading to long-term relationships. • Showcasing Community Involvement: In addition to providing financial insights and advice, blog articles also offer community banks an opportunity to showcase their involvement in the community and highlight their values and corporate social responsibility initiatives. By blogging about employees and customers who are “stars” and your participation in charitable community events, you can demonstrate your commitment to making a positive impact in your community. Doing so strengthens your bank’s brand and the perception that you are a caring and responsible corporate citizen. • Driving Long-Term Results: Hubspot says, “Imagine you sit down for an hour on Sunday to write and publish a blog post. Let’s say that blog post gets you 100 views and 10 leads on Monday. You get another 50 views and five leads on Tuesday, as a few more people find it through social media. But after a couple of days, most of the fanfare from that post dies down, and you’ve netted 150 views and 15 leads. It’s not over.” Since that post is now ranking, it means that for days, weeks, months and years to come, you can continue to get traffic from that blog post. That’s because a blog post can bring traffic to your site long after its first posted. In fact, according to Hubspot, “About 90% of the leads we generate every month come from blog posts published in previous months. Sometimes years ago.” • Benefiting From Flexibility: Obviously, your social media marketing consists of, well, social media platforms such as LinkedIn, Facebook, X (formerly Twitter) and Instagram. Every time you create and post a blog, you’re creating content that 1) you can share across your social platforms and 2) people who see it can share with each other. So, with blogging, you’re not only strengthening your social reach with the blog itself. You’re also creating a web of engagement points that connect with each other and ultimately lead everyone you’ve engaged right to your website. Is this a comprehensive treatise on blog posting? No. There are a number of additional benefits to blogging that we haven’t discussed here. And there are a number of companies out there that can advise you on how to get the most out of your blogging, from software and templates to guidance on creating a blogging editorial calendar. My hope here is that you’ve learned just enough about blogging “to be dangerous,” as the saying goes. It’s a terrific tool for engaging customers and generating leads, so get out there and give it a try! Utah Banker 15
CCBANK CCBank Acquires Security Home Mortgage Capital Community Bank announced the successful acquisition of Security Home Mortgage (SHM), a well-respected provider of home mortgage solutions since 1999. This landmark deal marks a significant milestone in CCBank’s growth strategy, expanding its portfolio of financial services and reaffirming its commitment to fostering the financial well-being of the communities it serves. The business combination results in SHM becoming an independently operated subsidiary division of CCBank. This acquisition of SHM is a testament to CCBank’s strategic vision to offer a comprehensive suite of financial products that cater to the evolving needs of its customers and community. “CCBank and Security Home Mortgage are well-established Utah companies,” said Matt Field, CCBank’s president & CFO, “and this partnership enables us to strengthen our market position to continue delivering industry-leading financial products, services and home mortgages to our friends, families and neighbors who entrust us with their financial well-being.” CCBank Celebrates Grand Opening of New Corporate Office Building CCBank opened their new corporate office building in Pleasant Grove, marking a significant milestone in their commitment to better serving their members and community. The construction represents their dedication to centralizing their efforts to provide an enhanced banking experience for their valued members. By focusing on company-wide operations, they are aiming to streamline processes, improve efficiency and ultimately deliver superior service to every customer. KEYBANK Utah Community Action Program Expanding Workforce Development Initiatives Thanks to $300,000 Grant from KeyBank Utah Community Action (UCA) has received a grant from KeyBank for $300,000 in support of the expansion of its workforce development program, which offers training and credentials to help low-income individuals increase wages, benefits, job retention and further their career opportunities. Founded in 1965, UCA is one of over 1,100 community action agencies across the country providing low- and moderate-income families with comprehensive services to lift people out of poverty. The grant from KeyBank will help to expand the UCA’s Workforce Development program to include innovative workforce solutions, which may include custodial work and various trades such as HVAC technicians, electricians, plumbers and other contracted expertise that remains in short supply in Utah. “We have seen the increased need to support and provide workforce development and other essential life skills to disadvantaged adults in our community,” said Drew Yergensen, president of KeyBank’s Utah market. “This grant will help to equip more young adults in our community with the confidence, skills and training needed to navigate the workplace and manage their household budgets.” KeyBank Teammates Volunteer at Organizations in Utah on 33rd Annual Neighbors Make the Difference Day KeyBank hosted its 33rd annual Neighbors Make the Difference Day® on Thursday, June 6. Teammates in Utah spent time volunteering with community organizations at six different service projects in the region, joining thousands of KeyBank teammates nationwide receiving paid time off to volunteer at more than 550 projects in their neighborhoods. Local Neighbors Make the Difference Day locations included Utah Food Bank, Tremonton Food Pantry, Red Barn Farms, My Home Town, Bountiful Food Pantry and others. “Neighbors Make the Difference Day is another way that KeyBank invests in Utah by dedicating our collective time and talent to help communities thrive,” said Drew Yergensen, KeyBank Utah market president. “On this day and every day, we take pride in showing up in our region and all of the communities we serve to brighten lives and help transform neighborhoods in a meaningful way.” BANK KUDOS Utah Banker 16
TAB BANK Terri Lins of TAB Bank Wins Utah Business Executive Excellence Award Terri Lins, chief credit officer at TAB Bank, has received the Utah Business Executive Excellence Award. The award celebrates the highest achievements in Utah’s business community and highlights members of the executive team for their strategic vision, resilient leadership and profound influence on improving the business landscape and quality of life in Utah. TAB Bank Closes More Than $41 Million in New Credit Facilities in First Quarter 2024 TAB Bank closed more than $41 million in major credit facilities in the first quarter of 2024. Deal sizes ranged from under $1 million to $10 million from companies across the United States in the paper products, food, trucking and shipping, retail, construction and marketing industries. For these companies, the bank is a financial partner facilitating access to capital resources for growth and improved profitability. TAB Bank Deemed Best Community Bank by Utah’s Best of State Awards TAB Bank has been named Best Community Bank by the Utah Best of State Awards for the second year in a row. TAB Bank was honored at the Best of State Gala on Friday, May 24, 2024, at the Salt Palace Grand Ballroom in Salt Lake City. The Best of State Awards celebrates Utah’s outstanding individuals, businesses and organizations across various industries who excel in their endeavors, use innovative approaches or methods, and contribute to a better quality of life in Utah. Best of State judges selected TAB Bank for its community and social responsibility efforts and for providing financial solutions for businesses, families and individuals nationwide, uniquely designed to serve the needs of the underserved. ZIONS BANK Bankers Brighten Up Homes During 32nd Annual Paint-a-Thon Twenty-eight homes throughout Utah, Idaho and Wyoming received makeovers by Zions Bank employees during the company’s 32nd annual Paint-a-Thon. From June 10-14, more than 2,100 volunteers — consisting of local bank employees and their family members — participated in the service project. Along with brightening neighborhoods, the Paint-a-Thon aims to help older adults, people with disabilities and veteran homeowners take pride in their homes and maintain their independence. In addition to painting, Zions employees provided yard clean-up, pruning, mowing, planting and minor repairs as needed by homeowners. Launched in 1991, Zions Bank’s Paint-a-Thon began as a volunteer project for a dozen homes along Utah’s Wasatch Front. Over the three decades, Zions Bank employees have set aside summer pastimes for a week each year — volunteering in the evenings after work — to paint 1,315 homes throughout Utah, Idaho and Wyoming. Not counting the dollar value of volunteer hours through the years, the bank has donated more than $1.4 million toward beautifying homes in the three states. Zions Bank Welcomes Global Leaders to International Trade Summit Zions Bank welcomed former U.S. President George W. Bush to Salt Lake City in May as the keynote speaker at its Crossroads of the World International Trade Summit. The 43rd U.S. president shared insights on his eight years in the White House and the current geopolitical climate with an audience of 800 business and community leaders at the Grand America Hotel. Other featured speakers at the summit included former Mexican President Vicente Fox, former Canadian Prime Minister Stephen Harper and former Senegalese President Macky Sall. As companies based in the Intermountain West continue to grow overseas, Zions Bank and World Trade Center Utah brought together world leaders and top business minds to discuss global trade and business opportunities. In 2023, Utah exports exceeded $17.4 billion, according to the Office of the United States Trade Representative. About 85% of Utah’s exporting companies are small- to medium-sized businesses, and 20% of Utah jobs are tied to trade. “As the world becomes increasingly connected, even small- and mid-size companies are finding ways to expand overseas, where 95% of consumers reside,” said Zions Bank President and CEO Paul Burdiss. “We want to help position local companies at the forefront of global commerce.” Utah Banker 17
Benchmark Your Way to Workforce Success BY AL ELIO Content Marketing Manager, isolved As the war for talent rages on, organizations are constantly facing the challenges of acquiring good people while also protecting their own top performers from being poached. To stay ahead of the competition, it’s essential to have good workforce intelligence and the confidence to act on it. This involves not only knowing what’s going on within the organization, but also in the surrounding market. That’s why many leaders have chosen to benchmark key metrics in their workforce for a comparison that will shield them from costly personnel losses down the road. INTERNAL BENCHMARKING Before looking outside, it is important for an organization to first do its own internal benchmarking. Knowing where employees rank with regard to performance, tenure, demographics and compensation is the first step in assessing the health of the workforce. Numeric attributes such as salary, tenure and turnover are easy to calculate within most analytics or dashboarding solutions, but the key is being able to easily apply these metrics. For example, after calculating the average salary for a specific job, it’s then necessary to visualize who is above and below that average and break that down by various filters. Are high performers being paid less than average ones; are females and certain ethnic groups less represented in management; is turnover greater in certain departments and with certain managers than others? Remedying these inconsistencies is a key first step toward stabilizing and motivating an employee base. ANALYZING AGAINST COMPETITORS Once the right measures have been put in place internally, the next step is to view how the workforce is doing versus competitors. External benchmarking is where those organizational internal job metrics are then compared against similar marketplace ones that can be narrowed by industry and location. This type of information is oftentimes purchased from an outside vendor or provider who specializes in aggregating such data. By importing these metrics and data points into an organization’s human resource (HR) or payroll system, they can be compared very granularly against internal jobs and the employees who do them. Without this type of benchmarking, organizations are blind to what they are competing against for talent. Thus, they will likely be caught by surprise when key high performers — who may, to that point, have been very content — leave for a financial package significantly higher than what they were making. Counter offering at this point meets with very limited success. It’s important to note that benchmarks are not absolute. Knowing what is out there doesn’t mean an organization can or should always match what the market offers. For starters, it just might not be financially practical for some to provide a certain level of salary for a position. Also, the organization might have other compensating factors, such as ownership equity or higher incentive compensation designed to entice a certain type of employee. Additionally, factors like quality of life, working remotely and career development may contribute to salaries as well. As is common to say, use benchmarks as a tool and not a rule when applying them to workforce decisions. ENSURING GOOD DATA Finally, when shopping for a benchmark provider, it’s important to do the research and ensure that you’re getting good data. Get samples of the vendor’s data and compare against those you can search on the web to establish a baseline. Also, make sure the benchmarks can be easily and often imported and applied to the organization’s systems to prevent comparisons to stale and out-of-date data. Then confirm that the benchmarks can be granularized so as not to be comparing generic national averages to a 100-person financial firm in a rural area. Utah Banker 18
Offering quality asphalt paving and commercial concrete services in Salt Lake County and surrounding areas since 1996. Delivering quality solutions for 20 Years. • Commercial Property Managers/Groups • Big Box • Storage facilities • Apartment Complexes • Schools • Strip Malls • Business/Residential • Parking Lots Get Your Business Parking Lot Ready For Summer Traffic We are eager to hear from you. Call us today at (801) 244-1363or visit gopaveutah.com. Hundreds of Google reviews!
Branch Closings Requirements and Nuances As I am sure we are all aware, regardless of a bank’s regulator or state jurisdiction, there are certain notice requirements that apply when a bank will be closing a branch under Section 42 of the Federal Deposit Insurance Act (Section 42). To be exact, for any closure that would be subject to Section 42, the bank must provide 90 days prior written notice of any branch closing to its primary Federal regulator, as well as to all branch customers, to meet the applicable notice requirements. Further, the bank must also ensure that a notice is physically posted at the branch site at least 30 days prior to the intended date of closure to be in compliance with Section 42. However, while this may seem straightforward, with the ever-evolving landscape of the banking industry and the different types of exemptions under Section 42, figuring out when notice is required is not always expressly clear. As such, it is critical that banks understand the nuances of the notice requirements, as discussed within the Joint Policy Statement of the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of Thrift Supervision, Concerning Branch Closing Notices and Policies (Joint Policy Statement) to ensure that they are meeting the applicable notice requirements. First, it is important to discern what exactly is considered a “branch” under the guidelines to trigger the notice requirements. Specifically, for the purposes of the branch closing rules, a “branch” is considered to be a “traditional brick-and-mortar branch, or any similar banking facility other than a main office, at which deposits are received or checks paid or money lent,” and notice is required whenever any facility meeting this definition is intended to be closed. However, the Joint Policy Statement clarifies that when closing other facilities that do not meet the requirements to be considered a “branch,” such as “an ATM, remote service facility, or loan production office, or of a temporary branch,” which are, instead, classified as “non-branch facilities” under the rules, notice is not explicitly required under Section 42. Further, it is important to note that even if the facility would be considered a “branch,” not all closures will require notice. For example, the Joint Policy Statement suggests that certain branch relocations and consolidations would not be considered a “closure” under Section 42. To be considered a “relocation” or “consolidation,” the guidance seems to indicate that the change must be one which is within the branch’s “neighborhood and does not substantially affect the nature of the business or customers BY ERIN BUSSE, JD Associate General Counsel, Compliance Alliance Understanding the nuances of branch closing regulations is essential for banks to remain compliant and maintain customer trust. Utah Banker 20
served.” Considering this, it seems evaluating the proximity of any intended moves may prove valuable in understanding the application of the branch closing rules in varying situations. Additionally, in general, there’s not a specific notice requirement for customers or regulators for just a temporary or emergency closing under the federal regulations. Nonetheless, it’s typically considered an industry best practice to post information pertaining to the temporary closure on the front door or in another location where the public can view it, even if only for informational purposes and general customer service considerations. The Joint Policy Statement outlines an exception from the branch closing requirement for temporary closures so long as the bank “plans to restore branching services at the site in a timely manner.” Moreover, if a bank is simply reducing the hours of operation for a branch, but not closing the branch entirely, while notice is still generally recommended and may be required under other federal regulations or specific Federal regulator guidelines, this also tends to not be considered the “closing” of a branch which triggers the branch closing notification requirements of Section 42. It is important to clarify that, while the reduction of a branch’s hours will not generally be considered the “closing” of a branch, in certain situations, the reduction of the services offered by a branch may constitute a branch closure. Namely, as the Joint Policy Statement states, “[w]here, after a reduction in services, the resulting facility no longer qualifies as a branch, section 42 would apply.” The Joint Policy Statement also offers an example of when a reduction in services may trigger the notice requirements, suggesting that they would generally apply if a bank were to “replace a traditional brick-and-mortar branch with an ATM.” As following this type of service change, an ATM would no longer qualify as a “branch bank, branch office, additional office, or any branch place of business ... at which deposits are received or checks paid or money lent” and would effectively have the same consequence for consumers as a branch closure would. Understanding the nuances of branch closing regulations is essential for banks to remain compliant and maintain customer trust. While the guidelines may seem straightforward, there are complexities that require careful consideration, and branch closings can implicate rules beyond just those contained in Section 42, such as the Community Reinvestment Act as one example. Therefore, it’s crucial for banks to proactively review the federal and state-specific branch closing rules with legal and compliance experts when planning any changes to branch operations. This ensures that all necessary notifications are provided, customer disruptions are minimized and the bank remains in compliance with all applicable regulations. Remember, transparency and clear communication are key to maintaining positive relationships with both customers and regulators. Erin serves as associate general counsel for Compliance Alliance. Erin graduated magna cum laude from Loyola University New Orleans with a bachelor’s degree in psychology and a bachelor’s degree in English. She earned her Juris Doctor from Saint Louis University School of Law. While obtaining her law degree, Erin geared her studies towards business and financial subjects within the law, such as transactional drafting, bankruptcy and securities trading. Diversify with loan yields up to 9% Expand your loan portfolio profitability BHG Financial loans provide banks with rates up to 9%, premier credit quality, diversification benefits, lower expenses, and more. With average borrower incomes of $275K and 748 FICOs, these loans will look great on your books. Plus, no origination cost to your bank! Talk to us today about adding strong-performing assets to your portfolio. Keith Gruebele 954.263.6399 kgruebele@bhg-inc.com Contact your representative: OR BHG is an endorsed vendor Scan to learn more at BHGLoanHub.com Earn up to 9% Utah Banker 21
www.thenewslinkgroup.orgRkJQdWJsaXNoZXIy MTg3NDExNQ==