Chairman’s Message Jay Stafford, VACB Chairman Benchmark Community Bank MOVING THE VACB FORWARD IN 2023 hen you started your career as a community banker, did you ever believe we would be facing the issues we have today? After our world was upended three years ago by a global pandemic, little did we realize at the time just how far-reaching the effects would be on community banking and the people we serve. This year will be another interesting one for Virginia’s community bankers. The Paycheck Protection Program's deposit highs have transitioned into deposit pressure from increased competition, inflation, an uncertain economic situation, and the downward swing in liquidity hanging over us each day. Interwoven into those concerns are capital, loan quality, margin pressure, loan demand — and keeping good employees. A universal wrinkle most of our community banks — and many of the commercial customers we support — did not anticipate three years ago is the challenge of attracting and retaining employees who share our commitment to customer service. The pandemic introduced the new work-from-home culture our digital age has spawned. Combined with salary pressure, finding talent interested in a career and not just a job is a major issue wherever you are located. It is in suiting up to face these dilemmas each day that I am so appreciative of the VACB and the relationships developed with my fellow CEOs. Being able to give one of you a call when I need another set of eyes on a situation lets me — and you — know we are not in this alone. Whatever the challenge, we gather the resources to navigate them — and I find that to be of immeasurable value. Along with member CEOs as sounding boards, your VACB Board of Directors is laser-focused on the key areas of the organization’s Strategic Plan adopted in August 2022 and addressed during our October convention in Williamsburg: • Driving Member Value • Increasing and Diversifying Revenue • Developing a Long-Term Operating Plan • Planning for Management Succession Successfully addressing these four target areas will reinforce our efforts to fortify VACB’s overall goal of 5 Pub. 12 2023 Issue 1
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