Continued from page 5 we have reduced salaries and benefits by downsizing from six full-time staff members to five as of Oct. 1, 2020. A renewed emphasis has also been placed on our forprofit subsidiary. The company was formed in 1999 to develop, maintain and provide access to high quality products and services that benefit our member banks and support day-to-day bank operations. The corporation is governed by a Board of Directors who is responsible for screening and approving vendors that best meet the needs of Association members. All endorsed partners must demonstrate the benefits of aggregate buying power, direct member discounts, expense reduction and/ or revenue enhancement to receive our seal of approval. Since I took over the CEO position in 2016, the for-profit board has approved the endorsement of four companies and the company’s gross revenues have increased 108%. Advocacy on behalf of the industry is, and always will be, a top priority of your Association. Since 2016, the Association has advocated for 24 bills signed into law that were favorable to the banking industry. Our success is due in large part to increased participation by West Virginia bankers in grassroots activities such as our annual Legislative Day Event and Calls to Action. Legislative successes are also attributed to increased participation in WVBankPAC, the Association’s political action committee. Contributions to WVBankPAC continue to grow, 50% since 2016, and we could not be more thankful. WVBankPAC allows us to directly contribute campaign dollars to those legislative candidates who are pro-business, pro-growth, and understand the importance of a strong banking industry. Looking back over my six-year tenure as your Association’s CEO, I am proud of our accomplishments. The Board and I are aware that to stay on a path of success, the Association must be nimble and willing to change with membership change amid an industry that continues to consolidate and grow geographically. Our future success will depend on our ability to recognize and create a value proposition that changes with member needs. With the support and direction of both Boards of Directors, we are up to the challenge. You will be pleased to know that during our annual meeting, the Board of Directors again voted to reduce bank member dues. Effective May 1, 2023, the dues assessment rate will decrease 17% and the dues cap will decrease $10,000. Again, this is a huge accomplishment made possible by focusing on improved operational efficiencies, reduced and controlled overhead expenses, and a renewed attention on our for-profit subsidiary. Thank you for your belief in our organization and all that you do to help us be successful. wvbankers.org 6 West Virginia Banker
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