Delivering undiluted community bank advocacy has been, and remains, the primary mission of our association.
On October 1, community bankers from across the state will gather at the beautiful Hotel Roanoke for the 46th Annual Convention and Trade Show. I really hope you, and even other members of your team and board, can join us for this year’s convention. It’s a great opportunity to reconnect with each other, as well as our associate members, and to hear presentations that will be both entertaining and provide valuable take-homes for your banks.
I appreciate the support and input we’ve received from our members over the past year. My year as your Chairman began with one important goal: execute on the four main Strategic Planning initiatives laid out on August 19 of last year. If you remember, those were:
- Drive Member Value
- Increase and Diversify Revenue
- Develop a Long-Term Operating Plan
- Plan for Management Succession
Delivering undiluted community bank advocacy has been, and remains, the primary mission of our association. Increasing and diversifying revenue remains a big challenge, especially with rising expenses and continued industry consolidation. Much more needs to be done in this area in the years ahead.
Looking into the future of the association has been the main focus this past year. We’ve explored several paths forward, and on Friday, August 11, your board of directors made the commitment to remain independent. That being said, I believe expanding the board to its maximum number and finding bankers willing to roll up their sleeves and put in the work that is needed for the longevity of our association is critical. Because last but not least is the impending retirement of our President and CEO, Steve Yeakel, at the year-end of 2024. That will undoubtedly be the main challenge next year.
In addition to recognizing the contributions of our members this past year, I also want to acknowledge the work of our board, especially the Executive Committee, including Chair-Elect Tara Harrison, Vice Chair Joe Witt, ICBA federal delegates Mark Hanna and Jeff Dick, President and CEO Steve Yeakel and immediate past Chairman Dennis Dysart. This group has worked tirelessly on the initiatives mentioned above.
Until my retirement from the bank on Dec. 31, 2023, I look forward to working with Joe Witt and the entire Executive Committee. I met Joe and his wife, Kathy, at a VBA function several years ago, and Joe and I have formed a great friendship. His bank provided some assistance to my bank in developing a Treasury Services Program earlier this year. This demonstrates the value of collaboration between our banks and bankers. Joe is a passionate community banker, thoughtful, engaging and collaborative, and will do an excellent job leading our association in the coming year.
In closing, serving as your VACB Chairman this past year has been an honor and so rewarding to me. I’ve learned so much more about the ICBA this year and realize even more now what an impact this association has on our banks. The bank failures in March and the fight to keep us from paying an FDIC surcharge is one fine example. I enjoyed getting out and making some visits around the state and getting to know more of you. Thank you for your time, encouragement and support. I hope each of you will become even more engaged with the association, which will help not only your bank but the industry as a whole.
I can’t wait to get “On to Roanoke” and see each of you.
Jay Stafford
