Fellow Community Bankers,
Congratulations! We are about halfway through 2024 following one of the toughest years in modern banking history. Virginia community bankers have weathered the storm, and we continue to serve our communities with purpose, strength and gratitude. Community banks are the center of growth and stability for our local economies.
Expanding upon our themes for this year, I would like to focus this column on our third theme: Execution of our Value Proposition. Traditional banking has been challenged over the past several decades with new and increased competition from non-traditional competitors, increased regulation, an increasingly unfriendly and biased media, consumerism and rapid industry consolidation. The larger institutions now control the majority of deposits in the U.S. Credit unions in Virginia control nearly half of all deposits in the commonwealth. As community bankers, we have many issues unique to us. Our mission is focused on our communities, small businesses, our neighbors and our local economies. Our message can easily be diluted or even lost if we do not speak with one unified voice.
The VACB and the ICBA provide quality collaboration among its members, educational opportunities for community bankers, a nationally focused “ICBA ThinkTech” which provides the latest in technology and innovation through vendor partnerships, and most importantly, exclusive national advocacy for community banks. This is our Value Proposition. When our collective and unified voices are heard, community bankers are stronger.
At the end of April, community bankers from across the nation converged on Washington, D.C. for the ICBA Capital Summit. I am proud that the VACB led its largest delegation ever, with 28 bankers participating from 16 banks. Only two large states sent more bankers. We were able to have valuable meetings with Sens. Warner and Kaine and meet with several key House members. The Summit represents the value add that the VACB brings to Virginia Community Bankers. Our message to our elected officials 100% represented the interest of community banks and was not compromised by other members of the financial sector.
Your Board and Executive Committee have a busy summer ahead. We continue the recruiting process with our partner, Vetted Solutions, to find the next executive to lead the VACB. In early October, we will once again convene for our annual meeting at the beautiful Kingsmill Resort in Williamsburg, Virginia. It will be a time to come together as community bankers to celebrate our industry, the impact we have on our communities and Steve’s retirement.
In the interim, enjoy the summer and time off with your families.
Sincerely,
Joe Witt
Chair
