When my calendar flipped to November, I immediately thought of Thanksgiving and for all that I am thankful: family, friends, and my community among them. Your membership in VACB is a key entry on my thankful list, as well as your support in allowing me the opportunity to chair this great association. I am grateful to those who joined us in Williamsburg in October for the 2022 Annual VACB Convention. It was a great in-person event, and the lineup of speakers was the best in recent memory.

Thanks to Steve, Katharine, and Kelli for a great convention. Likewise, I would like to give a special thanks to Dennis Dysart for his leadership over this past year. He played such a pivotal role in our outreach efforts and in developing a new strategic plan whose implementation is now my task to lead.

This trip to Williamsburg had special meaning for me. Being in Williamsburg reminds me not only about the formation of our country, but also makes me think of our association’s almost half-century of service to Virginia’s banking industry. The role of banking in supporting our economic stability applies to all of us in our industry and, especially to those of us whose banks helped establish this organization. I am the third VACB Chairman from Benchmark, so the significant role our association plays in our industry is particularly meaningful for me.

As your Board begins to focus on 2023, several strategic objectives have been identified. While operating with a sturdy foundation, VACB is facing so many of the same challenges as our business customers:

How do we drive member value? When asking our members what they feel is our most important value proposition, we repeatedly hear “delivery of undiluted advocacy strictly for community banks.” There are similarities – and many striking differences – among all financial institutions, one of the most notable being the recent effort to reduce or eliminate our ability to charge overdraft fees. While many of the largest banks can easily absorb this loss of income elsewhere on the income statement, community banks operating to serve their communities are often unable to follow suit. Expect VACB and ICBA to push back on this issue with our help.

How do we increase and diversify revenue? Revenue generation has become a much bigger issue for our association as we continue to see mergers and acquisitions affecting our revenue from member dues. Additionally, the availability of education programs across many channels and through a variety of vendors has spurred competition for these programs to an unforeseen level. How do we identify and deliver a unique product that attracts virtual and in-person attendance and supports revenue generation for the association?

What is our long-term operating plan? Establishing a long-term operating plan requires finding the best ways to realize a three-legged stool of productive advocacy, solid educational offerings, and quality collaborative value for our members. These three components are vital to VACB paving the way to a vibrant future.

We began addressing these issues in 2022 when we combined membership calls with regional meetings around the state. Because of the daily challenges we all face, the importance of member collaboration cannot be overstated. Getting to know each other better and building robust communication lies at the heart of galvanizing VACB and the future of our organization dedicated to community banking.

How do we plan for management succession? Finally, the next two years will be a prelude to change as Steve prepares for retirement. Steve Yeakel has brought to our association a level of community bank advocacy that will be difficult to replicate. Still, we must look to the future of the organization and how to both design VACB’s path while incorporating Steve’s legacy, reputation, and successes on our behalf.

The answers to these questions singularly and as a group lie in the following:

• Ensure your bank contacts are current at the VACB. Are the right people receiving VACB communications so you do not miss valuable information and educational opportunities?
• Plan to attend the ICBA Capital Summit in Washington, D.C. (May 2-5, 2023). Your participation in the Virginia delegation feeds into the saying, “There is strength in numbers.” What an opportunity to visit our nation’s capital during an ICBA event so close to home and ensure our voices are heard by our lawmakers.
• Put the annual convention in Roanoke on your calendar (Oct. 1-3, 2023). Consider bringing other members of your team and/or directors. The experience will allow them to develop lasting relationships and improve their ability to contribute more to your bank.
• Encourage your bank’s rising stars to become more active with the VACB. Our future depends on it.

Community banking is unlike any other in terms of being involved in creating a more vibrant quality of life in our communities. I look forward to working with the board and executive committee in the upcoming year. This team of bankers has the same passion I have for community banking. Together we can tackle these issues and set a great path for VACB.

In closing, your membership and engagement are both appreciated and highly valued. Steve, his team, and your board are committed to supporting you and your bank as we navigate the challenges and opportunities in 2023.
Wishing each of you and yours a joyous holiday season.