Pub. 8 2019 Issue 1

The CommunityBanker 6 Chairman’s Message M E S S A G E By Brian Plum VACB Chairman Blue Ridge Bank Advocate and Advance I hope you find yourself reading this with spring in full bloom, good health, communities well served, and finan - cial results running ahead of budget. Turning the corner out of winter and into the warm months is an invigorating time, and I trust that energy and motivation serves your bank well over the balance of 2019. Things are good right now in the industry. Sure, we would all love a steeper yield curve and a lot of cheap deposits, but the economy continues to grow, regulatorily things seem to be in a good place, we are enjoying the benefits of a second year of a lower corporate income tax rate, and the list goes on. The banking environment feels entirely different than it did just a few years ago as bankers and regulators alike dealt with the cavalcade of new regula- tions brought in following the passage of Dodd-Frank. It is an easy time to relish in legislative victories such as S.2155 and enjoy the friendlier regulatory environment. Do not take the complacency bait! Let’s work together to stay engaged and continue to advocate our community banking message to legislators and regulators. I speak with many bankers who feel that given the current configuration in DC we are at a stalemate, and I could not more strongly disagree. We are not just bankers, we are community banks. That is a key distinction that continues to matter to elected officials across political stripes. I see the growing concerns about the power of technology companies and a desire to consider action to control this and my first thought is “That’s what we’ve been saying for years about our industry!”. The US economy is strengthened by fair competition and our community banking system, and our communities are certainly improved by our presence. The ag- gregation of power and strength within the financial services industry continues to jeopardize the stability of the macro- economy with banks both too big to fail and too unwieldy to supervise. If legislators want to talk about the concentration of information, power, and risk, then let’s make sure we point the spotlight in our industry’s direction. Meanwhile, VACB’s efforts continue to bear fruit as we move the needle on important issues that meaningfully affect our operations, including items such as Bank Secrecy Act reform. Even at a time when the political winds may not seem conducive to success, we have legislators on both sides of the aisle that are reasonable and understand your bank is not Wells Fargo. They understand the important backbone we are for our local economies that comprise the macroeconomy. Please join us as we continue to advocate and advance the community bank agenda at the ICBA Capital Summit from April 28th to May 1st. If you cannot attend the entire summit, please come for the congressional visits. Your voice will make a difference as we meet with our federal legislators and their key staff members. Help us reinforce the need for continued work on regulatory relief and a fair playing field for Virginia’s community banks and come prepared to tell the story to each legislator about why your bank matters in your community. I hope to see you in our nation’s capital.