Community bankers from across Virginia gathered at Kingsmill Resort in early October for VACB’s 47th Annual Convention & Trade Show. Members enjoyed quality time together while bringing VACB’s proven formula for convention success to life. The VACB annual convention focuses on trends in the banking environment, exposure to the latest solutions provided by our Associate Members, and great networking opportunities throughout our time together.
The two business sessions delivered valuable insights and inspiration, perfectly aligning with the convention’s goals. The Monday session began with the annual business meeting, where officers and directors were elected. Up next was an economic overview presented by Thomas O’Neill with Equifax. O’Neill framed his session around credit trends and delinquencies, discussing the Fed’s recent rate cut and its implications for banks, consumers and the broader economy.
Our next presenter and familiar friend was Alan Kaplan, who provided insight into the war for talent in banking. Alan stressed that finding and keeping talent continues to be a struggle in the financial sector. The environment in which banks address talent needs is unlike any before. Banks are stretching well outside the box to attract employees from the current labor market by offering benefits like flex time, professional development opportunities and even pet insurance. Alan shared that those implementing these innovative ideas have positioned themselves for continued success. He also reminded attendees just how critical it is to have the banks’ succession planning start early and to have both CEO and board succession plans reviewed regularly.
The first business session ended with a lively and engaging discussion on generative AI and how it will affect the future of banks and customers alike. Sam Richter got attendees buzzing about the practical uses bankers can deploy to use generative AI in their bank roles to improve performance. In addition to sharing how to use these new tools, Sam cautioned attendees about the ethical considerations and decisions business leaders face with these rapidly evolving tools.
Monday afternoon, attendees gathered to celebrate retiring VACB President & CEO, Steve Yeakel. A celebratory lunch allowed attendees to honor Steve’s contributions to VACB during his 12-year tenure. Virginia Bureau of Financial Institutions Commissioner Joe Face started the comments, delivering a very sincere sendoff for Steve. Commissioner Face recounted the years they had worked together for the betterment of community banking in the Commonwealth. Others followed Commissioner Face and thanked Steve for his service to community banking in Virginia and all that he had accomplished on their behalf.
At the Chairman’s Celebration on Monday night, attendees dressed to the nines for a night at Joe’s Speakeasy, reliving the carefree spirit of the Roaring Twenties! Outgoing VACB Chair Joe Witt was honored for his year at the helm of the association, then passed the gavel to our newly elected 2025 Chair Tara Harrison from Virginia National Bank. After dinner, the guests indulged in casino games, with serious action at the craps, blackjack and roulette tables. The evening was capped off with dancing and 1920s-themed crafted cocktails to celebrate the tremendous service of VACB Chairman Witt.
Tuesday’s breakfast featured a legislative update from Steve Yeakel and our newly appointed VACB President & CEO, Corey Connors. Steve and Corey were joined remotely by ICBA’s Paul Merski, and the trio provided attendees with a robust roundup of advocacy efforts at the state and national levels. Following breakfast, our second business session began with ICBA’s Rebeca Romero Rainey addressing the group. In her remarks, Rebeca discussed ICBA’s continued efforts to level the playing field for community banks and ICBA’s current advocacy priorities. She also urged everyone in the room to get involved in grassroots lobbying efforts by using ICBA’s “Be Heard” campaign. Rainey’s passion for community banking and community bankers was on full display during her session.
Just in case the generative AI discussion on Monday didn’t put bankers on edge enough, the next session was sure to deliver. Dr. Kevin Streff presented on building a bank’s effective data privacy management program. He provided an overview of data privacy laws, management frameworks and briefly walked attendees through a framework to share how to start tracking this information. As more states pass data privacy laws, banks will be held responsible for keeping data private, much like the information security program banks implemented to protect data as required by the Gramm-Leach-Bliley Act. In addition to being a subject matter expert on data privacy, Dr. Streff and his company can help banks build out their frameworks. Look for more information on this process from VACB in early 2025.
The final session was the perfect high note to end the business sessions. Jack Kasel from Anthony Cole Training Group discussed the importance of relationship banking and the attributes of successful relationship bankers. Kasel outlined several of the characteristics of these successful bankers. He shared that they have a strong will to sell and ask good questions, and can uncover compelling reasons to buy. These relationship bankers also have a process, can build strong relationships and, most importantly, have the drive to close business. He urged all attendees to think about who these people were at their banks and how to leverage their knowledge with other staff to help everyone be better relationship managers.
The convention concluded with the YHB Grand Prize Drawing. This year, Luke Gore with YHB was on hand to draw a lucky banker’s name for one of several prize choices shipped to their home. Our grand prize winner at this convention was Tammy Hamilton from The Bank of Southside Virginia. Concluding her first official day as chair, Tara Harrison wrapped up the 47th Annual Convention by wishing everyone a safe journey home. She also urged everyone to make plans to join VACB at Hotel Roanoke for the 48th Annual Convention & Trade Show in 2025.
