The Missouri Banker

Volume 76, Number 3 • THE NEWSPAPER OF THE MISSOURI BANKERS ASSOCIATION • March 2020

Missouri Banking Community Responds To Pandemic MBA offers resources to assist banks, their communities

Closed bank lobbies. not prohibit people from It’s expected lawmakers will MBA Conferences, • conference calls hosted Economic unertainty. Social visiting banks. In addition, return to Jefferson City to Seminars by MBA to provide the distancing. both Kansas City and St. complete the budget, which To protect the health and latest news and updates, Louis issued “Stay Home, is required by the state well-being of its members, including comments with These concepts, unknown to Essential Activities Only constitution. However, it’s MBA has canceled its in- regulators and lawmakers us at the beginning of March, Order.” Banks and financial uncertain at this point when person educational programs • MBA podcasts focusing are now the norm across institutions are exempt in lawmakers will return and if through April. MBA has on COVID-19 as it relates Missouri and the United both orders. they will consider legislation rescheduled programs and is to banking, including States as we respond to the other than the budget. coordinating with speakers episodes on banking coronavirus pandemic. As Missouri State Legislature on potential virtual learning practices and strategies, as this issue of The Missouri The 2020 Missouri The 2020 regular session opportunities. well an economic impact Banker went to press, this is legislative session is on hold adjourns May 15, meaning what is known at this time. for the foreseeable future as all legislative work must be Responding To COVID-19 • posts on MBA’s social lawmakers grapple with the finished by that date. Calling To assist your banks in media accounts at Social Distancing, “Stay impact of COVID-19. Parson a special session is an responding to the coronavirus Facebook, Twitter, Linked Home” Orders announced March 23 that the option following the May 15 pandemic, MBA has several In and Instagram to keep Gov. Mike Parson issued an Missouri Capitol is closed adjournment. resources available. the banking community executive order March 21 to at least April 6. MBA has and public informed on to require social distancing canceled its Target Banker “Given the circumstances, it • email updates to keep the latest developments statewide. This order does visits. was in the best interests for members apprised of lawmakers and the public the latest developments In addition, this issue to hit the pause button and regarding COVID-19 of The Missouri Banker postpone legislative work,” features various articles in • a page at mobankers.com response to the coronavirus said David Kent, MBA vice dedicated to urgent news president of legislative and pandemic and how it affects for bankers, as well as the banking industry. These advocacy programming. “We information pertaing to will continue to monitor the articles are available online regulatory and operations at mobankers.com. situation and will be ready activities when session continues.”

Visit our website at mobankers.com. Page 2 The Missouri Banker • March 2020

Chairman’s Corner March Into History

Anne Vieira Chairman Missouri Bankers Association

Since 1987, Americans and protected women’s right tangible assets from their services are accessible, both to women? “Especially for have celebrated March as to vote. family. These rights were physically and online. a professional woman, you Women’s History Month. hard won by our ancestral need to walk into every room This year’s theme is “Valiant In this important election sisters like Maggie L. Walk- Patricia Husic, president and like you own it. And if you Women of the Vote” in cel- year, a woman would have to er, the first African American CEO of Centric Financial, don’t know what you’re ebration of the 100th anni- be well over 100 years old to woman to charter a bank and was haunted when a friend’s doing, go figure it out. And versary of the passage of the remember a time when she serve as its president in the 18-year-old daughter was ab- deliver.” 19th Amendment of the U.S. had no right to help choose United States. ducted at gunpoint. Though Constitution that guaranteed our elected officials. Just for the teen was unharmed, the Of course, we don’t have fun, I took an online Suffrage Walker was a teacher and incident prompted Husic to to look nationally to find a The Missouri Banker Quiz and scored a pathetic businesswoman in Rich- start offering self-defense woman’s influence in the 573-636-8151 3 out of 10. The experience mond, Virginia, who worked training sessions for her banking world. Just look at Max Cook reminded me how important to promote savings and home workforce. Her focus on the current all-female officers Publisher it is to understand history in ownership through the St. empowerment extended [email protected] of the MBA Young Bankers order to appreciate our free- Luke’s Penny Savings Bank, to instituting a mentoring Board — Chair Jennifer Lee Lori Ann Bruce doms today. chartered in 1902. Her busi- program to encourage young Editor of First State Community [email protected] ness plan emphasized home girls to consider a career in Bank in Farmington, Vice Consider these milestones. ownership, especially among banking. Chair Jamie Holtmeier of The Missouri Banker (USPS women and racial minorities. Number 000044, ISSN Number Bank of Washington and 0893-5637) is published 12 times • In 1771, New York When her bank merged with Laura Lee Stewart, president Immediate Past Chair Lynsey a year (once a month) by the became the first state to two other banks, Walker con- and CEO of Sound Commu- Page Waldman of Pony Missouri Bankers Association, require a woman’s consent tinued to serve as chair of the nity Bank and current chair- Express Bank in Liberty. The 207 E. Capitol Ave., Jefferson if her husband tries to sell board. Her amazing business man of the American Bank- future of banking in Missouri City, MO 65101. Second-class property that she brought spirit helped set the standard ers Association, began her postage is paid at Jefferson City, is in great hands! Mo. Copyright© 1998 by the to the marriage. for future lending institutions efforts to fight the expansion Missouri Bankers Association. All • In 1848, New York passed and, certainly, for women in of credit unions in the early Back in 1987, I was mar- rights reserved. POSTMASTER: the Married Woman’s the banking industry. 2000s when she turned the ried, had my own checking Send address changes to The Property Act that was later A.G.E. Federal Credit Union account since I was 15 and Missouri Banker, P.O. Box Women serving as bank into her current tax-paying 57, Jefferson City, MO 65102. adopted in other states. had never dreamt of a world presidents, CEOs and direc- community bank. Opinions expressed in any signed For the first time, a woman where I couldn’t have my article in The Missouri Banker wasn’t automatically liable tors is much more prevalent own account or own shares are those of the author and should for her husband’s debts, today. I am encouraged to see Jelena McWilliams, lawyer, in my family’s business. Yet, not be construed as the viewpoint women being elevated and banker and current chair- I recognize there were fewer of the editors or of the Missouri she could enter contracts on her own, she could re- challenged at my bank and man of the Federal Deposit women in upper management Bankers Association. Neither many others. Women bring a Insurance Corporation, came should information provided in ceive an inheritance in her roles, and women were less The Missouri Banker be construed own right and she could different lens to our organiza- to the Unites States from open to pulling others along as legal advice. The Missouri file a lawsuit on her own tions ... one that provides a Belgrade, Serbia, when she as they climbed the prover- Banker does not provide legal behalf. unique perspective and can was 18. She credits the abil- bial ladder. advice, nor does it take the benefit a customer base that ity to obtain a credit card and place of legal counsel hired by • In 1919, the First Wom- is becoming more diverse. small loan at a bank with I believe today women are financial institutions. While this en’s Bank of Tennessee publication makes a reasonable As we celebrate this Wom- her current life success. She more open to mentoring and opened to women custom- effort to establish the integrity of en’s History Month, let’s began her role as head of the helping increase their num- ers only. advertisers, it does not endorse examine some of the unique FDIC on day one by bring- bers in banking, recognizing advertised products or services, perspectives of women in our ing 256 homemade brownies that pulling out the chair next unless otherwise so stated. This Yet it wasn’t until 1974, with industry. to the office and questioning to you doesn’t mean losing issue may contain legislative the passage of the Equal advertising. Advertising copy is everything the agency had your own seat. generally segregated from news Credit Opportunity Act, that Cathy Bessant, chief opera- done in the past. Her advice and other information. single, widowed or divorced tions and technology officer women no longer had to at Bank of America, was bring a man along to co-sign partly driven by family mem- Address Changes any credit application. bers with disabilities to start Submit address changes for the Council on the Respon- The Missouri Banker to Today, American women sible Use of Artificial Intel- Sisters In Banking MBA, P.O. Box 57, Jefferson couldn’t imagine living in a ligence with Harvard Univer- City, MO 65102, Attn: society where they could not sity. Her bank goes beyond To receive this monthly e-newsletter from MBA, Database Manager or email own property, open a bank the Americans with Disabili- email [email protected]. [email protected]. account or inherit money and ties Act to ensure financial The Missouri Banker • March 2020 Page 3

BankMarketingCenter.com Offers In Memoriam Peter Benoist, former CEO of Enter- Resources To Inform Customers prise Financial Services Corp. and Enterprise Bank & Trust in St. Louis, died Wednesday, Feb. 26. He was 72.

Peter retired from Enterprise in 2017 after leading it for 15 years. During his tenure, Enterprise expanded its op- erations to Kansas City and Phoenix. Throughout his career in St. Louis, Pe- ter served as senior vice president and chief operating officer of the Mercantile St. Louis bank and regional chairman and market president for Firstar Bank after its acquisition of Mercantile. Peter held execu- tive leadership positions at Mark Twain Bancshares and led Mark Twain’s banking operations in Missouri, Illinois and Kansas. He served on the MBA Board of Directors.

MBA endorsed partner BankMarketingCenter.com is continually creating materials to meet Services were Saturday, March 7, at St. Anselm Parish at the needs of the industry. In light of the coronavirus, BankMarketingCenter.com has added the Abbey of St. Louis in Creve Coeur. layouts that are helping community banks keep customers informed during this challenging time. Please keep Peter’s family in your thoughts and prayers.

Just like all layouts on BankMarketingCenter.com, you can change the copy, colors and photos to fit your brand and needs. Once you’ve created your design, you can route the piece through your bank’s approval process and begin using it right away. MBA Education Programs If you are not yet using BankMarketingCenter.com and would like to learn more, visit Email [email protected] to receive the bankmarketingcenter.com to schedule a live demo on the day and time of your choosing. Be weekly MBA Education Update email. sure to mention this ad in The Missouri Banker.

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Coronavirus Update Banks need flexibility to work with customers

Congressman Blaine Luetkemeyer Missouri’s 3rd Congressional

Coronavirus is causing massive disruptions with the economy and the day-to-day lives of Americans. The administration of President Trump, Congress and state governments are moving as quickly as possible to limit the loss of human life and threats to public safety, and to minimize the harm done to the economy. In fact, in the time between my writing this column and your reading it, a third bill addressing the turmoil may be signed into law.

As I write this, the president just signed into law the Families First Coronavirus Response Act, which is the second of two bills that have been passed in response to the virus. The first bill was an anc ac $8 billion emergency appropriations bill to fund federal, state and local health agencies’ response B M provides to the outbreak, including increased testing capabilities and the development and dissemination correspondent lending and is of a vaccine. It also included additional funding to quickly administer loans to small businesses through the Small Business Administration’s disaster assistance program. your Community Bank Mortgage The Families First Coronavirus Response Act provides free testing across the country and supports Partner to help your financial small businesses and families who are directly harmed by the virus. As bankers are particularly institution originate fixed-rate well-aware, many businesses cannot sustain weeks-long shutdowns, and their employees certainly cannot afford to go without a paycheck. Specifically, it allows businesses to receive a refundable secondary market loans including: tax credit for providing paid leave to employees who cannot work because of the virus.

PROGRAMS My focus — with respect to banking — in the response is ensuring banks have the flexibility you need to work with your customers to get them through this tough stretch. On March 9, the • Conventional Loans regulators did issue guidance “encouraging financial institutions to meet the financial needs of • USDA Rural Development Loans customers affected by the coronavirus.” However, until it is clearly stated that banks will not be • Rural Living (Hobby Farm) Loans penalized for the measures taken in support of customers, I fear options for struggling businesses will be limited. I am continuing to push regulators to do just that. • VA Loans • Jumbo Loans An ongoing concern of mine — one I’ve written about regularly — is the CECL accounting standard. I have shared the concerns of many MBA members that the procyclical nature of the • FHA Loans standard would unnecessarily take money out of the economy and threaten lending in a downturn. Although we hoped it wouldn’t have come this quickly, the current climate is bringing that fear to OUR CORRESPONDENTS RECEIVE: fruition. On March 19, the Federal Deposit Insurance Corporation was the first regulator to call for • Superior Service & Competitive Pricing a delay in the implementation of CECL. In a letter to the Financial Accounting Standards Board, FDIC Chairman Jelena McWilliams said the delay “will allow these institutions to better focus • No Minimum Volumes on supporting lending to creditworthy households and businesses, which will support the return • Significant, Non-Interest Fee Income of our economy to health.” If it wasn’t clear before, it is certainly clear now that CECL must be eliminated or significantly delayed. • Non-Compete Protections & More The coming weeks, maybe months, will be tough on our communities and economy. Stability is not going to be found only in large pieces of legislation coming out of Washington or Jefferson City. Regulatory and examination adjustments will be necessary, and ingenuity from the private sector is absolutely critical. As the cornerstone of the economy, financial institutions are in a unique position to help guide your communities through tough times. I encourage you to be proactive with suggestions for regulators and lawmakers and stay involved with your clients and local businesses. As always, I am ready to listen and work with you.

Before the coronavirus, we were enjoying one of the strongest economies in our history. I find encouragement in knowing the fundamentals of that economy were strong. There is still a lot of BANCMAC untapped potential in America, and I am confident that potential will be met. COMMUNITY BANC MORTGAGE CORP. Editor’s Note: Congressman Blaine Luetkemeyer represents the third Congressional district of Missouri. YOUR COMMUNITY BANK MORTGAGE PARTNER He serves as Ranking Member of the House Financial Services Subcommittee on Consumer Protection and Financial Institutions.

MBA Young Bankers Postpone TCTS Challenge 888.821.7729 Given the current situation regarding the coronavirus pandemic, the MBA Young Bankers [email protected] Leadership Division is postponing its Teach Children To Save Challenge for April. Details about potential opportunities to teach students about the value of saving money will be bancmac.com announced at a later date. The Missouri Banker • March 2020 Page 5

Banking During The Coronavirus Pandemic

Max Cook MBA President & CEO

This is my third attempt to write this month’s column. or modified ways to interact with our customers and or needs so that we can recommend specific bank co-workers as we continue to provide vital financial strategies and advocate with regulatory bodies on Originally, I was planning to share our agenda for services. your behalf. the American Bankers Association’s Washington Summit and the issues we would be discussing with We’ve made adjustments at MBA, too. Our Target As you read this, most MBA staff is working our congressional delegation. When the summit Banker visits have been canceled for the remainder remotely, and we are not conducting bank visits for was canceled out of concern for the health and of the legislative session, and we have canceled our the foreseeable future. However, we are available well-being of conference attendees because of the in-person educational programs through April to as always to answer your calls and emails. Please coronavirus, the focus of my column was still about protect the health and well-being of our members. do not hesitate to reach out to any of us at MBA the pending legislation in Washington, D.C., and As our staff coordinates with speakers and hotels with your thoughts, questions or concerns. A staff the importance of every banker reaching out to our to secure new dates for programs, bankers can still directory is posted online at mobankers.com, and senators and representatives to keep these issues access our webinars for their educational needs. you may reach us at 573-636-8151. in the forefront. That idea quickly faded as more A list of webinars is posted on our website at COVID-19 cases were reported, the Fed cut the rate mobankers.com. In this time of uncertainty, one thing is clear — to nearly 0 and the market began to demonstrate its there is no quick fix to the coronavirus pandemic response to this cut amid an uncertain economy. As your banking association, our goal is to crisis. Yet during this unprecedented time for our be a resource to you throughout this period of country, Missouri banks are here for their customers Many articles in this issue of The Missouri Banker uncertainty. At mobankers.com, you will find and communities. As we face challenges stemming focus on the coronavirus and what is means for information from various sources to help you from this pandemic, please know this — I am our customers and our industry. This column is navigate the road ahead. We sent a press release extremely proud of your banks and your continuing no exception. For all of us, each day brings new to the media to ensure public understanding of the support for your customers and communities. You challenges because of more positive COVID-19 safety and soundness of the banking community. are the foundation of your communities. Together, cases and the vital importance to practice social We are conducting weekly conference calls to we will emerge from this as stronger communities distancing and limit our contact with one another. pass along critical information to bankers and to and as a stronger banking industry! This has prompted business closures, remote facilitate best practice sharing among banks. And, working conditions and the need to find new ways we are surveying our members to identify trends Everyone be safe and healthy! Prayers for all!

John Hunt Steve Wright President, MBA VEBA Insurance Services Director, Business Development [email protected] [email protected] 800-234-4939 800-234-4939

Danielle Backes Lesley Weaver Insurance Representative Insurance Representative [email protected] [email protected] 573-619-0298 573-680-5922

Medical | Dental | Vision | Life & Additional Life Health and Life Benefits Felonious Assault | Group Accident800-234-4939 | Cancer for Missouri Bankers Long-Term and Short-Termmobankers.com Disability 800-234-4939 mobankers.com Page 6 The Missouri Banker • March 2020

Guest Commentary The Dominos Are Wobbling — A Technical Recession

By KC Mathews Shock 1: COVID-19 kets, driving interest rates dramatically lower at CFA/Chief Investment Officer COVID-19 is a black swan, a surprise that has a breakneck speeds. UMB meaningful impact. There are so many unknowns at this time and an important, yet unanswerable Rates burst through previous all-time lows as Our 2020 economic theme is “The Dominos are question is, how long will it last? Based on the investors prepared for the worst-case scenario to Wobbling.” We believe recent shocks will cause virus’s reproduction rate in China and Italy, the unfold. While the Fed jumped in on March 3 with the economic dominos to topple over, leading to a U.S. is in the early stages of the number of new an intra-meeting, “emergency” cut to rates, the technical recession in 2020. cases. We do know that the spread of the virus can bond markets stampeded further ahead, and rates be contained. China has taken draconian efforts to continued to plummet. This seemed to indicate that In January, we expected another year of modest quarantine millions of people and close numerous the Fed would soon be cutting rates to zero. economic growth riddled with uncertainty that businesses and factories — actions that may be would leave the dominos wobbling, but not easier to execute under a dictatorship than a de- The bond market was right. On Sunday, March 15, tumbling into a recession. mocracy. prior to global markets opening, the Fed, in its sec- ond intrameeting decision, slashed fed fund rates However, COVID-19 and a simultaneous oil shock In the U.S., we are seeing self-imposed quaran- by 1%, taking the rate back to its crisis-era target have increased the probability of a global reces- tines, events and gatherings canceled and business- of 0.25%. In addition, the Fed will launch another sion. Our forecast for U.S. real GDP quarter by es suggesting employees stay home if they can. quantitative easing (QE), buying $500 billion of quarter is as follows. The result of this will be that economic activity Treasuries and $200 billion in mortgage backed grinds to halt, corporate earnings evaporate and securities. The Fed cut the discount rate, the rate • 0.8% in Q1 stock markets enter bear markets. banks pay the Fed to borrow, to 0.25%. And • -2.4% in Q2 finally, the Fed halved the cost of dollar liquidity • -0.4% in Q3 Shock 2: Oil swaps offered via other central banks. • 1.8% in Q4 In early March, negotiations within the OPEC+ alliance (Russia + Saudi Arabia) broke down, The Fed is all in, attempting to stabilize economic For the calendar year, we anticipate GDP to be causing oil prices to sharply sell off as everyone is growth, achieve maximum employment, calm positive in the 0.4 to 1.0% range. free to “pump at will” and increase supply while financial markets and provide liquidity to prevent aggregate demand is waning. markets from seizing up. The Economy The first two months of the year showed signs of We have seen shocks in the energy space before. Lower interest rates are a potential remedy for economic improvement. Manufacturing was re- From 2014 to 2016, oil prices declined by 60%. fading economic growth. However, we do not bounding, the labor market was solid and the stock At the time, capital expenditures, or business think the material Fed action will prevent the U.S. market, a leading indicator, peaked on Feb. 19. The spending, declined significantly, impacting GDP. economy from entering a technical recession. U.S. economy was on a firm foundation heading However, the consumer benefited, harvesting ad- QE’s goal is to support the orderly operation of the into these shocks. ditional discretionary income, which in turn grew Treasury market. The U.S. Treasury market is the consumption and boosted GDP. global safe harbor in times of turbulence. This recession will not be caused by the typical factors: economic imbalances, excess, inflation Today, the consumer will benefit from lower Monetary policy may soften the recession blow; and increasing interest rates. It will be caused by prices. However, they are not encouraged to spend. however, we do expect changes to fiscal policy. “black swans” or shocks. There is historical data And in some cases, they can’t spend: there are no Currently, the overall stimulus package is incom- on recessions caused by black swans. Further, more tickets to sporting events. plete — perhaps the stock market agrees as it there is empirical evidence of shocks that tempo- continues to sell off. Changes in taxes or unem- rarily shutter economic activity. The 9/11 terror- Financial Markets ployment benefits may boost consumer confidence ist attack and the Japanese tsunami in 2011 were Stocks and spending. We are firm believers that the Fed black swans that shut down economies. There is The stock market is a leading indicator. Currently, can not do it alone. one material difference between then and now, it’s down peak to trough well over 25%, indicating however. During those events, consumers were a bear market (down 20% or more is defined as a Conclusion encouraged to continue life as usual and spend. bear market). The average decline in a bear market We think the economy in 2020 can grow in the Today, the message is self-imposed quarantines, is 25.6% when the economy does not experience a range of 0.4-1.0% even while experiencing a re- which will certainly reduce spending. recession. If we experience a recession, the aver- cession in the second and third quarters of the year. age decline is 34.6%, suggesting further downside Vast amounts of monetary and fiscal stimulus will Perhaps some good news is that recessions caused risk in equity prices. be pumped into the economy, perhaps providing by external shocks have been shallow and short- a launching pad for economic activity later in the lived. After 9/11, the U.S. experienced a -1.7% There is clearly some panic selling due to un- year and into 2021. contraction in third quarter GDP. By the fourth certainty. Typically, a 15% correction takes four quarter, GDP was up 1.1% and headed higher from months to play out. It took a mere 22 days for the Editor’s Note: This article was submitted by MBA- there. Japan saw a similar pattern after the tsunami. S&P 500 to fall 26.7%. member UMB. This article is for informational Activity plunged 8.4% from February to April purposes only and is not intended to be investment 2011. Then came the recovery. Bonds advice. The projections in this article are based on The U.S. bond markets are treated as a safe harbor information as of a specific time and are subject during periods of uncertainty. As the current drama to change. Please contact your investment advisor has unfolded, investors stampeded into bond mar- with any questions. The Missouri Banker • March 2020 Page 7 Guest Commentary Be Proactive,LUCKY Prepared YOU! Regarding Existing$ Loans By Elizabeth Fast EXCLUSIVEtitle, your bank’s lien must be recorded on that forbearance agreements are commonly used to Spencer Fane LLP certificate of title. assist borrowers who are experiencing financial • Confirm your priority status. The further ques- difficulty, forbearance agreements also can be used The Missouri Bankers Association recentlySAVINGS. hosted tion is whether your bank holds the priority to benefit the bank without drawing attentionoff of an urgent regulatory conference call Friday, March status it thinks it holds in the collateral. With the borrower. For example, a forbearance agree- 20, to address the COVID-19 situation. All of the respect to personal property, you can run a UCC ment can be used to obtain missing signatures on regulators on that call emphasized the importance search to confirm your bank has obtained prior- loan documents, to shore up the terms of your loan of banks being proactive and prepared to assist ity status by being the “first to file.” Remember, documents,your to correctqualifying collateral descriptions $300 orpurchase their borrowers in the uncertain times ahead. however, a purchase money security interest take additional50 collateral, and to cut-off a course can take priority over an existing UCC-1 filing. of dealing that has developed with the borrower. Here are several recommendations as to the things With respect to real property, you can request Other commonCoupon provisions inCode forbearance 98775279 agree- your bank can be doing to be proactive and pre- an Owners & Encumbrances report from the ments include an acknowledgment by the borrower pared with respect to your loan portfolio. title company to confirm your bank holds a first of the total amount owed and that the borrower priority lien. has no claims against your bank. So, when a bor- • Review your loan file. Start reviewing your rowerValid asks onlyyour at bank business.officedepot.com for a forbearance agreement, through 3/30/20. bank’s loan files to make sure your bank has all • Identify any potential legal issues. This is the remember to includeExclusions provisions apply. See in thebelow forbearance for details. the documentation in its file that it should have, time for your bank to identify any potential agreement that will benefit your bank as well, such and that all of the loan documents have been legal issues that could negatively impact your as correcting any deficiencies your bank may have properly executed. It is easier to obtain a bor- bank’s position. A common situation is when in its loan file. Valid only at business.officedepot.com or by phone at 888.263.3423 or fax at 888.813.7272. Minimum purchase required after discounts and before tax. Offer not valid for government contract accounts. Not combinable with Store rower’sPurchasing signature or Procurement on a missing Cards. Use document the coupon codewhen for phone ora faxcourse orders orof enter dealing the coupon has developedcode to cart online between at checkout. the Not valid for purchases: 1) of gift or prepaid cards; 2) of any technology or consumer electronic products and accessories or software products; 3) of performance protection plans; 4) of postage or mailing/shipping services; 5) of any ink or toner; 6) of any electronic labelers and labeling accessories; 7) of appliances; 8) of Charmin your relationshipand Bounty item nos.with 723927, the borrower8010333, 419465, is good. 308039; 9) of subscriptionbank services; and the10) of borrower case paper item that nos. modifies 273646, 196517, the 116946,terms 348037; of Editor’s 11) of the following Note: services:This article off-site shredding,was submitted tech, furniture, by MBAmarketing, administrative, or third party services; 12) of items by the pallet; or 13) of premiums/free gifts with purchase. Coupon cannot be used as an account payment. Coupon is good for one-time use only, is not transferable, is not for resale or auction and cannot be combined with other offers or promotions. No cash back. Voida written where prohibited. loan document. We reserve the If right a course to limit quantities of dealing sold to each associatecustomer.Offers areLimit non-transferable.member 1 coupon perSpencer customer/business. Office DepotFane reserves LLP. Coupon the Elizabeth right Expires to limit 3/30/20 quantities 11:59 sold PM to ET. each • Confirm the terms of your loan documents. customer. We are not responsible for errors. Office Depot is a trademark of The Office Club, Inc. Offers are non-transferable. Office Depot reserves the right to limit quantitieshas developed sold to each customer.in your situation,We are not responsible your bankfor errors. will Office DepotFast,©2020 is aa trademarkOffice partner Depot, of at Inc.The Spencer OfficeAll rights Club,reserved. Fane Inc. ©2020 LLP Office in the Depot, firm’s Inc. All rights reserved.

While reviewing the loan file, confirm that the BSD004.20_B not be able to enforce those terms of the written Kansas City office, is the group leader for the loan documents state what your bank thinks they loan document that have been modified by the state. Improperly drafted loan documents can Banking and Financial Services Group. For more course of dealing, unless your bank gives suf- than 20 years, she has been counseling banks, cause serious problems for the bank if the loan ficient written notice and time to the borrower goes bad. A common problem is where the deed holding companies and other financial institutions to change this course of dealing to require strict on legal, regulatory and compliance matters. For of trust refers to a prior note (not the current compliance. note) and the deed of trust does not state it cov- more information, call 816-292-8861 or email [email protected]. ers all future notes or other indebtedness. The It is important to realize that a forbearance agree- deed of trust must state the indebtedness that it ment can be used to correct many of the deficien- secures. If the current note is not covered by the cies found in your bank’s loan files. Although deed of trust, the current note is not secured by that deed of trust. • Confirm your collateral. Next, confirm your bank is secured by the collateral your bank thinks it has. If the collateral description is inad- equate or if a specific piece of collateral was ac- cidentally omitted from the security agreement, now is the time to ask the borrower to sign an updated or amended security agreement. Your bank cannot obtain a security interest in collater- al that was omitted from the security agreement by simply filing a UCC-1 financing statement that lists the “correct” collateral. • Confirm your lien is perfected. Also, confirm your bank has properly perfected its security interests in the collateral. If perfection problems are identified, immediately correct those prob- lems because once a bankruptcy petition is filed, it is too late to fix any perfection problems, and your bank could lose all of its collateral. Com- mon perfection problems are the failure to file the UCC-1 financing statement with the proper secretary of state and to use the borrower’s correct legal name. Although filing a UCC-1 financing statement is the most frequently used method for perfection, specific types of col- lateral require different perfection methods. For example, if the collateral has a certificate of Page 8 The Missouri Banker • March 2020

Leaders From The Bank Of Missouri, Bank of Bolivar Meet With Gov. Parson

Members with The Bank of Missouri in Perryville and Bank of Bolivar met with Gov. Mike Parson during their Target Banker visit Wednesday, March 4. Pictured are Adam Housewright, community bank president, Rolla; Paul Gard, regional bank president, Perryville; Dawn Dauer, chief banking officer, Perryville; Matt Gowin, community bank president, Mexico; David Cook, community bank president, Springfield; Brad Gregory, president and CEO, Bank of Bolivar; Gov. Parson, Mike Ireland, regional president, Columbia; Aaron Panton, regional bank president, Perryville; Tim Scott, community bank president, Branson; Jill Bomar, community bank president, St. Robert; Jeff Hotop, senior commercial loan manager, Perryville; and Kyle Thompson, community bank president, Jackson.

Leaders From Century Bank Of The Ozarks Meet With Lt. Gov. Kehoe

During their Target Banker visit Tuesday, March 3, members of Century Bank of the Ozarks in Gainesville met with Missouri Lt. Gov. Mike Kehoe and Senator Mike Cunningham, R-Rogersville, in the Senate chamber. Pictured are Sen. Cunningham; Bill Trivitt, senior executive vice president/ chief lending officer, Gainesville; Rick Donley, assistant vice president, Ava; Corey Hillhouse, executive vice president, Gainesville; Chris Harlin, president, Gainesville; and Lt. Gov. Kehoe.

MBA would like to thank every banker who participated in the Target Banker program in 2020. The Missouri Banker • March 2020 Page 9

Senate Confirm Bankers To State Banking Board The Missouri Senate approved two new members of the Missouri State Banking Board and Savings and Loan Board on Thursday, March 12. Jay Knudtson, executive vice president of First Missouri State Bank in Cape Girardeau, and Harold Miles, president and CEO of the Bank of Advance and the president and director of Miles Bancshares Inc., join the five-person board. Thane Kifer, president, CEO and director of Farmers State Bank in Bolivar, also was confirmed this year, giving the board a quorum.

The Missouri State Banking Board and Savings and Loan Board is responsible for approving regulations pertaining to banks and also serves an appellate function on certain decisions made by the commissioner of the Missouri Division of Finance.

Attending confirmation hearings in Jefferson City was (from left to right) Jay Knudtson, Cindy Knudtson, Paula Miles and Harold Miles. Page 10 The Missouri Banker • March 2020 Guest Commentary Responding To The Coronavirus As news headlines about the coronavirus (COV- the loss or damage must generally occur on the is unclear whether quarantine gives rise to obliga- ID-19) disease continue to increase, so has concern insured’s premise. Business interruption exten- tions under the Family and Medical Leave Act or over its potential to affect employee welfare, dis- sions such as contingent business income, ingress/ the Americans with Disabilities Act. rupt global supply chains and slow business opera- egress, loss of attraction and denial of access are tions. The Missouri Bankers Insurance Services subject to the same coverage parameters outlined Travel Accident Policy is here to support you in developing and imple- above, although not necessarily occurring at an The U.S. State Department has increased the level menting risk management policies and procedures insured location. of risk for travel to certain countries and continues during a pandemic. to update its advisories as they monitor the threat. Limited available coverage for communicable Some countries have instituted preventive mea- In case of an increased threat in the U.S., the Cen- or infectious disease is offered on some property sures for travelers who want to visit their countries, ters for Disease Control and Prevention is opera- forms. This coverage is likely sublimited and nar- are requiring medical clearance before the traveler tionalizing its protection and preparedness plans in row in its coverage scope, especially outside of an is permitted to enter the country or are insinuating communities nationwide. You should take added insured location. Covered costs include cleanup, other measures, including a health quarantine. measures to review your bank’s key insurance removal and disposal of contaminated property. policies and business continuity plans. Any business interruption extension will likely not As of early February, carriers and underwriters apply to locations that are not owned or operated are no longer including the threat of coronavirus Insurance Policies That May Respond by the insured. as a covered trigger for evacuation, cancellation Although specific policies for business loss be- and interruption benefits. Even the “cancel-for- cause of a pandemic are uncommon, you should Environmental Insurance any-reason” policies available in the market have check with your insurance broker immediately to In addition to the property policy, consideration excluded the coronavirus from their covered trig- confirm what key coverages will be provided in a should be given to the environmental liability gers. These policies will only cover a traveler who specific event. policy. actually contracts the virus. Therefore, it is critical that you discuss this with your risk management Workers’ Compensation Policy Currently, environmental liability policy forms do team to determine the potential threat before you Compensability for workers compensation will not identify COVID-19 as a pollutant and do not or your employees decide to travel. truly come down to whether the disease/illness is specifically exclude it by name. Some policies, considered occupational. For it to be compensable, however, do contain communicable disease exclu- 24/7 travel assistance services are still available for the disease would have to be contracted during sions that preclude coverage when a disease is travelers around globe to assist in booking passage the course of employment and due to conditions transmitted by personal contact. However, they do home at the cost of the traveler. specific to the employees’ work. Various statutory not exclude transmission of the disease caused by intricacies also will come into play, depending on the environment within the insured site. Actions You Can Take Now the particular state where your business operates. 1. Review your business continuity plan and deter- For example, health care workers who find them- If a “pollution event” has taken place or a “pollu- mine alternative business plans. selves interacting with ill people are more likely to tion condition” exists, coverage may apply in cases Check your business continuity and pandemic have workers’ compensation compensability. of negligence or strict liability. In turn, negligence procedures to ensure your organization is pre- can be the failure to prevent the spread of the pared if your employees become ill. Your conti- General Liability Insurance disease on your premises, or the coverage may be nuity plan should include the measures you will General liability policies provide coverage for triggered by strict liability as the result of a “pol- take if an employee is impacted, how to accom- injury to persons (other than your employees) lution event” that has taken place or a “pollution modate employees who don’t feel safe working and damage to property of a third party for which condition” under environmental laws. in a communal space or whose home life may you are legally liable. Liability for such injury or be impacted if schools or childcare centers are damage involving COVID-19 or a similar health Management Liability closed. It should also include a plan to address emergency will arise chiefly out of a failure to Management liability insurance is being evalu- any employee who is at risk of infection while protect others and their property against expo- ated on a case-by-case basis as the COVID-19 traveling in quarantined areas. sure to infection. Many general liability policies threat is monitored. Many companies have made have exclusions that could preclude coverage for disclosures that COVID-19 has caused disruptions Identify critical people, process and technolo- this kind of infection. Careful examination of the in production, staffing and sales. Accordingly, we gies that have the biggest negative impact on policy’s coverage terms, conditions and exclusions may begin seeing COVID-19-related D&O claims, your business and create recovery strategies to will be necessary to determine if such a limitation specifically securities class actions by shareholders minimize any disruption. This could include applies to you. In addition, umbrella and/or excess to the extent that these disclosures cause a stock outsourcing, allowing more flexible telework- liability policies may contain a communicable drop (This does not apply to nonprofit organiza- ing options or developing commuting alterna- disease exclusion. tions.). Such disclosures also may bring about tives for your employees if public transportation derivative action litigation, whereby plaintiff is not available. Work with your supply chain Property/Business Interruption shareholders sue on behalf of the company against partners to ensure you have a back-up plan Standard property policies require that physical the directors and officers alleging that executive should there be a breakdown along the line. This loss or damage to covered property, by an insured mismanagement of the situation cost the company may involve increasing inventory levels of high peril, occur for coverage to trigger. Contamination significant revenues. volume products/services. of property at an insured’s location may constitute 2. Communicate with your employees, vendors, physical loss or damage, but policy exclusions for It remains to be seen whether employment prac- partners and customers. pathogenic organisms, viruses and disease or ill- tices liability policies are affected. Employees Share information and official updates from -or ness causing agents may restrict or exclude cover- affected by quarantine and unable to work may be ganizations like the CDC with your employees age. For business interruption coverage to trigger, seeking accommodations or leaves of absence. It continued on Page 11 The Missouri Banker • March 2020 Page 11

Participate In MBA’s 2020 Salary Survey

Data collection for the 2020 MBA Bank information. All data submitted remains Compensation and Benefits Survey is now confidential and will be used for no other underway. This comprehensive, economical and purposes. user-friendly survey is a valuable resource to Missouri bankers who believe a fair, competitive The deadline to complete the survey is Friday, compensation policy is critical to the success of May 1. Member survey participants can purchase their organization. the results at the discounted price of $155, which includes a custom benchmarking report. Coronavirus Response Salary information is collected on almost 100 The nonparticipating member price is $395. continued from Page 10 full-time positions, in addition to employee Suvery results will be available for purchase this benefit, director, incentive compensation, pre- summer. so they understand the potential threats. Encour- employment screening and retention/recruiting age them to speak up if they start to develop information. The results are reported by asset To access the secure survey site, visit mobankers. symptoms and reassure them that self-reporting categories and geographic regions. All data com. If you have any questions, please contact is safe. Ask them to quarantine themselves if are reported in summary format to prevent Cindy Foltz, MBA education program manager, they have been to areas where a virus has been identification of a specific bank’s compensation at 573-636-8151 or [email protected]. reported. 3. Educate your employees.

Be transparent with internal and external stake- holders about how you’re handling the pandem- ic at the workplace.

Educate your employees on your continuity Here to help you. plans and procedures so they know what to expect if your company is affected. Issue travel advisories and make sure they understand the resources available to protect them. Ongoing communication about the pandemic will help your employees feel informed and safe. 4. Prepare your physical workspace.

Review your physical workplace for potential points of transmission of infection like shared desks and telephones, conference rooms and common areas. Increase the frequency of of- fice cleanings, provide more personal hygiene products like hand gel and/or masks for your employees, review your work-from-home policy and post educational signs on how employees can protect themselves around the office. 5. Contact your local hospitals and officials.

Communicate with the emergency preparedness coordinator at your local hospital to understand what resources are available to you and your employees and to ensure there is a plan in place in case of an emergency. You also can contact Let us help you, so you can focus on what you do best. the infectious and emerging diseases at the health department in your region to organize a MBIS provides an enhanced portfolio of products, customer support and skilled insurance consultation for response in the event of an emergency. financial institutions. As a member of MBA, take advantage of services like a complimentary review of your Editor’s Note: Missouri Bankers Insurance bank insurance program. Services, A Gallagher Company, submitted this article. MBIS is the exclusively-endorsed insurance representative of the MBA. For questions on this subject, please contact Ryan Hillestad, FI specialist and insurance advisor, financial institutions practice at 217-891-3445 or [email protected].

800.982.6564 | www.AJG.com/MBIS This article is for information purposes and does not contain or convey legal advice. The © 2018 Arthur J. Gallagher & Co. | 18GGB34074B2 information should not be used or relied upon in regard to any particular situation without consultation with your bank attorney. Page 12 The Missouri Banker • March 2020

Guest Commentary Improving Bank-Core Relationships MBA Webinars April 2020

To Help Community Banks Thrive April 1 Loan Participations: What You Should By Rob Nichols The committee also has developed several other • Know — 10 a.m. President and CEO resources to help bankers as they seek to build a No Foolin’: This is How Top Producers American Bankers Association more innovation-friendly environment. Some of • these are already available, or will be soon, along- Prospect for Business — 1:30 p.m. While we have more than 5,000 side all the resources I’ve already mentioned at April 2 banks that compete with each aba.com/core. • Work Appearance, Dress Codes and other, the vast majority of those Employer’s Liability for Being Out of banks rely on just a handful of ABA is not alone in looking at these issues. In Fashion — 10 a.m. large technology companies to provide the core recent months, top regulators have talked about the • SECURE Act: What’s New Now? — processing systems that allow banks to operate need to ensure community banks can continue to 1:30 p.m. every day. embrace innovation. Last fall, Jelena McWilliams, April 3 chairman of the Federal Deposit Insurance Corpo- • Excel Explained: Creating Interactive More than any other topic — even more than ration, said that banks’ “technology service provid- Spreadsheets — 10 a.m. credit unions! — I hear from bank leaders that ers must evolve” with consumer expectations. She their existing relationship with their core processor urged people to “consider a future where next-gen- April 6 limits their bank’s ability to innovate and provide eration core service providers offer an end-to-end • Pandemic Planning — A New Reality, the new banking tools customers want and need in digital banking experience to their partner banks.” New Regulatory Guidance: Are You the digital era. Prepared — 10 a.m. Meanwhile, at the ABA Conference for Commu- • Commercial & Business Lending Basics For that reason, I convened a banker-led ABA Core nity Bankers in February, Federal Reserve Gov- for Support Personnel — 1:30 p.m. Platforms Committee with a mandate to improve ernor Miki Bowman said she is looking at what April 7 the relationship between banks and their core pro- the Fed can do to increase the transparency of its • Taking Training from Classroom to viders. During the past year, the committee has had supervision program for core providers, including Virtual — 10 a.m. direct and productive conversations with execu- “making information that may be useful about our • Overdraft Requirements & Best tives from four of the major core providers: Fiserv, supervision of key service providers available to Practices — 10 a.m. FIS, Jack Henry and Finastra. The committee banks.” • Employment Law: Marijuana, Drug members have outlined the primary issues facing Testing and Other Conflicting Laws — banks, including data access, API deployment and In my ideal world, banks of all sizes are able to of- 1:30 p.m. fer the modern banking tools today’s marketplace contract fairness. April 8 requires, working side-by-side successfully with • Understanding Commercial Loan the core provider of their choice. We know we To their credit, the cores have engaged in a healthy Documents — 1:30 p.m. dialogue and shared their perspectives, and we have made progress toward that goal, but we have have heard from some bankers that their conver- more work to do. I’m grateful to Julieann Thurlow, April 9 sations with their core providers have been more CEO of Reading Cooperative Bank and chair of • Core Management Skills — 10 a.m. productive since the committee began its work. In the Core Platforms Committee, as well as all the • Treasury Management: A Powerful Tool an effort to formalize that progress, we released committee members — including Tom Klebba to Increase Deposits and Fee Income the committee’s Principles for Strong Bank-Core from Legends Bank in Linn — for their leadership — 1:30 p.m. Provider Relationship — a set of principles that and insights. The committee’s work will continue, April 10 bankers can use as a starting point for their con- and this remains one of my most important priori- • New FFIEC Business Continuity versations with core providers — at our annual ties at ABA. Management Handbook — 10 a.m. convention last fall. April 13 Community banks need to remain on the forefront Robbery Prevention & Response — Fiserv, FIS, Jack Henry and Finastra also provided of financial innovation. Working together, we’ll • 1:30 p.m. the committee with information on how they are make sure that happens. addressing data access, APIs and contacts. We re- April 14 leased their responses, along with our committee’s Editor’s Note: This article was submitted by the • What You Need to Know About analysis of them to ABA-member banks, to help American Bankers Association. For more informa- Escrows — 10 a.m. them as they evaluate their core options moving tion, visit aba.com/core or email Rob Nichols at • CFPB Anticipated Rulemaking for forward. [email protected]. 2020 — 1:30 p.m. April 15 In January, the committee met with 11 additional • Ten Critical Issues for Identity Theft — cores with products currently in the market and in 10 a.m. March with emerging providers whose core solu- • BSA/AML for Lenders — 1:30 p.m. tions will soon be available. Although a handful of large companies dominate the marketplace, there is a growing range of choices for community banks, For more information, and ABA will provide fact sheets on these addi- visit mobankers.com. tional core providers to help bankers understand For more information, their options. visit mobankers.com. The Missouri Banker • March 2020 Page 13

Compliance Update What’s New With UDAAP By Carol Barnett (C) the reasonable reliance by the consumer Stay Tuned Senior Vice President on a covered person to act in the interests of The CFPB states its intention to describe the basis MBA Compliance Services the consumer for abusiveness citations with greater clarify in future editions of its Supervisory Highlights publi- Section 1031(a) of the Dodd-Frank Act provides The Policy Statement cation. In issuing the policy statement, the bureau that the Consumer Financial Protection Bureau After consideration of comments and feedback does not rule out the possibility of engaging in may use its supervisory and enforcement author- provided to the bureau through its outreach efforts future rulemaking to further define the abusiveness ity to prevent unfair, deceptive or abusive acts or over the past few years, the bureau concluded that standard or updating its examination procedures. practices under federal law in connection with any there is uncertainty as to the scope and meaning of transaction with a consumer for a consumer finan- the abusiveness standard and stated that “clarifying This article is for information purposes and does cial product or service. The CFPB issued a policy the abusiveness standard is in the public interest not contain or convey legal advice. The informa- statement, which became applicable Jan. 24, 2020, and … is beneficial to all stakeholders.” In alleging tion should not be used or relied upon in regard to in an attempt to provide some clarity regarding the an act or practice as abusive, through applying the any particular situation without consultation with principles the bureau intends to apply in determin- following principles (paraphrased from the policy your bank attorney. MBA Compliance Services ing whether the “abusiveness standard” has been statement) the bureau: and its Compliance Force program offer various violated in connection with an act or practice in (1) intends to focus on conduct where harms to programs to aid banks with compliance needs. For relation to a consumer. The statement was pub- consumers outweigh the benefits to consumers more information, call 573-636-8151. lished in the Feb. 6 Federal Register. It’s important to note that the policy statement does not affect or (2) will generally avoid challenging conduct specifically address the prohibition against unfair as abusive that relies on all or nearly all of or deceptive acts or practices, which has a much the same facts that are alleged to be unfair or longer statutory and regulatory history and guid- deceptive MBA Compliance Update ance. (3) does not intend to seek certain types of monetary relief for abusiveness violations Email [email protected] to Background where the bank was making a good-faith effort request this MBA e-newsletter. Before the Dodd-Frank Act, the Federal Trade to comply with the abusiveness standard Commission and the bank regulatory agencies enforced UDAP prohibitions in the FTC Act. The Dodd-Frank Act gave responsibility to the CFPB Connect Like MBA on and added “abusive,” which turned UDAP into with MBA Facebook! UDAAP. The bureau has applied the abusiveness standard since it began operations in 2011. Banks on LinkedIn! facebook.com/mobankers have largely had to rely on reviewing enforcement actions and court cases, examination procedures and guidance documents as there is no implement- ing regulation.

Abusiveness Standard Congress defined the abusiveness standard in general terms and did not attempt to include a complete list of abusive practices. This uncertainty raises concerns in the banking industry as to what type of bank product, service or action might be deemed to be abusive, creating challenges espe- cially in the development of new initiatives. Sec- tion 1031(d) of the act states that the bureau has no authority to declare an act or practice to be abusive unless the act or practice: (1) materially interferes with the ability of a consumer to understand a term or condition of a consumer financial product or service; or

(2) takes unreasonable advantage of — (A) a lack of understanding on the part of the consumer of the material risks, costs or conditions of the product or service;

(B) the inability of the consumer to protect the interests of the consumer in selecting or using a consumer financial product or service; or Page 14 The Missouri Banker • March 2020

Achievements Paul Joseph “PJ” Thompson Rebecca Walker was promoted to Jr. has joined Country Club senior vice president of mortgage Bank in Kansas City. As vice at Midwest BankCentre in president of finance and corporate St. Louis. Walker, who joined administration, Thompson will the bank as vice president of work alongside Chief Financial mortgage in July 2019, leads the Officer Doug Axon and Chief bank’s mortgage department and Operations Officer Mark Fortino. manages mortgage loan processing Paul Joseph “PJ” Rebecca Walker Matthew Amsberg Megan Prock Jase Glendenning Thompson Jr. He is the first member of the from origination to funding. She third generation of the Thompson also manages investor and mortgage insurance Heritage Bank of the Ozarks in Lebanon has family to join the family-owned relationships. Walker has been in the banking promoted three bankers. Matthew Amsberg was bank. industry for 19 years. promoted to vice president — lending. He joined Heritage Bank of the Ozarks in 2017 as a loan

TPNB Bank Mary Ems has joined St. Johns officer specializing in home and consumer lending. in has Paris Bank in St. Louis as vice Amsberg has worked in banking for 12 years. promoted Will president – commercial lender. Megan Prock was promoted to vice president — and Mefford Ems has more than 25 years of residential mortgage lending. She joined Heritage . Ethan McNeill experience in commercial lending. Bank of the Ozarks in 2010 and soon became a Mefford was She holds a bachelor’s degree secondary market loan assistant. In 2019, she was promoted to in finance from Saint Louis promoted to assistant vice president — residential assistant vice University. mortgage lending. She has worked in banking Will Mefford Ethan McNeill president Mary Ems for more than 15 years. Jase Glendenning was loan officer. He has been with the bank since Guaranty Bank in Springfield promoted to assistant vice president of lending. He 2018, primarily originating agricultural and promoted David Shelton joined Heritage Bank of the Ozarks in 2016 as a mortgage loans. McNeill, who also joined the to assistant vice president/ lender focusing on agricultural loans. bank in 2018, was promoted to loan officer. He infrastructure manager in the previously worked as a credit analyst with the bank’s information systems bank and originates various types of loans for bank department. Shelton rejoined customers. Guaranty Bank in 2017 as its IT Want The Latest MBA News? manager after previously working Email [email protected] to David Shelton for the bank from 2006-2011 as a request the Missouri Banker Update VEBA Forms & Benefits network administrator. e-newsletter. Visit mobankers.com for information. Kansas City Fed Announces Officer Promotions, Appointments The Federal Reserve Bank of Kansas City Federal Reserve System assignments and in • Lacey Peters was appointed assistant announced several organizational changes. 2016 was appointed to assistant vice president vice president with responsibility for the with responsibility for the Examinations and Examinations and Inspections Department’s • Assistant Vice President Sean Foley was Inspections Department’s RBO function. She Operational Risk and Resource Management promoted to vice president. Foley is responsible assumed responsibility for the department’s and Development functions. Peters joined the for technical support, system monitoring and Community Banking Organization function at bank in 2010 as an examiner. She was promoted quality assurance testing for ACH and check the Denver branch in 2017. to manager in 2014 and assumed a role in the processing platforms, in addition to check and Applications and Enforcement Department in ACH application and infrastructure change • Assistant Vice President Judith Hazen was 2018. management, release management, and promoted to vice president of the Surveillance analytical support. He joined the bank in 2007 and Risk Analysis and Support Solutions • Kristi Roman was appointed assistant vice as a contractor and became a full-time employee Departments, and a newly established Banking president with responsibility for Support to lead telecommunications for the construction and Financial Technology function. Hazen Solutions within the bank’s Supervision and of the bank’s headquarters building and later started at the Federal Reserve Bank of St. Risk Management Division. Roman joined the as architect for the Federal Reserve System’s Louis in 1999 before joining the Kansas City bank in 2011 as a senior assistant examiner in consolidated telephone system. Fed’s Denver branch as an assistant examiner the Consumer Affairs Department. She was in 2004. She held various examiner roles promoted to manager in 2014, and in 2017 The following promotions are within the bank’s within Examinations and Inspections, Learning assumed management responsibility for Support Supervision and Risk Management Division. Services, and Enforcement and in 2012 was Solutions. promoted to manager. In 2015, she relocated • Assistant Vice President Amber Conley was to Kansas City to become manager of the promoted to vice president with responsibility Applications and Enforcement Department. for the Regional Banking Organization and She was appointed to assistant vice president Submit Your News To MBA! Operational Risk functions and a newly with responsibility for the Support Solutions Send achievements, news and established Resource Management and Department in September 2016. announcements to Lori Bruce, MBA Development function. Conley joined the bank communications director, at lbruce@ in 2002 as an assistant examiner trainee. She mobankers.com for possible inclusion held various examiner roles before being named Find us on Instagram @mobankers in The Missouri Banker. manager in 2011. She has served in several The Missouri Banker • March 2020 Page 15

Job Announcements MBA Reminders

Cashier

Bank Northwest in Hamilton has an immediate opening for a cashier. This position requires knowl- edge necessary to handle the financial, operations Customer Service Representative and reporting procedures involved with the duties of a cashier. Duties include daily functions, control of Union State Bank of Gower seeks a customer operations within the bank and regulatory reporting. service representative to handle all types of bank- Knowledge of the Fiserv Precision banking program is ing transactions. The primary duties involve assisting a plus. Benefits included. Send resume to customers with daily transactions, answering inqui- [email protected]. ries, processing certificates and referring customers Submit Your Photos For for appropriate services. A successful candidate is MBA’s 2021 Calendar! personable, customer service-oriented, able to multi-

task, accurate with attention to detail, honest, good Friday, May 29, is the deadline to submit listener and communicator, and have relative com- puter skills. A high school diploma or equivalent is re- photos for MBA’s 2021 Scenes of Missouri quired, along with ability to count and balance cash. photo contest. For more information on Experience is preferred but not required. The position contest rules, visit mobankers.com. offers competitive compensation and benefit package while enjoying a professional work environment and career growth opportunities. Interested candidates should contact Christina Stoneking at cstoneking@ mybankusb.com or 785-863-2267. Commercial Loan Officer Growth Market! Member FDIC EOE M/F/V/D The Bank of Missouri has an immediate opening for a commercial loan officer in Poplar Bluff. The ideal candidate has a minimum of three-five years in a commercial loan position, as well as an agricultural lending background. Here’s what makes this opportunity so great — market growth potential, local decision making, common sense approach and MBA InternConnect offers resources you are an owner of the bank with our ESOP pro- to help promote the Missouri banking gram. For more information and to apply, please visit industry as a viable career option for bankofmissouri.com/banking-job-openings/. college students. For more details on

Member FDIC Loan Officer/Branch Manager creating an intern program at your EOE-M/F/Disabled/Veteran bank, visit mobankers.com. Bank of New Madrid seeks a loan officer/branch manager to join its Portageville team. The candi- date should have strong analytical skills, as well as good interpersonal and communication skills. Respon- sibilities include managing an existing loan portfolio; retaining and expanding customer relationships; developing new consumer, residential, and commer- cial relationships; cross-selling bank products; and managing a small staff. This position requires active community involvement. Previous lending experi- ence is preferred. Salary commensurate with experi-

ence. The bank offers an excellent benefit package, Community Bank President MBA Is A Part Of RFI including employee and dependent health coverage, Legacy Opportunity! MBA has joined with bankers associations 401-K, annual bonus and more. Send resume to Bank nationwide to create the Regulatory Feedback of New Madrid, Attn: Marty M., P. O. Box 10, New Looking for a unique, one-of-a-kind opportunity that Initiative. This initiative will bring transparency Madrid, MO 63869. For questions, call Marty M. at doesn’t come along often? The Bank of Missouri and accountability to the regulatory process and 573-748-5551, ext. 165 or Marty B. at ext. 167. seeks a dynamic leader with proven experience to will help every bank in the country prepare for their

anchor its Perryville market. The ideal candidate examinations and manage their regulatory risk. Equal Opportunity Employer for a community bank president has a minimum of 5-10 years banking experience, superb leader- The initiative consists of a brief, anonymous ship skills and a proven track record for develop- online survey that we encourage every bank to take ing people. In addition, this candidate needs to be immediately following each safety and soundness prepared for future growth within The Bank of Mis- Ad Submission Deadline Tuesday, April 7, is the deadline to examination and each compliance examination. We souri. For more information and to apply, please visit need every bank to build the survey into their place a classified ad in the April 2020 bankofmissouri.com/banking-job-openings/. examination process. issue of The Missouri Banker. Member FDIC For more information, visit the Coalition of Bankers EOE-M/F/Disabled/Veteran Associations at allbankers.org. For a link to the Find us on Twitter @mobankers survey, contact Gina Jolly at MBA at 573-636-8151 or [email protected]. Page 16 The Missouri Banker • March 2020