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April 12, 2010 www.bankersdigest.com Volume 136, No. 15 Beck Named Frost Bank BBVA Compass Moves Dawson & Jones Named Houston, TX, President Brown as Area President SVP, Southern Bancorp Dave Beck, a TX banking executive with Daniel R. Brown has been appoint- Arkadelphia, AR-based Southern Ban- more than 30 years of experience, has re- ed Beaumont and Port Neches area corp has announced that Suzanne turned to Houston president and re- Dawson has been as president of the gional commercial promoted to senior Houston region for manager for BBVA vice president and San Antonio-based Compass, accord- senior retail offi- Frost Bank, report- ing to Jim Recer, cer. Dawson’s re- ed Dick Evans, Cul- South TX regional sponsibilities will len/Frost president executive. include broad ar- and CEO. Brown was pro- eas of retail branch Beck has 27 moted to the posi- administration years of experi- Beck tion after serving Brown including: branch Dawson ence in the Houston as area president staff oversight and business market. A native of Amarillo, and commercial staff training, customer service, inter- he has worked at Frost for virtually his manager for the Temple, Belton, and est rate offerings, entire banking career. After earning a Salado markets. He began his 24-year and new product BBA degree at SMU and working as a banking career with Capital One Bank development. trainee at First National Bank of Ama- (previously ArgentBank and Hibernia Pam Jones has rillo, he moved to Houston to work for National Bank). He left Capital One been promoted to Cullen Bankers, joining Frost in 1977 Bank in August 2006 to join BBVA senior vice presi- when Cullen merged with Frost. He be- Compass when he was named to his dent and senior came regional president for Houston in previous position in Central TX. loan operations of- 1992 and moved to San Antonio in 1999 A LA native, Brown earned a BS ficer. Her responsi- to become president of state regions for degree in finance from Nicholls State bilities will include Jones the Houston and Dallas/Fort Worth re- University and attended the Graduate oversight of loan op- gions. In 2001, he was named president School of Banking at LSU Q erations functions. of business banking administration She will manage loan products and re- lated software systems and coordinate and chief business banking officer, a position he will continue to hold Q loan operations staffing and trainingQ Arizona B&T Hires Goodroe Upped to SVP, Please route this issue: Carney, Fisher, Romero M&I Bank in Phoenix Three former employees of Irwin Janet Riggins Goodroe has been Union Bank, Phoenix, AZ, have taken promoted to senior vice president of In This Issue... positions with Arizona Bank & Trust. M&I Bank’s Arizona region in Phoenix. Mike Carney, a vice president with 26 She is a retail credit manager and has Federal Appeals Court Renders years experience, is serving in the bank’s served with M&I Bank since 1985,most treasury management department. Opinion in Subchapter S Case recently as a vice president. Sherie Fisher, a 14-year banker, is Legal Phases..................................3 personal banker assistant. Riggins Goodroe is a certified cred- Myra Romero, a 26-year banker, is it counselor with Consumer Credit Charter Activity............................9 vice president/treasury management Counseling/Money Management In- officer at 2036 E. Camelback Rd., ternational. She is an active volunteer Classified.....................................10 with Interfaith Christian Ministries Phoenix Q Q P E O P L E TEXAS Smith Ellis Named Chairman, FirstPerryton Bancorp, Amarillo Smith Ellis has been named chair- Bancorp Inc., the parent of FirstBank board of directors. man of the board for FirstPerryton Southwest, Amarillo, where he serves Smith Ellis was appointed to the as president/CEO. FirstBank Southwest board of direc- Coming Soon He will continue tors in 1996 and joined the bank’s se- in this position. nior management team as executive PRINT and ONLINE Smith Ellis suc- vice president in 2004. He was named ceeds Carl Ellis, president/CEO in 2006. who has served He earned a BBA degree in manage- as chairman since ment at The University of Texas at Aus- 1984. They are tin and is a CLU. He served nine years fourth generation for Higdon and Higdon Insurance, as members of the director of operations for Aon Consult- Ellis family which Smith Ellis ing, and held a similar position at Frost has led the bank since the 1930s. Carl Insurance Agency, a division of Frost Ellis will continue to serve on the Bank, through 2004 Q Messinger Joins United Texas Bank, Dallas, as SVP of Commercial and Healthcare Lending Marcia B. Messinger has joined Unit- organ Chase Bank managing private ed Texas Bank, Dallas, as senior vice banking services and commercial real president of com- estate portfolios. mercial and health- Messinger is a graduate of the For the online version, go to care lending. University of Wisconsin and holds a www.texasredbookonline.com. Prior to joining masters degree from West Texas A&M Sign up for a 7-day trial subscription. United Texas Bank, Messinger held se- University. She is an active volunteer Online subscriptions less than at Baylor Regional Medical Center $15 per month! nior positions with Comerica Bank, Plano, CASA, Northwood Women’s To order your print version, call Frost National Club, and the President’s Research 800-336-1120 or visit Bank, Northern Council Southwestern Medical www.texasredbook.com. Messinger Trust, and JPM- School in Dallas Q BANKERS DIGEST® Established 1942 A Weekly Bank News Magazine (USPS 041180) Published every Monday at Dallas, Texas Copyright 2010 Bankers Digest® BONNIE JAMISON BLACKMAN, Publisher/Editor R. GILBERT BLACKMAN JR., Managing Editor 9550 Forest Lane, Suite 125 Dallas, Texas 75243-5928 Phone 214/221-4544 Fax 214/221-4546 E-mail: [email protected] website: www.bankersdigest.com One year subscription rate: Print $37.00, Online $26.00; Both $50.00. Single copy $1.00 Opinions expressed by columnists and writ- ers of bylined articles are not necessarily those of Bankers Digest. Editorial guidelines may be obtained upon request. Articles and photos may be submitted to above address or sent via e-mail. Periodical postage paid at Dallas, Texas POSTMASTER: Send address changes to Bankers Digest®, 9550 Forest Lane, Suite 125, Dallas, Texas 75243-5928. Page 2 BANKERS DIGEST April 12, 2010 L E G A L P H A S E S SUBCHAPTER S Alerts. “Mr. and Mrs. Vainisis own a deducted from their taxable income holding company that in turn owns all the entire interest expense that their Federal Appeals Court the stock of First Forest Park National QSub bank had incurred in borrower- Renders Opinion in Bank and Trust Company. Until 1997, ing money with which to buy those ob- Subchapter S Case both the holding company and the ligations. The Tax Court held that the bank were conventional corporations, Vainisis were entitled to deduct only C corporations. But that year the hold- Excerpts from Sources: 80% of that expense; its decision has ing company became an S corporation www.aba.com, www.judicialview.com, received a good deal of critical com- and the bank became a QSub. In 2003 www.gklaw.com mentary.” (www.judicialview.com) and 2004, the bank earned tax-free The appeals court reversal also interest income on what are called questions the validity of how the IRS On March “qualified tax-exempt obligations.” interpreted the code in the agency’s 17th the U.S. 26 U.S.C. § 265(b)(3)(B). The Vainisis (continued on Page 12) BD Court of Ap- peals for the Seventh Cir- FEATURE cuit in Chi- cago issued a decision in an important Subchapter S “TEFRA” (Tax Equity and Fiscal Re- sponsibility Act) disallowance tax case (Vainisi v. Commissioner of Internal Revenue, No. 09-3314 U.S. 5th Cir. 2010) which is favorable to Subchapter S banks. (Ac- cording to the FDIC, 31% of all federally insured banks are either subchapter S corporations or qualified subchapter S, by number not deposits.) The deci- sion reversed the decision of the U.S. Tax Court that favored the Internal Revenue Service’s position. The question decided on appeal was whether subchapter S (Sub S) corporations or qualified subchapter S subsidiaries (QSub) can deduct all or merely part of the interest expense that they incur to purchase certain tax-exempt bonds. The appeals court disagreed with the IRS’s position that a Subchapter S bank after its third year of Sub S status is still subject to the 20% interest-expense disallow- ance rule under the Internal Revenue Code’s Section 291—even if the entity is an independent S corporation or a qualified Sub S subsidiary. The Court opined that “[t]he government’s in- terpretation would deprive certain S corporations, including the Vainisis’ bank, of the privileges that Congress gave S corporations that don’t fall into the recency exception (the exception for corporations that were C corpora- tions at some time in the preceding three years)—deprive without basis in the language of the regulation or of its authorizing statute.” www.aba.com The facts of the case are as follows from The Judicial Review Case Summary April 12, 2010 BANKERS DIGEST Page 3 P E O P L E TEXAS First Financial Bank Abilene Announces Promotions Mineral Wells Bank CEO First Financial Bank, N.A., Abilene, the South Office. She has served with Tommy Michaels Retires has announced the promotion of six the bank for five years, holding posi- Tommy Michaels, president/CEO of officers to assistant vice president and tions of teller, personal banker, assis- Titan Bank, N.A., Mineral Wells/Gra- of employees to assistant cashier.

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