Tennessee Bankers

This Week Newsletter

September 26, 2016 - Issue No. 1639

DIF Reserve Ratio Ahead of Statutory Deadline

FDIC staff project that the Deposit Insurance Fund reserve ratio should reach 1.35 percent in 2018, roughly two years ahead of the statutory deadline, FDIC Chairman Martin Gruenberg said. By meeting this target earlier than the mandate, the FDIC is less likely to have to raise rates unexpectedly in the event of a future period of stress, which supports stable and predictable assessments, he said. Read Gruenberg's statement.

SIFI Designation Bill Pulled Before House Vote

The Systemic Risk Designation Improvement Act (H.R. 1309), which would eliminate the automatic designation of banks as systemically important based solely on asset size, was scheduled on the House floor for a vote last week. House leadership, however, pulled the bill from the calendar for budget-related reasons.

Friends of Traditional Banking Identifies Three Critical Races

As TBA President Colin Barrett discussed during our August Membership Meetings, to impact real positive change for banking at the federal level Tennesseans must look beyond our state borders. The team of industry leaders and political experts at Friends of Traditional Banking have identified three races as the ones we must win if we are going to stop the destruction of traditional banking in America: Sen. Pat Toomey (PA), Sen. Kelly Ayotte (NH), and Sen. Rob Portman (OH). Please click here to donate to these terrific senators that need our help! Or type http://friendsoftraditionalbanking.com/ into your browser. 

Regional Young Bankers Luncheons Begin Tuesday

Beginning Tuesday, the Young Bankers Division will host seven Leadership Luncheons around the state. Each luncheon features an opportunity for networking with regional banking peers, an update and overview on the initiatives of the TBA and Young Bankers Division, and a guest presenter from the General Assembly.  Luncheons will be held September 27-30 and October 3-5 in Cookeville, Nashville, Knoxville, Kingsport, Chattanooga, Jackson, and Memphis. Please identify a member of your team to engage with the TBA and the Young Bankers Division! Learn more and register.

ABA Foundation Honors Triumph Bank With Community Commitment Award

The American Bankers Association Foundation has recognized six banks, including Triumph Bank, Memphis, for their noteworthy corporate social responsibility with a 2016 Community Commitment Award. Triumph Bank was recognized for its Personal Financial Management with the Boy Scouts of America Program. The program empowers boy scouts from low to moderate-income communities by providing them with in-depth, personal financial education on topics such as saving, setting financial goals, paying for college and the difference between renting and buying a home. It aims to improve the socioeconomic status of the boy scouts and their families by helping them make well-informed financial decisions. Winners will be presented with their award at ABA's Annual Convention in Nashville on Oct. 16. Click here to learn more.

Beneficial Ownership– Developing a Compliance Effort Webinar Scheduled for Nov. 1

New Bank Secrecy Act (BSA) regulations took effect July 2016. Compliance is mandatory on the "applicability date," May 11, 2018. They will require your bank to identify the beneficial owners of its legal entity customers when they open new accounts, and perform CIP on each of those individuals. Revisions of your bank's board approved BSA policy and procedures will be required.

That's why you should register for the Beneficial Ownership–Developing a Compliance Effort webinar. It is designed specifically to focus on Tennessee entities. It is also configured for an audience comprised of senior new accounts and BSA personnel so all members of your staff will start this process with the same foundation of information. To register for the Nov. 1 webinar, click here.

HomeTrust in NC to Acquire TriSummit

HomeTrust Bancshares, Inc. of Asheville, NC, said Wednesday, Sept. 21, that it plans to spend $31.8 million to buy TriSummit Bancorp, Inc. of Kingsport. The combined bank is projected to have total assets of more than $3 billion when adding TriSummit's $353 million. The deal is expected to close in the first quarter of 2017. TriSummit has two branches in Kingsport and one each in Jefferson City, Johnson City, Morristown, and Bristol, VA.

Welcome New Associate Member

TBA welcomes new Associate Member Haberfeld Associates in the category of Consulting. Please thank this company for their support of the Tennessee banking industry through membership and learn more about all of TBA's associate members in our online directory.

TBA On the Road

  • Tennessee Young Bankers gather in Cookeville, Nashville, Knoxville and Kingsport for Leadership Luncheons.
  • CEO Forums meet in Nashville.

See where TBA goes while "on the road" by following  @TNBankers.