January 29, 2010
State Legislature Getting
Down to Business – GBA Priority Bill Up for Vote Monday
Newly-elected House Speaker David Ralston made good on his promise to
reform the way bills are brought to the House floor by having the Rules
Committee adopt new operating procedures. In recent years, this
committee had been empowered to change legislation passed out of other
committees, but that power has now been cut. Another change will be a
bias toward allowing amendments to be offered when any bill comes before
the full House. Speaker Ralston believed strongly that individual
members needed more ability to potentially amend bills and felt a more
lively debate would produce a better legislative product. GBA’s priority
legislation for the session is on the first calendar adopted under the
new rules procedures, and is expected to be considered on Monday.
HB 926 by Banks and Banking Committee Chairman James
Mills, with support from most of the committee,
amends state law to exempt renewals or
restructuring of certain loans or lines of credit to customers in good
standing from the legal lending limits to one borrower or business. The
bill is significant to those banks which, because of capital erosion,
can no longer renew existing loans because these loans would exceed the
bank’s new lower lending limit. Nationally chartered banks are not
subject to such a restriction, so this bill puts state chartered banks
on par with nationally chartered banks. In other news at the Capitol,
GBA will be testifying Monday before a subcommittee of the House
Judiciary Committee on
HB 972, legislation that proposes to extend the notice
provision on foreclosures from 30 to 90 days and grants borrowers a
right to cure the default prior to sale. The subcommittee will also
consider a bill passed by the Senate last year,
SB 57, by Banking and Financial Institutions Chairman Bill
Hamrick. The bill amends the Georgia Fair Lending Act (GFLA) and, among
other things, could eliminate mortgage brokers’ yield spread premium
income. Because federally insured institutions are preempted from GFLA,
this bill should not apply to our members, but we are closely monitoring
it. The House Judiciary Committee passed a significant rewrite of the
Trust Code for the full House to consider. GBA has been working with the
committee and a committee of the State Bar of Georgia on the various
changes, and we support the bill as currently written. We’ve added three new bills to track this week.
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HB 986 was introduced at the request of the Department of Revenue (DOR) that would establish a data match program for financial institutions to assist DOR in finding delinquent taxpayers. The legislation is patterned off the procedures banks are required to follow in helping locate money owed in child support cases.
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HR 1116 by Rep. Heckstall and others is a resolution calling for an unspecified percentage of state deposits to be placed with African-American owned financial institutions.
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HB 935 by Rep. Bruce and others would create the Commission on Reducing Poverty and Increasing Economic Security.
Jobs, jobs, jobs were the subject of a joint meeting held by the House
and Senate Economic Development Committees along with the newly created
House Small Business Committee. The committees have been holding a
series of hearings about all the drivers of economic activity. Their
first hearing was about the meltdown in the residential construction
industry. This week’s hearing was intended to find ways to jumpstart the
Georgia economy and bringing back some of the almost 300,000 Georgia
jobs lost since the downturn began. Our thanks to Mercer University
economics professor, Roger Tutterow, for helping the committees
understand some of the barriers to lending facing many of our banks and
the role that plays in slowing economic development. Other than this
joint hearing, the Senate was relatively quiet this week as committees
were busy working with legislation readying it for floor action. The big
gorilla in the room is still the state revenue shortfall and how that
$1.5 billion hole will be filled. The Legislature has completed eight
days of their 40-day session. All bills we're monitoring can be found on
the
State Issues page of our web site. They will be in recess Friday and return
for business Monday. With questions, contact GBA’s
Elizabeth Chandler at 404.420.2027 or
Joe Brannen at 404.420.2026.
TARP COP Hearing Probes Capital Levels, Regulatory Response, More Solutions
The
Congressional Panel charged with studying the effectiveness of the TARP
program was in Atlanta Wednesday. Regulators, a member banker and real
estate experts testified. Chris Burnett, CEO of Cornerstone Bank,
testified on behalf of his bank and the industry. His verbal and
written comments focused on his views of the current state of the
Atlanta commercial real estate market, the balancing act banks need to
do in working with customers and a mixed review of TARP's effectiveness.
In general, Chris' message was that the bulk of CRE problems for most
Georgia banks have been associated with lending to builders and
developers. There is some stress showing up in the multifamily and other
CRE segments, and the longer we have high unemployment, intense
regulatory capital pressures and a poor economy, the more those
portfolios will be affected.
All testimony and an audio recording of the hearing are available on
the oversight committee's web site. With questions, contact
Joe Brannen, 404.420.2026, or
David Oliver, 404.420.2036.
Georgia a High Rate
Market for Deposits, says FDIC
We
understand the FDIC has declared the entire state of Georgia a high rate
market for determining deposit rate caps required of banks that are less
than well capitalized or under certain regulatory orders. That provides
some flexibility for affected members looking to for the ability to use
the local rate rather than being forced to price based on the lower
national rate set by FDIC. The FDIC determination is effective for
calendar year 2010. This is a difficult issue for everyone involved
because of the need to ensure competitive pricing balance for all market
banks. Our position is rooted in the belief that banks that are troubled
should have the chance to compete with other banks in their market for
deposits – but using the local market rates, not the national rates. The
letter reminds those affected that they must still maintain deposit
rates within 75 basis points of the local market averages for all local
deposits and that all banks and branches within the bank’s market area
must be included in that average. So, the caps based on local rates
should still ensure local deposit pricing doesn't go to the extreme. The
FDIC regulations are available through this
link. Banks that did not apply for a high-rate designation
may still do so. With questions, contact
Elizabeth Chandler, 404.420.2027, or
Joe Brannen, 404.420.2026. As reported last week, details about
discounted rate monitoring services from
RateWatch, a GBA endorsed vendor, are available on our
web site.
State of the Union: $30B Pledged to Community Banks,
Obama Pushes Financial Reform, Bank Tax
In
this week's State of the Union Address, President Obama called for $30
billion of repaid TARP funds to be channeled into programs to help
community banks extend more credit to small businesses. The President
also re-iterated his support for a financial regulatory reform and a tax
on large banks. "Look, I am not
interested in punishing banks,"
the President said. "I'm interested in protecting our economy. A
strong, healthy financial market makes it possible for businesses to
access credit and create new jobs. It channels the savings of families
into investments that raise incomes. But that can only happen if we
guard against the same recklessness that nearly brought down our entire
economy. We need to make sure consumers and middle-class families have
the information they need to make financial decisions. We can't allow
financial institutions, including those that take your deposits, to take
risks that threaten the whole economy. Now, the House has already passed
financial reform with many of these changes. And the lobbyists are
trying to kill it. But we cannot let them win this fight. And if the
bill that ends up on my desk does not meet the test of real reform, I
will send it back until we get it right." As we've maintained, the GBA
supports certain aspects of financial reform, specifically a
well-defined mechanism to wind down large institutions and end the
too-big-to-fail concept as well as specific regulation of the
shadow-banking sector. "However, the President fails to understand that
as we oppose the creation of a stand-alone CFPA, already heavily
regulated FDIC-insured institutions are speaking as a united industry
comprised of individual constituents," said
Joe Brannen, GBA
president and CEO. "Georgia bankers opposing this agency are everyday
citizens who live and raise families in our communities, voicing our
shared concern that such an agency will only place more burden on our
banks' abilities to safely and responsibly meet the deposit and
credit needs of their customers. Bashing the banks and lobbyists may make
for good political theater, but it does nothing to restore the public’s
confidence in our industry. There are only a few components essential to
the recovery; it’s the nation’s banks that are out front leading that
charge."
Call Report Revisions Include New Loss-Share Information
The Federal Financial Institutions Examination Council (FFIEC) has approved revisions to the reporting requirements for the Consolidated Reports of Condition and Income (Call Report) for implementation in 2010. Among the many changes are news items in Schedule RC-M, Memoranda, for assets acquired from failed institutions that are covered by FDIC loss-sharing agreements. A group of GBA member bankers provided input to an ABA comment letter about the changes. The main concern driving this change was that Previous Call Report requirements could lead to over-reporting of the amount of “troubled” assets by not providing the reader with a readily accessible summary of the bank’s net exposures on assets that are subject to FDIC loss-sharing agreements. As noted in the comment letter. The recent changes take a helpful step to address this problem by adding four new items to the Call Report on assets covered by FDIC loss-sharing agreements in response to banker recommendations. The full Financial Institution Letter has more detail, as does the FFIEC’s web site. With questions, contact Elizabeth Chandler, 404.420.2027, or Joe Brannen, 404.420.2026.
SBA
Lending UP 83% in Georgia Last Quarter
The U.S.
Small Business Administration (SBA) reported significantly improved
lending activity in Georgia with programs intended to benefit both
borrowers and lenders. The total number of SBA loans in Georgia
increased 83 percent, from 224 to 410, in the quarter that ended Dec.
31, compared to the same period a year ago. The dollar volume of lending
jumped by 139 percent, from $91.6 million to $218.7 million in the
quarter. Backed by the American Recovery & Reinvestment Act of 2009 (ARRA),
signed by President Obama Feb. 17, 2009, the SBA may now offer a
maximum guarantee of 90 percent on 7(a) loans, and loan-related fees
have been eliminated. The maximum guarantee was previously 75-85 percent.
The higher guarantee reduces risk exposure for lenders while the fee
elimination provides small businesses with substantial savings. Here's a
link to the full release from the SBA. For more information about
all of the SBA’s programs for small businesses in Georgia, call the SBA
District Office at 404.331.0100 or visit their
web site.
Consumers Get Easy Access to Mortgage Licensee Information
A new Nationwide Mortgage Licensing System & Registry (NMLS)—a mortgage licensing system operated by state financial regulators, including Georgia—launched this week. The NMLS Consumer Access is a fully searchable website that allows the public to view information concerning state-licensed mortgage companies, branches, and individuals currently licensed through NMLS. “The launch of NMLS Consumer Access shows, once again, the commitment of state financial supervisors to protect consumers,” said Georgia Department of Banking and Finance Commissioner Rob Braswell in a news release about the launch. “States have long been regarded as leaders in the consumer protection arena. NMLS Consumer Access provides an innovative method for consumers to research prospective mortgage companies or providers.” NMLS Consumer Access can be accessed here.
Thanks: Financial Risk
Management Conference a Success
More than 70
bankers and associate members attended the Financial Risk Management
Conference last week at the Cobb Galleria Centre in Atlanta. Thanks
to Tom Redding, Committee Chair and Chief Financial Officer at
United Bank in Zebulon, and the entire
Asset/Liability Management Committee for coordinating an
informative agenda. A special thank you to our sponsors: Morgan
Keegan & Co. for the refreshment break, The Federal Home Loan
Bank for the reception, and SunTrust Robinson Humphrey for
the continental breakfast. For more information about this conference or
the committee, please contact GBA’s
Marybeth Jones at 404.420.2032.
2010
Annual Convention Plans Well Under Way
Go ahead and
save the date for this year's
GBA Annual Convention June 13-16 at Charleston
Place in Charleston, SC. “The attendance at last year’s convention
was incredible,” said GBA Chairman Andy Williams, President of
United Community Bank in Blairsville. “This year, we’ve prepared
another great program that’s sure to make this an educational event you
don't want to miss.” As always, the program has an outstanding line-up
of expert speakers and valuable breakout sessions, including a session
specifically for outside directors. We'll mail brochures with details
about the convention in late February. GBA has reserved a block of rooms
at Charleston Place at a reduced rate of $299 per night for single or
double occupancy. Make your reservations may by calling the hotel
directly at 843.724.8410. The cut-off date for reservations is May 21. With questions, please call GBA’s
Susie McGehee at 404.420.2010.
Are You Concerned about You Next IT
Examination?
Come hear
the latest IT compliance focus straight from regulators at the annual
Operations and Technology Conference March
2-3 at the Cobb
Galleria Centre in Atlanta. This regulatory update will provide an
opportunity to get direct feedback from IT examiners about the scope of
their reviews, what their current focus is and how they determine the
ratings they assign when they perform information technology and
security reviews. Our moderator is Jim Stewart, SVP/Technology/Operations,
United Community Bank in Blairsville, and our panelists are
Steve Walker with the OCC and Richard Snitzer with the FDIC.
The Renaissance Waverly Hotel is offering GBA members a special rate of
$149. The rate is based on availability, so make your reservations early
by calling the hotel directly at 770.953.4500. For more information or
to register, contact GBA’s
Marybeth Jones at 404.420.2032.
Don't Get Sued Because of a
Tweet:
HR Professionals Institute
Features Interactive Marketing Legal Issues Session
Blogs,
Social Media, Web 2.0, Search Engine Marketing, Search Engine
Optimization, E-Mail Marketing, Widgets. You’ve heard these terms, but
what do they mean for your bank and how do you make sure they don't get
you in legal hot water? Join Amber Farley, Financial Marketing
Solutions, as she helps you make sense of our digital world.
Kaylee Vargo, Bryan Cave Powell Goldstein, will address the
legal issues involved in implementing these forms of social media into
your marketing efforts. The
HR Professionals Institute is March 17-19 at the Cobb
Galleria Centre in Atlanta. The Renaissance Waverly Hotel is offering
GBA members a special rate of $149. The rate is based on availability,
so make your reservations early. Call the hotel at 770.953.4500. For
more information or to register, contact GBA’s
Marybeth Jones at 404.420.2032.
The Ultimate Career
Booster:
Georgia Banking School
Registration is
underway for the 49th-annual
Georgia Banking School at the University of Georgia! The Georgia
Banking School is a unique growth opportunity for qualified,
highly-motivated bankers. The date for this year’s session is May 2-7.
The school provides a well-balanced, three-year curriculum taught by UGA
faculty members, experienced bankers and other industry experts. Each
year, the curriculum is reviewed and updated by the school’s
administrative committee to reflect the needs of the banking community.
The School is designed to help your bank every day and launch the
careers of future banking leaders. The $1,650 annual tuition covers
everything except transportation and incidentals for one week, an
enormous value to the bank and to the students. For more information,
please call GBA’s
Marybeth Jones at 404.420.2032.
Register Early and Save on
Leadership Conference – July 11-14
Be sure to attend Leadership
GBA’s
Leadership Conference and receive timely information that will
include an economic update, information from regulators and up-to-date
information about state and federal legislative issues. The conference
also provides excellent networking opportunities for bankers from around
the state to share ideas. Also, take advantage of the $395 early bird
registration fee by registering before June 1. The conference is July
11-14 at Amelia Island Plantation in Amelia Island, FL. We'll mail
a brochure, including conference details, in early March. With questions
about the Leadership Conference or Leadership GBA, please call GBA’s
Susie McGehee at 404.420.2010 or
Jennifer Stevens at 404.420.2024.
Quickly Approaching! IRA Basics Seminar
– Feb. 11
Take
advantage of learning everything from A to Z about IRAs by attending
GBA’s annual IRA Basics seminar. The comprehensive workshop will
provide you with a complete understanding of the IRA as well as a review
of significant proposed changes. Designed for new account
representatives, certificate of deposit personnel and any
officer/manager who oversees the IRA department, the seminar will be led
by Patrice Konarik with Sunwest Training Corp. in
Gilchrist, TX. The seminar also includes the 225-page IRA Training
and Reference Manual, otherwise known as the “IRA Survival Guide” or
the “Red Book." This one-day seminar will be
Feb. 11 at Idle Hour Country Club in Macon. With questions or to
register, please contact GBA’s
Courtenay Pope at 404.420.2015.
Southeastern Bank
Management and Directors' Conference
The Terry
College of Business is conducting its annual
Bank Management and Directors Conference Feb. 2 in
Savannah and
Feb. 11 at the Gwinnett Center. Highlights will include:
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A keynote address by Darryl Harmon, Southeast Regional President, Wells Fargo. An opportunity to hear from the “new bank on the block” about its perspective on the banking market in Georgia and the Southeast.
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A session on the regulatory environment. .This session features the Deputy Regional Director, Gale Simons-Poole at both locations; Robert Schenck, Vice President FRB Atlanta with responsibility for international bank supervision at the Savannah location; and Rob Braswell, Banking Commissioner of Georgia at the Gwinnett Center session.
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A CEO session featuring Joe Evans, Bobby Heath, and Jim Edwards---each of whom has done an FDIC-assisted transaction. An opportunity to hear from three respected CEOs regarding their outlook for Georgia banking going forward.
The link to web site containing the brochure and registration information is available here. Click on “download conference agenda”.
Five Reasons to Attend the
Effective
Information Security Management Seminar Feb. 18
This
one-day seminar will focus on the responsibilities of the ISO with a
special emphasis on assessing risk and managing technical security
controls. Some of the topics to be covered include:
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The best candidate for the role of ISO
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The required components of a comprehensive Information Security Program
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The case for a strong risk assessment methodology
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How to manage, monitor and test technical security controls
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Meeting examiner expectations.
If you are an Information Security Officer and want to make sure you have the best tools for your job, plan on attending GBA’s Effective Information Security Management seminar Feb. 18 at the Idle Hour Country Club in Macon. The registration fee for this workshop is $130, and the instructors are Kimberly Tallant with Gladiator Technology Group, Alpharetta, and Jamie Davis with Safe Systems, Inc., Alpharetta. This seminar also qualifies as curriculum credit required for the Bank Security Academy. With questions, please call GBA’s Courtenay Pope at 404.420.2015.
Managing Workouts to
Optimize Value: – Feb. 17
This one-day
course will cover workout issues and is intended to optimize the
resolution of problem loans in the bank’s commercial portfolio.
Participants will learn about handling individual loans as well as
portfolio management. This
seminar is designed to provide participants with skills to support
early recognition of problems, assessment of client viability,
alternative courses of action for the lender and decision support for
choosing appropriate actions. Dr. Ruediger Mueller CTP, President
of Turnaround Consulting & Management International, Inc. in
Suwanee, is the instructor. The seminar is Feb. 17 at Idle Hour Country
Club in Macon. Registration is only $225 for members. With questions or
to register, contact GBA’s
Courtenay Pope at 404.420.2015.
Monthly Compliance
Perspectives Series Dates Set Through June
Keeping up
with changes and deadlines in the compliance area gets more complex
every year. Get the news you need with our
new webinar series for 2010, "Compliance
Perspectives: A Monthly Update." Led by Carl Pry, the
1-hour webinar will highlight the hot compliance topics, upcoming
deadlines and new regulations. Dates through June
have been set:
February 23,
March 23, April 20, May 11, and June 15.
February's agenda will include:
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New appraisal forms and Code of Conduct update
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New BSA guidance on cross-border transactions and electronic filing systems
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Proposed new information-sharing rules
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Regulatory emphasis on distressed loans: both mortgage and commercial RE, and new tenant foreclosure law
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The new overdraft rule under Reg E for ATM and one-time debit transactions
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The risk-based pricing notice final rule that was finally issued
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Extension of FDIC deposit insurance
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Flood insurance Q&As and resulting examiner attention
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IRS reporting changes, including possibly a new form
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The new privacy notice - a formatting nightmare
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All things new RESPA - FAQs, new info booklet, and a compliance 'holiday?'
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The SAFE Mortgage Act - when to expect rules
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The many Reg Z actions - education loans, ownership transfers, Credit CARD Act, etc.
The series is priced at $159/month with a minimum six-month subscription required. If you sign up for a one-year commitment we will give you a free month. So it would be $954 for six months or $1,749 for 12 months. Three locations per registration are permitted for no additional fee. The person that registered will be responsible for forwarding the login instructions to the other locations. Any location above the three will be charged $50/additional location per month. With questions or to register, please contact GBA’s Courtenay Pope at 404.420.2015.
New Seminar!
RESPA Update: – March 3
New RESPA requirements are complex and many subsequent
clarifications have been made by HUD in the form of updated FAQs since
the final rules were announced. Much is at stake in complying with these
rules, and errors may be costly in the form of reimbursable violations.
This
seminar will provide a detailed overview of the new requirements and
include line-by-line instructions for completing these mandated forms
referencing the most recent guidance issued by HUD and much more. In
addition, a separate explanation of how the requirements differ between
bank loan officers, mortgage lenders, and mortgage brokers will be
provided. W. Brad Washburn of Steve H. Powell & Company in
Statesboro is the instructor. The seminar is March 3 at Idle Hour
Country Club in Macon from 10 a.m. to 3 p.m.. Registration is only $149
for members. With questions or to register, contact GBA’s
Courtenay Pope
at 404.420.2015.
Managing the Bank’s
Investment Portfolio highlights AIB
Online Instructor Led Courses
Here are the
instructor-led
AIB online classes offered the week of Feb. 22. These courses
are instructor-facilitated with weekly assignments and can be taken from
your home or your office. All you need is a computer, printer and
Internet access. (Classes with an asterisk * require Microsoft Excel
Software.) Please register two weeks in advance to secure a seat in the
class.
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Commercial Lending, 16 weeks, $405
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General Accounting, 16 weeks, $515
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Managing the Bank’s Investment Portfolio, 6 weeks, $595
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Principles of Banking, 16 weeks, $405
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Problem Loan Workouts, 6 weeks, $315
There is still availability in the following AIB Online classes beginning February 16. Please register as soon as possible to secure a seat in the class.
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Fundamentals of Consumer Lending, 5 weeks, $250
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Marketing Financial Services, 16 weeks, $405
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Money & Banking, 16 weeks, $405
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Supervisor Certificate, 16 weeks, $695
Please see the AIB Online Course Schedule for a complete listing or call GBA’s Alison Moreau at 404.420.2034 with questions.
Register for GBA Webinars
Today
GBA will offer the following
webinars the week of Feb. 1:
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Notary Public – Feb. 2
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Basic Cash Flow Analysis – Feb. 3
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Loan Documentation 101, Part 3: Reviewing Collateral Files – Feb. 5
All webinars are live and allow time for questions and answers. The $250 registration fee gives you access to one web site “seat,” one telephone site license and all handout materials. If you can’t attend the webinar, you may buy the audio CD, handout materials and a password to see the information online. With questions, please call GBA’s Courtenay Pope at 404.420.2015.
Overdraft PrivilegeSM Program
Readies Banks for Reg E Changes
The
Overdraft PrivilegeSM program offered GBA Strategic Partner
Strunk and Associates gives banks valuable resources related to
the upcoming Regulation E changes. Everyone knows by now that Reg
E changes going into effect mid-year will require significant
adjustments to overdraft programs of every financial institution in the
country. For most community banks, hundreds of thousands of dollars in
annual, non-interest income could be at risk. Bankers can start planning
now and be well into their opt-in mode before mid-year to reduce
significant losses. Bankers know that well-managed overdraft programs
are valued by their customers, regardless of the negative press some
poorly designed and managed programs presently receive. Some banks are
redesigning their overdraft programs to offer fully disclosed,
consistent, and non-discriminatory services.
That has always been the design philosophy at Strunk & Associates,
associate member and proud provider of the GBA-endorsed Overdraft
PrivilegeSM program. Strunk and Associates is focusing on
giving its clients specific tools they will need to be successful in the
second half of the year. Clients who have joined the program have
already received their Reg E planning guide, including a detailed
project planning template, FAQ’s, a complete analysis of the
requirements, model disclosures and forms, staff training guides,
technical requirements for discussion with their core provider, and
updated best practices. Strunk & Associates has developed a
choice of three support packages for Reg E implementation to address the
needs of a wide variety of institutions, from those who need only
planning help and tools to those who need deeper support on program
changes, training, and compliance to optimize their results. More banks
in the United States have chosen Strunk’s approach to customer-centric
program design and risk management than any other program around the
industry. Contact
Bob Shifflett, Strunk’s Vice President of the Southeast Region
at call 800.728.3116 to learn more.
Get
a No-Cost, Value-Added Customer Appreciation Program
Affinion
Group’s
Accidental Death & Dismemberment (AD&D) insurance plan is a “Customer
Appreciation” program designed to strengthen ties with bank customers
and generate incremental revenue. The program offers $1,000 of AD&D
insurance at no cost to your customers – your bank pays the premium – as
well as the opportunity to buy additional coverage at affordable group
rates. This is a free service to customers and a great tool to boost
retention. The program is marketed with a tried-and-true direct mail
solicitation program, including, over time, the implementation of
multiple acquisition, cross-sell and upsell direct response events. More
than 4,500 financial institutions have decided to implement the Affinion
Customer Appreciation Program. Program benefits include:
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No financial risk — ABG absorbs all the marketing expenses of the direct response effort.
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Complete turnkey operations — ABG handles list management, production, mailing, enrollment, fulfillment, customer service, and facilitation of claims.
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Absolute ease of implementation — your bank provides the list of members; ABG does the rest.
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Toll-free customer service gives your customers answers to all their questions.
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ABG has implemented a GLB and SB1 compliant privacy solution to protect non-public information of your customers and is also PCI Level 1 compliant. ABG was also awarded the prestigious ISO27001 for information security management.
There is no cost to the bank to offer the program. Aside from the customer retention benefits, this is a program that can boost your profitability. For more information, please contact Affinion’s John Graziano at 412.849.8968 or Misha Bleymaier at 615.764.2492, or GBA’s Levi Crabtree at 404.420.2022.
Reassessment of REO Property
Values Leads to Tax Savings for Lenders
Many
bank-owned properties are selling for less than half of their originally
estimated value, yet county tax offices are still taxing banks based on
property values calculated before the collapse in the housing market. As
a result, banks are paying taxes based on those higher initial
valuations; however, it is possible to get a county to reassess its
original tax estimates. Banks hoping to retain all their foreclosure
properties until the market improves can seek reassessments, which could
lower the taxes owed. As a helpful resource for members interested in
reassessing REO properties, GBA Associate Member Rasmus Real Estate
Group’s sister company
Real Property Appeals Group has provided the article:
Lenders are Missing
Out on Potential Tax Savings. For
more information, contact
Ben Bluemle at 770.321.1350.
Find a Job, Post a Job
with GBA Job Bank
The
Georgia Bankers Association offers free job posting resources for our
member banks. These listings can be viewed
online or through our bi-weekly publication included in the GBA
Bulletin.
Resume postings
are also available. For more information, please call
Kenyetta Parks at 404.420.2035.
Read All About It --
Send Us Your News
Please remember to include the Georgia Bankers Association on the list
of recipients for announcements about promotions, new employees and
special recognition your bank has received. We want to share your news
with your colleagues across the state. Please forward your announcements
and photos to GBA's
Lydia Thomas.
Newsmakers
Atlanta - Fidelity Bank
William Lankford has
been elected to the bank's Board of Directors as well as the Board of
the bank's holding company, Fidelity Southern Corporation.
Baxley - Peoples State Bank and Trust
Paul Bennett has been
elected President and Chairman, Charlie G. Stuckey Executive Vice
President and CEO, and Lawrence Bennett Vice Chairman. Olivia
Bennett is now Director Emeritus.
Blakely - Bank of Early
Our sympathy to the family, friends and colleagues of Marvin
Singletary, Chairman of the Board, on his recent death.
Marietta - Bank of North Georgia
Rob Garcia has been selected Chairman
of the Cobb Chamber of Commerce. Congratulations, Rob!
Statesboro - First Southern National Bank
Congratulations to CEO Tommy David for being selected 2010
Business Leader of the Year by the Statesboro-Bulloch Chamber of
Commerce.
 Garcia |
 David |
|
50 Hurt Plaza, Suite 1050 | Atlanta, Georgia 30303 | Telephone: (404) 522-1501 |