Digital engagement with bank services — enrollment in online portals or mobile apps, and opt-in rates for electronic statements or billpay — has grown exponentially during the pandemic. Megabanks and super regionals spend big on technology, and continue to gain market share. In order to compete, community banks face pressure to invest in their technology offerings. [Continue]
The tax-free status of credit unions and that industry’s continuing expansion promise to be on the minds of community bankers for the foreseeable future. The tension between banks and credit unions also continues to be debated at state capitols and among federal policymakers. And yet, in small pockets of the financial services landscape, banks and credit unions are finding ways to come together. [Continue]
Stephanie Christian immediately knew banking was the right fit. A Webster City, Iowa, high school student in 2002, she landed a drive-thru teller gig at WCF Financial Bank through her school’s work program. The position sparked her desire to learn more about finance and to serve her community. Christian’s love for community banking quickly developed, fueling her to eventually make a 200-mile daily round trip. [Continue]
As reported by the Star Tribune, the St. Paul measure caps rent hikes at 3 percent beginning next year. [Continue]
Mary Buche first felt the sting of discrimination as a child, watching her mother, a Korean immigrant who came to the United States in 1968, being treated unfairly due to her language skills. The impact of such treatment informs Buche’s work as senior vice president and relationship manager at the $866 million Kansas City, Kan.-based Bank of Labor; it earns her respect from her peers; and it led her to be recognized as one of BankBeat magazine’s 2021 “Outstanding Women in Banking.” [Continue]
Though a self-described “banker by accident,” Betsy Johnson embodies many of the exemplary traits community banks desire in their leaders — selflessness, a desire to develop staff and tireless commitment to the communities she serves. Under Johnson’s leadership, the nearly $316 million Solutions Bank acquired Poplar Grove State Bank, Poplar Grove, Ill., in 2020, expanding the bank’s existing market. Solutions Bank is now acquiring the $120 million Durand State Bank, Durand, Ill., a transaction expected to be completed this year. [Continue]
Twenty years after the Patriot Act was passed, banking experts say the landmark law brings many security benefits but also potentially permanent, time-consuming responsibilities. The Patriot Act, enacted Oct. 26, 2001, following the Sept. 11 terrorist attacks and anthrax scare, has required banks to obtain, verify and record information identifying everyone who opens an account or changes an existing account. Banks are also expected to check customer names against a number of federal wanted criminal lists. In passing the legislation, the U.S. government found those it holds responsible for 9/11 were able to open bank accounts within the United States by completing applications with fraudulent Social Security numbers. [Continue]
Community bankers are continuing to deride President Joe Biden’s IRS reporting proposal, even after the threshold was raised. [Continue]
Recruiters say a complicating facet of attracting and retaining key bank employees is a surplus of retirement-age bankers and the deficit of college graduates entering the industry. Stuart Kazor at Omaha, Neb.-based financial recruiting firm Adams Inc., noted other industries or roles, especially fintechs and IT positions, are more lucrative. [Continue]
Strong communication with employees to ease uncertainty and ensure proper governance is essential in successful M&A transactions. [Continue]