September 12, 2018


In This Issue: 
Message From the President

By John Witkowski, President & CEO

IBANYS' 2018 Annual Convention-- There's Still Time To Register!

In just two weeks, New York community bankers and organizations will gather for the  IBANYS 2018 Annual Convention in Albany.  Held in the heart of the state's capital at the Hilton Albany, the convention will kickoff Tuesday, September 25th with golf at the Wolferts Roost Country Club, followed by the opening of our trade show. Opening night will conclude with a wonderful dinner that provides an excellent networking opportunity, along with opening remarks provided by IBANYS Chairman Mike Briggs of USNY Bank and a keynote dinner speech by Albany historian Maeve McEneny-Johnson. 

Thinking it's too late to register? Nonsense! There is still time to register for the Convention and secure a room at the Hilton Albany. Although our room block has lapsed, there are still rooms available for the Convention by contacting the hotel directly. In addition, its location at 40 Lodge Street in Albany provides a setting rich in history with various nearby local attractions such as the NYS Museum and NYS Capitol Building, to explore during downtime. 

If you are looking for a way to get involved in our Convention, we have amazing opportunities for you to do so. Sponsoring an event provides your company a chance  to be recognized and enhances the visibility of your organization to attendees, in addition to showing your support for community banking. Another way to get involved is through our signature exhibitor tradeshowOur tradeshow puts your company and its products/services at the forefront with consumers and potential business prospects, while also providing something that is unmatched in today's digital age: face-to-face interaction. There are only six booths remaining, so don't wait to grab yours!

Our PAC Silent Auction is another great way to get involved. By donating an item, you are not only showcasing items from your region but you are also contributing to an essential committee that focuses and advocates or community banks in NYS legislative affairs.  See some items that have already been donated to this year's a uction in our Convention section .

Still not sold? Our program will examine a number of timely -- and important -- topics for community banks spoken by experts in the field. Some of our speakers include Rebeca Romero Rainey, President & CEO of ICBA, Maria Vullo, NYS DFS Superintendent, among others. There is also a chance for you to earn up to 12.5 CPE credits! IBANYS is authorized by the New York State Department of Education to award continuing professional education (CPE) credits. Don't miss a valuable learning opportunity while connecting with individuals who share the common goal of promoting and enhancing community banking.

The time is now. Register, sponsor, or exhibit for the signature event of the year and demonstrate your support for community banks. For full Convention information, including the brochure, see the 2018 Annual Convention section of today's newsletter. We look forward to seeing you in Albany!


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Don't Miss This Fun Weekend -- For Great Causes!




On behalf of Buffalo Bills Alumni Foundation President, Booker Edgerson, I want to make sure that you are aware of the following dates for the annual Buffalo Bills Alumni Weekend of Events. 

P lease mark your calendars now and be a part of this outstanding fundraising event that benefits so many charitable organizations in the Western New York area.  Here are the dates for Alumni Weekend:
  • Friday, October 5 - Alumni Foundation VIP Gala
  • Saturday, October 6 - Alumni Charity Celebrity Golf Classic
  • Sunday, October 7 - Bills vs. Titans
For full information, click the image or download the flyer


2018 Is A Crucial Election Year -- Have You Contributed To NYSIBPAC?NYSIBPAC

This year's election may well be one of the most important in recent history for New York community banks. Control of the New York State Senate is very much up for grabs. Traditionally, the Senate -- under Republican control for most of the last half-century or more -- has provided a firewall for businesses, the financial services industry -- and particularly, for local independent community banks. 

Now, with five incumbent GOP senators not seeking reelection -- and predictions of a "blue wave" that could produce Democratic gains on both the national and state levels -- there could be significant changes ahead beginning in January 2019, both in Albany and Washington, D.C.

IBANYS' state political action committee, NYSIBPAC, works hard to determine candidates and incumbents for state offices, including the NYS Legislature, who understand the needs, priorities and challenges of New York's community banks. This is the year to make certain you support our efforts -- it could make all the difference going forward.  View our 2018 PAC brochure with suggested minimum contribution levels. 

Remember: You can also support our PAC Silent Auction at the Convention to further support NYSIBPAC. You can read how to do so in the Convention section of the newsletter.

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As always, thank you for your support of IBANYS and all you do for community banking.

Remember: IBANYS is YOUR association. Make it work for you!

- John
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2018 Annual Convention

                                                         PresidentMessConvention  2018 IBANYS Annual ConventionConvention



            September 25-27, 2018
                         Hilton Albany
                      40 Lodge Street
                    Albany, NY 12207

                
                    Hotel Information
 
A block of rooms has been reserved at the Hilton Albany. Reservations can be made by the following: 


Arrival Date:
 September 25, 2018
Departure Date:  September 27, 2018

           Price of Rooms & Exclusive Deals  

           Refer to Group Code:  1IBANY

                Web:  Click Here                     
         Phone:   1-866-691-1183

*Room Block Ends September 7th*



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Member banks:   Share this information  with your senior management teams, officers, directors, compliance, security and human resources officers.  Preferred partners, associate members and business show exhibitors:  Now is the time to plan to attend, participate, sponsor/exhibit.  Contact Linda Gregware at  lindag@ibanys.net or at (518) 436-4646.
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Dan Gerena, MBA, CSSBB, Senior Manager, 
Business Intelligence
Freed Maxick CPAs, P.C.

Mr. Gerena is the leader of the Freed Maxick Business Intelligence Practice, tasked with crafting the vision and roadmap to transform its clients' cultures toward becoming more data-driven and analytical. He is also responsible for providing strategic guidance on product offerings and sales collateral for healthcare clients, while guiding developer resources on the tactical details on design of business intelligence solutions.

Mr. Gerena has an MBA in coding and programming skills. He is able to translate stakeholders' requirements into a full-fledged set of solutions that exceed expectations. In addition, Mr. Gerena has a dvanced knowledge of relational database design and SQL, including use of analytical functions (ranking, lag/lead, statistical functions, etc.) and authoring of complex queries.

He is an expert in developing presentation-ready dashboards using Tableau Desktop & Server Software, including geospatial dashboards, extracts, actions, parameters, etc. 

Mr. Gerena will be presenting on Wednesday, September 26 at 4:31 p.m. with his presentation "How to Identify and Assess Commercial Lending Using Analytics".

___________________


Chris Scaffidi, Director of Market Devlopment
The Pacific Institute

Chris Scaffidi, Director of Market Development for The Pacific Institute, has more than 15 years of experience in the industry. He is a nationally recognized speaker, and partners with organizations to develop strategies to improve employee engagement, motivation and maximize performance. 

Presently, Chris oversees The Pacific Institute's Catholic Education Initiative. The initiative collaborates with dioceses to optimize school cultures and elevate performance. In addition to Chris' work in Catholic Education, he currently consults with community banks around the country, helping them to develop employee engagement and change readiness strategies.  Chris is dedicated to community development work with U.S. cities, helping to build "cultures of collaboration" between government, private business and education.    

Chris' consulting experience also spans a variety of industries, including pre- and post-secondary education, private sector business, United States Military, professional athletics, federal government and social service institutions.  He has been involved in The Pacific Institute's Higher Education Initiative, which serves over 300 colleges around the United States.  Chris has done extensive work with the United States Department of Labor, Office of Job Corps, helping the agency to both assess and create change readiness strategies across the nation.    

Chris received a Bachelor's degree in Psychology from UCLA and a Master's degree from Gordon Conwell Theological Seminary.

Chris lives in Cedar Rapids, Iowa with his wife Dee Dee and their 6 children: Mark, Olivia, David, Christopher, Benjamin and Sophia.

Mr. Scaffidi will be presenting on Thursday, September 27 at 8:35 a.m. with his presentation "Mindset Matters: Improving Profitability By Changing Mindset".

___________________


Joe Salesky, CEO
CRMNext, Inc.

Joe Salesky is CEO of  CRMNEXT , the largest global provider of CRM in financial services, where he is responsible for the company's entry into the U.S. market. A seasoned expert in software and financial services, Joe has spent more than 25 years developing and delivering disruptive technology-enabled solutions. He holds 21 patents on technologies currently used by both consumers and large enterprises, including mobile banking and the original patent for web-conferencing. 

A luminary in his space, Joe has deployed mission critical systems at more than half of the Fortune 500 companies and is a respected speaker at industry and media events. He has been quoted in leading national, international and industry publications and has led his companies to achieving numerous prestigious awards.

Mr. Salesky will be presenting on Thursday, September 27 at 9:40 a.m. with his presentation "Providing a Frictionless Banking Experience: What Banks Can Learn From Apple".

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Show Your Support At Our PAC Silent Auction! SilentAuction

Wednesday, September 26, 5:30 to 7:15 p.m.

Our PAC Silent Auction is back! This popular convention feature is the perfect opportunity to showcase items from your region, while contributing to an essential committee that focuses and advocates for community banks in NYS legislative affairs.

The PAC contributes to New York State candidates and officials who understand and support the vital role community banks play in our local and state economies, as well as our communities. 

By donating a gift, you are also utilizing an exciting and creative opportunity to communicate to others what your organization and local community are all about. Items from your local region such as wine, food, tickets to special events, art, etc. convey what is unique and exclusive to your area: what makes your community, your community. Some auction items that have been donated to this year's convention are: Dooney & Bourke Ambler Handbag in Blush, Emmy's Organics Cookies from Ithaca, NY, Mackenzie-Childs Enamel Tea Pot, Creamer & Sugar Bowl, Basket of Scotch, and most recently a 3-piece gift set from Cooperstown Distillery which is pictured below.
 



Page 11 of the brochure provides full details and a list of suggested donation items. Take advantage of this opportunity and donate a gift today! View the PAC Silent Auction form to  submit an item.


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Sponsorships & Booths-- Few Remaining!

There are only a few exhibitor booths and sponsorships left, but there is still time to demonstrate your support for community banking by becoming a sponsor or exhibitor at our Annual Convention! 

Sponsoring an event provides your company an opportunity to be recognized and enhances the visibility of your organization to attendees. Our Convention has various sponsorships available, including bronze silver, gold, and platinum sponsorships. Page 9 of our Convention brochure lists sponsorships available and what is included. For full detailed sponsorship information, visit the Sponsorship page on our website.

Our Convention Trade Show puts your company and its products/services at the forefront with consumers and potential business prospects, while also providing something that is unmatched in today's digital age: face-to-face interaction. IBANYS' exhibitor tradeshow begins Tuesday, September 25 at 5:30pm and concludes Thursday, September 27 at 11:00am. Exhibitor registration and tradeshow details can be found on page 10  of the brochure. For full, detailed exhibitor information including the exhibitor kit and booth floor plan, visit the Exhibitor page on our website. 


These two important opportunities give your organization a chance to both present your firm's products/services and show your support for community banking while networking with individuals who all value one common thing: the power of community banking.

Please take a moment to carefully review, and act soon to secure both your exhibitor booth location for the trade show and the event/activity you wish to sponsor.

Please note: Both will be assigned on a first come, first served basis.
 
As always, thank you for your support and participation.

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Don't miss any Convention news. Follow us today!

                 

#IBANYSConvention18
New Feature!
Spotlight Bank of the Week

Spotlight Bank of the Week is a new feature that we have added to our website and e-newsletter. It is an opportunity to promote anything about your organization, such as fun facts, organization news, special events, etc. The Spotlight Bank of the Week will be featured on our homepage slider, e-newsletter, and our social media platforms for one week. So don't miss out on this exceptional opportunity to showcase your bank to thousands of people!

To apply, just fill out our registration form and email it to Natalie Rowan at natalier@ibanys.net.

IBANYS Education/WebinarsWebinars
IBANYS Webinars


Are you participating in IBANYS' webinars? Your peers are! They provide timely, important information on subjects of interest to New York community bankers. They are valuable not only for their content, but for their convenience. Take part from the comfort and privacy of your office, without leaving the bank.  Our  Webinar Series  offers many topics in the following categories:
  • Audit & Accounting
  • Collections
  • Compliance
  • Directors
  • Frontline & New Accounts
  • Human Resources
  • Information Technology
  • IRA
  • Lending
  • Operations
  • Security & Fraud
  • Senior Management
We are always adding more programs based on needs and requests of our members,
who drive our focus!  Take a look at the various series of webinars we offer by clicking each of the links below.

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FREE WEBINAR: ICS & CDARS


What the New Law Means for Banks
Thanks to the newly signed regulatory relief bill, most reciprocal deposits are no longer brokered. This comes as banks face intense and increasing competition for deposits.

Join Us for a Webinar
Join Promontory Interfinancial Network-- the nation's leading provider and inventor of reciprocal deposit placement services-- for a free webinar that outlines key provisions of the new law and the impact ICS®, or Insured Cash Sweep®, and CDARS® can have on banks' balance sheets. The webinar will also cover how banks can use ICS and CDARS to capitalize on the opportunities at hand; presenters will discuss cost-effective ways to use the services to attract high-value relationships (even as deposit competition intensifies) and to lock-in more low-cost funding (even as interest rates continue to rise.) This webinar is a "must" for decision-makers at banks of all sizes, especially for community banks that utilize collateralized deposits and/or listing services.

Choose a date and time that works for you!


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Presents a  Complimentary Recorded Webinar for
Our Valued Webinar Participants

GDPR: WHAT IS IT & SHOULD YOUR
FINANCIAL INSTITUTION BE CONCERNED?

GDPR is a hot topic! The General Data Protection Regulation is the European Union's new data protection and privacy regulation that became effective May 25, 2018. Although these EU rules were developed a continent away, don't underestimate how they might affect you.

Privacy is a fundamental human right under the EU Charter. GDPR is intended to protect EU residents' data privacy rights even outside the EU. Mandatory compliance may be closer than you think. A few states have introduced similar legislation and others are following suit. This free webinar will explain how to analyze when and how your institution will be affected by GDPR, and how it differs from your existing privacy rules.

Click the image below to access this complimentary webinar.



This free webinar is available until December 31, 2018.

View full information , including info about the presenters.


Government Relations
AlbanyAlbanyGR


 
Tomorrow's Primaries Include Key Races

Tomorrow is primary day for statewide offices, including Governor, Lt. Governor and Attorney General as well as a number of state legislative seats. The latest Siena Poll was released yesterday stated:
  • Governor Cuomo holds a 41 point lead over challenger Cynthia Nixon, 63 percent to 22 percent -- an increase since late July, when he led 60 percent to 29 percent. The Governor's favorability rating is also up (68 percent to 24 percent), while Nixon's has declined to 41 percent to 33 percent. The GOP nominee is Dutchess County Executive Marc Molinaro.
  • Lt. Governor Kathy Hochul leads her challenger, New York City Councilman Jumaane Williams, 43 percent to 21 percent (up 10 percentage points since July), but approximately one-third of voters remain undecided in that raceThe GOP candidate for Lt. Governor is former Rye (Westchester County) deputy mayor and two-time state senate candidate Julie Killian. 
  • In the four-way race for the attorney general Congressman Sean Patrick Maloney (D-Lower Hudson Valley) and New York City Public Advocate Letitia James had 25 percent and 24 percent respectively. Former gubernatorial and congressional candidate Zephyr Teachout had 18 percent, while Leecia Eve 3 percent. The seat is open due to the resignation of Eric Schneiderman and the decision by Incumbent Acting AG Barbara Underwood not to run. The Republican candidate is attorney Keith Wofford.
Control of the State Senate is very much at stake in this year's general election in November, and there are a number of state legislative primaries as well, including several challengers to former members of the state senate's breakaway Independent Democrat Conference (IDC) that voted with Senate Republicans the past several years to form a coalition majority. Among them are: 
  • Former IDC leader Jeff Klein (Bronx/Westchester)
  • Two former Senate Banks Chairs: Diane Savino (Brooklyn/Staten Island) and Jesse Hamilton (Brooklyn). 
  • Also being challenged is Sen. Simcha Felder (Brooklyn) who was not an IDC member but who also voted with the Senate GOP. 


Comptroller DiNapoli: More Than One-Third Of New Yorkers 
Are On Publicly Funded Health Care Plans

State Comptroller Thomas DiNapoli
According to a new report by State Comptroller Thomas DiNapoli, more than one-third of New Yorkers are now on Medicaid or other publicly funded health-care plans -- an increase of 57 percent over the past decadeThe report highlighted New Yorkers' growing dependency on health-insurance programs run by the state and federal government amid uncertainty over the programs' future in Washington.  In all, more than 7 million of the state's nearly 20 million residents are enrolled in health-insurance programs that are publicly subsidized, DiNapoli said.

Washington, D.C.WashingtonGR


New York Community Banks: Join the Grassroots Efforts On
Fair Lending, BSA

IBANYS joins with ICBA in urging community bankers to continue advancing two grassroots campaigns using  ICBA's Be Heard grassroots resource center .
  • Disparate Impact: Tell the Department of Housing and Urban Development (HUD) to amend its fair lending disparate-impact rule to meet the limitations imposed by the U.S. Supreme Court. ICBA's custom message calls on HUD to align its rule with the high court decision.
  • Bank Secrecy Act: Community bankers can also use the resource center to call on Congress to introduce legislation that will streamline the BSA/AML framework and alleviate compliance burdens.


FDIC Letter On Expanded Exam Cycle For 
Qualifying Banks

The FDIC and the other federal financial institution regulatory agencies have jointly adopted interim final rules permitting insured depository institutions with up to $3 billion in total assets, and which meet certain other criteria, to qualify for an 18-month on-site examination cycle. This reduces regulatory burden on small, well-capitalized and well-managed institutions, while allowing the agencies to better focus supervisory resources on institutions that may present supervisory concerns.  This Financial Institution Letter applies to FDIC-supervised financial institutions with total assets up to $1 billion. The rules raise from $1 billion to $3 billion the total asset threshold below which an institution may qualify for an 18-month (rather than 12-month) on-site safety-and-soundness examination cycle. 

As authorized by the Economic Growth Act, the agencies determined it is consistent with safety-and-soundness principles to permit institutions falling within this expanded total asset threshold, and that received a CAMELS composite rating of "1" or "2," and that meet certain other criteria, to qualify for an 18-month on-site examination cycle. Other qualifying criteria include being well-capitalized, well-managed, not having undergone any change in control during the previous 12-month period, and not being subject to a formal enforcement proceeding or order.



Fed Regulators: Guidance Does Not Have "Force Of Law"

Federal financial regulators issued a joint statement confirming that supervisory guidance does not have the force and effect of law. The joint statement says supervisory guidance does not influence enforcement actions. Rather, it can outline the agencies' supervisory expectations or priorities and articulate their general views regarding appropriate practices for a given subject area.


Other News From D.C.
  • The Office of the Comptroller of the Currency (OCC) requested comment on a proposed rule to implement a provision of S. 2155 offering expanded powers to certain federal savings associations. The ICBA-advocated provision, inspired by ICBA's Plan for Prosperity, would allow federal savings associations with $20 billion or less in assets to operate with national bank powers. The policy would allow federal savings associations to generally have the same rights and privileges as national banks and be subject to the same duties.
  • The OCC said that commercial banks and federal savings associations reported trading revenue of $6.9 billion in the second quarter 2018. That's down 16.2 percent from the previous quarter, but up 3.5 percent from the second quarter of 2017. While a small group of large financial institutions continues to dominate trading and derivatives activity, 1,358 insured institutions held derivatives at the end of the quarter. 
  • The Financial Crimes Enforcement Network (FinCEN) made permanent exceptive relief from beneficial owner requirements for certain account rollovers and renewals. The exception applies to the rollover of certificates of deposits; the renewal of safe deposit box rentals; and the renewal, modification or extension of loans or commercial lines of credit or credit card accounts that do not require underwriting review and approval. Temporary relief had been in effect since May. With policymakers planning Bank Secrecy Act reforms, ICBA recently issued a white paper that says the government should collect beneficial ownership records at the time a legal entity is formed.
  • The U.S. Senate Banking Committee postponed its hearing, originally scheduled for tomorrow, until Tuesday, October 2. Among those scheduled to testify are FDIC Chairman Jelena McWilliams; Comptroller of the Currency Joseph Otting; Fed Vice Chairman for Supervision Randal Quarles, and National Credit Union Administration Chairman J. Mark McWatters. 
  • The federal deficit increased to $895 billion for the first 11 months of the fiscal year, rising by 32 percent compared to  the same time period last year, according to a report by the Congressional Budget Office. The CBO cited the Republicans' December tax law and a bipartisan spending agreement as the main drivers for the increase, though it noted that a timing shift inflated the numbers. 
Industry Trends & Updates

Take Advantage of Compliance to Provide Better Service

By Bryan Adler, Vetter

Vetter's mission is to empower community banks and credit unions with technology to better service their customers. They aim to offer big bank technology capabilities while maintaining the local community feel.
Bryan Adler

Compliance is a hassle for every financial institution, some more than others, but definitely a matter that must be handled. With a little deeper thinking and creativity, you can turn it into an opportunity to better serve your customers. 

Many of you may know the story of Dr. Seuss' The Cat in the Hat, but do you know the story behind it? Dr. Seuss was asked to write a children's book that first graders would love, but he had to stick within about 200 or so words a six-year old would know. It took him 18 months, but he eventually got the legendary children's book down - starting with the first two words on the list that rhymed: cat and hat. It just takes a simple starting point, but that limitation of a 200-word vocabulary drew out his already spectacular, innate creativity. Compliance can be your Cat in the Hat.

Let's look at some of financial institutions' top compliance concerns... Read the full article.



Joseph Vitale Named 2018 Greater Baldwinsville Chamber of Commerce Business Person of the Year VitaleCommerce

Joseph Vitale has been selected as the 2018 Greater Baldwinsville Chamber of Commerce (GBCC) Business Person of the Year. Awarded since 1988, the Business Person of the Year honors an individual who has demonstrated integrity, accomplishments in business, and business, civic, and/or corporate leadership.

Vitale is the president of Seneca Savings, a community-oriented bank that provides personal and commercial banking products and services. Headquartered in Baldwinsville, Seneca Savings also has branches in Liverpool and North Syracuse, and is celebrating its 90th anniversary. Read the full article.



Can't Keep A Good Bank Down
Last Decade Has Seen Struggles, Successes For The Industry

By Jim Reber,
President & CEO, ICBA Securities

September 7, 2018 is the mortgage finance industry's date of infamy. It's now been a full decade since the secondary market siblings, Fannie Mae and Freddie Mac, have been in legal custody of the Federal Government. For many community banks, that date was the tipping point of a tortuous era of poor loan demand, sketchy credit quality, weak yields and paltry margins. Not to mention Dodd-Frank.

Now, however, things look much better for the economy in general, and community banking in particular. There are many indicators that demonstrate how the industry's fortunes have turned, perhaps the most visible of which is, wait for it, earnings. For all of 2017, FDIC-insured institutions reported net income of $163 billion, which was a near record. In just the first six months in 2018, these same institutions have reported $116 billion in net income. Read the full article.



Learn Bond Basics with Your PeersBondAcademy


The Bond Academy, presented by ICBA Securities and Vining Sparks, is designed to provide community bankers with the basic knowledge needed to help plan and create effective investment portfolios. A high performance investment portfolio can provide a noticeable increase to your bank's bottom line. The learning objectives of Bond Academy are aimed at providing you with the tools to understand how debt instruments work and their overall role in complementing the entire balance sheet. This all new curriculum has been specifically designed to equip a new portfolio manager with basic portfolio management issues. Specifically, fundamentals of bond pricing, valuation, and selection will be covered extensively.  

Who should attend? CPAs and those new to their roles as investment officers, cashiers, controllers, and internal control professionals will benefit the most from Bond Academy. New directors serving on the investment or asset-liability committee will also find this course beneficial. No advance preparation is necessary. You'll learn the basics of the bank portfolio investment process. 


 
Dates: October 22-23, 2018  
Where: Embassy Suites of Memphis, TN

Cost:
Members-$595, Non-members-$695

Room Cost:
$179/night
*Save $150/session per additional registration from your bank*

CPE Credit:
Earn up to 12 hours of credit

You Will Learn:
  • Bond basics, including bond pricing, duration, and price volatility
  • Bond types, including agencies, municipals, mortgage securities, and floating rate instruments
  • The composition of a high performing portfolio
  • How to understand the rate market: yield curves, spreads, monetary policy
  • How economic data affects the bond market
  • The impact of interest rate risk on portfolio management
  • Portfolio strategies of laddering, barbells, riding the yield curve
  • Day-to-day portfolio management techniques
  • Evaluating investment portfolio performance

Seminar Schedule

Monday, October 22           8:00 AM - 5:00 PM        Bond Academy
                                          6:00 PM - 9:00 PM        Dinner provided


Tuesday, October 23          8:00 AM - 12:00 PM      Bond Academy
                                          12:00 PM                       Depart


Breakfast provided in the Atrium Café for those staying at Embassy Suites. Luncheon provided on Monday. Participants will receive a debit card for lunch on Tuesday.



The Latest On Mortgages

The Mortgage Bankers Association's seasonally adjusted report stated that mortgage application volume fell 1.8 percent for the week. Volume was 18 percent lower compared with the same week one year ago.
  • Mortgage applications to purchase a home, which are less rate-sensitive week to week, rose 1 percent last week and were 4 percent higher than a year ago. 
  • Refinance volume fell 6 percent for the week and was 39 percent lower than a year ago. (Mortgage rates were significantly lower a year ago, and the vast majority of borrowers eligible for a refinance have already done so at the near record low rates the market offered a few years ago.) 
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to 4.84 percent from 4.80 percent last week, with points increasing to 0.46 from 0.43 (including the origination fee) for loans with a 20 percent down payment. 

Banking News

Further Your Education at Barret Graduate School of Banking BarretGradSchool



Barret and IBANYS are aligned with a common interest: to represent the interests of the industry through effective advocacy and high quality educational offerings.

Located in Memphis, TN, Barret Graduate School of Banking offers a comprehensive graduate learning program for professionals in the financial services field. IBANYS has established partnerships with key industry educators including the Barret Graduate School of Banking. The school provides community bankers with an opportunity for a graduate degree in banking. 

We are currently endorsed by ICBA, ICBA Securities, Arkansas Community Bankers, CBAofGA, Indiana Bankers Association, CBAofKS, MIBA, CBAofOH, CBAofWV - with a couple more on the way. 

To learn more about Barret Graduate School of Banking, please visit www.barret.ws.

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Keep The Door Open For Your Small Business Customers

Excelsior Growth Fund (EGF) is NYBDC's nonprofit Community Development Financial Institution and IBANYS' exclusive online lending partner. Join the growing number of banks that work with EGF to offer their customers an affordable and responsible option when they do not qualify for traditional financing. EGF offers loans up to $500,000 with a convenient, digital process. Loans under $100,000 are disbursed within 5 business days.

 EGF's experienced team can work hand-in-hand with yours to develop a customized process to make referring seamless. To learn more about offering your customers a second look through EGF contact Bryan Doxford, SVP, at bryan.doxford@excelsiorgrowthfund.org at at (212) 430-4512. 

Spotlight Bank of the WeekSpotlightBank



Chemung Canal Trust Company (originally known as Chemung Canal Bank) is New York State's oldest locally-owned and managed community bank. Chartered in 1833, the original bank was created to help manage the wealth and prosperity generated by the opening of the Chemung Canal (the waterway) which connected the Chemung River and Seneca Lake, opening a pathway for coal, lumber and agricultural products to reach the world through the NYS Canal system.

While the waterway closed in 1878, our financial institution continues-185 years later-managing financial wealth, meeting the banking needs of individuals, businesses and organizations, and stimulating local economies throughout the Southern Tier, Capital and Central regions of New York, as well as the Northern Tier of Pennsylvania.

In 1903 Chemung Canal was granted full trust powers and we have continued offering these services over the past 115 years. Currently, our Wealth Management Group oversees assets under management or administration with a market value of $1.89 billion.

The Grand Prix Festival celebrates the heritage of motor racing and is held annually in Watkins Glen, drawing in thousands of spectators to our area. Chemung Canal has been the major corporate sponsor for the past 18 years. We assist with the sponsorship, as well as have CCTC volunteers help out during the day.

"Building Relationships since 1833" is not just a tagline, it's an operating philosophy that we believe sets us apart from our competition. It's our effort to know our customer and tailor individualized financial solutions. We build our approach to banking around their needs-with a wide range of products and services, including checking; savings; personal, home and business loans; and many digital banking options such as online account opening, online loan applications, Web Banking and Mobile Banking, to name a few. A testament to our efforts is the fact that we continue to maintain banking relationships with descendants of our founding clients.

Chemung Canal has been the presenting sponsor of GlassFest--an annual celebration of glass and the fire arts held in Corning's Gaffer District--for the past nine years. It's a fun, family-friendly event we look forward to participating in every year!

Our Capital Bank division has been the title sponsor for the Ronald McDonald House of Albany's annual Radiothon for the past seven years. The radiothon spans five radio stations and offers more than 25 hours of live broadcasts, as well as a day of family fun at Crossgates Mall. Our employees are involved in many activities starting with cooking breakfast at Ronald McDonald House the Friday morning of the radiothon. They then volunteer to answer phones and work the registration day throughout the day. In seven years, we've helped raise $1 million dollars!


As a community bank, we believe strongly in providing support, both personally and financially, to the people and organizations in the regions we serve. It's our way of giving back and giving thanks to the many who make our region a special place to live and work. We are making a material, lasting and positive impact across our footprint because of our colleagues who commit so much of their time, talents and resources-volunteering to help those in need, endeavoring to enhance the quality of life of their fellow citizens. We also continue to engage in community forums, lead neighborhood organizations and dedicate countless hours of support to ensure no one is left behind.

Chemung Canal has been the local presenting sponsor of the Susan G Komen Race for the Cure for 16 years! Many employees are part of the race committee and also volunteer at the event. Without their support and hard work, this event would not be possible. In 16 years, we've helped raise approximately $1.5 million!

Chemung Canal partners with Tompkins Chamber of Commerce for Movies in the Park-movies are shown on a massive inflatable screen at Ithaca's Stewart Park overlooking Cayuga Lake every Friday night in August. This is another great family and community-oriented event!

Still headquartered in Elmira, NY, today Chemung Canal Trust Company, through our financial services holding company - Chemung Financial Corporation (Nasdaq: CHMG), is a $1.7 billion corporation, operating through 35 retail banking offices in 12 counties in upstate New York, and Bradford County in Pennsylvania. The holding company is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services, including mutual funds, annuities, brokerage services, tax preparation services and insurance; and Chemung Risk Management, Inc., a captive insurance company based in the State of Nevada.

Many areas of the bank participated in United Way Day of Action by working with different organizations throughout Chemung and Steuben Counties to paint, do yardwork, pack meals and spend time with local children. 

Employing a long-term planning approach and a strong community banking philosophy, we remain focused to our core principles, yet adaptable within an ever-changing banking landscape. We've proved that our success over the past 185 years has been to the benefit of all our constituencies: our shareholders, clients, colleagues and the communities we serve.

To learn more about Chemung Canal Trust Company and its products/services, please visit www.chemungcanal.com.

IBANYS Spotlight Is On...



RISK MANAGEMENT AND AUDIT SERVICES

Wolf & Company is one of the top regional certified public accounting firms in the Northeast, New York and New Jersey. Building on our tradition of unparalleled guidance, we provide our clients with audit and assurance, tax, business consulting, risk management services, and  WolfPAC Integrated Risk Management®  
  • IT Assurance & Security Services
  • Outsourced/Co-sourced Internal Audit Services
  • Regulatory Compliance Services
  • WolfPAC Risk Management Services
For details, contact: 

Gerald GagneDirector, Risk Management Services
Phone: (617) 428-5455

Stephen KingDirector, Regulatory Compliance
Phone: (617) 428-5448

John Doherty Financial Institution Audit and Tax
Phone: (617) 542-0400

Or, visit the website at
  www.wolfandco.com.
IBANYS Endorsed Services
IBANYS identifies offers products and services that provide value to your banks, companies, employees communities. These brief summaries provide links for information. Please contact IBANYS President John Witkowski with questions.

Health & Wellness

My Wellness Resource & TELADOC

The health and wellness landscape continues to evolve. "My Wellness Resource" can be a nice addition to your existing benefit package. 

Teladoc can save your banks time and money, and provide real value to your employees as this testimonial from a New York community bank CEO proves:
HERE'S WHAT YOUR FELLOW NEW YORK
COMMUNITY BANKER SAYS. . .
"I wanted to let you know that some of our employees and I have been using "Teladoc" and it is one of the best things we have done for the bank. We all love it: We are saving time, avoiding waiting in an urgent care center or a doctor's waiting room for non-emergency related illnesses . . .and it is easy to use and convenient. Once you use it, you are hooked! This was a great find! Would recommend it to all banks."

Mario Martinez 
Chairman & CEO
Catskill Hudson Bank

Contact Alan Justin: (716) 907-5500. 


"Cure the Blue" Helps Banking Industry Battle Prostate Cancer!

The "Cure the Blue" program sponsored by the Buffalo Bills Alumni Foundation allows New Yorkers to participate in one of the most comprehensive efforts to help promote prostate cancer awareness and research in the United States.  Lake Shore Savings Bank has provided prostate cancer literature and Cure the Blue information at all eleven of its branches and their headquarters in Dunkirk. The bank also offered Cure the Blue ceramic lapel ribbon pins for a $5.00 donations to Cure the Blue to all their customers. "We fully understand the severity of this disease and the devastating effect it can have on families" said Lake Shore Savings Bank President and CEO Dan Reininga. "Our support of the Buffalo Bills Alumni Foundation's "Cure the Blue" initiative is something that we are taking very seriously and are proud to support." Buffalo Bills Wall of Famer and Alumni Foundation President Booker Edgerson, a two time prostate cancer survivor, said the bank has been a tremendous longtime supporter, noting: "They have really stepped up to the plate with their unwavering support of our Cure the Blue initiative." 

IBANYS urges all of our member banks, associate members and allies to join the effort. Cure the Blue" raises funds and awareness regarding prostate cancer in New York State. Visit  curetheblue.com  to get involved! Of all new cancer cases in the nation, prostate cancer represents 9.6%. In 2017, there were an estimated 161,000 new cases, and more than 26,000 fatalities due to the disease. Support IBANYS' "Cure the Blue" campaign to help New Yorkers participate to promote prostate cancer awareness and research.


Secure, Enhanced Internet Presence

The .bank program by fTLD operates trusted, verified, more secure, easily-identifiable internet locations for financial companies and  customers. www.icba.org 

Did You Know?


. . .That the Federal Deposit Insurance Corp. (FDIC) was established by the  1933 Banking Act , which was enacted during the  Great Depression  to restore trust in the American banking system?  The insurance limit was initially US$2,500 per ownership category, and this was increased several times over the years. As of the end of 2017, the FDIC provided deposit insurance at 5,670 institutions.
 
New York community banks play a key role in our state and local economies. Help spread the good news among our customers, business, elected leaders and the media!



John J. Witkowski
President & Chief Executive Officer

Stephen W. Rice
Director of Government Relations & Communications

Linda Gregware
Director of Administration & Membership Services

William Y. Crowell III
Legislative Counsel

Natalie Rowan
Marketing & Social Media Assistant