Spotlight Bank of the Week is a new feature that we are adding 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.

• Enhance regulatory compliance and portfolio monitoring.
• Expand geographic reach beyond your branch network.
• Produce more loans and monetize every loan application without the hassle of paper chasing.
• Establish your bank's legacy and keep it relevant for the next generation.

Click here to register and for more details.

There is some other limited legislative activity in the midst of the budget process.  The State Senate Banks Committee this week is considering:

• A.8705 (Cusick)/ S.6845 (Peralta) to require a notice to be posted on all ATMs warning customers about the use of skimming devices and how to file a claim in the event they believe they have been a victim of skimming;

• S.7819 (Hamilton) would impose a twelve-month limitation on compliance audits and examinations by the NYS Department of Financial Services (DFS) and would require that reports of such audits be complete within six months. 

Meanwhile, the State Assembly Banks Committee is discussing Chairman Zebrowski's bills that would:

• Increase the number of free withdrawal transactions from basic banking accounts for account holders sixty-five years of age or older from eight to twelve A.7617; and

• Require financial institutions to notify a customer prior to charging a fee based on account inactivity (A.7740)

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We need to reach out to Senator Schumer's district offices thrioughout New York State to reiterate how important regulatory relief is to the New York community banking industry. Please help!

 

The Mortgage Bankers Association reported total mortgage application volume was up just 0.3 percent on a seasonally adjusted basis. Volume was 5 percent lower than the same week one year ago.  With interest rates for home loans having risen each week during 2018, homeowners have had less incentive refinance their mortgages. Another drop in refinances last week kept mortgage application volume essentially unchanged from the previous week. The refinance share of all mortgage applications fell to 40 percent, the lowest since 2008.  Mortgage applications to purchase a home were up slightly (up 3 percent for the week, and up 3 percent from a year ago.)

 

. . .On Hackers, FinTech Firms & Credit Unions

ICBA is holding its Annual Convention in Las Vegas this week, with nearly 3,000 community bankers, industry leaders and financial experts attending. (Community bankers can receive up-to-the-minute convention information with the ICBA 2018 Mobile App and by following #ICBALive18 on Twitter.)  Timothy Zimmerman, the new Chair of the  Independent Community Bankers of America  (ICBA), called hackers, FinTech firms and other nonbanks the biggest threats to banks. Zimmerman is the CEO of the $970 million-asset Standard Bank in Monroeville, Pennsylvania. "Credit unions don't pay federal taxes, and, in addition to that, there's continued expansion beyond what they're really supposed to be doing... they continue to expand into commercial lending ... if you're living and breathing, you qualify under [credit unions'] field-of-membership rules. They also don't have responsibilities under the Community Reinvestment Act."

 

Long Term Parking: 
Multi Family MBS Can Serve Core Portfolio Needs

Excelsior Growth Fund (EGF) is NYBDC's nonprofit Community Development Financial Institution and IBANYS' exclusive online lending partner. Their  mission is to help businesses in New York, New Jersey and Pennsylvania grow by providing small business loans and advisory services. As a nonprofit organization and a U.S. Treasury-certified Community Development Financial Institution  (CDFI) , they're a responsible lender you can trust. Their  products are affordable and flexible, and their advisory services can help you reach your business goals. Their signature product, the EGF SmartLoan™, provides up to $100,000 through a streamlined online platform.  Loans are approved in 1-2 days and funded in a week.  For more details, please visit: http://excelsiorgrowthfund.org/egf_smartloan/ 

The First National Bank of Groton is locally owned, customer driven, community bank. We maintain a local focus that promotes growth by investing back into the same neighborhoods where our deposits come from. All decisions are made by people who know the local market and understand the needs of our customers. We know our customers by name, and vice-versa. We take pride in providing a superior level of personalized customer service, along with a blend of traditional banking products and innovative online and mobile services. As of December 31, 2017, our assets totaled over $170 million. All of our employees are area residents, which means we have the same personal investment in the community as our customers.

Established in 1865, The First National Bank of Groton has served the surrounding communities for over 150 years. "Customers for life, one day at a time" is our mission. Our long history includes many interesting details:

• In 1896, when she was elected President of The First National Bank of Groton, Welthea M. Marsh became one of the first women in the United States to serve as President of a national bank.
• Following the Emergency Banking Act of 1933, The First National Bank of Groton was one of the first financial institutions determined by the Treasury Department to be solvent, making it one of the first to be re-opened.
• Our annual Customer Appreciation Day is widely recognized and eagerly awaited each year! Employees grill and serve the famous "quarter-pound" hot dogs for our customers and the entire community at each of our offices.
• We open our lobbies to customers and the community as a way to showcase their artwork, their collections, and local memorabilia. Our Groton office features a thirty-foot mural, painted by a local artist, depicting the Village of Groton in 1900.

 

For more information, visit our website at www.grotonbank.com or call us at (607) 898-5871.

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