The PACB Foundation was organized in 1994 to provide funds for the advancement of educational endeavors. The Scholarship Fund is the keystone of the Foundation’s educational mission, and actively invests in the futures of driven and community-minded young scholars.
The PACB Foundation Scholarship Fund awards college-bound high school seniors seeking higher education in a full-time capacity. Applicants must also be legal dependents of bank employees or a director of a PACB Member Institution working at least 1,000 hours per year for a minimum of two years.
For the past 18 years, the PACB Foundation Scholarship Fund has awarded college-bound high school seniors with $1,000 renewable scholarships. All recipients were chosen from a pool of qualified applicants. The PACB Foundation has selected five young scholars with impeccable academic credentials and a true sense of community as the PACB Foundation Scholarship Winners of 2012.
In addition to the five scholarship winners, the PACB Foundation has selected seven superb merit finalists. Each merit finalist will receive a $500 savings bond.
The PACB Foundation is funded through generous donations from individuals and corporations as well as from proceeds from fund-raising events of PACB and its Member Institutions.
Read the full article in April’s issue of Transactions Magazine. Aren’t a subscriber? Visit the Transactions page on this website or call PACB at 717-231-7447 to start receiving the magazine.
PACB Foundation Scholarship Winners Announced
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Coatesville: A City Full of Potential
Coatesville, a once thriving city nestled in Chester County has had its fair share of struggles. For many years, the city’s businesses and residents were largely dependent on Lukens Steel as an industry and as the primary employer in the city. The steel industry suffered a decline that began in the 1970s affecting the world, the nation, and Coatesville. As mills downsized, workers were laid off. Some mills shut down completely.
Although the steel industry in Coatesville doesn’t employ as many people as it used to, Tim Hennessey, State Representative for the 26th District where Coatesville is located, said, “There’s a positive spin to the fact that we still have an active, productive, and profitable steel industry here in the City of Coatesville.”
John C. Rafferty, Jr., State Senator of the 44th District, added, “There’s still that real neighborhood feel in Coatesville; there’s still longtime residents who live in Coatesville or longtime residents who have investments in Coatesville. For instance, the Huston family of Lukens Steel is still very much involved in the City of Coatesville. They are keeping the history alive of Lukens Steel and along down the road want to open a steel museum, which I think would be a nice draw for the city.”
It is community-minded individuals and organizations who understand the importance of meeting the needs of the residents of Coatesville, and it is they who will continue to push for the revitalization of the city. Hennessey concluded, “What is vital is the fact that we’ve got to realize that people live here and they’re going to stay. There’s going to be a core group of people that will always be in the population for the City of Coatesville and we need to serve their needs as well.”
Read the full article in April’s issue of Transactions Magazine. Aren’t a subscriber? Visit the Transactions page on this website or call PACB at 717-231-7447 to start receiving the magazine.
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Providing 125 Years of Service, Malvern Federal Savings Bank Hits a Milestone in 2012
This year is a time of celebration for Malvern Federal Savings Bank, as 2012 marks the bank’s 125th anniversary. While this is quite a note-worthy milestone for any business, it is a significant milestone for Malvern Federal. In a world of bank mergers and closings, this stability is truly distinguished. The bank, which first opened its doors in 1887, began as a single location in Malvern. It has since transformed into a mainstay in the community, expanding to eight state-of-the-art financial centers, spanning two counties with its headquarters in Paoli. Each financial center, with locations in Berwyn, Coventry, Exton, Lionville, Malvern, Paoli and Westtown in Chester County and Concordville in Delaware County, offers a variety of personal and business banking products and a host of banking services along with a complete range of loan programs, including consumer and mortgage loans.
Read the full article in March’s issue of Transactions Magazine. Aren’t a subscriber? Visit the Transactions page on this website or call PACB at 717-231-7447 to start receiving the magazine.
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FDIC Increases Regional Coverage for Ombudsman
In 2009 the Federal Deposit Insurance Corporation (FDIC) increased the number of its Regional Ombudsmen from three to six. Each Regional Ombudsman is now responsible for only one of the FDIC’s six Regions. The Regional Ombudsman for the New York Region is Glenn A. Watler. His background and experience in the Dallas and New York Regions makes him well suited to address concerns resolved through the Ombudsman role.
The FDIC’s Office of the Ombudsman was created by Congress in 1994 to serve as a confidential, neutral and independent resource for individuals who have a question, concern or complaints about the FDIC regulatory process. FDIC Ombudsman Cottrell Webster and his staff of Regional and Senior Ombudsmen are advocates for fair process and are available to help resolve banking issues in an informal, discreet manner.
Read the full article in March’s issue of Transactions Magazine. Aren’t a subscriber? Visit the Transactions page on this website or call PACB at 717-231-7447 to start receiving the magazine.
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Treasury: Pennsylvania’s Profit Center
Nick DiFrancesco (ND): Obviously you have a lot of responsibility as state treasurer, how about if you share a little bit with our members about what it is that you do. What are your responsibilities as state treasurer and how do you do your job every day?
Treasurer McCord (TM): My guess is community bankers would have a lot of empathy for the work we do and the roles we play. Bluntly put, most voters don’t really think about their vote for treasurer. It’s a rather low-attention, but high-power office, which is very interesting to somebody like me who comes out of business and investment.
You really have three business roles in a publicly-elected office such as this. The first is that you’re a CEO of an important organization. Second is that you’re a fiscal watchdog, and then third, and arguably most importantly, you’re a Chief Investment Officer, you’re a CIO. Each role has pretty large implications and I’ve enjoyed playing each role.
First, as a Chief Executive Officer, I take very seriously whenever I affect other peoples’ lives. We have more than 400 employees. We’re down from about 500 employees as the budget has been cut the past couple of years. And we try to be humane about what’s going on there. But I’m the first elected chief executive to try and memorize everybody’s name. I visit the various divisions of Treasury on a regular basis. I talk with people about how their work connects to larger purposes, the money they’re saving, the wealth they’re helping to create. Morale seems to be up; productivity is up pretty dramatically, and that’s a lot of fun.
Another key point I’d make as a Chief Executive Officer is that we run this place as a profit center. We’re independently elected; we need to be independently measured. So the first question for me is, do we earn the money that we cost? Treasury’s general government appropriation is down from roughly $42, $43 million when I took office in 2009 to about $33 million today. But because of the work we do, we pay for ourselves, arguably, at least four times over before we invest a nickel, each and every year, and that’s been a lot of fun. We’ve driven up productivity in the offices that help pay for all of the other operations. So all of those transactions – roughly $70 billion worth of transactions that we process every year like a bank would process for its client – if we never invested a nickel, all of those transactions would be processed not only for free, but for a profit, given the operations that we run and that I have the honor of running as a CEO.
Just the Bureau of Unclaimed Property generates roughly $100 million a year of positive cash flow. One of the reasons we were able to increase that number, going from $70 million one year to $115 million, is that I, as a former business owner, came in with some empathy for business owners. I said, “Gee, before I started running for this office, I didn’t know there was such a thing as an unclaimed property law. Maybe banks do – with their dormant accounts and safe deposit boxes people so often forget they have – but the average business owner doesn’t.”
So we set out to ramp up compliance with the law. We reached out to employers across the state, conducted webinars, worked with professional development associations, to make sure businesses and other organizations knew they had to report unclaimed property. If you’re a taxpayer, you want everybody to be carrying whatever share of the burden there is, and the beauty of unclaimed property is that it’s revenue that doesn’t flow from taxes and doesn’t flow from debt. So you don’t get any of the normal market inefficiencies that could flow from revenue collection. So we really have a lot of fun with that particular bureau because you either win or you win once you’ve collected the money. You either get to act like an Eagle Scout and say, “Ma’am you forgot your purse,” and you return money, or – if we cannot locate the rightful owner – it becomes revenue to the General Fund, and it helps to support the Commonwealth, which lowers the cost of government for everyone. We’ve worked extra hard to return money to working families. We find areas of need. Like last summer, after those historic floods, we found people owned unclaimed property in the hardest hit counties, and we returned nearly $400,000. We’ve also worked hard to find money that’s owed back to first responder organizations, volunteer fire companies and other organizations that maybe were stressed by budget cuts or natural disasters. The Unclaimed Property Program has proven to be one way we’re able to get just-in-time revenues to a lot of community leaders.
So, as I said earlier, we pay for ourselves several times over just out of our Bureau of Unclaimed Property. We also save taxpayers a tremendous amount through our Bureau of Fiscal Review. One of the things you want to have when you have tens of millions of transactions being processed is an independent entity that’s on the hook for finding redundant or erroneous payments. That’s what we do. Our fiscal review team typically identifies and stops between $30 million and $40 million in improper payments each year before they go out the door. So Treasury’s paying for itself that way, as well. And that’s before we’ve just provided this fundamental service of processing all of these transactions very efficiently.
So as a CEO, not only am I proud of the work we’ve done, but I’m also proud of the way Treasury’s employees have conducted themselves in these trying times. You’ll remember back in 2009 – when the state’s budget took more than 100 days beyond the June 30th deadline to finalize – many community groups and organizations had to wait for state payments. Our team – once the budget was passed – came in, worked through the weekend, worked through a state holiday to process priority payments very rapidly during the depths of the recession, or just as we were coming out of the recession.
So I love being a CEO who gets to work with such committed people. It’s been fun to have people say, “Gee, I worked in this office for 21 years and I never met an elected treasurer before, let alone had him or her remember my name and ask me questions and know and understand what my specific role was.” So as somebody who’s led businesses, I get a kick out of that.
Read the full interview in December’s issue of Transactions Magazine. Aren’t a subscriber? Visit the Transactions page on this website or call PACB at 717-231-7447 to start receiving the magazine.
Posted in Transactions
Tagged McCord, PA Treasury, Pennsylvania, Pennsylvania State Treasury, Rob McCord, Treasury
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It Started With a Dream…
Sitting at Clover Hill Vineyards & Winery, sharing a bottle of wine, the Skrip family recalled the story of how their family-owned business started with a dream and became a family tradition. John said, “This is our family business. Our roots run deep. We got to where we’re at for the most part through our own efforts, blood, sweat, and tears.” With hard work and help from Fleetwood Bank, a local community bank, John and Pat Skrip were able to see their dreams become a reality. As one of the largest producers in Pennsylvania, Clover Hill Vineyards & Winery brought in about 75,000 gallons of wine, or about 27,000 cases, this past harvest.
Read the full interview in December’s issue of Transactions Magazine. Aren’t a subscriber? Visit the Transactions page on this website or call PACB at 717-231-7447 to start receiving the magazine.
Posted in Transactions
Tagged Clover Hill, Clover Hill Vineyards & Winery, Fleetwood Bank, John Skrip, Kari Skrip, Pat Skrip, Rich Meares, Skrip, winery
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Making a Statement in 2012
How do you answer your friends and relatives when they ask, “What makes your bank so special?” Do you take pride in the time and resources that you give back to the communities you serve? When Occupy Wall Street or any one of a dozen other Occupy groups attacks the “banking” industry, are they referring to your community bank? After all, what is a community bank anyway?
People pose these questions every day. Unfortunately, the answers to these questions aren’t always clear. What is clear is that there is mass misconception about the definition of a community bank. We’ve seen many articles this past year advising the public that the best community bank option for consumers is a credit union. When you’re done gasping and writhing with anger, take a moment and consider the reason for the confusion.
Read the full article in January’s issue of Transactions Magazine. Not a subscriber? Call PACB at 717-231-7447 to start receiving the magazine.
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Tagged january, magazine, occupy wall street, PACB, transactions
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That’s My Bank!
The wait is over… PACB is pleased to announce the theme for Community Banking Week 2012: “That’s My Bank!” We will be celebrating Community Banking Week from April 2-7, 2012, as part of the national Community Banking Month.
This is the perfect opportunity to show what your bank and employees do best – serve the community! Reach out to as many local individuals and organizations as you can; inform everyone about all the great things community banks do for the community.
PACB will create marketing materials (i.e. posters, table tents, stickers and more) to support your bank. In addition, we’ll provide sample letters and press releases so that you can notify the media about your activities.
And speaking of activities, here are some ideas to help make Community Banking Week a success in your area:
1. Show you care by sponsoring a blood, clothing, or even
food drive.
2. Host a seminar on retirement planning or smart investing.
3. Invite local schools or scout troops to tour your bank.
4. Host a charity event like a race or an auction.
5. Create a lobby display highlighting your small
business customers.
6. Speak to civic groups or senior centers to reach new
audiences and convey the importance of community banking.
7. Host an open house complete with tours, refreshments,
contests and giveaways.
These are just a few of the endless possibilities to make your bank shine. We hope you will take advantage of this wonderful opportunity to share your love of community banking. Be sure to include your entire organization in your festivities, invite the media to participate, and take lots of pictures! If you need anything to ensure a successful Community Banking Month, the PACB staff is happy to oblige. We are here to help you in all your efforts. Good luck and have fun!
Posted in Community Banking Week, Transactions
Tagged 2012, bank, community, community banker, Community Banking week, PACB, that's my bank
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PACB’s Newest Staff Members
New Staff Members
Beginning at the start of the new year, PACB added a few new faces to it’s staff. Meet the new additions below!
Eric Kovac
“I remember as a kid, my total fascination with the creativity and cleverness found in highway billboards and magazine advertisements. The power of a photograph and the greatness of designs created graphically have since become my life and my passion. My designs and photographs are snapshots…windows into my passion, from inception to completion.
My goal as one of the new Publications Manager for the Pennsylvania Association of Community Bankers is to open a window of creativity for this company…to help tell your stories!”
Natalie Bombatch
“Hi, I’m one of two new Publications Managers in the communications department at PACB. I wanted to take moment to share a little bit about me so that we can get to know each other in the coming weeks. In December I obtained an MS in Communication Studies from Shippensburg University. It was a lot of work, but very worth it! I also have a BA in Communication/Journalism with an emphasis in Public Relations and a minor in Art.
I have experience working and interning for a publishing company and several non-profit organizations where I developed my design, event planning, fundraising, and writing skills. I hope to bring a well-rounded set of skills to PACB in order to help you!”
Posted in Off the Press
Tagged community banker, Eric Kovac, Natalie Bombatch, new staff, PACB, staff
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You’ve Been Served! Now what?
by Evan C. Pappas
Online Excerpt:
For community banks, involvement in civil lawsuits is becoming a regular cost of doing business these days. Legal actions are initiated for any number of reasons, but all lawsuits share common elements and pitfalls that require close attention and quick response. Failure to take the right action within the required timeframe could mean that important rights are lost or squandered.
Some of the best defenses to a lawsuit are developed before the lawsuit is filed. For example, if a customer sues a financial institution and alleges that his or her money was handled negligently or a payment processed improperly, certain documents will naturally be relevant to vindicating the bank, including account records and the bank’s operations manual. Therefore, all banks must ensure that these documents are regularly updated with the assistance of counsel to ensure that they are thorough and accurately reflect the bank’s policies regarding accounts and payments. It is important to ensure that your employees are made aware of every procedure and expectation that exists so that they act consistently with these policies and procedures.
Although this ounce of prevention is key, legal problems arise even for the most responsible community bank. The first and most obvious step you should take is to call your attorney as soon as you receive the Complaint. It is usually unwise to contact the plaintiff or the plaintiff’s attorney until contacting the bank’s counsel. After being served with the Complaint, very strict timelines for responding are already in place and, if missed, can cause your adversary to win the case before the merits are heard by a judge. In addition to helping you understand deadlines (and possibly negotiating an extension of deadlines), the bank’s attorney will initiate important discussions to determine what defenses exist to the plaintiff’s allegations. Too often, companies delay discussing matters with counsel until deadlines are imminent or have already passed. Seeking legal advice immediately allows the bank’s attorney to provide necessary perspective from an early stage in the lawsuit.
Read the full article in December’s issue of Transactions Magazine. Aren’t a subscriber? Call PACB at 717-231-7447 to start receiving the magazine.
Posted in Transactions
Tagged bankers, community banks, law, lawsuits, magazine, newsletter, prevention, transaction
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