The
WYOMING BANKERS
ASSOCIATION
200 East 8th Avenue, Suite 201, Cheyenne, WY 82001, (307)638-5008 * www.wyomingbankers.com
Banker
WBA’s monthly e-newsletter
April 2020
Montana & Wyoming
Bankers Convention June 6-8, 2019 **Snow King Hotel
WYOMING BANKERS ASSOCIATION WORKING TO ASSIST OUR MEMBERSHIP By Michael Geesey
Your Wyoming Bankers Association is here to assist its membership. We are well aware that you are overloaded with requests from your customers. With that in mind, we
suspended a majority of emails on webinars and are trying to limit remaining emails to information that could be helpful.
September 2017 I would like to thank everyone for answering the short survey. The purpose was to give members a quick overview on what banks across Wyoming are doing. Also we have setup a COVID-19 Coronavirus Resource page on the WBA website, the link is listed below. We will be providing SBA loan process information as it becomes available. Please remember that at this time be particularly aware of scams and financial misinformation related to the COVID-19 virus. Thank you for your support and membership.
The Coronavirus (COVID-19) Resources
Featured Speakers including: Kathy Pearson, PhD, Enterprise Learning Solutions
Jim Olson, former CIA Chief of Counterintelligence,Bush School of Government and Public Service
William Fruth, Policom
Cristine Gaffney, Senior Vice President for Supervision,Regulation, and Credit
REGISTER
TODAY!
Wyoming Bankers Association Events & Updates
2020 Opening New Accounts – May 6, 2020 – Ramkota Hotel - Casper, WY
(POSTPONED - CHECK BACK FOR NEW DATE)
2020 WBA Agricultural Bankers Conference – May 13-14, 2020 – Platte Valley
Community Center, Saratoga, WY (RESCHEDULED FOR MAY 2121)
2020 Montana and Wyoming Bankers Convention – June 18-20 2020 – The
Northern - Billings, MT (Registration Open)
2020 IRA Seminar - Understanding the SECURE ACT 2020– October 14-15, 2020 –
Hilton Garden Inn - Casper, WY (Online registration Open) IRA Update – Catching Up with the Latest Changes Webinar by Patrice Konarik — available On Demand
2020 WBA Lenders Conference – September 16-17, 2020 – Holiday Inn
Riverton, WY
Financial Regulators Issue CECL Policy Statement
As banks work to implement the current
expected credit loss (CECL) accounting
standard, the financial regulatory agencies have
finalized an interagency policy statement on
allowances for credit losses. The policy
statement describes the CECL methodology for
determining allowances for credit losses
applicable to financial assets measured at
amortized costs, including loans held-for-
investment, net investments in leases, held-to-
maturity debt securities and certain off-balance-
sheet credit exposures.
In response to comments from industry
stakeholders, including the ABA, the agencies
made several changes to the final policy
statement, including those addressing
qualitative factor adjustments for debt
securities; the use of accounting policy
elections related to accrued interest receivable;
and auditor independence. The agencies also
noted that the Federal Financial Institutions
Examination Council will consider whether to
modify the instructions for the Call Report
regarding the reporting of expected credit losses
on off-balance sheet exposures to be consistent
with U.S. generally accepted accounting
principles reporting requirements after
commenters raised concerns over the current
inconsistency. Read the final policy
statement.
Coronavirus Disease Business Planning and Continuity Resources
To assist banks across the nation as they
navigate the potential impact of coronavirus on
operations, the ABA has compiled a list of
resources at aba.com/coronavirus. Banks are
encouraged to review the planning protocol
with their staff—including business continuity
planning, crisis communications, telework
capability, mobile and online capacity, travel
policies and other topics.
D C BRIEFSFed Announces Emergency Rate Cut Amid Coronavirus Fears
Acknowledging the “evolving risks” that the coronavirus outbreak
poses to the U.S. economy, the Federal Open Market Committee
(FOMC) unanimously voted to cut the target range for the federal funds
rate by 50 basis points to a range of 1% to 1.25%. This is the first
emergency rate cut the FOMC has made since 2008.
The committee said it would closely monitor the situation as it
develops and “will use its tools and act as appropriate to support the
economy” in the days ahead.
While “the situation remains a fluid one,” Federal Reserve Chairman
Jerome Powell emphasized that “the U.S. economy is strong and we
will get to the other side of this. I fully expect that we’ll return to solid
growth and a solid labor market.”
DOJ Charges Record Number of Elder Fraud Cases
The Department of Justice (DOJ) has charged more than 400 defendants
responsible for more than $1 billion in losses this year in the largest
coordinated sweep of elder fraud cases in history, Attorney General
William Barr and Chief Postal Inspector Gary Barksdale announced. That
figure reflected a 54% increase in the number of individuals charged over
last year.
Barr noted that the effort reflects a renewed focus on prosecuting elder
fraud cases by the DOJ, which has expanded its enforcement efforts. “As
we have worked closely with banks and other private-sector partners in
this effort, it has become clear that a substantial part of the fraud against
elders is conducted by transnational criminal organizations,” he said. “For
this reason, we have now expanded our enforcement efforts to have global
reach.”
The DOJ also announced the creation of a new national hotline that will
provide services to seniors that may be victims of financial exploitation.
Victims will receive assistance with reporting suspected fraud to relevant
agencies, and will receive resources and referrals to other appropriate
services as needed. When applicable, case managers will complete a
complaint form with the FBI’s IC3 and/or the Federal Trade Commission.
Read more.
Compliance Q&A Addresses Rural Area Appraisal Options
In the March/April issue of the ABA Banking Journal, the Regulatory
Compliance and Policy Inbox column—authored by ABA’s Compliance Hotline experts—covers what options bankers in rural areas have to
mitigate appraiser shortages. The answer addresses conditions in the S.
2155 regulatory reform law and implemented by regulators under which
rural properties are exempt from appraisal requirements.
Another answer addresses circumstances when Regulation O limits loans
made to an executive officer of a bank. Read the column.
News Source: American Bankers Association
2020 Teach Children to Save Day: April 24
Geared toward grades K-8, Teach Children to
Save (TCTS), is a free national program
sponsored by the ABA Foundation that
organizes banker volunteers throughout the year
to help young people develop a savings habit
early in life. Bankers registered to participate in
the program will receive access to a private
resource page containing promotional materials,
student activities, communication tools and
presentation lessons (also available in Spanish)
covering topics that include; Banking Careers,
Decision Making, Interest, Money Recognition
and Savings.
Banks of all sizes that actively provide youth
financial education, using any curriculum, are
invited to register their participation in TCTS at
no cost. Additionally, registered participants
will receive access to all TCTS resources which
can be used throughout the year. Register for
Teach Children to Save.
ABA HSA Council Statement on New IRS Guidance By Kevin McKechnie, executive director, ABA's HSA Council
“We applaud the administration for its swift
action to ensure millions of Americans who
finance their healthcare with a Health Savings
Account-qualified plan can access free COVID-
19 testing. The new IRS guidance confirms that
COVID-19 testing falls within the definition of
‘preventative care’ and is therefore able to be
covered without cost-sharing pre-deductible.
During global health emergencies, it’s critical
Americans have access to the services and care
they need, and this guidance is an important
step in making that a reality.
“ABA’s Health Savings Account Council will
continue to work closely with the
administration and public health officials to
ensure the safety and well-being of the millions
of working Americans insured with HSA-
qualified plans.”
D C BRIEFS USDA Announces Intent to Make Grants Available Under the Higher Blends Infrastructure Incentive Program
Agriculture Secretary Sonny Perdue announced that the U.S.
Department of Agriculture (USDA) intends to make available up to
$100 million in competitive grants for activities designed to expand the
sale and use of renewable fuels.
The Department plans to publish application deadlines and other
program information in the Federal Register this spring. The USDA
will make the grant funds available under the Higher Blends
Infrastructure Incentive Program. Its purpose is to increase
significantly the sale and use of higher blends of ethanol and biodiesel
by expanding the infrastructure for renewable fuels derived from U.S.
agricultural products. The program is also intended to encourage a
more comprehensive approach to marketing higher blends by sharing
the costs related to building out biofuel-related infrastructure.
Grants will be available to help transportation fueling and biodiesel
distribution facilities convert to higher-ethanol and biodiesel blends by
sharing the costs related to installing, retrofitting and/or upgrading fuel
storage, dispenser pumps, related equipment and infrastructure.
For additional information, see page 11946 of the Feb. 28, 2020,
Federal Register.
USDA Delays Certain Requirements for Industrial Hemp Producers
Fifty state bankers associations, including the WBA, wrote to Senate
Banking Committee leaders urging them to support the SAFE Banking
Act (S. 1200), a bill that would provide a safe harbor for depository
institutions seeking to serve legitimate cannabis-related businesses in
states where such activity is legal. The associations called for a markup
of the bill “as soon as possible.”
The bill was passed by a bipartisan majority in the House last year, but
has since stalled in the Senate. Senate Banking Committee Chairman
Mike Crapo (R-Idaho) in December expressed concerns about the bill
related to public health and safety, legacy cash, money laundering and
interstate commerce.
“Although there are admittedly broader public policy questions at play,
we ask that you evaluate and address this pressing banking problem,
which is within your power to resolve,” the associations said. “Doing
so will reap immediate public safety, tax and regulatory benefits while
Congress continues to grapple with broader decisions about national
drug policy.” Read the letter.
News Source: American Bankers Association
ABA Applauds Senate Passage of Economic Relief Package By Rob Nichols, ABA president and CEO
“We welcome the Senate's strong, bipartisan action to help the nation respond to this unprecedented healthcare crisis. America’s banks
are already taking steps to assist customers and businesses affected by COVID-19, and this legislation will allow banks to provide even
more critical assistance to borrowers in their communities. Banks of all sizes stand ready to do their part to support the economy and
put the nation on a quick path to recovery. We thank congressional leaders for their hard work on this bill, and urge the House to move
quickly to get it to the president's desk for his signature.”
ABA Writes Lawmakers in Support of ECORA Act
In letters to House and Senate members, the ABA urged lawmakers to support the Enhancing Credit Opportunities in Rural America
Act (ECORA), a bill that would end taxation of interest earned from agricultural real estate loans. This would not only reduce servicing
costs for community banks providing these types of loans, it would also level the playing field between banks and the tax-advantaged
Farm Credit System—making it easier for banks to support the farm sector through real estate loans.
Amid persistent difficulties for the ag sector, “it is estimated that ECORA could reduce the average interest rate on a farm and ranch
real estate loan by 1.5% to 2%,” the ABA stated. “This legislation offers a straightforward solution to help farmers and ranchers during
this time of lower farm incomes without creating new government payments or programs.” Read the letter.
ABA Applauds FDIC Recommendation to Delay CECL By Rob Nichols, ABA president and CEO
“We applaud [the] call by FDIC Chairman McWilliams for FASB to delay required implementation of the CECL accounting standard for
financial institutions. ABA has long called for delaying CECL until a quantitative impact study can be conducted to better understand how it
might impact credit availability during periods of economic stress. With economic stress now here thanks to COVID-19, it is critically
important that banks of all sizes have all the tools they need to lend to creditworthy individuals and businesses.
“We also appreciate Chairman McWilliams' recommendation to exclude COVID-19-related modifications from being considered a
concession when determining a troubled debt restructuring classification. This step will also assist banks that are already stepping up and
responding to the needs of individual and business customers during this difficult time. Click here to continue reading.
WBA Welcomes New Associate Member
The Banker Group– www.gobanker.com
The Baker Group has been a trusted financial partner helping community financial institutions improve their decision-making, interest rate risk management, and investment portfolio performance since 1979.
In 1981, founder James V. Baker revolutionized financial risk management with his publication, Asset/Liability Management. In his best-selling book, Dr. Baker recommended integrating interest rate risk and investment portfolio management with balance sheet management to better monitor and measure interest rate risk and improve overall performance. By applying Baker’s “total bank” approach, community financial institutions were able to adapt to the changing market throughout the years.
Today, The Baker Group is one of the nation’s largest independently owned securities firms specializing in investment portfolio and interest rate risk management for community financial institutions nationwide. After decades of industry service, The Baker Group continues to grow and adapt in order to better serve their financial partners.
CONTACT:
Skoshi Heron
1601 NW Expressway, Floor 20
Oklahoma City, OK 73118
Phone: 405-415-7222
Email: [email protected]
D C BRIEFS
News Source: American Bankers Association
Pensions, Retirement and Markets: Five Questions for 2020
As we head into 2020, below are five questions relating to current trends and topics which are expected to impact retirement plans, financial markets and savings next year:
1. Will the 2019 U.S. equity rally continue into 2020 or will “fundamentals” take hold?
After declining by -4.4% in 2018, the S&P 500 Index is on target to return about 30% in 2019, surpassing expectations and virtually all international stock market returns. This big turnaround has been fueled by four major factors: (a) general optimism regarding U.S. trade policy, including rollback of some tariffs imposed on Chinese goods; (b) the Federal Reserve’s decision to cut its federal funds rate three times in 2019 after raising rates four times in 2018; (c) strong growth in U.S. consumer spending which has compensated for weaker business spending; and (d) continued buybacks of company stock which have supported price per share gains.
What are possible headwinds heading into 2020? Fundamentals, which include company earnings, economic growth and valuations, may play a more prominent role. First, there has been a significant slowdown in economic growth outside of the U.S., with pullbacks in manufacturing, and near recessionary indicators in Europe and elsewhere. While the U.S. has shown steady, albeit slowing growth, there may be further weakening in 2020, particularly if global growth continues to slow. Second, corporate earnings have been flat or declining on a year-over-year basis after double digit gains in 2017 and 2018. Though earnings are a key component of stock prices, the slowdown in corporate earnings didn’t slow down momentum in the stock market during 2019. Will earnings have an adverse impact in 2020? Third, valuations for large cap stocks, such as Apple, Amazon and Google have been at record levels. At some point, these valuations should come back to more normal levels though it is hard to forecast when this will happen.
It is impossible to predict how the U.S. equity market will behave in 2020. Most analysts expect significant volatility in stock prices, particularly in an election year, with any gains in the vicinity of mid-single digits. In this environment, it continues to be important for investors to diversify their portfolios.
2. What will happen with U.S. interest rates?
In 2019, interest rates were a tale of two maturity ends of the U.S. Treasury yield curve. Yields on bonds with short maturities (1 year or less) fell due to three Federal Reserve (Fed) rate cuts during the year. Rates for bonds with longer maturities (10 years and longer) stabilized after falling significantly between June and September.
The fall in shorter rates has generally reduced returns for retirement-age savers. According to bankrate.com, average 1-year CD rates declined from a 2019 high of 1.39% in June to 1.24% in December. While defined benefit pension plans generally suffered declines in their funded ratios due to the fall in longer term interest rates, the recent stabilization in rates, along with the market rally, have helped stem the drop in their funded status.
As with any future event, it is unclear what will happen with interest rates in 2020. The Fed is currently signaling a hold on rates or at most one rate cut in 2020. They will have to balance a slowing U.S. economy and mild inflation, versus external risk factors such as tariffs, slowing global economies, Brexit, oil prices and geopolitical tensions.
3. Where are regulations around fiduciary standards headed?
In 2018, the move toward a uniform fiduciary standard for brokers and advisors was disrupted when the Department of Labor (DOL) fiduciary standard, also known officially as the “Conflict of Interest” rule, was repealed by a Federal court. Into this vacuum stepped several parties: (a) the Securities and Exchange Commission (SEC), which issued its proposed best-interest (BI) standards in April 2018. These would require broker-dealers to disclose conflicts of interest and to “exercise reasonable diligence, care, skill and prudence” to ensure they are selling products and carrying out transactions
that are in a client’s best interest1; (b) the DOL itself, which announced it would release new advice rules; and (c) various states, which have proposed their own fiduciary regulations.
After extensive comment, litigation and review, the SEC BI standards were approved in June 2019 and are expected to become effective June 30, 2020. The DOL is expected to re-propose their fiduciary rulemaking, though the timing is uncertain. And at the state level, New Jersey, New York, Connecticut and other states have introduced state-based fiduciary standards for advisors and brokers operating in their respective jurisdictions.
The regulatory environment around fiduciary standards remains unclear heading in 2020. However, the SEC BI standard- if enacted-while considered less strict than the DOL Conflict of Interest Rule, would strengthen protections versus older fiduciary standards.
4. How will the SECURE Act affect the retirement industry?
After months of remaining in limbo in the Senate, the U.S. Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act in December 2019. While it may not significantly impact the overall retirement savings crisis in the U.S., the SECURE Act is considered the most significant pension legislation passed since the 2006 Pension Protection Act (PPA). The SECURE Act provisions include: increasing the age for Required Minimum Distributions (RMDs) from 70 ½ to 72; easing IRA contribution restrictions; expanding automatic enrollment and facilitating lifetime income disclosures and product offerings such as annuities. Perhaps the biggest impact is to ease regulations and increase incentives for employers to join together to create open Multiple Employer Plans (MEPs) and to expand retirement plan participation to part-time workers.
5. Will Exchange Traded Funds (ETFs) continue their rapid growth?
While ETF assets remain a relatively small fraction of the total of passive index funds and actively managed funds, there has continued to be an explosion in ETFs. ETFs have been a preferred vehicle for investment advisors to rebalance their clients’ portfolios.
While ETF expense ratios are competitive with mutual fund index funds, there are differences between the two, including hidden ETF costs associated with bid-ask spreads and ETF premiums and discounts from net asset values.
Market trends suggest continued growth and demand for ETFs by investors and advisors in 2019 and 2020, despite some leveling off in 2018. The chart below shows U.S. ETF assets at $3.4 trillion at the end of 2018, an annualized growth rate of nearly 16% over a 10-year period.
Source: Investment Company Institute, 2019 Investment Company Factbook.
1. Adam Bergman, “Impact On Self-Directed IRAs of SEC Fiduciary Rule Proposals”, Forbes, April 20, 2018.
NOTE: Information presented herein is for discussion and illustrative purposes only and is not a recommendation or an offer or solicitation to buy or sell any securities. Past performance is not a guarantee of future results. This blog contains several forward-looking statements. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Actual results may vary materially from those expressed herein.
See the full article.
FOR IMMEDIATE RELEASE CONTACT: Victoria Rosengarten
MARCH 3, 2020 816/881-2308, [email protected]
FEDERAL RESERVE BANK OF KANSAS CITY
ANNOUNCES OFFICER PROMOTIONS AND APPOINTMENTS
KANSAS CITY, MISSOURI – Federal Reserve Bank of Kansas City President and Chief Executive Officer
Esther George recently announced the following organizational changes:
Assistant Vice President Sean Foley was promoted to Vice President. In this role, Foley will have responsibility
for technical support, system monitoring, and quality assurance testing for ACH and Check processing platforms, in
addition to Check and ACH application and infrastructure change management, release management, and analytical
support.
Foley joined the Bank in 2007 as a contractor and became a full-time employee to lead telecommunications for
the construction of the Bank’s headquarters building and later as architect for the Federal Reserve System's consolidated
telephony system. Prior to joining the Bank, Sean held a variety of information technology and quality assurance roles
across several IT organizations. He holds a B.S. degree in Business Information Systems from the University of Phoenix.
In addition, the following promotions within the Bank’s Supervision and Risk Management Division are effective
March 1.
Assistant Vice President Amber Conley is promoted to Vice President with responsibility for the Regional
Banking Organization (RBO), and Operational Risk functions and a newly established Resource Management and
Development function.
Conley joined the Bank in 2002 as an assistant examiner trainee. She held various examiner roles prior to being
named manager in 2011. She has served in several Federal Reserve System assignments and in 2016 was appointed to
Assistant Vice President with responsibility for the Examinations and Inspections (E&I) Department’s RBO
function. She assumed responsibility for the E&I Department’s Community Banking Organization function at the Denver
Branch in 2017. Conley has a B.B.A. degree with an emphasis in Finance from Colorado State University, Fort Collins,
Colorado.
Assistant Vice President Judith Hazen will be promoted to Vice President of the Surveillance and Risk Analysis
and Support Solutions Departments, and a newly established Banking and Financial Technology function.
Hazen started at the Federal Reserve Bank of St. Louis in 1999 before joining the Kansas City Fed’s Denver
Branch as an Assistant Examiner in 2004. She held various examiner roles within Examinations and Inspections, Learning
Services, and Enforcement, and in 2012 was promoted to manager. In 2015, she relocated to Kansas City to become
manager of the Applications and Enforcement Department. She was appointed to Assistant Vice President with
responsibility for the Support Solutions Department in September 2016. Hazen has a B.A. degree in Economics from
Colorado State University and is a graduate of the Graduate School of Banking, Boulder, Colorado.
Lacey Peters will be appointed Assistant Vice President with responsibility for the Examinations and Inspections
Department’s Operational Risk and Resource Management and Development functions.
Peters joined the Bank in 2010 as an examiner. She was promoted to manager in 2014 and assumed a role in the
Applications and Enforcement Department in 2018. Peters holds a B.S. degree in Finance from the University of
Missouri, Columbia, Missouri.
Kristi Roman will be appointed Assistant Vice President with responsibility for Support Solutions within the Bank’s
Supervision and Risk Management Division. Roman joined the Bank in 2011 as a senior assistant examiner in the
Consumer Affairs Department. She was promoted to manager in 2014, and in 2017 assumed management responsibility
for Support Solutions. She holds a B.B.A. degree in Finance, and a M.B.A. from Eastern Illinois University, Charleston,
Illinois.
As the regional headquarters of the nation’s central bank, the Kansas City Fed and its branch offices in Denver,
Oklahoma City and Omaha serve the seven states of the Tenth District: Colorado, Kansas, Nebraska, Oklahoma,
Wyoming, northern New Mexico and western Missouri.
FOR IMMEDIATE RELEASE
United Bankers’ Bancorporation, Inc. Welcomes Jae Evans to Board of Directors
BLOOMINGTON, MN – Bryan Grove, Chairman of United Bankers’ Bancorporation, Inc., is
pleased to announce the appointment of Jae Evans as the newest member of the United
Bankers’ Bancorporation, Inc. (UBBI) and United Bankers’ Bank (UBB) Board of Directors.
Currently the President and Chief Executive Officer of Isabella Bank Corporation and CEO of Isabella Bank in Mt.
Pleasant, Michigan, Jae comes to the Board with over forty years of banking experience. During his tenure at
Isabella Bank, he has held positions as Chief Operations Officer and as President of the Greenville Division. He
has served on the board of Isabella Bank Corporation and Isabella Bank since 2014 sitting on the information
technology, finance, investment, trust, and director’s loan committees. Evans received his undergraduate
degree from Central Michigan University. He is also a graduate of the Graduate School of Banking at the
University Of Wisconsin – Madison.
In dedication to his community and the banking industry, Jae serves on ICBA’s Safety and Soundness Committee
in addition to being a board member for The Community Bankers of Michigan, McLaren Central Michigan
Hospital and the Central Michigan University Advancement Board. He is a past Chair of the Eightcap, Inc.
Governing Board, past Vice Chair of the Carson City Hospital, and past president of the Greenville Rotary Club.
“Jae is a well-respected veteran in the financial services industry. His dedication to his community and the
community banking industry aligns well with the mission, vision and values of United Bankers’ Bank,” stated
Dwight Larsen, UBB’s President and CEO.
About United Bankers’ Bank
Headquartered in Bloomington, MN, United Bankers’ Bank is the nation’s first bankers’ bank, and a full service provider of correspondent banking services to community banks in: Minnesota, North Dakota, South Dakota, Montana, Nebraska, Indiana, Iowa, Wyoming, Idaho, Ohio, Oregon, Washington, Michigan California and Illinois. For more information please visit www.ubb.com.
Contact: Dwight Larsen United Bankers’ Bank Phone: 800-752-8140 [email protected]
March 20, 2020
1650 W 82nd Street Bloomington, MN 55431 www.ubb.com
FOR IMMEDIATE RELEASE
United Bankers’ Bank Launches Financial Literacy Partnership with Banzai
BLOOMINGTON, Minn, March, 24, 2020 – United Bankers’ Bank (UBB), the nation’s first bankers’ bank, today announced its collaboration with financial literacy software provider, Banzai.
As a result of this partnership, UBB will connect community banks with Banzai’s award-winning platform for teaching financial literacy to people of all ages. Banks have the opportunity to sponsor the Banzai programs in the classrooms of schools located in and around their communities. Through the sponsorship, Banzai’s platform is completely free for educators, students and adults. In addition to recognition for their sponsorship, community banks provide area schools with access to a financial literacy curriculum and can also qualify for CRA credits.
The Banzai curriculum exposes users to multiple real-life, financial dilemmas, from taming a budget and developing wise spending habits to making and keeping savings goals. Banzai comes with three interactive courses, a suite of in-depth content with financial calculators and support services for both teachers and sponsoring community banks. It is used by over 60,000 teachers throughout the United States and has educated over 2 million K-12 students.
“It is important to have financial literacy taught in the schools today, because it equips the younger generations and future bank customers with a solid foundation that is built on the knowledge and skills they need to confidently and effectively manage their finances,” commented John Peterson, Executive Vice President and Chief Marketing Officer for United Bankers’ Bank.
“Often times, a community bank is the destination consumers seek out for financial literacy and answers regarding their finances. Therefore, it only made sense to connect our community bank customers with an innovative and proven platform like Banzai’s. This program provides people of all ages with educational resources to develop the core life skills needed to be successful today and well into the future,” commented Tyson Doke, Vice President and Marketing Manager for United Bankers’ Bank.
“It is an honor for Banzai to partner with a forward-thinking organization like UBB. We at Banzai believe financial literacy is a skill that everyone needs, no matter the circumstance, and it’s never been more important than in today’s economy. UBB’s commitment to further the financial literacy movement is admirable,” stated Morgan Vandagriff, CEO, Banzai
To request more information about the various programs available through this partnership and to schedule a demonstration, please visit www.ubbEdu.com.
# # # About United Bankers’ Bank
Headquartered in Bloomington, MN, United Bankers’ Bank is the nation’s first bankers’ bank, and a full service correspondent banking service provider, serving over 1,000 community banks located throughout: Minnesota, North Dakota, South Dakota, Montana, Nebraska, Indiana, Iowa, Wyoming, Idaho, Ohio, Oregon, Washington, Michigan, Illinois and California. For more information please visit www.ubb.com.
ry
BANKPAC
WYOMING BANKERS ASSOCIATION
The 2020 WBA BankPac campaign started last month. To date 33 individuals from 4 banks, branches &
associations have contributed $3,375 to the current campaign. The following is a list of WBA members and
their banks who have contributed since March 30, 2020.
Bankers/Bank
Kathi Adams - ANB, Cheyenne
Judy Allison-Collins - ANB, Cheyenne
Timothy Anderson - ANB, Casper
Chaz Avila - ANB, Laramie
Terri Baker - ANB, Cheyenne
Dave Bruni - First Interstate Bank, Casper
Brgnt Burkart - ANB, Cheyenne
Kevin Couch - ANB, Gillette
Darold Destefano – The Bank of Sheridan, Sheridan
Pat Flanary - ANB, Cheyenne
Steven Griego - ANB, Cheyenne
Michael Hickerson - ANB, Laramie
David Hubert - First Interstate Bank, Sheridan
Dara Johnston - ANB, Cheyenne
Lelly Lojka - ANB, Cheyenne
Hpward Macleary - ANB, Cheyenne
Kathy Mawforn - ANB, Cheyenne
Rebecca Miller - ANB, Laramie
Heather Morgan - ANB, Cheyenne
Kenny Morris - ANB, Cheyenne
Kevin Paintner - ANB, Cheyenne
Rachel Pherson - ANB, Gillette
Jerry Plumley - ANB, Cheyenne
Mike Peck - First Interstate Bank, Laramie
Susan Potter - ANB, Cheyenne
Koger Propst - ANB, Denver
Stephen Reimann - ANB, Buffalo
Brent Ross - ANB, Casper
Brett Roth - ANB, Laramie
Olivia Samson - ANB, Cheyenne
Lori Schoene - ANB, Cheyenne
Scott Thayer - RNB State Bank
Duane Whitlock - ANB, Cheyenne
WBA Bank Pac is the nonpartisan political action committee of the Wyoming Bankers Association. All contributions are voluntary. Absolutely no form of coercion may be used to solicit a contribution. No employee will be favored, disadvantaged, or retaliated against based on their contribution amount or their decision not to contribute. A suggested contribution is only a suggestion. Corporate contributions are prohibited. Contributions to WBA BankPac are not deductible for state or federal income tax purposes. Federal Law requires political action committees to obtain written authorization to solicit and to use best efforts to report the name, mailing address, occupation, and name of employer for each individual whose contributions aggregate an excess of $200 in its calendar year. State law requires political action committees to use best efforts to report the name, mailing address, occupation, and name of employer for each individual whose contributions aggregate an excess of $100 in a reporting period.
2020 WBA
BankPac Is In
Full Swing!
Ollie 'Maxine' HillOllie "Maxine" Hill, our
most beloved gem of thisearth, mother, grandmother,greatgrandmother, sister,aunt and friend peacefullydeparted for the beginning ofher journey in the ever afteron March 11, 2020.She was born Jan. 12,
1932, to Mack and MabelBoyt, the first baby of 1932"Little Miss Greybull."She attended school in
Shell and then graduatedfrom Greybull High Schoolin 1949. She married Walter Hill on May 28, 1955.They moved to Laramie andattended the University ofWyoming where Maxinemajored in English. AfterWalter's graduation, theymoved back to Cody, andMaxine began her long banking career of 30plus years,eventually becoming VicePresident of First WyomingBank. She retired with KeyBank in 1990.
She then worked as abookkeeper at StecksSmithswith her dear friend andneighbor of 51 years, LindaEvans. After that she workedat the Buffalo Bill HistoricalCenter selling tickets alongside her sister Delores Miller,making new friends from allover the world.
She also volunteered dailyin her daughter Kathy's kindergarten class at SunsetElementary School whereshe made many new little
friends.Maxinewas afounding andchartermember ofthe CodyChapterof Soroptimist International ofwhich she
became an honorary lifetimemember.
She was very active inher church and community,caring selflessly for so manyothers, young and old alike.Later in life she literallytraveled the world with herdear friend Jim Uhe. Sheloved getting together withall of her lifelong friendsfor their monthly birthdaylunches and dinners. For thelast eight years of Maxine'slife she was most lovinglycared for by her granddaughter Sarah, along with Sarah'sfiancé Jeremy Brod, up untilher very last breath.
She is survived by herfour children Kathy (the lateJere) Barnhart, Cindy (Dick)McGuire, Mary Ann (Brent)Turner and son Daniel Walter Hill. Grandchildren Jeremy Barnhart, Kayla Jolovich,Jackson and Derrick (Duke)McGuire, Emily, Sarah,and Audrey Turner, Shylaand Kevin Hill, and ChrissyPowell, greatgrandchildren
Caleb and Caty Barnhart,and Ollie and Carson Coon.
She was also devoted toher large extended familywhich includes many lovednieces and nephews, andtheir children. She is alsosurvived by her belovedfeline friend Peaches.
Maxine was preceded indeath by her parents, sisterCarol, her husband Walter,whom she was married to for27 years before his untimelydeath in 1982, granddaughter Janna Lynne Barnhart,soninlaw Jere Barnhart,and Jim Uhe.
Maxine will be remembered most for her zest forlife, love of music, her beautiful smile, and unconditionallove for family and friends.Funeral services were held
at First Presbyterian Churchin Cody on Monday, March16, 2020 at 11 a.m.
An online guestbook isavailable at BallardFH.com.
MAXINEHILL
19322020
WY0035 Cody EnterprisePage Number: a005Publication Date: 03/17/2020
Ollie 'Maxine' Hill
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County: Park
Businesses have options for financial aidFederal loan programand local banking,nonprofit fundson the table.By Billy ArnoldSome relief may be available for
businesses forced to close due to asweeping public health order issued toslow the rate of COVID19 transmission. Businesses that choose to close orotherwise experience a virusrelateddownturn over the next few weeksmay also be eligible for assistance.Support is available at several. The
federal government offers disaster relief loans, and the state is compilingeconomic resources for small businesses. Locally, people and businessesaffected by the community's responseto COVID19 can seek assistance ofvarious kinds from at least one bankand nonprofits that have gathered local dollars to help out.Gov. Mark Gordon put it simply
during a Monday press conference."Small businesses are the lifeblood
of Wyoming's economy, and I will doeverything in my power to supportthem during this time," he said.Federal funding availableOn Friday, Gordon declared a state
of emergency, the first step in opening Wyoming businesses to emergencyloan assistance from the federal SmallBusiness Administration.Four counties Teton, Park, Uinta
and Sweetwater became eligible forthat funding Tuesday because of declarations made in Utah and Montanathat included the Wyoming areas as"contiguous counties." Rule changesannounced Tuesday mean Gordon'sdeclaration will bring the rest of thestate online within "hours," SBA Wyoming District Director Amy Lea said.The federal agency's disaster re
lief funding, dubbed Economic InjuryDisaster Loans, is commonly used tosupport those affected by terrestrialnatural disasters. The Nashville, Tennessee, area received support when
tornadoes ripped through the area.SBA funds can be used to cover
"fixed debts, payroll, accounts payable and other bills that can't be paid"because of the impact of coronavirus.Small businesses receive a 3.75%interest rate. The nonprofit rate is2.75%. Loans of up to $2 million can beissued, Lea said.Interested businesses should visit
SBA.gov/disaster to apply.Those looking for help can also turn
to the Wyoming Small Business Development Center, the federal agency'sstate resource partner.Lea said the center can help "with
preparing to submit a loan application to SBA, and also trying to planfor how coronavirus can impact theirbusinesses." An example of the latteris developing strategies to implementbefore receiving a loan to mitigate economic shocks.Turnaround time on disaster loan
applications is usually a week, butthat may take longer because of thevolume of requests the bureau anticipates receiving."This has been an unprecedented di
saster," Lea said. If people submit applications, she said "we're very hopefulit will be processed just as quickly aspossible."State to compile infoNo state funds will be available for
small business economic assistanceprograms, but the state is looking toprovide support in other ways. Gordonasked State Auditor Kristi Racines,who is heading up the state's businessand finance COVID19 taskforce, tocompile resources for small businesses. The Wyoming Bankers Associationand Wyoming Business Council willboth be involved in that group, Gordonsaid, "to figure out the best way to ap
proach these things."Some local programsAt a local level Bank of Jackson
Hole Chairman and CEO Pete Lawtonsaid his firm is working with businesses and individuals to discuss possiblesolutions for cash flow issues.Lawton said the bank has both been
approached by and approached businesses to discuss "contingency plans."It has already lent borrowers somemoney, and Lawton said the firm is"always looking for new business" ifothers are looking for help."We think this is short term and if
we think the business is viable" thesame considerations the bank madebefore Jackson Hole began respondingto the pandemic "we'll work withthem and try to figure something out,"Lawton said.For the time being, Lawton said the
Bank of Jackson Hole has "plenty ofliquidity." His main concern is timing."The longer we're in this situation,
the more difficult it's going to be foreverybody," he said, noting that businesses in Jackson are generally strong."I think they're going to be fine and
ride it out, but I do worry about the individuals," Lawton said.With interest rates slashed by the
Federal Reserve Board in responseto the COVID19 crisis, the bankernoted that "interest rates are veryfavorable across the board." He saidthe Bank of Jackson Hole is preparedto "work with individuals on a casebycase basis."Just make sure to call, rather than
visit in person."All of the different tools we have
available [for businesses] are availablefor individuals as well," Lawton said."If they want to call us, we'll absolutelywalk it through with them."
WY0035 Jackson Hole News & GuidePage Number: 15Publication Date: 03/18/2020
Businesses have options for financial aidBy Billy Arnold146.63 column inches
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County: Teton
First Interstate Bank's marketpresident Richard Uhl said his bankwas working on a response.The Community Foundation of
Jackson Hole and One22 have alsoset up funds for those impacted by thepandemic's economic fallout. See page3 for more.
Contact Billy Arnold at 7327063 [email protected] for peopleand for businesses
Financial assistanceFor individuals: COVID19 Financial
Relief Grants from One22, One22JH.org/covid19
For nonprofits:CommunityEmergency Respond Fund from theCommunity Foundation of JacksonHole, CFJacksonhole.org/communityemergencyresponsefundactivatedFor businesses and visitors: The
Jackson Hole Chamber of Commerce hasset up a web page for COVID19 resources,JacksonHoleChamber.com
For businesses: See the chamber'sblog post about business advocacy,TinyUrl.com/chamberjhcovid.For small businesses: The Small
Business Association offers disaster reliefloans for Wyoming businesses, SBA.gov/disaster
Food assistanceA number of organizations are offering
free food during the COVID19 pandemic,JHFoodHelp.com
Volunteering / matching.Sign up to volunteer with VolunteerJH,
CFJacksonHole.org/volunteerjh.
WY0035 Jackson Hole News & GuidePage Number: 15Publication Date: 03/18/2020
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County: Teton
Banks, other essential services still accessibleBY KEVIN KILLOUGHTribune News EditorIn response to the COVID19pandemic, Park Countyand the State of Wyoming
have closed day care centers,bars and restaurants, pools,gyms and theaters for at leasttwo weeks. Meanwhile, otherbusinesses like grocery stores,banks, pharmacies, laundromats, and car mechanics remain open.Trace Paul, Powell branch
manager of First Bank, saidhe's concerned people willassociate responses to thepandemic with the health of thebank. To maintain the safety oftheir customers and employeesthey have closed their lobbies, like all banks throughoutthe nation, but Paul said aninstitution insured throughthe Federal Deposit Insurance
Corporation is still the safestplace to keep your money.The FDIC is also trying to as
sure people thatthe banking industry is secure.The corporationpointed out in astatement on COVID19 that nodepositor since1933 has lostmoney from anybank it insures.While the so
cial distancingguidelines arein effect, mostbanks in Powell are conducting business through ATMs,drop boxes, mobile apps,their drivethrus or online.
When facetoface meetingsare needed for things like notarized signatures, banks aredoing so by appointment."Just because people see
our lobby closeddoesn't meanwe're not working," Paul said.With interest
rates cut, FirstBank has handled 170 mortgages in the pastweek, and issorting througha number ofprograms aimedat providing relief to hurtingbusinesses.
"We're fortunately well
See Essential, Page 3
'Just becausepeople see ourlobby closeddoesn't mean
we're not working.'Trace PaulFirst Bank
branch manager
Essential: 'We are here for the community'Continued from Page 1
positioned to handle this," saidTy Nelson, bank president."I've never seen a responselike this so fast."The ability to do banking
during this time is especiallyvital for farmers, who are justnow planning out the comingseason's crops. Paul said thebank is conducting ag lendingservices, utilizing appointments where necessary."It's happening. Our ag
lenders are working as hard asever. That end of the businesshas not paused," Paul said.The other banks in town are
also continuing operations inthe same manner. The Bankof Powell is using its drivethru and has a night drop boxavailable. Where necessary,they're seeing customers byappointment. Taunya Iverson,secondary administration forthe branch, said they're usinggood sanitation practices aftercustomers leave."We're still seeing people
while keeping our customersand employees safe," Iversonsaid.Sunlight Federal Credit
Union's slogan during thistime is "business as usual, justby appointment." Whenever"wet signatures" are needed,they're meeting facetoface.All other members' businessis done online, and they've extended the hours of their drivethru, which is open daily from7 a.m. to 6 p.m.Pathfinder Federal Credit
Union doesn't have a drivethru, so they're allowing members to use the lobby from 10a.m. to 2 p.m. daily. One or twomembers can enter the lobbyat a time, and staffers aresanitizing all touched surfacesafter they leave. They also offer online banking and mobileapps.Pinnacle Bank, meanwhile,
has limited lobby access toappointment only and hasexpanded its usual drivethruservices. It also offers online
banking and staffers can provide assistance over the phone.Pharmacies are filling pre
scriptions. The Powell ValleyHealthcare pharmacy hasa driveup window, whichpeople are encouraged to useif they can. PVHC workers arealso sanitizing the countersfrequently between customers.Powell Drug is offering
curbside service and anyonecan call the store to request it.They are also asking that anyone experiencing symptomsof the virus not to come in thestore and utilize the curbsideservice.Grocery stores are open as
well, and they're doing whatthey can to respond to thepanic buying that has clearedout stores across the country.Blair's is limiting its hours andsome items have restrictionson the number people can buyat once, such as paper productsand canned soups. Brent Foulger, Blair's coowner, said theyare frequently sanitizing doorsand carts anything people
touch throughout the day andafter they close at night."We're keeping our staff
employed and our store running to supply the communitywith what they need," he said.Blair's said on its Facebookpage that there is no need forcustomers to panic, as suppliesare continuing to roll in.Mr. D's is open during its
regular hours, but there arepurchase limits on some items,such as toilet paper. The storeis also offering a delivery service. There is a fee of $3.50 onall orders under $50. Customers can call, email mrdspow[email protected], or place theorder through the store's Facebook page."We are here for the com
munity," said Kami Scott, Mr.D's manager.Since transportation is a
vital need, dealerships andmechanics are also permitted to continue operations.Fremont Motors' sales, parts,and service departments areall running during normalhours. They are also offeringpickup and dropoff servicesfor anyone who can't get to thebusiness."We're going to do business
until we can't do business,"said Mike Hobbs, generalmanager.Yellowstone Motors is also
open and offering pickup anddelivery service anywhere inthe Big Horn Basin for salesand service matters. They'vealso increased weekend hours,offering sales and service byappointment."Right now, we haven't
reduced hours. We increasedthem to help people out a bit,"said Vince Smith, vice president of operations.
WY0035 Powell TribunePage Number: 1Publication Date: 03/24/2020
Banks, other essential services still accessibleBY KEVIN KILLOUGH Tribune News Editor71.14 column inches
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LETTER TO THE EDITOR
Wells Fargo to be missedDear Editor:
When i worked at the oldRamona theatre as a licensedprojectionist & cashier in highschool I first made nightly outdoor deposits starting about1968. It has been 52 years thatI have had an association withthe downtown bank location.Over the years I was spoiled
by Ginger, Kim, Dean andothers. they made my deposits effortless, I didn't have tofill out a old fashioned paperdeposit slip, they took care ofwhatever I had gotten into thehabit of letting them do for me.
On behalf of many, I wantedto say thanks before theyclose. As I understand it my
Wells Fargo bank account willremain active. According toDean, it will be transferredto the Cheyenne Wells Fargoand I won't have to change myautomatic payments, directdeposits, whew.They are going to have an
active ATM remaining inWheatland. I think a new ATMkiosk location is in the worksif I understood Dean correctlyand a proposed increase on thedaily cash withdrawal limits.Thanks Dean and team, I
think of you all as my friends,good luck with your futureendeavors.
Owen L TothWheatland
WY0035 Platte County RecordTimesPage Number: 4Publication Date: 03/11/2020
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County: Platte
Find a loan that makes you feel at home at First BankWhether you've found your
first home or your dreamhome, First Bank can help youfind the loan that makes youfeel right at home.
Not all mortgages are created equal, and First Bank'sexperienced lenders can helpyou sort through financingoptions.
One of the ways they aremaking the process easieris through FirstLink, whichbegan in April 2019. FirstLinkenables home buyers to applyfor a loan online through amortgage lending portal.
"With postrecession loanexpectations, applying for ahome loan had a perception ofbeing overly complicated andcumbersome," branch manager Derek Moore said. "Thishelps make the process moreconsumerfriendly."
FirstLink helps to reducethe hassle and learning curvesoften associated with a traditionally lengthy and intimidating process. The applicationis tailored to individual circumstances and provides tipsto guide home buyers throughevery step of the process. It isan inclusive ADA and WCAGcompliant platform.
The portal allows homebuyers to save time with astreamlined digital experience.
You have 24/7 online accessto apply and can complete theloan process from any device.
"It's uploaded in real timedirectly to us," Mortgage LoanOriginator Abby Neihart said."There's very little waitingand we can communicate withthe borrower via the portal aswell."
FirstLink can direct yourapplication to the specificloan originator of your choiceor it can be submitted to thedepartment for the first available lender to process to keepthe application moving forward efficiently. First Banklenders are available to helpthrough chat, email, phone orin person.
"Even though we have thisonline tool we're ready to meetwith any customer face toface," Assistant Real EstateManager Lesley Augedahlsaid. "We're a community bankand are always available."FirstLink also offers a
mortgage home checklist socustomers can gather the necessary documents and uploadthem along with the application. The portal allows homebuyers to link in their realtorsas well.
"In today's world there'sa lot going on and this allowspeople to do things when they
have the time ensures everyone is on the same page for thewhole process," Neihart said.
At First Bank, they willhelp applicants apply for thebestsuited loan package available. And Augedahl said nowis a great time to buy a homewith low rates.
"There's inventory which isto the benefit of the seller," shesaid. "It's a winwin for bothsides."
Lenders utilize a varietyof loan programs to makesure you get suitable homefinancing which includes theHomeStart Grant, a downpayment assistance programfor anyone who has foundtheir first home. They are theonly institution offering thisgrant in the Cody, Powell andLovell areas. Borrowers mustcomplete a home buyer training class to be eligible.
"A firsttime home buyercan cover up to $7,500 towardclosing costs or a down payment, which is not a bad way tostart off the firsthome buyingexperience," Moore said.In furthering their efforts
of supporting the community,First Bank has a special giftfor Educators – a $500 closing cost credit for a borroweremployed by a registered PreK, K12, or Higher Education
Institution. This credit is available to qualified borrowers ofpersonal home loan financingand refinancing that applyfrom March 1 June 30, 2020.The grant program and closingcost credit are just a few of themany ways First Bank worksto help the community.
"We're a community bankand our goal is to take careof our customers in multiplefacets and community," Mooresaid. "Whether that's a banking relationship with a savingsor checking account, a loanfor personal, business, or realestate loan purposes; we canalso help with a creditbuilderaccount."
To learn more go to gofirstbank.com.
WY0035 Cody EnterprisePage Number: n003Publication Date: 03/19/2020
Find a loan that makes you feel at home at First Bank
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County: Park
First Bank's Real Estate division includes Derek Moore, Lesley Augedahl, Sarah Polley, Stacey Lozier and Abby Neihart.
WY0035 Cody EnterprisePage Number: n003Publication Date: 03/19/2020
Find a loan that makes you feel at home at First Bank
110.98 column inches
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County: Park
Big Horn Federal is committed to local customersFounded in Greybull in 1935 as
a local community bank focused onproviding financing for homeownership, Big Horn Federal's Cody Branchopened in 1967 with a similar focusand additional services.
Today, in addition to mortgageloans, the institution provides commercial financing for local businesses,agricultural loans for farms andranches, construction loans, homeequity lines of credit and more.
And still, Big Horn Federalremains something unique in Cody– a true community bank with all itsbranches and its corporate headquarters located in Wyoming.
With the bank so focused on localcustomers and local loans, it certainlyhelps when bank personnel havestrong local ties. Branch ManagerScott Petersen grew up in Cody withbanking a large part of his family'slife. For Petersen, helping customersprosper in a community he loves isspecial.
"Serving people locally and beingable to see the results of your work isextremely rewarding," Petersen says."Helping folks realize their dreamof owning a home, then seeing themmove in down the block or acrosstown, that's what makes communitybanking and Cody unique."
This commitment to local customers is reflected in Big Horn Federal'sgrowing commercial loan portfolio.For those receiving financing for theirbusiness, the bank's commitmentto relationships and their ability tostructure the right kind of loan for acustomer's specific needs is reassuring.
"We really want to stress to ourcustomers and the greater Codyarea that we're ready to help beyondproviding home loans and savingsaccounts," Petersen explains. "Ourcommercial lending expertise isstrong, and our online business banking products can be a huge help tobusiness owners."
"Being local is more than just atagline or line on a billboard for thebank," adds Heidi Schaefer, loan officer. "With all six branches located inthe Big Horn Basin and a local Boardof Directors, our ability to makecredit decisions locally allows a quickturnaround for customers."
And being local carries with it asense of pride.
"We're one of the only truly localcommunity banks still around, andit's nice to know that we're focused onbeing better, not just bigger," Petersen adds.
According to Schaefer, part of
being better means offering customers options when it comes to theirloans. With her varied backgroundin real estate lending and banking,Schaefer focuses on mortgage lendingfor Big Horn Federal.
"A major part of our commitmentto Cody is real estate lending, andwe offer the opportunity to have customer loans serviced locally," Schaefer continues. "We think our rates,customer service and ability to servicethe loans inhouse provide a uniqueoption for new homeowners, or thoselooking to upgrade or build. It's greatto know that one's mortgage is serviced locally regardless if it's sold onthe secondary market. "
Big Horn Federal offers loan products that match up well with larger,regional or national banks. Mortgageloans, commercial loans, agriculturalloans, home equity lines of credit,bridge loans and consumer loans allcome with competitive rates.
That ability to offer big bank services while staying true to local identity and roots is also evident throughBig Horn Federal's banking technology and electronic products. The latesttechnology offers customers a varietyof services including online banking,
Please see FEDERAL, page 4Jfrom page 1JFEDERAL
mobile banking, mobile depositcapture and ACH and payrollservices, to name a few. On thecommercial side, businessessave time and money throughefficiencies in tasks such aspayroll, bill paying, electronictransfers and more.
Also popular are Big HornFederal's Christmas Club andCrayons2College accountsthat provide customers an easyway to save for the future. CDs,safe deposit boxes, wire transfers and all other traditionalbanking services are foundright at your local branch inCody or any of the five other
locations within an 85mileradius of Cody.
Both Petersen and Schaeferappreciate the opportunity toserve customers through theconvenience of their onlineproducts, or on a more personalbasis. "I like the fact that thecustomer who likes facetofaceconversations with someonethey know can be just as happyat Big Horn Federal as customers who do all their bankingonline," Petersen says.
Schaefer agrees, adding, "Alot of people in this area appreciate local service, and I lookforward to the opportunity to
introduce new customers towhat truly local banking canbe."
WY0035 Cody EnterprisePage Number: n001Publication Date: 03/19/2020
Big Horn Federal is committed to local customers
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County: Park
Big Horn Federal includes (from left) Erin Farnham, Denae Thomas, Heidi Schaefer, Scott Petersen, Theresa Klass andSarah Dickson.
WY0035 Cody EnterprisePage Number: n001Publication Date: 03/19/2020
Big Horn Federal is committed to local customers
131.59 column inches
Title:Author:Size:Cody, WY Circulation: 6650
Page: 2
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County: Park
1st digital assetoriented bank inU.S. could make Cheyenne homeBy Margaret AustinWyoming Tribune EagleCHEYENNE – After 22 years of
success on Wall Street, Laramienative CaitlinLong returned tothe state last year,bringing along bigdreams of blockchain's capabilities in Wyoming.Long an
nounced Mondaythat she plans to
open Avanti, a bank solely for digital assets like cryptocurrency thatcould be the first of its kind in thenation. And as the company's
founder and CEO, she plans toopen it right here in Cheyenne.On why she decided to start a
bank for digital assets, Long said,"Well, it doesn't exist right now."Currently, the U.S. is losing
ground in the industry becausedigital assets don't fall under the
At a glanceAvanti, a bank solely for digital assetslike cryptocurrency, could be the firstof its kind in the nation, and thecompany plans on calling Cheyennehome.
current regulatory structure,
which means they end up fallingthrough the cracks. Since the regulators in Washington, D.C.,haven't kept up with changingtechnologies, Long said Wyoming's recent approval of bills atthe state level has positioned itwell to attract the industry."With banks not being able to
service this industry, that givesWyoming a huge opening," Longsaid.Those who own digital currency
or security tokens would be able tohouse the key to their assets withAvanti while still maintaining
See Bank, page A2
Bank: To be considered specialpurpose depository institutionContinued from A1
ownership, the same way a valet takescare of car s. Traditional banks in theU.S. don't have the capacity for suchservices, so Longis hoping to fill theniche.Avanti will "serve institutional inves
tors wanting to invest in this new assetclass digital assets," Long said.With plans to submit an application
and open up shop in early 2021, Longsaid the operation could eventually create between 30 and 40 jobs in Wyoming.While Avanti will employ some remoteworkers like many other tech companies, a number of ontheground employees will be hired for jobs likecustomer service and bank compliance.Long also said the ability to hire re
mote workers will allow Avanti to hireemployees who live in rural parts of thestate, so long as they have an internetconnection."That's going to give us an opportuni
ty to hire Wyoming people, even if they
don't live in Cheyenne," Longsaid.And Long, who is selftaught in the
field of digital assets, suggested any Wyomingites interested in working for thecompany should startlearningnow."If there are people who are looking to
gain new skills and enter into a new industry, my message is there's plenty oftime to learn the regulations and le arnhow digital assets work," she said.This is only the beginning of what the
blockchain will become in Wyoming,according to Long.Wyoming distinguished itself as the
nation's leader after forming a Blockchain Task Force in 2018. Since its inception two years ago, Wyominglawmakers have passed 13 bills to attract the industry to the state.And while a number of states like
Rhode Island and Colorado are learningfrom lawmakers here, passing legislation that mirrors Wyoming's, DavidPope, a local CPA and cofounder of the
Wyoming Blockchain Coalition, saidWyoming still has the "firsttomarket"phenomenon.When credit cards be
came increasingly popular, Sioux Falls, SouthDakota, was ahead of thecurve. And whi le otherplaces followed suit,Sioux Falls' early pursuitof the industry led to anumber of new companies in the city. Long saidSioux Falls still has about16,000jobs in the financial industry.And the hope is the
same thing will happenin Wyoming withblockchain.The new bank would be
considered a special purpose depository institution, which was enabled by WyomingHouse Bill 74 lastyear. The other perti
WY0035 Wyoming TribuneEaglePage Number: 1Publication Date: 02/25/2020
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County: Laramie
nent piece of legislation legally definedwhat a digital asset is, making Wyomingthe first state in the nation to do so."When you define something and you
give it a specific exemption like we didin Wyoming... then people have a certainty in the legal treatment ofthatparticular item," Pope said.By laying out the specifics in state law,
companies who come here to do business understand their responsibilities,and judges have ground to stand on incase of a legal dispute."That also means that the contracts
have clear, legal clarity, and that was animportant building block," Long said."Without that legal clarity, there's noway that a bank would be allowed to dobusiness in this industry."The Wyoming Banking Division has
received a handful of applications for specialpurpose depository institutions, although none
have been approved as ofyet.Ultimately, the hope is
such institutions will increase the number ofcorporations that callWyoming home, butmore importantly, willincrease the revenueflowing into the state. AsWyoming grapples with a$200 million projectedbudgetdeficitfromthedecline in the mineralsindustry, and as statelawmakers focus on dieconomy, the financial in
dustry shows promising potential."We didn't want just for there to be a
lot of corporate revenue, corporate registrations within the state," Pope said."What we wanted was an ecosystem thatbrought capital in and helped it remainat work within Wyoming."
Margaret Austin is the Wyoming Tribune Eagle'slocal government reporter. She can be reached [email protected] or 3076333152.Follow her on Twitter at @MargaretMAustin.
"If there are peoplewho are looking togain new skills andenter into a new
industry, mymessage is there'splenty of time to
learn the regulationsand learn how
digital assets work."Caitlin Long
Founder and CEO of Avanti
WY0035 Wyoming TribuneEaglePage Number: 1Publication Date: 02/25/2020
1st digital assetoriented bank in U.S. could make Cheyenne home
67.42 column inches
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County: Laramie
Wyoming womanplans for nation'sfirst digital bankBy MARGARET AUSTINWYOMING TRIBUNE EAGLE
Via Wyoming News Exchange
CHEYENNE After 22 years of success on WallStreet, Laramie native Caitlin Long returned to thestate last year, bringing along big dreams of blockchain'scapabilities in Wyoming.Long announced Monday that she plans to open
Avanti, a bank solely for digital assets like cryptocurrency that could be the first of its kind in the nation. Andas the company's founder and CEO, she plans to open itright here in Cheyenne.On why she decided to start a bank for digital assets,
Long said, "Well, it doesn't exist right now."Currently, the U.S. is losing ground in the indus
try because digital assets don't"With banksfall under the current regula
tory structure, which means not being ablethey end up falling through thecracks. Since the regulators in to service thisWashington, D.C., haven't kept
industry, thatup with changing technologies,Long said Wyoming's recent gives Wyoming aapproval of bills at the statelevel has positioned it well to huge opening."attract the industry."With banks not being able to CAITLIN LONG
service this industry, that gives About the potentialWyoming a huge opening," for a bank that dealsLong said. in digital assets likeThose who own digital cur cryptocurrency
rency or security tokens wouldbe able to house the key to theirassets with Avanti while still maintaining ownership, thesame way a valet takes care of cars. Traditional banksin the U.S. don't have the capacity for such services, soLong is hoping to fill the niche.Avanti will "serve institutional investors wanting to
invest in this new asset class digital assets," Long said.With plans to submit an application and open up
shop in early 2021, Long said the operation couldeventually create between 30 and 40 jobs in Wyoming.While Avanti will employ some remote workers likemany other tech companies, a number of onthegroundemployees will be hired for jobs like customer serviceand bank compliance.Long also said the ability to hire remote workers will
allow Avanti to hire employees who live in rural parts ofthe state, so long as they have an internet connection.
"That's going to give us an opportunity to hireWyoming people, even if they don't live in Cheyenne,"Long said.And Long, who is selftaught in the field of digital
assets, suggested any Wyomingites interested in workingfor the company should start learning now."If there are people who are looking to gain new skills
and enter into a new industry, my message is there'splenty of time to learn the regulations and learn howdigital assets work," she said.This is only the beginning of what the blockchain will
become in Wyoming, according to Long.Wyoming distinguished itself as the nation's leader
after forming a Blockchain Task Force in 2018. Sinceits inception two years ago, Wyoming lawmakers havepassed 13 bills to attract the industry to the state.And while a number of states like Rhode Island
and Colorado are learning from lawmakers here, passing legislation that mirrors Wyoming's, David Pope, alocal CPA and cofounder of the Wyoming BlockchainCoalition, said Wyoming still has the "firsttomarket"phenomenon.When credit cards became increasingly popular,
Sioux Falls, South Dakota, was ahead of the curve. Andwhile other places followed suit, Sioux Falls' early pursuit of the industry led to a number of new companies inthe city. Long said Sioux Falls still has about 16,000 jobsin the financial industry.And the hope is the same thing will happen in
Wyoming with blockchain.The new bank would be considered a special purpose
depository institution, which was enabled by WyomingHouse Bill 74 last year. The other pertinent piece of legislation legally defined what a digital asset is, makingWyoming the first state in the nation to do so."When you define something and you give it a specific
exemption like we did in Wyoming ... then people havea certainty in the legal treatment of that particular item,"Pope said.By laying out the specifics in state law, companies
that come here to do business understand their responsibilities, and judges have ground to stand on in case ofa legal dispute."That also means that the contracts have clear, legal
clarity, and that was an important building block," Longsaid. "Without that legal clarity, there's no way that abank would be allowed to do business in this industry."
WY0035 NewsRecordPage Number: C01Publication Date: 03/01/2020
Wyoming woman plans for nation's first digital bankBy MARGARET AUSTIN WYOMING TRIBUNE EAGLE Via Wyoming News Exchange
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Wall Street vet joins crypto frayNew company also hasties to Silicon ValleyNICK REYNOLDS3072660634,[email protected] A third com
pany has entered the fray for oneof Wyoming's five cryptobankinglicenses with backing from oneof the most prominent players inthe state's burgeoning blockchainindustry.On Monday, 22year Wall Street
veteran and Wyoming BlockchainCoalition founder Caitlin Longannounced the launch of a partnership with the software company Blockstream, which has ties
to some of the top names in SiliconValley, to found Avanti FinancialGroup. She hopes the organizationcould become one of the state'sfirst Special Purpose DepositoryInstitutions one of the few institutions nationally that will allow banking with cryptocurrency.Crypto firm Kraken and re
cently founded firm WyoFinancialhave also been floated as some ofthe other major companies seriously pursuing charters fromthe state banking division. Bothcompanies have not yet filed of
ficial applications with the state,an official with the WyomingBanking Division said in an emailMonday. Avanti also has yet to filean application.Long said Monday that the de
cision to pursue a Special PurposeDepository Institution or SPDI charter in Wyoming wasn'tsomething she had planned for,only coming after she noticed thatof the many firms that expressedinterest, only a handful had the
Please see CRYPTO, Page A8
CryptoFrom A1
seed money needed to actuallyget their institutions off theground."The groups that were trying
to get going weren't getting itdone," she said in an interview.By the time she was ap
proached by Blockstream CEOAdam Back in December for apotential partnership, progresswas slow, and Long realizedshe was likely the only personaround who could help standup what she described as critical infrastructure for the state'sblockchain industry.For Long, the partnership
made sense. Blockstream isknown for commercializing
opensource software relatedto cryptocurrencies as well asits close ties to Bitcoin, theworld's leading cryptocurrency. It is extremely wellfinanced and wellconnectedand sets up Avanti Financialfor a strong starting positionin Wyoming's SPDI landscape.While other applicants are set toperform a more consumercentric role, Avanti seeks to play amore institutional role in Wyoming, with a focus on bankinglarger clients in the crypto worldwhile potentially collaboratingwith retailcentered firms likeKraken.
"I've heard from multiple potential customers that there justisn't a level of professionalismin this industry yet," Long said."And there's demand for someone to step in and provide it."Though Long emphasizes her
pursuit of an SPDI applicationis fulfilling a necessary need foran industry she has helped geton its feet, the optics of an industry insider who played a keyrole in building state regulationsfrom scratch now standing toprofit from that work are ratherglaring particularly given themultimillion dollar firms likelyto pursue banking services fromher firm.
WY0035 Casper StarTribunePage Number: 1Publication Date: 02/26/2020
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County: Natrona
Long, who noted she considers herself to be "semiretired,"points to the time she waited before diving in as proof her pursuit of a charter wasn't exactlycapitalistic."It's opensource, right?"
she said. "There was this jumpball, and I waited for others tocome. I was hoping they wouldcome on Oct. 1. And when I sawnobody was, and that there wasnobody filling this void in part
because there was nobody in thisindustry with the institutionalbackground that's when thisgroup approached offering tofund me to do this. That waswhen I decided to do it.""This is viewed among the
people who work with me ascritical industry infrastructure," she added. "It's not goingto be connected to one exchangeor protocol or one lender. It'ssomething the industry is go
ing to come together to support,and there are industries beyondBlockstream looking to supportthis as well."Headquartered in Cheyenne,
Avanti is expected to get off theground sometime in early 2021,with ambitions to eventually hireup to 40 employees. Most, Longsaid, will like work remotely,though a number will be locatedin their brickandmortar headquarters in the capital.
KIN CHEUNG, AP PHOTO
Coins are displayed in December2017 next to a Bitcoin ATM in HongKong. A new cyptocurrency bank,created in part by a company withties to Bitcoin, is vying to becomeone of Wyoming's first SpecialPurpose Depository Institutions.
WY0035 Casper StarTribunePage Number: 1Publication Date: 02/26/2020
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Coronovirus riskremains low inwyoming
GILLETTE (WNE) The number of reportedcases of the coronavirusdisease continues to growaround the world, the risk
of an outbreak is still lowin Wyoming, according tothe Wyoming Departmentof Health."We have seen no
reported or suspectedcases in our state so farand that's why we aresaying the risk to our
state's residents from thisvirus is still low," said Dr.Alexia Harrist, state healthofficer and state epidemiologist with the department. "However, we alsoclosely tracking COVID19and preparing as neededshould the risk for Wyo
ming residents change."The coronavirus, known
as COVID19 for its initialand the year in started,has symptoms that haveincluded mild to severerespiratory illness withfever, cough and shortnessof breath.
WY0035 Green River StarPage Number: 9Publication Date: 02/26/2020
Public Notices
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County: Sweetwater
Craig Dismuke, Chief Economist Craig Dismuke is Executive Vice President and Chief Economist for Vining Sparks. Craig is responsible for the projection and publication of Vining Sparks’ economic and interest rate forecasts. He publishes research articles for Vining Sparks as well as other national publications. He speaks often at industry conferences on the health of the U.S. economy and expectations for interest rates. He is a frequent guest on CNBC, Fox Business, and Bloomberg TV as well as being quoted often in the financial news. Prior to joining Vining Sparks, Craig was a Managing Director in Institutional Fixed Income at Bear Stearns and Company
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