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Georgia Ranked #1 for Business for 11th Year in a RowGeorgia has been ranked the #1 state for doing business in Area Development's 2024 Top States for Doing Business survey. This is the 11th consecutive year Georgia has held the top spot, thanks to its strong logistics, workforce training and business-friendly environment. The state excels in areas like business incentives, infrastructure, and workforce development, with highlights including Hartsfield-Jackson Atlanta International Airport and the Port of Savannah. Georgia’s Quick Start program continues to attract high-tech industries, driving economic growth. Read more about why Georgia remains a leader in business development.
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FOMC Cuts Benchmark Interest Rate by 50 Basis Points; Fed. Gov. Bowman DissentsWednesday, the Federal Reserve’s Federal Open Market Committee (FOMC) voted 11-1 in favor of a 50 basis point reduction in its benchmark federal funds rate, lowering the target range to between 4.75% and 5%. Fed. Gov. Bowman voted against the rate cut, favoring a 25 basis point reduction over the larger cut. Members attending GBA’s CEO, Bank Counsel, Bank Accountant Tri-Conference Sept. 29-Oct. 1 will get to hear from Gov. Bowman directly about her vote on the rate cut, economic outlook and regulatory issues. Find more information about the conference and registration details here.
The rate cut was the first in four years, and the FOMC is expected to further reduce rates between now and the end of 2024. Along with rate decision, the FOMC released an updated Summary of Economic Projections (SEP) in which the 19 voting and non-voting members forecasted the benchmark federal funds rate settling between 4.25% and 4.5% by the end of the year. The SEP also noted FOMC members expect unemployment to increase and inflation to fall during the remainder of 2024.
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Updated FDIC Merger Policy Includes Credit Union ScrutinyAmong the items approved at this week’s FDIC Board Meeting is a new policy on bank mergers. One of the items of note is that credit unions may need to provide additional information when applying to acquire an FDIC-insured institution, as credit unions are not subject to the Community Reinvestment Act. GBA, American Bankers Association and other state bankers associations have advocated for heightened scrutiny for such acquisitions. Read more here about the credit union provision.
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Other Items in FDIC, OCC Merger Policies Adopted This WeekThe FDIC and OCC’s new bank merger policies approved this week broaden how they evaluate merger applications. FDIC’s policy, for example, says the agency can consider the competitive effects on products and services beyond deposits. And, the OCC’s policy cut out its expedited review process and the use of streamlined applications.
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2024 Georgia BankPAC UpdateHave you made your Georgia BankPAC contributions this year? If you have not, the contribution forms include all payment options for the StatePAC and the FedPAC. As a reminder, state-chartered banks or national bank holding companies may contribute to the StatePAC, while eligible individuals may do so to the FedPAC. If you have questions, contact Elizabeth Chandler at 404.372.7893 or Bo Brannen at 404.731.9886.
Contributing to the GBA StatePAC recently is:
- Fist Bank of Pike, Molena, John Barker, president and CEO
Recent contributions to the GBA FedPAC have come from eligible employees, officers and directors of the following banks:
- AB&T, Albany, Perry Revell, CEO
- Citizens Bank of Americus, Rick Whaley, president and CEO
- Georgia First Bank, Soperton, Maury Beasley, president and CEO
- First Chatham Bank, Savannah, Ken Farrell, president and CEO
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2024-2025 sessions starting soon!Senior Lending Officer Roundtables - Last Call!A new program year is about to start and seats are available in all four groups of GBA's Senior Lending Officer Roundtables. Mike Allen of Three B’s Advisors serves as facilitator. With 45+ years of banking/credit expertise and experience, Allen is among the most respected lending experts in Georgia.
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New Check-Fraud ComponentJoin the 2024 #BanksNeverAskThat Anti-Phishing CampaignRegistration is now open for the 2024 #BanksNeverAskThat anti-phishing campaign, with more than 1,000 banks already participating. This year, the campaign introduces the #PracticeSafeChecks initiative to combat check fraud. By registering, your bank will gain immediate access to valuable materials to help plan your campaign before the national launch Oct. 1. Any bank may participate at no charge, and we urge all GBA member banks to join this campaign. Get details and sign up here.
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Retail bankers – time is running out!Opening New Accounts Seminar - Oct. 1 in MaconCustomized to Georgia Law, Matthew Dickinson of JM Consultants will focus on documentation and compliance during this full-day seminar. Walk away with the six essential requirements for opening any new account and gain better understanding of complex personal, business and trust accounts. Attendees can also expect answers to various questions asked by customers and staff while focusing on vital information for every new account type.
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Time to Review for 2025401(k) Testing Relief through Safe Harbor DesignIs 401(k) testing limiting what your bank officers can contribute to your 401(k) Plan? Plans that guarantee a 100% match up to 4% of compensation or a 3% non-elective contribution (similar to a profit-sharing contribution) can be exempt from ADP/ACP discrimination testing and even exempt from top-heavy testing depending on different factors. Employees must become immediately 100% vested in all safe harbor contributions. In addition, there is another safe harbor design that ends up with a 3.5% maximum annual match for participants, but has automatic enrollment features built in.
The Master 401(k) Plan offered under GBA Retirement Services, Inc. is already set up to accommodate traditional and automatic enrollment safe harbor plans. Anyone electing safe harbor options for 2025 must decide by the end of October to allow time for the required amendments and participant notices. Now is a great time to make final decisions about your plan design for 2025.
Benefits of the 401(k) plans offered through GBA Retirement Services include: competitive fees due to size of Master Trust, customized service from GBA staff, personalized managed account solution available for all participants, flexibility and performance of investments, and added oversight by having American Trust Company as a Discretionary Trustee of each Plan in the Trust. Let us help you review your current plan and compare it to what GBA Retirement Services can do for you! Please contact Mandy Richards at 678.549.4167 for more information on safe harbor plans or for assistance in doing a periodic review and comparison of your retirement plan.
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Our peer groups are growing!Internal Audit Peer Group Meeting - Nov. 19 in MaconOur inaugural internal audit peer group meeting was a great success and you wanted more, so we are extending our next meeting to a full-day program. Register now for the next peer group meeting at Farm Bureau’s headquarters in Macon on Nov. 19. Event highlights include:
- Effectively Communicating Audit Results - Learn best practices for communicating audit findings to stakeholders and overcoming resistance.
- The Modernization of Internal Audit - Discover how to embrace data analytics, agile auditing, and fraud detection to modernize your audit processes.
- Roundtable Discussion - Participate in an interactive roundtable where industry challenges and trends will be discussed with peers and experts.
Get all the details and register here. With questions, contact Aimee Corcoran, 404.420.2035.
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Discounts Available for GBA MembersAchieve Dynamic Commercial Loan Prospecting with GBA Partner S&P GlobalYou can’t seize the right opportunities without the right information, and maximum pipeline growth potential requires deep insight into your markets. The Commercial Prospecting solution from GBA Partner S&P Global helps you efficiently identify lending opportunities with extensive intelligence on commercial real estate (CRE) and commercial and industrial (C&I) loans. With detailed insight into the number and size of opportunities available, you’ll be better equipped to determine resource needs, set sales targets and manage accountability. Analyze your commercial lending market share against your peers to see how you stack up. To learn more, contact S&P’s Maureen McKenna at maureen.mckenna@spglobal.com.
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Hey, South Georgia BankersSprint is on to Register for South Georgia SymposiumJoin us for our annual South Georgia Community Bank symposium Thursday, Oct. 10, in partnership with the Harley Langdale Jr. College of Business Administration at Valdosta State University. Hear from experts on the economy, as well as credit quality, industry updates and small business resources.
Featured Sessions and Speakers:
- Economic Update: Dr. Elvan Aktas, professor of finance, Valdosta State University
- Credit and Compliance Trends: Stewart Thigpen, CEO, Steve H. Powell & Co.
- Regulatory Update: Melissa Sneed, deputy commissioner for supervision, Georgia Department of Banking and Finance
- Advocacy Update: Tripp Cofield, president and CEO, Georgia Bankers Association
- Business Development: Walt Moore, district director, UGA Small Business Development Center.
Who Should Attend: CEOs, board members, management teams, lenders, HR and marketing teams, and anyone interested in customer-facing and community responsibilities.
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CE credits available!Compliance Conference, Oct. 23-25, The Westin, Jekyll IslandAmerican Bankers Association (ABA) Professional Certifications has approved the GBA Compliance Conference for: 14 CRCM, 7.25 CERP, 2.75 CAFP credits. Sharpen your skills, elevate your bank’s compliance management program, connect with peers, and earn your continuing education credits! Get all the details and register here.
The GBA Compliance Committee, chaired by Lindsay Holloway, The Four County Bank, and Renee McCullar, vice chair, BankSouth, would like to thank these GBA Associate Members who are showing their support through sponsorship – Platinum: Steve H. Powell & Company and Centrant Community Capital and Silver: Mauldin & Jenkins, Carr, Riggs & Ingram, Compliance Alliance, Ncontracts, and Troutman Pepper. With questions, contact Aimee Corcoran, 404.420.2035.
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Compliance Conference Platinum SponsorAddressing Appraisal Bias: Combatting Discrimination in Property Valuation and LendingAppraisal bias has become a growing concern in the banking industry, as discriminatory property valuations can impact lending decisions, limit access to credit and erode public trust. Learn more about how appraisal bias affects homeownership opportunities, legal risks for financial institutions, and strategies banks can implement to prevent it in this whitepaper by James Moore, CRCM, of Steve H. Powell & Company.
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Master ComplianceNew Alumni Track Added for 2025 GBA Compliance SchoolRegistration for the 2025 GBA Compliance School on-campus session, April 27 - May 2 in Athens, is open! The big news is our Compliance School Board has added a new feature. Here’s the lineup:
- Year 1 – Basics
- Year 2 – Advanced
- New – Compliance Alumni Continued Education track (Compliance ACE) to refresh skills from any Year 1 and/or Year 2 classes, earn CE/CRCM credits and work toward a GBA Compliance Master’s certification
The school is designed to give new and experienced compliance pros the tools necessary to build, monitor and maintain an effective compliance program. With questions, contact Aimee Corcoran, 404.420.2035.
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Financial Risk Management Conference – Nov 7-8Fraud Management Tools and Best Practices on the AgendaJoin Sam Drennen, First American Bank & Trust Company, Dana White, AB&T, and Greta Wood, United Bank, at the Financial Risk Management Conference for an overview of best practices in preventing fraud. The panel will walk through how three different-sized banks implement policies, work processes and technologies to defend against current fraud trends, with a focus on check fraud. The team will present survey findings from the GBA Ops and Tech Conference attendees and the Georgia Department of Banking and Finance, insights from ABA’s Paul Benda and techniques to balance manual processes with technology for the right blend of fraud prevention strategies. This is one of many outstanding sessions at the conference. Get all the details and register here.
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GBA Partner AbrigoStrategies For Check Fraud and Ransomware Prevention: Watch the Free Webinar RecordingAn effective risk assessment process identifies potential threats and outlines strategies to mitigate their impact. Join the team from GBA Partner Abrigo for a discussion with representatives from FDIC about evaluating check fraud and ransomware threats and what banks can do to protect themselves and their customers from becoming victims of these crimes. Access the recording here. Don’t forget that the GBA exclusively endorses Abrigo’s Fraud Detection Software and members can receive 20% on the implementation this new Abrigo solution when purchased in 2024. Visit www.abrigo.com to learn more.
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Credit Conference - Dec. 5-6Dig in with State of Credit Overview SessionJoin Stewart Thigpen, Steve H. Powell & Company, as he provides a comprehensive overview of credit trends, including an update on asset quality and recent regulatory findings. Key lending topics will be discussed, with a focus on Commercial Real Estate (CRE) and Commercial & Industrial (C&I) lending, along with insights into other relevant areas. This session aims to equip attendees with valuable perspectives on managing credit risk in today's evolving financial landscape. The 2024 GBA Credit Conference is Dec. 5-6 at The Westin Buckhead Atlanta. Our conference covers the full spectrum of market intelligence, credit trends, underwriting, risk management and business development topics essential for growing, thriving banks. Get all the details and register here.
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Enrollment is Now Open for Georgia Banking School April 27 - May 2The Georgia Banking School has developed generations of Georgia bank leaders who shape the industry in our state. The three-year school offers everything you want and expect from an investment in banker education, specifically preparing the next generation of bank leaders, building the pool of management-level talent in your bank, and connecting students to the most knowledgeable industry experts and a community of fellow bankers. The Georgia Banking School Board, led by Darron Burnette of Synovus Bank, has been hard at work reviewing the curriculum and planning next year’s session. Details and enrollment access here.
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IRA Academy, Feb.4-6, Macon, MGSUFlex Format: Choose the Days that Best Fit Your NeedsWe are extending our valuable two-day IRA seminar into a newly designed IRA Academy. Registrants now have the option to attend the days that will benefit them most. Choose from the following, or any combination of the options:
- Day 1: Basics
- Day 2: Advanced and complex IRA transactions
- Day 3: Operations, administration and reporting of IRAs
All three days will include an interactive workshop giving attendees the hands-on training needed to service IRA requests. The IRA Academy will be Feb. 4-6 in Macon at Middle Georgia State University. Facilitated by Loni Porta, Director of Education, Convergent Retirement Plan Solutions, anyone even remotely involved in IRAs will benefit from this training.
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Save the date!Call Report Seminar - Feb. 4 in MaconGBA’s Call Report Seminar will be Feb. 4 at Middle Georgia State University. Join Mauldin & Jenkins, LLC, Partners Michael Gordon and Nicole Cunningham to gain practical techniques to improve your overall call reporting process. With questions, contact Aimee Corcoran, 404.420.2035.
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Compliance Alliance – Question of The Week
Question: What is enhanced due diligence (EDD), and when would our bank employ such a practice?
Answer: Enhanced due diligence is a process of information collection, assessment, and monitoring that financial institutions implement in relation to certain customers, transactions and business relationships that pose a heightened risk of money laundering or terrorist financing risks, (i.e., higher risk profile customers). EDD is a key component of a bank’s effective CDD policies and procedures, and consistent with the other components of a bank’s BSA program, it is driven by a risk-based approach.
As FinCEN’s guidance explains, “bank[s] should do more in circumstances of heightened risk, as well as to mitigate risks generally.” So, for instance, if a bank were to identify a customer that may pose a heightened risk (say, certain cash-intensive businesses or politically exposed persons, for example), the bank then may consider obtaining information such as source of funds and wealth, occupation or type of business, and/or location where the business customer is organized and where they maintain their principal place of business.
Live Demo Signups for Compliance Alliance:
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Webinars - Great for Fundamentals TrainingDigital Banking Issues, Strategic Planning for Financial Institutions, Establishing a Culture of Compliance and MoreHere’s a sampling of upcoming webinars.
Want to see the full webinar schedule? Check out our webinar calendar for a full list of upcoming webinars.
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| Mark Your Calendars! Registration Opening Soon
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Mark your calendars!GBA 2025 Spring Conferences at The Westin, Jekyll IslandMark your calendars and save the date for the following 2025 spring conferences at The Westin, Jekyll Island. The beachfront resort is only steps from the ocean and it’s calling your name!
- HR Professionals Institute – Wed. through Fri., March 19-21
- Marketing Conference and Workshop – Wed. through Fri., March 19-21
- Bank Security Conference – Mon through Wed., April 7-9
Registration will open soon. With questions, contact Aimee Corcoran, 404.420.2035.
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Recruit, Retain and Develop the Best Bankers with GBA Career Solutions
GBA Job Bank
GBA will post open positions, free of charge, for GBA members. See the open positions in Georgia here. We will also post professional summaries for bank-job seekers on our Bankers Available page. To make the process easy and answer any questions, we've developed this Q&A. Please contact Katina Prokos, 404.420.2021.
Why Do People Choose Careers in Banking?
Whatever their talents, interests and educational background, there is a career in banking for them. Here are few good reasons to share with folks you know.
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GBA Community Connections
We want to share all the good work GBA member banks, bankers, Associate Members and Bank Counsel Section members do to support their communities. Here's our latest installment:
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Perry - SunMark Community Bank
The bank sponsored the United in Pink’s Party with a Purpose event, providing support to families affected by breast cancer.
| |  Savannah - Bank of AmericaSecond Harvest of Coastal Georgia received a $25,000 grant from Bank of America for Hunger Action Month in Savannah. Read more here.
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Valdosta - Commercial Banking Company
The bank sponsored a pre-game meal for the Lanier County High School marching band.
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GBA Newsmakers
Check out these Georgia bankers making news this week:
Atlanta - Ameris Bank
Corporate Information Security Officer Jorge Perez has been recognized in the 2025 Hispanic Technology Executive Council (HITEC) 100 list honoring the most influential and distinguished Hispanic professionals in technology. Read more here.
Atlanta - PNC Bank
Regional President for Georgia Eddie Meyers will retire on Oct. 31. Meyers has worked for PNC for 25 years and led its Georgia division since 2012. Samantha Jones, previously an executive at Wells Fargo's Atlanta office, will succeed Meyers.
Leesburg - First National Bank
The bank announced the following staff members will join its soon-to-be-open Leesburg branch: Kayden Creech and Linda Kreisher as relationship bankers and Shelby Langley as a relationship specialist.
Milledgeville - Century Bank & Trust
Sarah Beth McMillan has joined the bank team as marketing director. Read more here.
Moultrie - First National Bank
Lilly Wright has joined the bank’s Moultrie location as a relationship specialist.
Pooler - Queensborough National Bank and Trust Co.
The bank was named Best Financial Services and Best Mortgage Company in Pooler Magazine’s 2024 Best of Pooler Awards.
Birmingham, AL - Quantalytix
Tadgh Spradlin has been named vice president of sales and partnerships for Quantalytix, the provider of cloud-based Enterprise Bank Management software and its Enterprise Data Management platform for financial institutions.
Savannah - Small Business Assistance Corporation
The governing board of the Savannah Regional Small Business Capital Fund, a community development loan fund established in 1994 by local banks, has initiated the process of transferring ownership to the Small Business Assistance Corporation.
Atlanta - The Federal Reserve Bank of Atlanta
The Federal Reserve Bank of Atlanta has appointed Tony Stallings as a member of the bank’s executive leadership committee, effective Sept. 1. Stallings is senior vice president of Federal Reserve Financial Services (FRFS) Customer Service. Read more here.
McLean, VA - Freddie Mac
Freddie Mac’s board of directors has selected real estate and financial services industry veteran Diana Reid to serve as the company’s CEO.
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| Read All About It: Send Us Your News
Please remember to include the Georgia Bankers Association on the list of recipients for announcements about promotions, new employees and special recognition your bank has received. We want to share your news with your colleagues across the state. Please forward your announcements and photos to GBA's David Oliver and Katina Prokos.
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Calendar of Training and Events by subject/topic:
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