Chairman’s Letter
I recently finished Doris Kearns Goodwin’s book Team of Rivals about the assembling of President Abraham Lincoln’s first cabinet after his election in 1860 and those members’ working and personal relationships throughout his presidency. If you think that this year’s Democratic presidential primary season was crowded and contentious, you should read the story of the 1860 Republican convention and Lincoln’s reaching out to his principal rivals in that race to fill out his cabinet.
In the reading of this book its title resonated with me the relationships shared in the framework of our Association. Isn’t that what we are, a “team of rivals?” Even though many of us are direct competitors in certain markets, we are bound together as advocates for our banking industry to assure a safe and sound financial landscape for our customers and stakeholders as well as a fair and equitable working relationship with regulators and legislators. I find it very rewarding to work alongside outstanding banking leaders, friends and rivals alike, from around our state in this endeavor.
During the month of May we lost the services of former contributors to our cause. Past ABA President Thomas Hays, Jr. (1974-75) and past ABA Executive Director Bo Carvill (1966-94) departed this life in recent weeks. Both men admirably supported the ideals of the Association and significantly contributed to its ongoing success. In addition to these noteworthy individuals, our state experienced the closing of one of our banks. ANB Financial, NA, based in Bentonville was closed by regulatory authorities and certain insured deposit accounts transferred to Pulaski Bank & Trust of Little Rock. The system to properly handle such occurrences worked as designed. Our state’s banking community mourns these losses and acknowledges their contributions.
Economic downturns often have adverse impact on banks. At this year’s “Day with the Commissioner” during our convention, Arkansas Bank Commissioner Candace Franks revealed that Arkansas banks under regulatory order in the current environment are few in number and the overall banking climate is quite stable. The vast majority of banks are well capitalized and adequately positioned to adapt to any further setbacks in the economy. Bank risk management practices continue to improve as a significant contributor to the safety and soundness of our banking community. Our Association offers many learning opportunities and educational forums in support of our member banks’ efforts to be the best they can be.
To stay abreast of the important issues shaping our future, I remind you to register bank representatives for the Emerging Leaders Conference in July and the annual Bank Management Seminar in August. Both events present excellent opportunities to hear informative speakers and to network with friendly rivals.
Be happy in your work!
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