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■ The Big Book: FINANCIAL


Relief on the way? L


Bankers want a reduction in financial regulations by Robert Powell


ike with many U.S. industries, the fate of the banking indus- try appears to lie in the hands


of the Trump administration. The president campaigned on


promises to roll back federal regu- lations, including many of those found in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. “We’re really anxious for regu-


latory reform,” says Steven Yeakel, president and CEO of the Virginia Association of Community Banks. Many Virginia bankers say


that, in trying to correct problems that led to the 2008 financial crisis, Congress created regulations that are burdensome to small banks. Community bank officials say they are paying for mistakes they didn’t commit. This perspective carries weight


in the commonwealth because, outside of McLean-based Capital One Financial Corp. — one of the nation’s biggest banks — Virginia- based banks are relatively small. Susan Still, the president and


CEO of HomeTown Bank, the largest bank based in the Roanoke Valley, says it has five senior-level employees whose time is devoted to nothing but dealing with regu- lations. “They do no business with customers,” she says. The bank has just over $500 million in assets. The prospects for regula-


tory relief appear to have spurred a renewed interest in creating new


Photo by Jay Paul


Steven Yeakel, president and CEO of the Virginia Association of Community Banks, believes the regulatory pendulum “has swung too far.”


banks. The Wall Street Journal reported in early February that eight groups had filed applications with the Federal Deposit Insurance Corp. to open banks. That num- ber, the newspaper reported, rep- resents the highest number of pro- posed banks since the financial cri- sis. Eight new banks, however, still is a paltry number compared with the hundreds opened annually in the early years of this century. Meanwhile, one persistent


trend, bank mergers, will continue this year. Last year, TowneBank com-


pleted its merger with Monarch Financial Holdings to create a bank with the most deposits in Hamp-


www.VirginiaBusiness.com


ton Roads. Bank of Hampton Roads and Xenith Bank also combined their operations in 2016, creating a Richmond-based bank under the Xenith name. In addition, Charlotte, N.C.-based Park Sterling expanded in Virginia by acquiring Glen Allen- based First Capital Bank. Looking ahead, United Bank-


shares, which has dual headquar- ters in Charleston, W.Va., and Washington, D.C., has announced plans to acquire Tysons Corner- based Cardinal Financial Corp. in a deal expected to be completed by mid-2017. Likewise, Reston-based Access National Bank plans to merge with Middleburg Bank dur- ing this year’s second quarter.


VIRGINIA BUSINESS 111


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