www.oregonbankers.com Winter 2025 Women CEOs Fostering Trust and Impact in Community Banking Pages 24–25
OBA Elected Officers SUBMISSIONS Banking Matters invites news items and editorials from members and partners of the Oregon Bankers Association. The editor reserves the right to refuse any advertising or editorial copy deemed to be unsuitable for publication. The editor reserves the right to set the publication date in accordance with the association’s needs. Send submissions to Andee Rose at [email protected]. POLICY Banking Matters seeks to reflect the banking news of Oregon and other news of direct interest to the Oregon Bankers Association. With the exception of official announcements, the Oregon Bankers Association disclaims responsibility for opinions and statements in Banking Matters, and does not seek to promote any product or service not specifically named as an OBA endorsement. This publication is designed to provide accurate information in regard to the subject matter covered. It is presented with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. ADVERTISING Please support our advertisers who help make this publication possible. For information on advertising in this publication, contact William Hutabarat at (571) 331-3361 or [email protected]. OREGON BANKERS ASSOCIATION 1149 Court Street NE Salem, OR 97301 (503) 581-3522 www.oregonbankers.com Banking Matters A PUBLICATION OF CONTENTS Secretary-Treasurer Josh Lyons KeyBank Portland, Oregon Secretary-Treasurer R. Shane Correa Banner Bank Meridian, Idaho Chair Ryan Dempster Willamette Valley Bank Salem, Oregon Message from the OBA President................................................................................................................................. 4 Message from the OBA Chair........................................................................................................................................... 6 Message from the CBO Chair........................................................................................................................................... 9 Advocacy It’s Time for a Regulatory Reset......................................................................................................................10 2025 Oregon Legislative Session Kicks Off............................................................................................ 11 Oregon Bankers Association Presents Ron Green with Frank E. Brawner Advocacy Award................................................................................................................13 OBA Goes Local: Connecting Bankers with Legislators Across Oregon...............................14 Meet Oregon’s New Members of Congress............................................................................................15 Oregon BankPAC Thank You to OBA’s 2024 Oregon BankPAC Individual Investors.............................................16 2024 Oregon BankPAC Corporate Investors............................................................................................17 Counsel’s Corner Legal Whiplash: Evolving Corporate Transparency Act Filing Deadlines...............................18 Peer Groups Explore Engagement and Networking Opportunities Through OBA Peer Groups.........19 Education OBA Celebrates 2024 Executive Development Program Graduates.......................................20 OBA Celebrates Commercial Lending Boot Camp Graduates.......................................................21 Check Out These Co-Sponsored Education Programs in 2025...................................................21 Women CEOs Fostering Trust and Impact in Community Banking...............................................................24 Oregon Bank Leadership Symposium Glad to Be Here: Highlights & Takeaways from the Oregon Bank Leadership Symposium.....26 New Directors & Officers..................................................................................................................................................... 28 Community Applause Award Oregon Bankers Association and Oregon Business Magazine Present 2024 Community Applause Award to Mark Utti of Seaside....................................30 Annual Meeting Resolution................................................................................................................................................ 32 Hall of Fame Oregon Bankers Association Inducts Randy Compton into Oregon Bankers Hall of Fame.....35 OBA Education Foundation OBA Education Foundation Elects Board Officers, New Director............................................36 Inspiring Stories Fuel Success: OBA Education Foundation Reaches $50K ‘50 Forward’ Fundraising Goal.....................................................................................37 Synergy by Association Supercharge Your Social Media Marketing with Social+...............................................................39 The Regulatory Outlook for 2025 and What That Means for Banking IT..........................40 News & Notes Bank of Eastern Oregon Opens New Branch in Pendleton...........................................................42 Boyd Elkins Named Evergreen Federal President and CEO...........................................................42 First Federal Celebrates Grand Opening of McDaniel Branch.....................................................42 First Federal Named Business of the Year by McMinnville Chamber....................................42 OBA Members Named Best Banks to Work For in 2024...............................................................43 Electronic Transmission Levy Options Now Available—Enroll in IRS eLevy Program.......43 Welcome New Associate Members.............................................................................................................43 Cornerstones of our Communities Bank of America Marks 20 Years of Neighborhood Builders Program, Provides $400,000 in Grants................................................................................44 Bank of the Pacific Partners with Federal Home Loan Bank to Support Local Food Banks and Affordable Housing Initiatives.................................................44 Evergreen Federal Donates $50,000 Towards the Expansion of The Family House in Grants Pass....................................................................................45 First Federal Issues New Round of Community Grant Funds.......................................................45 KeyBank Grants $300,000 to Portland Housing Center to Support Homeownership Opportunities............................................................................46 People’s Bank of Commerce Donates $100,000 to the Mid-Willamette Family YMCA......46 Bankers on the Move..........................................................................................................................................................47
Strengthening Oregon’s Banking Future: Legislative Goals & Advocacy Outlook for 2025 By Scott Bruun, President & Chief Executive Officer, Oregon Bankers Association As we step into 2025, your OBA remains passionate toward fostering a thriving banking sector that serves communities, businesses, families and individuals across our state. As usual, the legislative and congressional landscapes present both challenges and opportunities. Nothing will be dull! But with a focused and proactive agenda, your OBA will advocate for policies that strengthen banks of all sizes, foster competitiveness and economic growth, and ensure a balanced regulatory environment that empowers businesses and workers alike. Strengthening Oregon’s Banking Sector One of our top priorities in 2025 is addressing the competitive inequities between banks and credit unions. Credit unions, which have long enjoyed unfair tax and regulatory advantages, must be held accountable when they engage in commercial activities traditionally associated with banks. To this end, the OBA will sponsor and prioritize legislation requiring credit unions to pay Oregon taxes on the loan and cash management portfolios of any Oregon-based commercial bank that they may acquire. This measure is not only about leveling the playing field but also about ensuring fair contributions to Oregon’s economy and vital public services. In addition, the OBA will sponsor legislation aimed at fostering the growth of new banking institutions. Start-up (de novo) banks can and should play a crucial role in Oregon’s entrepreneurial and economic landscape, but they face significant challenges in their early years. And in fact, it has been nearly 20 years since a de novo bank was formed in Oregon. To incentivize their establishment and success, the proposed legislation will provide these new banks with a multiyear exemption from state excise taxes. This initiative will offer new banks a stronger chance to establish their footing and begin contributing meaningfully to Oregon’s economy and the health of our local communities. Broader Advocacy for Oregon Businesses Oregon’s banks serve a diverse array of business customers, which makes every business issue a banking issue. Our advocacy efforts in 2025 will extend beyond banking-specific legislation to encompass broader economic policies that impact businesses statewide. In 2025, your OBA will support initiatives that: y Reform Oregon’s estate tax: Ensuring businesses can transition smoothly between generations without punitive tax burdens. y Index personal and business taxes to inflation: Protecting individuals and businesses from the unintended consequences of outdated tax brackets. y Expand pro-investment tax credits: Including the enhancement of the R&D tax credit and the introduction of a capital expenditure tax credit to support manufacturing. y Streamline regulatory frameworks: Promoting a businessfriendlier environment where regulators and businesses act as partners, not adversaries. y Strike a pro-worker, pro-business balance in employment policies: Supporting rules that benefit both Oregon’s workforce and its employers. Federal Advocacy: GrowthOriented and Transparent At the federal level, the OBA will work closely with our partners at the American Bankers Association (ABA) and MESSAGE FROM THE OBA PRESIDENT In 2025, your OBA’s mission is clear: to advocate for policies that strengthen Oregon’s banking sector and support the broader economy by improving our state’s business climate. 4 Winter 2025 • BANKING MATTERS
MESSAGE FROM THE OBA PRESIDENT Independent Community Bankers of America (ICBA) to advocate for balanced, growth-oriented statutory and regulatory reforms. Key federal initiatives include: y Advancing credit union transparency: The OBA supports a congressional transparency hearing in 2025, the first of its kind in nearly 20 years, to shine a light on credit union operations and their evolving roles. y Supporting the ACRE Act: Aiming to bolster access to credit and resources for rural economies. y Promoting pro-business tax policies: As Congress tackles a major tax bill, we will advocate for measures that support economic growth, job creation and a robust banking industry. Guarding Against Reactionary Policies While we pursue these goals, we must also remain vigilant against reactionary policies stemming from national political shifts. We saw something like this in December in California when Governor Newsom called a special session of its legislature to “safeguard California values and fundamental rights in the face of an incoming Trump administration.” Your OBA will closely monitor Oregon’s policymakers and policy process to ensure that changes at the federal level do not lead to unnecessary state-level tax hikes or new and overly complicated regulatory measures. Oregon already has some of the highest taxes and highest cost regulatory burdens in the country1 and does not need to protect or “safeguard” itself through even more burdensome rules or statutes based on misperceptions. The bottom line is that our focus should instead be on fostering a competitive, dynamic and growth-oriented economy that works to support families and communities in Oregon. A Vision for Success In 2025, your OBA’s mission is clear: to advocate for policies that strengthen Oregon’s banking sector and support the broader economy by improving our state’s business climate. By addressing financial-system inequities, fostering growth and promoting a balanced approach to regulation and taxation designed to support competitiveness, we can ensure that Oregon’s banks—and the communities and businesses they serve—thrive in the years ahead. 1. 2024 Oregon Competitiveness Book, published by Oregon Business & Industry Research and Education Foundation (see Oregon “Red Book” at https://oregonbusinessindustry.com/wp-content/uploads/RedbookOR-2024-v12-1.pdf). Winter 2025 • BANKING MATTERS 5
Q&A with New OBA Chair Ryan Dempster, President and CEO, Willamette Valley Bank MESSAGE FROM THE OBA CHAIR OBA Tell us about your family, background and education and share one thing about yourself that would surprise our readers. RD I am a lifelong Oregonian, born and raised in Hillsboro. I later moved to Salem to attend Corban University. It was there that I met my wife, Emily. We have two college aged children: our daughter Brynn, who is beginning her final year at Pacific University, and our son Blake, who attends Liberty University. As for something surprising, I consider myself a fairly straightforward person, so there is not much that stands out. However, an interesting aspect of my career is that I became a Certified Fraud Examiner and assisted in conducting white collar crime investigations. I also oversaw the State of Oregon’s Fraud, Waste and Abuse Hotline. OBA Can you share a bit about your career journey? RD I started my career as an auditor with the Oregon Secretary of State’s Office and became a Certified Public Accountant. While I enjoyed auditing, I wanted to move into a role where I could contribute to growing a business. In 2006, I connected with Willamette Valley Bank which was looking for an accountant. I began as controller, then moved into the role of chief financial officer. Six years ago, I had the opportunity to become president and CEO, and I have been fortunate to lead the company since then. OBA How did the challenges of recent years, such as economic uncertainty or regulatory changes, shape your approach to leadership? RD The past 18 years have been uniquely challenging in the banking world with significant events like the Great Recession and the global pandemic. We’ve also seen significant shifts in the regulatory landscape and risk management practices. There’s no manual for navigating these challenges, but I’ve learned that the collective wisdom of a team often provides the best solutions. I surround myself with smarter people, lean on their experience and judgement, and trust in the strength of the team. Our success is a direct result of the talented people I work with at Willamette Valley Bank. OBA What motivated you to take on the role of chair at the Oregon Bankers Association, and are there particular advocacy priorities or industry challenges you hope to address in this role? RD I have been attending OBA events for 18 years and many of the bankers I admire most have been board chairs. Though I never aspired to be chair, when the opportunity arose, I took advantage of the opportunity to represent Oregon’s banking industry. Banks are critical components to the economic health of the state of Oregon, and it is important that we not only represent the banking industry but also the broader business community. I align with CEO Scott Bruun’s vision of expanding our industry’s involvement in the broader business community so we can advocate effectively on decisions impacting financial institutions, our customers, and the overall economy. I’m committed to advancing this initiative in the coming year. OBA Is there a person or experience that has significantly influenced your life, either professionally or personally? RD Many people have influenced my journey, but two stand out. Bryce Bernard, my college accounting professor, has become a close friend and an invaluable sounding board for both personal and professional advice. The second is Neil Grossnicklaus, former CEO of Willamette Valley Bank, who took a chance on me 18 years ago and opened the door for my entry into the banking industry. I often joke that I wouldn’t Ryan and Emily at a local fundraising dinner. 6 Winter 2025 • BANKING MATTERS
hire myself for the same position today given how much the industry has changed and my limited exposure to banking up to that point. I never imagined that a career in banking would be as rewarding and fulfilling as it has been, and I am deeply grateful for the opportunity Neil gave me. OBA What advice would you offer to other banking professionals looking to lead in their organizations? RD I often think I could be a better leader if I had experience working as a loan officer or teller early on, so my advice to aspiring leaders is to look for opportunities to work across different areas of the bank. Great leaders come from diverse backgrounds which helps them gain credibility with their teams and offer valuable perspectives when solving problems or identifying opportunities. Banking is all about risk management, and working in various departments provides a better understanding of those risks. Additionally, exposure to different leadership styles helps shape and refine one’s own approach to leadership. MESSAGE FROM THE OBA CHAIR Ryan and his daughter Brynn at her college band concert. Ryan’s wife Emily and their son Blake at his final high school soccer game. My advice to aspiring leaders is to look for opportunities to work across different areas of the bank. Great leaders come from diverse backgrounds which helps them gain credibility with their teams. Winter 2025 • BANKING MATTERS 7
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MESSAGE FROM THE CBO CHAIR Celebrating Women in Banking: Honoring Trailblazers and Inspiring the Future By Kate Salyers, EVP & Chief Credit Officer, Citizens Bank Women have long been the backbone of the banking industry, representing 56% of employees nationwide and right here in Oregon.1 Yet, while women lead the workforce in numbers, leadership remains unbalanced. Just 32% of bank officers (vice presidents and higher) are women, and only 7.5% of banks nationwide have a woman CEO.2 This disparity presents an opportunity for growth, particularly since research shows that diverse leadership teams drive innovation, resilience and financial performance. This month’s cover story shines a spotlight on the three female bank CEOs within OBA’s membership—Julia Beattie (People’s Bank of Commerce), Denise Portmann (Bank of the Pacific) and Nicole Sherman (Riverview Bank)—highlighting their unique leadership styles and the impact they’re making in our industry. Their stories serve as a powerful reminder of what is possible when women are given opportunities to lead and thrive. To celebrate and inspire the next generation of women leaders in banking, the Oregon Bankers Association hosts the Women in Oregon Banking Luncheon each May. This event not only highlights the contributions of women but also provides a space to foster connection, mentorship and leadership development. With over 300 attendees, the luncheon has quickly become OBA’s highestattended event. This year’s luncheon will feature the aforementioned keynote speaker Nicole Sherman, an engaging panel discussion with accomplished women bankers, and the celebration of achievements through the prestigious Linda W. Navarro Trailblazer Award. Register today and join us May 22 from 11:00 am to 1:30 pm in Portland for this inspiring event. Additionally, help us honor a deserving leader by submitting a nomination for the 2025 Linda W. Navarro Trailblazer Award by March 31. Named after its inaugural recipient, our prior association CEO who championed women bankers for 28 years, the award celebrates women who exemplify exceptional leadership, mentor others and leave a lasting impact on our industry. If you’re like me, you can think of many talented women who fit this description and who have impacted your career. Please take the time to recognize those individuals with a nomination. Visit www.oregonbankers.com/wib to learn more about the luncheon and the Trailblazer Award. 1. Bureau of Labor Statistics: www.bls.gov/cps/cpsaat18.htm. 2. McKinsey: www.mckinsey.com/featured-insights/diversityand-inclusion/women-in-the-workplace and American Bankers Association: https://bankingjournal.aba.com/2024/03/ women-ceos-leading-the-way. To celebrate and inspire the next generation of women leaders in banking, the Oregon Bankers Association hosts the Women in Oregon Banking Luncheon each May. This event not only highlights the contributions of women but also provides a space to foster connection, mentorship and leadership development. Winter 2025 • BANKING MATTERS 9
ABA WASHINGTON SUMMIT April 7–9, 2025 / Walter E. Washington Convention Center & Marriott Marquis / Washington, D.C. REGISTER NOW! www.aba.com/training-events/conferences/washington-summit It’s Time for a Regulatory Reset By Rob Nicols, President & Chief Executive Officer, American Bankers Association ADVOCACY Over the last four years, the banking industry has battled an onslaught of new rules and regulatory changes that have threatened to fundamentally alter how financial institutions in this country operate. Regulators have taken a de facto “one-size-fits-all” approach to rulemaking—ignoring the diversity of bank sizes, charters and business models within the banking sector, as well as the undeniable trickle-down effects of regulations that are, on paper, only targeted toward larger institutions. For whatever reason, they have also chosen to pursue rulemakings more tied to the past than the present. It’s time to stop fighting the last war and stay focused on the present and the future. ABA and the state associations have stepped up on behalf of our members, challenging misguided final rules in court wherever warranted and pushing back with facts and data to stop faulty assumptions from underpinning major regulatory changes and bogus claims about our industry from spreading. We’ve had some notable successes over the last four years, but it hasn’t been easy. As we welcome 2025, a new presidential administration and a new Congress, it’s time to reset the conversation around banking regulation. That effort began right after the election during the transition, as ABA worked to communicate our priorities to the incoming Trump administration. With leadership changeovers anticipated at the regulatory agencies following the inauguration— including at the FDIC, Office of the Comptroller of Currency and Consumer Financial Protection Bureau—we expect to have the opportunity to share our perspective with the new players and help refocus the conversation around rightsizing the supervision and regulation of the banking sector. But while we can expect some of the new regulators to pause some proposed rulemakings altogether, and Congress could use the Congressional Review Act to undo some of the most recent regulatory proposals, it’s important to remember that the new administration and new Congress will not wield a magic wand. Undoing policy changes in a durable way can take just as long as putting new regulations into place, since the Administrative Procedure Act (APA) and its notice and comment procedures apply. As we have noted in our many active lawsuits, regulators have frequently flouted the APA in recent years, and partisan agendas have too often driven a rulemaking process that is supposed to be even-handed and fact-based. We have the opportunity now to get it right—by following a transparent process and by working constructively to engage policymakers of both parties in crafting commonsense regulations that ensure the banking sector remains safe, sound and well-capitalized. That’s how we bring about meaningful, long-lasting change. At ABA, we are ready to roll up our sleeves and get to work, together with our state alliance partners—and we need your help. We need every banker in this country to stay engaged on the issues that matter. Reach out to your members of Congress, particularly in states where freshmen lawmakers are taking office. Get to know your representatives, invite them to your bank and introduce them to your customers and your employees. Help them to understand not just the important work banks do each day, but the ripple effect that the provision of credit can have in our cities, towns and neighborhoods. Finally, I invite every banker in this country to join us in Washington, D.C. April 7–9 for the 2025 ABA Washington Summit. This year’s annual gathering of bank leaders will be critically important in making sure we have a policy environment that will unleash economic growth and allow banks to serve their customers and communities. We need all of you there to make sure our industry’s voice is heard loud and clear. 10 Winter 2025 • BANKING MATTERS
ADVOCACY 2025 Oregon Legislative Session Kicks Off with Record Number of Presession Bill Introductions By Kevin Christiansen, SVP & Government Affairs Director, Oregon Bankers Association On Monday January 13, the gavel was dropped, officially kicking off the 83rd Oregon Legislative Session. Legislators met in Salem to elect officers, adopt rules, organize committees, and first read almost 2,300 bills. This is a record number of pre-session bill introductions with more to come. Beginning on January 21, and lasting until June, the legislature will vet and vote on bills. Notwithstanding continuing construction around the Capitol, the session is looking more like non-COVID-19 sessions of the past with plenty of familiar faces in leadership roles. Democrat Governor Tina Kotek enters the second half of her first term with priorities for the session around addressing housing and homelessness, mental health and addiction, and education. The Legislature now has Democrat supermajorities in both houses. This means that Democrats, if they choose, will be able to enact tax increases without Republican votes. On nontax measures they will continue to be in a strong position to pass their party’s legislative priorities. Sen. Rob Wagner (D-Lake Oswego) continues as the Senate president while Sen. Kayse Jama (D-East Portland) became the majority leader of Senate Democrats. Sen. Dan Bonham (R-The Dalles) will lead Senate Republicans. In the House, Speaker of the House Julie Fahey (D-West Eugene) retained her position as Speaker and Rep. Ben Bowman (D-Tigard) will continue as House Majority Leader. On the Republican side, a familiar face returns to the role of House Republican Leader as Rep. Christine Drazan (R-Canby) assumes the role she had a few sessions ago. In addition to leadership, several new legislators were sworn in. When all is said and done, we anticipate nearly 4,000 bills may be introduced on a wide variety of subjects ranging from taxation and environmental policy to public safety and human resource issues. OBA has its own slate of proactive legislation, including bills to tweak the Bank Act, a provision requiring credit unions to be subject to Oregon corporate excise taxes on the business portfolios of banks the acquire, and a tax incentive program for lending in rural areas. We are also exploring a concept to provide tax incentives for the formation of de novo banks in Oregon. In addition to pursuing a proactive agenda, we are prepared to address key issues affecting the banking industry and its customers. We are also ready to oppose problematic proposals, such as those involving state-owned banks, taxation and employer mandates. The OBA carefully reviews every bill introduced during the legislative session and, guided by the OBA board and input from OBA committees, takes action on legislation that impacts the banking industry. OBA is well-positioned to represent the interests of Oregon’s banking industry during the 2025 Oregon Legislative Session. If you have any questions about the session, please contact me at (503) 576-4123 or [email protected]. Winter 2025 • BANKING MATTERS 11
ADVOCACY Oregon Bankers Association Presents Ron Green with Frank E. Brawner Advocacy Award During the Oregon Bank Leadership Symposium held in December, the OBA announced that Ron Green, president and CEO of Oregon Pacific Bank, is the recipient of the 2024 Frank E. Brawner Advocacy Award. This prestigious honor recognizes exceptional leadership and dedication to industry advocacy, a cornerstone of OBA’s mission to serve as the voice of Oregon banking. Named after the late Frank E. Brawner, OBA’s CEO from 1977 to 1997, the award celebrates individuals who embody Brawner’s legacy as a fierce, effective and passionate advocate for the banking industry. This year’s honoree, Ron Green, exemplifies these qualities and stands as a champion for Oregon’s banking community. Green’s commitment to advocacy has been evident in his willingness to engage with legislators, testify before committees, and lead on critical issues impacting Oregon banks and businesses. Most notably, he played a pivotal role in opposing Measure 118, a gross receipts tax proposal overwhelmingly rejected by voters. Under his leadership, Oregon Pacific Bank was the first financial institution to publicly support the No on Measure 118 campaign, setting an example for others to follow. “Ron’s advocacy leadership is inspiring,” said OBA’s Senior Vice President and Government Affairs Director Kevin Christiansen. “He leans in when it matters most, ensuring the voices of Oregon’s banking community are heard loud and clear. His courage and dedication make him a worthy recipient of this year’s Frank E. Brawner Advocacy Award.” The Frank E. Brawner Advocacy Award, established in 2015, honors bankers who demonstrate extraordinary support for OBA’s advocacy efforts and a deep commitment to protecting the industry’s future. Green joins a distinguished list of past recipients, reinforcing his standing as a leader and advocate for Oregon banking. 2024 Advocacy Award recipient Ron Green of Oregon Pacific Bank pictured with OBA’s Kevin Christiansen. Winter 2025 • BANKING MATTERS 13
OBA Goes Local: Connecting Bankers with Legislators Across Oregon ADVOCACY In preparation for the 2025 Legislative Session, OBA and member bankers conducted a series of postelection in-district meetings with legislators across the state. These gatherings, held in Salem, Eugene and Hermiston, provided an invaluable opportunity to discuss the current banking environment and key issues expected to surface during the upcoming session. In Salem, we were pleased to meet with Sen. Kim Thatcher (R-Keizer) and Senator-Elect Bruce Starr (R-Polk County), who previously served as a state senator. The Eugene meeting, hosted by Summit Bank, brought together an impressive group, including Speaker of the House Julie Fahey (D-Eugene), Rep. John Lively (D-Springfield), outgoing Rep. Paul Holvey (D-Eugene), Representative-Elect Lisa Fragala (D-Eugene), and Sen. Floyd Prozanski (D-Eugene). In Hermiston, outgoing Sen. Bill Hansell (R-Athena) joined the discussion. Each meeting featured robust conversations, with bankers sharing insights about the industry and highlighting the impactful work their banks are doing in the communities they serve. These dialogues reinforced the importance of collaboration between lawmakers and banking professionals in addressing the needs of Oregonians. We are excited to continue these in-district meetings later this year following the conclusion of the legislative session. These connections are vital in fostering strong relationships and advocating effectively for the banking industry. Bankers from Eastern Oregon meeting with Senator Bill Hansell in Hermiston. 14 Winter 2025 • BANKING MATTERS
ADVOCACY Meet Oregon’s New Members of Congress REP. MAXINE DEXTER (D-3rd District) Rep. Maxine Dexter, a practicing physician and former state legislator (2020–2024), replaces Democratic Rep. Earl Blumenauer, who announced his retirement in 2024 after serving the district since 1996. During her tenure in the Oregon Legislature, some of the key issues Rep. Dexter advanced related to healthcare, housing and public health. Rep. Dexter grew up in Bothell, Washington and was the first in her family to graduate from college. She received her bachelor’s degree in political science and communication from the University of Washington and her Doctor of Medicine from the university’s School of Medicine. Following her medical residency in Colorado, she moved to Portland with her husband and two kids. There she began her career as a physician at Kaiser Permanente where she practices both inpatient and outpatient medicine in pulmonary and critical care subspecialties. The 3rd Congressional District, which includes Portland and parts of surrounding areas, has long been a Democratic stronghold. Dexter beat out four other candidates with 67.7% of the vote. Her election represents a continuation of the district’s progressive legacy. In January, Rep. Dexter was appointed to the House Natural Resources and Veteran’s Affairs Committees. REP. JANELLE BYNUM (D-5th District) Rep. Janelle Bynum, a small business owner and former state legislator (2017–2024), succeeds Republican Rep. Lori Chavez-DeRemer, flipping the district back to Democratic control. Rep. Bynum is the first Black member of Congress elected in Oregon. During her time in the Oregon legislature, some of the key issues she advanced related to public safety, education, affordable housing and economic opportunity. Rep. Bynum grew up in Washington, D.C. where her teacher parents instilled that education was the key to a better, safer world. After attending The Madeira School, she obtained her bachelor’s degree in electrical engineering from Florida A&M University and her MBA from the University of Michigan. In 2002, Rep. Bynum relocated to Clackamas County. Today, she resides in Happy Valley with her husband and four children. Rep. Bynum operates her family’s small business, running four restaurant franchises. The 5th Congressional District is one of Oregon’s most politically diverse, encompassing suburban, rural and urban communities from Portland to parts of central Oregon. Rep. Bynum won the five-way race for the District with 47.7% of the vote total. The race was the 11th most expensive in the 2024 cycle, drawing over $26 million in outside spending. Bynum was appointed to the powerful and influential House Financial Services Committee in January. The committee, which is arguably the most important to banks and bankers, is responsible for banking legislation and oversight, as well as deposit insurance, monetary policy and economic stabilization, among other areas. Winter 2025 • BANKING MATTERS 15
Thank You to OBA’s 2024 Oregon BankPAC Individual Investors BANKPAC The following individuals made a 2024 contribution to Oregon BankPAC, the only political organization in Oregon specifically designed to meet the needs of Oregon bankers. Representation on this scale is essential in establishing and maintaining an optimum environment for banking and business in the state of Oregon by financially supporting candidates who understand the interests of the banking industry. To learn more or to make a 2025 contribution to Oregon BankPAC, visit www.oregonbankers.com/oregon-bankpac. Cornerstone Society $1,000 and above Bailey, Jeff Beattie, Julia Correa, Shane Dempster, Ryan Deuel, Jeffrey Green, Ron Hemmings, Chris McDonald, Bryan Salyers, Kate Schlotfeldt, Jim Stuchlik, Cathy Stuchlik, Jarrett Stuchlik, Justin Sumpter, Jeff Wanichek, Craig Zimmerman, Gordon Chairman’s Circle $500–$999 Bennett, Jenny Busse, Roger Campbell, Tim Erb, Steve Kelley, Michael Leach, Emily Mehlum, Ann Marie Navarro, Linda Purcell, Cindy Rollins, Edward Storment, Andy Trautman, Jr., Ken Wessling, Jason Ambassador Club $250–$499 Baisch, Kyle Benetti, Joe Bouneff, Elise Bridge, Phil Brown, Rich Buehler, Patty Christiansen, Kevin Cox, Dan Cussins, Vickie Fajardo Faust, Lisa Fischer, Riley Fitzgerald, Kevin Fowler, Darvin Gibson, Kyle Glasby, William Hansen, Dave Hodge, Malcolm Humphreys, Jr., Bill Johnson, Kerrie Kaliher, Lori Kane, Chris Kindle, Becky Knott, Nathan Langeliers, Andrea Moran, Thomas Newton, Gregory Nunn, Lance Painter, Troy Peterson, Joel Pietz, Ryan Schild, Randy Smallwood, Tyler Smith, Matt Steinberg, Elizabeth Swartley, Dave Thompson, Jon Thompson, Robert Wahlin, Dan Webster, Brad Weinhold, Paul Wiles, John Investor $100–$249 Amick, Kirk Anhorn, John Armstrong, Bob Austin, Ted Baker, Matt Burkhart, Brook Clawson, Bruce Cossitt, Karen Dare, Darryl Davis, Curtis Dobie, Lindsay Downing, Trevor Edmeades, Mary Ekblad, Bob Elkins, Boyd Fordice, Di Fortner, Jim Gilroy, James Grimes, Mary Grossnicklaus, Neil Haddock, Julie Hilderbrand, Jeff Hurl, Douglas Johnson, Jim Johnson, Jon King, Bob Korth, Steven Lemmon, Mark Levy, Harlan Liebow, Todd Merrill, Linda Micheline, Regina Moffitt, Jamie Moser, Joyce Oakes, Greg Portmann, Denise Quillen, Darrin Reichenberger, Troy Reno, Jeri Reukauf, Joan Riley-Cox, Caroll Rollins, Tricia Schubert, Jennifer Seip, Maria Seppa, Heather Sifuentez, Lucy Stirewalt, David Stone, Angie Thomas, Brian Trautman, Lindsey Walker, Aaron Washington, Harold Welch, Tricia West, Kathy White, Amber Zash, Angie Friend Up to $100 Anderson, Heather Bradshaw, Nial Curry, Dawn Hoefling, Aaron Keylock, Sarah Larson, Tracey Pliler, Pam Quintana, Marcie Rose, Andee Thomas, DeeAnne Unger, Tom Thank You to OBA’s 2024 Silent Auction Donors Special thanks to the generous donors who supported OBA’s silent auction held during the Oregon Bank Leadership Symposium. A total of $10,444 was raised with $3,317 supporting Oregon BankPAC to strengthen the industry’s advocacy efforts and $7,126 raised for the OBA Education Foundation, sustaining valuable programs supporting financial literacy and developing the next generation of bankers. Allen Trust Company Ascribe Bank of Eastern Oregon Bank of the Pacific Banner Bank Becky & Kerry Tymchuk Citizens Bank Clackamas County Bank Delap LLP Farleigh Wada Witt First Federal Graduate Eugene Heritage Bank ICBA Securities Jennifer Wagner of Cornerstone Advisors KeyBank Lane Powell Lewis & Clark Bank Moss Adams LLP Oregon Bankers Association Oregon Pacific Bank Oregon State University College of Business Pacific Coast Banking School Pacific West Bank People’s Bank of Commerce Riverview Bank Saalfeld Griggs Sherman, Sherman, Johnnie & Hoyt Summit Bank Sunriver Resort Tom Hayes of D.A. Davidson Trang Sumpter U.S. Bank University of Oregon Lundquist College of Business Willamette Valley Bank 16 Winter 2025 • BANKING MATTERS
2024 Oregon BankPAC Corporate Investors BANKPAC OREGON BANKPAC 2024–2025 FUNDS January 1, 2023–December 31, 2024 Biennial Goal: $300,000 SUMMARY OF FUNDS RAISED: $101.41% of Goal as of December 31, 2024 Federal: $25,115.35 State: $279,109.95 Total: $304,225.30 — 100% — 90% — 80% — 70% — 60% — 50% — 40% — 30% — 20% — 10% Thank you to the following organizations that made a 2024 corporate level contribution to Oregon BankPAC. Titanium Level: $10,000 or more per year Bank of Eastern Oregon Heritage Bank People’s Bank of Commerce Diamond Level $7,500–$9,999 per year Banner Bank Oregon Pacific Bank Summit Bank Platinum Level $5,000–$7,499 per year Citizens Bank Clackamas County Bank Willamette Valley Bank Gold Level $2,500–$4,999 per year Bank of America Bank of the Pacific Lewis & Clark Bank Oregon Coast Bank Pacific West Bank Riverview Bank U.S. Bank Washington Trust Bank Wells Fargo Silver Level $1,000–$2,499 per year Allen Trust Company Community Bank JPMorgan Chase & Co. Winter 2025 • BANKING MATTERS 17
COUNSEL'S CORNER Legal Whiplash: Evolving Corporate Transparency Act Filing Deadlines By Erich M. Paetsch, Lawyer – Creditors’ Rights and Business Litigation Practice Group, Saalfeld Griggs PC A lot has been written about the Corporate Transparency Act (CTA) since its passage by Congress in January 2021. The CTA requires most corporations, limited liability companies, and similar entities to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a part of the U.S. Treasury Department. The CTA’s stated purposes include combating illicit activities like money laundering, terrorist financing and tax evasion by enhancing corporate transparency. The CTA impacts financial institutions indirectly, since most financial institutions are directly exempt from many of the CTA’s mandates. For example, if a title company is a nonexempt “reporting company” as defined in the CTA, it has certain reporting and record keeping obligations. After January 1, 2024, many title companies will require greater documentation for certain real estate transactions to satisfy the CTA. That process is complicating closing and delaying some transactions. Despite being exempt, lenders were forced to update underwriting and other policies to align their practices with the CTA. One requirement under the CTA that is under intense scrutiny is the independent obligation of reporting companies to provide information to FinCEN. The CTA requires companies formed in 2024 to fulfill their reporting obligation to FinCEN at the time of formation. For companies formed before 2024 and who are not exempt from the reporting requirements, receipt of beneficial ownership information (BOI) was due by January 1, 2025. However, numerous lawsuits have been filed challenging the reporting requirements of the CTA and altering the deadline of when BOI is due to FinCEN. In December 2024, the reporting deadline changed rapidly and several times, creating uncertainty about how to comply with the CTA. On December 3, 2024, in the case of Texas Top Cop Shop, Inc. v. Garland, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction temporarily blocking enforcement of the CTA’s reporting requirements around the United States. Because some established corporations were unaware of the BOI reporting requirement or were waiting until the end of the year to submit their BOI to FinCEN, the District Court’s ruling created uncertainty about when and whether compliance with the CTA was necessary. While other litigation around the United States challenging the CTA was ongoing, this was the first time a U.S. District Court had issued a nationwide injunction halting the BOI reporting requirements under the CTA. In response, the Department of Justice (DOJ) filed a motion with the Texas District Court to stop the nationwide injunction while it was appealed to the Fifth Circuit Court of Appeals. When the District Court did not agree, the DOJ filed an emergency motion with the Fifth Circuit Court of Appeals seeking to reinstate the CTA’s reporting requirements and to stay the injunction on December 13. The DOJ asked the Fifth Circuit to rule “as soon as possible but in no event later than December 27, 2024, to ensure that regulated entities can be made aware of their obligation to comply before January 1, 2025.” After a highly publicized legal battle—creating constantly changing deadlines and whiplash for observers—the nationwide injunction remains in place until a complete ruling is issued by the Fifth Circuit Court of Appeals. The briefing to the Fifth Circuit about the nationwide injunction is due soon and oral arguments are scheduled for the end of March. Either party could file an emergency appeal of an adverse ruling to the U.S. Supreme Court. The evolving court decisions and constantly changing deadlines have created confusion and uncertainty about when and whether compliance with the CTA is required. It did not help that the Fifth Circuit overruled its own motions panel that initially ruled the nationwide injunction was improper. The reporting requirements under the CTA remain in limbo because of ongoing litigation. FinCEN currently states: “In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force.” A ruling from either the Fifth Circuit Court of Appeals or the Supreme Court revoking the injunction and reinstating the BOI filing requirement will occur after oral arguments. Any ruling terminating the nationwide injunction would reinstate the BOI reporting requirement to FinCEN immediately. Most authorities are now recommending nonexempt companies who have not already provided BOI to FinCEN should prepare their BOI reports to file as soon as a final decision on the injunction is reached. It is unclear how noncompliance with the reporting requirements may be enforced considering recent events, but the CTA includes stiff fines and penalties for noncompliance. 18 Winter 2025 • BANKING MATTERS
PEER GROUPS Explore Engagement and Networking Opportunities Through OBA Peer Groups The start of a new year presents an ideal opportunity to explore engagement through OBA peer groups. These groups foster professional growth for individuals and their institutions, benefiting the entire industry. Meetings, held both inperson and virtually, facilitate networking, roundtable discussions, exploration of industry issues, and learning from guest presenters, particularly OBA Associate Members. Peer groups with this icon require managerial approval. Peer groups with this icon advise OBA on policy matters. Agriculture Roundtable Meeting Frequency: 2–3x/year Designed for bankers involved in agriculture lending. Meetings include presentations by industry experts, government agencies or legislators followed by the opportunity for roundtable discussion. The roundtable may also participate in an annual field trip to learn more about the operations of an agricultural business for industry education and peer networking. The roundtable also advises OBA on policy matters. Bank Counsel Roundtable Meeting Frequency: 2–4x/year Open to inside and outside counsel for Oregon’s banks, this peer group is designed to provide a forum for discussion of legislative, regulatory and legal issues impacting banks. Bank Operations Roundtable Meeting Frequency: 4x+/year Designed for those involved in bank operations, this peer group tackles issues related to running the operations side of the bank. Meetings provide a forum to discuss current issues and best practices which are often addressed by industry experts, government agencies or legislators. Community Engagement Roundtable Meeting Frequency: 2–3x/year This peer group is designed for those with CRA responsibility at their bank. Objectives for this group include working with stakeholders to facilitate communication between local communities and OBA members and to increase understanding of the Community Reinvestment Act. Compliance Roundtable Meeting Frequency: 4x/year This peer group provides a forum for bank compliance professionals to share ideas and discuss issues related to compliance with federal, state and local regulations and statutes. Meetings include presentations by industry experts and roundtable discussion. Finance & Accounting Committee Meeting Frequency: 2–3x/year This committee is designed for CFOs and those with finance or accounting responsibilities. Meetings provide a forum to discuss issues related to bank financial management, accounting, regulation and best practices. Hot topics are addressed by industry experts, government agencies and legislators. Financial Institutions Security Task Force (FIST) Meeting Frequency: 4x/year FIST is a cooperative effort made up of representatives from the bank and credit union industries in Oregon and Washington, as well as representatives from local, state and federal law enforcement agencies. The goal of FIST is to reduce crimes committed against financial institutions. Government Relations Committee Meeting Frequency: 4x+/year This committee advises the OBA Board on state and federal legislation and regulations impacting Oregon’s banking industry. It also recommends initiatives to enhance the industry’s position as the preeminent provider of financial services in the state. Meeting frequency increases to weekly when the Oregon Legislature is in session. Human Resources Committee Meeting Frequency: 4x+/year This committee is designed for bank human resource professionals. Meetings are held four times per year and provide a forum to discuss current employment issues, regulations and best practices. Current issues are addressed by industry expert guest speakers and government agencies. Continues on page 29 Winter 2025 • BANKING MATTERS 19
EDUCATION OBA Celebrates 2024 Executive Development Program Graduates The Oregon Bankers Association was proud to celebrate 22 bankers who comprise the 2024 graduating class of the OBA Executive Development Program (EDP). The students were recognized and presented with their graduation certificates during an awards luncheon in December. The Executive Development Program is a rigorous, yearlong program dedicated to shaping the next generation of banking leaders. EDP is led by seasoned instructors with deep industry expertise who equip participants with the strategic, financial and communication skills essential for success in today’s financial institutions. Beyond classroom learning, EDP features a unique mentorship component, pairing participants with senior executives from their banks. These mentors provide invaluable guidance, reinforce lessons, facilitate connections with key bank leaders, and support homework preparation. With its comprehensive curriculum and mentorship-driven approach, EDP empowers participants to grow into confident, capable leaders who are ready to navigate the complexities of the banking industry. Congratulations to the following 2024 Executive Development Program graduates: y Teva Adkins, VP & Regional Branch Manager, Pacific West Bank y Noah Brosio, Data Analyst, Evergreen Federal y Tamara Brown, VP & Relationship Banking Officer, Heritage Bank y Maria Combs, VP & Bank Operations Manager, Willamette Valley Bank y Eric Compton, Assistant Controller & Assistant Loan Officer, Pioneer Trust Bank y Michelle Corona, SVP & Director of Operations, Oregon Pacific Bank y Kevin Eisenbarth, AVP & IT Manager, Oregon Coast Bank y Callie B. Elliott, VP & Branch Manager, Citizens Bank y Jedd Fly, VP & Branch Manager, Oregon Coast Bank y Katrina Foster, VP & Operations Risk Manager, Umpqua Bank y Cody Fuller, Branch Manager, Citizens Bank y Shelly Hankins, Branch Manager, Bank of Eastern Oregon y Julie Homen, Branch Manager, Evergreen Federal y Ryan Kliewer, VP & Area Manager, Heritage Bank y Kara McDaniel, SVP & Commercial Banking Team Lead, Heritage Bank y Hans McKnight, VP & Operations Support Officer, Summit Bank y Brian J. Mitchell, Senior Commercial Loan Officer & Credit Administration, Pioneer Trust Bank y Rebekah Pratt, SVP & Business Client Advisor, Summit Bank y Tara Quincy, VP & Branch Manager, First Federal y Jami Reynolds, VP - Human Resources, Lewis & Clark Bank y Rita Strandholm, VP & Commercial Relationship Manager, Umpqua Bank y Phoebe Thums, EVP & Indian Country Strategist, Craft3 OBA will be offering the yearlong Executive Development Program again in 2026. Space is limited, so those interested should reserve a spot now by contacting EDP Program Advisor Lori Kaliher at [email protected] or (503) 576-4108. 2024 Executive Development Program graduates (some not pictured) and EDP Advisor Lori Kaliher. 20 Winter 2025 • BANKING MATTERS
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