Volume 136, No. 25June 21, 2010

In This Issue...Federal Gift Card Legislation Takes Effect SoonFeature............................................3

Charter Activity............................8

Classified.......................................9

Debit Card Issuer Study...........12

Please route this issue:

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Jan L. Miller

Miller to Lead Oklahoma Bankers

Boudreaux Named President/COO, Jeff Davis Bank

Pardue Is President/CEO, Community Trust in TX

Allen J. Medus Jr., chairman of the board of directors of Jeff Davis Banchshares Inc., Jennings, LA, has announced the appointment of Boyd R. Boudreaux as president/COO of Jeff Davis Bank & Trust Company, Jennings. Boudreaux has 32 years of banking experience, most recently serving as president/CEO of Fidelity Home-stead Savings Bank in New Orleans. He is a graduate of the University of Louisiana-Lafayette, the Savings and Loan Institute of the

Community Trust Bank of Texas has announced Van Pardue as president/CEO at the 8222 Douglas Ave. office in Dallas. The 25-year banker pre-viously served as market president for affiliate Com-munity Trust Bank in Monroe, LA. Pardue holds a BBA degree from the University of Louisiana-Monroe (ULM). He has been involved in sever-al Monroe civic organizations, includ-ing serving as chairman of the Monroe Chamber of Commerce in 1992 and as chairman of Ouachita Economic De-velopment Corporation in 2002-2003. His greatest passion, other than his family, is baseball. He was part of the “Fab Four Pitchers” at ULM and pitched for the National NAIA Cham-pionship and was later inducted into the ULM Baseball Hall of Fame. Community Trust Bank of Texas operates banking centers in Dallas, Plano, and Fort Worth Q

Pardue

South, and of numerous banking pro-grams. Boudreaux served as the 2009-2010 chairman of the Louisiana Bankers Association and is now serving a one-year term as immediate past chair-man. Medus also announced that Dan L. Donald Jr. will remain as vice chair-man/CEO of Jeff Davis Bancshares and will become chairman/CEO of Jeff Da-vis Bank. Donald previously served as president of the bank. Jeff Davis Bank & Trust Company was organized in 1946 and opened for business on March 12, 1947. Today, the bank operates 14 locations in South LA, mainly along Interstate 10 Q

Boudreaux

Catoosa, OK, banker Jan L. Miller was installed as chairman of the Oklaho-ma Bankers Association at the OBA’s 113th Lead-ership Forum and Annual Convention held in May in Tulsa. Miller, president/CEO of Bank of Commerce in Catoosa, has served with his bank for the past 24 years and has served in banking for more than 38 years. He also leads as president of the bank’s parent company Com-merce Bancshares Inc. He served the OBA as vice chairman for 2009-2010. Miller accepted the OBA chairman’s gavel from 2009-2010 chairman Marty Hansen during the Chairman’s Dinner & Award Ceremony on May 25. Jane Haskin, president/CEO of First Bethany Bank & Trust, Bethany, became

the OBA vice chairman; she will become chairman in 2001. She previously served

as first vice chairman. Brad Swickey, presi-dent/CEO of Valliance Bank in Oklahoma City, be-came OBA first vice chair-man and will be become chairman in 2012. The OBA membership elected the following new directors, who will serve three year terms: Ronny Ridling, senior vice presi-dent, Southwest State Bank, Sentinel; Kirk Pit-

tman, president/CEO, First National Bank, Seiling; David Roberts, presi-dent/CEO, Community Bank, Bris-tow; Jimmy Eppler, president/CEO, Citizens Bank of Ada; Mike Wynn, president-OK region for Intrust Bank, Oklahoma City; and Dee Sokolosky, president/CEO, First Bank of Owasso Q

Page 2 BANKERS DIGEST June 21, 2010

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has announced the promotion of Da-vid Fisher to senior vice president/bank operations and Gib Baskerville

to vice president/bank operations. Fisher joined the bank in 1996. He attended Ver-non College and graduated from Midwestern State University with a BBA degree. He

has been involved in several local civ-

ic organizations, including the Santa Rosa Palomino Club and Vernon Col-lege farm and ranch management ad-visory committee. Baskerville, a nine-year bank em-ployee, works with Fisher in bank op-erations and customer service. He at-tended Vernon College and graduated from Midwestern State University with a BBA degree in finance in 2006. He is active in local civic organizations, in-cluding Wilbarger County United Fund board of directors, Wilbarger County Crime Stoppers board of directors, City of Vernon planning and zoning commission, Vernon economic devel-opment board, and others Q

p e o p l e TeXAS

Chapa Upped to SVP, Amegy Bank in Houston

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Waggoner National Bank of Vernon Scott Chapa, CFA, has been promoted to senior vice president and invest-

ment management senior portfolio manager at Amegy Bank, Houston. He will be responsible for managing dis-cretionary portfo-lios for high net worth individuals, endowments, and foundations.

Previously, Chapa was a vice presi-dent and the senior investment analyst for Amegy’s retirement plan services group. He currently serves as the chair-man of the investments committee for Amegy Investments Inc., co-chairman of the investment management due diligence committee, and a member of the Amegy asset allocation committee. He joined Amegy in 2004 and earlier served at National Fiduciary Services as an investment consultant. Chapa earned a BS degree in fi-nance from the University of Houston in 1997. He has more than 16 years of experience in investments and holds licenses and designations, including Chartered Financial Analyst (CFA) Q

Fisher Is SVP, Baskerville VP, Waggoner National

ChapaFisher

June 21, 2010 BANKERS DIGEST Page 3

F e A T U R e

ByDavid Boneno

LBA General Counselwww.lba.org

(continued on Page 11)

CREDIT CARD ACT

Federal Gift Card Legislation Takes Effect Soon

B D

FEATURE

When Con-gress passed the Credit Card Ac-countability Responsibili-ty and Disclo-

sure Act of 2009, (“Credit Card Act”), it included new provisions on gift cards in Title IV of the Act, which is expect-ed to take effect on August 22, 2010. The gift card provisions define certain types of products, sets some limita-tions on certain fees and charges, establishes limitations on expiration dates, and authorizes additional rule-making. The Credit Card Act gift card provisions amend the Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.). The Credit Card Act defines gen-eral-use prepaid cards to mean a card or other payment code or device issued by any person that is redeem-able at multiple, unaffiliated mer-chants or service providers or ATMs, and issued in a requested amount, whether or not that amount may, at the option of the issuer, be increased in value or reloaded if requested by the holder. Also included in the defini-tion is that a general use prepaid card is purchased or loaded on a prepaid basis and the card is honored, upon presentation, by merchants for goods or services or at ATMs (Section 401, Electronic Fund Transfer Act Section 915(a)(2)(A)). Thus, financial institu-tions might issue general-use prepaid cards. The Credit Card Act defines a gift certificate as an electronic promise that is redeemable at a single mer-chant or an affiliated group of mer-chants that share the same name, mark, or logo; it is issued in a specified amount that may not be increased or reloaded; it is purchased on a prepaid basis in exchange for payment; and it is honored upon presentation by such

single merchant or affiliated group of merchants for goods or services (Sec-tion 401, Electronic Fund Transfer Act Section 915(a)(2)(B)). The Credit Card Act defines a store gift card as an electronic promise, plastic card or other payment code, or device that is redeemable at a single merchant or affiliated group of merchants that share the same name, mark, or logo; it is issued in a specified amount, whether or not that amount may be increased in value or reloaded at the request of the holder;

it is purchased on a prepaid basis in exchange for payment; and it is hon-ored upon presentation by such single merchant or affiliated group of mer-chants for goods or services (Section 401, Electronic Fund Transfer Act Sec-tion 915(a)(2)(C)). The Credit Card Act excludes from the definition of these three terms an electronic promise, plastic card or payment code or device that is: used solely for telephone services; reload-

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Castillo, Olivas, & Charter Promoted, Security Odessa

Post Oak Bank, Houston, has an-nounced the staff who will manage the bank’s sixth banking facility in Conroe at 1302 West Davis, Ste. A, which will open during the third quarter of 2010. Larry Corley, executive vice president and ad-visory director, will serve as banking facility manager. He has served in banking since 1975, most recently serving as senior vice presi-dent/loan officer at Texas Community Bank, N.A., in Conroe. He received an MBA degree from Sam Houston State University. Sheri Patterson will serve as vice president. She has nine years of bank-ing experience, most recently as an administrative officer at First Bank of Conroe, N.A. Jeff McGee will serve as assis-tant vice president and branch opera-tions manager. He has seven years of banking experience, mostly recently as a personal banker at Wells Fargo Bank, N.A. Q

Security Bank, Odessa, has announced the promotion of three officers, ac-cording to Jim Smitherman, CEO. Corina Benavides-Castillo was promoted to vice president, director of human resources and training. She also has been named to the bank’s executive committee. She holds a BBA degree in management and has recently completed the PHR certifica-tion. The four-year bank employee is also a member of the Texas Bankers Association’s HR & Training Commit-tee. Selena Olivas was promoted to vice president, sales and service direc-tor. She oversees all sales and service functions of bank operations, includ-ing the retail branches, call center, and business development. The veter-an banker earlier served with TexStar Bank of Midland. Kristin Charter was promoted to assistant vice president, director of marketing. She has spearheaded the bank’s marketing strategic plan over the last year and was instrumental in the rebranding of the bank’s image as a newly merged institution. She has a marketing degree from Stephen F. Austin State University Q

Corley, Patterson, McGee Named, Post Oak Bank

Corley

MCann Is EVP/CFO, Aliz VP/CLO, PasadenaPasadena-based Texas Citizens Bank, N.A., has elected Russell McCann ex-executive vice pres-ident and CFO. McCann has served in the bank-ing industry since 1986. He previous-ly served as CFO of Franklin Bank and treasurer of Bank United, both in Houston. He earned a BBA degree in accounting from Stephen F. Austin State Univer-sity in 1978 and is a CPA. Noble J. Aliz Jr. has been hired as vice president of commercial lending. He has more than 15 years of banking experience in operations management and business development. He most recently served with Sterling Bank in Houston. He is a graduate of Texas Southern University. He is active in the South Belt-Ellington community, including serving on the board of the Houston Graduate School of Theology, and as an advisory director of Eye Care for Kids Foundation Q

MCann

Burkholder Named VP/IT, First United Bank, LubbockCarter Burkholder has been hired as vice president of information technol-ogy for First United Bank’s holding company, Plains Bancorp. He will of-fice at First United Bank’s Lubbock Northwest Banking Center at 4th and Frankford. His duties will include IT network consulting, contract review, policies and documentation, and se-curity compliance. He is a Pecos native and a gradu-ate of New Mexico Military Institute in Roswell. In 2008, he earned a BSBA degree from the University of Phoenix and in 2010 an MBA degree in tech-nology management. He has several years of IT experience with a back-ground in compliance Q

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and Trust Co., Hi-bernia National Bank, and First State Bank and Trust Company. Goodrow holds a degree in bank-ing from the School of Banking of the South at LSU Q

p e o p l e TeXAS

Estrada Appointed SVP, PlainsCapital San AntonioAlbert Estrada has been hired as senior vice president of commercial lending for PlainsCapital Bank at the 70 NE Loop 410, Ste. 100, location in San Antonio. He will be respon-sible for develop-ing banking rela-tionships within the San Antonio health care indus-try. Estrada has 26 years of banking experience. He previ-ously served as a senior vice president at SNB Bank of San Antonio. He holds a BBA degree in finance from The University of Texas at San Antonio and a BA degree in art and history from The University of Texas at Austin. He is an active community volunteer serving as a member of The University of Texas System Chancel-lor’s Council, the UTSA College of Liberal and Fine Arts advisory council, among other organizations Q

Estrada

Fidelity Homestead Savings Bank, New Orleans, has reported that David Pickett and Judy Howie have joined the bank. Pickett is the new branch operations specialist at Fidelity’s main headquarters at 201 St. Charles Ave. Howie is the new relationship manager at the Kenner branch. Pickett joins Fidelity with more than 21 years of experience in retail bank operations, as a retail staff auditor, a regional operations manager, and the last 12 years as a branch operations analyst for First NBC, Bank One, and JPMorgan Chase Bank. He received a finance degree from the University of Louisiana-Lafayette. Howie has 15 years of mortgage banking experience serving the River Parishes and the Greater New Orleans area. She will serve from the Kenner location at 3720 Williams Blvd. Q

loUISIANA

Pickett and Howie Join Fidelity Homestead Savings

loUISIANAGoodrow Tapped Mortgage Lender at OMNI BANKOMNI BANK, Metairie, announced that it has hired Jenny Goodrow, a 36-year career financial services pro-fessional, to strengthen its mortgage banking business on the Northshore of the New Orleans area. She joins OMNI from NOLA Lend-ing Group LLC of Mandeville where she served as a senior loan officer. She earlier served in other Northshore lending positions at American Bank

Goodrow

Page 6 BANKERS DIGEST June 21, 2010

Centennial Bank in Little Rock has promoted Jeff Hil-debrand to senior vice president. He served previously as a vice president since 2007 and earlier served with predecessor Twin City Bank, North Little Rock Q

p e o p l e

Owens Hired as VP/Lender, Quail Creek Bank, OK CityQuail Creek Bank, n.a., Oklahoma City, reported that Kenton Owens has joined the lending team as a vice president. He will replace vice presi-dent Jerry Lightfoot, who will retire from the bank in August. Owens began his banking career in Laverne, OK, where he moved through all areas of the bank working part-time throughout his college career. He holds a BBA degree in finance from Oklahoma State University. He has served in various OK banks specializing in commercial lending. He is an active volunteer in Oklahoma City Q

oKlAHoMA

Friedman Named Treasury Associate, First State BankThe First State Bank, N.A., Canute, has named Jennifer Friedman treasury ser-vices associate at the new Oklahoma City branch at 3030 Northwest Expwy. Friedman has 11 years of sales ex-perience and previously served at Bank of America as a personal banker for five years. Her duties include analyzing and providing marketing products to com-mercial customers in the areas of col-lection, disbursement, remote deposit, corporate credit cards, merchant servic-es, information management, invest-ment, payroll, and fraud prevention Q

Hildebrand Is SVP, Centennial Little Rock

ARKANSAS

Hildebrand

Six Bankers Join OBA’s 50-year Club at ConventionSix longtime bankers were inducted into the OBA’s 50-Year Club at the association’s convention in May in Tulsa. The following individuals were inducted: George W. “Bill” Athey, The Secu-rity National Bank of Enid; Phil Car-son, NBC Oklahoma in Altus; K. Gor-don Greer, BancFirst Corporation in Tulsa; Robert A. Gregory, BancFirst Corporation in Oklahoma City; Joe E. King, Central National Bank in Enid; and Penn V. Rabb Jr., City National Bank & Trust Co. in Lawton Q

Cushing Banker Bryant OBA Chairman’s Award HonoreeEach year the OBA chairman recogniz-es an individual who has rendered ex-traordinary service to the OK banking industry. The 2009-2010 OBA chairman Marty Hansen selected John Bryant, chairman and president/CEO of fam-ily-owned Bank of Cushing Trust Com-pany in Cushing, for the Chairman’s Award. Hansen said he selected Bryant for his contributions made to the OK banking industry over many years of service. Bryant has served for many years on the government relations council; regularly attends the Wash-ington, DC, trip; and actively partici-pates in helping direct the OBA board and management in regulatory and legislative issues Q

Bankers Digest Wants Your Bank News! See Page 2 for

details.

June 21, 2010 BANKERS DIGEST Page �

N e W S W A T C H TeXAS

Bowie-based Legend Bank has an-nounced that an agreement to sell the assets and liabilities of its Dayton location at 501 N. Cleveland to Secu-rity State Bank of Anahuac has been reached. The P&A agreement is dated June 10, 2010, and is subject to regula-tory approval. Security State Bank was estab-lished in 1925 and has $72 million in assets and two locations serving Ana-huac and Liberty. The bank opened the Liberty branch in 2009. The Day-ton location will allow the bank to serve its customers in Chambers and Liberty counties, said Security State president/CEO Gary P. VanDeventer. Legend Bank Dayton president is Arlene Langham. Legend Bank, established in 1890, has $575 million in assets and nine locations serving Bowie, Nocona, Al-vord, Henrietta, Whitesboro, Decatur, Bonham, Fort Worth, and Dayton Q

Security State Anahuac Acquires Dayton Branch

oKlAHoMA

First Fidelity Bank, N.A., Oklahoma City, is celebrating its 90th anniver-sary in 2010. The family-owned bank is managed by fourth generation banker Lee Symcox, president/CEO, who has served First Fidelity for nearly 30 years. First Fidelity Bank’s roots date back to 1920 and the founding of First State Bank of Norman. In 1922, the bank received a national bank charter and changed its name to City National Bank & Trust Company. In 1952, John Raymond Symcox of Cordell acquired City National Bank. In 1986, Bill Cameron acquired Com-mercial Bank, N.A., of Oklahoma City and in 1989 changed its name to First Fidel-ity Bank, N.A. In 1992, First Fidelity Bank merged with the Symcox-owned City National Bank, marking the beginning of today’s $1 billion-asset organization. In 2004, First Fidelity opened an LPO in AZ and today has four full-service offices in Phoenix and Scottsdale Q

First Fidelity Bank, OK City, Celebrates 90 Years Strong

J. Mark Riebe, chairman of the board and president, announced that The Bank, Weatherford, has entered into an agreement whereby Texas Banc Fi-nancial Corp., a bank holding company controlled by Bill Knight, will acquire 100% of the outstanding stock of The Bank, Weatherford. Riebe said in an article in the Weatherford Democrat that present management will continue. The Bank moved to Weatherford from Whitney in July 2000. Its origi-nal charter dates to 1987 when it was known as Ellis County State Bank, Mil-ford. The Bank operates from one loca-tion under the blue roof at 901 Santa Fe Dr. Knight, chairman of Texas Banc Fi-nancial Corp., is a director of Texas Bank, Brownwood, and former chair-man of the board of Texas Bank, Weatherford, which was sold to Com-pass Bancshares in 2006 after serving Weatherford for more than 100 years Q

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C h a r t e r

a c t i v i t y

R e g U l A T o R S

WA state banking regulator closed Washington First International Bank, Seattle, on June 11, and the FDIC was named receiver. The FDIC entered into a P&A agree-ment with East West Bank, Pasadena, CA, to assume all of the deposits of the failed bank and to purchase ap-proximately $501 million of the failed bank’s assets under a loss-share trans-action on $418.8 million. The FDIC will retain the remaining assets for later disposition. As of March 31, 2010, the failed bank had approximately $520.9 mil-lion in total assets and $441.4 million in total deposits. The FDIC estimates the cost to the DIF will be $158.4 million Q

Seattle, WA, Bank Fails, YTD Total 82 Failures

ArizonaBRANCHES The OFFICE OF THE COMPTROL-LER OF THE CURRENCY has received an application by U.S. Bank, N.A., Cin-cinnati, OH, for a branch at 1300 S. Watson Rd., Buckeye. The OCC has received an applica-tion by National Bank of Arizona, to relocate a branch from 902 E. Deuce of Clubs to 1400 E. Woolford, Show Low.ArkansasCHARTERS The OCC has reported a national to state bank charter conversion applica-tion was effective for Southern Ban-corp Bank, Bytheville.LouisianaBRANCHES The OCC has approved an applica-tion by Citizens National Bank, N.A., Bossier City, for a downtown branch at US Hwy. 84 & US Hwy. 171, Mansfield. The OCC has approved applications by Capital One, N.A., McLean, VA, for branches: 3001 Tulane Ave., New Or-leans; 9350 Westbank Expwy., Bridge City; and 4646 Hilry Huckaby III Ave., Shreveport. The OFFICE OF FINANCIAL IN-STITUTIONS has filed an application by Quachita Independent Bank, Mon-roe, for a branch at 1270 Hwy. 15, West Monroe.MERGERS AND ACQUISITIONS The OFI has filed an application by Bank of Erath, Erath, to engage in a statutory exchange with Bank of Erath

Holding Company, whereby Bank of Erath Holding Company will become a one-bank holding company. The OFI has filed an application by Community Trust Bank, Choudrant, to merge its affiliate Community Trust Bank of Texas, Dallas, with and into Community Trust Bank and to estab-lish the existing branches in TX as branches of Community Trust Bank.TexasBRANCHES The OCC has approved an appli-cation by Community National Bank, Midland, to relocate a branch from 4300 N. Midland Dr. to 5329 Loop 250 N., Midland. The OCC has received an applica-tion by The Comanche National Bank, Comanche, for a branch of First Na-tional Bank of Santo, a division of Comanche National, at 9702 Mineral Wells Hwy., Cool.MERGERS AND ACQUISITIONS The FEDERAL RESERVE BANK OF DALLAS has filed an application by Ford Financial Fund, LP; Ford Ul-timate Management, LLC; and certain other entities related to Gerald J. Ford, all of Dallas, to become a bank hold-ing company through the acquisition of 91% of Pacific Capital Bancorp, San-ta Barbara, CA, and indirectly Pacific Capital Bank, N.A., Santa Barbara, CA. The OCC has received an applica-tion by Community National Bank & Trust of Texas, Corsicana, to P&A the Red Oak branch, at 309 E. Ovilla Rd., Ste. 1100, of Jefferson Bank, Dallas. The TEXAS DEPARTMENT OF BANKING has withdrawn an applica-tion by D’Hanis State Bank, D’Hanis, to merge San Antonio National Bank, Refugio, with D’Hanis State Bank Q

TARp UpDATe

The Treasury Department on June 11 hailed what it called a milestone in the history of the $700 billion finan-cial industry bailout, otherwise known as TARP, when it reported the amount repaid by banks and other recipients surpassed the outstanding balance. In its latest monthly report to Congress, Treasury officials said the TARP repayments reached $194 bil-lion, which tops the $190 billion still outstanding. The TARP fund received a big repayment in May after Trea-sury completed the sale of 1.5 billion shares of TBTF Citigroup stock, raising $6.8 billion. “TARP repayments have continued to exceed expectations, substantially reducing the projected cost of this program to taxpayers,” said Herb Alli-son, Treasury assistant secretary for fi-nancial stability. TARP losses are now projected at $105.4 billion, according to the Obama Administration. Of the $205 billion injected into banks, $137 billion has been repaid.In addition, Treasury has received $23 billion in dividends, interest, and oth-er income, primarily from the sale of stock warrants received as part of the investments. As of May 31, another TBTF AIG owed $49 billion of the $190 billion outstanding balance Q

Treasury Reports Payments Exceed Outstanding Balance

June 21, 2010 BANKERS DIGEST Page �

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Page 10 BANKERS DIGEST June 21, 2010

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plicants may apply online at www.firstfinbank.com. Search for Boyd location. EOE/AAP.

DATA PROCESSING ASSISTANT MANAGER WANTED for community bank in Plano, TX, with 10 locations for in-house processing manage-ment. Candidate should possess ex-perience with ACH origination/CSPI item processing; E Deposits set up and monitoring, plus knowledge of FISERV Precision; Internet Bank-ing/Paytraxx. Good computer and customer service skills a must. Bank offers great benefits. Experienced applicants please submit resumes to human.resources@fibtx.com.

Community bank branch in West Texas needs experienced (10+ years) WEST TEXAS BANKER. Op-portunity for ownership in growing bank with fresh capital. Resume and references to ndallasbanker@gmail.com.

COMMERCIAL LENDING POSI-TION: Coastal Commerce Bank based in Houma, Louisiana, is seek-ing a COMMERCIAL, REAL ESTATE, OR BUSINESS LENDER. Minimum

5 years commercial lending experi-ence with proven business develop-ment skills. The ideal candidate will possess strong analytical and credit underwriting abilities. Competitive salary and benefits. Send cover let-ter and resume to: P.O. Box 4177, Houma, LA 70361. EOE/AA.

Growing Hill Country bank seeks SENIOR LENDING OFFICER. Strong business development and credit skills needed. Qualified candidates please forward resume and salary requirements to jawjr61@hotmail.com.

DATA PROCESSING COORDINATOR position in Waco, Texas. Individual for this position will work with the network administrator, vendors and the IT manager with special project coordination and implementations

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C l A S S I F I e D as they relate to mainframe and re-lated applications. Mainframe/Data Processing Operations experience in banking preferred. kholt@am-bankwaco.com. Equal Opportunity Employer.

TEXAS DEPARTMENT OF BANKING seeks regulatory FINANCIAL EXAM-INERS at various levels of expertise. See “Jobs” on the website at www.banking.state.tx.us.

EQUIPMENT FOR SALE

FOR SALE: Used & refurbished bank equipment. Over 340 types SD locks, repair parts & timelocks for all brands excluding ATMs & re-mote drive-ins. OK license #1055. 1-800/642-8763, or FAX: 580/584-7720, or email: underwoodsafe@ya-hoo.com or www.underwoodsafe.net.

BANKING EQUIPMENT NEW AND USED: x2 units, fireproof files-notes, legal and letter, Money safes. FLAIR SYSTEMS, 800/468-1246, 214/340-3580.

MODULAR BANK BUILDINGS: Looking to Branch? Opening a New Charter? Disaster Planning? Need a Temporary while Remodeling? Tem-porary/Permanent Modular Bank Buildings new and used. North American Buildings, 888-800-8866, www.NorthAmericanBuildings.com.

FOR SALE: 2 used BanTec 12-pock-et Sorters. For more details, please contact Sue Newnam, 918/366-1426 or snewnam@citizenssecurity.com.

able and not marketed or labeled as a gift card or gift certificate; is a loyalty, award or promotional gift card, as de-fined by the Fed; is not marketed to the general public; is issued in paper form only (including for tickets and events); or is redeemable solely for admission to events or venues at a particular location or group of affiliat-ed locations, which may also include services or goods obtainable in cer-tain limited circumstances (Section 401, Electronic Fund Transfer Act Sec-tion 915(a)(2)(D)). Service fees are defined under the Credit Card Act to mean a periodic fee, charge or penalty for holding or use of a gift certificate, store gift card, or gen-eral-use prepaid card. Excluded from service fees with respect to general-use prepaid cards is a one-time ini-tial issuance fee (Section 401, Electronic Fund Transfer Act Section 915(a)(3)). Dormancy fees, inactivity charges or fees, and service fees can only be charged in limited circumstances. Such fees may be charged if there has been no activity with respect to the certificate or card in the 12-month period ending on the date on which the charge or fee is imposed; if certain disclosure requirements have been met; so long as not more than one fee may be charged in any given month.

The Fed is also authorized to place ad-ditional restrictions through its rule-making authority on charging such fees (Section 401, Electronic Fund Transfer Act Section 915(b)). The imposition of expiration dates on gift certificates, store gift cards, and general-use prepaid cards is limited to circumstances where the expiration date is not earlier than five years after the date on which the gift card was is-sued or the date on which card funds were last loaded and the terms of ex-piration are clearly and conspicuously stated (Section 401, Electronic Fund Transfer Act Section 915(c)). The Federal Reserve Board is di-rected to prescribe regulations to carry out the provisions of Section 401 of the Act. In particular, the Fed is authorized to include additional requirements on the amount of dor-mancy fees, inactivity fees, or service fees that may be assessed. On March 23, 2010, the Federal Reserve Board announced final rules to restrict the fees and expiration dates that may apply to gift cards. (See release: http://www.federalreserve.gov/newsevents/press/bcreg/20100323a.htm ). The final rules prohibit dormancy, inactivity, and ser-vice fees on gift cards unless: (1) the consumer has not used the certificate

(continued on Page 12)

Feature (continued from Page 3)

F e A T U R e

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ADDRESS CHANGE - When writing to us about your subscription, enclose the address label from your copy of Bankers Digest. You can also change your address at www.bank-ersdigest.com under subscriptions.

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PERIODICAL

Current law contains an exclusion for gift certificates that are usable with multiple sellers of goods or services, which generally exempts banks. It should be noted, however, that there is a bill currently pending in the Leg-islature, SB 342, which could change or remove that exemption applicable to banks under state law. [Editor’s note: readers in the Bank-ers Digest coverage area are encour-aged to check their specific state stat-utes which govern gift certificates and gift cards before the August 22, 2010, Credit Card Act effective date] Q

or card for at least one year; (2) no more than one such fee is charged per month; and (3) the consumer is given clear and conspicuous disclosures about the fees. Expiration dates for funds underlying gift cards must be at least five years after the date of issu-ance or five years after the date when funds were last loaded. The final rules are effective August 22, 2010. Remember there is a Louisiana state statute which governs gift certifi-cates and gift cards, La. R.S. 51: 1423.

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A newly released study reveals that the debit card market remained robust during the second year of the eco-nomic downturn and is projected to grow strongly in 2010, but profitability challenges may be on the horizon. The 2010 Debit Issuer Study, commissioned by PULSE, finds that much of the growth in debit use is in small-ticket transactions (less than $20), suggest-ing that more consumers prefer debit over cash for purchases. Issuers surveyed experienced over-all debit card transaction growth of 10% between 2008 and 2009. The study found that year-over-year PIN debit transaction growth outpaced that of signature debit transactions: 13% growth with an average ticket of $41 vs. 9% growth with an average ticket of $35. Both figures for average ticket declined compared to the pre-vious study, and the number of POS transactions also was flat compared to the 2009 study. The 2010 study found that debit card penetration - the percentage of eligible accounts that can be accessed by a debit card - has remained steady at 73% since 2007. Consumer debit cards that are active was 64% in 2009 vs. 66% in 2008. The 2010 study reported issuers’ av-erage signature POS fraud losses in-creased to 7.5 bps, and PIN POS fraud losses increased to 1.0 bps. “Despite the uptick in fraud...the 2010 study identified specific areas of opportuni-ty...such as business debit and rewards programs that are more integrated with checking accounts,” said Tony Hayes, project lead on the study. The 2010 study reported that changes to Reg E, which take effect in July 2010, may result in debit card profitability challenges over the next two years Q

Study Reports Debit Card Market Remains Robust

2010 Annual MeetingThe Independent Community Bankers

Association of New Mexico

Join us at the beautiful

Inn of the Mountain Gods Resort & Casino

Mescalero, NM

July 29 - Aug. 1, 2010

Questions? 505-327-2151

Secure online registration and hotel information are available at the the ICBA/NM website: www.icbanm.org

ICBA/NMPO Box 1810 Aztec, New Mexico 87410-4810