Volume 136, No. 15 April 12, 2010

In This Issue...

Federal Appeals Court Renders Opinion in Subchapter S CaseLegal Phases..................................3

Charter Activity............................9

Classified.....................................10

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Beck

Goodroe Upped to SVP, M&I Bank in Phoenix

Brown

Beck Named Frost Bank Houston, TX, President

Janet Riggins Goodroe has been promoted to senior vice president of M&I Bank’s Arizona region in Phoenix. She is a retail credit manager and has served with M&I Bank since 1985,most recently as a vice president. Riggins Goodroe is a certified cred-it counselor with Consumer Credit Counseling/Money Management In-ternational. She is an active volunteer with Interfaith Christian Ministries Q

Daniel R. Brown has been appoint-ed Beaumont and Port Neches area president and re-gional commercial manager for BBVA Compass, accord-ing to Jim Recer, South TX regional executive. Brown was pro-moted to the posi-tion after serving as area president and commercial manager for the Temple, Belton, and Salado markets. He began his 24-year banking career with Capital One Bank (previously ArgentBank and Hibernia National Bank). He left Capital One Bank in August 2006 to join BBVA Compass when he was named to his previous position in Central TX. A LA native, Brown earned a BS degree in finance from Nicholls State University and attended the Graduate School of Banking at LSU Q

BBVA Compass Moves Brown as Area President

Dave Beck, a TX banking executive with more than 30 years of experience, has re-turned to Houston as president of the Houston region for San Antonio-based Frost Bank, report-ed Dick Evans, Cul-len/Frost president and CEO. Beck has 27 years of experi-ence in the Houston business market. A native of Amarillo, he has worked at Frost for virtually his entire banking career. After earning a BBA degree at SMU and working as a trainee at First National Bank of Ama-rillo, he moved to Houston to work for Cullen Bankers, joining Frost in 1977 when Cullen merged with Frost. He be-came regional president for Houston in 1992 and moved to San Antonio in 1999 to become president of state regions for the Houston and Dallas/Fort Worth re-gions. In 2001, he was named president of business banking administration and chief business banking officer, a

Dawson & Jones Named SVP, Southern BancorpArkadelphia, AR-based Southern Ban-corp has announced that Suzanne Dawson has been promoted to senior vice president and senior retail offi-cer. Dawson’s re-sponsibilities will include broad ar-eas of retail branch a d m i n i s t r a t i o n including: branch staff oversight and staff training, customer service, inter-est rate offerings, and new product development. Pam Jones has been promoted to senior vice presi-dent and senior loan operations of-ficer. Her responsi-bilities will include oversight of loan op-erations functions. She will manage loan products and re-lated software systems and coordinate loan operations staffing and training Q

Dawson

Jones

position he will continue to hold Q

Three former employees of Irwin Union Bank, Phoenix, AZ, have taken positions with Arizona Bank & Trust. Mike Carney, a vice president with 26 years experience, is serving in the bank’s treasury management department. Sherie Fisher, a 14-year banker, is personal banker assistant. Myra Romero, a 26-year banker, is vice president/treasury management officer at 2036 E. Camelback Rd., Phoenix Q

Arizona B&T Hires Carney, Fisher, Romero

Page 2 BANKERS DIGEST April 12, 2010

Marcia B. Messinger has joined Unit-ed Texas Bank, Dallas, as senior vice president of com-mercial and health-care lending. Prior to joining United Texas Bank, Messinger held se-nior positions with Comerica Bank, Frost National Bank, Northern Trust, and JPM-

Bancorp Inc., the parent of FirstBank Southwest, Amarillo, where he serves as president/CEO. He will continue in this position. Smith Ellis suc-ceeds Carl Ellis, who has served as chairman since 1984. They are fourth generation members of the Ellis family which has led the bank since the 1930s. Carl Ellis will continue to serve on the

p e o p l e TeXAS

Smith Ellis Named Chairman, FirstPerryton Bancorp, Amarillo

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Smith Ellis has been named chair-man of the board for FirstPerryton

Smith Ellis

Messinger

Messinger Joins United Texas Bank, Dallas, as SVP of Commercial and Healthcare Lending

board of directors. Smith Ellis was appointed to the FirstBank Southwest board of direc-tors in 1996 and joined the bank’s se-nior management team as executive vice president in 2004. He was named president/CEO in 2006. He earned a BBA degree in manage-ment at The University of Texas at Aus-tin and is a CLU. He served nine years for Higdon and Higdon Insurance, as director of operations for Aon Consult-ing, and held a similar position at Frost Insurance Agency, a division of Frost Bank, through 2004 Q

organ Chase Bank managing private

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Messinger is a graduate of the

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l e g A l p h A S e S

(continued on Page 12)B D

FEATURE

Excerpts from Sources:www.aba.com, www.judicialview.com,

www.gklaw.com

SUBCHAPTER SFederal Appeals Court Renders Opinion in Subchapter S Case

On March 17th the U.S. Court of Ap-peals for the Seventh Cir-cuit in Chi-cago issued

a decision in an important Subchapter S “TEFRA” (Tax Equity and Fiscal Re-sponsibility Act) disallowance tax case (Vainisi v. Commissioner of Internal Revenue, No. 09-3314 U.S. 5th Cir. 2010) which is favorable to Subchapter S banks. (Ac-cording to the FDIC, 31% of all federally insured banks are either subchapter S corporations or qualified subchapter S, by number not deposits.) The deci-sion reversed the decision of the U.S. Tax Court that favored the Internal Revenue Service’s position. The question decided on appeal was whether subchapter S (Sub S) corporations or qualified subchapter S subsidiaries (QSub) can deduct all or merely part of the interest expense that they incur to purchase certain tax-exempt bonds. The appeals court disagreed with the IRS’s position that a Subchapter S bank after its third year of Sub S status is still subject to the 20% interest-expense disallow-ance rule under the Internal Revenue Code’s Section 291—even if the entity is an independent S corporation or a qualified Sub S subsidiary. The Court opined that “[t]he government’s in-terpretation would deprive certain S corporations, including the Vainisis’ bank, of the privileges that Congress gave S corporations that don’t fall into the recency exception (the exception for corporations that were C corpora-tions at some time in the preceding three years)—deprive without basis in the language of the regulation or of its authorizing statute.” www.aba.com The facts of the case are as follows from The Judicial Review Case Summary

Alerts. “Mr. and Mrs. Vainisis own a holding company that in turn owns all the stock of First Forest Park National Bank and Trust Company. Until 1997, both the holding company and the bank were conventional corporations, C corporations. But that year the hold-ing company became an S corporation and the bank became a QSub. In 2003 and 2004, the bank earned tax-free interest income on what are called “qualified tax-exempt obligations.” 26 U.S.C. § 265(b)(3)(B). The Vainisis

deducted from their taxable income the entire interest expense that their QSub bank had incurred in borrower-ing money with which to buy those ob-ligations. The Tax Court held that the Vainisis were entitled to deduct only 80% of that expense; its decision has received a good deal of critical com-mentary.” (www.judicialview.com) The appeals court reversal also questions the validity of how the IRS interpreted the code in the agency’s

Page � BANKERS DIGEST April 12, 2010

p e o p l e TeXAS

First Financial Bank Abilene Announces Promotions Mineral Wells Bank CEO Tommy Michaels RetiresFirst Financial Bank, N.A., Abilene,

has announced the promotion of six officers to assistant vice president and of employees to assistant cashier. Promoted to assistant vice presi-dent were the following: Ginny Feaster, collections manag-er. She is a 19-year banker and joined the bank in March 2009. Raquel Garza, retail manager of the South Office. She joined the bank in 1998 and has served as a teller, CSR, and retail manager at the River Oaks Office. Sandra Gowens, commercial loan officer in the Downtown Office. She holds a BBA degree in accounting from McMurry University. She has served as a credit analyst since 2008. Landon Hammond, consumer loan officer. He joined the bank in 2009 and holds a BS degree from Texas Tech University. Lindsey McBride, branch man-ager for First Financial Mortgage at

the South Office. She has served with the bank for five years, holding posi-tions of teller, personal banker, assis-tant manager and retail manager. She earned a BBA degree in finance and management from McMurry Univer-sity. Tricia Patlan, operations manag-er for First Financial Mortgage at the South Office. She has served with the mortgage department for 10 years. Promoted to assistant cashier were the following: Mary Rodriguez, retail manager in the Downtown Office. She previously served as retail manager of the United Supermarket Office. She joined the bank in 2002 and has served as a teller and personal banker. Donita Watkins, retail supervisor in Clyde. She joined The Peoples State Bank in Clyde, now First Financial Bank, in 2003 and has served as teller supervisor, loan assistant, collections teller prior to her promotion Q

Retired Slaton Bank President Jeff D. Wilson Dies at Age 73Retired CitizensBANK Slaton presi-dent Jeff D. Wilson died on March 25 at the age of 73. He served as president from 1979 until 2001 and remained on the bank’s board and on the executive committee until his death. Wilson was born on April 23, 1936, in Parnell. He served as a banker most of his adult life, working for banks in Lubbock, Wellington, Amarillo, and Slaton. According to his obituary, in the Amarillo Globe-News, he “was a men-tor to many future leaders and helped many to start and to grow their busi-

nesses.” Blake Boyd, CitizensBANK presi-dent/CEO who succeeded Wilson as president said, “he always had a smile on his face.” Wilson was active in professional, civic, and community organizations. He had a lifelong love of music and was active in the West Winds Brass Band where he played the trombone Q

Tommy Michaels, president/CEO of Titan Bank, N.A., Mineral Wells/Gra-ford, has announced his retirement after 20 years of service with the bank. The 50-plus-year banker will continue to serve on the bank’s board of direc-tors. The announcement was made by Carl Esrey, chairman of the board of Titan Bank. Michaels joined the bank, then known as First National Bank, Graford, in 1990 as vice president and cashier. He was promoted to president/CEO in 1992. Michaels began his banking career in 1958 at Home State Bank in Roches-ter, TX, during high school. He served as a community banker holding posi-tions at Haskell National Bank, The Peoples State Bank in Clyde, and In-terFirst Bank in Abilene. He graduated from SWGSB at SMU in 1974. Michaels and his wife Barbara plan to travel, spend more time with their grandchildren, and remain a continu-ing part of the Titan Bank family. Titan Bank has a 103-year history serving Palo Pinto County with loca-tions in Mineral Wells, Graford, and Possum Kingdom Q

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p e o p l e loUISIANA

Retired Chase Trust Banker Thomas Warren Ogden Jr. DiesRetired Baton Rouge Chase Bank trust banker Thomas Warren Ogden Jr. died on March 20 in Houston, TX, at the age of 82. Ogden was born on September 8, 1927, in Shreveport. He served in the U.S. Army and was a graduate of Texas A&M University, class of 1950. He began his working career as a station masters clerk in Minden and developed a life-long love of railroads, becoming an avid collector of model railroad cars which are now on display in the KCS Railroad museum in Kan-sas City. He lived in Baton Rouge for 44 years where he served with JPMorgan Chase Bank and its predecessors . He retired as a senior vice president of the trust department Q

ARKANSAS

Comerica Bank recently hired Michele Yates as assistant vice president and banking center manager of the new Scottsdale – McDowell branch slated to open later this year. Previously, she was a vice president and business de-velopment officer for Central Arizona Bank, formerly Valley First Community Bank. She has more than 21 years of experience in the financial industry and is a graduate of the Pacific Coast Banking School, where she was presi-dent of the Class of 2009. Laith Francis has joined the bank as assistant vice president and bank-ing center manager of the 44th and Thomas branch in Phoenix. Previously, she was a banking center manager for Bank of America. She has more than six years financial industry service Q

ARIZoNA

Yates and Francis Hired, Comerica in Phoenix Market

Bank of the Ozarks in Little Rock has recently promoted Tina Chandler to assistant vice president of accounting in Little Rock. She previously served as senior accountant. She attended the University of Arkansas at Little Rock and University of Central Arkan-sas in Conway. Kristen Bextermueller has been promoted to senior accountant Q

Chandler and BextermuellerUpped at Bank of the Ozarks

First Security Bank in Little Rock has recently hired J.C. Halsell to serve as a commercial loan officer in Little Rock. He serves in business develop-ment. In addition to his banking re-sponsibilites, Halsell is considered to be one of the top executive golfers in AR. He is a regular player at the ASGA State Four Ball Tournament. Dudley Moll has been hired as a mortgage specialist Q

Halsell and Moll Join First Security Bank in Little Rock

Monyer Tapped at Johnson Bank in PhoenixStephen Monyer has joined Johnson Bank, Phoenix, as vice president and

relationship manager. He previously served 10 years with Wells Fargo Bank Q

Page 6 BANKERS DIGEST April 12, 2010

p e o p l e TRADe ASSoCIATIoNS

During the ICBA National Convention and Techworld in Orlando in March, ICBA formally inducted a new slate of officers and executive committee members for 2010-2011. James D. MacPhee, CEO of Kalamazoo County State Bank, Schoolcraft, MI, was in-ducted as chairman of the ICBA board of directors. He and ICBA president/CEO Camden R. Fine will lead the 11-member executive committee. Also inducted at the convention were the following: chairman-elect, Salvatore Marranca, president/CEO, Cattaraugus County Bank, Little Val-ley, NY; vice chairman, Jeffery L. Gerhart, chairman, Bank of Newman Grove, NE; treasurer, Jack A. Hart-ings, president/CEO, The Peoples Bank Co., Coldwater, OH; secretary, Wayne A. Cottle, president/CEO, Dean Bank, Franklin, MA; directors at large, Charles F. Harper, chairman and president, The Commercial Bank of Ozark, AL, and Noah W. Wilcox,

vice chairman and president/CEO, Grand Rapids State Bank, MN. R. Michael (Mike) S. Menzies Sr., ICBA 2009-2010 chairman and CEO of Easton Bank and Trust Co., Easton, MD, rotates into the immediate past chairman position. Past ICBA Chairman: Cynthia L. Blankenship, vice chairman and COO, Bank of the West, Grapevine, TX, and Terry J. Jorde, CEO, CountryBank USA, Cando, ND, round out the mem-bership of the executive committee. MacPhee has served on the ICBA executive committee for two years and has served the association for 25 years, serving on nearly every ICBA standing committee as well as several special-issue task forces and advisory panels. He has served as ICBA Michi-gan state director and president of the Michigan Association of Community Bankers and on the board of the Fed-eral Home Loan Bank of Indianapolis. He is a graduate of the University of

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Sanghavi & Trujillo Are AVPs, Community Bank, Santa FeCommunity Bank, Santa Fe, has an-nounced the promotion of Bhavin Sanghavi and Pamela Trujillo to as-sistant vice president. Sanghavi has responsibilities in mer-chant services and electronic banking products. He holds a degree in man-agement of information systems and an MBA degree in finance from the University of Central Florida. Trujillo serves as a mortgage lend-ing officer, servicing the mortgage lending area of the bank. She is active in community affairs, serving as sec-retary of the Santa Fe chapter of the Women’s Council of Realtors. Community Bank was established in 1973. It operates offices in Santa Fe, Los Alamos, Espanola, Albuquer-que, and Tierra Amarilla Q

Michigan Graduate School of Bank Management. He served in the U.S. Army in Vietnam Q

April 12, 2010 BANKERS DIGEST Page �

p e o p l e

Bank2, Oklahoma City, has announced the promotion of Jennifer Combs, Cynthia Delgado, Sheri Mason, and Mary Schroeder. The announcement was made by CEO Ross A. Hill. Combs was promoted to vice presi-dent and director of human resources. In her new capacity, she will help over-see the growing human resources ac-tivities for the bank and its branches. Delgado, who serves as controller, was promoted to assistant vice presi-dent. For the past five years, she has held various positions within Bank2. Mason has been promoted to vice president and branch operations manager. She manages the opera-tional and customer service functions for Bank2’s branches. She joined the bank in 2008. Schroeder was promoted to vice president and director of operations support. She oversees all bookkeep-ing functions Q

oKlAhoMA

Combs, Delgado, Mason & Schroeder Upped Bank2

First Fidelity Bank, N.A., Oklahoma City, has announced the promotion of Shannon Sullivan, Marcie McClen-don, Angie Stanton, and Whittney Beech. Sullivan was promoted to vice pres-ident of benefits and payroll manager. McClendon was promoted to as-sistant vice president and customer service relationship. Stanton was promoted to assistant vice president and customer service relationship. Beech was promoted to banking of-ficer and public relations manager Q

Sullivan, McClendon, Stanton, Beech Upped First Fidelity

McCovern Promoted to VP, Arvest in Downtown TulsaArvest Bank has announced the pro-motion of Rebecca McGovern to vice president and sales coordinator in Tulsa. McGovern has served with Arvest for 15 years and works out of the bank’s downtown location at 502 S. Main St Q

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Home Federal Bank in Shreveport, es-tablished in 1924, has weathered the recent financial situation successfully enough to seek expansion, accord-ing to an article by Bobbie J. Clark in Shreveport’s The Times. Home Federal has recently pur-chased property on Viking Dr. in Boss-ier City for a new permanent branch. The bank will open a temporary office on the site later this year.

Home Federal in Shreveport Reports Future Growth Plans

loUISIANA

An office at 8990 Mansfield Dr. in Shreveport will move to a new location on the corner of Mansfield and Bert Kouns Industrial Loop later in April. Home Federal operates three of-fices in Shreveport and a commercial division on Youree Dr. President/CEO James Barlow said the bank is evalu-ating expanding its current headquar-ters office in downtown Shreveport or building a new office Q

Page � BANKERS DIGEST April 12, 2010

N e W S W A T C h

After pulling a state charter applica-tion in 2008, organizers have plans to pursue approval for Paradise Valley National Bank, a de novo national bank charter, according an article by Chris Casacchia in the Phoenix Business Journal. The article reports organizers have raised nearly $15 million in capital commitments from approximately 200 investors and plan to file an applica-tion for a federal national bank charter in April. Proposed president/CEO Gary Hick-el said he talked with FDIC regional of-ficials in San Francisco about capital requirements and other criteria. Hickel said he is nervous about the time for approval once the application gets to Washington, DC. The proposed bank originally planned to open during the first quarter. Paradise Valley National Bank will focus on the small-business owners and professsional service firms mar-kets Q

Organizers Planning to Open Paradise Valley National Bank

Evolve Bank & Trust, West Memphis, has signed up a Carrollton, TX, mort-gage banker Earth Mortgage to be the entry point for its Dallas-area expan-sion, according to an article by Chad Eric Watt in the Dallas Business Journal. Eleven-year-old Earth Mortgage is the Dallas-area LPO for Evolve which has mortgage operations in 11 states.Earth Mortgage has 20 employees in the Dallas suburb location. Earth Mortgage was founded by Frank Cor-tese. Roy McGregor is the firm’s Car-rollton production manager. Evolve Bank, which has a one-person mortgage production office in Austin, TX, is an 85-year-old com-munity bank that provides banking, investment, trust, and settlement ser-vices. The bank established the mort-gage division in 2004. Evolve Bank, established as First State Bank in Parkin, relocated its main office to West Memphis in 2009 Q

Evolve Bank & Trust Enters Dallas-Area Mortgage MarketAfter eight years in the Sunshine

State, Encore Bancshares Inc., the parent of Encore Bank, N.A., Hous-ton, has signed separate agreements to sell its FL operations in deals that include more than $230 million in de-posits, $86 million in loans, and five branch locations, according to an ar-ticle by Casey Wooten in the Houston Business Journal.

Encore Bancshares, Houston, to Divest Its FL Assets

ARKANSASTeXAS

ARIZoNA

The bank will sell FL assets/depos-its in Naples, Fort Myers, Sun City, Clearwater, and Bellaire Bluffs. According to the article, Encore’s FL operations have been struggling for some time, driven primarily by credit losses. Encore chairman/CEO Jim D’Agostino said both deals are expected to close in the third quarter of 2010 QProject2:Layout 1 12/2/2009 12:52 PM Page 1

April 12, 2010 BANKERS DIGEST Page �

C h a r t e r

a c t i v i t y

R e g U l A T o R SThe OCC has received an application by Post Oak Bank, N.A., Houston, for a branch at 1302 W. Davis, Ste. A, Conroe. The OCC has received an applica-tion by CommunityBank of Texas, N.A., Beaumont, for a branch at 645 N. 5th St., Silsbee. The TEXAS DEPARTMENT OF BANKING has approved an applica-tion by Liberty Bank, North Richland Hills, for a branch at 860 W. Airport Fwy., Hurst. The TXDB has approved an application by Comerica Bank, Dallas, for a branch at 6388 Camp Bowie Blvd., Fort Worth.HOME OFFICE RELOCATION The OCC has approved an applica-tion by The First National Bank of Kemp to relocate its home office from 103 N. Main to 100 SH 274 S., Kemp. The TXDB has received an applica-tion by Lone Star Bank, Houston, to relocate its home office from 952 Echo Ln., Ste. 100, to 2600 S. Gessner Rd., Houston.MERGERS AND ACQUISITIONS The FEDERAL RESERVE BANK OF DALLAS has filed a change-in-control

notice by Ross H. Smith Jr. and Eva J. Smith, Bridge City, to increase their ownership and control from 9.97% to more than 10%, of OSB Financial Ser-vices Inc., Orange, and indirectly, Or-ange Savings Bank, SSB, Orange. The FRBD has filed an application by Moelis Capital Partners Opportuni-ty Fund I, LP; Moelis Capital Partners Opportunity Fund I-A, LP; Moelis Cap-ital Partners Opportunity Fund I, LLC; Moelis Capital Partners LLC; Moelis & Company Holdings LLC; Moelis & Company Manager LLC; and Ken Moelis, all of New York, NY, for per-mission to acquire more than 10% of the shares of Opportunity Bancshares Inc., Bettendorf, IA, and indirectly con-trol its subsidiary, Opportunity Bank, N.A., Richardson. The TXDB has approved an appli-cation by Prosperity Bank, El Campo, to P&A certain assets and liabilities of First Bank, Creve Coeur, MO. The TXDB has received an applica-tion by The First State Bank, Louise, to P&A the Commercial State Bank, El Campo, branch at 2904 N. Velasco, Angleton Q

TexasBRANCHES The OFFICE OF THE COMPTROL-LER OF THE CURRENCY has ap-proved an application by Landmark Bank, N.A., Columbia, MO, for a branch at 2911 FM 691, Denison. The OCC has approved an application by First Financial Bank, N.A., Cleburne, for a branch at 816 S. Crowley Rd., Crowley. The OCC has approved an applica-tion by First National Bank Texas, Killeen, for a First Convenience Bank branch at 1815 Borthers Blvd., College Station; received applications for 8840 Benbrook Blvd., Benbrook; 12230 Mon-tana Ave., El Paso; and 2750 W. Univer-sity Dr., Denton.The OCC has received an application by JPMorgan Chase Bank, N.A., Colum-bus, OH, for a branch at 8597 Blanco Rd., San Antonio.

Page 10 BANKERS DIGEST April 12, 2010

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LOAN OPERATIONS OFFICER need-ed for bank in San Antonio vicinity. Must have current experience with SBA and commercial loan docu-ments. Sharon Emiliano, Babich & Associates, Sharon@babich. com, 214/823-9999, #306, www.babich.com. (see banking).

LENDER OPPORTUNITIES in TEX-AS, NEW MEXICO, and OKLAHOMA. Strong business development and credit skills needed. Call or send resume to Harvey Urban, Babich & Associates, hurban@babich.com 214-823-9999 #304.

COMMUNITY BANK CFO: Must show strong investment portfolio management expertise, plus ac-counting op’s, budgeting and tax return experience. Mark Mitchell, Lone Star Search, 972.335.9009, www.lonestarsearch.net. JUNIOR LOAN OFFICER AND CRED-IT ANALYST positions in VERNON, AZLE, AND GRAND PRAIRIE, TEX-AS. Must have strong business de-velopment and/or credit skills. Call or send resume to Campbell Bur-gess, Herring Bank, CBurgess@Her-ringBank.com, 806-242-3704.

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LOAN OFFICER needed for a 100+year old community banking in San Antonio area. The ideal candi-date will have two to five years ex-perience in community bank special-izing in light commercial and real estate lending. Send resume to dmi-kus@marionstatebanktx.com.

SENIOR INTERNAL AUDITOR for a $2.2 billion independent community bank with 30 offices in the DFW mar-ket. Responsible for all internal au-dit and outsourced audit functions.

Candidate must have advanced knowledge, extensive experience, and a broad understanding of the regulatory environment. The ideal candidate will have earned the Cer-tified Independent Auditor desig-nation and have 6+ years of related experience in a bank environment. Qualified individuals may send re-sume to ahmedshaikh@anbtx.com. EEO M/F/D/V.

BSA & COMPLIANCE OFFICER: Cen-tral Texas based community bank is seeking a BSA and Compliance Of-ficer to work in our Austin, Texas of-fice. This is a management position that will be responsible for the de-velopment and implementation of all aspects of our compliance program. The ideal candidate will have a thor-ough understanding of the regulatory environment and possess a minimum of 3 to 5 years of related banking experience. Certification from an ac-credited compliance program is re-quired. Email response to bankers-digest@bankersdigest.com, Subject Line Box A-3.

OPERATIONS DEPARTMENT MAN-AGER: A central Texas based com-munity bank is seeking an operations manager to supervise our back office deposit operations. Customer ser-vice and management experience, in addition to knowledge of daily bank processing procedures includ-ing, wires, returns, ACH, research, reporting and statement production are required. We pride ourselves on offering innovative, personalized services to our customers, so the ide-al candidate will be open to a quick pace and highly adaptive to change. Qualified individuals may email a re-sume to bankersdigest@bankersdi-gest.com, Subject Line Box A-2.

CASHIER/CFO: Growing West Texas community bank of $75M in assets with three branches seeks individu-al for Cashier/CFO position. Duties incude but not limited to complete oversight of bank internal account-ing, regulatory reporting, human resources functions and supervision of operations. This position is part of the senior management team. Prior experience required. Excellent com-pensation package including 401K & incentive bonus. Send resume to

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April 12, 2010 BANKERS DIGEST Page 11

C l A S S I F I e D bankersdigest@bankersdigest.com, Subject Line Box A-1.

COMMERCIAL LOAN OFFICER need-ed for a market leading bank with lo-cal ties of 60+ years. Locally owned and managed growing bank with of-fices throughout Northern New Mexi-co is seeking a seasoned lender with at least 5 years commercial and real estate experience. The ideal candi-date must possess strong credit and financial statement analysis, regu-latory knowledge with SBA experi-ences a plus. Candidate must live be willing to live in the area and be ac-tive in the community. Please send cover letter, resume, references and salary requirements to werlending@yahoo.com. Please send MS Word or PDF attachments only.

An independent community bank is in need of a CHIEF LENDING OFFI-CER. The bank is a 90-year institu-tion with 115MM in assets located in East Texas. The bank is searching

for a community leader with strong formal credit management and train-ing obtained through a successful background in community banking. Based on qualifications, an excellent compensation and benefit package is provided as well as assistance in relocation. Please respond to bank-ersdigest@bankersdigest.com, Sub-ject Line Box A-4.

The Security Center, Inc. is an es-tablished bank equipment company seeking a SALESPERSON to manage the north Texas area. The position is based out of the Dallas office and offers salary, commissions, expense reimbursement, and company car. A proven track record in sales to the fi-nancial industry a must. Bank secu-rity experience preferred. Opportu-nities exist in other markets as well. Please call 713.416.3181 to discuss qualifications and interest, or e-mail resume to jpeebles@securitytexas.com.

EQUIPMENT FOR SALE

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

BANKING EQUIPMENT NEW AND USED: Buy, sell or trade. Service & installation. Power files, x2 units, shelving, Mobile shelving, fireproof files-note, legal and letter, under-counter. Money safes, safety depos-it boxes. 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.

TEMPORARY AND MODULAR BANKING FACILITIES

NATIONAL MODULAR BANK BUILDINGS2810 Lawing Lane • Rowlett, Texas

Call Myrna at 800/615-7320 Email: myrna@modularbank.com

TemporaryandModularBuildingsavailablewithanyofthefollowing:Safes,SafeDepositBoxes,NightDepositoriesandPneumaticTubeSystems.AlarmandCCTVSystems.

Call for all your equipment needs or visit our website: www.modularbank.com

TDisaster Assistance

Page 12 BANKERS DIGEST April 12, 2010

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involved parties “have already com-mented on proposed Treasury regula-tions which would effectively reverse Vainisis, and all agreed that Treasury did not have this power given the plain language of the statute.” The article states that “if a S corpo-ration or QSub bank took the TEFRA interest expense disallowance after three years had elapsed from the S corporation or QSub election, the bank should consider filing an amended re-turn and encourage its shareholders to file for refunds (which would include statutory interest). Banks may want to consider where their accountants can help facilitate the refund process on behalf of a bank’s individual share-holders by preparing a form amended return that can then be customized to each individual shareholder’s circum-stances. ...We believe each sharehold-er, not the bank, must file the refund claim.” www.gklaw.com Q

Slay Cashes NotesTexas Collateral,

Please No Out of State

1-800-856-9400

DALLAS OFFICE5323 Spring Valley Rd, Ste. 200Dallas, Texas 75254

1-866-716-9920www.phaseonebuilders.com

AUSTIN OFFICE3 Lakeway Centre Crt, Ste. 110

Austin, Texas 78734

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2006 proposed regulation incorporat-ing its position. The Court observed, “[w]hat the government really is say-ing is that the regulation corrects a mistake—that Congress never wanted banks to have all the privileges that subchapter S confers, including free-ing a bank such as the Vainisis’ from section 291. But we need some evi-dence that the purpose of the regula-tion was to correct this mistake (if it was a mistake), and we cannot find any such evidence either in the stat-

ute that authorized the regulation or in the regulation itself.” In their article “Big Tax Win for S Cor-poration and QSub Banks in the Vaini-sis Case,” by Michael B. Apfeld, Debra Sadow Koenig, and Sarah E. McNally of Godfrey & Kahn, S.C., Milwaukee, WI, the attorneys who represented the Vainisis, believe the action will now shift to the Treasury Department and Congress. Koenig believe that while “only Congress can overturn the re-sult in the case, the Treasury may try to do so by regulation.” She says the

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