CEO Corner

By Jon Evans

We closed our merger with Bankers’ Bank Northeast on January 1, 2018. The final share exchange ratio was .2578 shares of BBN Financial Corporation for each share of Atlantic Community Bancshares, Inc. A transmittal letter was mailed out to all former BBN shareholders on January 30, 2018. We appreciate your help in returning all BBN certificates to be reregistered. Please note any fractional shares will be paid out in cash and returned with your new certificates.

Our systems conversion is planned for April 5, 2018. While we are being mindful of trying to keep changes to a minimum, we realize the importance in communicating them to everyone. Please check in on our website www.acbb.com for a schedule of training webinars.

The following is a financial profile of your new bankers’ bank:

                                    $778 million Assets
                                    $140 million Securities
                                    $314 million Loans (Net)
                                    $98 million Equity

Camp Hill, PA – At our headquarters, we employ 40 people to support your operational, liquidity and lending needs, as well as executive administration. Our executive management team has over 200 years of banking experience to help you serve your customers and communities. Compliance Anchor is managed by Nancy Lake and currently provides educational, training and collaborative compliance services to 87 institutions.

Glastonbury, CT – BBN’s former headquarters is staffed with 21 employees who will serve as the regional sales and lending arm, operations team and product development department. Craig Howie, Senior Executive Vice President, will oversee all operations in Glastonbury. The product development department will focus on leveraging technology and Fintech partnerships. Currently, we’ve established a loan portal which is featured in this newsletter and we’re developing a “best in class” solution for international remittances.

Newark, NJ – Our BITS office is headed up by Jerry Murphy, BITS CEO, and employs 42 people to serve the telecommunications needs of 100 banks in 19 states. This includes tailoring the architecture of your platform for the transport of all your voice, video and data needs Jerry’s recent hire of Kevin Gemmell addresses the additional Cybersecurity needs of banks who utilize the BITS platform.

This recent union of two time-tested bankers’ banks is here to provide you with greater resources, increased aggregation capabilities, enhanced loan limits and a greater focus on products you will need for the future. Please visit our websites for more information on our services and upcoming changes.

www.acbb.com
www.acbb-bits.com
www.bbnfirst.com

History of Atlantic Community Bankers Bank (ACBB)

1983 – Pennsylvania Independent Bankers Bank is formed when 65 banks invest $1.5MM in capital to start the first bankers’ bank in the Northeast

1992 – Name is changed to Atlantic Central Bankers Bank reflecting the geographic expansion of correspondent services

2013 – Name is changed to Atlantic Community Bankers Bank reflecting the commitment to community banking

2016 – Holding Company formed – Atlantic Community Bancshares, Inc.

2018 – January 1 – Atlantic Community Bankers Bank merges with Bankers’ Bank Northeast

Click here to view the latest ACBB Financial Highlights

Welcome to ACBB!
We at ACBB would like to announce and welcome our newest shareholders!

Federal Savings Bank,
Dover, NH
AndCapital International Corp,
San Juan, Puerto Rico
StateTrust Internatioanl Bank & Trust,
San Juan, Puerto Rico
The Cooperative Bank of Cape Cod
Hyannis, MA
ItalBank International, Inc.
San Juan, Puerto Rico
Vestin Bank International, LLC
San Juan, Puerto Rico

A Lending Profile

By Bill Sayre, EVP, Chief Credit Officer and
Peter Garland, SVP, Senior Lender New England Market

ACBB provides direct financing to banks, bank holding companies and their directors, senior officers and major shareholders. We also purchase loan participations in commercial loans originated by community banks and sell sub-participations in both those loan participations and the loans we originate.

Follow us on: Linkedin | 717-441-4507

What is Next for Marijuana?

By Kevin Martin, CRCM, CAMS
Compliance Anchor Consultant

Marijuana has been a hotly debated topic in many public forums. However, financial institutions considering offering services to Marijuana Related Businesses (“MRBs”) have been very private about their intentions. Why? Marijuana is still illegal on the federal level, and financial institutions are treading very carefully.

Those institutions that are banking or considering banking MRBs have taken into consideration what everyone calls the “Cole Memo”. This was a United States Department of Justice memorandum drafted on August 29, 2013 by United States Deputy Attorney General James M. Cole during Barack Obama’s administration. Simply put, the memo said that if a state that legalizes cannabis implements a strong regulatory framework and a seed-to-sale tracking system to monitor the growth, distribution, and sale of cannabis, the federal government will leave it alone. It also listed areas that prosecutors and law enforcement should focus on to avoid federal interference.

Upcoming Events

Beyond the Basics, BSA School, Multiple Dates

Webinars:
March 13: Practical Cyber Security Steps in the Real World
March 27: TRID - 2018 Regulatory Update

Veterans Venues:
BSA Compliance
Mar 6 Mar 15
Apr 3

Learn More & Register for Upcoming Events

Follow us on: Linkedin Twitter YouTube | 888-400-BITS

Message from the CEO

2017 ended up being BITS’s best year to date. We signed over 200 new branches, including our largest client to date, Carter Bank and Trust, in Virginia. We also had significant infrastructure enhancements, including upgrading all our core network infrastructure, doubling our core bandwidth at half the cost, and modernizing our virtualization infrastructure, adding three times the capacity at less than half the cost of the old system. We hope to have just as much excitement for 2018.

Read More

To learn more contact:
Jerry Murphy - CEO
jerald.murphy@bits.us
973-474-1822

Christian Ericson - CMO
christian.ericson@bits.us
973-474-1828

www.bits.us

Copyright © 2017 ACBB, All rights reserved.

Phone: 717-737-9335 Fax: 717-737-7975 | acbb.com

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Atlantic Community Bankers Bank · 1400 Market Street · Camp Hill, PA 17001 · USA