Pub. 15 2018 Issue 1

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S 22 BANK NEWS contacted by WHB with information regarding the transition. Pioneer employees currently employed in El Paso will be transitioning with WHB. Customers can expect to see the same friendly faces. Pioneer Bank’s Chief Executive Officer Stephen Puntch stated, “We have proudly served the community of El Paso for many years. We feel that this decision will ensure that we are operating in a more efficient manner and enable us to maximize potential in our branches located in New Mexico. We are confident that Western Heritage will provide the level of service our customers have come to expect.” Christopher Palmer, President and Chief Operating Officer, com - mented, “This decision affirms our commitment to improving effi - ciencies while meeting the banking needs of our customers. Western Heritage shares our Community Banking philosophy and we look forward to a mutually beneficial rela - tionship over the coming years.” n “MFA Awarded Capital Mag- net Fund Grant” The U.S. Department of Trea - sury’s Community Development Financial Institutions Fund (FDFI Fund) recently announced the recip - ients of the Capital Magnet Fund’s fiscal year 2017 round of funding. The New Mexico Mortgage Finance Authority, an associate member of the NMBA, was awarded $3.6 million to capitalize an affordable housing fund that provides down payment or other purchase assis - tance to low-income New Mexico homebuyers. The Capital Magnet Fund (CMF) provides competitive grants to CD - FIs, state housing finance author - ities, and other eligible nonprofit organizations to support the devel - opment, rehabilitation, purchase, and preservation of affordable housing. Recipients may also use CMF awards to finance-related economic development and com - munity service facilities, including day care centers and health clinics, but grantees must spend at least 70 percent of their award on affordable housing activities. CMF funding comes from assessments on Fan - nie Mae and Freddie Mac using a formula based on the total principal of new loans they insure each year. The money from these assessments is split between CMF and Housing Trust Fund. The New Mexico Mortgage Fi - nance Authority was one of five state housing finance authorities to be awarded a grant. Congratulations to the MFA. n American Bankers Mutual Insurance Ltd. Declares $1.6 Million Distribution to Banks American Bankers Mutual Insur - ance Ltd., the reinsurer for the D&O, Bond and Cyber insurance program endorsed by the American Bankers Association (ABA) and the NewMex - ico Bankers Association, has declared $1.6 million in distributions to be shared by qualified ABA member banks insured through ABA Insur - ance Services Inc. NewMexico banks will share $11,000 this year. This is the 28th consecutive year that the industry’s leading profession - al liability and bond insurance provid - er has declared distributions to eligi - ble ABA member banks, bringing the total to $84.3 million in distributions since the program’s inception. Nearly $754,000 of that has been shared with NewMexico banks. Banks that purchase their D&O, bond, cyber and related insurance from this program and are current ABA members are eligible to receive a distribution. “ABA Insurance Services contin - ues to provide innovative policies that address the ever-changing needs of our members in today’s complex risk management environ - ment,” said Rob Nichols, ABA presi - dent and CEO. “We’re proud to offer banks a stable and reliable source of insurance, and to be able to share a distribution back to them.” “Designed and directed by bank - ers, this program is one-of-a-kind,” said Jeff Plagge, chairman of Amer - ican Bankers Mutual Insurance Ltd. and president and CEO of North - west Financial Corp. in Arnolds Park, Iowa. “It stands as the banking industry’s only professional liability insurance mutual company owned by the insureds – our participating ABA member banks. Our 28th con - secutive distribution demonstrates the program’s strength and commit - ment to the banking industry.” n First Woman Named CEO of a Banking School Pacific Coast Banking School (PCBS), the largest national gradu - ate school of banking in the country, named Gretchen Claflin as its new CEO. She is the first woman CEO of any banking school across the country. Claflin has served as COO of PCBS since 2013 and as president since 2016. The board of directors voted unanimously to name Claflin CEO effective April 6, 2018. “I am honored to be named the next CEO of Pacific Coast Banking School,” Claflin said. “I am com - mitted to our legacy of excellence and continuous improvement. Our students are the best and brightest in the industry and I’m thrilled to have the opportunity to continue working alongside them and our game-chang - ing experts and teachers.” n