After Surviving 2020, The Future Looks Bright For Community Banks In 2021
Community banks play an important role in many small communities, acting as a source of capital for small, local businesses. In the early days of the pandemic, community banks provided a lot of much-needed aid during the initial rollout of the Payment Protection Program. During this time, community banks provided a vast majority of PPP loans to small businesses.
However, even though community banks provided a great deal of aid, many were uncertain as to whether community banks would survive the pandemic.
According to Tim Melvin, author of the Community Bank Investor Newsletter and Banking On Profit, the number of loans in deferral and forbearance programs in the early days of COVID-19 was enough to have crashed the banking system.
“Had the Fed and Congress not acted as quickly as they did early in the pandemic, we would have seen a disaster in the banking system on the scale of the 1930s,” Melvin told Benzinga.
However, early action from the Fed and Congress seems to have been a saving grace for the sector.
“As we move into 2021, community banks have plenty of capital, credit conditions are better than we could have hoped, and the future looks pretty bright,” Melvin said.
For investors focused on community banks, additional light on the sector will be shed at the upcoming Community Bank Conference, a Virtual Investor Conference hosted by OTC Markets Group. The two-day conference starting on Wednesday, March 10, will feature presentations from C-suite executives representing 16 different community banks.
Below is the schedule for the conference. Each presentation will cover updates on latest financials and will be followed by a live Q&A session with attendees.
To register for Wednesday’s conference, click here.
Wednesday, March 10th
9:15 AM ET Janney Montgomery Scott
Keynote Presentation: Community Bank Valuations – amidst headwinds, what does the future path look like?
Speakers: Matthew Veneri, Head of Investment Banking and Dan Flaherty, Managing Director, Investment Banking
10:00 AM ET Royal Financial, Inc. (OTCQX: RYFL)
Speaker: Leonard Szwajkowski, President & CEO
10:30 AM ET Private Bancorp of America, Inc. (OTCQX: PBAM)
Speakers: Rick Sowers, President & CEO, and Richard Pimentel, EVP & CFO
11:00 AM ET Victory Bancorp Inc. (OTCQX: VTYB)
Speaker: Joe Major, Bank Leader
11:30 AM ET Suncrest Bank (OTCQX: SBKK)
Speakers: Ciaran McMullan, President & CEO, and Peter Nutz, Chief Credit Officer
12:00 PM ET White River Bancshares Company (OTCQX: WRIV)
Speaker Information to Come
12:30 PM ET Freedom Bank of Virginia (OTCQX: FDVA)
Speakers: Joe Thomas, President & CEO, and Raj Mehra, EVP & Chief Financial Officer
1:00 PM ET Mountain Commerce Bancorp, Inc. (OTCQX: MCBI)
Speakers: William (“Bill”) E. Edwards - Founder, Vice Chairman, President & CEO, Kevin W. Horne - Chief Credit Officer, Chief Operating Officer, and David A. Bright, CPA - Executive Vice President, Chief Financial Officer
1:30 PM ET Communities First Financial Corp. (OTCQX: CFST)
Speakers: Steve Miller, President & CEO
2:00 PM ET Eagle Financial Services Inc. (OTCQX: EFSI)
Speaker Information to Come
Thursday, March 11th
10:00 AM ET Alpine Banks of Colorado (OTCQX: ALPIB)
Speakers: Tom Kenning, Chief Administration Officer, and Eric Gardey, Chief Financial Officer
10:30 AM ET Kish Bancorp, Inc. (OTCQX: KISB)
Speakers: William P. Hayes, Chairman & CEO, Gregory T. Hayes, President & COO, and Mark J. Cvrkel, EVP, CFO & Treasurer
11:00 AM ET BankFirst Capital Corp. (OTCQX: BFCC)
Speakers: Moak Griffin, Chief Executive Officer, President, and Luke Yeatman, Executive Vice President
11:30 AM ET First Resource Bank (OTCQX: FRSB)
Glenn B. Marshall, President & CEO
12:00 PM ET Community Bancorp, Inc. (OTCQX: CMTV)
Speakers: Kathryn M. Austin, President, Chief Executive Officer, and Louise Bonvechio, Executive Vice President, Chief Financial Officer, Community National Bank Treasurer and Corporate Secretary
12:30 PM ET InsCorp, Inc. (OTCQX: IBTN)
Speakers: Jim Rieniets, President & CEO, and Mark Bruchas, Executive Vice President & CFO
1:00 PM ET First Home Bancorp, Inc. (OTCQX: FHBI)
Speaker Information to Come
Photo by Etienne Martin on Unsplash
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