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. 

ACBB 2017 Financial Results

ACBB reported net income (unaudited) of $2,732,495, yielding an ROAA of 0.43%.  This included a deferred tax adjustment of $1,594,173 which was primarily due to our robust loan loss reserve coverage.  On a consolidated holding company basis, earnings were $2,549,941, primarily due to merger related legal expenses.  It should be noted without the DTA we would have experienced near record levels of earnings.  Please also note, remaining estimated merger related expenses (i.e. severance, vendor contracts) of approximately $500K will be realized within the first half of 2018.  

Beyond the Basics, BSA School

Beyond the Basics of BSA
Are you tired of the same old BSA lecture? This is your chance to discuss ways to enhance your BSA program and collaborate with other financial institutions to see how they are handing tough scenarios. Come join us for two interactive days of BSA!
 
 Click here to download the BSA School agenda.    Please note: this event will earn six CAMS credits per day.
Presenters:
Nancy E. Lake, CAMS-Audit, CAMS-FCI, Director of Compliance Anchor
Sarah Beth Whetzel, CAMS, M.F.S., Palmera Consulting LLC, Palmera Banking Solutions
 
Who Should Attend: BSA Officers, BSA Investigators/Analysts and Risk Managers
Time: 8:00 am - 4:00 pm
Registration Fee:
Both Days - $550 per person or $500 per person for current Compliance Anchor subscribers
We are hosting Beyond the Basics of BSA school in three locations:
          Courtyard Marriott, Marlborough, MA
June 25 & 26
          Courtyard Marriott, Kingston, NY
         Courtyard Marriott, Cromwell, CT
  

Lending Profile

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 sells sub-participations in both those loan participations and the loans we originate.  

What is Next for Marijuana?

  • Nancy E. Lake CAMS-Audit, CAMS-FCI
  • Director of Compliance Anchor

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.