In the New Jersey Banker’s Bulletin dated August 21, 2013, there is an article in regards to ACBB changing its name from Atlantic “Central” Banker’s Bank to Atlantic “Community” Banker’s Bank.
Effective August 5, 2013, Associate Member Atlantic Central Bankers Bank officially changed its name to Atlantic Community Bankers Bank. The bankers bank will continue to offer its correspondent services to the Mid-Atlantic and Northeastern regions but with a “C” that stands for “community” to better suit the community banks it serves. Read more
What does this mean to community banks? I would encourage bankers to review their policies, procedures, forms, wire transfer forms, disclosures, etc. and anywhere else they might refer to this ever popular correspondent bank to ensure that the name is changed on all applicable Bank records. Not that this will be of great regulatory concern. Rather, I would assume that it would be of a greater customer service issue to your consumers and customers.
If you want, you can peruse their website, www.acbb.com, where they also offer many free educational webinars. The next one coming up will be held on Wednesday, August 28th at 2pm titled, “BSA Veterans Venue”. For this webinar they will facilitate covering BSA hot topics, concerns and questions.
They also offer on their website newsletters that are very educational. If you want to receive emailed newsletters, you can enter your email address and enroll to automatically receive their monthly newsletters sent straight to your inbox.
In their most recent newsletter, they say, “We are the same reliable and effective bankers bank ACBB, but with a name that better suits the community banks we serve. We are, after all, community bankers ourselves."
It is nice to see that ACBB recognizes the “Community” Banks that it serves.
Senior Quality Control and Review Specialist
Sharon Geiger has 27 years banking experience, 21 of which have been involved in internal audit. She has extensive knowledge of all aspects of the banking industry, with a particular emphasis on regulatory compliance and identifying risks and controls. As QCR Specialist, she performs Quality Control Reviews to ensure all workpapers and reports are completed in compliance with the firm's standards.