The New Jersey Bankers Association recently co-sponsored a Half-Day Accounting Seminar with the FMS NY-NJ Chapter. The event was held at the Renaissance Woodbridge Hotel and Conference Center in Iselin, NJ on November 20, 2009.
The effects of the recession and the resulting economic downturn were the central theme of each of the informative sessions presented by a strong slate of experienced speakers. Regulatory perspectives regarding failed bank assets, loan reserves and charge-offs were presented by specialists from the OTS and FDIC. An accounting update featured many of the same issues faced by institutions resulting form the failed economy. An economic update showed some promise for a recovery during 2010. Members and guests enjoyed a buffet breakfast prior to the seminar, while an enjoyable buffet luncheon was served during the final session.
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| Eric Luse opened the conference with a presentation regarding failed bank assets in FDIC assisted transactions. | |
FDIC Assisted Transactions:Taking Advantage of Failed Bank Assets was presented by Eric Luse, partner in the law firm of Luse Gorman Pomerenk & Schick PC. Eric discussed the process for bidding on the assets of failed banks as well as bidding on a entire institution. He fully explained who can bid and presented examples of typical asset premium and discount calculations and the resulting capital impact.
Tom Lally from KPMG presented an Accounting and Tax Update where he expertly summarized an extensive series of contemporary accounting issues of importance to the financial manager. Not surprisingly, the topics centered on valuation and impairment issues resulting from the adverse effects of the recession. Tom also presented a tax update.
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| An Accounting and Tax Update was presented by Tom Lally from KPMG. | |
The next session involved the regulatory perspective on loan reserves and was presented by Robert De Tullio from the Office of Thrift Supervision and George Herger from the FDIC. The program presented a regulatory and GAAP framework, the challenges and best practices for loan reserve review and examination issues prevalent at many institutions.
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| Robert De Tullio from the OTS summarizes the regulators perspective on loan loss reserves and charge-offs. | |
A Sweet Treat and a Holiday Wish
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| Erica Groshen, noted economist from the Federal Reserve Bank of NY, discusses the effect of the current recession on the local economy. | |
Economist Erica Groshen from the Federal Reserve Bank of New York presented Regional Outlook and Resources. Erica presented an expert view on the current economic activity in the metropolitan area, employment changes in key sectors, financial sector jobs, real estate market trends and the factor influencing recovery.
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| Attendees closely follow the presentation by Erica Groshen. | |
Congressman Scott Garrett (Rep-NJ) presented the luncheon presentation. Scott discussed recent legislation affecting the banking industry as well as initiatives to stimulate the economy. Scott has been a leading advocate of tax relief and pro economic policies and has worked to improve accountability and transparency in budget procedures and government practices.
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Congressman Scott Garrett was the luncheon speaker. |
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| Mary Ellen Doster, EVP, Boiling Springs Savings Bank and chairperson of the Accounting and Tax Committee served as Master of Ceremonies! |
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Members and guests enjoy the salad bar during the luncheon break. |
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