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A MESSAGE FROM THE PRESIDENTBY PAUL HICKMAN, PRESIDENT & CEOContinuing a Fast Tempoof ActivityAS I SAT DOWN TO WRITE THIS COLUMN ONWHAT’S GOING ON AT THE ASSOCIATION, ITOCCURRED TO ME THAT THE ECONOMICAND POLITICAL CONTEXT IN WHICH OURmembers operate require some acknowledgment.Indeed, in order for the Association to moreeffectively help facilitate the success of our members,all of our programs and initiatives must beundertaken with a recognition of those issues.It is therefore significant to note that whilesome of the broader economic indicators areimproving, the political paralysis in Washingtonis still preventing the private business sectorfrom growing the economy to its full potential.Annual GDP is rising,albeit not as quicklyor to the climbs theeconomy is capableof achieving. Unemploymentis declining,although not as quicklyas we would like —nor to the depths theFed has indicated arenecessary to adjustinterest rates. And, the ascension in the stockmarket seems impervious to any of the newscoming out of Washington.We will connue to have workshopsand provide best-in-class educaonalofferings for you and your directors thatmake navigang the difficult economicand polical landscape in which we aredoing business a lile easier.A recent study by the Federal Reserve Bankof St. Louis, however, points out that publiclylisted companies held $4.75 trillion in cash in2012. That is up from just $1.2 trillion in 1995. Sowhat’s going on here? One interpretation is thatpile of cash in our banks is a manifestation of theuncertainty in corporate America preventing theinvestment in plant, capital, and human resourcesthat would jump start our economy.The business class is waiting for some intelligiblesigns from Washington that our politicalleaders are ready to get serious about the runawayentitlement spending that is devouring anever greater share of the national budget pie. Thesequester that we are experiencing is governmentbudgeting on auto-pilot heading towarda bottom line figure that refuses to disturb ourunsustainable spending levels on Medicare,Medicaid, and Social Security. At some pointthis has to beg the question of when our entirefederal government becomes one giant healthinsurance company.Here at home we are, as usual, tracking thenational economy within a point or two onunemployment and growth. Housing, whichhas been an unnaturally large component of oureconomy, is beginning to show renewed signs oflife. Home price increases in Arizona continueto lead the nation. We at the Arizona BankersAssociation remain hopeful that our state politicalleaders will continue to work to diversify ourstate’s economy into more high-tech/high-wagevocations. A thriving housing market needs afoundation of a solid and economically diversehome buying public. That requires industriesother than home building.The bankers association, meanwhile, continuesa fast tempo of activity. We brought a newDirector of Member Services onto our small staffat the beginning of the year, Theresa Kleinlein.We had a very successful Banker Day at theCapitol in February. (See 2013 Banker Day at theCapitol, page 8). Also in February we took fourbankers to Washington, D.C. to meet with freshmenmembers of our congressional delegation.(See Why Go To Washington D.C.?, page 6). Wehave several more trips planned for this year: onein April and one in October. If you are interestedin making a difference in policy for our industry President’s Message | continued on page 114 www.azbankers.org
A legal partner you can trust.Jeff Ekbom Partner602.212.8524jekbom@stinson.com1850 N. Central Avenue, Suite 2100Phoenix, AZ 85004PhoenixKansas CitySt. LouisDenverWashington, D.C.OmahaWichitaOverland ParkJefferson CityDecaturA valued partner is one who understands thenuances of your business and the importance ofrelationships secured by trust. Stinson’s bankingattorneys are focused, yet creative. Thoughtful, yettenacious. These qualities can be instrumental inhow we help clients find solutions to even the mostcomplicated deals and deliver optimal results.Innovative ideas. Straightforward solutions.Stinson.comThe choice of a lawyer is important and should not be based solely on advertisements.
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