New CEO of Nevada Bankers Association leading tax fight

Kevin Rademacher

Monday, June 14, 2004 | 10:29 a.m.

The Nevada Bankers Association is making a few changes as it prepares for another legislative battle over taxes.

The association -- which is already gearing up for what promises to be an intriguing 2005 legislative session -- has named a new boss. Virginia attorney William Uffelman, an experienced lobbyist at the national and state levels, will replace longtime association executive Ted Wehking who announced his retirement last year.

Uffelman, who will hold the title of president and CEO, arrived in Nevada late last month and will work alongside Wehking until his retirement becomes official June 30.

Larry Seedig, NBA chairman and the local president of USAA Savings Bank, said the transition period will be important given the taxation issues sure to be addressed in the coming legislative session.

The state's bankers were furious about new taxes handed down by the Legislature last year that singled out their industry. While other businesses were hit with a 0.7 percent payroll tax, bankers were ordered to pay a 2 percent tax as well as a $7,000 annual per-branch excise fee.

Uffelman, who was interviewed and selected by a committee of state banking executives, already has been charged with leading an effort to address the inequity.

Seedig said he the task of getting up to speed in time for the legislative session did not deter Uffelman.

"He knew what our challenges are here," Seedig said. "He's a quick study. We feel very comfortable with that."

Uffelman agreed.

"I like a challenge," he said. "You pick your battles and fill your quiver with as many arrows as you can and go to work."

The NBA's search committee was impressed with its new hire's track record of leadership, Seedig added. That will be an important trait for someone leading a group with such broad membership. The Nevada Bankers Association's membership include the likes of Bank of America and Wells Fargo, which combined have nearly 200 Nevada branches and more than $12 billion in deposits. The association also represents Caliente-based Nevada Bank & Trust Co., which has eight branches but less than $70 million in deposits.

While new taxes were universally opposed by bankers, it was seen as a relative inconvenience for the largest banks. Executives for Nevada Bank & Trust, however, have described the taxes as the possible difference between financial stability and economic uncertainty.

Uffelman said that while the membership is varied, he has been struck with the collegial nature of its members.

"I've definitely found that, and it's part of the appeal," he said, adding that brining the large and small members together typically does come down to communication.

"What you have to do is find a common thread," Uffelman said. "It's how you look at the issue and how you frame that issue."

In heading into a new tax debate, Uffelman said the association will also look for support from other industries. He and other banks have pointed out that a movement to make the tax structure more equitable could well involve increasing the taxes on other industries instead of lowering bank taxes.

"It's my experience that once they've got their hand on a pot of money, governments are not likely to let go," he said.

To better serve that membership, the association also is in the process of moving its headquarters out of Carson City and into Las Vegas, where the lion's share of the state's banks are now headquartered.

Seedig also conceded that the association will lose a valuable asset with the departure of Wehking. His retirement date of June 30 will come exactly 18 years after he joined the association following a career as both a banker and regulator.

In those 18 years, Wehking estimated that he witnessed 35 in-state bank mergers, acquisitions or closures.

The association has yet to secure office space for the new NBA headquarters. The office will consist of Uffelman and one administrative assistant. Uffelman's salary was not disclosed.