I'd need more details such as...what type of event? Anything political (fundraiser) would be a no no, but I doubt that's it since you sponsored before. Is the Director also an owner of the bank? It cant hurt to document that the amount of the sponsorship is the same as in prior years. If it's something you get CRA credit for, that would be an easy way to track.
I don't need any more negativity in my life...be positive and helpful people or I will kick you in the shins!!!