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Vol. 10 No. 51 Des Moines, Iowa Humboldt Bank Fails; New Bank Opens FTER a fast-moving series of A events traced by federal author ities to the actions o f Gary Lewel- said the transaction was completed immediately “ in order to keep the bank open, thereby avoiding deposi lyn, a 33-year old Des Moines secur tor losses and other serious pro ities broker, the First National Bank blems. The primary concern of of Humboldt, la., was closed on Fri everyone is to protect the communi day, April 2 by the FDIC. Dining the ty and the customers of the First weekend, FDIC made known its in National Bank against loss. We tention of liquidating the bank, then have officially advised Iowa’s con later announced it would accept bids gressional delegation, the governor from other banks to keep First Na and bank regulatory agencies that, tional open. Following a late Mon with the help o f the FDIC, this will day night agreement, the FDIC an be accomplished. The bank will be nounced that Hawkeye Bancor- open for business on Tuesday and poration o f Des Moines had paid prepared to handle all banking tran FDIC $ 2.1 million and was assum sactions in a normal manner. The ing the banks assets as well as liabil senior management and other re ities other than those connected sources of our company will be with the specific shortage. The bank drawn upon to provide assistance to then was opened under a new state the bank.” charter as Hawkeye Bank and Trust Joe Dodgen, chairman of First on Tuesday morning, April 6 . National, owned 85% of the bank, A Hawkeye spokesman said the worth $3.6 million and stands to be holding company’s offer provided the biggest loser, since it appears he for the immediate formation by and his family will lose all their equi Hawkeye of the new bank with ty in the bank. $3,000,000 of capital and an addi Hawkeye already had been nego tional payment to FDIC of up to tiating for some weeks with Mr. $ 2, 100,000 as well as indemnificaton Dodgen for purchase of First Na against undiscovered contingent lia tional to become part of the Hawkbilities. The FDIC agreed to restore eye holding company. Under the a net of about $10.5 million missing new state-chartered bank, Mr. from the bank as a result o f the al Dodgen continues as chairman, Mr. leged misuse of. securities by Gary Dunlap is president, and all other Lewellyn. personnel continue the same. Hawkeye President Paul Dunlap Clifford H. Lewellyn, the father of April 12,1982 Gary Lewellyn, was president of the bank and a well-known Iowa banker. He was reported in a state of shock after the discovery of misappropri ated securities was charged against his son. Gary Lewellyn’s involve ment in repeated purchases of stock of Safeguards Scientifics Inc., of King o f Prussia, Pa., apparently led to the bizarre involvement of First National Bank’s investment port folio. The senior Mr. Lewellyn, with the approval of Mr. Dodgen, had opened a brokerage account with Gary Lewellyn’s Des Moines brokerdealer firm, G.V. Lewellyn & Co. but had no knowledge of the missing funds until last week. Gary Lewellyn apparently bought the interest on $8.9 million of the bank’s U.S. Governments and de posited them in an account at United Central Bank of Des Moines. Later, it is alleged, he sold some of these bonds to United Central on a routine sale but used the proceeds for his Safeguard purchases. Also, SEC alleges, he ran up multi-million accounts with noted securities firms in New York. The SEC investigation led down the back trails to the First National and its closing on April 2. Gary Lewellyn is missing at this time, after picking up $500,000 in $100 bills at Continental Bank of Chicago after having those funds sent there by wire transfer. The FBI has a warrant out for his arrest. □ Don't gam ble when choosing a correspondent bonk. Com e to the professionals. For any correspondent bonking need . overline assistance, data processing services, investment counseling . . . just give us a coll. W e're the professionals who put the response in correspondent bonking. ucb CENTRAL OF DES MOINES, N.A. • MEMBER FDIC • TOLL FREE NUMBER (800)362-1615 AFFILIATED WITH UNITED CENTRAL BANCSHARES, INC. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W illiam D. Greaves, V ice President Dorothea Wolfe IOW A. H o w did we qet to be first in Iow a? By putting Iowa first. nesMOines A é0 A 1 M A T O W . BANK An Affiliate of Northwest Bancorporation Member FDIC Iowa News “ Accent on Management” will be the theme for the Iowa State Con ference of the National Association of Bank Women, Inc., May 12-14 at the Marina Inn, South Sioux City, Nebraska. Scheduled for May 13 is the key note address “ Winning Business Victories” presented by Jerry Sim mons, president of Jerry Simmons and Associates. Afternoon work shops will cover several topics in cluding: NABW-leadership styles, marketing, operations and loans & regulations. M ay 14th’s general session, “ Competition in Today’s Financial Market,” will be presented by Thomas Nolan, “ money educator” and president o f the Nolan Financial ASK DALE FROEHLICH to make MNB work for you. Toll free 1- 800- 332-5991 Merchants National Bank 151 Member F.D.I.C. A BANKS OF IOWA' BANK https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banco Call (5 1 5 ) 2 4 5 -3 1 3 1 or toll-free (8 0 0 ) 3 6 2 -2 5 1 4 Corporation. Addressing the closing luncheon that same day on “ Man agement for the ’80’s-Our Time Has Come,” will be Marie C. Wilson, Iowa Bankers Association Human Relations Director. Heading the conference will be Chairman, Wilma Weeks, correspon dent bank operations officer, Securi ty National Bank, Sioux City, and Vice Chairman/Program Chairman, Kay Stoterau, marketing officer, Northwestern National Bank, Sioux City. DES MOINES: C. Robert Brenton, chairman of Brenton National Bank of Des Moines, announced April 1 that the bank will move its head quarters to the “ Capital Square” complex currently under construc tion at 5th & Locust in downtown Des Moines. He said Brenton Na tional also has applied to the Comp troller of the Currency for permis sion to merge the other two Brenton Banks in the city — Northwest Brenton National Bank in Beaverdale and Brenton National Bank of South Des Moines — into the Bren ton National Bank of Des Moines. In addition to the new downtown headquarters, officials also would be retained at present locations of each o f the three banks. If approved, he said, the merger would become effec tive January 1, 1983. Headquarters of Brenton Banks, Inc., which owns the three banks and 15 other Iowa banks, also would move to the “ Cap ital Square” complex by mid-1983. Total deposits of the three Des Moines banks at 1981 year-end were $146,006, which would make it the 11th largest bank in the state. STORM LAKE: The Commercial Trust & Savings Bank will be mov ing into its new facilities located at 600 Lake Ave., by April 26. On Tuesday, the 27th, the bank will hold an auction of all furnishings from the old building, with furniture available for inspection that morn ing. Proceeds from the sale will be donated to local charities and groups already named. All furnish ings purchased must be out of the existing temporary facilities by April 30. Nebraska News As he promised he would do, Gov. Charles Thone on April 1 vetoed LB 626, the multi-bank holding com pany bill which had passed the leg islature by a vote of 25-22 just a week earlier. The bill would have al lowed formation of multi-bank hold ing companies in Nebraska and authorized each of them to own up to 10% of all financial institution deposits in the state. It also would have allowed for establishment of two detached facilities within city limits. In vetoing the bill, Gov. Thone stated, “ In these times of excessive ly high interest rates and roller coas ter financial conditions, it appears to me that this bill would permit a concentration o f economic power in the hands of a few at the expense of our local communities. “ Now I repeat the advice offered nearly one year ago and repeated at the first of this session. ‘The bank ing community of this state must make more effort to reach some de gree of consensus regarding struc ture of the financial community and devote even greater attention to the large problems facing both the lend ers and borrowers of Nebraska.’ ” The legislature has until its final day, now scheduled for April 14, to Bankers Service LOAN ACTIVITY BULLETIN Who: names of all debtors In the county recorded during the period What: name of secured party When: the date the loan was filed with the Secretary of State Where: location where loan made FAST service Supplement to Northwestern Banker Newsletter 4-12-82 Carleton D . Beh Com pany Investment Bankers / Financial Consultants 1300 Des Moines Building / Des Moines, Iowa 50309 5 1 5 /2 8 8 -2 15 2 NEW ISSUE MOODY’S: Aa We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion: $3,530,000 LA CROSSE, WISCONSIN General Obligation Corporate Purpose Bonds, Series 1982 DATED: May 1,1982 DENOMINATION: $5,000 Both principal and semiannual interest (May 1 and November 1, first coupon due May 1,1983) payable at the First Wisconsin Trust Company, Milwaukee, W isconsin. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES MATURITIES $175,000 200,000 225,000 250,000 $275,000 300,000 $325,000 13% November November November November 101/2% November November 103/4% November 1,1984 8.50 1,1985 9.00 1,1986 9.50 1,1987 10.00 $375,000 1,1988 10.25 1,1989 10.50 $475,000 $425,000 $505,000 11% November 1,1991 11.10 11.20% November 1,1992 11.30 11.40% November 1,1993 11.50 101/2% November 1,1994 11.75 1,1990 10.75 LEGALITY TO BE APPROVED BY CHAPMAN & CUTLER, ATTORNEYS, CHICAGO, ILLINOIS LaCrosse is located in LaCrosse County in southwestern Wisconsin where the Black and LaCrosse Rivers flow into the Mississippi River ap proximately 300 miles northwest of Chicago, Illinois, and 150 miles southeast of Minneapolis-St. Paul, Minnesota. LaCrosse dates back to 1842 as the site of an Indian trading post and was incorporated as a city in 1856 as a lumbering and transportation center. Today the City is home for more than 48,000 persons, the major retail trade and wholesale distribution center in southwestern Wisconsin, a regional govern ment and educational center, and the home of a variety of industrial concerns. LaCrosse has become the major retail trading center in southwestern Wisconsin. The City includes more than 500 retail commercial enter prises located primarily in the downtown area and in shopping plazas. Major businesses in the City include: Trane Company; G. Heileman Brewing Company and LaCrosse Rubber Mills. The City is also the home of the University of Wisconsin at LaCrosse. The proceeds of this issue will be used for the construction, repair or renovation of streets and alleys, sanitary sewers and storm sewers, water mains, parks and park buildings and school sites and buildings. In the opinion of counsel, these bonds are legal and binding general obligations of LaCrosse, Wisconsin, and all taxable property located therein is subject to the levy of sufficient taxes to pay the principal of an interest on the bonds without limit as to rate or amount. FINANCIAL STATEMENT Equalized valuation, 1981-82 Assessed valuation, 1981-82 $1,060,830,350.00 907,653,387.00 Direct debt, including this issue Total direct, overlapping, and underlying debt Population: 1980 Federal Census: Direct debt per capita: Total debt per capita: 36.576.577.00 41.521.508.00 48,347 $756.54 $858.82 The information contained herein is not guaranteed, but is derived from sources we deem reliable and is that on which our purchase of these bonds are based. Bonds of a particular maturity may or may not still be available or may now be available at a price or yield different from that indicated above. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Division of Hutton & Company Inc. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C A L L O N TH E “P ER FO R M A N C E TEA M 199 where com m on transactions are handled uncom m only well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. # ^ ^ 0 0 0 0 ® _ ® consider an override of the veto, which would take 30 votes to over ride. * * * The Nebraska Bankers Associa tion’s Annual Convention is sche duled for May 5-8, at the Holiday Inn Central, Omaha, with the com plete program schedule featured in the April N o r t h w e s t e r n B a n k e r . Don G. Johnson, president of Farmers National Bank in Pilger, has been nominated as president elect, announced Association President W.W. Cook, Jr., president of Beatrice National Bank. Nominated for three-year terms on the association’s governing board are: gr. 1, C.G. (Kelly) Holthus, president, First National Bank, York; gr. 3, Elmer Mohl, executive vice presi dent, Delay First National Bank, Norfolk; gr. 4, Gary Wrage, presi d en t, R o s e la n d S ta te B ank, Roseland; gr. 5, James H. Oliver, chairman, Commercial National Bank, Grand Island; gr. 6 , Mel Adams, Jr., president, Keith County Bank, Ogallala; gr. 7, J. William Henry, vice president, First Na tional Bank, Omaha, and gr. 8, William C. Smith, president, First National Bank, Lincoln. * * * In the Nebraska Bankers Associa tion Annual Convention program schedule featured in the April N orth w estern B a n k e r , Michael Fitch, convention speaker, is incorrectly listed. He is vice president of agribusiness affairs for Wells Fargo Bank in San Francisco, Calif. Minnesota News ® Independent Bankers of Minneso ta will be sponsoring a two-day work shop, May 12-13, for CEOs and offi cers in cooperation with Profession al Development Corporation. The Participatory Management Work shop will be held at the LaFayette Club, Minnetonka Beach, with a fee of $450 that includes personal eval uation, course materials and na tionally recognized faculty. 1'Opportun ¡ty%_ Knocks..." T ! B R A IN E R D : Brainerd National Bank recently announced the elec tion of President Ben G. Nordell as chairman and chief executive officer. Promoted to serve as president was Harold Soper, previously executive vice president. HALLOCK: John Carpenter, presi dent of Northwestern State Bank re cently announced the promotion of Duane Lyberg to executive vice president and agricultural represen tative; Larry Hokanson to vice pres ident, and Brenda Lang to cashier. M ARSH ALL: John E. Rose recent ly joined Western Bank & Trust Co. of Marshall as vice president in agri cultural loans. His duties will in clude supervision of the ag loan de partment of the bank and Western State Credit Co. He previously had been serving as vice president of the Central Trust Co. of Western Ohio, N.A. SAUK CENTRE: First Bank Sauk Centre recently elected Bernice Win ters vice president and cashier and Shirley Ebensteiner, assistant vice president. Ms. Winters’ responsibil ities will be operations and security officer, while Ms. Ebensteiner will manage the installment loan depart ment. B L A N D IN SV IL L E : Rodney W. Morris, 61, senior executive vice president of First National Bank for 22 years, died last month after an extended illness with cancer. Mr. Morris joined the bank in 1960 and was formerly from West Liberty, Iowa. PEORIA: Stephen E. Daggs has re cently joined Jefferson Bank of Peoria as a vice president in the business banking section. He for merly was with First National Bank of Pekin and a regional credit manager for CIT Financial Services. SYCAMORE: The National Bank & Trust Company of Sycamore recent ly elected Thos. J. Thornton as pres ident. He replaces George E. Dut ton, who recently retired after 45 years with the bank. Patrick J. Brennan was also elected assistant vice president and agricultural representative at this time. Call our Bond Departm ent Getting it done for you. ITom _ Vice President John Henderson Vice President Tony Paugoulatos Jim McLaughlin Dave Wittenborn Asst. Vice President Asst.Vice President Bond Officer Rick Patton Bond Representative 234-2462 234-2463 234-2647 234-2877 234-2673 Commerce Bank of Kansas City MEMBER FDIC V https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 234-2691 10th and Walnut (816) 234-2000 4 North Dakota News The Independent Community Banks of North Dakota office has re located. Their new address is: 601 East Bismarck Ave., Suite 10, Bis marck, N.D. 58501. Their phone number will remain the same, (701 258-7121. Wyoming News CHEYENNE: Edward A. Capra has been appointed senior vice pres ident-loan and credit administration for W yoming Bancorporation, an nounced David R. Johnson, chairman, chief executive officer and president. He formerly was senior vice president and manager of the Commercial Banking Group at Equibank in Pittsburg. SERVING PROFESSIONALLY Banking, Financial & Business Personnel, Iowa and Nationwide Capital Personnel Service 714U.C.B. Building, 515-283-2545 Des Moines, Iowa 50309 POSITION WANTED 17 Year community banker, age 42, extensive experience In all areas, graduate of banking schools desires 2nd man or cashier position. Write File PBM, c/o Northwestern Banker. (PW) OPERATIONS OFFICER— Married, 31, degree, and 8 yrs. experience in all areas of operations. Currently cashier with $40 million bank, desire career move with a midwestern bank of $40 million or larger. Reply to file PBW, c/o Northwestern Banker. (PW) Professionally trained people available for employment in the Banking and Financial Indus try. The Red Wing (Minnesota) Technical Institute has graduates thoroughly prepared in the areas of banking, consumer and agri-lending, and insur ance. Students will have completed 18 months of training in these and other areas of finance by June of 1982. For further information and inter views please contact: Terri Beckman, Instructor, Red Wing AVTI, Red Wing, MN 55066 or phone 612/388-8271. (PW) A g Banking Specialists SINCE 1968 When it comet to agriculture, banking and personnel. . . go to the specialists — go to AGRIcareers, Inc. Progressive bankers pay us to find the people they need. Corr. Off...................................|A . $17,000 Leas. Reps.......................MN . $20-25,000 Ag Lend. Off.....................Wl . $16-20,000 Ag Lend. Offs. (2).................IA . $17-20,000 Loan Off ./Ins........................... IA . $18,000 Cred. Anal.................................IL . $20,000 Ask the ag banking specialists what’s available without cost or obligation. NEW HAMPTON. IA 50659 MASSENA. IA 50853 1 (515) 394-3145 (712) 779-3744 agnG4RSRs,iNC.J// THE ORIGINAL AGRICULTURAL RECRUITER Walk down the tellers line this morn ing. Are you proud o f their appear ance? If not, call us and find out how only $1 .0 0 per day per teller will help. CAREER APPAREL 523 N, Main S t„ Carroll, la., 51401 712-792-2748 | POSITION AVAILABLE PRESIDENT— Immediate opening in $20 million eastern Iowa bank. Good growth opportunity. Excellent salary, benefits. Reply to file PBV, c/o Northwestern Banker. (PA) BRANCH BANK MANAGER-INSURANCE AGENCY— Southeastern South Dakota bank needs branch manager who has had experience in agriculture and installment loans and operations experience. Insurance agency is part of salary. Contact Boyd D. Hopkins, Jr., executive vice president, Livestock State Bank, 100 East Havens and Main, Mitchell, SD 57301. Phone 605/996-7775. (PA) IMMEDIATE OPENING for installment lender with 2-4 years experience. Bank located in central Minnesota. Will manage installment loan department with opportunity for greater responsibility. Send resume to file PBY, c/o North western Banker. (PA) AG LENDERS WANTED If you have two or more years of ag lending experience and want to move up, we have a select number of positions open in the midwest. A degree from Iowa State University or other ag-oriented university will be a definite plus. Write or call Malcolm Freeland, Freeland Financial Ser vice, Inc., 246 Insurance Exchange Bldg., Des Moines, Iowa 50309. Phone 515/282-6362. Employer pays fee. (PA) PRESIDENT SAVINGS AND LOAN Medium-sized midwest association seeks chief executive officer with senior management ex perience in a financial services company. The association is well-established with good reserves and located in a smaller metropolitan area. Send resume, references, and salary history to: File PBT, c/o Northwestern Banker. (PA) fiUTamfYTED SVSTEfTlS □f m jfu n c . “When it c o m e s to your insurance needs we put SERVICE first." Serving Banks throughout the Midwest. 301 N. Ankeny Blvd., Suite 220 Ankeny, Iowa 515-964-1358 FOR SALE USED DIEBOLD ATM & BUILDING— Includes alarm. Total package $32,500 loaded on truck for delivery to your site. Contact Karen Miller, Lincoln Bank South. Phone (402) 423-2361. __________________ (FS) Mosier Vista-Matic, Model #1868-BSD, Drive-up Window. Excellent condition & working order. Price $1000.00. Con tact Glenda Wytaske, phone 319/235-9958. Available im mediately. (FS) THREE LEFEBURE DRIVE-UP WINDOWS— COMPLETE, REASONABLE. R.E. Schmidt, 1930 St. Anne Ct., Dubuque, Iowa 52001. Phone 319/583-7630. (FS) BURROUGHS L-3000— Needs repair or can be used for parts. Contact Dave Olson, phone 515/532-2854. (FS) BURROUGHS L-9900— complete, $4,750. One owner. You pay freight. Farmers State Bank, Stickney, SD 57375. Phone Greg. 605/732-4264._______________________(FS) TWO NCR 775— single pocket proof machines; one Bur roughs L-6000 Posting Machine. All excellent condition. Phone Ralph Thomas, (402) 466-2345. (FS) Q USED KODAK 700 MICROFILMER FOR SALE— Best offer takes. Contact Thomas R. Cronin, Vice-President/Cashier, First Nashua State Bank, Nashua, Iowa 50658. Phone: 515/435-4171. (FS) BUSINESS OPPORTUNITIES Bank for Sale Stockholders owning 90+% of a profitable $30 million bank in north central Iowa wish to sell. Qualified purchasers may obtain information by writing File PBX, c/o Northwestern Banker. (FS) S & L MANAGING OFFICER $100 million Northwest Iowa S & L with excellent reserves and liquidity needs replacement for retir ing president (CEO). Seeking profit-oriented appli cants with strong managerial and administrative abilities, extensive experience in bank-type com mercial and consumer lending, good record in f(-1 nancial sales and advertising, and strong interest in public relations. (PA) Send resume to: Ivan Stienstra, President Northwest Federal S & L Box 1147 Spencer, IA 51301 POSITIONS AVAILABLE AG-LOAN— small rural bank close to larger city. Requires Degree and 1 - 2 yrs. Ag-lending experience. $18,000 CORRESPONDENT OFFICER— major midwestern bank. Must be well versed in Agri credits and Degreed. $30,000 OPERATIONS— responsibility for all internal operations and computer service firm. $50MM growing southwest Kansas bank. $30,000 PROGRAMMER— requires at least 2 yrs. experience with NCR 8400 and COBOL. Growing suburban bank. $25,000 BANKERS AVAILABLE ^ TRUST OFFICER— ideal situation for junior officer with 1 2 yrs. personal trust experience. $150MM bank in com munity of 40,000 population. $22,000 0 COMMERCIAL LENDER— metro bank affiliated with one of the largest midwestern holding companies seeks addi tion to staff. Degree and lending experience with seven figure credits required. $40,000 CEOs with solid experience in community banks ....................................................... .................. to $40,000 Operatlons/Cashiers/Data Processing Officers . to $26,000 Marketing O fficers.............................................to $22,000 INSTALMENT LOAN— head small dept, for $30MM subur ban bank. Must be Involved with new business develop ment. $18,000 Number Two Officers with combination lending and opera tions experience.............................................. to $28,000 All inquiries confidential. Resume' and salary history re quested. W Trust Officer with solid legal education...............$35,000 Ag Lender with two years experience and ISU degree___ ..............................................................................$24,000 Write or call Malcolm Freeland, Freeland Financial Ser vices, Inc., 246 Insurance Exchange Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays reason able fee. TOM HAGAN & ASSOCIATES of Kansas City P.O. Box 12346 - 2024 Swift North Kansas City, MO 64116 816/474-6874 £ _______ “ Serving the Banking Industry Since 1970” Voi. 10 No. 51 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $15.00 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579), manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0 ®
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