Full text of The Northwestern Banker : April 14, 1969, No. 1156

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Oldest Financial Journal Serving The Central and Western States

Des Moines, Iowa

NO. 1156

Earnings Up at Major Banks
Substantially higher net operating earnings were
reported by the nation’ s major banks at the clo se of
the first quarter of business for 1969. Increases
generally ranged upward from 10% increase in net
earnings, with a substantial number being in the
20% increase range.
The greatest increase noted to date among major
banks in the midwest was the 42% increase re­
ported by Central National Bank of Chicago. Frank
Bauder, chairman, reported net operating earnings
on March 31 of $617,095. This was 750 per share
earnings, up from the 5S0 per share reported a year
earlier. Mr. Bauder said this large increase in NOE
was caused by unusual conditions in the money mar­
ket early in the year and these conditions, he noted,
are not likely to be repeated during the year.
First quarter reports had been received by the
Northwestern Banker as of April 9 from these other
major banks:
CHICAGO
Continental Illinois National Bank and Trust
Company: Net operating earnings of $14,932,000 or
890 per shares an increase of 11%, compared with
$13,396,000 or 800 per share for the same 1968
period. Operating income for the first quarter of
1969 was $88,066,000 compared with $70,797,000
for the same 1968 period.
First National Bank: Net operating earnings of
$14,342,000 or $1.43 per share, an increase of
9.9%, compared with $13,049,000 or $1.30 per share
for 1968.
Northern Trust Company: Net operating income of
$3,576,000 or $2.38 per share* an increase of 13%,
compared with $3,173,000 or $2.12 per share for
1968.
LOS ANGELES
United California Bank: Net operating earnings

April 14,1969

hit a record high of $7,346,000 or $1.22 per share,
an increase of 13%, compared with $6,508,361 or
$1.08 per share for the 1968 period. Deposits and
loans each showed a 13% gain.
NEW YORK
Bankers Trust Company: Net operating earnings
were $12,616,000, compared with $12,610,000 for
1968. Deposits reached $6,702,055,000, compared
with $5,495,042,000; assets up to $7,582,789,000
from the $6,325,040,000 of 1968; and net loans
reached $4,520,587,000 compared to $3,433,621,000.
First National City Corporation: Net operating
earnings were a record $33,530,000 or $1.24 per
share, an increase of 8.3%, compared to $30,966,000
or $1.16 per share in 1968. The corporation holds
First National City Bank, which transferred nearly
$65,000,000 from undivided profits and unallocated
reserves to surplus at the end of the first quarter.
On March 31, deposits were $15,847,530, compared
with first quarter 1968 deposits of $14,421,649,000.
Total assets of the bank now are $19,215,262,000.
Irving Trust Company: Net operating earnings
were $6,570,629, up 14.1% from the $5,759,372 of
1968. Its holding company, Charter New York Corp.,
reported NOE of $6,605,000 for the first quarter of
1969, an increase of 13.9%.
Manufacturers Hanover Trust Company: Net oper­
ating earnings were $19,100,000 or $1.36 per share,
an increase of 22%, compared with the $15,600,000
or $1.12 per share for 1968. Assets reached $10.1billion against $8.9 billion a year ago. Demand de­
posits were up $1 billion, reaching $5.7 billion on
March 31, 1969.
ST. LOUIS
First National Bank: Net operating earnings
totaled $2,062,000 or $1.22 per share, compared
with $1,705,000 or $1.01 per share for 1968—a gain
of 21%. Deposits were up 5.5% in the first quarter of
1969 over 1968. Loans totaled $552,140,000, up 7.8%.

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G A R Y STEVENSON

N ATIO N AL NEWS
PHOENIX: M rs.IreneBimson, 64, wife
of Carl A. Bimson, v ice chairman of
the board of Valley National Bank of
Arizona and former president of the
American Bankers A ssociation , died
at their home in Phoenix.
PHOENIX: At the 58th annual conven­
tion of the A ssociation of Reserve
City Bankers, R. E. McNeill, Jr.,
chairman of the board and ch ief ex­
ecutive officer of Manufacturers Han­
over Trust Company, New York, was
elected president. Emmett G.Solomon,
chairman of the board of CrockerC itizens National Bank, San Francisco,
was elected vice president.
WASHINGTON, D .C .: It is estimated
that the double-barreled assault on
inflation undertake n last week by the
Federal Reserve Board of Governors
will remove about $650 million from
the commercial bank lending stream.
The Board figures that is the amount
of additional reserves the 6,000 na­
tional and state member banks must
set aside under its ruling, effective

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SIOUX CITY, IOWA
Federal Reserve Bank of St. Louis

April 17, requiring an added y2 per­
centage point reserve against demand
deposits« At reserve city banks the
reserve requirements now w ill be 17%
on net demand deposits under $5 mil­
lion and 17j4% on deposits over $5 mil­
lion. For all other member banks the
requirements now are 12^4% on de­
posits under $5 million and 13%
on those over $5 million. Reserve
requirements against time deposits
remain unchanged.
At the same time, the Federal R e­
serve banks increased the discount
rate from 5^4% to 6%.

Bank PRMA Regional to Draw
Several Hundred to Des Moines...
Several hundred bankers are ex­
pected to assemble in Des Moines
tomorrow through Thursday (April 15—
17) at Hotel Savery for the regional
conference of the Bank Public R ela­
tions and Marketing A ssociation. An
outstanding array of speakers will
gear their talks to the conference
theme, “ The Challenge of Change.’ ’
Iowa Governor Robert D. Ray’s
welcome to the guests w ill be fol­

IOW A-DES M OINES
NATIONAL B A N K

Member Federal Deposit Insurance Corporation

The Bank That's
On Top of Things
In Northwest Iowa

P*H
Fixture Co.
Spencer, la.

mfg. of custom

BANK
teller stations
Stor. units & desks

lowed by the keynoter, William N.
Flory, vice president of Harris Trust
& Savings Bank, C hicago, and BPRMA
treasurer. Other top ics w ill include
Social Change, Charge Cards, Market­
ing Information Control and nine Case
History C lin ics.
Registration starts at 3:00 p.m.
Tuesday, April 14, followed by Early
Bird Reception from 6:00—7:00 p.m.
The business se ssio n starts promptly
at 9:00 a.m. Wednesday and concludes
at noon Thursday. Registration for
the entire meeting is $45.

IOWA NEWS
CLINTON: Robert Holleran and Fred­
erick H. Thomas have been named
assistant v ice presidents at the
Clinton National Bank. Mr. Holleran
until recently was manager of the
Kenai branch of the National Bank of
Alaska in Kenai, Alaska. Mr. Thomas
has nine years banking experience
and has been employed in the exam­
ining division of the State Department
of Banking.
DAVENPORT: The FDIC has approved
application of the First Trust and
Savings Bank to establish a parking
lot office at 36th and Division Streets
here.
DAVENPORT: Jacque J. Ward has
joined the Northwest Bank and Trust
Company as assistant vice president
in charge of computer operations. He
was previously a senior systems
analyst with the National Cash R egis­
ter Company in Dayton, Ohio.
DES MOINES: The State Banking Law
R ecodification bill has been signed
into law by Iowa Governor Robert D.
Ray.
ELDRIDGE: Rodney L. Burnett has
been named assistant vice president
o f the Central Trust and Savings Bank.
Mr. Burnett comes from Nevada, Iowa,
where he was employed with a farm
management concern.
PANORA: John S. Lanning, formerly
credit manager with Frye Manufactur­
ing Company, Des Moines, has been
named cashier at the Panora State
Bank, replacing Harry Peters, who
has gone to Aredale.
PELLA: B ill McGavren has been
appointed operations officer for the
P ella National Bank. He was previ­
ously associated with the North Side
Bank, Omaha, and the Nebraska De-

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L IN C O L N

..Professionals in Livestock Loans

F I R S T N A T I O N A L B A N K SlT R U S T C O M P A N Y O F LIIMCOLIM
12th

partment of Banking. Roger N. Formanek has been named installment
loan manager. He was formerly a s s o ci­
ated with the State Bank of Annawan,
111.

NEBRASKA NEWS
NORFOLK: Application for a charter
has been made for a new bank here.
The bank would be called Bank of
Northeast Nebraska and would be
located at 13th and Norfolk Avenue.
Hearing on the application has been
set for June 19 in Linooln.
NORFOLK: Controlling interest in
the DeLay First National Bank of
Norfolk has been acquired by a newly
forme d corporation known as Norfolk
Banshares, Inc. As a result of the
formation of the new corporation, the
batnk’ s capital structure w ill be in­
creased $700,000, to approximately
$2 million. No management changes
are involved in the acquisition. Ber­
nard M. DeLay, bank president, is
also president of the corporation.
Other corporation officers are Elmer
Mohl, executive v ice president of the
bank, and John M. Shonsey, Omaha
banker.

MINNESOTA NEWS
CANNON FALLS: The Comptroller of
the Currency has approved applica­
tion of the First National Bank to
change its location to 300 West Main
Street and to construct a new building
at this location. The two buildings
presently located on the new site are
being razed. The new bank will
feature a drive-in facility and parking
for over 20 cars.
MINNEAPOLIS: Harry C. Thompson,
Jr., has joined the Franklin National
Bank as senior vice president in
charge of commercial loans. He was
previously in charge of the commer­
cia l lending department at the Bank
of Minneapolis and Trust Company.
MINNEAPOLIS: Michael J. Brenan has
been appointed assistant vice presPOSITION AVAILABLE
Bank credit supervisor. Should be ex­
perienced in all lines of credit.
Capable of supervising $20 million
in loans. Age and salary open. File
HTD,
NORTHWESTERN BANKER,

306 Fifteenth Street, Des Moines,
https://fraser.stlouisfed.org
Iowa
50309.
Federal
Reserve
Bank of St. Louis

S tre e t

L IN C O L N

N EBRASKA

ident of Northeast State Bank of
Minneapolis. He was formerly manager
o f the Maplewood o ffice of Community
Credit Company.
WATKINS: Donald V. Neisen has been
named cashier of the Farmers State
Bank. He has been employed by the
First National Bank of Minneapolis,
working in the installment loan de­
partment.

Member

turers’ charter. Samuel F. Hillman,
president and founder of National
City, has been elected chairman of
the combined bank, and Frank Bobrytzke, former chairman of Manufac­
turers, has been elected chairman of
the executive committee. C. N. Paleczn y, former president of Manufac­
turers, is v ice chairman. James H.
Myers, former vice president of Na­
tional City is the new Manufacturers
president.

SOUTH D AKO TA NEWS
VOLGA: Edward L e e , former president
of the First National Bank, has been
named chairman of the board o f direc­
tors, and Howard L ee, formerly cash ­
ier, has been e le cte d bank president.
Kenneth Olson, assistant cashier, has
been named cashier, and Mrs. William
Jacobson h as been named the new a s­
sistant cashier. Robert R evell has
joined the bank as vice president. He
has been at a branch office o f the
Northwestern National Bank of Sioux
Falls in Madison.

ILLINOIS NEWS
CHICAGO: At the Group 1 meeting of
the Illinois Bankers A ssociation last
week at Pick-Congress Hotel, the fo l­
lowing officers were elected: Pres­
id en t-F ran k Bauder, chairman and
ch ief executive officer, Central Na­
tional Bank, Chicago; V ice President—
Ernest W. Kilgore, executive v ice
president, The South East National
Bank, C hicago; Treasurer —William O.
Kurtz, senior vice president, American
National Bank & Trust Company,
Chicago.
O fficers elected by the other nine
groups of the IBA are reported in the
April Northw estern Banker.
CHICAGO: The $26 million National
City Bank in Chicago has been sold
to the owners and stockholders of the
$75 million Manufacturers National
Bank, Chicago, and will be co n so li­
dated with that bank under Manufac­

CHICAGO: The FDIC has approved
the application of the Bank o f Chicago
to establish a. facility at 4700—4708
Sheridan Road here.
ROCKFORD: Buffett Partnership, L td .,
a private Omaha investment firm, has
purchased controlling interest in the
Illinois National Bank and Trust Com­
pany here. Principal seller was Mead
Securities Company. O fficial buyer of
the bank was Berkshire Hathaway,
Inc., a New England textile company.
Buffett Partnership owns 70% of the
textile firm.
SPRINGFIELD: Fourteen Illinois leg­
islators are co-sponsoring a b ill to
study the banking structure in the
state. It is anticipated that the study
will include a look at branch banking,
as well as other forms of multi-office
banking, including registered holding
com panies.
Further proposed legislation to
create registered holding companies
in Illinois has been termed by Allen
P. Stults, president of the Illinois
Bankers A ssociation , as “ monopo­
lis tic” and a step toward branch
banking.
YOUR STATE BANKERS ASSOCIATION
O FFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & C O .
OMAHA

For Decisive Action
Rely on N BC for all your correspondent needs.
M e m b e r F D IC

National Bank
of Com m erce
Main Bank 13th & O S ts. / P atio O ffic e lOth & O Sts. / Lincoln, N ebraska

6

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Please Contact: J. Mason Henry, President

C H A R L E S E. W A L T E R S C O .

WANT ADS
Rates 25 cents per word per
insertion. Minimum: 12 words.
NORTHWESTERN BANKER
306 15th St., Des Moines, Iowa

P. O. Box 1313, Omaha, Nebr. 68101

MINOT: Orlin Pankratz, assistant
cashier at Union National Bank since
1964, has been named cashier. War­
ren Hintz, who joined the bank in
1965, has been named an assistant
cashier. Mr. Pankratz su cceed s J. S.
Westlake, who died in February. The
latter had been with the bank 43 years
and was cashier sin ce 1939.

COLORADO NEWS
DENVER: Kenneth G. Boehm has been
promoted to vice president and William
D. Hogue to programming officer at
Denver United States National Bank.

EXECUTIVE OFFICER
For $2 million bank in western
Nebraska—farm and ranch community.
Excellent opportunity to manage your
own shop. Must have operations, agri­
cultural lending and insurance ex­
perience. Stock purchase available
but not necessary. Salary commen­
surate with experience and ability.
Send application and resume to —
K. H. Niedan, Hershey State Bank,
Hershey, Nebraska 69143.
OPPORTUNITY
For young banker with teller and
bookkeeping experience to manage
and operate credit cooperative with
growth potential and a real challenge
for young man with ideas, person­
ality and a Nebraska insurance
license. Send letter of application

Th«r» are so many ways wa can help you
That's why ovar halt the banks in Iowa are

Blake Bales 1
Vice President I

M ERCHANTS NATIONAL BANK
CEDAR RAPIDS, IOWA 52401

Member FDIC

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Bank Under the Big \

CENTRAL

NATIONAL

“ The Bank That Cares'

BANK

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Me m b er Federal Deposit In s uran ce Co rpora tion

Immediate openings for:
HEAD TE LLE R —must have at
least five years teller experience.
BANK OFFICE MANAGER - must
have at least five years teller
experience or comparable.
Liberal profit sharing program,
bonus and other fringe benefits.
Write File KFI, in care of the
NORTHWESTERN BANKER, 306 Fifteenth Street, Des Moines,
Iowa 50309.
FOR SALE
Loan application forms for the mod­
ern agricultural banker. Samples on
request. Farm Business Council, Inc.,
P. O. Box F, Urbana, Illinois 61801.
POSITION WANTED
Desire executive officer or 2nd man
position in country bank, or sound
position with potential with larger
institution. Now cashier, age 39,
17 years experience loans, opera­
tions, administration and director.
Prefer Montana, Colorado, Wyoming —
consider all. Write File ORM, in care
of the NORTHWESTERN BANKER,
306 Fifteenth Street, Des Moines,
Iowa 50309.

— M NB correspondents

NB

BANKING OPPORTUNITY
in dynamic, progressive Iowa city.

NORTH DAKOTA NEWS

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and resume to Box NSB, in care of
NORTHWESTERN BANKER, 306 15th Street, Des Moines, Iowa 50309.

COMPANY

INCREASE 1969 PROFITS
Cy Kirk and Max Roy, v ice presidents
of LaSalle National Bank, Chicago,
are prepared to assist you and your
bank in planning increased profits
for 1969. Whether it is an analysis of
your bond portfolio or a co st study
of your general banking serv ice s,
LaSalle National Bank has the fa c il­
ities to serve your every need. Call
Cy or Max today at (Area Code 312)
782—5200 for immediate action.

No. 1156 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines,
Iowa 50309.
Subscriptions 50¿ per copy, $6 per year. Second cla ss postage paid at Des Moines, Iowa. Address all mail subscriptions !

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