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April 14,1980 Des Moines, lowa Vol. 8 No. 51 B o f A H ead Seeks ‘T ruth in R egu la tion ’ regulation and interference in the marketplace is a major cause of U.S. inflation and ought to be held accountable. This was the assessment of Bank of America President A. W . Clausen in a recent address on regulatory re form before the North Carolina Citi zens Association at Raleigh, N.C. The “ sta g g erin g ” $100 billion direct cost of complying with gov ernment regulations in 1980 “ will exceed what business invests in factories, offices and other product ive facilities,” Mr. Clausen said. “ Instead of moving ahead, our economy is spinning its wheels in regulatory m ud,” Mr. Clausen de clared. He charged that many regu lations “ no longer serve useful pur poses or were poorly conceived and ineptly administered from the be ginning.” Mr. Clausen was critical of the “ heavy hand” of government as a cause of today’s 18% inflation. “ The situation is more than seri ous,” he declared. “ It’s dire. It will continue to resist all of the milktoast, politically-based attempts to find easy solutions. “ While the Administration has taken some more noteworthy steps recently, government leaders are still telling us to take two aspirins, drink plenty of fluids, and call them after the election. G |Sr U rÂ) overnm ent “ While lip service is paid to the health of the economy, everywhere government and its various regu latory arms are interfering with the m echanism s o f the m arketplace which offer, by far, the most effici ent means of correcting the imbal ances of our economy.” The public, Mr. Clausen said, needs to examine what regulation really costs and to introduce ac countability standards into the reg ulatory process. “ The people,” he pointed out, “ pick up the tab—a dime, a quarter, or a dollar at a time —at the supermarket, the depart ment store, the gas pump, and the bank.” Noting the lack of clear, finan cially measurable objectives of reg ulators, M r. Clausen said the solution of this problem is regula tory accountability. “ People need measures by which to judge whether regulations are accomplishing their objectives at costs that are commensurate with the benefits. The prices have to be added to the menu, and we need to see them before we order.” The “ proliferation” of rules and specifications in the last 10 years suggests that people want a zerorisk society. “ The concept of a risk free society is illusory,” Mr. Clausen REGULATION . . . (Turn to page 4, please) Deja Vu! S A SPECIAL feature of its Cen tennial Convention in New York in October, 1975, the American Bank ers Association presented a panel of four distinguished American bankers to discuss the topic “What It Will Take to Get America Going!” The moderator was NBC’s David Brinkley. One of the panelists was A. W. Clausen, president of the Bank of America. At that time, he gave this introduction, in part, to his com ments: “I wish I had a simple answer (to the topic) and could guarantee it’s the right one. The fact is: this is an age of complexity, and we’re going to have to recognize that as a condition of our times. I have a list to give you A an idea of what I mean. • “Inflation is a major challenge, a worldwide challenge. It’s snapping at our heels in everything we try to do. • “The Government’s massive in trusion in the marketplace is a glaring challenge. We need fair regulations, but nowadays we see more and more regulatory overkill that substitutes ignorance, inertia and ineptness for good public policy. • “Rebuilding public confidence in all our institutions, and particularly in profitable businesses, is a chal lenge. If met, it would get us moving again in the direction of what we used to call the American dream, which nowadays is really a global dream of a decent life.” Don't gam ble w hen choosing a correspondent bonk. Com e to the professionals. For any correspondent bonking need . . . overline assistance, data processing services, investm ent counseling . . . just give us a call. W e're the professionals w ho put the response in correspondent bonking. kf* Central National Bank & Trust Com pany https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DES M OINES (515) 245-7111 MEMBER FDIC Eddie A. Wolf, Sr. Vice President 2 CALL ON THE “PERFO RM ANCE TEA M ” w here com m on transactions are handled uncom m only well. FIRST NATIONAL LINCOLN _______________ __ ______________________________________ 13th & M Street • Lincoln, Nebraska 68501 « Member, F.D.I.C. Iowa News C. C. Hope Jr., president of the American Bankers Association and vice chairm an, First Union Na tio n a l B a n k , Charlotte, N.C., will be in Iowa for several appear ances on W ed nesday, April 16. He will arrive in Des Moines at 11 a.m . and speak at a noon lunch HOPE with Des Moines bankers. After noon visits will include the Mel bourne Savings Bank; Central State Bank, State Center, and an Iowa farm customer before holding a 5 p.m. press conference in Marshall town. Mr. Hope will be the featured speaker at the annual dinner meet ing of the Iowa Valley Chapter of the American Institute of Banking at 6:30 p.m. at the Best Western Reg ency Inn, Highways 30 and 14 south of Marshalltown. D A V E N P O R T : F irst T rust and Savings Bank has received consent Invest in Growth 1-800-362-1688, toll-free in Iow a Jack Conner Investment Banking Department Bankersf< “ la lh is t i Des Moines, Iowa 50304 Member FDIC, Federal Reserve System https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to open an office at 318-320 Bradv St. here. FOREST CITY: Two promotions have been announced at Manufac turers Bank & Trust Co. here, Glen S. Wilson Jr. from vice president and cashier to senior vice president, and Linda K. Morrison from assist ant trust officer to cashier. IN D IA N O L A : P eoples T rust & Savings Bank has received consent from the FDIC to open an office in the W estroads S hopping Center here. TIPTON: Donald G. Young, presi dent of the First National Bank of T ipton , has announced that the formation of First Tipton Bancorporation has been approved by the Federal Reserve Bank of Chicago. The controlling interest in the bank was recently purchased b y M r. Y ou n g and other local investors from the Wayne F. Miller family. VAN HORNE: John Hensley, form erly executive vice president of the Williams Savings Bank, has been elected president of the Van Horne Savings Bank. He succeeds Dean D. Johnson who recently sold his inter ests in the bank. GOTHENBURG: Ivar “ Bud” John son has retired as vice president of the Gothenburg State Bank & Trust Co. He had been with the bank since 1947. HOLDREGE: Promoted recently at the First National Bank here were Glen J. Anderson from vice presi dent to senior vice president, and Kenneth J. Slominski from assist ant vice president to vice president. Elected to the position of assistant cashier were A. Lucille Erickson, auditor; Patricia M. Peterson, head teller, and Bernice M. Lindgren, benefits. K EARN EY: Kearney State Bank & Trust Co. has received consent from the FDIC to open a detached tellers facility at 2402 Avenue A here. LA VISTA: Robert H. Everett has been named president of the Bank of N EBRASKA NEWS . . . (Turn to page 4, please) WASHINGTON: The Washington State Bank has announced that Keith Lord, vice president and an employe since 1963, will retire May 1. W A T E R L O O : Peoples Bank & Trust Company has received con sent from the FDIC to establish a remote service facility at 6301 Uni versity Ave. in Cedar Falls. Nebraska News CAIRO: State Bank of Cairo has received FDIC permission for limit ed trust powers. FREMONT: Well-known Fremont banker William N. “ Bill” Mitten, 78, died recently. He was chairman of the First National Bank & Trust C o., and served on the boards of the F irst State Bank here, Frem ont State Co. and Com m erce G roup National Fremont, Inc. Mr. Mitten started his banking career in 1920. ■*>* ■Jr *k- ASK T E R R Y M A R T IN to make MNB work for you. Toll free 1-800-332-5991 Merchants A National Bank 151 Member F.D.I.C. A BANKS OF IOWA’ BANK é ;arieton u. ben lx >. Investment Bankers/Financial Consultants NEW ISSUE—Selling Thursday, April 17, 1980 at 1:00 P.M. Please call us, collect, at 515-288-2152 with your pre-sale Interest In this issue. $14,250,000 STATE BOARD OF REGENTS OF THE STATE OF IOWA MOODY’S: A S & P: A Athletic Facilities Student Fees and Revenue Bonds (STATE UNIVERSITY OF IOWA) Dated: April 1,1980 Denomination: $5,000 Both principal and semiannual Interest (January 1 and July 1, first coupon due January 1,1981) payable at the Office of the Treasurer of the State University of Iowa, Iowa City, Iowa, or at the principal office of Citibank, N.A., New York, New York; or at the principal office of Continental Illinois National Bank and Trust Company, Chicago, IL. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOMETAXES, IOWA INCOME TAX, IOWA FRANCHISE TAX, AND ALL PROPERTY TAXATION IN THE STATE OF IOWA. MATURITIES $ 850,000 July 1,1999 $500,000 July 1,1991 * $300,000 July 1,1983 900,000 July 1,2000 550,000 July 1,1992* 300,000 July 1,1984 1,000,000 July 1,2001 600,000 July 1,1993* 350,000 July 1,1985 1,050,000 July 1,2002 600,000 July 1,1994* 350,000 July 1,1986 1,150,000 July 1,2003 650,000 July 1,1995* 350,000 July 1,1987 1,200,000 J u ly l, 2004 700,000 July 1,1996* 400,000 July 1,1988 750,000 July 1,1997* 450,000 July 1,1989 800,000 July 1,1998* 450,000 July 1,1990 •Optional in inverse order beginning July 1, 1990 at 105% declining at W of 1% each interest payment date thereafter to 100% on July 1, 1995. LEGALITY TO BE APPROVED BY CHAPMAN & CUTLER, ATTORNEYS, CHICAGO, ILLINOIS The University of Iowa was founded on February 25,1847. The College of Liberal Arts is the base of the University containing the seven schools of Art and Art History, Journalism, Letters, Library Science, Music, Religion and Social Work. In addition to the College of Liberal Arts, the University consists of the Colleges of Business Administration, Dentistry, Education, Engineering, Law, Medicine, Nursing and Pharmacy as well as the Graduate College. The University of Iowa is a major University not because of its size but because it excels as a center of learning. From its beginning, the University has been innovative, achieving national and international recognition for many of its programs. The University’s greatest decade of growth occurred in the 1960s when enrollment increased from 11,113 in 1960 to 20,322 in 1970. Enrollment since 1970 has increased nominally with Fall 1979 enrollment being 23,349 students. The proceeds of this issue will be used to pay a portion of the cost of constructing, equipping and furnishing the new Hawkeye Sports Arena and to renovate the existing Field House. The new arena will! seat approximately 15,000 spectators. It will be used for basketball, volleyball, wrestling, tennis, gymnastics, concerts, and other University functions. The existing Field House will be completely renovated to provide physical education and recreational facilities for the students. The total cost of these projects (including a Debt Service Reserve Fund of $1,442,000) is presently estimated at $26,000,000. Outside contributions will pay $7,100,000 of the cost; the State of Iowa will pay for the roadway portion of the project, or $1,855,000; the University will pay for the utilities, or $892,000; other sources will total $1,857,000; and the remaining $14,250,000 will be provided by this bond issue. These bonds are being issued under the provisions of Chapter 262, Code of Iowa, 1979, as amended. The Bond Resolution provides that the net revenues derived from the System of Athletic Facilities at the University of Iowa shall be pledged for the payment of the bonds and the interest thereon. The Bond Resolution also allocates all of the Athletic Facilities Student Fees to the payment of the bonds. The Board of Regents is required to adjust the rates, fees, and charges for the use of the System of Athletic Facilities and the Athletic Facilities Student fees so that the amount of money produced is at least 125% of the annual debt service. An amount equal to the maximum annual debt service on these bonds shall be deposited in a Debt Service Reserve Fund from the proceeds of this issue. Projected Revenues Available for Debt Service Operating revenues, athletic facilities Operating expenses, athletic facilities Net revenues, athletic facilities Student fees Interest income, reserve fund Revenues available for debt service Projected Debt Service Coverages Average debt service—$1,372,458 Coverage of average—1.71 x \* https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $3,309,020 1,719,827 1,589,193 522,150 230,838 $2,342,181 Maximum debt service—$1,442,000 Coverage of maximum—1.62x 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 was based. Offered subject to prior sale and change in price. The Talk of the Whole State— BIGGER A N D BETTER T H A N EVER! GROUP 3 ANNUAL MEETING. Surf Civic & Convention Center CLEAR LAKE Thursday, May 8 ★ LADIES LUNCHEON with Style Show ★ AFTERNOON BUSINESS MEETING with Extra Add ed Attractions ★ SOCIAL HOUR with Gem REGULATION . . . (Continued from front page) asserted. The public sector, he said, should be required to provide “ truth in regulation.” L egisla tors and regulators, he continued, should be required to define problems they are trying to correct and state the potential costs of their solutions. He cited three ad vantages of such an approach: exact statem ent o f the problem w ould foster goal-oriented solutions; goaloriented regulation would generate m ore c o s t - e f f e c t i v e s o lu t io n s through private-sector innovations; public awareness of a regulation’s projected costs “ would make politi cians and bureaucrats more sensi tive to their effects on the economy and constituents’ pocketbooks.” Mr. Clausen noted the reference in the U.S. Declaration of Inde pendence to the “ tyranny” of King George III: “ He has erected a multi tude of new offices and sent hither swarms of officers to harass our people, and eat out their substance.” Today, Mr. Clausen added, “ you can no longer tell the players by their ‘red coats’ but by their ‘red tape’ .” □ ütlichkeit ★ SMORGASBORD BAN QUET ★ FLOOR SHOW Featuring Stage, Recording TV & Stars ★ DANCING to Nationally Known Orchestra Write for Special Registration Form and Complete Program to Group 3 Committee Citizens National Bank Charles City, Iowa 50616 O. J. Tomson, Chairman We Will Be Looking For You. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N EBRASKA NEWS . . . (Continued from page 2) Nebraska here. He was formerly vice president and a director of the First National Bank of Bellevue, where he had served since 1965. HARRISON: Tom Bass has been promoted to assistant vice president at the Sioux National Bank here. Larry M artinson has join ed the bank as the agricultural representa tive. H E M IN G F O R D : M atha H ollinrake has been promoted from assist ant cashier to cashier of the Bank of Hemingford. She succeeds Eugene Coplen in her new position. Mr. Coplen was re-elected executive vice president. OM AHA: Mid City Bank has per mission to establish a teller office at 13483 West Center Road. RUSHVILLE: H. Albert Dale, 79, president of the Stockmen’s Nation al Bank here, died last month. He joined the Rushville bank in 1923, working for his father, H. C. Dale, one of the bank’s original officers. W AUSA: Commercial State Bank T" I BANKERS PARTICIPATING Lease Plan, Inc. 5 4 5 - 31st Street rtß *■>; Des M oines, Io w a 50312 R. L. “ DICK” SELLON • P.D. “ DUANE” DEVAULT here has received consent from the FDIC to establish a remote service facility at Main and Cedar Streets in Magnet. Wyoming News C H E Y E N N E : Three prom otion s have been announced at First W yo ming Bank, N.A.-Cheyenne. They are Judith M. Cooper and Linda P. Meese, assistant vice president, and Phyllis Bell, marketing officer. GREYBULL: M. L. “ R ob” Robin son has joined the First National Bank of Greybull as vice president in charge o f consum er services. Most recently he was senior vice president o f the F irst W yom in g Bank, N.A.-Laramie, where he had worked for the past 10 years. ROCK SPRINGS: Katherine Pryich has been promoted from loan officer to assistant vice president at the First Security Bank of Rock Springs. Illinois News The A ssocia tion for M odern Banking in Illinois will hold a series of statewide workshops on NOW accounts this month. Conducting the sessions will be Dr. Carl Nielsen, chairman of the department of ad m inistration at W ich ita (K an.) State University. Dates and locations are: April 1516—Stouffers Oak Brook Inn, Oak B rook; A p ril 17 —H ilton H otel, Peoria; April 23—Baur’s Restau rant, Springfield, and April 24— Buckley’s Ramada Inn, Fairview Heights. % 4» A- r~ B L O O M IN G T O N : The M cLean County Bank here has received con sent from the FDIC to establish a facility in the College Hills Mall at Normal. CHATHAM : Chatham Community Bank has received consent from the FDIC to establish a remote service facility on Church Street in Loami. COBDEN: A certificate of conver sion has been issued to the First Bank of Cobden as a result of its conversion from the First National Bank of Cobden. The bank’s capital *r * Carleton D. Beh Co. ■f Supplement to Northwestern Banker Newsletter 4-14-80 Investment Bankers/Financial Consultants NEW ISSUE MOODY’S: A $6,000,000 DOUGLAS COUNTY SCHOOL DISTRICT NO. 17 MILLARD PUBLIC SCHOOLS, NEBRASKA General Obligation Bonds, Series of 1980 Dated: May 1,1980 Denomination: $5,000 Both principal and semiannual interest (May 1 and November 1, first coupon due May 1, 1981) payable at the Office of the Treasurer of Douglas County, Omaha, Nebraska. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES. MATURITIES 10.00% 9.50% 9.65% $105,000 May 1,1982 8.50 $230,000 May 1,1994* 9.10 $350,000 May 1,2000* 9.65 110,000 May 1,1983 8.50 9.60% 9.70% 115,000 May 1,1984 8.50 245,000 May 1,1995* 9.20 375,000 May 1,2001* 9.70 125,000 May 1,1985 8.50 9.45% 9.75% 135,000 May 1,1986* 8.55 260,000 May 1,1996* 9.30 405,000 May 1,2002* 9.75 145,000 May 1,1987* 8.60 9.40% 9.80% 150,000 May 1,1988* 8.65 280,000 May 1,1997* 9.40 435,000 May 1,2003* 9.80 160,000 May 1,1989* 8.70 9.50% 9.85% 175,000 May 1,1990* 8.75 305,000 May 1,1998* 9.50 470,000 May 1,2004* 9.85 185,000 May 1,1991 * 8.80 9.60% 9.90% 200,000 May 1,1992* 8.90 325,000 May 1,1999* 9.60 505,000 May 1,2005* 9.90 210,000 May 1,1993* 9.00 *Optional in inverse order beginning May 1, 1985 at 102%; May 1, 1988 alt 101 % ; and May 1, 1991 at 100%. LEGALITY TO BE APPROVED BY CLINE, WILLIAMS, WRIGHT, JOHNSON & OLDFATHER, ATTORNEYS, LINCOLN, NEBRASKA * School District No. 17 Douglas County is located in the southwestern portion of the City of Omaha, approximately 10 miles from the central business district of Omaha. The District encompasses approximately 35 square miles and is the third largest school district in Nebraska. The economic viability of the Millard School District is tied closely to the general economy of the City of Omaha. Omaha has become the third largest livestock market in the country and a major grain market. Meat packing and food processing are also important parts of the economy and are represented by such companies as ConAgra, Inc., Cudahy Foods Co., Kellogg Company, Campbell Soup Company, and the Swift & Company. Concurrently with the growth of the City’s agri-business industry, new and related industries have begun to develop in the area. The City has an increasingly well diversified economy although it still remains agriculturally oriented. Omaha contains more than 670 manufacturing plants. These bonds have been authorized in accordance with the Constitution and the statutes of the State of Nebraska and approved by the voters of the Millard School District at an election held on October 23,1979. The proceeds of this issue will be applied to costs of con structing an elementary school building and additions to the existing structures of the senior high school. In the opinion of counsel these bonds are legal and binding general obligations of the School District and all taxable property therein is subject to the levy of sufficient taxes to pay the principal of and interest on the bonds without limit as to rate or amount. FINANCIAL STATEMENT Actual valuation, taxable property, 1979 Assessed valuation, taxable property, 1979 $835,696,700 292,493,845 Net direct debt, including this issue Total direct and overlapping debt 30,092,000 68,205,609 Population, 1978 estimate: 42,000 Net direct debt per capita: $ 716.48 Total debt per capita: 1,623.94 Area: 22,400 acres Net direct debt per acre: 1,343.39 Total debt per acre: 3,044.89 Tax collections have approximated 97.23% of taxes levied for the last five years. > We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion: 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 was based. Offered subject to prior sale and change in price. Des Moines Building • Des Moines, Iowa 50309 • 515-288-2152 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 607 M arquette Ave. • Minneapolis, Minnesota 55402 • 612-332-8825 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4- I..■s t ti; MM» %* L ► •4. * >r Pictured Model P2208 Reconditioned BURROUGHS Full Keyboard Adding Machines Popular Late Models P208 P2208 P2325 Reasonably Priced Some Wide Carriage Available -Also Available- Burroughs Mechanical Teller Machines ¿f ÍÉ'l C a ll: (612)890-6661 B £ S BANKER’S EQUIPMENT SERVICE, INC. Banking Machine Dealers and Consultants s https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11561 12th Avenue South, Burnsville, Minnesota 55337 Supplement to Northwestern Banker Newsletter 4-14-80 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis "O p p o rtu n ity I|c C ^9Correspondent Robert Scott, Donker I \ Â I Mm!# • • • WEST FARGO: First State Bank of West Fargo has increased its am ount o f capital stock from $150,000 to $600,000 by a stock dividend. Bankers Service LOAN ACTIVITY BULLETIN LaMOURE: The Omega City Hold ing Company here has received con sent from the Federal Reserve Bank of Minneapolis to become a bank holding company by acquiring the First State Bank of LaMoure. 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 South Dakota News stock of $400,000 is divided into 5,000 shares with a par value of $80 each. Surplus is $500,000. * GENEVA: The First National Bank of Geneva has received consent from the Comptroller of the Currency to locate an office at 1009 E. State St. here. ROCKFORD: An application for a permit to organize the United Bank of Brynwood here has been filed with the commissioner of banks and trust companies. The organizers in clude Seth G. Atwood, Patricia L. Atwood, Lloyd C. Ringle, Robert B. Rosecrance, Loren M. Smith and David D. Baer, all of Rockford. RAPID CITY: Recent promotions at the First National Bank of the Black Hills include Kirk Dean to vice president and branch adminis trator, Myles Kennedy to vice presi dent, and Pete Cappa to assistant vice president and manager of the North branch here. S IO U X F A L L S : The N ational Bank of South Dakota has received consent from the Comptroller of the Currency to locate a CBCT unit at Daytons in the Empire Mall. Colorado News * North Dakota News DENVER: Roger E. Johnson has been named comptroller of United Bank of Denver. Most recently vice president of United Banks Service Company, he will also serve as head of the bank’s financial management activity. a BEULAH: An application by the Security State Bank here for federal deposit insurance has been approv ed by the FDIC. The bank’s total capital accounts are $1 million. D E N V E R : The C olorado State Bank of Denver has received con sent from the FDIC to establish a detached facility at 1625 Broadway St. here. * LANGDON: Terry Rime has been promoted to vice president in charge of the agricultural loan department at First Bank of Langdon. He joined the bank in 1977. * U N D E R W O O D : F irst S ecurity Bank here has increased its amount of capital stock from $200,000 to $300,000 by a stock dividend. “IF Montana News BILLINGS: Bruce Posey has been elected a real estate loan officer at First Bank Billings. He had been a real estate loan representative. GREAT FALLS: Bank of Montana System has announced that Stephen 5 f a s t s e r v ic e public RECORDS S e a r c h , i- c A dam s o f W ayzata, M in n ., and associates have agreed to purchase or have acquired options to pur chase from certain BMS stockhold ers 181,880 shares of BMS common stock, (about 26% of the outstand ing shares) and $388,000 principal amount of the company’s subordi nated debentures convertible into 23,163 shares of common stock. The sales are su b ject to regu latory agency approval. Minnesota News ASKOV: The First National Bank o f A sk ov has received charter approval from the Comptroller of the Currency. The new charter is a result of the bank’s conversion from the Security State Bank of Askov. SANTIAGO: The Santiago State Bank has received consent from the FDIC to establish a detached facil ity in Clear Lake. Both towns are in Sherburne County. C0ULS0N SPRENGER AND BAUMAN Three of our men on your side at Fred N. Coulson, Jr. Bill Sprenger 234-2479 .F https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 234-2625 H .C . Bauman 234-2483 Com m erce Bank o f Kansas a ty M em ber FDIC Telephone (816) 234-2000 1 SERVING PROFESSIONALLY Banking, Financial & Business Personnel Iowa and Nationwide CAPITAL PERSONNEL SERVICE 714 Central National Bldg. 515-283-2545 Des Moines, Iowa 50309 Estate Appraisals AG BANKING CAREERS AG L E N D IN G . . . E. Iowa ..........................$14-17,000 AG LOAN REP. . . O h i o ............................ $25-30,000 C O M M E R C IA L. . . Iowa .............................$20-28,000 AG C REDIT. . .D e n v e r ...............................$17-22,000 AG LENDING O FFIC E R . . .Io w a ...........$16-18,000 AG LENDING O FFIC E R . . . Minn. & III. . $16-22,000 Since 1968, banks and other ag-related employers have been paying us to find the personnel they need. For more information, give Linda (our banking spec ialist) a call today. Purchase of Collections Sale of Rare Coins Reliable and respected service for over 20 years Used by bankers throughout the midwest Ben E. Marlenee Coins 913 Locust Des Moines, Iowa 50309 515-243-8064 W ANT ADS Rates 50 cents per word per insertion. Ad $2 for file numbers. Identity of file number advertisers cannot be revealed. Payment in advance, please. NORTHWESTERN BANKER 306-15th St., Des Moines, Iowa 50309 POSITION W ANTED IN S U R A N C E O F F IC E R — S m all agency in eastern Nebraska bank of 1,400 population. Good potential for growth and development; will also be able to assume banking duties. All Inquiries confidential. Write file KBE, c /o Northwestern Banker.________________ (PA) North central Iowa bank of $6 million seeking #2 man with ag background. Experience with reports desired, but not required. Prefer insurance license, but not required. W rite file KBC, c /o Northwestern Banker. (PA) Ag Loan O fflcer/O ffice Manager— Immediate opening in southeast Iowa bank of $25 million; experience necessary. Send resume and background to Farmers & Merchants Savings Bank, LoneTree, IA 52755. (PA) Cashier— Southeast Minnesota bank of $20 million is seeking aggressive individual experienced in operat ions, EDP, reports and lending. Excellent salary and benefits. Send resume to file KBD, c /o Northwestern Banker.______________________________________ (PA) W A N T E D — In d ivid u al w ith all in su rance and real estate licenses to manages new insurance agency in a $20 mill|on Iowa bank. Send resume and salary re quirements to file KBB, c/o Northwestern Banker.(PA) Loan Officer— Central North Dakota bank has opening for a loan officer with agriculture degree or ag back ground. W rite file JBY, c /o Northwestern Banker.(PA) E xecu tive V ic e P re s id e n t— South M in n e so ta $20 million bank looking for aggressive individual with a strong lending and operations background. Heavy in all types of agricultural lending, especially with cash flows. Excellent salary and benefits. Send resume to file KBA, c /o Northwestern Banker.____________ (PA) A TT We can save you money on MICROFILM LAMPS. We soli cit your inquiries. SITLER'S SUPPLIES, INC. Box 10-Z 702 E. Washington St. Washington, Iow a52353 Phone 319-653-2123 In Iowa Cal 1800-272-6459 sariC4REERS, INC m J AGRICULTURAL PERSONNEL RECRUITERS RECRUITER (515)394-3145 New Hampton, IA 50659 POSITION AVA ILABLE Thirty-one-year-old attorney seeks bank position. Licensed to practice law in Oklahoma and Nebraska. Nebraska real estate broker. Contact Robert L. Hardt, P.O. Box 1463, Norfolk, Nebraska68701._______ (PW) BANKING POSITION W ANTED— Experience as loan officer for finance company and insurance sales. Business and economics degree. W ill relocate. Write file JBV, c /o Northwestern Banker._____________(PW) Banking graduates from Iowa Central Community College, Fort Dodge, Iowa. Course work includes: AIB and o th er courses p e rtin e n t to b ankin g, plus a summer on-the-job training session in a bank. Stu dents earn 67 semester hours which leads to an Asso ciate of Applied Science degree. Contact the place ment office or Forrest B. Johnson, Banking Coordin ator, Iowa Central Community Col lege, 330 Avenue M, Fort Dodge IA 50501. Phone (515) 576-7201. (PW) FOR SALE OR LEASE Available for immediate delivery. Instant modular drive-in teller units. Ideal for expansion or to establish a remote drive-in. Prebuilt, ready to in stall on your site— requires only electrical hook up. Includes all equipment needed— electric heat and air conditioned, conduit for alarm and phone. Write for brochure of other size drive-in systems, branches and modular automatic teller machine buildings. FINANCIAL PRODUCTS, INC. P.O. Box 1035 Eau Claire, Wisconsin 54701 ____________ Phone: (715)835-8160 FORSALE Dictaphone Ansafone unit, model #1650. Good condition. Call (319)652-2487._____________________ (FS) Five-window teller counter, walnut and marble (will s ep a ra te ). A ls o , used M o s le r drive-u p w in d o w . Farmers Savings Bank, Kalona, Iowa 52247. (319) 656-2265.____________________________________ (FS) Burroughs L9000 Minicomputer Model 9944-200 with two cassette drives Model A9490-25, stripped ledger reader. E x c elle n t c o n d itio n ; under m a in te n a n c e . C o n ta c t C oop er H anson at D ata S y s te m s , (402) 426-4117.____________________________________ (FS) Burroughs TT-102 electronic on-line teller machines; one to three years old. $1,950 each (original cost $3,400). Phone (214) 757-7760._________________ (FS) Burroughs TR-102 electronic teller machines. Upgrad able to on-line; two to three years old. Guaranteed freight paid. $995 each (original cost $2,100). Phone (214)757-7760._______________________________ (FS) NCR 152-70 teller machines; completely re-condition ed. Fifteen days FREE trial. Guaranteed freight paid. $775 each. Phone (214) 757-7760._______________ (FS) Burroughs desktop check encoders: T-1000, $595, or T-1500, $695. Guaranteed freight paid. Phone (214) 757-7760.____________________________________ (FS) Insurance for Financial Institutions Automated Systems of Iowa, Inc. 301 N. Ankeny Blvd., Suite 220 Ankeny, la 50021 515-964-1358 PARTIAL LIST OF AVAILABLE POSITIONS OPERATIONS— South Dakota bank. Supervise book keepers, tellers and do all reports. $17,000 EVP— Responsibilities will cover all areas for this small bank. Must be a generalist. $28,000 LENDING— Work in ag, commercial & real estate. Position is with Illinois bank. $14,000 TRUST OFFICER— South Dakota bank. Be respons ible for administration, investments, reporting & mar keting. A good position. AG O FFICER— Growing Nebraska bank is expanding its ag department. Spot offers excellent promotability. OPERATIONS— Will oversee operations, personnel & reports. EDP experience a strong plus. $15,000 TRUST— JD a must; estate planning experience very important. $25,000 #1— Rural Iowa bank. Outstanding opportunity. Must be capable of running the bank completely. $30,000 AG OFFICER— Livestock experience is a must for this southwest Iowa bank. $20,000 ASST CASHIER— New position. Experience a must; charge card experience a big plus. $13,000 LOAN OFFICER— Must have commercial experience in a $150MM + bank. $35,000 L E N D IN G — N orthw est Io w a bank. O u tsta n d in g opportunity; will be groomed for #2 spot. $15,000 LOAN OFFICER— Solid installment or commercial experience needed. Experience in both a big plus. $19,000 VP— Work in commercial and direct junior officers. Looking for strong experience. $28,000 T T T 1 Bank Division T! I! I ROBERT HALF I TT of iowa, inc. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 □ I would like to sell my majority bank stock. □ I would like to buy ma jority bank stock. Please Contact: J. Mason Henry Charles E. Walters Co., Inc. P.O. Box 1313, Omaha, Nebraska68101 Phone: (402)553-6400 I________________________________ I POSITIONS AVAILABLE INSURANCE AGENCY— Several openings in rural Iowa and Minnesota communities; some are in v estm ent o p p o rtu n itie s . M ust be licensed in all lines............................................................................ 18-22K P R E S ID E N T — $8M M rural Kansas bank c lo s e to several larger communities. Strong ag background desired............................................................................. 25K TR U S T H E A D — S upervise $ 85M M d e p a rtm e n t in growing Texas bank. Law degree required; prefer experience in community property state.................. 40K OPERATIONS— Coordinate activities between hold ing company and 20 affiliate banks. Newly-created positions......................................................................... 35K R E TA IL B A N K IN G — M anagem en t p o sitio n w ith opportunity to advance. Supervise installment lend ing and several branches for$50M M Iowa bank. . 30K CORRESPONDENT BANKER— Senior officer posi tion in major Missouri bank; excellent advancement opportunity. Prefer three years or more calling experi ence.................................................................................. 30K <•4-1 CONTROLLER— Medium-size suburban bank seeks individual with accounting or finance degree to train for control 1er position...................................... 14-16K CASHIER— Small rural bank with insurance agency desires junior operations officer with farm back ground. W ill be#2 position..........................................16K Resume and salary history requested. All inquiries held in confidence. TOM HAGAN & ASSOCIATES P.O. Box 12346/2024Swift North Kansas City, Missouri 64116 _______________Phone (816) 474-6874 Vol. 8 No. 51 Northwestern Banker Newsletter [USPS 873-300] is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25 cents per copy, $8.00 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 ib i
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