Full text of The Northwestern Banker : April 19, 1982 : Northwestern Banker Newsletter, Vol. 10, No. 52

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•

Economy Likely To Remain Volatile
^

| F THE clash between large budget deficits and anti-inflationary
policy continues, an upturn from the
current recession is unlikely to be
sustained, according to Dr. Sung
W on Son, senior vice president and
chief economist at Northwestern
National Bank of Minneapolis.
In remarks made at the release of
a long-term national and agricultural outlook in INDICATORS, a
publication of the bank’s economics
department, Mr. Son said, “ Under
the present policy stance, there is a
significant risk that rising interest
rates will lead to another downturn
next year.”
“ The economic climate would re
main unfavorable under this stopand-go scenario,” Mr. Son commented. “ Recoveries in sales of
houses and big-ticket items would
be modest and temporary, at best,
while capital-spen din g grow th
would remain weak. Financial stress
would certainly mount.”
A lthough policy adjustm ents
aimed at reducing ballooning Fed
eral deficits are required before sus
tained recovery can be predicted
with any certainty, Mr. Son said,
“ Important seeds have been planted
that could bring an end to the seem
ingly annual recession pattern. Gov
ernment is becoming smaller and
more efficient, and regulations less

April 19,1982

Des Moines, Iowa

Vol. 10 No. 52

our grain exports. Bilateral trade
agreements between the Soviet Un
ion and other exporting nations
have increased the role of the United
States as a residual food supplier,
causing greater volatility in crop
prices.”
□

burdensome. The wage-price spiral
is also winding down, setting the
stage for lasting improvement on
the inflation front.”
In regard to the long-term agri
cultural outlook, Mr. Son observes
“ Over the past decade, increased
Iowa News
reliance on exports, a shift to flexi
The Iowa Senate last week passed
ble exchange rates and financial de
regulation have tied agriculture SF 2300 and sent it to the House.
more closely to economic devel Am ong its provisions sure these:
Authorizes mutual savings and
opments here and abroad. This has
added to the unpredictability and loans to convert to stocks; auth
risk in agriculture. Good years will orizes mergers and acquisitions
be better and poor years will be among banks and s&ls.
Expanded powers for s&ls that
worse.”
According to Mr. Son, sustained permit an institution to place 1% of
improvement in farm earnings is de its assets in commercial loans each
pendent on a shift in the supply- year for five years and a maximum
demand balance. “ Since current of 5%; or, up to 10% after Reg Q is
economic trends are not conductive phased out; or, a higher figure auth
to strong demand for agricultural orized by any federal trigger.
Authorizes any type of mortgage
products, the impetus for recovery
contract
for all financial institutions
may well depend on reduced sup
plies,” he said. “ The effectiveness of (adjustable rate, e.g.), so long as
acreage-reduction programs will terms disclosed fully up front to the
strongly influence future farm earn customer.
Authorizes bank holding compan
ings.”
“ D espite risin g w orld food ies to have up to 9%, instead of 8 %
needs,” he said, “ U.S. exports will of total deposits in all Iowa banks;
be hampered in the near term by authorizes bank or savings & loan
sluggish growth abroad and heavy holding companies to hold a ceiling
debt loads in Eastern Europe and of 9 % of s&l deposits in the state.
Earlier, SF 2195 was passed and
elsewhere. Crop shortages, due to
bad weather in importing countries, sent to the Governor. It makes per
will continue to play a major role in manent the law eliminating interest

ASK TERRY MARTIN
to make MNB work for you.
Toll free: 1-800-332-5991

Merchants National Bank il l
Member F.D.I.C.

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Federal Reserve Bank of St. Louis

A BANKS OF IOWA’ BANK

Çom e to us mmm weVe first in Iowa
WW
because we put
Iowa first.
nesM C »iies
A

B N ATIO N AL BAN K

An Affiliate of Northwest Bancorporation
Mem ber FDIC

rates on ag, business and real estate
loans. That law was due to expire
July, 1983 under a sunset provision.
It also permits a balloon mortgage
payment to be refinanced at the
same institution at current rates
without having to go through new
loan documentation.

Banco

Call (515) 245-3131 or toll-free (800) 362-2514

Algona will serve as president and
chief executive officer of the result
ing bank, with all offices of both
banks in operation and all personnel
retained.

HORNICK: Winton Buckley and
Roy O. Yaley, acting as agents for a
holding company to be formed, have
purchased about 95% of the stock of
DES MOINES: Randall L. Wade State Savings Bank from Mr. and
has been named manager of the Mrs. Richard Wagner and family.
Euclid Office of the Iowa-Des The bank insurance agency was pur
Moines National Bank, announced chased in a separate transaction.
George F. Milligan, president and Mr. Buckley is chairman and Mr.
chief operating officer. Mr. Wade Yaley is president o f Nebraska State
joined the bank in 1976.
Bank, South Sioux City, Nebr. Tom
DES MOINES: Kenneth M. Myers, Ross, executive vice president of
president of United Central Banc- that bank, is moving to Hornick to
shares, Inc., parent company of manage the bank there as executive
United Central Bank & Trust Com vice president. Mr. Buckley and Mr.
pany of Algona, and John Goode- Yaley will hold the same positions at
now, president of KBG Ban Corp., Hornick as they do at Nebraska
Inc., a one bank holding company State Bank. Mr. Wagner has.- re
which owns over 96% of the out signed as president and his son,
standing stock of Exchange State Mark, has resigned as executive vice
Bank, Wesley, have announced that president of the Hornick bank.
a letter of intent has been executed
Nebraska News
providing for the merger of the
assets of Exchange State Bank with
Roger M. Beverage has submitted
those of the Algona bank, and for his resignation as executive vice
the assumption by the Algona bank president of the Nebraska Bankers
of the liabilities of Exchange State Association. Mr. Beverage will
Bank. KBG Ban Corp., Inc., and the manage the N BA convention in
other shareholders of Exchange Omaha May 6-8 and will continue
State Bank will receive cash as a with the N BA until the search com
result of the transaction, upon mittee has found a replacement ex
surrender of their bank shares. ecutive director. Mr. Beverage is
William D. Mullins, president and purchasing the insurance agency
chief operating officer of United operated for many years by his late
Central Bank & Trust Company of father-in-law, Dean Junkin, in Ber

Single System Banking
With
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National Bank o f Waterloo
Waterloo, Iowa 50704 Member FDIC

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Phone Max Cory
at 1-800-772-2411.

trand and also plans to enter private
law practice in that south central
Nebraska community.
^
*

A t press time late last week, it ap
peared that the Nebraska legislature
did not have the necessary 30 votes
to over-ride Gov. Charles Thone’s #
veto of LB 626, the controversial
multi-bank holding company en
abling bill which was passed 25-22 a
week earlier. The legislature official
ly had until Friday to over-ride the •
veto.
FREMONT: Richard M. Fritz has
joined the First National Bank &
Trust Company of Fremont as vice £
president and commercial loan of
ficer. Mr. Fritz previously was serv
ing as president of First National
Bank & Trust Company of Kearney,
and prior to that was head of mar- q
keting at National Bank of Com
merce in Lincoln.
LINCOLN: An agreement has been
reached for the purchase of all the
stock of Citizens State Bank from
the Philip Warner family by Paul
Schorr and Gene Tallman, promi
nent Lincoln businessmen. Mr.
Schorr is chief executive officer of
Commonwealth Electric Co. and Mr.
Tallman is a well-known insurance
company executive. They also own
First National Bank of Fremont,
First Westroads Bank in Omaha
and Lincoln Bank East. A t 1981
year-end, Citizens State Bank had
$29.5 million deposits. All officers
and staff will continue in their pre
sent positions. The agreement to
purchase awaits Federal Reserve ap
proval.

•

Minnesota News
B U R N S V IL L E :
R. M ic h a e l
Winslow has been promoted to vice
president and cashier and John
McGinnis to vice president of First
Burnsville State Bank. Mr. Winslow
has been with the bank since 1978.
Mr. McGinnis has been an employee
since 1976.
MAPLEW OOD: Axel E. Olseen,
Jr., recently has joined Maplewood
State Bank as vice president in the
commercial loan, real estate mort
gage and investment areas. Mr. Ol
seen recently completed 45 years as
vice president o f Northwestern
State Bank in St. Paul, and is a past
president of the Bank Administra
tion Institute.
MONTEVIDEO: Randy N. Schouten has been elected president and

•

Supplement to
Northwestern Banker Newsletter

4-19-82

Carleton D . Beh Company
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: Baa

We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion:

$700,000
IOWA FALLS, IOWA
Hospital Revenue Bonds, Series B
DATED: May 1,1982

DENOMINATION: $5,000

Both principal and semiannual interest (June 1 and December 1; first coupon due December 1,1982) payable at
the office of the City Treasurer, Iowa Falls, Iowa.
IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT
FEDERAL INCOME TAXES
MATURITIES
$20,000
20,000
25,000
25,000
30,000
30,000
35,000
40,000
45,000
50,000

14%
June 1,
June 1,
June 1,
June 1,
June 1,
June 1,
June 1,
June 1,
June 1,
June 1,

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992

9.50
10.00
10.50
11.00
11.40
11.70
12.00
12.25
12.50
12.75

$60,000

13%
June 1, 1993

13.00

$65,000

13%%
June, 1 1994

13.25

$75,000

131/z%
June 1, 1995

13.50

13%%
June 1, 1996

13.75

$85,000
14%
June 1, 1997
14.00

$95,000

The City of Iowa Falls constructed and began to operate the Ellsworth Municipal Hospital as a city-owned enterprise in 1902. A new wing
directly south of the existing building was constructed in 1935. In 1963 the City constructed the two-story west wing and demolished the old
building. The medical staff consists of nine M.D.’s actively using the facilities in the practice of their profession.
The Hospital is located in the City of Iowa Falls which is situated in Hardin County near the Franklin County line. The patient origin analysis
indicates that the hospital’s service area has remained relatively consistent over the past five years.
The Bonds are being issued to pay a portion of the costs of improvements and additions to the Hospital, including the design of a new twostory brick wing containing 30 private rooms and 38,000 square feet and the reconstruction and remodeling of the 1963 wing. These im
provements will provide a new intensive Coronary Care Unit, remodeled and improved Obstetrical Department, remodeled, improved and ex
panded surgical, physical therapy, respiratory, radiology, out-patient, intensive care and laboratory and counseling areas.

FINANCIAL INFORMATION
1981
$2,385,860
2,235,478
51,477
201,859

Total Operating Revenue
Total Operating Expenses
Non Operating Revenue
Excess of Revenues over Expenses

1980
$2,033,812
1,927,222
71,556
178,146

Actual excess available for debt: fiscal 1981: $269,464
Pro-forma for fiscal year 1981:
$321,164
Average annual principal and interest:
Maximum annual principal and interest:

1979
$1,616,763
1,623,387
36,656
30,032

1978
$1,604,045
1,596,023
2,755
10,777

COVERAGE
1981 Actual
1.28X
1.23X

$210,043.33
$218,175.00

Pro-forma
1.53x
1.47X

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 k z | r

Hutton

& Company Inc.

Carleton D . Beh Company
Investment Bankers / Financial Consultants
1300 Des Moines Building / Des Moines, Iowa 50309
515 / 288-2152

NEW ISSUE

MOODY’S: A

We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion:

$1,600,000
IOWA FALLS, IOWA
General Obligation Bonds
DATED: May 1,1982

DENOMINATION: $5,000

$ 45,000
50,000
55,000
60,000
70,000
75,000
$ 85,000
$ 95,000
$110,000

June 1, 1983
June 1, 1984
June 1, 1985
June 1, 1986
June 1, 1987
June 1, 1988
101/2%
June 1, 1989
10.30%
June 1, 1990
10.60%
June 1, 1991

8.00
8.40
8.80
9.10
9.40
9.70

$150,000

10.00

$165,000

10.30

$180,000

10.60

$210,000

$120,000
$130,000

10.90%
June 1, 1992
4141.¿\J
on O
VA
O
June 1, 1993
11.40%
June 1, 1994
11.60%
June 1, 1995
11.80%
June 1, 1996
12%
June 1, 1997

10.90
11.20
11.40
11.60
11.80
12.00

LEGALITY TO BE APPROVED BY AHLERS, COONEY, DORWEILER, HAYNIE & SMITH,
ATTORNEYS, DES MOINES, IOWA
The City of Iowa Falls, the largest City in Hardin County, is located in the central part of the State of Iowa, about 95 miles northeast of Des
Moines. The City serves as a trading center for the surrounding prosperous agricultural area which contains some of Iowa’s most productive
land. Agriculture is the predominant economic base of the area, however, the City has shown industrial and commercial growth which com
plements and adds to the business activity. Some of the largest employers are Farmland Foods, Inc., pork processors employing 350- Weaver
Construction Co., agricultural lime and gravel employing 175; Prestressed Concrete Co., Wheeler Division of St. Regis Paper Co., employing
108; and Ralston-Purina Co., livestock and poultry feeds employing 100. Iowa Falls has two banks whose deposits as of December 31,1981
exceeded $71,145,592. Transportation is furnished by the Chicago Northwestern and the Illinois Central railroads, Interstate Highway No. 35,
about 15 miles west of the City, U.S. Highway 69, State Highway No. 3 and many all-weather farm-to-market roads. The City owns and
operates a modern 24-hour airport with a 4,000 feet asphaltic concrete runway. The U.S. Census figures for 1980 population is 6,174.
The bonds are being issued to pay a portion of the costs of improvements and additions to the Hospital.

FINANCIAL STATEMENT
Actual Valuation, 1981
Assessed Valuation, 1981
Net Direct Debt, including this issue
Net Direct Overlapping & Underlying Debt

$115,905,623.00
85,242,773.00
2*278^000.00
2*923,*788.00

Population, 1980 estimate; 6,174
Combined net debt:
Net direct debt:

$473.56 per capita
$368.97 per capita

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Hutton

Division of |t=lr~

& Company Inc.

•

Plan Iowa
Group M eetings
Group 6 — Des Moines

•

Fore! Group 6 returns to the
Hyperion Field
Club on M on
day, May 3. Teeoff times will be
from 9:00 a.m.11:00 a.m. and
reservations can
be made by call
ing Steve Allen
or Karen Hartsook at Hawkeye — Capital
Bank & Trust in Des Moines
(515-244-5111).
The formal program follows:

5:30 Reception—Cash Bar.
6:30 Banquet & Entertainment.
Prime Rib Dinner. Wine will
be served with dinner.
Introduction of Guests.
Remarks — Neil Milner, exec,
vice pres., IBA; Tom Huston,
Supt. of Banking, and Tom
Dunlap, pres., IBA.
Entertainment — Jax of Har
mony, award winning barber
shop quartet.

H.C. HOUGHTON

BUMP ELLIOTT

For the non-golfers, a tour of
Proctor and Gamble Manufacturing
Co. and the Univ. of Iowa Museum
of Art has been arranged. Transpor
tation is provided and participants
should meet at the Highlander Inn
at 9:45. The tour will stop at Iowa
River Power Company for lunch.

P.M.
3:00 Registration in lobby of Hy
perion Field Club.
4:00 Welcome: Robert E. Chittenden, chairman, Group 6 ;
chairman and president, Far
mers Savings Bank, Mitchellville.
Golf Awards — Steve Allen,
vice president, Hawkeye —
Capital Bank & Trust, Des
Moines.
Speaker - Chet Randolph,
host of IPBN television program, Market to Market. His
topic is “ Marketing Grain in
1982.”

with lunch and a cash bar at the
Hawks’ Nest in the Finkbine Club
house. G olf reservations sire re
quired.

JAX OF HARMONY

Group 8 — Iowa City
Group 8 will met at the Higlander
Inn in Iowa City on Tuesday May 4.
G o lfe r s w ill “ t e e -u p ” fr o m
8:00-12:00 at Finkbine Golf Course

P.M.
3:00 Registration — Highlander
Inn Main Lobby.
4:00 Business M eeting—Gp'. 8
President H. Clark Hough
ton, pres., First Nat’l Bk.,
Iowa City, presiding. Re
marks — Tom Dunlap, pres.,
IBA; Neil Milner, exec, vice
pres., IBA, and Tom Huston,
superintendent, Iowa Depart
ment of Banking.
5:30 Social Hour. Poolside.
6:30 B a n q u e t. T h e e v e n in g
speaker will be “ Bump” El
liott, Director, Mens Intercol
legiate Athletics, Univ. of
Iowa. “ Go Hawks.”
The evening will end with
dance music by Lyle Beaver
and The Brass Notes.

Group 7 — Waterloo

Old Creamery Theatre

Group 7 Presents “ Road Show”
The Old Creamery Theatre Company “Road Show” is a blending of stories,
fables, ballads, mime and short comic sketches using a unique “short theatre”
style.
This year’s tour marks the eleventh season that the Old Creamery theatre has
been “on the road,” having performed over twenty different touring productions
in Iowa, eight midwestern states and Canada since 1971. Their school tour now
reaches out to over 75,000 students each year and close to 26,000 people enjoyed
live theatre in Garrison this past summer.

Group 7 Annual Meeting
May 5th • Conway Civic Center • Waterloo
Registration — $19.00 advance or $21.00 at the door
For further information, contact Gordon Wold, President,
Poweshiek County Savings Bank, Brooklyn, Iowa 52211.

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Federal Reserve Bank of St. Louis

An informal golf outing at the
Waterloo course of your choice will
kickoff the Gp. 7 actitivies on May
5. For further golfing information
contact William Ricker, Nat’l Bk. of
Waterloo.
The evening entertainment will
feature the Old Creamery Theatre
Company “ Road Show.” The Old
Creamery Theatre Company is now
in it’s eleventh year and originates
in Garrison, la.
P.M.
3:30 Registration — Conway Civic
Center, Waterloo.
4:15 Business Meeting — Gp. 7
Chairperson William Beohm,
pres., Tama St. Bk., pre
siding. Reports — A1 Tinder,

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^®W ith today's rapid changes in banking
" :
technology, data processing is becoming
an even more important management
tool. That's where I come in .^ f
Today, your con
tinued profitability is
as important to
Security National
Bank as it is to you.

Ken Boeder
Correspondent Bank Officer
Security National Bank

W estern
Iow a’s
Largest

SECURITY N A n O N A L B A N K
Sioux City, Iowa 51101 (712) 277-6554 Member FDIC

exec, dir., IBIS; Dale Dooley,
pres., ITS. Inc.; Sam Cal
lahan, pres., IBMC; Randy
Steig, exec, dir., IBA; Tom
Dunlap, pres., IB A and Neil
Milner, exec, vice pres., IBA.
5:30 Cocktails and Hors d ’oeuvres.
Rm. 21.
7:00 Banquet. Rm. 23. Prime Rib
Dinner.
8:00 Evening Program. Introduc
tion of special guests followed
by Old Creamery Theatre
Company “ Road Show” pre
sentation.

Group 4 — Dubuque
A river cruise onboard the “ Spirit
of Dubuque” will get activities un
derway for the Gp. 4 meeting in Du
buque on May 6.
Golf is available
for the non-sail
ors and arrange
ments can be
m ade th rou gh
your Dubuque
Correspondents
or with Dennis i
Meyer, golf pro
at Bunker Hill J.E. MANGOLD
golf course. Fur
ther details will be available at the
registration desk.
A .M .

9:30 R egistration — Five Flags
Civic Center, Main Con
course.
11:00 “ Spirit of Dubuque” cruise
with sandwich buffet and
cash bar boards at Ice Har
bor, foot of West 2nd St., for
11:30 departure.
P .M .

2:00 Business Meeting — Five
Flags Civic Center with Gp. 4
Chairman John Mangold, sr.
vice pres., Merchants Nat’l.
Bk., Cedar Rapids, presiding.
The Welcome and introduc

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Federal Reserve Bank of St. Louis

tions will be followed by a
report from the nominating
committee and election of of
ficers. Remarks — Tom Hus
ton, S uperintendent, la .
Dept, of Banking; A1 Tinder,
exec, dir., IBIS; Dale Dooley,
pres., ITS, Inc; Sam Callahan,
pres., IBMC; Neil Milner, ex
ec. vice pres., IBA, and Dale
Luckow, IB A Legislative
Comm. Chmn.

4:00 “ Iowa—An Economic Over
view” panel discussion mod
erated by J. Bruce Meri
wether, pres., First Nat’l Bk.,
Dubuque.
5:00 Social Hour with cash bar and
music by “ Two Guitars.”
6:00 Dinner featuring R obert’s
Famous Prime Rib followed
by welcome from Allan Carew, pres., Dubuque Area
Chamber of Commerce.
7:30 Entertainment — The Bam
Community Theatre presents
the best o f “ Damn Yankees.”

The second series o f Group
Meetings will begin May 17 with the
following schedule:
Group 5—Council Bluffs—May 17
Group 12—Okoboji—May 18
Group 2—Fort Dodge—May 19
Group 3—Clear Lake—May 20

GROUP IV
will be in Dubuque on M ay 6
Special Agenda
11:00 a.m. B oa rd the SPIHIT OF B 0 B 0 Q 0 I
for a tw o hour luncheon
cruise.
2:00 p.m . B usiness M eetin g & D istin gu ish ed Panel
“ Iow a — A n E con om ic O v erv iew ” w ith
M aurice V an N ostrand, J .B . W hite, F.
F orb es O lberg, A r t H ansen, and J. B ru ce
M eriw ether — M oderator.
5:00 p.m . S ocial H our
6:00 p.m . R ob erts F am ous Prim e R ib D inner
7:30 p.m . T he B arn C om m unity
T heatre presen ts the
b est of. . .

Dam n
Yankees
Y ou r H o st

BfHSKS
Publique G hìTTTO

CALL ON THE “PERFORM ANCE TEAM ”
where com m on transactions are handled uncommonly well.
FIRST NATIONAL LINCOLN
13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C.

chief executive officer of North
western State Bank of Montevideo.
He succeeds Lyle McCormick, who
will remain with the bank as chair
man. Mr. Schouten previously was
senior vice president of administra
tion with Fifth Northwestern Na
tional Bank in Minneapolis. Mr. M c
Cormick has been with Banco since
1948, joining the Montevideo bank
in 1960 as executive vice president,
and was named president in 1961.
REDWOOD FALLS: Douglas F.
Bultman has been elected president
and chief executive officer of First
Northwestern National Bank of
Redwood Falls. He succeeds Leon P.
Hernies, who will remain with the
bank as chairman. Mr. Bultman
previously was executive vice presi
dent of First Northwestern National
Bank of Marshall. Mr. Hernies has
been with Banco since 1941. He
joined the Redwood Falls bank in
1960 and was named president, chief
executive officer and a director in
1979.
RICHFIELD: Wally Vavrosky has
been elected vice president, commer
cial loans, of Richfield Bank & Trust
Co. Mr. Vavrosky has been with the
bank since 1965, serving most re
cently as administrator of the com
mercial loan department.
W ARREN: The State Bank of War
ren has changed its name to First
American Bank, according to H.A.
Bustrack, president, who added that
everything else will remain the
same. The name change was made to
eliminate any geographical designa
tion.

Illinois News
The

A ssociation

E. L. Burch

Phil Straight

for

M odern

Bob Hardin

Banking in Illinois is sponsoring a
series of one-day seminars on “ Rela
tionship Banking-Key to Bank Pro
fitability” to be held in April. Dates
and locations for the seminars are
April 20, Springfield Hilton; April
21, Buckley’s Ramada Inn, in Fairview Heights; April 27 and 28, Mar
riott O’Hare, Suburban Chicago.
AM BI is also sponsoring a series
of two-day seminars on “ Profitable
Banking Applications With Mini
and Micro Computers” to be held
May 4-5, Arlington Park Hilton,
Arlington Heights; May 11-12,
Buckley’s Ramada Inn, Fairview
Heights, and May 13-14, Sheraton
Inn, Springfield.

North Dakota News
The ninth session of the North
Dakota Bankers Association-spon
sored North Dakota School of Bank
ing will convene at the University of
North Dakota, Grand Forks, June
13-18, 1982.
WILLESTON: Randal Kruger has
been appointed cashier and auditor
by the board of directors of the
Willeston Basin State Bank. He was
previously employed as a bank ex
aminer with the Commerce Depart
ment for the state of Minnesota.

South Dakota News
BURKE: Tom Lillibridge has been
elected president and chief opera
tions officer of the First Fidelity
Banks of Burke, Bonesteel, Platte,
Colome and Murdo. He will succeed
John Lillibridge who was elected
chairman and chief executive officer.
John Lillibridge succeeds L.L. Lil
libridge who has resigned as chair
man, a position he has held for over
50 years.

David Bear

Maxine Hahs

Hank Phelan
St. Louis

Montana News
HAVRE: Robert A. Wanago has
been promoted to senior vice presi
dent and Victor D. Harwood to vice
president/cashier of First Bank
Havre. Mr. Wanago began his career
with First Bank System in 1963.
Mr. Harwood transferred to First
Bank in 1976.
MISSOULA: James Strosahl was
recently named vice president and
auditor of First National Montana
Bank of Missoula. He was previous
ly serving as assistant cashier and
auditor.

Wyoming News
CASPER: Paul K. Kinner has been
promoted to vice president and
cashier of the Bank of Casper. Mr.
Kinner joined the bank in 1981.
EVANSTON: Joe French has been
promoted to vice president and cash
ier at First W yoming Bank-Evanston. Mr. French joined the bank in
1979 and has been cashier since that
time.
GLENROCK: E. Rube Rider has
joined the new Security Bank of
Glenrock as president and director,
according to Donn H. Dorsett, direc
tor o f the new bank. Mr. Rider has
been vice president of Hilltop Na
tional Bank in Casper for the past
five years, and in banking and fi
nance for the past 25.
JACKSON: Thomas E. Eacott has
been named executive vice president
for administration at the Jackson
State Bank. He was senior vice pres
ident of the Cherry Creek National
Bank, Denver, before moving to
Jackson.

F YOUASKALOTOfYOUR
CORRESPONDENTBANK,
ASXUS.

UNITEDMISSOURI BANKS
Unitedwe grow. Together.

George Crews

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Jack Beets

Dave Van Aken

Dick Muir

Duncan
Kincheloe

Kansas City (816) 556-7900

St. Louis (314) 621-1000
Members FDIC

Estate Appraisals

Purchase o f
Collections

I
I
I

Sale o f 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

TWO NCR 775—single pocket proof machines; one Bur
roughs L-6000 Posting Machine. All excellent condition.
Phone Ralph Thomas, (402) 466-2345.
(FS)
TWO NCR 7750-2201 16-pocket proof machine. 2Vi years
old. Good condition. Available about June 1st. Phone
605/996-6611.
(FS)
BANKS FOR SALE—Hi perf Colo bank. Ex growth area
-1.75 X bk. Two multi-bank holding companies, top perf in
peer grp. Hi perf Ida Bank. Principals only. Reply file QBA,
Northwestern Banker.
(FS)

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)
INSTALMENT LOAN OFFICER for $6 million department
in county seat, central Iowa. Prefer banking experience.
Salary open. Write file PBZ, c/o Northwestern Banker. (PA)

Manager - Insurance Agency
If you have two or more years in a bank insurance agency
and want to move up, we have a select number of posi
tions open in the midwest. Must be licensed for all lines.
Loan experience helpful - but not required. Contact
Malcolm Freeland, Freeland Financial Service, Inc., 246 In
surance Exchange Bldg., Des Moines, Iowa 50309. Phone
515/282-6462. Employer pays fee.
(PA)

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 fi
nancial sales and advertising, and strong interest
in public relations.
(PA)
Send resume to:
Ivan Stlenstra, President
Northwest Federal S & L
Box 1147
Spencer, IA 51301

THREE LEFEBURE DRIVE-UP WINDOWS—COMPLETE,
REASONABLE. K.E. Schmidt, 1930 St. Anne Ct., Dubuque,
Iowa 52001. Phone 319/583-7630.
(FS)

What does your employees’ appear
ance tell your customers about your
bank? “We want to please you” or
“We don’t really care?” Call us for the
look o f.“Service” and “ Success.”

□ 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.

I
L

39 Ginger Woods Road, Valley, Nebraska 68064
Phone: (402)553-6400

BANKERS AVAILABLE
CEOs with solid experience in community banks.............
.......................................................................... to $40,000
Operations/Cashiers/Data Processing Officers .to $26,000
Marketing Officers
to $22,000
Number Two Officers with combination lending and opera
tions experience...............................................to $28,000
Trust Officer with solid legal education...............$35,000

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.

IOWA NATIONAL BANK CURRENCY

M eA j/Loekk-^
CAREER APPAREL
N. Main St„ Carroll, Ia„ 51401 712-792-2748 |

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)

FINANCIAL SPECIALIST IN THE
TWIN CITIES AREA
Call Bruce Meyer • 612/835-4466
7 6 2 ^ e tro Blvd., Suite 350 • Minneapolis, MN 55435

S iS e
The Search and Recruiting Specialists

BANKING PLACEMENTS
“ Successful Banking is Quality Personnel”
Eighteen years banking experience serving as
president of rural and metropolitan banks enables
me to find the “right” banking position for you as a
banker or the “right” officer for your bank.

D O N -ficH O O L E R In
AND I

ASSOCIATES

901 A. West Jackson* Ozark, Missouri 65721
417/485-6020
COMPLETELY CONFIDENTIAL
_____________ “Employment Service"

WANTED
FOR PERSONAL COLLECTION
Also paying top prices for other
“types” of U.S. currency and finan
cial paper.
DON MARK
Box 1, Adel, IA 50003 • 515/270-8170

SERVING PROFESSIONALLY
Banking, Financial & Business
Personnel, Iowa and Nationwide

Capital Personnel Service
714U.C.B. Building, 515-283-2545
Des Moines, Iowa 50309
POSITIONS AVAILABLE
COMMERCIAL LOAN—$18MM suburban bank chartered
three yrs. ago desires second officer; 3-5 yrs. commercial
lending and strong business development skills. $25,000
INSTALLMENT LOAN—$30MM suburban bank with $5MM
installment dept. Supervise all consumer lending and ac
tively solicit new business.
$20,000
AGRI-LOAN—requires 2-3 yrs. Ag-Lending experience. In
surance licenses helpful. Rural Iowa bank.
$18,000
OPERATIONS—prefer 5 yrs. experience with at least a
$50MM bank. Will handle proof and transit, teller operations, lock box and bookkeeping.
$25,000

Provider of Executive Perquisites to
Officers of Financial Institutions
If the banking giants were to move into your
town tomorrow, how would you fare? Call us
to learn how to take care of you and your
future...no matter who owns the bank!

T h e C o u g h lin O r g a n iz a t io n
William J. Coughlin
F.L.M.I.

9 13 M id land Fin a n c ia l Bldg., Box 1296, Des M oines, IA 50305
Phone 515-244-0856
Io w a W A TS 1-800-532-1145

A
™

TRUST OFFICER—generalist position with emphasis on
personal trust accounts. Some banking experience re
quired.
$22,000
ENTRY LEVEL—$40MM bank close to a major midwestern
city desires recent college grad for training program.
Prefer some bank experience.
$13,000
SECOND OFFICER—$45MM suburban bank with ex
cellent earnings record desires strong commercial lending
officer for the #2 position.
$35,000

A
w

Your inquiry will be held in confidence. Forward resume’
and salary history.

TOM HAGAN & ASSOCIATES

P.O. Box 12346 - 2024 Swift
North Kansas City, MO 64116
816/474-6874
______“ Serving the Banking Industry Since 1970”

S I'
52 N° rthwestern 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

•

Full text of The Northwestern Banker : April 19, 1982 : Northwestern Banker Newsletter, Vol. 10, No. 52

FRASER