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April 21,1980
Des Moines, Iowa
Vol. 8 No. 52
Alarm Over Federal Financing
HE FOLLOWING comments
were made by Paul A . Volcker,
chairman, Board of Governors,
Federal Reserve System, regarding
the proposed increase in the limit on
the public debt:
T
“ It is important that we under
stand the implications of deficit fi
nance in the current economic envi
ronment. It is also important that
we recognize that the conventional
measures of the budget and the na
tional debt significantly understate
the scope of the government’s pres
ence in the credit markets. I want to
emphasize the need for effective con
trol of federal financing activities as
we attempt to solve the nation’s
serious economic problems.
Monetary policy cannot—with
out peril—be relied on alone to halt
inflation. The other major tools of
public policy must also be brought
to bear on the problem, with fiscal
policy playing a central role.
Debt Ceiling
That we are faced again with an
imminent need to raise the debt ceil
ing is a sobering reminder of how
difficult it has been in practice to
achieve a reasonable balance be
tween federal outlays and receipts.
It would be unreasonable and un
wise to insist that the government
budget be in balance or surplus
r
every year in all economic circum
stances.
But deviations should be the ex
ception; and it would be naive to ig
nore the obvious bias toward deficit
that has been apparent in the con
duct of fiscal policy. The record
speaks for itself: the federal budget
has been in deficit in every one of the
past 10 years, and has been in sur
plus only once during the past 20
years. Most recently, the federal
government has continued to run
huge deficits even in the late stages
of one of the longest expansions in
the post-war era.
In retrospect, it is apparent that
there has been a tendency in the de
velopment of fiscal policy to focus
more on the possibility of weakness
in economic activity than on the
danger of greater inflation. In my
judgment, the resulting pattern of
budgetary decisions has played a
major role in both accommodating
and intensifying inflationary pres
sures.
It also should serve as a warning
in the present circumstances. The
current resolve to cut expenditures
and balance the budget in the next
fiscal year is to be applauded. But
history strongly suggests that it
will be difficult to sustain budgetary
discipline.
The financial counterpart of per
sistent budget deficits has been, of
course, a mushrooming of the fed
eral debt. The federal debt subject
to statutory limits reached $845
billion at the end of February, al
most three times its level in 1960.
This enormous expansion of debt
has serious consequences for eco
nomic performance.
Federal borrowing absorbs scarce
private savings and intensifies pres
sures in financial markets. When
productive resources are being
pressed by strong demands for
goods and services and overall cred
it supplies are tight, the govern
ment pre-empts the loanable funds
that would otherwise be available to
finance private capital formation.
The potential for federal financial
activity to displace other borrowers
extends well beyond the growth of
debt associated with persistent
budget deficits. Outlays of offbudget agencies have grown to be
very sizable in recent years. Such
outlays were just under $12 V2
billion in 1979 and are expected to be
$15 billion in 1980.
Off-budget outlays largely take
the form of direct government loans
and are financed by the Federal Fi
nancing Bank (FFD). Ultimately,
however, the FFD obtains its funds
from the Treasury, and thus the
deficits incurred by off-budget
ALARM . . .
(Turn to page 5, please)
ASK JOHN MANGOLD
m
to make MNB work for you.
Toll free: 1-800-332-5991
Merchants National Bank m
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A BANKS OF IOWA BANK
2
Iowa News
Nebraska News
The following Iowa banks have
increased their amount of common
stock by a stock dividend: Atlantic
State Bank, $500,000 to $1,500,000;
First Trust & Savings Bank, Daven
port, $500,000 to $1,500,000; Kings
ley S tate Bank, $100,000 to
$500,000, and Roland State Bank,
$100,000 to $200,000.
The Nebraska Bankers Associ
ation will sponsor a seminar on com
pliance with Regulation E April 30
at the Lincoln Hilton Hotel. The
half-day program begins at 1 p.m.
Moderated by William B. Brandt,
NBA general counsel, the seminar
features a videotaped discussion of
the regulation’s provisions by seven
national experts, along with a work
book on how to comply.
EMERSON: Keith H. Warrelmann
has been elected executive vice pres
ident of the Emerson State Bank re
placing Boyd L. Nuckolls. Mr. War
relmann was formerly an assistant
vice president at the Sibley State
Bank for the past three years.
GLIDDEN: J. Douglas Conrad has
been promoted from vice president
to executive vice president of the
First National Bank here, and Doyle
R. Walker was promoted to vice
president.
M ILES: The 75th anniversary was
celebrated by the Miles Savings
Bank yesterday. Some 6,000 area
residents were invited to a pork barbeque.
MOUNT VERNON: The Mount
Vernon Bank & Trust Co. has re
ceived consent from the state de
partment of banking to establish an
in-town bank office at 116 Third
Ave. South.
SIOUX CITY: First National Bank
in Sioux City has opened a CBCT
unit at 4500 Sergeant Road.
C a lla
BANKERS’
BANKER
1-800-362-1688, toll-free in Iowa
HASTINGS: City National Bank &
Trust Co. has opened a CBCT unit
at 403 N. Burlington Ave. here.
LINCOLN: First National Bank &
Trust Co. has filed for permission
from the regional administrator of
national banks to open a CBCT unit
at 501 West A St. here.
LINCOLN: Lincoln Bank South has
withdrawn its application to the de
partment of banking and finance for
authority to establish a detached
auxiliary teller officer at South 56th
Street and Shady Creek Court here.
LINCOLN: The First National
Bank may have been the first bank
in the nation to announce publicly
its intention to offer NOW accounts
when they become legal for banks
next January 1. Robert E. Harris,
executive vice president, said “ In
the interest of market retention we
have sent letters to all our DDA
customers telling them we will have
a program for payment of interest
on their deposits as of January 1
when it is permissible. We also
mentioned to them that FDIC pro
tection of their accounts has been
increased to $100,000. Newspaper
ads with the same message were
published in local papers.” Initial
reaction to the announcements last
week was favorable, Mr. Harris
said, and all customers and inter
ested parties have been assured they
will receive information on the
bank’s final program as soon as
possible.
Grow
withthis
4—4
I®**
V;
UNITED MISSOURI BANK
OF KANSAS CITY, N.A.
m
10th and Grand o Kansas City, Mo.
816-556-7000
Member FDIC
OM AHA: Memorial services for
Herbert E. Swedburg, 69, were held
April 7 in Omaha. Mr. Swedburg
was chairman of the First National
Bank, Woodbine, Iowa, and was a
director of First Westroads Bank
here and of Oakland Banshares,
holding company for the Oakland
Savings Bank.
OM AH A: The Omaha National
Bank has filed for permission from
the regional administrator of na
tional banks to locate three CBCT
units, one each in Omaha, Bellevue
and Papillion.
m-A
OM AH A: Funeral services for
Leonard L. Lawrence, 62, retired
president of the Robert E. Schweser
Investment Banking Co., were held
April 11 in Bellevue.
ST. PAUL: Citizens Bank & Trust
Co. in St. Paul has received per
mission from the FDIC to exercise
limited trust powers.
item
YORK: The First National Bank of
York has opened CBCT units in
Benedict and Henderson.
km
Minnesota News
More than 800 bankers plan to
attend the Minnesota Bankers
Single System
Banking
Now
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Federal Reserve Bank of St. Louis
,T
National Bankof Waterloo
Waterloo, Iowa 50704 Member FDIC
Phone Bill Rickert
at 1-800-772-2411.
4
Carleton D. Beh Co.
Supplement to Northwestern Banker Newsletter 4-21-80
Investment Bankers/Financial Consultants
'*4' #■
h
NEW 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)
-4
-**-4
y
w -f
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 INCOMETAX, AND ALL PROPERTY TAXATION IN THE STATE OF IOWA.
8.50%
MATURITIES
7.20%
$300,000 July 1,1983
6.50
$ 600,000 July 1,1994* 7.00
300,000 July 1,1984
6.50
650,000 July 1,1995* 7.10
350,000 July 1,1985
6.50
700,000 July 1,1996* 7.20
350,000 July 1,1986
6.60
750,000 July 1,1997* 7.20
350,000 July 1,1987
6.60
7.30%
400,000 July 1,1988
6.70
800,000 July 1,1998* 7.30
450,000 July 1,1989
6.70
850,000 July 1,1999* 7.30
450,000 July 1,1990
6.75
7.40%
7.40%
900,000 July 1,2000* 7.40
500,000 July 1,1991* 6.80
1 ,000,000 July 1,2001* 7.40
7.20%
1,050,000 July 1,2002* 7.50
550,000 July 1,1992* 6.90
1,150,000 July 1,2003* 7.50
600,000 July 1,1993* 7.00
6.50%
1 ,200,000 July 1,2004* 7.50
*Optional in inverse order beginning July 1,1990 at 105% declining at V2 of 1 % each interest payment date there
after 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 (includinq 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
$3 309 020
1.’719]827
1 589 193
522 150
230 838
$ 2 ,3 4 2 1 8 f
Maximum debt service— $1,442,000
Coverage of maximum— 1.62 x
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 Marquette Ave. • Minneapolis, Minnesota 55402 • 612-332-8825
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NEW Brochure available on
$100,000 FDIC Insurance
Build large deposits with current customers
4 Page Brochure
explaining new insurance.
1 to
Informative table
illustrating how to increase
coverages through different
capacities.
$ 1 0 0 ,
\ï>sü'redW
c^deposrt°T
a
*
?
*
A
Mail to:
Northwestern Printing & Publishing Co.
306-15th Street
Des Moines, Iowa 50309
Please forward a sample brochure along with ordering
information.
Suitable for savings
statement enclosure.
https://fraser.stlouisfed.org
Supplement to Northwestern Banker Newsletter 4-21 -80
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3
CALL ON THE “PERFORMANCE TEAM”
■ ■ ■ I
where com m on transactions are handed uncom m only well.
FIRST N A TIO N A LLIN C O LN
13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C.
Association Lending Conference
April 22-23 at the Radisson St. Paul.
The program begins Tuesday at
2:30 p.m. and concludes after the
noon luncheon on Wednesday.
The April 22 program is: Minne
sota Legislative Scene for Bank
Lenders—John Jackson, M B A leg
islative counsel; Consumer Lending
Procedures and Forms—John Berg,
president, Wayzata Bank & Trust
and Attorney Mike Harper. Presid
ing at the Tuesday night dinner will
be Ken Wales, vice president, First
National, Minneapolis, who will in
troduce Dr. PaulNadler, economist,
as the speaker.
The April 23 program is: Federal
B an kru ptcy A c t o f 1978 — Six
Months Later; Guaranteed Student
Loan Program; Energy Conserva
tion Lending; Lending the 80s—
Back to Basics. A noon luncheon
will conclude the conference.
A D A : Ada Banc Shares, Inc. has
received consent from the Federal
Reserve Board to become a bank
holding company by acquiring The
Ada National Bank.
M INNEAPOLIS: Legislation has
been signed permitting F&M Sav
ings Bank to open five additional
banking offices in Hennepin and
Anoka Counties. F&M, the states
only mutual savings bank, was
previously limited to two detached
facilities as is the current limit for
commercial banks.
PARK RAPIDS: Hubbard Bancshares, Inc. here has received con
sent from the Federal Reserve Bank
of Minneapolis to become a bank
holding company by acquiring the
State Bank of Park Rapids.
ST. MICHAEL: Paul F. Ederer has
been elected president and manag
ing officer of Security State Bank of
St. Michael replacing R. E. Simms
who was elected vice chairman. Mr.
Ederer was formerly executive vice
president. Marcella Daleiden was
named assistant vice president, and
Donna M. Lange is the new cashier.
ST. PAUL: John Ritt has been
named chief executive officer of
Midway National Bank of St. Paul.
He continues as president. Dr. A . E .
Ritt remains chairman of the board.
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Federal Reserve Bank of St. Louis
ALA R M . . .
(Continued from page 1)
agencies directly increase federal
borrowing needs.
In addition to its direct loan pro
grams, the federal government also
provides financing assistance
through loan guarantee programs.
Outstanding loans guaranteed by
the federal government totaled $228
billion at the end of last year.
A s intended, the direct govern
ment loans and loan guarantee pro
grams allow certain targeted activ
ities to be financed under more
favorable terms than would other
wise be possible. The provisions of
such credit assistance to achieve
particular social and economic ob
jectives certainly is a legitimate
activity of the federal government.
It must be kept in mind, however,
that the supply of credit is limited,
and that government assistance to
particular sectors may make it more
difficult for other groups to obtain
credit to finance worthwhile and
productive investment.
Concern
I am increasingly concerned that
such government financing activity
is not under effective control. Over
the past 10 years, federally guaran
teed loans have somewhat more
than doubled. Yet, at present, there
is no comprehensive framework for
evaluating these activities.
Only a small portion of this credit
activity is ever considered in the
Congressional deliberations on the
budget. Loan guarantees do not in
volve the expenditures of funds, and
consequently are not reflected in the
unified budget, except to the extent
that appropriations Eire required to
8
{ÆÊÊsr \
■ K | 4p p |
M m & r
cover the cost of defaulted loans.
In sum, there Eire serious short
comings in the current process of
reviewing federal financing activ
ity.”
□
Wyoming News
CASPER: Jsimes Watson has been
promoted to vice president, senior
trust officer *>and manager of the
trust department of W yoming Na\
r
SINGLE INTEREST
INSURANCE
For Installment Loans
BLANKET SINGLE
INTEREST
INDIVIDUAL SINGLE
INTEREST PROGRAMS
• Automated
• Manual
V
________ J
PROTECT YOUR LOANS
A G A IN ST T H O S E PHYSICAL
DAM AGE LOSSES.
C O N TA CT US ABOUT A
PROGRAM FOR YOUR BANK.
call or write:
G.D. VAN
WAGENEN CO.
V
1678 Northwestern Bank Bldg.
Minneapolis, MN 55402
(612) 333-2261
We’re Committed.
For ag o v e rlin e s, data processing, in v e stm e n t serv ice s a nd all your corresp o n d en t b a n k in g n ee d s,
th in k o f your S ecurity
Banker. W e ’re c o m m itte d
to h elp in g y ou !
> -
W ilm a W e e k s
C o r r e s p o n d e n t B a n k in g
O p e r a t io n s O f f i c e r 712/277-6517
1.
J
^
^
SECURITY N A TIO N A L BANK
^
S IO U X CITY, IO W A 51101
MEMBER F.D .I.C.
©
1979 S N B
4 tional Bank of Casper. He has been
with the bank for 20 years.
Colorado News
DENVER: The First National Bank
of Bear Valley opened a new $5 mil
lion banking center, the largest in
southwest Denver, on April 14 at
5353 W . Darmouth A ve., according
to Robert Binder, president.
Aged mobile home loans
wanted
Write us for details:
Crown Financial Corporation
P.O. Box 25362
Milwaukee, Wl 53225
WANT 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
FOR SALE
Five-window teller counter, walnut and marble (will
separate). Also, used Mosler drive-up window. Farmers Savings Bank, Kalona, IA; (319)656-2265.
(FS)
AG BANKING CAREERS
AG LE N D IN G . . . E. Iowa ..........................$14-17,000
PARTIAL LIST OF
AVAILABLE POSITIONS
AG LOAN REP. . . O h i o ............................$25-30,000
OPERATIONS— South Dakota bank. Supervise book
C O M M E R C IA L. . . Iowa ............................$20-28,000
AG C RED IT. . .Denver ..............................$17-22,000
AG LENDING O FFIC E R . . .Io w a ...........$16-18,000
AG LENDING OFFIC 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.
aon CAREERS, INC
■ J
AGRICULTURAL PERSONNEL RECRUITERS
(515)394-3145______________ New Hampton, IA 50659
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 OFFICER— 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
BANKERS PARTICIPATING
I
ldEasePlan,lnc.
545 - 31st Street
Des Moines. Iowa 50312
ASST CASHIER— New position. Experience a must;
charge card experience a big plus. $13,000
LOAN OFFICER— Must have commercial experience
in a $ 1 5 0 M M + bank. $35,000
L E N D IN G — N o rth w e s t Io w a bank. O u tsta n d in g
opportunity; will be groomed for #2 spot. $15,000
R. L. “DICK” SELLON • P.D. “DUANE” DEVAULT
LOAN OFFICER— Solid Installment or commercial
experience needed. Experience in both a big plus.
$19,000
FOR SALE OR LEASE
VP— Work in commercial and direct junior officers.
Modular bank buildings: 12’x56’ mobile, 12’x40’ wood
with two DUW’s, and fully equipped wood permanent
buildings (up to 3000 s.f.); occupy within 45 days.
Over250 installations. SON CORPORATION, Box684,
Wichita, K S 67201. Orcall collect (316)942-8167.
Looking for strong experience. $28,000
Bank Division
ROBERT HALF
of Iowa, Inc.
317 6th Ave.
Des Moines, IA 50309
(515) 244-4414
Dictaphone Ansafone unit, model #1650. Good condition. Call (319)652-2487._____________________ (FS)
Burroughs TT-102 electronic on-line teller machines;
1-3 yrs. old. $1950 each (original cost $3400). Call
(214)757-7760.________________________________ (FS)
UPDATE YOUR ALARMS
Special on 35mm auto cameras.
Burroughs TR-102 electronic teller machines. Upgrad
able to on-line; 2 -3 yrs. old. Guaranteed. Freight paid.
$995 each (originally cost $2100). Call (214)
757-7760._________________________________
(FS)
Check with us first BEFORE making a
purchase.
NCR 152-70 teller machines. Completely recondition
ed; 15 days free trial. Guaranteed. Freight paid. $775
each. Call (214)757-7760.______________________ (FS)
12x60 mobile banking facility with Diebold twowindow drive-up attached. Two inside teller windows,
lobby, private office, heat and air conditioning.
Contact The Dakota Bank, P.O. Box 5009, Grand
Forks, ND. (701)746-1313._____________________ (FS)
POSITION W ANTED
Thirty-one-year-old attorney seeks bank position. Li
censed to practice law in Oklahoma and Nebraska.
Nebraska real estate broker. Contact Robert L. Hardt,
P.O. Box 1463, Norfolk, N E 68701,_____________ (PW)
Banking graduates from Iowa Central Community
College, Ft. Dodge, IA. Course work includes AIB and
other courses pertinent to banking, plus a summer onthe-job training session in a bank. Students earn 67
semester hours which leads to an associate of applied
science degree. Contact the placement office or
Forrest B. Johnson, Banking Coordinator, Iowa
Central Community College, 330 Avenue M, Fort
Dodge, IA 50501. Phone (515)576-7201._________ (PW)
SPECIAL SERVICES
C o n fid e n tia l and p ro fe s sio n a l services fo r s ale s,
acquisitions, and financing of banks and bank holding
companies. We are experienced in all aspects of bank
ownership including mergers, acquisitions, bank
holding companies and negotiations with the regulat
ory agencies. Larry L. Ticknor & Associates, 301 S.
Garfield, Suite4, Sioux Falls, S.D. 57104. Phone area
code (605)338-1241._______________________________
c^HoCAex
a n d czrf’s.s.ociats.i
Bank Consultants
Specializing in Bank Acquisitions
P.O. Box 450
515-232-0814
405 Main Ames, Iowa 50010
D o n a l d E . H o l d e r , P rin c ip a l
SECURITY SYSTEMS, INC.
QQOfì n p l s w R r o
First Security Bank & Trust of Miles City (M ont.) has
an immediate opening for an installment loan officer.
Experience preferred. W rite Box 250, Miles City,
Mont. 59301._______________________________
(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 Bank
e r __________________________________________ (PA)
Ag Loan Officer/Office Manager— Immediate opening
in southeast Iowa bank of $25 million; experience
necessary. Send resume and background to Farmers
& Merchants Savings Bank, LoneTree, la. 52755. (PA)
Executive Vice President— 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)
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)
If you are seeki ng a qualified officer for your bank, cal I
Malcolm Freeland, president, Freeland Financial
Service, Inc. at (515) 244-8163. Experienced people are
available from $20,000 to $40,000. Employer pays
service fee.___________________________________ (PA)
SERVING PROFESSIONALLY
Banking, Financial & Business Personnel
Iowa and Nationwide
Des Moines, IA 50316
[515)265-1161
POSITIONS A V A IL A B L E
OPERATIONS— #2 position in large Iowa bank. Major
are of responsibility will be check processing and re
lated departments................................................... 25,000
C O R R E S P O N D E N T B A N K E R — M ajor M in n e so ta
bank seeks strong commercial lender to handle non
ag overlines. No travel............................................ 30,000
BRANCH O FFICER— Metro Iowa location. Prefer con
sumer loan and supervisory background........... 20,000
INSTALM ENT LOAN— Major midwestern bank needs
second man for instalment department. Must have
solid background in indirect financing.............. 25,000
JUNIOR OFFICER— Large Minnesota bank will train
individual with degree and 1-2 years general bank ex
perience for correspondent position....................16-18K
OPERATIONS— Management position in $60MM
Minnesota bank. Prefer data processing background
and in metro bank experience............................... 25,000
PRESIDENT— $75MM suburban Kansas bank. Degree
and commercial loan experience in a large bank re
quired............................................................................. Open
CASHIER— Several openings in rural Iowa, Kansas,
Nebraska and Minnesota banks. Insurance licenses
helpful.........................................................................18-22K
PRESIDENT— $8MM rural bank close to college com
munity. Agri loan background required............. 26,000
To inquire about a position please submit resume and
salary history.
CAPITAL PERSONNEL SERVICE
TOM HAGAN & ASSOCIATES
OF KANSAS CITY
714 Central National Bldg. 515-283-2545
Des Moines, Iowa 50309
P.O. Box 12346 / 2024 Swift
North Kansas City, M issouri 64116
__________________ (816)474-6874_________________
Yol. 8 No. 52 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.
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