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Vol. 11 No. 1 April 26,1982 Des Moines, Iowa First Bank System Purchases 21% of Banks of Iowa Stock IRST Bank System, Inc., Min neapolis, has purchased 21% of the stock of Banks of Iowa, Inc., Des Moines, in what is termed by the Iowa department of banking to be a violation of Ioyva law. A t their annual meeting in Des Moines April 16, BofI shareholders approved the agreement first an nounced December 9, 1981, for fu ture sale of the company’s assets by way of a 15-year agreement, con tingent upon federal law making such interstate sales permissable. Shareholders also approved the au thorization of a new class of non voting common shares of the com pany and the reclassification of 499,046 common shares of the com pany held by Ben Schwartz, a direc tor of BofI, members of his family and related interests, into an equal number of non-voting shares upon the purchase of such shares of First Bank System. Shortly after adjournment of that meeting, BofI President Holmes Foster announced that First Bank System purchased the Schwartz’ 499,046 shares for $57.04 per share, which would make the purchase price $28,465,583. Under terms of the 15-year agree ment announced December 9, Don ald Grangaard, chairman of FBS, said First Bank System will pur chase BofI and its subsidiaries “ when interstate banking enables F ownership of Iowa banks by First Bank System. A t the present time, such sale is not legally permissable and no legislation is pending which would permit such sale.” That agreement calls for FBS to purchase BofI remaining stock at a minimum price of TVS times share holders’ equity at the end of the month preceding purchase. The price could be adjusted upward to 2Vz times shareholder equity accor ding to a formula based on earnings performance. Thomas H. Huston, Iowa super intendent of banking, had stated at the time of the original discussion last December that it “ would ap pear” such a transaction would violate Iowa statutes, and still adheres to that position. He cites the 1972 Iowa legislature’s Multi Bank Holding Company Bill that clearly states, “ unless such (out-ofstate) bank holding company was on January 1,1971, registered with the Federal Reserve Board as a bank holding company, and on that date owned at least two banks in this sta te,” then such out-of-state holding company would not be auth orized to purchase in Iowa. That law also requires that any of fer to shareholders of a bank holding company must be extended to all shareholders for the same price and all other terms, Mr. Huston said. Mr. Huston noted that the 1972 law was upheld in a federal district court in Washington, D.C., in 1975. He has also requested from the Fed a ruling supportive of his position. The Federal Reserve has not re sponded to that request made nearly three months ago. Mr. Foster announced at the Ap ril 16 BofI meeting that first quarter income before securities transac tions totaled $1,966,177, or $.85 per share, compared with $3,697,465, or $1.59 per share for the 1981 first quarter. Net income was $1,971,077, or $.85 per share, compared to $3,241,707, or $1.40 per share in 1981 first quarter. He said first quarter results were adversely af fected by an increase in loan loss provisions, an increase in the amount of loans placed on non-ac crual status during the period, lower net interest income, and in creases in operating expenses. Fur ther, he said, the company expects 1982 earnings will be below those of 1981. Nebraska News The state legislature adjourned April 16 without attempting in its final day to over-ride Gov. Charles Thone’s earlier veto of LB 626, the bill that would have authorized multi-bank holding companies in Nebraska. It was passed 25-22, but vetoed, as the Governor had stated he would do. CALL ON THE “PERFORMANCE TEAM ” where com m on transactions are handled uncommonly well. 1iiih u h iii FIRST NATIO NAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • Member, F.D.I.C. " O p p o rtu n ity C o lls..." Leo Kane, Correspondent Danker American Trust & Savings Dank ’¿Hk*. ir®® The Dank of Opportunity Linda Collins Town Clock Plaza, Dubuque, lowo IO W A- nesMOines M ^ M B NATIONAL FLANK 9» S S An Affiliate of Northwest Bancorporation Member FD ic ORLEANS: The board of directors of the Republican Valley Bank of Orleans, has elected Dale E. Bantam chairman, to succeed Robert A. Ott, who recently died. Mr. Bantam has been associated with the bank since its organization 35 years ago. Mr. Ott had served as both president and chairman for many years prior to his death. Iowa News The Iowa Senate was considering S.F. 2300 on its last day of the ses sion on Saturday, April 24. The bill is the S&L Major Financial Institu tions package. It passed the House 95-4 on April 20 with an amendment containing several provisions. One of these would require that interest be paid on escrow accounts held by banks, S&Ls and credit unions on 1-2 owner occupied dwellings. Another provision limits the in vestment in S&Ls by banks or bank holding companies to 8% of the thrift industry’s total deposits and strikes the increase to 9% from the present statutory 8% that bank holding companies may own of the state’s commercial bank deposits. S&Ls offering commercial loans or NOWs would have to comply with banking office laws, with present of- Don't gam ble when choosing o correspondent bonk. Come to the professionals. BANCO' Call (515) 245-3131 or toll-free (800) 362-2514 fices grandfathered. It limits S&Ls to investing 5% of their assets through service corporations for two years, then increases 1 % per year to cap of 10%. The amendment also strikes the restrictive service charge for bad checks. Previously the bill limited the maximum charge to 1% of the check amount or minimum hourly wage. BURLINGTON: Leonard W. Lane, cashier of Farmers & Merchants Bank & Trust since 1969, recently was elected executive vice president and cashier, announced Charles H. Walsh, president. GRISWOLD: Joseph V. Prokop, president of Griswold State Bank, recently announced the sale of the bank to a group o f investors associated with Mike L. Keim of Omaha. The sale is subject to ap proval by the Federal Reserve Board and the Iowa State Department of Banking. Mr. Keim has been an of ficer and director o f several Nebraska and Iowa agriculturally related businesses including three Iowa banks, Harlan National Bank of Harlan, First National Bank of Missouri Valley and Thurman State Corporation of Thurman. No change is expected for the bank; it will re main a local, independent institu tion, serving Griswold and the sur rounding area. Mr. Prokop, who has been with the bank since 1954, has not announced future plans. W ILLIAM SBU RG: Jon E. Kinzenbaw, owner of Kinze Manufacturing, has been appointed director of the Farmers Trust and Savings Bank. Minnesota News UNITED CENTRAI BAN K OF DES M OIN ES, N A ■ M E M B E R FDIC ■ (51 5) 2 4 5-7 11 1 AFFILIATED W IT H UNITED CENTRAL BANCSHARES, INC. TOLL FREE NUMBER (800) 362-1615 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CALL 319-562-1841, COLLECT “ Accent on Management” is the theme for the first Minnesota State Conference of the National Associa tion of Bank Women scheduled for May 5-7 at the Sheraton Park Place Hotel in Minneapolis. Futurist Joel A. Barker of Infini ty Limited will be the keynote speaker, with his address: “ Strate gic Management: Dealing with the New Rules of the 80’s.” He will also moderate a panel discussion on “ Management Perspectives” that will include panelists Dale Barlage, senior vice president,Dean Witter Reynolds; Lee Gunderson, past pres ident of the American Bankers A s sociation and currently president of the Bank of Osceola, Wis., and senior executives from other finan cial institutions. Mary Nygaard, vice president of Infinity Limited, will speak on “ Management Balance: Skills for the 80’s” and Gina Logan, educa tional services administrator for the ASK STAN FARMER to make MNB work for you. Toll free 1- 800- 332-5991 Merchants ^ National Bank 151 Member F.D.I.C. A BANKS OF IOWA’ BANK Supplement to Northwestern Banker Newsletter 4-26-82 Carleton D. Beh Company Investment Bankers / Financial Consultants 1300 Des Moines Building / Des Moines, Iowa 50309 5 1 5 /2 8 8 -2 1 5 2 NEW ISSUE We own and offer subject to prior sale and subject to our attorney’s approving opinion: $900,000 RED OAK, IOWA General Obligation Bonds Dated: March 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, Red Oak, Iowa. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES. MATURITIES $60,000 60,000 60,000 70,000 103/4% June 1,1984 June 1,1985 June 1,1986 June 1,1987 $70,000 10.00% June 1,1988 $70,000 9.90% June 1,1989 8.30 8.70 9.00 9.30 $80,000 10.20% June 1,1990 10.20 $80,000 101/2% June 1, 1991 10.50 $80,000 103/4% June 1,1992 10.75 $90,000 90,000 90,000 11.00% June 1, 1993 June 1, 1994 June 1, 1995 11.00 11.25 11.50 9.60 9.90 LEGALITY TO BE APPROVED BY AHLERS, COONEY, DORWEILER, HAYNIE & SMITH, ATTORNEYS, DES MOINES, IOWA Red Oak is located in the southwestern part of the state in Montgomery County approximately 120 miles from Des Moines and 50 miles from Council Bluffs. Red Oak serves as the commercial, governmental and financial center for the surrounding, prosperous agricultural area. The city also serves as the county seat of Montgomery County. Major manufacturers in the area include Union Carbide Corporation (batteries); Thomas D. Murphy Company (calendars and advertising specialties); Uniroyal, Inc. (high pressure hydraulic hose) and Douglas & Lamason Company (auto seat frames, conveyors and related equipment). Transportation is provided by the Burlington-Northern, U.S. Highway 34, State Highway 48 and the City is approximately 30 miles south of Interstate 80. Commercial airline service is available in Omaha, Nebraska, 50 miles west of Red Oak. There are two banks located in the City with deposits of over $89,798,087.00 and two savings and loan associations with deposits exceeding $20,700,000.00. The current population is 6,810. The bonds are being issued for the purpose of paying costs of construction, reconstruction and repairing of street, sidewalk and storm sewer improvements and the acquisition, construction, improvement and installation of street lighting fixtures, connections and facilities. FINANCIAL STATEMENT Actual Valuation, 1980 Assessed Valuation, 1980 Net Direct Debt, including this issue Net Direct Overlapping & Underlying Debt Population, 1981 estimate: 6,810 Net Direct Debt: $278.26 per capita Combined Net Debt: $325.22 per capita $99,307,839.00 80,260,095.00 1,895,000.00 2,214,*800.00 The information contained herein is not guaranteed, but is derived from sources we deem reliable and is that on which our purchase of these bonds are based. Bonds of a particular maturity may or may not still be available or may now be available at a price or yield different from that indicated above. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Division of Hutton & Company Inc. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Supplement to Northwestern Banker Newsletter 4-26-82 REGULATION Z COM PLIANCE D A T E ............ OCTOBER 1,1982 IF YOU USE A SHARP CARTRIDGE CALCULATOR, CONTACT FSI. THE PROGRAMS FOR ALL 15 DIFFERENT CALCULATOR MODELS HAVE BEEN REWRITTEN TO INCLUDE ALL OF THE NEW REG. Z CALCULATIONS, PLUS . . . MUCH MORE. WE HAVE DOUBLED THE CAPA CITY OF THE 4500 SERIES AND ADDED SEVERAL NEW PROGRAMS . . . LIKE IRA’S. CONTACT US FOR MORE INFORMATION OR TO SCHEDULE YOUR UPDATES. LET YOUR AUTO DEALERS KNOW, TOO . . . WE HAVE NEW DEALER PROGRAMS. A PPLE F E V E R ............................... MICRO COM PUTERS FOR BANKS FSI NOW HAS OVER 100 BANK INSTALLATIONS IN NEBRASKA AND IOWA. EACH INSTALLATION IS DIF FERENT . . . SOME USE VISICALC TO DO THEIR OWN PROGRAMMING, SOME USE THE SYSTEM FOR AG LENDING, SOME DO THEIR INTEREST SPREADS, BUT ALL OF THE BANKS HAVE FOUND THE SYSTEMS USEFUL MANY OF THE BANKS ARE BUYING MULTIPLE SYSTEMS. SEM IN ARS & CONVENTIONS LOOK FOR FSI AT THE NEBRASKA CONVENTION IN OMAHA, MAY 6-8. ALSO, LOOK FOR ANNOUNCEMENTS OF THE FSI MICRO-COMPUTER SEMINARS. WE HAVE SCHEDULED SEVERAL SEMINARS DURING THE NEXT FEW MONTHS COVERING A WIDE RANGE OF MICRO-COMPUTER SUBJECTS. LET US KNOW IF YOU WOULD LIKE TO ATTEND. M u m systems, ¡no. É https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis l P.O. BOX 2012 KEARNEY, NEBRASKA 68847 308-237-5995 NO POSTAGE NECESSARY IF MAILED IN THE UNITED STATES BUSINESS REPLY MAIL FIRST CLASS PERMIT NO. 65 KEARNEY, NE 68847 POSTAGE W ILL BE PAID BY: nunni sunns, as. P.O. Box 2012 Kearney, Nebraska 68847 _________________________________________________________________________________________________ / -------------------------------------------------------------------------------------------------------------------------------------------------- YES, WE ARE INTERESTED IN MICRO COMPUTERS FOR OUR BANK. □ PLEASE SEND MORE COMPLETE INFORMATION. □ WE WOULD LIKE TO ARRANGE A DEMONSTRATION. □ WE WOULD LIKETO ATTEND A MICRO COMPUTER SEMINAR. YES, WE H A V E _______ SHARP CARTRIDGE CALCULATORS. □ PLEASE SEND MORE INFORMATION ON THE UPDATE. □ WE WOULD LIKE TO SCHEDULE OUR UPDATE. NAME ___________________________ __ __________ PHONE# BANK _________________________________________________ ADDRESS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis \ RISMILLER KEMPER AND OWEN Getting it done for you. _ _ 3 David Rismiller David Kemper John Owen President Senior Executive Vice President Executive Vice President umunerce Bank KansascityA # 1 MEMBER FDIC • ^ ^ ^ ^ ^ N ABW Education Foundation, will address “ Leadership Styles . . . Theirs, Yours.” Workshop sessions will be conducted, and the conference will con clude with remarks from Janie Jasin, president of Creativity NoLimits, Inc., on “ Motivation.” For registration information contact Carol Edblom, Northwestern Na tional Bank of Minneapolis. BRAIN ERD: The board of directors of First Bank Brainerd recently elected Lee R. Mielke president and chief executive officer, effective June 1. Mr. Mielke succeeds George J. Peterson, who was elected chairman. Mr. Peterson, who will retire July 1, will remain as a director through the end of the year. Mr. Mielke is currently president of First System Agencies, Inc., the insurance brokerage subsidiary of First Bank System, Inc. Mr. Peter son began his banking career in 1948 Telephone (816) 234-2000 y and has served as president of First and head of consumer banking, ef fective May 17. Mr. Brown is head Bank Brainerd since 1972. of the bank’s bond group and was a DULUTH: James H. Claypool, senior vice president, prior to his ap chairman and chief executive officer pointment. Mr. Nelson is currently of First Bank-Duluth, recently was head of retail banking at the United named “ Business Leader of the National Bank of Omaha. Year.” at the twelfth annual Stu dent Business Banquet. Arend M IN N E A P O L IS : In d ep en d en t Sandbulte, president of the Duluth State Bank of Minnesota recently Area Chamber of Commerce, presid elected Robert C. Beck, vice presi dent and cashier; D.D. Lee, vice ed at the banquet. president; Darla Sorenson and Leon FERGUS FALLS: Robert D. Phil S. Erhard, assistant vice president, lips, president of Northwestern Na and A lexandra C. Seelig, ad tional Bank, recently announced the ministrative and lending officer. election of Richard E. Drevlow to vice president, agricultural loans. W EST ST. PAUL: Richard E. He joined the bank in 1976 and was Stevenson has recently joined the named assistant vice president in Signal Hills State Bank as vice president. He will assist in the area 1980. of public relations and business MINNEAPOLIS: A t Northwestern development. From 1970-81 he National Bank, Robert C. Brown served as president of Mid-America has been appointed executive vice National Bank of Eagan and has president and John C. Nelson has been involved in banking for the been appointed senior vice president past 40 years. Prom ote yourself to the head of the route l i s t . . . Please enter my personal subscription to NORTHWESTERN BANKER for: □ 2 years, $28 □ 1 year, $15 Amount E nclosed____________ Mail subscription to: N am e_________________________________ _ Title____________________________________ Firm 1 ___________________________________ □ Business_____________________________ or □ Home _______________________________ n ------------------------------otate------------Zip--------------306 Fifteenth Street Des Moines, Iowa 50309 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis You may wish to take advantage of our Special Club Rate (5 or more) so you can add other officers and directors of your bank. These Club Rates are: One Year Two Years $12 each $22 each Just enclose a typed list of names ancj addresses and tell us whether you want the one or two year package. Send check for total, or we w ill be glad to bill your bank. Illinois News The Illinois Bankers Associa tion’s first Bank Operations Con ference will be held May 5 at the Marriott Oakbrook, and May 6 at the Decatur Holiday Inn. “ The Nuts and Bolts of Banking’ ’ is the theme for the conference that will begin at 9:30 a.m. with registration and end at 4:30 p.m. What does your employees’ appear ance tell your customers about your bank? “W e want to please you” or “W e don’t really care?” Call us for the look of “Service” and “Success.” Æ e A j/L o e k k - ^ CAREERAPPAREL 523 N. Main St., Carroll, la., 51401 712-792-2748 South Dakota News CORRESPONDENT C RED IT OFFICER OLDHAM: The Federal Reserve Bank of Minneapolis recently an nounced approval of the application by Consolidated Holding Company, Oldham, to become a holding com pany through the acquisition of American State Bank, Oldham. This challenging position involves a high degree of contact with our correspondent customers re garding bank stock and overline loans. The ideal candidate will have at least 3 years agricultural, commercial or agricultural loan experience and a degree in business administration or accounting. We offer a competitive salary and a chance to grow with our dynamic new billion dollar bank. Send resume to: Jan Nolander, F & M Marquette National Bank, Marquette at 6th, Minneapolis, MN 55480. Affirmative Action Employer (PA) Wyoming News CASPER: First Interstate Bank of Casper, N.A. recently promoted Gloria Lane to credit adjustment of ficer and Linda Overman to financial services officer. Montana News Butte has been chosen as the host city for the combined meeting of groups 5A, 5B and 6, to be held Fri day, May 7 at the War Bonnet Inn. Groups 5A and 5B will be electing a banker to serve a three year term on the Montana Bankers Associa tion board of directors starting July 1, 1982, and group 5B, the city of Great Falls, will select a candidate for M BA treasurer. A golf tournament has also been planned for Saturday morning at 9:00 a.m. at the Butte Country Club. Registration cards should be sent direct to the War Bonnet Inn in Butte. B A N K E R S A V A IL A B L E 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 Ag Lender with two years experience and ISU degree . . . . ..............................................................................$24,000 Write or call Malcolm Freeland, Freeland Financial Ser vices, Inc., 246 Insurance Exchange Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays reason able fee. FOR SALE 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. 2Vz 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 mulit-bank holding companies, top perf in peer grp. Hi perf Ida Bank. Principals only. Reply file QBA, Northwestern Banker. (FS) 1980 modular branch office 14' x 60'. Includes two teller stations, LeFebure drive-up, savings counselor area, reception area and manager’s office. Available now. Con tact Dave Lodge, Perpetual Savings, 110 Second Ave. SE, Cedar Rapids, IA 52407. Phone (319) 396-4240. (FS) Send resume to: Ivan Stienstra, President Northwest Federal S & L Box 1147 Spencer, IA 51301 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) _ 9 ^ w 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) Aggressive marketing-oriented individual needed to manage new accounts and personal loan department of $70 million bank in southeast Iowa county seat. Write file QBB, c/o Northwestern Banker. (PA) SECOND OFFICER—$17 million central Illinois bank. Prefer lending background. Need aggressive person with CEO potential. Contact Bart Solon, State Bank of Girard, IL. Phone (217) 627-2112. (PA) ^ POSITIONS A V A IL A B L E AGRI-LOAN—requires 2-3 yrs. Ag-Lending experience. In surance licenses helpful. Rural Iowa bank. $18,000 Capital Personnel Service S & L M A N A G IN G OFFICER 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 Insurance Exchange Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays fee. (PA) INSTALLMENT LOAN—$30MM suburban bank with $5MM installment dept. Supervise all consumer lending and ac tively solicit new business. $20,000 Banking, Financial & Business Personnel, Iowa and Nationwide $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) POSITION 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 SERVING PROFESSIONALLY 714 U.C.B. B uilding, 515-283-2545 Des Moines, Iow a50309 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) When it comes to agriculture, banking and personnel. . . go to the specialists — go to AGRIcareers, Inc. Progressive bankers pay us to find the people they need. Corr. Off............. Leas. Reps......... Ag Lend. Off....... Ag Lend. Offs. (2) Loan Off./lns.. . . Cred. Anal........... ___IA . $17,000 MN . $20-25,000 .Wl . $16-20,000 . .IA . $17-20,000 ___IA . $18,000 ....... IL . $20,000 Ask the ag banking specialists what’s available without cost or obligation. NEW HAMPTON. tA 50659 MASSENA. IA 50853 1 1515) 394:3145 (712) 779-3744 90/1 CAREERS, INC. «■* THE ORIGINAL AGRICULTURAL RECRUITER OPERATIONS—prefer 5 yrs. experience with at least a $50MM bank. Will handle proof and transit, teller opera- a tions, lock box and bookkeeping. $25,000 ™ 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 Your inquiry will be held in confidence. Forward resume’ and salary history. TOM H A G A N & A S SO C IA T E S m P.O. Box 12346 - 2024 Swift North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” ™ Vol. 11 No. 1 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $15.00 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579), manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ^
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