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# Vol. 10 No. 16 Des Moines, Iowa August 10,1981 W hy Are Interest Rates So High? f • • ® _ ® ^ ^ ^ w ^ This question is asked daily by people in all walks of life. Fed Governor Lyle E. Gramley gave his answer to the $64 question on July 27 before the Senate Forum with these remarks: l l f H Y are interest rates so high? V V The proximate reason is that demands for money and credit have been strong at a time when the Federal Reserve has been trying to limit money growth in the interests of bringing inflation down. But the more fundamental reason is that inflation accelerated so much from the early 1960’s until just recently, with periodic bursts into the double-digit range. Inflation permits borrowers to pay off loans with shrunken dollars. Since both debtors and creditors now understand this clearly, lenders require—and borrow ers are forced to pay—an “ inflation premium’’ that compensates for the erosion of purchasing power. Furthermore, since the rate of inflation has been not only high but also volatile, lenders appear to be requiring a risk premium to protect against capital losses in the event of yet another upward wrench to inflation and interest rates. Still another reason why interest rates have had to rise to such high levels to ration a limited supply of funds is that some kinds of credit demands do not respond much to interest rates. The demands of the Treasury to finance huge deficits is the clearest case in point. Some private demands also may be rather insensitive to interest rates; for example, those of defense contrac tors, or high technology industries, or firms investing to comply with governmental regulations. The bur den of adjustment, therefore, is shifted to others. Pumping up the money supply is not the way to bring interest rates down. The experience of the past 15 years indicates that faster money creation can bring only a temporary respite to interest rates. Time and again, when monetary policy eased in the face of gathering financial strains or economic slack, the additional money created, and the temporarily INFLATION AND INTEREST RATES IN SELECTED COUNTRIES Rate of Inflation In 1980 Country Switzerland Germany Netherlands Belgium Japan Canada United States France Sweden United Kingdom Italy Mexico Peru Brazil Argentina 4.1 5.3 6.7 7.4 7.7 11.1 12.6 13.6 14.7 15.3 21.5 28.9 59.8 86.8 88.7 Interest Rates in 1980 5.0 8.8 9.3 12.5 9.9 14.2 15.8 11.5 12.9 13.8 16.9 26.1 35.0 64.4 95.3 Sources: Bulletins of the respective central banks and government statistical releases. lower interest rates, ultimately served to fuel inflation. Expansive fiscal policies added to the problem. Expectations, therefore, deepened that governmental action would never be adequate, or sustained long enough to get the job done. One by-product of such attitudes is that financial market participants have become so sensitive that faster money growth may not lower interest rates even in the short run. For example, on Friday a week ago, the weekly release of monetary data indicated a $7 billion rise in the money supply; interest rates immedi ately rose substantially, on the expectation that inflation-driven demands for money and credit would collide with Federal Reserve efforts to contain them. In the long run, the only way to reduce interest rates is to reduce inflation. That is what the Federal Reserve is trying to do, by reducing the growth of money. The process of reducing inflation— and bringing interest rates d o w n can be speeded up if the task is not left solely to monetary policy. We badly need to reduce government spending and Federal deficits. We also need to be much more attentive to the inflationary effects of other governmental policies—environmen tal and safety regulations, import restrictions, price supports, wage supports, and the like. These have been major contributors to worsening inflation. The potential for a substantial C A LL O N TH E “P E R FO R M A N C E TE A M ” where comm on transactions are handled uncomm only well. FIRST N A T IO N A L L IN C O L N 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 improvement in the inflation rate is now at hand. The Consumer Price Index during the first half of this year rose at around an 8Vz % annual rate, compared to over 12% in all of 1980. Food and energy costs have taken a beneficial turn in recent months; appreciation of the dollar in exchange markets also has helped, and idle capacity and weak markets sire damping price increases in housing and other areas. Unfortunately, however, habits of wage and price setting behavior change slowly. In particular, wage increases are still far in excess of productivity gains, and have as yet shown little evidence of moderating. The hard core inflation rate—that determined by rising unit costs of production— still seems to be in the 9 to 10% range. A fundamental break through on the inflation front will not be achieved until wage increases moderate or productivity improves. Given the fact that the economy has slowed, and inflation has shown some improvement, there is some basis for hope that interest rates may have already passed their peaks. But I cannot predict with any confidence that interest rates will ease substantially in the near term because it is by no means certain that a substantial further decline in infla tion is just around the corner. I firmly believe, however, that staying with policies of monetary and fiscal restraint is essential to reducing inflation and, thus, to bringing an end to high interest rates. □ Beryl Sprinkel to Address Prochnow Banking School Beryl W. Sprinkel, undersecretary for Monetary Affairs, United States Department of the Treasury, will be one of the featured evening speakers during the 1981 session of the Herbert V. Prochnow Graduate School of Banking at the University of Wisconsin—Madision. Mr. Sprinkel, speaking at 7:00 pm, Tuesday, August 11, is one of 11 nationally prominent speakers com prising the School’s evening sched ule. Approximately 1,500 students, including bankers and regulatory agency personnel, and some 160 faculty members will participate in the 37th annual session of the Herbert V. Prochnow Graduate School of Banking which runs from Sunday, August 9 through August 22. The two-week session is part of a three-year program aimed at prepar ing bankers for senior management. Commerce Banks Lower Prime Rate of Interest The Commerce Banks of Missouri have announced that they have lowered their prime rate of interest to 18*/2 % . The rate had been 20% . “ The so-called prime rate has, in fact, become a misleading term,” said James M. Kemper, Jr., chairman of Commerce Bancshares, Inc., which has 38 affiliate banks. “ A number of smaller banking companies that have shown little or no loan growth have Single System Banking With A va ila b ility Waterloo, Iowa 50704 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M em ber FDIC Iowa News The Iowa Junior Bankers Associa tion’s conference titled “ The Future is Y ou” will be held August 25-26 at the Breckenridge Westmark Inn in West Des Moines. Registration begins in the lobby at 9:30 a.m. August 25. Speakers will include Paul Dunlap, president of Hawkeye Bancorporation; Kathy Fisher, IB A human resources director, and Thomas H. Huston, Iowa Superin tendent of Banking. A business meeting, roundtable discussions and panels will also be conducted. Tuesday evening’s highlight will be a barbeque at Living History Farms. DAYTON: To commemorate Bankers Service LOAN ACTIVITY BULLETIN 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 Who: FASrSÉBWCE Ä i c Records Availability of funds. . . availability of p e o p l e . . . responsive to your needs. National Bank o f W aterloo advertised significantly lower rates than major money center banks in recent weeks. The fact is that all banks have loaned money at less than the national prime rate during the time that this rate has been in the upper double digits,” he said. S e a r c h , m ePhone Dick Jung at 1-800-772-2411. Ä s « ° " iESST" ' 0N 50309 its 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 We own and offer subject to prior sale and change in price the following Pledge Orders: AMOUNT MUNICIPALITY YIELD MATURITY BURLINGTON, IOWA Sewer Revenue Pledge Orders Interest: 3-1 and 9-1 9.75% 9-1-82 $400,000 DENISON, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 9.75% 9-1-82 $600,000 GLENWOOD, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 10.00% 12-1-83 $ 500,000 KEOKUK, IOWA Water Revenue Pledge Orders Interest: 6-1 and 12-1 9.75% 6-1-82 $ 200,000 ROLAND, IOWA Electric Revenue Pledge Orders Interest: 6-1 and 12-1 9.75% 12-1-82 $ 300,000 SANBORN, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 9.75% 12-1-82 $ 400,000 TIPTON, IOWA Electric Revenue Pledge Orders Interest: 6-1 and 12-1 9.75% 6-1-82 $ 500,000 WAVERLY, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 9.75% 6-1-82 $ 500,000 WEBSTER CITY, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 9.75% 6-1-82 $500,000 • • • • • • • • m IN THE OPINION OF COUNSEL INTEREST ON THESE PLEDGE ORDERS IS EXEMPT FROM ALL PRESENT FEDERAL INCOMETAXATION AND ALL PROPERTY TAXATION IN THE STATE OF IOWA. Pledge Orders are issued in accordance with the provisions of Chapter 384, Code of Iowa, 1981, as amended, to provide funds necessary for the construction of improvements to municipal utilities. In the opinion of counsel, Pledge Orders are subject to the first lien of outstanding debt, if any, and together with such outstanding debt are payable solely and only from the future net revenues of the respective municipal utilities. 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 H u tto n & Company Inc. LYTTON: Kirby Vest, 35, a Sac City attorney and director of the Lytton Savings Bank, died recently. Death was attributed to cancer. ASK TERRY MARTIN Minnesota News to make MNB work for you. AUSTIN: Jerry Helin has been promoted to assistant vice president/ instalment loan manager at the Northwestern State Bank. Mr. Helin joined the bank in 1969 as a teller. Toll free 1- 800- 332-5991 Merchants ^ National Bank 151 Member F.D.I.C. MT. PLEASAN T: Donald F. Carmody has been appointed presi dent of Mt. Pleasant Bank & Trust Co., effective September 1, according to Gerald L. Nordbrock, chairman. Mr. Carmody, who will leave his position as vice president in the correspondent bank department at Bankers Trust Company in Des Moines, will succeed R.J. Bontrager, who is resigning from the bank as president to pursue other interests. A 'BANKS OF IOWA' BANK BLAINE: First Northtown National Bank has promoted Charles Mac A r thur to assistant vice presidentinstalment loans and marketing. He joined the bank in January. INTERNATIONAL FALLS: First National Bank has entered into an agreement to purchase the State Bank of Littlefork, the presidents, Michael C. Duepner and Jay Beasley, have announced. The agreement is subject to regulatory approval. If approved, the Littlefork bank will be operated as a branch of First National, Mr. Duepner reported. 100th anniversary the Iowa State Bank & Trust Co. is hosting an informal open house for customers and friends at the bank Friday, August 14, beginning at 5 p.m. The Starlite Village will serve the evening meal which will include Windsor loin and anniversary cake. Entertainment JACKSON: Ron Johnson has been will be provided by a combo and elected president of First National magician. Bank, replacing R.M . Burnham, who GARRISON: The State Bank of will remain as chairman. Mr. Vinton held ground-breaking cere Johnson joined the bank in 1960 as an monies recently for the construction ag rep. In 1969 he was elected a of the new home of its Garrison director and most recently served as executive vice president. branch office. JEFFERSON: Roger Rinderknecht, MORA: Ellen Regan has been president of Jefferson State Bank, promoted to vice president/cashier of has announced that the bank’s name the Kanabec State Bank. Ms. Regan has been changed to Brenton State joined the bank in 1953 as a teller, and Bank of Jefferson. was promoted to cashier in 1977. W e’re people you can turn to for investments. For investment services, data processing, ag lending and overlines . . . we’re the people you can turn to. We’re more than western Iowa’s largest bank. We’re people. Stephen J . Hatz V ice President 7 1 2 /2 7 7 - 6 5 2 6 SECU R ITY N A TIO N A L B A N K https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis IN SIOUX CITY, IOWA. M E M BER F .D .I.C . © 1980 Security National Bank Insurance for Financial Institutions Automated Systems of Iowa, Inc. 301 N. Ankeny Blvd., Suite 220 Ankeny, la 50021 515-964-1358 ST. LOUIS PARK: Constance L. Bakken has been elected chairman of the Citizen’s State Bank. Ms. Bakken was appointed vice chairman in May, 1980, shortly after acquiring majority interest in the bank. Illinois News CHICAGO: O’Hare Banc Corp. and its only subsidiary, O’Hare Interna tional Bank, N .A ., reported a consolidated net income of $818,000 ($1.33 per share) for the six months ended June 30, 1981. The bank had assets of $165.8 million and deposits of $122 million at June 30, 1981. CHICAGO: Dallas H. Himm has been promoted to senior vice president, director of personnel, marketing and security officer at Chicago City Bank & Trust Co. Mr. Himm joined the bank in 1975 as assistant vice president-marketing. HUNTLEY: Paul H. Reed has joined the State Bank as vice president and cashier. Mr. Reed will work primarily in operations and lending. He has 18 years of banking experience, the last 10 years as chief executive officer of the Bank of North Aurora. LYNWOOD: Gilbert J. Rynberk, Jr., president and c.e.o. of the First National Bank in Lansing, has announced the opening of a branch facility here. The new branch is located at 19500 Torrence Avenue and will be managed by Annette Jordan, formerly of the bank’s real estate department. Nebraska News The Mid-Plains Chapter of the National Association for Bank Women will host a party for members and prospective members at the Kiewit Plaza in Omaha on Tuesday, August 25, starting at 5:30 p.m. Interested women bankers may contact Jacqueline Boryca at Packers National Bank. BANK PLACEMENT SPECIALISTS (Our33rd year) Call experienced professionals to locate the right candidate for your vacancy . . . or the right "move-up” for yourself. CORPORATE RECRUITERS MIDWEST BANKING DIVISION 525 Commercial Tower 402/393-5515 Omaha, Nebraska68124 5 # CREIGHTON: The American Na tional Bank recently held a grand opening to celebrate the completion of its new building. The public was invited for tours, prizes and refreshments. • _ # • ® ^ LAUREL: Security National Bank recently held an open house to celebrate the grand opening of its new facilities. Festivities included a country-style picnic, bank tours and dedication ceremonies. LEWELLEN: Jacob L. Kats, president and chairman of the First National Bank, died recently. He was with the bank for over 45 years, and had over 50 years of banking experience. SCOTTSBLUFF: First State Bank has officially opened its new building at 20th and Broadway, according to John Koenig, president. South Dakota News ^ Montana News BILLINGS: First Bank Billings has elected Michael J. Hickey assistant vice president-commercial loans. Mr. Hickey joined the bank in 1979 as a commercial loan officer. CULBERTSON: The Federal Re serve Bank of Minneapolis has approved the application by Culbert son Ban Corp. to become a bank holding company through the acquisition of the Culbertson State Bank. Wyoming News NORTH BEND: The Platte Valley GILLETTE: Wyoming National Bank recently celebrated its 90th Bank has named Charles E. Dorman anniversary with a week-long open president, succeeding Ted Ernst who house. The bank was chartered in has resigned. Mr. Dorman was with the Perry State Bank in Perry, la. 1891 as the Bank of Morse Bluff. from 1958 until March, 1981, when he OM AHA: First National Bank has joined the Wyoming National Bank named Dennis O’Neal, executive vice of Casper as vice president. president of Drum Financial Corp., a vice president and director. Accord- JACKSON: Jackson State Bank has mg to John R. Lauritzen, bank appointed Jeffrey Fuechsel vice chairman, Mr. O ’Neal will stay with president in charge of loan adminis Drum until September. Mr. O’Neal tration. Mr. Fueschel was previously gained 16 years of banking experience with the Cherry Creek National Bank of Denver. in Chicago and Omaha. PALM ER: The State Bank has promoted Randy Helgren to presi dent, replacing Roy Dinsdale, who will remain as chairman. Mr. Helgren has served as executive vice president and cashier since January, 1980. # department. Mr. Mitchell has been with First Mitchell since 1976. MITCHELL: Dennis Everson has been elected vice president of First Mitchell National Bank in the ag loan □ □ 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. L 39 Ginger Woods Road, Valley, Nebraska 68064 Phone: (402) 553-6400 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKERS PARTICIPATING I LeasePlan, Inc. 545 - 31st Street Des Moines. Iowa 50312 R. L. “ DICK” SELLON GET THE COMPETITIVE EDGE over savings and loan, credit unions, etc. This “on-premise” system gives you complete inde pendence, competitive flex ibility and control. NORTH CHEYENNE: Randall L. Dancliff has been promoted to president and chief executive officer of First Wyoming Bank here. Mr. Dancliff joined the bank in 1973 as loan officer and was promoted from senior vice president. Estate Appraisals Purchase of Collections Sale o f Rare Coins R eliable and respected service fo r over 20 years Used b y bankers throughout the midwest Ben E . Marlenee Coins 913 Locust Des Moines, Iowa 50309 515-243-8064 Get tighter instantaneous reporting in every phase of yo u r o p e ra tio n . A t the sam e tim e reduce you r operating costs. A program for your every need — and m ore. The best banking system in the industry. f|t|[ft* Modern Banking System s, Inc. 6818 Grover St., Omaha, Nebraska 68106 (402) 392-0151 — WANT ADS — Rates are $5.00 per line per insertion. Add $3.00 for file letters per insertion. Identity of file letter advertisers cannot be revealed. Northwestern Banker 306 - 15th Street Des Moines, Iowa 50309 Phone 515/244-8163 SERVING PROFESSIONALLY Banking, Financial & Business Personnel Iowa and Nationwide CAPITAL PERSONNEL SERVICE REAL ESTATE LENDER - Presently branch mgr with 4 yrsexp in R E Lending. Other resp include collections and investments. Licensed in all lines of insurance. $18,000. 714 Central National Bldg. 515-283-2545 Des Moines, Iowa 50309 $ 20,000. POSITIONS WANTED Operations Officer of $20 million Upper Midwest bank seeks new opportunity..........................................$20,000 Ag Lender seeks central Illinois po sitio n .........$24,000 PERSONNEL OFFICER Our client, a prominent and very reputable Iowa bank with approximately 500 employees is seeking someone to develop and administer personnel policies and programs. This is a senior officer's position within the corporate organization, requiring a personnel generalist with experience, performing a full scope of personnel management functions. Compensation will be commensurate with qualifications. We are retained by management to seek and evaluate prospective candidates for this position. No fees. All inquiries will be considered confidential. Call for more information or submit resume: AGRI-associates, Inc. 1606 Brady Davenport, Iow a52803 Phone (319) 323-3677 POSITION AVAILABLE POSITIONS AVAILABLE Ag Lending position in northwest Iowa, immediate o p e n in g .................................................................. $22,000 Commercial Loan Officer for major Iowa bank. $25,000 Commercial Loan Officer for central Iowa bank$24,000 Ag Lender for eastern South Dakota b a n k ----- $23,500 Data Processing Sales for major Iowa b a n k . . . $20,000 W rite or phone Malcolm Freeland, Freeland Financial Service, Inc., 246 Insurance Exchange Bldg., Des Moines, IA 50309. Phone 515/282-6462. Employer pays fee.______________________ __________________ INSURANCE MANAGER responsible for large m ulti-line bank Agency. Experience in agricultural and commercial necessary. Contact James A. Clark, Lake Crystal National Bank, Lake Crystal, Minnesota 56055. Phone507-726-2137.____________________ (PA) Excellent opportunity— CEO for Central Minnesota $10 million bank. Looking for the experienced individual that is ready to tackle management responsibilities. Community minded and insurance licenses are needed for this interesting and challenging position. All inquiries kept confidential. Please send resume to file NBZ, c /o Northwestern Banker.______________________________________ (PA) Opening for Loan Officer in $18 million northwestern Illinois bank. Duties will include installment and commercial lending and business development. Excellent community; good growth potential. Send resume and salary requirements to file OBA, c /o Northwestern Banker._________________________ (PA) AG LOAN OFFICER for $42 million northwest Iowa bank. Must have loan experience to handle $12 million loan department. Excellent opportunity. Send resume and salary requirments to file NBY, c /o Northwestern Banker.________________ (PA) PRESIDENT-CEO for $20 million bank in Nebraska small town. Minimum age 40— no maximum. Write file NBW, c l o Northwestern Banker.____________ (PA) 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. DON-S C H O O L E R Ik AND iW iJ W j ASSOCIATES 901 A . West Jackson* Ozark, Missouri 65721 417/485-6020 COMPLETELY CONFIDENTIAL _______ “Employment Service" _____ PARTIAL LIST OF AVAILABLE APPLICANTS CEO in northern Illinois bank of $50 million seeks new p o sitio n ................................................................... $40,000 Senior Ag Lender from Io w a................................. $30,000 Operations Officer in Nebraska wants to move to Mountain S ta te s ................................................. .. $18,500 Ag Lender in Iowa with insurance licenses . . .$22,000 Commercial Lender wants position within 150 miles of O m a h a ..................................................................... $25,000 CEO with solid lending exp. and examiner background wants western Iowa J o b ....................................... $36,000 Write or phone Malcolm Freeland, Freeland Financial Service, Inc., 246 Insurance Exchange Bldg., Des Moines, IA 50309. Phone 515/282-6462. Employer pays fee._______ _________________ _______________ FOR SALE Burroughs S-1000 1 2 pocket proof machine. Purchased new 1978. $5,500.00. Towner-County State Bank, Cando, North Dakota. Phone701 -968-4421 .(FS) Two ledger carts and trays. Cart dimensions, 16” high, 14” wide & 19” deep. Tray dimensions, 14” high, 10” wide & 18" deep. Contact Peoples National Bank of Columbus Jet., Columbus Junction, Iowa. 52738. Phone 319-728-2226.__________________ (FS) M osler31/2” stainless steel vault door-new condition. Mosler modular four position teller counter (oak finish) new condition. Contact Brenton 1st Natl. Bank, Davenport, IA. Phone319-326-4001.______ (FS) Diebold drive-in window unit with one drawer, heater, and speaker system. Phone: (507) 376-3141. State Bank of Worthington, Worthington, Minnesota. (FS) INSTALLMENT - BA degree in Business Admin. Branch m grw ith primary resp of installment lending. V.P. LENDING - 9 yrs exp with emphasis in installment, ag, commercial and R E lending. Has ins and R E licenses. $25,000. ASST V.P . r BA degree with finance major. Lending capacities in all areas. Also exp in operations and marketing. $26,000. COMMERCIAL LENDER - 9 yrs banking exp with concentration in commercial lending. Responsible also as the banks compliance officer. Has bachelor’s degree and ins license. $25,000. TRUST OFFICER - Over 11 yrs exp with major emphasis in Trust Admin, New Business Development and Investments with the overall resp of the Trust Dept. $28,000. ALL FEES COMPANY PAID. FOR FURTHER INFORMATION RESPOND IN CONFIDENCE TO: Bank Division ROBERT HALF of Iowa, Inc. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 ALL FEES COMPANY PAID FOR RENT OR SALE Refurbished Burroughs Series L posting machines, programmed to your specifications. Call or write MSCI, 14609 W. Center Road, Omaha, NE 68144. Phone (402) 330-4682.______________________ (FRorS) FOR SALE OR LEASE PERMANENT OR TEMPORARY - Sale or lease financial facilities. Available immediately: 14’x60’ in Nebraska, 14’x50’ with 2 DUWs in Illinois and in Missouri, and 12’x50’ in Minnesota. Phone SON CORPORATION, Box 684, Wichita, KS 67201, (316) 942-8167, call collect. (FSorL) POSITIONS AVAILABLE CORRESPONDENT BANKER - operations and commercial credit experience desired. Travel Iowa or Nebraska. $30,000 TRUST OFFICER - experience with employee benefit program required. Opportunity to manage own division. $25,000 SECOND O FFIC E R - suburban $50MM bank with solid record of growth. Desired skills are commercial lending and business development. $35,000 PRESIDENT - $30MM suburban bank. Must have proven record of administrative achievement in a highly competitive environment. $Open Whan h comas to agriculture, banking and personnel. . . go to tke specialists — go to AGKIcareors, Inc. Progressive bankers pay vs to find Ike people they need. Retail Finance Rep . . . IA / N E . $20-22,000 2 Ag Lending O ffic e rs .. . . N D . $20-24,000 Ag Loan O fficer/ Insurance IA . $15-20,000 Professional Farm Mgrs. ( 2 ) .........IA & IL . ......................................................$20-25,000 Ag Lending O ffic e r...........N E . $15-16,000 Sales & Mktg. R e p . . . . . . . N Y . $20-25,000 Ask tho ag banking specialists what’s availabis without cost or obligation. NEW HAMPTON. IA 50659 MASSENA. IA 50853 1 (515) 394-3145 (712) 779-3744 OPERATIONS OFFICER - excellent opportunity for advancement with $60MM affiliate of major Missouri holding company. Prefer degree and 4-6 yrs. operations experience. $25,000 COM M ’L /A G OFFICER - medium size Iowa bank is seeking experienced middle management officer to hand le commercial and som eag credits. $25,000 OPERATIONS - $150MM bank has opening for manager of lobby personnel. Experienced branch manager considered. $20,000 LEASING OFFICER - growing leasing firm in desirable Nebraska community is seeking a marketing oriented individual willing to travel. $Open All inquiries confidential. Resume’ and salary history requested. TOM HAGAN & ASSOCIATES of Kansas City P.O. Box 12346,2024 Swift North Kansas City, MO 64116 816/474-6874 "Serving the Banking Industry Since 1970” Vol. 10 No. 16 Northwestern Banker Newsletter [USPS 873-300] is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. 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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