Full text of The Northwestern Banker : August 15, 1966, No. 986

View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Oldest Financial Journal West o f the Mississippi
>

No. 986

Des Moines, Iowa______ ______________________ August 15,1966

Fed S e ts C h e c k E n c o d in g D e a d lin e

♦

The 12 Federal Reserve Banks
have taken a further step to dis
courage the use of checks that
cannot be handled by high-speed
electronic equipment.
Effective September 1, 1967,
the Federal Reserve banks will
classify as items requiring special
handling all checks, drafts and
similar items received by them on
which the payor’ s routing symboltransit number has not been pre
printed, or post-encoded before
their receipt by a Federal Reserve
office, in E - 13B magnetic ink char
acters in the manner prescribed
and in the location assigned by
The American Bankers Association.
After that date, all such items
must be sent to the Federal Re
serve offices as noncash items.
On and after September 1, 1967,
all such items sent as cash items
will be handled by the receiving
Federal Reserve office as follows:
( A) Items of $1,000 or more
received from banks located out
side the city of the receiving
Federal Reserve office will be
charged back and entered for
collection as noncash items; and
(B) All other items will be
charged back and returned.
Thus, while a bank will con
tinue to receive credit in its ac
count at the Federal Reserve Bank
within two days for checks bear
ing the paying bank’ s identifying
routing symbol-transit number in

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

magnetic ink characters that can
be “ read” by electronic devices,
for other checks the presenting
bank will receive credit only after
collection
is actually accom
plished -- a process that often re
quires well over two days.
The Reserve Bank letters also
noted that, depending upon pro
gress shown over coming months
in the elimination from the collec
tion system of checks that cannot
be machine-processed, further con
sideration will be given —before
September 1, 1967 —‘ ‘to determin
ing whether it would be appropriate
for the Federal Reserve Banks to
take additional action, including
possibly the imposition of a col
lection charge on such items.”

N ATIO NAL NEWS
CHICAGO: Robert Walcott, assist
ant cashier, American National
Bank & Trust Company, has been
reassigned to travel in Iowa, Neb
raska, Kansas, Colorado, Wyoming
and Montana. He will be associated
in this territory with William B.
Aldrich, assistant vice president.
Mr. Walcott most recently traveled
in Wisconsin, Minnesota, North
Dakota and South Dakota for Amer
ican National and had previously
called on Iowa banks for a period
of time with the same bank. Doug
Mills has been reassigned from
Iowa territory to Illinois.

KANSAS CITY, MO.: Effective Sep
tember 1, Charles G. Young, Jr.,
will advance from president of City
National Bank & Trust Company to
vice chairman of the board, retain
ing full executive responsibility
for the trust and bond departments
as well as the various adminis
trative and service divisions.
R. Crosby Kemper, Jr., will rejoin
the bank on that date as president,
assuming top executive responsi
bility for the commercial banking
and lending divisions. He will
continue as chairman of the board
of Grand Avenue Bank, in which
he purchased a substantial interest
when he left City National as pres
ident in 1963. His father, R. Crosby
Kemper, Sr., will continue as chair
man of City National but plans to
retire gradually from active partici
pation in the daily management of
the bank.
In addition, John J. Kramer
was promoted to senior vice pres
ident. In January Mr. Kramer suc
ceeded Dale Ainsworth as head of
the central and correspondent bank
ing groups. L.E.Cox was advanced
to vice president and continues as
head of one of the metropolitan
groups of the same division.

SOUTH ST. JOSEPH, MO.: First
Stock Yards Bank has scheduled
its 10th Annual Market Day for
Wednesday, September 7. Bankers
and livestock men are invited to
the meeting.

for Metropolitan
Company.

KEEP US IN MIND

Life

Insurance

W E’RE EASY TO FIND

283*2421

BANKERS TRUST COMPANY
Member Federal Deposit Insurance Corporation

Largest Locally-Owned Bank in Des Moines

H o m e r Jensen

IOWA NEWS
ALLERTON: Open house is sched
uled for today (August 15) at Secu
rity State Bank so that the new
owners, B.M.Millis and Roy Mead
ows, both of Des Moines, may meet
customers of the bank with Keith
W. Richard, president, and Glen
Greenlee, cashier.
CHARITON: Don Anderson, assist
ant cashier, has been named head
of the installment loan department
for National Bank & Trust Company.
Howard Swainey, assistant vice
president, has also been appointed
head of the bookkeeping depart
ment. Bill Carter has joined the
staff as a bank officer trainee.
These changes result from the
recent resignation of J. W. Cusack,
who has joined First National of
Fonda as vice president.
DYERSVILLE: Edward Lauerman,
Jr., cashier of Fidelity Bank and
Trust Company, has been named
to the board of directors to suc
ceed the late Calista Weidner.
EAGLE GROVE: David A. Rouse
was elected vice president of the
Eagle Grove State Bank, and will
assume his new duties here Sep
tember 1. He is presently assist
ant vice president, Palo Alto
$
<t

TRUST

IN VESTM EN T
C O UNCIL

860 SUBURBAN STATION BLDG. • PH ILA., PA. 19103

County State Bank,. Emmetsburg,
and has been with the Brenton
banks since March, 1963. He was
married August 6 to Ruth Nolan
in Emmetsburg.
GLIDDEN: O. B. Moorhouse, 84,
president of the First National
Bank, died recently. He had been
a Glidden resident 70 years. He is
survived by two sons.
JEFFERSON: Tom Cooper, pres
ident of Jefferson State Bank-, said
work was tp start the past week
on remodeling of the building
adjacent to the bank to permit
expansion into the new quarters.

LE CLAIRE: FDIC gave approval
August 5 for insurance coverage
to LeClaire State Bank, and at the
same time approved the proposal
for the bank to acquire a portion
of the assets and assume liability
for a portion of the deposits made
in Farmers Savings Bank, Prince
ton, Iowa. At present, LeClaire is
operated as an office of the Prince
ton bank, and William K. Stout,
cashier, is manager at LeClaire.
President of the LeClaire State
Bank will be H. D. Shaff, with
Glen H. Suiter as executive vice
president, the position he also
holds at Princeton. Total capital
for the new bank will be $200,000.
No opening date has been set, but
it is expected to be later this year.
MASON CITY: Stanley B. Laures
is now employed in the agricultural
department of the First National
Bank. He has moved from Gales
burg, Illinois, where he served a
ten-county area negotiating firstmortgage loans on farm real estate

SIOUX CITY: Security National
Bank has announced plans for
construction of a six-story ad
dition to the present building.
President E. C. Thompson, Jr.,
said the present main banking
floor also will be completely re
modeled to tie-in with the new
facility.

NEED
it f)
Soi^h\
of m i m
i
Bordel

NEBRASKA NEWS
SPECIAL: Thomas J. Aron, pres
ident of the Nebraska Bankers
Association and president of Crete
State Bank, Crete, signed a bulletin
to NBA members August 4 which
said in part:
“ During the past few weeks
the Association has received
many calls and inquiries regarding
its position on branch banking.”
He reviewed the record, which
showed that the NBA at the Oct
ober, 1964, group meetings polled
the membership on the subject of
limited branch banking with these
results--316 opposed to limited
branch banking, 80 in favor, one
ballot not marked.
Mr. Aron said the NBA execu
tive council on August4 reaffirmed
their opposition to branch banking
as indicated in this poll and stated
that if a branch banking bill is
introduced in the Nebraska legis
lature, copies of such bills would
be mailed to the members together
with a ballot so an expression of
views can be obtained. Results
of the poll would determine the
association’s position.
ALLIANCE: Delay in delivery of
some equipment was holding up
completion of the Alliance Nation
al Bank’ s new building last week.
However, President E. M. Knight
said the heliport on top of the
building was used for the first
time when Don Brown, owner of
Don’ s Air Service flew to Alliance
in his helicopter, landed on the
building top and went for a haircut!
BEATRICE: W. W. Cook, Sr., pres
ident of Beatrice National Bank &
Trust Company, was recipient of
the University of Nebraska’ s high-

mi
George
Harris
Keep this uni
brero, but herf
o f gringos wha
with correspoj
of any kind.
Si! These^cabj
riding your
often so look

If you have cl
lems, check \*|
clearings, or
overline squall
ing you froirJ
larger custom!
gricultural oi
visit with u^.
PUT A “ FA|
THE SPOT!
NOW!
ADIOS!

PHONE 3V
4

Always the First to Serve You!

First National Bank of Omaha

16TH & FARNAM • OMAHA, NEBRASKA
Member Federal Deposit Insurance Corporation

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

Hey,

H j
< ..*rW$M AMOWAll

Sitati
Member Fq
Hfsur

4----A

LaIIVIC O LaINI

est service honor, the Nebraska
Builder Award, at summer com
mencement exercises in Lincoln.
HASTINGS: T. L. Rask, president
of First National Bank, said the
bank has inaugurated its “ 1st Tour
and Travel Service” division,
which will be headed by Larry
Aden.
LINCOLN: Dale L. Young has been
advanced from assistant vice pres
ident to vice president and cash
ier of First National Bank and
Trust Company. He succeeds Al
vin C. Glandt, who is retiring.
MADRID: The Security State Bank’ s
application for FDIC coverage was
approved August 5, according to
F. H. Whitlake, president.
WAYNE: L. B.McClure, 79, retired
recently as senior vice president
of the First National Bank. He
will continue as a director of the
bank.

MINNESOTA NEWS
ASHBY: Vernon R. Hauge, pres
ident, First State Bank, has sold
most of his stock in the bank to
M. G. Rylander, cashier. Mr. Hauge
will continue as president, but is
retiring from active duty after
40 years of service. Both men are
directors. Two new directors are
Kenneth Borg, Ashby druggist, and
K. O. Sattre, president of the Blue
Earth State Bank.
BROWNSDALE: Dale C. Madison
has been advanced from cashier
to executive vice president and
cashier of the State Bank of Brownsdale, according to R.C.Danielson,
vice president.
CLOQUET: Ernest L. Hilkey has
joined First National Bank as as
sistant cashier and assistant
manager of the time pay depart-

BANK PLANNING
Waterloo, Iowa

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

•••Professionals in Livestock Loans

ment. The past four years he has
been with Merchants National Bank
and Trust Company, Fargo, North
Dakota.
COLUMBIA HEIGHTS: Joseph G.
Dircz has been advanced to as
sistant vice president and manager
of the mortgage loan department at
Columbia Heights State Bank. Mrs.
Lillian J. Anderson, assistant audi
tor and head teller, has been elec
ted an assistant cashier.
HAWLEY: Elwood A. Griffith be
gins his new duties today as ex
ecutive officer of the First Nation
al Bank. Sirice 1948 he has been
with Northwestern National Bank,
Minneapolis.
MINNEAPOLIS: JohnK. Ewing, 57,
vice president in charge of person
nel at First National Bank, died
August 2 following a brief illness.

and a prominent contributor to
civic enterprises here, died re
cently.

NORTH DAKO TA NEWS
DRAYTON: Omar Vein has pur
chased the interest of the late
Arthur Fleckten in the Drayton
State Bank and the insurance agen
cy, and has succeeded him as
president. Mr. Vein resigned re
cently as vice president of Valley
Bank and Trust Company in Grand
Forks to move to Drayton.
GACKLE: A. F. Lehr, 86, pres
ident of the First State Bank since
1909, died July 29 at his home in
Lodi, California, and was buried
in Gackle August 3. Survivors in
clude his son, Calvin C. Lehr, vice
president of the bank.
MINOT: Don Davison has been

MINNEAPOLIS: Richard L. Federman retired August 1 as-vice pres
ident of Northwest Bancorporation
after 35 years of association with
the firm.

SOUTH D AKO TA NEWS
EDGEMONT: Thomas L. Seppala,
president of Southern Hills Bank,
has sold controlling interest in
the bank to Bruce H. Lien, Rapid
City. Mr. Seppala will continue as
a director. Eugene A. Erickson is
resigning as assistant vice pres
ident of the Citizens Bank of
Colome to join Mr. Lien the latter
part of this month in management
of the Southern Hills Bank.
SIOUX FALLS: Dan Dugan, 76,
tdirector of the First National Bank,

IN S IO U X C I T Y .

"T
X.

P ersonal Attention
to A ll Y our
C orrespondent N eeds
CALL

402
AREA CODE

341-8765
Member Federal Deposit
Insurance Corporation

THE
BANK
FOR
PERSONAL
SERVICE

d SECURITY NATIONAL BANK
Member Federal Deposit Insurance Corporation

We're here to help
you get what you want

IOWA-DES MOINES

ASHLEY, N.D.: The Central Dakota
Bank, whose charter as a state
bank was approved recently by the
state banking board, has been
approved for membership in the
Federal Reserve System, according,
to Vernon J. Scherbenske, spokes-'
man for the organizers.

NATIONAL BANK
Bob Buenneke

Member Federal Deposit Insurance Corporation

appointed an agricultural represent
ative at First National Bank. He
has been with F. H. Peavey and
Company feed mills division since
1961.
ROLLA: Howard E. Brash has been
named assistant vice president at
The First Bank of Rolla, effective
September 1. He will transfer from
the Jamestown National Bank,
Jamestown, where he is presently
assistant cashier.
VALLEY CITY: K. B. Cummings,
vice president of the American Na
tional Bank, has also been elected
to the bank’ s board of directors.

MONTANA NEWS
BELGRADE: Belgrade State Bank
has made application for permis
sion to move its charter to Boze
man, where it would be located in
a shopping center at the west side
of town. The bank name would be
changed to Westside State Bank,
according to Carl H. Peterson,
who recently purchased control of
the bank from Mack T. Anderson,
executive vice president. Capital
would be increased to $275,000
from its present $25,000 capital
and $50,000 surplus. Approval is
being sought from the state super
intendent of banks and FDIC.
GREAT FALLS: L. C. “ Pete” Terrett, senior vice president of the
First National Bank, has resigned

r ~

to accept a new position as pres
ident of the North West Bank in
Seattle, Washington, September 1.
SHELBY: First State Bank has
named Byron H. Kluth as agricul
tural representative.

COLORADO NEWS
BOULDER: The Colorado School
of Banking continues through Aug
ust 19 on the campus of the Uni
versity of Colorado. The two-week
school is an annual event.
COLORADO SPRINGS: Winford
Griffin, president of Central Colo
rado Bank, has announced the ap
pointment of William B. Beeson as
vice president. Mr. Beeson has
been vice president and director
of the First National Bank in
Lames a, Texas, for the past ten
years.

LATE NEWS...
OMAHA: MorrisF.Miller, president
of The Omaha National Bank, an
nounces that the bank will open
its second outstate computer cen
ter in January, 1967. This one
will be located at 1908 Broadway
in downtown Scottsbluff and will
be called the Western Nebraska
Computer Center.
The new center will be for
the u^e of banks only initially and
to date, 19 banks are scheduled
to go on computer when it opens.
Larry Benscoter of the main bank
EDP center will be manager.

The myriad tools of modern banking
. and men who know how to use them. IE *’** gA à «
Good reasons why over half the banks in Iowa are
jj
MNB correspondents
|||^III,1 \lllll Jjj^j
L e n B ro u lik
V .P . T r a n s it a n d B o o k k e e p in g
|¡¡ ¿ ; / i l
e f tc W if o |1
M ^ritiot
|M▼IVVMVWIWV
LTTTr

WANT ADS
Rates 25 cents per
insertion.
Minimum:

306

word per
12 words.

NORTHWESTERN BANKER
15th St., D es Moinetf, Iowa

WANT TO BUY
Used lock boxes. Must be in good
condition. State size and price.
Contact Russell Spearman, Execu
tive Vice President, Clarke County
State Bank, Osceola, Iowa 50213.
FOR SALE
CROUSE Farm Business Reports
or first release via air mail of
the monthly Farm Picture - $10.00
per year. Farm Business Council,
P .O .B oxF , Urbana, Illinois 61801.
BANK FOR SALE
Current assets exceed $5 million.
Deposits increased 88% in last ten
years. Investment$430,000required
for 80% of stock, priced at book,
plus 27%%. Growing Illinois town
of 4,500, shows 50% population
growth in ten years. Persons seek
ing further information must show
ability to finance purchase of thi^|
size and agree to treat information
as confidential. Write Box SXL,
c /o NORTHWESTERN BANKER,
306 Fifteenth Street, Des Moines,
Iowa 50309.
DESIRE CHALLENGE
OF
NEW BANKING CONNECTION
Present employer backs me up with
a complete staff of specialists who
know banking from advertising to
trust. They have a proven record
of providing outstanding service
to correspondents in the midwest.
They thrive on challenge. All I
ask is 30 minutes of your time to
tell you about this fine group.
That’ s all. Call Max Roy at 338-5908
in Iowa City. Or phone my boss at
La Salle National Bank, 135 South
La Salle St., Chicago, 111. 60690.
STate 2-5200 (Area Code 312).
Member FDIC. Complete Trust Ser
vices.
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE. VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO
OMAHA

T H E F U L L S E R V I C E B A N K F O R T H E B A N K S O F IO W A

N o 986 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Stre®}’ D®®
Moines, fow l 50309. Subscription 5 0 . per cop y, $ 4 per year. Second c la ss postage paid at Des Moines, Iowa. Address all mail
(subscriptions, changes of address, Forms 3579, manuscripts, mail items) to above address.

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

Full text of The Northwestern Banker : August 15, 1966, No. 986

FRASER