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Vol. 12 No. 17 Des Moines, Iowa August 15,1983 On Proposed Stock Redemption Rule— Fed is Heeding Sm all Bank View s LTHOUGH no definitive an A swer could yet be made, it ap peared last week that the Federal Reserve Board is willing and anx ious to respond cooperatively to the views of small bankers who made comments by August 8 on the Fed’s proposal of last May that would severely restrict the ability of small bank holding companies to redeem stock. That proposed ruling to update Reg Y was intended by the Fed to give it more opportunity to forestall stock redemptions that it calculates would put undue strain on the cap ital or balance sheet of a holding company. In seeking that goal it feels it needs greater flexibility in controlling stock redemptions in cases where such redemption would financially harm the holding com pany. Presently, the Fed’s only alternative is the formal, cumber some cease and desist order. The severity of the rule change proposed in May has been outlined at numerous state banker conven tions in recent months. Both A B A and IB A A officials have alerted their membership to the restrictive measures included in the rule change. Presently, a holding com pany can buy up to 10 % of its net worth in securities without notify ing the Fed or getting its advance OK. For redemptions of more than 10%, the Fed must be notified at least 45 days prior to the planned date of redemption, under present rule. The proposed rule would limit such redemption to 1 % or $10 mil lion of the firm’s net worth in any one-year period. For holding com panies of under $150 million in size, the rule would require the holding company to have no more than a 30% debt-to-equity ratio. Those proposed changes would make it impossible for the small onebank holding companies to remain viable, according to industry lead ers. James D. Herrington, president of IB A A , told his audience recently at the Iowa Independent Bankers at Lake Okoboji that such a rule would decimate the ability of community banks to remain independent and urged all bankers to express their concerned views with the Fed by the closing date of August 8. The same subject was reviewed from the platform of state bank as sociation by A B A and IB A A offi cials, as well as state association ex ecutives. By Monday, August 8, the Fed had a lot of response, so far as letter writing on rule change pro posals go, but on this vital matter, the total was 600 letters on the revi sions of Reg Y, and at least threefourths of them aimed at the stock redemption limitation. A B A ’s Gerald Lowrie, executive director for government relations, said, “ The disadvantages to smaller bank holding companies from the proposed change in procedures will far outweigh whatever marginal en forcement advantages may accrue through its adoption.” He said A B A understands the Fed’s desire to maintain proper capital in bank holding companies, but the proposed change was too drastic. Mr. Herrington, in his prepared statement, noted there is “ no show ing by the board o f abuses under the current rule which would justify such a dramatic reversal of policy.” Fed sources, of course, would not discuss the matter in detail yet be cause the closing date for comments had just been passed, but enough unfavorable comment had already been received that top officials ap parently will seek ways to accom plish their capital safety margin without devastating the viability of the smaller holding companies’ stock redemption capability. This may take the form of requiring ad vance notice of stock redemption, rather than the present ability to redeem up to 10 % of the stock without notification to the Fed. □ ASK STAN FARMER to make MNB work for you. Toll free: 1-800-332-5991 Merchants National Bank isi Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A BANKS OF IOWA BANK 2 Norwest Bank Des Moines, N.A. NORWEST BANKS ¡► ja Call (515) 245-3131 or toll-free (800) 362-2514 Member FDIC T ea m w o rk: one o f the reasons we're firs t in Iowa. Tom Quinlin Dennis Nahnsen Iowa News up the newly-revised retail division DAVEN PORT: Davenport Bank of the bank. Prior to joining the Ot and Trust Company recently an tumwa bank, Mr. Anderson was em nounced the appointment of James ployed at Bankers Trust in Des R. Peterson and Walter F. Buettner Moines for seven-and-a-half years as as correspondent banking officers vice president in charge of instal and Carl F. Becker as vice president, ment loans. Also at the bank Dick C. operations. Mr. Peterson has had Stoffer has joined as assistant vice eight years of prior banking ex president in the agricultural and perience in Iowa. Mr. Buettner has commercial lending area. been with the bank nine years, most URBAN DALE: John G. Garnass recently as an officer in the credit has been elected senior vice presi card division. Both will work with dent and a member of the senior banks in Iowa and Illinois. Mr. management group at Plaza State Becker has had 19 years banking ex Bank. Mr. Garnass, who will serve perience in the Quad-City area. Also as the chief loan officer, previously announced were the promotions of was employed for seven years at Michael A. Bauer, first vice presi First National Bank of Minneapolis dent, correspondent banking; Glen and First Bank System, Inc. W. Piotter, first vice president, and Robert J. Hartman, vice president, Nebraska News both in computer services. D A V ID CITY: The David City DES MOINES: The Federal Re Bank is completing a major remodel serve announced last week its ap ing and expansion of its bank build proval of the acquisition of Tipton ing. The bank’s stockholders will State Bank by Hawkeye Bancorpor- have a preview showing of the reno ation. Terms of the acquisition, vated facilities at the annual stock which is for cash and Hawkeye Com holders’ meeting to be held on A ug mon stock were not disclosed. The ust 25. An open house for the gen acquisition of Tipton State Bank, eral public and area bankers will be with assets of $42 million, is an held all day, Friday, August 26, ac ticipated to be completed by the end cording to Lester W. “ Bill” Souba, president. of the third quarter, 1983. OTTUMW A: Louis H. Anderson has joined Union Bank & Trust Company as vice president to head LOUP CITY: Sherman County Bank recently announced the appointment of G.E. Wortman as ex- Recipe for success.. X Employee Benefit Consultants ala r e n d s Serving Banks and Their Customers In Iowa and Minnesota SERVICE C O M P A N Y P.O. Box 171 • Albert Lea, MN 56007 507/373-8216 ecutive vice president and cashier; Norman L. Anders as assistant vice president, and Larry Volf, assistant cashier. # OM AH A: Gerald J. Tomka has joined the correspondent bank de partment of First National Bank of Omaha as a correspondent bank re presentative. Mr. Tomka graduated from Creighton University with a degree in business administration and has had several years experience as an agricultural loan officer. Q Minnesota News • BLAINE: Judith B. Blanchard has joined the staff of First Bank Northtown as vice president and second officer. Her major areas of responsibility will be in the retail, com mercial and real estate banking divi sions. Prior to joining the bank, Ms. Blanchard served as a commercial banking officer at First Bank St. Paul. M INNEAPOLIS: Phillip L. Hendershott has been elected executive vice president of the banking related bus inesses division of First Bank Sys- Don't gam ble when choosing o correspondent bonk. Come to the professionals. Bemie Miller, Correspondent Banking Officer, has over years o f banking experience, and the recipe for success. Help yourself by calling Bemie Am erican ^ TrustO Savings DanK https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis U C O UNITED CENTRAL R AN K OF DES M O IN ES . N.A. ■ M E M B E R FDIC ■ (51 5) 245-7 11 1 AFFILIATED W IT H UNITED CENTRAL BANCSHARES. INC. TOLL FREE NUMBER (800) 362-1615 0 q 9 Supplement to Northwestern Banker Newsletter 8-15-83 There's ho substitute ■tuned Ja investment y V hen it com es to investmentsp *f I long-term or short-term —nothing .outperform s quality. ’ -T i I ii* / ¡1 m ¡¡¡1IS^ %s$ ||pff» 11 'C S S 8 f 'i ' I ■\f:...... And when it com es to quality, no one beats the outstanding track record of United Missouri’s Investm ent Banking Division. Sound bond portfolio recom m endations are our business. They have been since the 19 2 0 ’s. ‘ ; Z-, * »•i ^ - You can rely on our ability to adapt in th is ; changing financial world. Today and tomorrow, your bond portfolio will benefit from o u if; consistently high standards, :k Call or w rite United Missouri Bank today. W e’ve m astered the art of quality^ ; . üy Investment Banking Division UNITED M ISSOURI BANK of Kansas City, n.a Member FDtC United we grow. Together. 10th and Cirand ■! lJ.Q. Box 226 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis — M ■ ■ wKKM m m https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MFHutton One Carriers Building Des Moines, Iowa 50309 Telephone: (515) 243-1203 S&P: AAA (AMBAC & MBIA) MOODY’S: Baal We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion: $5,500,000 BOONE COMMUNITY SCHOOL DISTRICT, IOWA School Building Bonds DATED: August 1,1983 DENOMINATION: $5,000 Both principal and semiannual interest (June 1 and December 1; first coupon due June 1 1984) payable at Citizens National Bank of Boone, Iowa IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES. MATURITIES $140,000 $155,000 170,000 185,000 205,000 225,000 245,000 $270,000 $295,000 11.70% June 1, 1985 11.90% June 1,1986 June 1,1987 June 1,1988 June 1, 1989 June 1,1990 June 1,1991 9 7/8% June 1, 1992 8.90% June 1, 1993 6.50 $320,000 7.00 7.40 7.70 8.00 8.25 8.50 $350,000 8.70 $385,000 425,000 465,000 505,000 555,000 605,000 9.10% June 1, 1994 9.30% June 1, 1995 9 1/2% June 1,1996 June 1,1997 June 1,1998 June 1,1999 June 1, 2000 June 1, 2001 9.10* 9.30* 9.50* NRO* NRO* NRO" NRO* NRO* 8.90 ‘ Callable June 1, 1993 at 102% declining to 100% LEGALITY TO BE APPROVED BY BELIN, HARRIS, HELMICK, HEARTNEY & TESDELL, ATTORNEYS DES MOINES, IOWA P ommiLnity s ?h00* District is located in central Iowa, about 40 miles northwest of Des Moines. Included in the school district Is the City of Boone. Boone is the county seat of Boone County and the trading center for the surrounding agricultural area. The district currently operates six elementary schools and three junlor/senior high schools, with a total current enrollment for 1982-83 of 2 193 students The f lc° n°™y of th® aref P rimari|y agricultural In nature with major crops produced being corn and soybeans. Transportation is provided by U.S. Highway 30 and Highway 17. Boone has two commercial banks with assets over $99,800,000 and two savings and loan associations with 8 S S 6 IS Ot $103,733,306. These bonds are being issued for the purpose of remodeling and furnishing the existing junior-senior high school and building and furnishing an addition thereto. ** FINANCIAL STATEMENT Assessed Valuation, 1983 Actual Valuation, 1983 Net Direct Debt, including this issue Net Direct Overlapping and Underlying Debt Population, 1983 estimate: 12,602 Net Direct Debt: Combined Net Debt: $203,671,734 00 262,813,994.00 5,500,000.00 10^6841516.00 $366.67 per capita $712.30 per capita 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 m aturity may or may not s till 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 Supplement to Northwestern Banker Newsletter 8-15-83 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CALL ON THE “PERFORMANCE TEAM” where comm on transactions are handled uncommonly well. FIRST N A TIO N A L LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. REPOSSESSIONS SERVING PROFESSIONALLY We are professional truck people w ith over 30 years experience dealing w ith repossessed trucks, semi tractors and trailers. No obligation for our advice. Banking, Financial & Business Personnel Iowa and Nationwide CAPITAL PERSONNEL SERVICE MURPHY TRUCK & TRAILER SALES 15-5th Ave. S.E. 515/456-2511 HAMPTON, IOWA 50441 714 U.C.B. Building, 515-283-2545 Des Moines, Iowa 50309 tem, Inc. He previously was senior vice president o f that division, a position he has held since 1981. ST. PAUL: First Security State Bank recently elected Rodell L. Hofland as senior vice president and se cond officer. Mr. Hofland, who be gan his career in 1967 with First Bank Edina, was elected president of First Bank Northfield in 1978. Illinois News The Illinois Bankers Association is joining five other states at a Re gional Banking Leadership Telecon ference at the Hyatt Oak Brook, September 14-16. Registration fee is $60 per person and can be sent with your registration to: A B A Registra tion Coordinator, American Bankers Association, 1120 Connecticut Ave., N.W., Washington, D.C. 20036. Spe cific agenda details and speakers are still being decided. CHENOA: Jack Keefer has been named president of the Bank of Chenoa, effective August 15. He pre viously was president of Bank of Chebanse, and executive vice presi dent o f the First National Bank of Byron. D.R. BLOOD EXECUTIVE SEARCH & RECRUITING SERVICES Serving the Banking, Financial, & Business Industry P.O. Box 733 Marion, Iowa 52302 Phone: 319/373-1791 Portable Modular Bank Building CHICAGO: James Monhart recent ly joined the central division of Northern Trust Company’s banking department as commercial banking officer and has been assigned calling responsibilities for banks in Iowa and Nebraska. In that position he succeeds Jeffrey B. Early, commer cial banking representative, who has been promoted to a supervisory po sition with Northern’s management development program. CHICAGO: First Chicago Corp. has agreed to purchase American Na tional Bank and Trust Company, Chicago’s fifth largest bank, for $275 million. Acquisition of Amer ican, which has assets of about $3 billion and deposits of $2.5 billion, would boost First Chicago assets by about 8% to $38 billion. The sale re quires approval by shareholders of Walter E. Heller International Corp., the holding company which owns American National. With their approval and that o f the Federal Reserve Board, the sale could be completed by first half 1984, unless other bidding complicates the pic ture. First Chicago’s Chairman Barry L. Sullivan said the agree ment signed with Heller precludes that possibility. If acquired, Amer ican National then would be merged into First National Bank, second largest in Chicago and 11th largest in the nation. G eneral Bank Equipment: Si S ystem s, Inc. RR 45, Box 115 Hiway 7 3 ,3 1/2 Miles North of Int. 680 Omaha, Nebraska 68152 (402)453-3000 Lease* Rent • Buy Does the appearance of your em ployees reflect the success of your bank? If not, call us today and find how only $1.00 per day per teller will help. J tie A J fijo e k /iK CAREER APPAREL 523 N. Main St., Carroll, la., 51401 712-792-2748 | Colorado News STERLING: Jerry C. Reeves has been promoted to executive vice president and a member of the board at Commercial Bank of Sterling. Mr. Reeves joined the bank in 1975 and has served as senior vice president in charge of commercial loans since 1981. RÊSMÈLLER, W EAVER A N D YAKE Getting it done for you. t David Rism iller W arren W eaver Chairman President ! Ernie Yake Senior President Commerce Bank ofKansascity NA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER FDIC Telephone (816) 234-2000 " W ANT ADS Rates are $5.00 per line per insertion. Add $3.00 fo r file letters per inse rtio n . Id e n tity of file lette r advertisers cannot be revealed. NORTHWESTERN BANKER, 30615th Street, Des M oines, Iowa 50309. Phone 515 / 244-8163. Two CEOs Needed • One unit of a two-bank holding company needs CEO w ith 3-5 years current ag lending experience to service existing loans and develop business. Have second person to handle operations. In dividual must be growth and marketing oriented. Excellent location. $30-$40,000 salary and good growth potential. • Presldent/Chlef Operating Officer for large bank. Requires top credentials and solid record of experience in loans, operations and p.r. as head of or second man in $30-$100 m illion bank. Must be currently employed and have long-term record w ith no more than tw o banks. $50-$55,000. Confidential. Fees paid. Call for details. Jean: 515/263-9598 T u e s ./W e d ./F ri.; 712/779-3567 Mon./Thur., or Linda: 515/394-5827. THe National Bank of Waterloo has opening for an AUD ITOR. Need CPA plus tw o to three years audit experience. Banking experience would be helpful. If interested, please send resume to Diane Good, National Bank of Waterloo, 100 E. Park Ave., Waterloo, Iowa 50704. (PA) V.P.-AG LENDING— Number tw o position in rural SW Iowa bank near metro area. Several years’ ag lending ex perience necessary. Salary commensurate w ith ability. Send resume and salary requirements to Mike Keim; 9691 Meadow Drive; Omaha, Nebr. 68114. (PA) CASHIER—$25 m illion southwestern Minnesota bank In town of 1,500 people seeking top notch operations person for somewhat sophisticated shop. Salary commensurate w ith experience. Please send resume to file UBQ, c/o Northwestern Banker. (PA) OPERATIONS OFFICER—$20 m illion bank located in southern Minnesota in a com munity of 1,800 people seek ing aggressive individual to oversee all bank operations. Excellent opportunity for right individual. Please send resume to file UBR, c/o Northwestern Banker. (PA) $43 m illion northeast Wyoming bank has opening for LOAN OFFICER w ith 3-5 years bank loan experience. Degree and ag background preferred. Send resume to: First State Bank of New Castle, P.O. Box 910, New Castle, Wyoming 82701. (PA) AG LENDING OFFICERS— Expansion necessitates hiring 3 new ag lending officers, northwest, central, and southern Iowa areas. Two to four years experience. Send resume and salary requirements in confidence to F.B. Bruner, United Federal Savings Bank o f Iowa, Locust at Fourth, Des Moines, Iowa 50308. (PA) $20 million bank in northwest Illinois town of 1,000 is seek ing CHIEF EXECUTIVE OFFICER. Send resume to file UBS, c/o Northwestern Banker. (PA) POSITIONS AVAILABLE All positions are in Missouri, Iowa, Kansas, Arkansas or Oklahoma Cashier, $40mm bank, small metro To $40,000 Vice President, Commercial, prime metro bank Open Loan Officer, 20,000 population, $70mm bank $30,000 Operations, $25mm bank, Lake area location $25,000 Commercial Lender, 3 yrs. experience, prime metro bank Open Commercial Loan Officer, $50mm bank, resort area $27,000 + Bonus #2 Man, Ag Lender, $17mm bank to $30,000 Credit Analyst, 250,000 population $35,000 + Bonus #2 or #3 Man, Commercial, 100,000 population Open Positions available change as more openings become avail able or as positions are filled. If you are interested in making an advancement or change in your present situation, as a candidate registered w ith me, you w ill be informed as posi tions come available that would appeal to you based on what YOU want in a bank, in salary, in location, and In size of town or city. I do not reveal your name to a client bank un til you are Interested in interviewing. Eighteen years of banking service as President of both rural and metropolitan banks enables me to find the right bank ing environment for you. Phone or send resume to: Don W. Schooler, 901 A. West Jackson, Ozark, Missouri 65721. Phone (417) 485-6020. D O N -* S c H O O I F R T AND- t j liS B / ASSO C IA T E S "Successful Banking is Quality Personnel" Number Two person for western Iowa com m unity bank. Can lead to number one position in two years. Prefer agorlented person................................................ Salary $40,000 Commercial Lender for $60 m illion com m unity bank located in town of 5,000. Must have demonstrated lending ability to small business............................Salary to $40,000 Commercial Lender for major eastern Iowa bank. Requires minimum of five years experience.................Salary $36,000 Commercial Lender for southeastern Iowa bank. Requires sufficient experience to headdepartment in $45 m illion bank................................................................... Salary $36,000 Ag Lender for southern Minnesota com m unity bank. Ex cellent opportunity for person w ith experience in either bank or PCA................................................. Salary to $30,000 THE ORIGINAL AGRICULTURAL RECRUITER Ag Lender for com m unity bank in northeast Iowa dairy region. W ill consider either bank or PCA experience........... .....................................................................Salary to $25,000 aqn cjirebk , inc . * EXECUTIVE position w ith northern Iowa bank. Must be good adm inistrator, lender, and civic leader.Salary $40,000 NATIONWIDE I The National Bank of Waterloo, Iowa, has opening for a CORRESPONDENT BANK OFFICER. Need strong exper ience in lending and operations. Send resume to Diane Good, National Bank of Waterloo, 100 E. Park Ave., W ater loo, Iowa 50704. (PA) POSITIONS AVAILABLE CEO for western Illinois com m unity bank. Requires minimum of five years experience w ith emphasis on ag lending......................................................... Salary to $36,000 BANK PLACEMENT SPECIALISTS (Our 34th year) Call experienced professionals to locate the right candidate for your vacancy ... or the right “ move-up” for yourself. CORPORATE RECRUITERS MIDWEST BANKING DIVISION 202 S. 71st Street 402/393-5515 Omaha, Nebraska 68132 Commercial Lender for major Iowa bank. Requires three or more years experience and college degree. Salary to $32,000 Ag Lender for north central Iowa bank. Requires degree and two or more years experience............ Salary to $25,000 Ag Lender for northwest Iowa com m unity bank. Requires experience with bank or PCA. Insurance licenses a p lu s ... ........................................................................... Salary $25,000 Write or call Malcolm Freeland, c/o Freeland Financial Service, Inc., 1032 Carriers Bldg., Des Moines, la. 50309. Phone 515/282-6462. Employer pays reasonable fee. BANKERS AVAILABLE CEO w ith proven high performance record in community bank seeks new opportunity......................... Salary $45,000 Commercial Lenders w ith experience ranging from three to 20 years................................................. Salary to $50,000 Senior Ag Lenders w ith experience ranging from 5 to 20 years........................................................... Salary to $40,000 Junior Ag Lenders w ith one to five years experience. .....................................................................Salary to $25,000 Administrative Officers w ith major banking experience. .....................................................................Salary to $50,000 Installment Lenders w ith over five years banking ex perience......... ...........................................Salary to $25,000 Operations people w ith over five years experience............. ............................................................... .. Salary to $30,000 If you are considering an additional officer, we have dozens of qualified applicants listed in most job cate gories. W rite or call Malcolm Freeland c/o Freeland Finan cial Services, Inc., 1032 Carriers Bldg., Des Moines, IA 50309. Phone 515/282-6462. Employer pays reasonable fee. FOR SALE USED MOSLER DRIVE-UP WINDOW. Come and get it for $500.00! Call or write Security State Bank, Box 40, Allen, N E 68710. Phone: 402/635-2424. (FS) AN NCR 775 SINGLE-POCKET PROOF MACHINE. Purchased October of 1980. Contact Community National Bank, Muscatine, IA. Phone: 319/263-1122. (FS) Estate Appraisals Purchase of Collections Sale o f Rare Coins Reliable and respected service for over 20 years Used by bankers throughout the midwest Ben E . Marlenee Coins 913 Locust Des Moines, Iowa 50309 515-243-8064 MARKET RESEARCH COMMUNITY ATTITUDE SURVEYS ...Since 1937 Central Surveys, Inc. P.O. Box 100 Shenandoah, Iowa 51601 ___________ (712) 246-1630___________ TOWN HOMES FOR SALE At Pre-Construction Prices With 121/2% * Financing Available DW AYN E SM ITH Paradise Properties B ox S Dillon, Colorado 80435 Phone 1-800-922-2590 •Subject To Change POSITIONS AVAILABLE OPERATIONS—handle reports, personnel, asset/liabillty, management for $60MM com m unity bank. Degree pre ferred. $32K REAL ESTATE LOAN—manage estate loan function (mostly residential) for medium size holding company. $30K AGRILOAN—a ffilia te of major holding company seeks ex perienced ag lender to handle all ag credits and some commercial. $30K COMMERCIAL LOAN—$60MM suburban bank seeks jun ior commercial lender w ith two-three years bank lending experience. $28K EXECUTIVE OFFICER— large com m unity bank desires senior commercial lender w ith adm inistrative experience. Second position. $40K AGRI-REP—junior management position w ith $30MM rural bank. Requires degree and one-two yrs. bank ex perience. $18K INSTALLMENT LOAN—$30MM rural bank w ith $4MM in stallm ent portfolio. Some real estate lending duties in volved. $20K To inquire about a position, forward resume' and salary re quirements or contact: TOM HAGAN & ASSOCIATES of Kansas City 2024 S w ift - Box 12346 North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” Vol. 12 No. 17 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, $18.00 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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