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Vol. 9 No. 17 Des Moines, Iowa August 18,1980 Fed Gives Break to Small Banks HE Federal Reserve Board has given small financial institu T tions that must begin putting up required re serves a break in adopting its final set of com plicated regula tions for phas ing in and phas ing down the new reserve re quirements. Following a suggestion by Fed Vice Chairman Frederick Schultz, the Fed Board agreed to waive all the new reserve requirements, in cluding reporting requirements for six months for institutions with under $1 million in assets. Mr. Schultz said this would exempt about 11,400 of the 36,400 financial institutions affected by the reserve requirements, but account for only about one-quarter of one percent of the anticipated reserves. In addi tion, institutions in the $1 million to $5 million range would only be re quired to give the Fed quarterly reports for the first six months. The new reserve requirements will begin to be phased in at the end of this year. The final Regulation D, adopted after more than three hours of public discussion, contains sub stantial changes from the June 4 proposal. The Board decided to exclude from the definitions of transaction accounts—the accounts that will carry the highest reserve require ments and thus be most costly to the financial institutions—telephone or pre-authorized transfer accounts if no more than three third-party transfers are made in a month. The Fed director for monetary policy, Stephen Axilrod, suggested that institutions would want to set up two separate accounts—one for over three transfers a month, and one for three or under. At the same time, the Board decided that transfers to pay off loans from the same institution with the customer’s deposit account do not constitute third party transfers for this definition of transaction account. This primarily will help credit unions which may make de ductions from nontransaction share accounts to pay down credit union loans. The Board also said an account would not have to be classified as a transaction account if “withdrawals paid directly to the depositor could be effected by telephone or pre authorized order.” Concern With its definition, the Fed may be attempting to preserve the con cept of liquid or spendable money— as opposed to longer-term savings and investment—and segregate all those accounts to be reserved at the initial 12 % rate in order to aid the Fed in conducting monetary policy. “There is concern we’ll end up with no transaction balances— which is where we seem to be head ed,” Mr. Volcker said at the Board meeting. As an example, with no regulatory restrictions, a depositor could keep a zero-balance checking account, and merely phone the insti tution to transfer money from a time deposit account to the checking account each time a check is written. The institution could then get away with keeping virtually no reserves in the checking account. As defined, transaction accounts would consist of demand deposits, NOW accounts, automatic transfer accounts, share draft accounts, tele phone or pre-authorized transfer accounts with more than three transactions a month, and accounts which permit third-party payments through automated teller machines or remote service units. The reserve requirements set by the Monetary Control Act of 1980 will be 3 % on the first $25 million in transaction account deposits and 12 % above that level. Nonpersonal time deposits and other non-exempt borrowings with maturities of less than four years would be reserved originally at 3 %. Exempt borrowings include sub ordinated notes with maturities of seven years or more, federal funds and repurchase agreements. The Board adopted the original proposal for a 3% reserve ratio on gross borrowings from unaffiliated CALL ON THE “PERFORMANCE TEAM” where common transactions are handled uncommonly well. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ii i i h i h i i i FIRSTNATIONALLINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. With our service, □ I would like to sell my majority bank stock. □ I would like to buy ma jority bank stock. give your com m unity a lot of help for its money. Please Contact: J. Mason Henry Charles E. Walters Co., Inc. P.O. Box 1313, Omaha, Nebraska68101 Phone: (402)553-6400 10W \ . nesM pm es M M NATIONAL BANK Member FDIC A n A ffilia te o f N o rth w e s t B a n c o rp o ra tio n BflMCOtó foreign banks and other depository institutions, net borrowings from a bank’s foreign offices, sales of do mestic or foreign assets to the bank’s own foreign offices and for U .S. institutions and loans to U .S. residents from the bank’s own foreign offices. Phase-In, Phase-Down Concerning the phase-in and phase-down periods, the Fed de cided to adopt the original proposal for nonmembers for a one-eighth phase-in per year over the eight years required by law. This would go into effect after October 30, be ginning with the first posting period November 13, but on the first re serve maintenance period after September 1 for the following years. The Fed proposed a phase-down period of 3 lA years for member banks but decided to look at a simpler procedure permitting an nual rath er than sem i-annual B ank on a BANKERS’ BANKER Call 1-800-362-1688, toll-free in Iowa adjustments. The final formula will be published with the final regu lations after the staff reviews its cal culations again. There will be no phase-in for re serve requirem ents on NOW accounts at nonmember institutions and for institutions outside the New England area. However, Vice Chair man Schultz said an amendment to “cure” this provision of the law may be introduced in Congress when it considers passage of a bank holding company bill (HR 2255) later this month. Reporting requirements for insti tutions with under $5 million in assets will only be required on a quarterly basis. In other provisions, the Board decided: • To provide one low-reserve tranche for all branches and agencies of the same foreign bank and for all branches of an Edge cor poration, as proposed. • Permit all cash items and “due forms” to be deducted from the sum of all transaction accounts in com puting reserve requirements. • Reduce the minimum maturity for time deposits to 14 days, as pro posed. • Allow pledging of personal time deposits for a loan from any lender and allow transfers following death, bankruptcy and judicial attach ment. • Consider IRA and Keogh and escrow accounts as personal time deposits, even though a depository institution is technically the owner of the account. • Treat nontransferable time de posits held by a trustee as personal time deposits exempt from reserve requirements if the entire beneficial interest is held by natural persons. • Define “natural persons” as in dividuals and sole proprietors, and not partnerships and corporations owned solely by one individual. • Permit institutions to estimate through standard sampling meth ods the breakdown between person al and nonpersonal categories of fixed maturity time deposits issued prior to October 30, while all existing savings deposits and time deposit open accounts, as well as new fixed maturity time deposits issued on or after October 30 would have to be classified as either per sonal or nonpersonal. • Permit all vault cash, with the exception of silver and gold coins, and balances at Reserve Banks to satisfy reserve requirements. □ Iowa News The Iowa Junior Bankers Associ ation, in conjunction with the Iowa Bankers Association, will host a conference entitled “Future Shock” September 9-10 at Howard John sons Merle Hay in Des Moines. 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Featured speakers will include keynoter John Chrystal, president, Iowa Savings Bank, Coon Rapids; Les Peterson, president, Farmers State Bank, Trimont, Minn.; a Per sonal Economic Program (PEP) re port; a panel of bank CEOs dis cussing the future for junior bank officers; Catherine Hayden, Finan cial Shares, Chicago, and several others. GIBSON: The Gibson Savings Bank has increased its amount of common capital from $100,000 to $300,000 by stock dividend. M A RSH A LLTO W N : Fid elity ASK DALE FROEHLICH 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis John Henderson 10th and Walnut Brenton Bank & Trust Company has filed for permission from the state department of banking to es tablish a bank office in Albion. MUSCATINE: The newly-chartered Community National Bank of Muscatine held a ribbon cutting August 11 for its new facility at Third and Mulberry here. Following the 9a.m . ceremony, the bank open ed its doors for business. SPENCER: The Spencer National Bank recently opened a new facility at 901 11th St. SW here. Nebraska News CHADRON: The establishment of the First of Chadron Bank Corpor ation is underway as 25 million shares of the corporation’s public stock has been sold. The company is seeking to acquire controlling inter est in the First National Bank of Chadron. GRAND ISLAND: Radean G. Block has been promoted from senior vice president to executive vice president of the Overland Na tional Bank here. Robert A. Morris has joined the staff as senior vice president of the commercial loan division. Formerly Mr. Morris was with the National Bank of Com merce in Lincoln. LEXINGTON: Terry L. Trueblood has been named president of the Farmers State Bank & Trust Co. here. Most recently president of the Farmers National Bank, Central C ity, M r. Trueblood succeeds James A. Hansen who will assume the presidency of the North Side Bank in Omaha. LINCOLN: First National Lincoln is seeking consent from the regional administrator of national banks to locate a CBCT unit at 4021 N. 56th St. here. NEBRASKA CITY: Four staff members of the Farmers Bank here Rusty Reese (816) 234-2000 have entered into an agreement to purchase the bank’s stock from Dorris Johnson and Corinne Gilligan. The four include Arvon Marcotte, president; Edwin Sasse, senior vice president; Nadine Frakes, vice president and cashier, and Marvin Penning, vice presi dent. OMAHA: The Ames Bank has re ceived consent from the FDIC to establish a teller facility at 3303 N. 108th St. here. VALLEY: James O’Connor has been named president of the Bank of Valley succeeding Robert Lichtenberg. Most recently Mr. O’Connor served as president of the Southroads Bank in Bellevue. WAUSA: Wausa Banshares, Inc. has received consent from the Fed eral Reserve Bank of Kansas City to continue to engage in general insur ance agency activities. Minnesota News The Minnesota Bankers Associ ation will sponsor a Safe Deposit Operations W orkshop at the Holiday Inn in St. Cloud August 21 from 1:30-5 p.m. The event is de- Estate Appraisals Purchase of Collections Sale of 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 '4. & We’re people who can help with ag lending. Bankers Service For ag lending, data processing, overlines, and investment services . . . we’re the people’who can help. LOAN ACTIVITY BULLETIN We’re more than western Iowa’s largest bank. We’re people. Ken Roeder Correspondent Bank Officer 712/277-6580 Who: 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 SECURITY N A TIO N A L B A N K IN SIOUX CITY, IOWA. M EM BER F.D.I.C. signed for safe deposit personnel and deals with procedures and legal aspects of safe deposit operations. Speakers will be Evelyn Ludgate, personal banking officer, First Bank Bloomington Lake, and Richard Nordbye, general counsel, First Bank Minneapolis. ALMELUND: Farmers State Bank of Almelund has received consent from the FDIC to establish a de tached facility at County Highway 10 and West Railroad Avenue in Harris. B E M ID JI: Security State Bancshares of Bemidji, Inc. has received consent from the Federal Reserve Bank of Minneapolis to become a bank holding company by acquiring the Security State Bank of Bemidji. Illinois News GLEN ELLYN: First Security Bank of Glen Ellyn has received consent from the FDIC to establish a facility at 1090 E. Roosevelt Road here. JACKSON VILLE: A permit to or ganize has been issued to the Morgan County Community Bank at 1342 S. Main St. here, according Don't gam ble when choosing o correspondent bonk. Com e to the professionals. “C ” Central National Bank & Trust Company DES MOINES • MEMBER FDIC TOLL FREE NUMBER (800) 362-1615 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ) 1980 Security National Bank to the commissioner of banks and trust companies. The state bank’s total capitalization of $1.25 million would consist of $500,000 capital stock, $500,000 surplus and $250,000 reserve for operating ex pense. FAST SERVICE -2463 '« m R E C Ò R D S Colorado News FA IR PLA Y : The Bank of Fairplay has received consent from the FDIC to change the location of its main office from 500 Front St. to 451 Highway 285 here. FARGO: Dakota Bank & Trust Company of Fargo has received con sent from the FDIC to locate a de tached facility at 702 N. University Drive here. est, it is suggested banks be pre pared to explain the tax conse quences. Earlier, the IR S had issued a rule, that is being contested, that interest credited monthly or quarterly is taxable in the year it is credited, not when it is taken. Kansas Bank Closed Robert McNamara Will Retire June 30, 1981 North Dakota News The FDIC is proceeding with pay ment of insured deposits in The Citi zens State Bank, Viola, Kan., after the bank was closed recently by Roy P. Britton, Kansas state bank com missioner. Mr. Britton said the overall condition of the bank had been of deep concern to his depart ment for several years and that a re cent FDIC examination reflected the loss of “an abundance of poorly structured loans.” Deposits in the bank were approximately $1.6 mil lion in about 1,100 accounts. Since merger with another bank was deemed not feasible, the bank was closed and the FDIC named re ceiver. Another IRS Ruling The Internal Revenue Service issued a ruling recently that a tax payer usually won’t owe tax in a year in which interest is not credited to him or is not made available to him for withdrawal without penalty until the certificate expires. Since many banks allow customers to choose when they want their inter- Robert S. McNamara will retire June 30, 1981, as president of the World Bank, when he will have reached the traditional retirement age of 65. He became president of the World Bank in April, 1968. His third five-year term would expire April 1, 1983, but his retirement an nouncement is in line with his earlier announced wishes that a successor be selected and that now has been accomplished. "Opportunity T ■ q I lr C 1 rW I9 e e e Robert Scott, Correspondent Banker AG BANKING CAREERS AG LENDING REP... Io w a ....................... $17-18,000 CREDIT M A N A G E R ...O hio........................$23-25,000 AG LENDING OFFICER... SE Minn...........' n$16-18,000 LOAN OFFICER... Io w a ................. $15-20,000 CREDIT SUPERVISOR... Ohio ................$17-21,000 AG LOAN REP... Iowa ............................... $20-25,000 Since 1968, banks and other ag-related employers have been paying us to find the personnel they need. For more information, give Linda (our banking spec ialist) a call today. W ANT ADS Rates 50 cents per word per insertion. Ad $2 for file numbers. Identity of file number advertisers cannot be revealed. Payment in advance, please. NORTHWESTERN BANKER 306-15th St., Des Moines, Iowa 50309 VP— Be responsible for entire loan portfolio of small ag bank. Must know lending regulations. Lending is the key to this spot; other bank experience a plus. $16,000. POSITION AVAILABLE OPERATIONS—South Dakota bank needs operations officer. Supervise bookkeepers and tellers. W ill handle all reports. $17,000. j AGRICULTURAL PERSONNEL RECRUITERS EVP—#2 position in Minnesota bank. Lending is com mercial with some ag. Must have experience in all areas. Equity potential for right person. $28,000. (515)394-3145_____________New Hampton, IA 50659 POSITION AVAILABLE TRUST OFFICER— Iowa bank is establishing new de partment. Must be experienced in trust area and be able to set up a department. $26,000. Ag Lending Officer, with 5 to 10 years experience and ag degree (or farm background), wanted by central Illinois bank. Vice president position with real poten tial for advancement. AG LENDER— Real opportunity for person with 2 + years experience. W ill do all ag lending for eastern Iowa bank. Bank wants person that can make decisions and operate on own initiative. $22,000. Trust Officer needed for $16 m illion central Illinois bank. FOR MORE INFORMATION RESPOND IN CONFIDENCE TO: Second Man Position in Iowa community bank. Salary $25,000 to start. Must have ag lending experience and general operations knowledge. Bank Division Auditor, with CPA or bank auditor degree, wanted by $45 m illion Iowa bank. ROBERT HALF of iowa, ine Executive needed to run small bank in northwest Iowa. Write or call Malcolm Freeland, Freeland Financial Service, Inc., 306 Fifteenth Street, Des Moines, Iowa 50309. Phone (515)244-8163. Employer pays fee. (PA) Experienced Trust Officer for metropolitan Des Moines bank. W ill be primarily responsible for estate settlement and personal trust administration. Com pensation commensurate with qualifications. Send resume in confidence to file KBX, c /o Northwestern Banker._____ ______________________________ (PA) Immediate opening for a second position officer in a $13 m illion southcentral Minnesota rural bank. Must have strong ag lending background with good know ledge of all bank lending and operations. Send resume and salary requirements by September 15 to M.W. Smith, Peoples State Bank, Wells, MN 56097. (PA) VP/CASHIER for newly-chartered bank scheduled for November opening in Laramie, WY. Successful candi date must be experienced all-around banker with strength and knowledge in loans and operations. Submit resume in confidence to Wayne Van Horne, P.O. B ox687, Laramie, Wyoming 82070.________(PA) Immediate opening for a CEO in a $10 million south western Minnesota rural bank. Primarily ag lending. Ag lending and operations experience essential. In surance licenses an added extra but not essential as agency is competently managed now. Send resume and salary requirements to file KBW, c /o Northwestern Banker. A ll replies strictly confidential._____ (PA) Bank in Iowa Great Lakes region seeking cashier. Re sponsible for all reports, daily operations and some lending. All inquiries kept confidential. Send resume and salary requirements to file KBV, c /o Northwestern Banker._______________________________ (PA) RETAIL BANKER—Outstanding growth opportunity for right person. We are a large suburban bank in the midwest, with plans to restructure our instalment lending activities into a broader personal banking approach. The individual we are seeking will be divi sion chief and a member of the executive committee. Must have excellent credentials. Replies w ill be held in strict confidence. An Equal Opportunity Employer. Write file KBQ, c /o Northwestern Banker.______ (PA) POSITION WANTED Instalment Loan Officers with varying degrees of experience and locations. Salary requirements from $18,000 to $25,000. Trust Officer in $100 m illion bank wants new position where he can use 20 solid years of management exper ience. Operations Officers with excellent experience w ill re locate in upper midwest. Ag Lending Officers available from $18,000 to $25,000. Write or call Malcolm Freeland, Freeland Financial Service, Inc., 306 Fifteenth Street, Des Moines, Iowa 50309. Phone (515)244-8163. Employer pays fee. (PW) LENDING— Rural Iowa bank. 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Positions requires previous administrative experience, de gree and solid commercial loan back ground................................................... $45,000 AGRI LOAN—Second position in ag depart ment of $85MM bank. Degree desired and three to four years lending experi ence..........................................................$20,000 OPERATIONS—$30MM suburban bank with progressive management team seeks results oriented operations officer for senior position........................................ $25,000 CASHIER— Rural bank w ithin 10 miles of larger community. Position is second position with duties including ag and installment loans.................. $20,000 PRESIDENT— Retail oriented Rocky Mountain bank. Must have strong administrative skills and ability to handle “ work out” loans........................................................ $30,000 EXECUTIVE VICE PRES.—$50MM bank in ex cellent rural area. Degree and five to seven years of solid ag lending experi ence..........................................................$35,000 SECOND OFFICER— Excellent opportunity w ith small holding company affiliate in Rocky Mountain state. Prefer commer cia l and in s ta llm e n t loan back ground..................................................... $20,000 OPERATIONS— Rural bank situated in north western Missouri. Position requires some knowledge of lending pract ices...........................................................$20,000 Many otherfine opportunities available in midwestern states for experienced bankers. Salary history and resume requested. TOM HAGAN & ASSOCIATES OF KANSAS CITY 2024Swift / P.O. Box 12346 North Kansas City, Missouri 64116 _____________ Phone (816) 474-6874_____________ Voi. 9 No. 17 Northwestern Banker Newsletter [USPS 873-300] is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25 cents per copy, $8.00 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address [Form 3579], manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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