Full text of The Northwestern Banker : August 1968, 74th Year, No. 1112

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U t iIS T
1 9 0 «

Survey— Page 29


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Federal Reserve Bank of St. Louis

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MERCHANTS NATIONAL BANK
CEDAR RAPIDS, IO W A 52401

4


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Federal Reserve Bank of St. Louis

Form en
who become
part o f your own
banking team ...

TR U ST N O R TH ER N
Trust Northern to be an extension o f
your bank— in the money market, in
providing overseas information and
services for your customers, in assist'
ing with your bank’s investment port­
fo lio . Trust N orthern whenever a
specialist’s skills are needed.
Northern Trust men like the chal­
lenge o f your problem s. They are
resourceful in providing solutions
and ready at all times to give you their
personal attention. They are sup­
ported at the Bank by a team working
behind the scenes: your team. It in­
cludes credit analysts, automation
specialists, bond portfolio managers,
economists, investment researchers,
international bankers, and experts in

real estate and farm management.
Your Northern Trust officer brings
you inventiveness. He has authority
to make decisions. He comes up with
profitable answers for you. T o get bet­
ter acquainted at The Northern Trust,
call or write N. Hall Layman, Vice
President, Banking Department.

NORTHERN
TRUST
COMPANY

BANK
NORTHWEST CORNER LASALLE
C hicago 6 0 6 9 0

• Financial 6 - 5 5 0 0

& MONROE
• M em ber F.D.I.C .

N o. 1112. N orthw estern B anker is published five tim e a m onth by the N orthw estern Banker Company, 306 Fifteenth Street, Des M oines, Iow a 50309.
Subscriptions 50c per copy, $6 per year. Second class postage paid at Des M oines, Iowa. Address all m ail (subscriptions, change o f address, F orm 3579]
m anuscripts, m ail item s) t o above address.


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Federal Reserve Bank of St. Louis

4

-J

Jack M abley, c o lu m n is t and A s s is ta n t M anaging E ditor, C hicago’s A m erica n.

his newspaper is a top insurance risk
VI

but Scarborough won’t insure it
This man is a colum nist fo r one of A m e ric a ’s g reat new spapers. But a n ew sp ap er is not a bank. A nd
banks are all that S carbo ro u g h insures. M ore particularly, w h at we insure is the business of banking.

s' " ’

T h e risks of running a bank. S ince w e know these risks better, w e can insure them better. T h at is why
our u n d erw rite rs — am ong the strongest in the business— com m ission us to design th e ir bank policies.
And to handle bank claim s. T h ere is no question that w e settle them m o re prom ptly.

*

It is a reasonable assumption that a man who insures banks only can insure your bank better

SCARBOROUGH

the bank insurance people .
33 North Dearborn Street

Northwestern Banker, August, 7968


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Federal Reserve Bank of St. Louis

•

Chicago, Illinois 60602

5

Invite Presidential Candidates
To Speak at ABA Convention

V

Both presidential nominees have
been invited to address this year’s
annual convention of the American
Bankers Association, it was announced
* by President J. Howard Laeri.
The convention—the 94th in the as­
sociation’s history—will be held in
Chicago at the Conrad Hilton Hotel.
The Republican nominee has been
invited to speak at the first general
session on Tuesday, October 1. The
Democratic candidate has been offered
the platform during the second gen4 eral session on Wednesday, October 2.
Other speakers on the Tuesday pro­
gram will include Mr. Laeri, and Dr.
^
Charls E. Walker, executive vice presi­
dent of the A.B.A.
Also speaking on Wednesday will be
Andrew Heiskell, chairman of the
board of Time, Inc., and co-chairman
of The Urban Coalition. His subject
4 will be “Business and The Urban
Crisis.”

Oldest Financial Journal West of the Mississippi

for your A U G U S T , 1 9 6 8 , reading
74th Year

EDITORIALS
16

To Head Bank Construction
Bank Building and Equipment Cor­
poration of America has announced
the appointment
of Carl J. Weis as
division manager
in charge of con­
struction.
Mr. Weis joined
Bank Building in
1949 as a contract
s u p e r v is o r . In
1957 he was pro­
moted to project
manager, and he
c. J. W E I S
was named con­
struction manager in 1961.
He is a civil engineering graduate
of Missouri School of Mines at Rolla.
Prior to his Bank Building experience,
he was a field engineer for the Mis­
souri Pacific Railroad.

American of Chicago
Promotions
"

'

*

Eight official promotions and appointments have been announced by
the board of directors, American Na­
tional Bank and Trust Company of
Chicago.
Advanced to assistant vice president
were James T. Chalikis, trust tax di­
vision, and Benjamin H. Eimstad, data
processing, central systems division.
Appointed assistant cashiers were:
Lawrence B. Bloom, commercial loans;
Richard L. Gribble, personnel division;
Gerald C. Hines and Theodore J.
Rogenski, both in machinery and
equipment loans; Guy L. Saunders,
NDEA service center; and Jerome R.
Thomas, industrial customer service.

No. 1112

Across the Desk from the Publisher

FEATURES
29

Current Trends in Banking Hours

34

Financing A g— Big Banking Business— W . D. Nusbaum

— A N orthwestern B anker Survey
36

Starting Salaries fo r Bank Executive Trainees— Lewis E. Davids

38

Bankers You Know— S. J. Krysko

STATE BANKING NEWS
Minnesota News

47

63

Wyoming News

Twin City News
South Dakota News

48
54

North Dakota News

56

65
66
74

Omaha News
Lincoln News

Colorado News
Montana News

59
61

77
84

Iowa News
Des Moines News

Nebraska News

OTHER FEATURES
8

The Bankers Market Place

94

Index o f Advertisers

96
96

In the Directors' Room
Convention Calendar

N O RTH W ESTERN BANKER
306 15th S treet, Des Moines, Iow a 50309, Telephone (A rea Code 515) 244-8163
Chairman
Clifford De Puy

Publisher
Malcolm K. Freeland

Editor
Ben J. H aller, Jr.
Associate Editor
James Freeland

Associate Editor
Barbara Franklin
Advertising Assistant
Mildred Savich

Circulation Department
Lena Sutphin

Field Representative
Al Kerbel

Field Representative
Joe M . Smith

Auditor
Bertha Soderquist
Field Representative
Paul Masters

Frank P. Syms, Vice President, 550 Fifth Avenue, New York 36, JUdson 2-7126

Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

6

will have seven of these “departmen­
Êianh P I M M P la n s A n n u a l
tal” programs—advertising management,
C on ven tion 9
C h iea go 9S ep
t.sales management, marketing
management, staff sales training man­

Public Relations and Mar­
BANK
keting Association has published
the advance program for its 53rd an­
nual convention—to be held at Chi­
cago’s Palmer House September 22-26
—and theme for the meeting will be
“ The Customer.”
This year’s general session speaker
roster promises to make for large and
enthusiastic audiences:
• Thomas W. Moore, group vice
president, A m e rica n Broadcasting
Companies, Inc., New York City.

• Osborn Elliott, editor, Newsweek
Magazine, New York City, who will
act as moderator for the famed News­
week “Periscope Panel.”
• Congressman Wilbur Mills, chair­
man, Ways & Means Committee,
United States House of Representa­
tives, Washington, D. C.
(A fourth general session speaker
is still to be announced.)
The bulk of the convention’s work
will be carried out in the “departmen­
tal” programs. The 1968 convention

agement, public relations and com­
munications m an agem en t, research
management and trust.

*

Promote B. of A. Executives
Bank of America has announced the
top level promotions of Alvin C. Rice
and Lloyd J. Sugaski to senior vice
presidents.

A. C. R IC E

L. J. S U G A S K I

*

In making the announcement, Presi­
dent Rudolph A. Peterson said Mr.
Rice will continue to head the national ^
division in the San Francisco head
’
office while Sugaski, operating out of
Los Angeles, will hold similar duties
in Southern California.
The national division is responsible
for maintaining a complete banking *
relationship with major corporations
throughout the United States.
William J. Breen, vice president
and personnel relations officer since
'
1964, will head a new department com­
bining the activities of business serv­
ices and corporate trust.
Succeeding Mr. Breen as head of
personnel administration of the bank *
is Winston L. Bailey, vice president in
charge of manpower planning.

W ho paid a billion dollars
for our institutional bonds?
Since 1913, we have underwritten and sold more than a billion
dollars worth of institutional bonds. Who bought them? In­
dividual investors, trust companies, credit unions, pension
and insurance funds. And hundreds of banks! Right now,
many of our institutional bond issues are yielding as high as
7%. They are well worth your looking into . . . for your own
portfolios . . . or for your customers.

B. C. ZIEGLER and CO M PA N Y
West Bend, Wisconsin 5 30 95 • 4 1 4 -3 3 4 -5 5 2 1
B R A N C H O F F IC E S :

New York • Chicago • St. Louis • San Francisco • Minneapolis • Milwaukee • Toledo
Memphis • Dubuque • Appleton * Green Bay • Madison • Fond du Lac • Kenosha
Fort Atkinson ♦ La Crosse • Wausau • Rockford • Springfield • Peoria

V___________ __ ___________ J
Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

Irving Trust Promotion

V

Irving Trust Company, New York,
has announced the election of William
F. Klausing as a
vice president. He
is associated with Ik
the bank’s nation­
al division.
Mr. Klausing, a
w
graduate of the
University of Cin­
cinnati, joined the
Irving in 1961 and
was promoted to
a ssista n t secre­ K
W . F. K L A U S IN G
tary in the bank’s
metropolitan division two years later.
He transferred to the western district
/
of the national division in 1964 and
was named an assistant vice president
the following year. He is concerned
with customer contact and lending
activities in the states of California,
Oregon, Washington, Colorado, Utah
and Idaho.

NOTE: Perhaps there’s a blank spot in your correspondent coverage in California. Maybe it’s a special service you need. Or
statewide representation-north and south. Or more personalized attention. Then call on UCB. After all, California is our
middle name, and we’ve built our reputation on doing a little more. At your service are highly trained, highly skilled profes­
sional bankers in both our Los Angeles and San Francisco headquarters. Plus a network of offices throughout the state.
Call (213) 624-0111 in Los Angeles, (415) 397-2022 in San F rancisco...for the bankers who do a little more for you.
UNITED CALIFORNIA BANK


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Federal Reserve Bank of St. Louis

Northwestern Banker, August, 7968

The Bankers’ Market Place
A Page Telling What’s New for Banks and Bankers

Each month the Bankers’ Market Place will bring you listings of new
products, specialty items, banking equipment, and gift items which will
help you and your staff do a better job. This is the selection for this month.
advanced, new automated 16mm
A Nreader
which combines 360 de­
gree image rotation, an 18 through
45X choice of magnification, and scan­
ning of images exposed by the duplex
or duo microfilming modes was in­
troduced recently by Eastman Kodak
Company at the National Microfilm
Association meeting at the Conrad
Hilton.

Recordak Microstar Reader.

Designed for banks, retailing, and
other applications requiring auto­
mated information retrieval, the new
Recordak Microstar Reader features
a 14 by 14-inch display screen, which
has been scaled up to accommodate
computer output formats more closely.
A power zoom option is available for
any of four lenses, or these can be
pre-set at a customer-chosen magnifi­
cation, ranging between 18-24X, 2128X, 27-36X or 35-45X, respectively.
The new reader features more con­
venient front panel magazine loading.
A knob on the control panel positions
images upright on the screen, regard­
less of their orientation on the film.
Another control centers either of the
duplex or duo images on the screen—
an advantage for banks, department
stores, and other users who custom­
arily e m p lo y th ese microfilming
methods for recording fronts and
backs and other documents which
have entries on both sides.
The Recordak Microstar Reader
will be available for shipment by late
summer, 1968. Requests for additional
information should be forwarded to
Business Systems Markets Division,
Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

Eastman Kodak Company, 343 State
Street, Rochester, New York 14650.
Among other new products and de­
velopments featured by Eastman
Kodak at the National Microfilm Asso­
ciation convention were the following:
• Three new color microfilms—add­
ing a new dimension to micro-imaged,
color-coded wiring and tubing dia­
grams, teaching machines, advertising
art and layouts, catalogues and other
information storage, sales aid and
military applications. The new color
microfilms, available in 16mm and 35
mm rolls 100 feet long, are: Recordak
K Color Film, Types 5281 and 7281,
for printing masters; Recordak KA
Color Film, Types 5282 and 7282, for
camera originals, and Recordak MS
Color Film, Types 5283 and 7283, for
users who must process their own
films for security reasons.
• A thinner but tougher film base
that doubles the quantity of microfilm
that users can keep within arm’s
reach. More than 200 feet of Recordak
Datapak Film, Type 3456 (Estar Thin
Base), can be wound on the same
spools which now accommodate only
100 feet of 5-mil acetate base ma­
terials. This is priced below the level
of equivalent lengths of acetate base
film. Savings are realized from in­
creased storage capability, reduced
loading and unloading frequency, im­
proved operator productivity and film
mailing and storage costs.
full color brochure
A Nhaseightjustpage
been published by Le­
Febure Corporation featuring their
line of Starfield Vault Doors. Accord­
ing to a company spokesman, the new
brochure illustrates door designs and
pinpoints their many features. The
architectural and interior decorating

New LeFebure Brochure.

versatility of the doors are also illu­
strated and discussed.
For a free copy of the new Vault
Door brochure, write LeFebure Cor­
poration, Cedar Rapids, Iowa 52406.
LeFebure also is introducing a new
line of Polypropylene Bond Boxes
which reportedly eliminate many of
the disadvantages of metal bond boxes
without sacrificing strength.
The new Bond Boxes have no sharp
edges and can’t rust. Molded handles
make boxes easy to carry. Swing-up
top makes them easy to open and
puts contents in immediate sight of
the customer. The boxes are designed
to stack well, carry a lifetime guar­
antee and are available in a full range
of sizes.
console bank security
CENTRAL
systems are the subject of a new
6-page illustrated booklet available
from Mosler Safe Company.
A brief description of such systems
includes reference to a number of
functions; vault and depository pro­
tection, holdup indication, door control
in critical areas, fire detection, fire
sprinkler supervision, closed-circuit
TV surveillance, patrolling guard con­
trol, and intercommunication systems.
Each function is then covered in more
detail.
Specialized security devices such
as toxic gas detection, movie and
sequence camera film recording, photo­
electric cell and inductive field in­
truder detection, elevator and gate
control, and alarm line tamper de­
tection are also discussed.
A final section is devoted to master
consoles and the standardized pre­
sentation of data that results in uni­
form display of information. Graphic
panels, printers, a u tom a tic delinquence switches, and power supplies
are also described.
For a copy of “Mosler Bank Security
Systems,” write Mosler, 1561 Grand
Boulevard, Hamilton, Ohio 45012.
XFORD Filing Supply Company
O
has expanded its open recordshousing system, the Accessfile line.
Now available are a counter-high unit
as well as a desk-high model.
Both models are available in three
widths, to accommodate any volume of
material.
The Accessfile concept, especially
effective with highly-active records, is
keynoted by rapid retrieval of docu­
ments.
For further information contact:
Oxford, Clinton Road, Garden City,
New York 11530.

9

It’s all in the packaging.

i N G R ^ , E f pr! ^

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S u p e r - 'n S titu tio n s

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e x c l u s iv e l y by

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f'S e
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p- . ; Minn.

a ,| ' n3er1 calb|e'ld.
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LO° k rf* fo r a fUdi5ed’ i r ^ V
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fur ther Ce” trs*

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P r o t e c t io n a ll w a y s


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Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1968

10

Attend Harvard Seminar
Area bankers attending the 9th
Senior Bank Officers Seminar at the
Harvard Business School last month
included:
Iowa

Christy F. Armstrong, executive
vice president, American Trust & Sav­
ings Bank, Dubuque; John Chrystal,
superintendent of banking, State of
Iowa, Des Moines; LeRoy C. Darby,
president, Union State Bank, Monona;
G. Kenneth Edge, vice president and
cashier, Farmers Trust and Savings
Bank, Spencer; Carl E. Hagemann,
president, State Bank of Waverly,
Waverly; Dale Kelley, executive vice
president, First National Bank, Bur­
lington; Fred F. Kercheval, senior vice
president and trust officer, Cedar Falls
Trust and Savings Bank, Cedar Falls;
Thomas M. Kerndt, president, Kerndt
Brothers Savings Bank, Lansing; John
B. Rigler, president, Central State
Bank, Muscatine; James A. Sangster,
vice president, First National Bank,
Iowa City, and Ben E. Summerwill,
vice president, Iowa State Bank and
Trust Company, Iowa City.
Nebraska

C u m m in s BBS o n -p re m ise serv­
ice now provides th e sa m e scope
o f in fo rm a tio n available to the
co m p u ter owners ----- on a per
accou n t basis.

Precomputed ledger card is designed

John W. Cattle, president, The Cat­
tle National Bank, Seward; William W.
Cook, executive vice president, The
Beatrice National Bank and Trust
Company, Beatrice; John E. Van
Horne, chairman, Cass County Bank,
P la ttsm o u th , and president, Van
Horne Investments Inc., Omaha, and
Joel H. Wiens, chairman and presi­
dent, First State Bank, Kimball.

executive vice president, Columbia
Heights State Bank, Minneapolis, and, A
Paul I. Thompson, vice president, Peo­
ples State Bank, Milan.
South Dakota

Morris G. Winter, president, Andes
State Bank, Lake Andes.
Montana

*

x

Thomas W. Hughes, vice president,
The First National Bank, Glendive;
Raymond F. Stevens, vice president,
The Yellowstone Bank, Laurel.

y
Wyoming

Orin G. Geesey, president and direc­
tor, The First National Bank, Kemmerer.

New Chicago President
The board of directors of the Lin­
coln National Bank, Chicago, elected
Robert H. Brown,
president and a
director.
Mr. Brown sueceed s J o s e p h
Kaulas, president
of the bank for
the past 13 years,
w h o h a s been
named chairman
of the executive
co m m itte e , and
R. H. B R O W N
rem a in s a director.
A veteran banker at age 45, Mr.
Brown was president and a director
of the bank of Ravenswood, Chicago,
from May, 1965, to June, 1968.

'~y

*

\

¿

to be stamped-off or machine posted,

as you prefer—has all calculations
precom puted; pay-offs, accruals,
yield, annual interest, everything.
• Personalized coupon books and
transmittal letters for your custom­
ers; complete on-premise loan rec­
ords for you.
• We rent you a perforator or perforate
the books for you, as you choose.
• You increase efficiency, improve
service to customers.
• Costs less, gives you more than any
other system.
Precomputed ledger cards, without
payment book, are also available to
lenders already using a coupon or
other remittance system.
See your Cum m ins m an, or a
National Fidelity representative,
or write fo r a brochure describ­
ing the BB S Service

C U M M I N S - C H I C AGO

COR PO R AT IO N

t CUMMINS - ALLISON COMPANY
40 N. fMENSWOOD AVE • CHICAGO, ILLINOIS 60640
SALES AND SEPVlCE IN ALL PRINCIPAL CITIES

Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

Colorado

J. P. Edrington, president, Villa Na­
tional Bank, Denver; James J. O’Dell,
president and chairman, First Nation­
al Bank, Otis.
Minnesota

Ronald R. Findlay, executive vice
president, Winona National & Savings
Bank, Winona; A. J. Knutson, presi­
dent, First National Bank, Alden;
John N. Maiers, president, Valley Na­
tional Bank, North Mankato; Leonard
J. Nerka, vice president, Drovers State
Bank, South St. Paul; W. F. Prigge,
president, First National Bank, Bovey;
Charles E. Russell, cashier, The First
National Bank, Proctor; Richard P.
Sankovitz, vice president, The First
National Bank, Waseca; Robert E.
Sipple, administrative vice president,
American National Bank & Trust Co.,
St. Paul; Albert H. Stellner, president,
State Bank of Cyrus, Cyrus; Girard L.
Stewart, president, City National
Bank, Cloquet; Karl D. Stotesberry,

United California Promotion
John W. Kenney, president of
Southern Arizona Bank, Tucson, since
January, 1966, is returning to Los
Angeles and will become an executive
vice president of United California
Bank. Both banks are affiliated with
Western Bancorporation, the nation’s
largest bank holding company. Mr.
Kenney was vice president and man­
ager of United California Bank’s office
in Beverly Hills, prior to this assign­
ment.
In m a k in g the announcement,
Frank L. King, chairman of the board
of both United California Bank and
Western Bancorporation, stated that
Mr. Kenney in his new capacity will
have administrative responsibility for
UCB’s statewide branch system, in­
stallment and secured lending activi­
ties and business services.
James S. Douglas has been elected
by the board of directors of Southern
Arizona Bank to succeed Mr. Kenney
as president of that bank.

A-

^

S-

*

r

\

mm > ■ H H B
A highly contemporary building would
be entirely out of place in the
heart of a community like this.

sore thumb

No banker who is building something new should
overlook the significance of esthetic and ethnic har­
mony with the other buildings in the area he serves.
Bank Building designers know that the community
sore thumb will never win new customers. We put
some of the nation's most practiced brain-power
into design harmony, not only on the outside, but
inside as well.
The experience of half a century on more than 440 0
projects tells us that a building in tune with the area
attracts people. And banks are for people . . . the
people who work for you and those who do business
with you.
Conforming to the good looks of a community is
good public relations . . . and good business prac­
tice. But if you put in a sore th u m b . . .yo u ’re unlikely
to pull out the plum.

First Class
Permit No.
1146
St. Louis. Mo.

B U S I N E S S REPLY M A IL -N o postage necessary if mailed in the United S tates
Postage w ill be paid by

OF AMERICA

1130 HAMPTON AVE.. ST. LOUIS. MISSOURI

att. Mr. Earl Klein


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Federal Reserve Bank of St. Louis

63139

sore thumb
or welcome addition

Bank Building designers create harmony in the com­
munity. We design buildings to stand out, but also to
stand well with the neighbors. 1. City Bank & Trust,
Natchitoches, retains the French Provincial charm of
Louisiana. 2. In contrast to classic or traditional, the
exciting individuality of contemporary design serves
American State Bank, Williston, N. Dak., and 3. Peoples
National Bank, Belton, Texas. 4. What could be more
suitable than the classic form of the pagoda of the
Bank of Canton in San Francisco’s Chinatown? 5. In
Marshall, Mo., Colonial-styled Wood & Huston Bank
belongs beautifully. Bank Building designers’ concern
is interior function . . . to give people service. Function
and exterior beauty are perfectly attainable. Why do
function and beauty succeed in the banking business?
Send for free brochure “ Banks are for people."

►

■i

1 City Bank & Trust Co., Natchitoches, La.

2 American State Bank, Williston, N. Dak.

3 Peoples National Bank, Belton, T<

On or about

we contemplate :
(date)
□

new fixtures

Q

modernized quarters

new building

□

Please send a Bank Building consultant to discuss our project with us. We understand
there is no obligation involved.

Name

□

4 Bank of Canton, San Francisco, Calif.

O

high rise

Title

Bank name
Address
City


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Federal Reserve Bank of St. Louis

State

Zip
IN-6

5 Wood & Huston Bank, Marshall, Mo.

13

Name New Vice Presidents
At First of Chicago
Homer J. Livingston, chairman of
the board of The First National Bank
of Chicago, has announced the follow­
ing p r o m o tio n s
and elections to
the bank’s official
staff.
James Y. Rob­
e r tso n , assistant
vice president in
the international
b a n k in g depart­
ment, was elected
vice president.
He was recent­
C. F. C H A R L T O N
ly named head of
the international services division of
the international banking depart­
ment. He also serves as vice president
and general manager of The First Chi­
cago International Finance Corpora* tion.

W . FARNSWORTH

J. Y. R O B E R T S O N

C. Frederick Charlton was elected
vice president in charge of the bank’s
advertising and public relations de' partment. Prior to joining First Na­
tional, Mr. Charlton was vice presi­
dent and management supervisor in
; the Chicago office of J. Walter Thomp­
son Company.
Ward Farnsworth, assistant vice
president in the trust department, was
elected vice president.

Northern Trust Promotions
Two promotions have been made
\ by The Northern Trust Company, Chi­
cago, in its trust department.
Richard A. Culbertson was promoted
to vice president, and John C. Goodall,
Jr., was elected second vice president.

W AYNE

HUM M ER
C H IC A G O

8c C O .

Lots of portfolio advisors
look alike, don’t they?
Maybe your circumstances are like everyone else’s? W e don’t think
so. Maybe there are stock answers to your investment portfolios?
Again, we don’t think so. In fact, we’re convinced there’s no easy
way in the investment portfolio business.
We don’t believe in look-alike proposals. And we don’t come up
with look-alike results. For example, one of our correspondent banks
increased its net operating earnings by 4 6 .3 % the initial year after
our in-depth study. We recommended and the bank bought securi­
ties at a discount in order to realize capital gains. Our own bank has
an impressive average of 4 .73% pre-tax investment return over the
past eight years, and no losses on securities.
Our recommendations are put together on an individual basis.
After a lot of homework. Piece by piece. W ith important things like
earning assets, loans, and other investments carefully scrutinized.
Sometimes we recommend extensive adjustments to achieve higher
yields. In every case, we end up with a tailor-made proposal apply­
ing to your bank’s specific needs.
Get the full story of our investment portfolio analysis services.
Call Charlie Schoeneberger this week.

NATIONAL BOULEVARD BANK
O F C H IC AG O
M EM BERS
NEW

YORK

STOCK EXCH ANG E


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

WRIGLEY BUILDING • 400-410 N. MICHIGAN AVE.
CHICAGO 60611 • (312) 467-4100 • MEMBER FDIC

Northwestern Banker, August, 7968

14

.V e«- Êtan !i. I dm ini stra i ion O fficers <
EW state directors of the Bank
Administration In s titu te (for­
merly NAB AC) have been appointed
for the 1968-1969 year by Earl L.
Bimson, president of the Institute and
president of the Valley National Bank,
Phoenix, Arizona.
Appointments of special interest to
readers of N orthwestern B anker are
as follows:
Colorado—Charles W. Dinwiddie,
controller and auditor, First National
Bank, Boulder (N).
Illinois—Antonio G. Tortorici, con­
troller and cashier, County Bank and
Trust Company, Blue Island (N).
Iowa—John E. Rowles, vice presi­
dent, Union Trust and Savings Bank,
Fort Dodge (N).
Minnesota—Chester N. Eggen, exe­
cutive vice president, Richfield Bank
and Trust Company, Richfield (N).
Montana—Charles L. Newland, cash­
ier, First National Bank, Bozeman
(N).
Nebraska—Donald L. Ellison, assist­
ant vice president, Farmers State
Bank, Rising City (N).
North Dakota—Dennis D. Douville,
cashier, Community National Bank of
Grand Forks, Grand Forks (N).
South Dakota—Gilbert Mjoen, cash­
ier, American State Bank, Yankton
(N).
Wisconsin—Frank J. Maydak, cash­
ier, West Allis State Bank, West
Allis (R).
Wyoming—Vern J. Smith, cashier,
University National Bank, Laramie
(N).

N

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Northwestern Banker, August, 7968


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

New Venezuela Office
Continental Illinois National Bank
and Trust Company, Chicago, opened
its new representative office in Cara­
cas, Venezuela, marking the bank’s
tenth overseas facility.
In addition to the Caracas office,
Continental has a Mexico City repre­
sentative office which opened in 1966.
Two full-service branches operate in
London and one each in Tokyo and
Osaka, besides representative offices
in Brussels, Geneva, Madrid, Manila,
and Milan. Two new branches will be
opened this fall in Paris and Frank­
furt.

New Continental
Investment Plan
Continental Illinois National Bank
and Trust Company, Chicago, has an­
nounced a common stock investment
service open to Illinois residents with
a $20,000 minimum investment.
Called Continental’s Capital Invest­
ment Service, it is the first of its kind
to be offered by a bank in Chicago.

Under this plan, the bank opens an
individual account for each investor
with a leading brokerage firm. Con­
tinental Bank’s own investment man- ^
agement staff supervises the purchase
and sale for each account of selected
stocks (generally fewer than a dozen),
and reports the complete summary
of the account to each investor every
six months. After each stock transac­
tion, the investor receives a notice
from the broker, as well as a monthly
account statement. Income from the ^
accounts may be either paid quarterly
or re-invested.

Talcott Promotions for
Twin Cities’ Personnel
James Talcott, Inc., has announced
the promotion of John G. Ladd and
Lee T. Mork, according to Clarence
A. Adams, vice president and manager
of the company’s Twin Cities district
office located in Minneapolis. Both
have been elected to assistant vice ^
president positions.
Mr. Ladd is manager of the equip­
ment finance department of the Min­
neapolis District.
Mr. Mork holds the position of com- ►
mercial finance credit manager for
this Talcott district.
James Talcott, Inc., provides busi- i
nesses with commercial financing,
factoring, equipment financing and
leasing. The 114-year-old company has
assets exceeding $600,000,000. Its Min­
neapolis office serves the states of
Colorado, Iowa, Minnesota, eastern V
Montana, Nebraska, North Dakota,
South Dakota, Utah, western Wiscon­
sin and Wyoming, and is a part of ^
the Central Region headquartered in
Chicago.

Promote Area Officers
At Chase Manhattan

^

Alfred I. Puchner, Richard A. Han­
son and Daniel J. Callahan have been
named vice presidents of the Chase ,
Manhattan Bank, New York. Mr.
Puchner is in the bank’s international
department. Both Mr. Hanson and
Mr. Callahan are in the United States
department.
Mr. Puchner is in charge of credit, *
marketing and customer relations for
the Caribbean Zone.
Mr. Hanson is a leading officer in
the United States department’s district
VI which covers Illinois, Minnesota,
Montana, North and South Dakota and
W is co n s in . Born in Minneapolis,
Minnesota, Mr. Callahan is a lending
officer in the bank’s District V, which *
covers Indiana and Michigan.

15

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122 East 42nd Street, NEW YORK • 100 North La Salle Street, CHICAGO
OFFICES IN PRINCIPAL CITIES

Northwestern Banker, August, 1968


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

16

■i

JL

(bsLoA. JhomaA, ¿L Satea,:

is regrettable that the report apparently draws
some unwarranted inferences from these data.

Chairman, Morgan Guaranty Trust Company,
New York, New York.

“ Certainly changes have occurred in recent years
in patterns of saving, particularly the rapid
growth of pension funds, resulting in the accumu­
lation of large pools of capital for investment.
These changes have economic and social implica­
tions of legitimate public interest. Therefore we
welcome any study of this subject by qualified
scholars or official bodies.”

You are to be commended for your response to
the press in connection with the staff report of the
House Subcommittee on Domestic Finance. It
seems to us that your comments clearly express the
thinking of most of the larger financial institu­
tions in America. You stated your case as follows :
“ The investment decisions of our trust depart­
ment are made solely to achieve the best invest­
ment results for our trusts. I f we should deviate
from this principle, a competitor would quickly
capture the number one position assigned to us by
the staff report.
“ The House subcommittee staff implies that
through our investments we could be influencing
competition between American corporations. As
an example, it cites our holdings in July, 1967, of
over 7 per cent of the stock of three competing
airlines.
“ We acquired these shares strictly for invest­
ment purposes. I f we were interested in influenc­
ing competition, we obviously would have increased
these holdings. We have done the opposite. Some
time ago, solely for investment reasons, we dis­
posed of most of our airline stocks and put these
funds to work in other industries. For investment
reasons, we would do the same with any other of
our trust holdings.
“ I f Morgan Guaranty’s trust department should
confuse its investment decisions with other consid­
erations, as the subcommittee staff seems to believe,
our punishment would be swift and sure. Our in­
vestment record would deteriorate. Our trust cus­
tomers— who can measure investment results with
precision— would desert us.
“ Many of the conclusions of the subcommittee
staff seem to depend on the validity of a premise
that so-called ‘interlocking relationships’ have anti­
competitive effects. So far as this bank is con­
cerned, this premise has no validity.
“ I understand the staff report contains much
information that will be useful to students of the
economy, to businessmen, bankers and others. It

Horthwestern Banker, August, 1968


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

i

-■K

It is the opinion of the N orthwestern B anker
that the committee staff appears to have used
the data collected to arrive at judgments and con­
clusions unwarranted by the information in its
possession. It is not surprising the chairman,
Wright Patman, has again taken the most direct
route to a foregone conclusion.

(D & aJc (p a u L
News Analyst and Commenator,
American Broadcasting Company,
Chicago, Illinois

Speaking before the Conference for Correspond­
ent Bankers and Corporate Treasurers, sponsored
by the City National Bank and Trust Company,
Kansas City, last month, you presented a number
of choice remarks on government spending. With
the proposed $6 billion cutback, perhaps some of
our government “ servants” should rearrange their
thinking.
Referring to welfare payments, you stated that
there is now one out of 25 Americans on some form
of welfare. You described welfare for some
7,800,000 of our citizens as habit forming, and
suggested that it should be labeled as a potentially
dangerous narcotic.
Specifically, you asked why the United States
Department of Labor is trying to get overseas help
for household servants when there are columns
after columns of want ads begging for people to
take jobs.
Commenting on government spending in general,
you said that when you ask a government ad­
ministrator to spend your money, its like getting a
transfusion from your left arm to your right arm.

*

f

X

17

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HARRIS

Trust
and
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BANK

111 West Monroe Street, Chicago, Illinois 60690

Organized as N. W . Harris & Co. 1882, Incorporated 1907 • M em ber Federal Deposit Insurance Corporation • Federal Reserve System


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

Northwestern Banker, August, 1968

18

I

r v i n o

T

r u s t

and Subsidiaries, New York

C

o m p a n y

A Charter New York Bank
-V

CONSOLIDATED STATEMENT OF CONDITION, JUNE 30, 1968
ASSETS

DIRECTORS

Cash and Due from Banks..............................................$1,546,453,967

GEORGE A. MURPHY
Chairman of the Board

Investment Securities:
U.S. Government O bligations............................
Obligations of States and Political Subdivisions.
Other S ecurities..................................................

WILLIAM E. PETERSEN
President

260,394,247
448,272,882
15,509,540
724,176,669

L o a n s............................................................................ 1,777,784,086
Less: Reserve for Loans..........................................
37,902,725
1,739,881,361
Bank Premises and Equipm ent...................................
Customers’ Acceptance L ia b ility .................................
Accrued Interest and Other Assets.................................

ARTHUR G. BOARDMAN, JR.
Executive Vice President

y

FAYETTE S. DUNN
President, Otis Elevator Company
GORDON EDWARDS
Chairman and Chief Executive Officer
National Dairy Products Corporation
A. LEON FERGENSON
President
General Cable Corporation

73,522,596
147,703,531
62,319,519

THOMAS C. FOGARTY
Chairman and Chief Executive Officer
Continental Can Company, Inc.

TOTAL ASSETS...................................................... $4,294,057,643

WAYNE HICKLIN
Chairman and Chief Executive Officer
Avon Products, Inc.

V

>

ROBERT C. KIRKWOOD
Chairman and Chief Executive Officer
F. W. Woolworth Co.

LIABILITIES AND CAPITAL ACCOUNTS

Deposits:
D e m a n d................................................................. $2,411,263,959
Time and Savings..........................
906,818,092
London O ffic e ......................................................
381,461,486
3,699,543,537
Borrowed F u n d s...........................................................
94,775,000
Acceptances O utstanding............................................
153,588,292
Taxes and Other Expenses.........................
23,179,732
Other Liabilities................................................................
32,316,295
4,003,402,856
Long-Term Notes Payable............................................

29,130,344

Capital Accounts:
Capital Stock (8,046,000 shares—$10 par). . . .
Surplus ...............................................................
Undivided P ro fits ................................................

80,460,000
128,602,525
52,461,918

Total Capital A cco u n ts........................................
261,524,443
TOTAL LIABILITIES
AND CAPITAL ACCOUNTS...................................$4,294,057,643

F

DAVID L. LUKE, III
President
West Virginia Pulp and Paper Company

<

W. G. MALCOLM
Retired Chairman and Chief
Executive Officer
American Cyanamid Company
MINOT K. MILLIKEN
Vice President and Treasurer
Deering Milliken, Inc.

V

DON G. MITCHELL
Chairman of the Board
General Time Corporation

4

PETER S. PAINE
Chairman and Chief Executive Officer
Great Northern Paper Company
DONALD C. POWER
Chairman of the Board
General Telephone &
Electronics Corporation
RAYMOND H. REISS
Chairman of the Board
Ronthor Reiss Corporation

(

E. R. ROWLEY
Chairman and Chief Executive Officer
National Lead Company
E. E. STEWART
Former Chairman of the Board
National Dairy Products Corporation

y

ADVISORY DIRECTOR

Assets pledged to secure deposits and for other
purposes amounted t o ....................................... $ 263,583,008

DAVID L. LUKE
Director
West Virginia Pulp and Paper Company

Foreign Branch Office:

Representative Offices:

London

Hong Kong • Paris • Beirut

><

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

K

J
Northwestern Banker, August, 1968


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

19

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Federal Reserve Bank of St. Louis

State.

Northwestern Banker, August, 1968

20

F ou ndation To Chauffe N a m e

M

EMBERS of the Foundation for
C o m m e rcia l Banks have ap­
proved a name change for the organi­
zation and adopted a new symbol,
Roger D. Knight, Jr., president and
chairman of the foundation board of
trustees, announced.

The name change to Foundation for
Full Service Banks was approved by
vote of the more than 6,000 foundation
members, according to Mr. Knight,
who is chairman of the board of the
Denver U. S. National Bank. The new
emblem design was authorized by the
board of trustees.

“The new name will be more de­
scriptive of the purpose of the founda­
tion’s national advertising and promo­
tion program,” Mr. Knight said. “We
currently budget more than $2.5 mil­
lion a year to educate the public about
the advantages of full service banking
through network television and lead­
ing consumer magazines.”
The simplified design elements of
the new emblem make it more flexible
and usable in individual bank local
advertising material, and more force­
ful and meaningful in the founda­
tion’s national ads. It eliminates the
circle of seven stars in the former
emblem, enlarges the words in the
circle.
First National City Bank has signed
a contract with the U. S. Department
of Labor to train and employ 700 hard­
core unemployed under the Presi­
dent’s Job Opportunities in the Busi­
ness Section (J.O.B.S.) program.

Charles C. Kuning
One of the midwest area’s most re­
nowned bankers, Charles C. Kuning,
died last month in Waterloo at the age
of 85.
A native Chicagoan, Mr. Kuning

When in CHICAGO —
stay on famous
Michigan Avenue . . .

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M ichigan A venue a t 11th St.
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225 ro o m s—Phone WA 2 -2900

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downtown convenience with motel comfort
Northwestern Banker, August, 7968


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

began his banking career in 1898 with
the Old Chicago National Bank. In
1905 he moved to
C o m m ercia l Na­
tional Bank of
Chicago, and from
1912 through 1931
s e r v e d as vice
pr e s i d e nt a n d
c as hi er of the
C e d a r Rapi ds
Nat i o na l Bank,
Cedar Rapids.
Starting in 1931,
he became man­
ager of the Reconstruction Finance
Corporation, Des Moines office, and
for the ensuing four years worked ex­
tensively with hundreds of rural
banks throughout the midwest, help­
ing these institutions weather the de­
pression years.
He joined the American National
Bank and Trust Company of Chicago
in 1936, responsible for developing the
loop bank’s correspondent bank divi­
sion. He continued in this post, be­
coming a vice president in 1942, and
witnessing the growth of the division
from $300,000 to a $60 million opera­
tion when he retired from active
banking in 1963. Subsequently, he re­
mained as an official consultant to
American N a t i o n a l ’ s correspondent
bank staff, moving to Waterloo, in
1964, where he resided at 400 Mitchell
Street until his demise.
In addition to his many business
accomplishments, Mr. Kuning was
active in Masonic affairs, and held two
terms as Potentate, El Kahi Shrine,
Cedar Rapids.
Mr. Kuning is survived by his
widow, Blanche, a son, Clayton Kun­
ing of Grand Rapids, Michigan, and a
daughter, Mrs. G. H. Phelps, Waterloo.

x

>

A

\

^

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^

r

Bank PRMA to Study
Electronic Transfer of Funds
Bank PRMA President Edward M. w
Penick, have announced the formation
of the Direct Electronic Funds Trans­
fer (DEFT) Committee. The DEFT
Committee, which will be chaired by *
Harlan H. Griswold, president of the
Waterbury National Bank, Waterbury, Connecticut, will study the
ramifications and possible reactions of
various publics to the long predicted y
change-over from traditional cash and
checks, to a system of electronic trans­
fer of funds.

Promote New York Ad Man
Philemon N. Hoadley has been ap­
pointed a vice president of First Na­
tional City Bank. He is deputy super­
visor of the bank’s advertising and ^
marketing services department.

f

21

BANK
OF
AMERICA
NATIONAL TRUST AND SAVINGS ASSOCIATION AND SUBSIDIARIES

C onsolidated Statement of Condition
RESOURCES:

tt

Cash and Due from B anks....................
United States Government Securities and
Securities Guaranteed by the Government
State, County and Municipal Securities .
Other S e cu ritie s................................
Total Securities

June 30, 1968

June 30, 1967

$ 3,988,474,000

$ 3,335,170,000

2,145,174,000

2,192,706,000

1,746,829,000

1,668,874,000

440,639,000

398,647,000

$ 4,332,642,000

$ 4,260,227,000

12,538,465,000

11,528,578,000

365,093,000

107,221,000

Loans ................................
Funds S o ld ............................
Customers’ Liability for Acceptances
Bank Premises and Equipment .
Other Resources ....................
Total Resources

390,687,000

525,295,000

331,555,000

285,696,000

409,677,000

347,399,000

$22,356,593,000

$20,389,586,000

$

$

LIABILITIES:

C a p it a l....................................................................................
S u rp lu s....................................................................................
Undivided Profits........................................................................
Reserve for Contingencies............................................................

178,181,000

482,000,000

260.837.000

297,320,000

45,211,000

36,312,000

$ 1,057,623,000

Total Capital Funds

Reserve for Possible Loan Lo sse s................................ ....
Demand Deposits........................................................................
Savings and Time D eposits........................................................

178,000,000

573.394.000

$

194,585,000

993,632,000
183,610,000

7,867,194,000

7,129,688,000

11,897,167,000

11,071,982,000

$19,764,361,000

$18,201,670,000

495.621.000

126,088,000

-s
Total Deposits

>

*

Funds Borrowed........................................................................
Liability on A cceptances............................................................
Other Lia b ilities........................................................................
Total Liabilities
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION

•

396.098.000

528.472.000

448.305.000

356.114.000

$22,356,593,000

$20,389,586,000

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

MEMBER FEDERAL RESERVE SYSTEM


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

Northwestern Banker, August, 1968

22

M organ Guaranty
Trust C om pany
O F

N

E W

Y

O R

D ire c to r s
THOM AS

S.

GATES

C h a ir m a n o f th e B oa rd
JOHN

M.

M E YER,

JR.

P r e s id e n t

K
HENRY

C.

ALEXANDER

I'o n so H d a led S ta tem en t o f Condition
J.

June 30,19 6 8

PAUL

AUSTIN

P r e s id e n t, T h e C o c a -C o la C o m p a n y

A s s e ts

W ILLIA M

Cash and due from b a n k s ............................. $2,604,207,264
U. S. government ob lig a tion s........................
509,547,073
Obligations o f U. S. government agencies .
25,654,713
Obligations o f states
and political s u b d iv is io n s ........................
559,249,086
Other s e c u r it ie s ...............................................
47,875,860
Federal funds sold and securities purchased
under agreements to resel l . . . . .
84,941,525
Loans, less reserve o f $90,132,248 .
4,869,612,905
Customers’ acceptance liability . . . .
192,172,016
Stock o f Federal Reserve Bank . . . .
13,937,550
Investment in subsidiaries
not c o n so lid a te d .........................................
24,116,616
Bank premises and equipment . . . .
70,821,227
Other a s s e t s .....................................................
266,814,150
Total a s s e t s ......................................... $9,268,949,985

C.

EOLENIUS

R. M A N N I N G

BROW N,

JR.

E x e c u t i v e V i c e P r e s id e n t
N e w Y o rk L ife In su r a n c e C o m p a n y
CARTER

L.

PAUL

CABOT

C.

BURGESS

C h a ir m a n o f th e B oa rd
S ta te S tr e e t I n v e s t m e n t C o r p o r a tio n

JOHN

T.

DORRANCE,

JR.

C h a ir m a n o f th e B oa rd
C a m p b e ll S o u p C o m p a n y

CARL

J.

GILBERT

C h a ir m a n o f th e E x e c u t i v e C o m m it te e
T h e G ille tte C o m p a n y
CRAWFORD

H.

G REENEW ALT

C h a ir m a n , F in a n c e C o m m it te e
E . I. d u P o n t d e N e m o u r s & C o m p a n y

L ia bilities
Dem and d e p o s i t s .........................................
T im e deposits.....................................................
Foreign branch d e p o s i t s .............................
Total d e p o s it s .........................................
Federal funds purchased and securities
sold under agreements to repurchase .
Other liabilities for borrowed m oney .
Accrued taxes and e x p e n s e s ........................
Liability on acceptances .
Dividend payable July 15, 1968 . . . .
Mortgage p a y a b l e .........................................
Other li a b i l i t i e s ...............................................
Total liabilities.........................................

$4,201,087,526
1,515,291,543
1,775,730,320
7,492,109,389

LONGSTREET

HINTON

C h a ir m a n , C o m m it te e o n T r u s t M a tte r s
DONALD

P.

KIRCHER

P r e s id e n t, T h e S in g e r C o m p a n y

208,964,522
252,507,381
81,619,451
199,455,243
10,035,740
18,632,354
224,209,502
$8,487,533,582

EDM UND

F.

M ARTIN

C h a ir m a n , B e th le h e m S te e l C o r p o r a tio n

L. F. M c C O L L U M
C h a ir m a n o f th e B oa rd
C o n t i n e n t a l O il C o m p a n y

HOWARD

J.

M ORGENS

P r e s id e n t, T h e P r o c te r & G a m b le C o m p a n y

C ap ita l F u n d s
Capital notes (5 % due 19 92) . . . .
Stockholders’ equity :
Capital—9,123,400 shares—$25 par .
S u r p l u s ...........................................................
Undivided p r o f i t s .........................................
Total stockholders’ e q u ity .............................
Total capital f u n d s .............................
Total liabilities and capital funds .

W ALTER
$

100,000,000

228,085,000
236,500,000
216,831,403
681.416.403
781.416.403
$9,268,949,985

ELLM ORE

M e m b e r , F ed e ra l R e s e r v e S y ste m , F ed e ra l D e p o s it In s u r a n c e

C orp.

THOM AS

23 Wall Street

Alidtoirn
O ffic es

Fifth A venue at 44th Street
Madison A venue at 60th Street

C.

PATTERSON

L.

PERKINS

C h a ir m a n o f th e T r u s t e e s
T h e D u ke E n d ow m en t

J.

RATHBONE

R e tir e d C h a ir m a n o f th e B oa rd
S t a n d a r d O il C o m p a n y ( N e w J e r s e y }
DALE

E.

SHARP

V i c e C h a ir m a n o f th e B oa rd
OLCOTT

Alain O ffic e

PAGE

C h a ir m a n o f th e E x e c u t i v e C o m m it te e

M.
A s s e t s c a r r i e d a t $ 9 2 7 , 9 1 3 , 2 7 5 in t h e a b o v e s t a t e m e n t w e r e p l e d g e d a s
c o l l a t e r a l f o r b o r r o w i n g s , t o q u a l i f y f o r fi d u c i a r y p o w e r s , t o s e c u r e
p u b l i c m o n i e s a s r e q u i r e d b y la w , a n d f o r o t h e r p u r p o s e s .

H.

E x e c u tiv e V ic e P res id e n t

D.

SM ITH

C h a ir m a n , A e tn a L ife & C a s u a lty
I n s u r a n c e C o m p a n ie s
ROBERT

T.

STEVENS

P r e s i d e n t , J. P . S t e v e n s & C o ., I n c .

40 R ockefeller Plaza
Park Avenue at 48th Street
O ffic es
A broa d

London, Paris, Brussels, Antwerp, Frankfurt
Milan (Banca Vonwiller S.p.A.)
*Rom e, Tokyo, Beirut, Madric , Caracas
* R e p r e s e n ta ti v e O ffic e s

Northwestern Banker, August, h968


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

HENRY

S.

W ING ATE

C h a ir m a n o f th e B o a rd
T h e In te r n a tio n a l N ic k e l C o m p a n y
o f C a n a d a , L im ite d
GEORGE

S.

YOUNG

C h a ir m a n o f th e E x e c u t i v e C o m m it te e
T h e C o lu m b ia G a s S y s te m , In c .

23

M osler
put banking
out on
the street

Service by television. The customer doesn’t even
have to get out of the car. She sees and talks to the
teller face-to-face, yet the teller remains inside the
office, hundreds of feet away, with records conven­
iently nearby and ready to handle any transaction.
That’s TellerVue, Mosler’s TV drive-in system.
Customers are intrigued by it.
Tellers prefer it to doing duty in the lonely out­
post of an isolated drive-in booth.
Bankers like the efficient way it uses a teller’s
time, allowing her to control several stations, han­
dle withdrawals and loan payments, cash checks,

serve inside customers and catch up on paper work.
They also like TellerVue’s security and economical
use of real estate.
Compared to island drive-in booths, M osler's
TellerVue offers you low installation and mainte­
nance costs and accelerated depreciation sched­
ules, making the overall investment of buying and
operating lowest of all.
For information, write Mosler, Department I 1-8,
Hamilton, Ohio 45012.
There’s money to be made
m |
■
out on the street.
IY lO S l6 r

A subsidiary of American-Standard


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

Northwestern Banker, August, 1968

24

A dopt

N ew S ecu rities P la n

sweeping new system for the
A
settlement of securities transac­
tions between brokers and banks
which can assist in easing the chronic
problem of delayed deliveries now
plaguing the industry was disclosed
by the Pacific Coast Stock Exchange
and United California Bank.
The revolutionary concept permits
UCB to become a clearing member of
the Exchange and to process through
one account its securities transactions
with about 90 percent of the broker­
age firms with which it does business,
Clifford Tweter, senior vice chairman
of UCB, and Thomas P. Phelan, ex­
change president, announced jointly.
“United California Bank, although
its buys and sells securities through
more than 100 brokerage firms, as a

clearing member of the Exchange now
need look only to the Clearing Cor­
poration to balance and reconcile its
receipts and deliveries, control its
commissions and taxes and make
daily settlement of its transactions,”
Mr. Phelan explained.
“We foresee eventual significant
savings in both time and money,” Mr.
Tweter said. “The paper work-load
of banks is mounting steadily, but
with this new program we will be
able to handle additional volume with­
out a corresponding boost in cost.”

To Head Mosler Safe
Martin S. Coleman has been elected
chairman of The Mosler Safe Com­
pany, a c c o r d i n g
to an announce­
ment by W. D.
Eberle, president
of A m erican
St andar d Inc. ,
parent company
of Mosler.
Mr. Co l e man
was president of
M o s l e r at the
time of its acqui­
M . S. C O L E M A N
sition by American Standard in 1967. In his new
position he will serve as a consultant
to American Standard and Mosler, as

in m i d - A m e r i c a . . .
T H E Y A L L ROLL T O A

S C H IM M E L
H O T E L or M O T E L
Hub of civic and social activities, all
Schimmel Hotels offer telephone, TV,
radio and air conditioning in all rooms
— FAMILY RATES, CHILDREN FREE,
POOLS IN MOTELS.

INDIAN
HILLS INN

85th & Dodge / Omaha, Nebraska
(402) 393-4000
" firs t in fo o d "

TRUST

INVESTMENT
COUNCIL

COUNCIL MEMBERSHIP

M /Z ZZe/pYour
Trust Oeparfmerit
BUILD
NEW BUSINESS
BY INSTILLING
CONFIDENCE
IN YOUR
INVESTMENT COMPETENCE
This Is the experience of com m unity banks
from coast to coast.

Write for details

IN LINC O LN
THE CORNHUSKER

IN W IC H IT A
THE LASSEN MOTOR, HOTEL

STUDLEY, SHUPERT

IN O M A H A

T ru s t Investment Council

THE BLACKSTONE

8 6 0 S u b u rb a n S ta tio n B ldg. • P hila., Pa. 1 9 1 0 3

Northwestern Banker, August, 7968


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

^

Study Chicago Postal Service
Chicago’s five largest banks, in an
effort to bolster the city’s position as
a lockbox location for companies, are
conducting a survey of first class mail
patterns among major cities in the
United States.
In the month ended June 15, more
than 150,000 items were mailed from
177 sending and 37 receiving cities.
Results of the survey are expected to
be made public later in the summer.
Participating in the survey are the
Continental Illinois National Bank
and Trust Company; the First National
Bank of Chicago; the Harris Trust and
Savings Bank; the Northern Trust
Company and the American National
Bank and Trust Company of Chicago.

Name First Vice Presidents
Three officers in the metropolitan
banking department of Bankers Trust
Company, New York, have been
elected first vice presidents. Named
first vice president of Division I of the
metropolitan banking department is
Andrew P. Maloney. Lauriston C.
Lake has been made first vice president of Division II. Raymond T.
Andersen is first vice president of
Division III. The announcement was
made by William H. Moore, chairman
of the board.

Bank Credit Card Plan
Offered in Southwest

the

WHEELS
g o ...

he has done since the merger of the
two companies.

Valley National Bank of Arizona,
originators of one of the most suc­
cessful bank credit card operations in
the nation, is introducing a credit
card licensing program for banks
throughout the Southwest.
Called “ Suncard,” the plan has
already been accepted by several
banks and is being actively considered
by more institutions, VNB president
Earl L. Bimson announced. Main func­
tion is to assist other banks in the
Southwest to enter the credit card
business at the least expense and
with optimum identification for their
banks.

To Head United California
Marketing Department

y

T

y<

ú

V

l

'

^

X.

y

^

t

Appointment of Edward Wilson to
head of the marketing department of K,
United California Bank and his elec­
tion to vice president has been an­
nounced by Frank L. King, chairman
of the board. Mr. Wilson succeeds
George Briggs who recently resigned ^
to go with a bank in Seattle, Washing­
ton.

25

Cash and due from banks.................................................. $1,007,656,000
United States government o bligatio ns.............................
435,425,000
Obligations of states and political subdivisions............
473,592,000
Other securities...................................................................
61,615,000
Trading account securities................................................
122,976,000
Federal funds s o ld ..............................................................
1,800,000
Loans (net of reserve for bad d ebts)............................... 3,343,028,000
Direct lease equipm ent.......................................................
34,949,000
Bank premises and equipm ent.........................................
99,281,000
35,096,000
Income earned, but not collected.....................................
Customers' acceptance lia b ility........................................
40,506,000
Other assets..........................................................................
95,546,000
Total assets.............................................................$5,751,470,000

THOMAS G. AYERS
President,
Commonwealth Edison Company
WILLIAM BLACKIE
Chairman of the Board,
Caterpillar Tractor Co.
EDWARD F. BLETTNER
President
JOSEPH L. BLOCK
Chairman, Executive Committee,
Inland Steel Company
AUSTIN T. CUSHMAN
Director,
Sears, Roebuck and Co.
GAYLORD A. FREEMAN, JR.
Vice Chairman of the Board
JOHN D. GRAY
President,
Hart Schaffner & Marx
ROBERT P. GWINN
President,
Sunbeam Corporation
BEN W. HEINEMAN
President,
Northwest Industries, Inc.
ROBERT S. INGERSOLL
Chairman,
Borg-Warner Corporation
Demand d e p o s its ..................................................................... $2,049,755,000
HENRY P. ISHAM
Savings passbook d e p o s its ..................................................
962,845,000
Chairman of the Board,
Clearing Industrial District, Inc.
O ther tim e d e p o s its ................................................................ 1,041,459,000
HOMER J. LIVINGSTON
Chairman of the Board
D eposits—overseas branches and
HUGHSTON M. McBAIN
Director,
consolidated s u b s id ia rie s ................................................... 780,870,000
Marshall Field & Company
BROOKS McCORMICK
Total d e p o s its .................................................................$4,834,929,000
Executive Vice President,
Securities sold under agreem ents to re p u rc h a s e .................................... 81,612,000 International Harvester Company
LOUIS W. MENK
Federal fu nd s p u rch a se d .......................................................
197,900,000
President,
Northern Pacific Railway Company
A cceptances o u ts ta n d in g .....................................................
40,851,000
JAMES F. OATES, JR.
Chairman of the Board,
D ividends declared, but u n p a id ...........................................
5,000,000
The Equitable Life Assurance
Society of the United States
D iscount collected, but not e arne d ....................................
12,915,000
PETER G. PETERSON
Chairman of the Board.
Reserve fo r ta x e s .....................................................................
6,594,000
Bell & Howell Company
WILLIAM WOOD PRINCE
Other lia b ilitie s ...........................................................................
39,214,000
Chairman of the Board,
Armour and Company
Total lia b ilitie s ................................................................ $5,219,015,000
GERALD A. SIVAGE
President,
Capital accounts:
Marshall Field & Company
Capital s to c k .........................................................................
200,000,000
HAROLD A. SMITH
Winston, Strawn,
S u rp lu s ...................................................................................
220,000,000
Smith & Patterson
ROBERT D. STUART, JR.
Undivided p ro fits .................................................................
14,093,000
President,
The Quaker Oats Company
Reserve fo r c o n tin g e n c ie s ..................................................
98,362,000
JOHN E. SWEARINGEN
Chairman of the Board,
Total capital a c c o u n ts .................................................$ 532,455,000
Standard Oil Company (Indiana)
GEORGE B. YOUNG
Total liab ilities and c a p ita l...................................... $5,751,470,000
Chairman of the Board,
Field Enterprises, Inc.

Liabilities and Capital

Assets carried in the Consolidated Statement of Condition at $644,121,000 on June 30, 1968 were pledged to
secure United States government and other public deposits, trust deposits and for other purposes as
required or permitted by law.
New York Correspondent

Philip M. Hiss, 48 Wall Street
London Branch

1 Royal Exchange Buildings
Frankfurt Branch

Neue Mainzer Strasse 31

The First National Bank of Chicago (Lebanon) S.A .L.

59 Riad el Solh Street, Beirut

HONORARY DIRECTORS
JAMES B. FORGAN
Former Vice Chairman of the Board
WALTER M. HEYMANN
Former Vice Chairman of the Board
HERBERT V. PROCHNOW
Former President

Far East Office—Tokyo

629 Chiyoda Building, Marunouchi
First Chicago International Banking Corporation

1290 Avenue of the Americas, New York

The First National Bank of Chicago
Member Federal Deposit Insurance Corporation

Northwestern Banker, August, 1968


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

26

It. o f A . P r e d ic ts H igh in te r e s t

BANK
that

of America has predicted
interest rates will remain
high by historical standards despite
the recent federal tax increase and
spending cut.
“ It does not appear likely that in­
terest rates will drop significantly in
the near future,” according to the
world’s largest bank, “because credit
demands are strong and inflation is
still a major problem in our economy.”
In a special report entitled “Focus
on Interest Rates,” the bank states:
“The increase in federal taxes and
the reduction in federal expenditures
will reduce the upward pressures on
interest rates and could allow some
moderate reductions in rates; but as
long as economic activity continues
at a fast pace, pushing wages and
prices up, there is unlikely to be any
substantial reduction in interest rates.

Commerce Trust Promotions
Commerce Trust Bank, Kansas City.
Missouri, has announced the promo­
tion of 5 officers.

William Haw, 29, has been elected
vice president in general administra­
tion. He joined Commerce Trust in
1964, was elected assistant cashier in
1966, and assistant vice president in
1967.
James Pearce,
34, has been elect­
ed assistant vice
president in com­
m ercial business
development. He
joined Commerce
Trust as assitant
cashier in 1967
from the North
Carolina National
Bank.
James Trotter
has been named an assistant vice pres­
ident in the installment loan depart­
ment. Foremrly with General Motors
Acceptance Corporation in Denver, he
joined the bank in 1965.
Merle Starr, 32, has been elected an
assistant vice president in the cor­
respondent banking department. Mr.
Starr, a graduate of Kansas State Uni­

F e d e r a l H o m e L o a n B a n k o f D e s M o in e s
F E D E R A L HOME LO A N B A N K BU ILDIN G
SECOND A T CEN TER, DES MOINES, IOW A
Statement of Condition, June 30, 1968

ASSETS
Cash
....................
Investm ents
A d va n ce s O u ts ta n d in g
A co u n ts R e ceiva ble
A c c ru e d In te re st R e ceiva ble
O th e r Assets

....

$ 13,149,620
235,547,561
......
...................
226,440,275
4,610,394
.............
1,977,076
...................
233,119

T o ta l Assets

$481,958,045

LIABILITIES AND CAPITAL
D eposits
____
___
A c c o u n ts Payable
.................
A c c ru e d In te re st P ayable
..............
’•‘C o n s o lid a te d FHLB O b lig a tio n s
_______________
O th e r L ia b ilitie s __
C a p ita l Stock
__ ____
R e ta in ed E a rn in g s ............

$150,522,451
5,961,732
5,092,961
231,000,000
39,726
78,232,725
11,108,450

versity, joined the bank in 1963.
Frampton Rowland, 32, has been ^
elected an assistant vice president in
the installment loan department. He
is a graduate of Indiana University,
and joined the bank in 1963.
John McKinney, 30, has been named v
an assistant vice president. McKinney
serves as assistant manager of the
BankAmericard Center. Before join- x.
ing Commerce Trust earlier in 1968,
Mr. McKinney was operations man­
ager for BankAmericard at the Colo­
rado National Bank in Denver.

Up Chicago Surplus
Directors of National Boulevard
Bank, Chicago, authorized a transfer
of $500,000 from undivided profits to
surplus at the July board meeting
held recently. This gives the bank a
total of $9,500,000 in capital and sur­
plus.

A

To Irving Trust Board
E. R. Rowley, chairman and chief
executive officer of National Lead
Company, has been elected a director
of Irving Trust Company, New York.

DIRECTORS
JOHN M. DALTON, Chairm an
A tto rn ey at Law , Jefferson C ity, M is­
souri
JOHN M. GROVE, V ice Chairm an
P residen t, N orth w estern S avings and
Loan A ssocia tion , F argo, North Da­
kota
JOHN D. ADAMS
Des M oin es, Io w a
DEAN D. ARMSTRONG, E xecu tive V ice
President, First F ed era l S a vin gs and
Loan A ssocia tion , G rand Rapids,
M innesota
HENRY H. EDMISTON, V ice President
K ansas C ity Life Insu ra nce C om p a n y
K ansas C ity, M issouri
JOHN M. FARLEY, D irector of M a n a g e­
m en t C en ter, C o lleg e o f St. Thomas,
St. Paul, M innesota
ROBERT F. HOEFER, P resident
North A m erica n S avings A ssocia tion
K ansas C ity, M issouri
BURTON R. HYNDEN, P residen t
P erpetu a l S avings and Loan A s so cia ­
tion, C eda r R apids, Iow a
RUSSELL M. JOHNSON, P resident
Twin C ity F ed era l S avings and Loan
A ssocia tion , M in neapolis, M innesota
PROUTY LINN, P residen t
First F ed era l S avings and Loan A s s o ­
ciation, Sioux C ity, Io w a
JAMES H. RUDDY, E xecu tive V ice P resi­
d en t-S ecreta ry, First F ed era l S avings
and Loan A ssocia tion , Huron, South
D akota
SHELDON H. STOCK, P residen t
Unity S a vin gs and Loan A ssocia tion ,
St. Louis, M issouri
RUSSEL G. W YATT, President
United S avings and Loan A ssocia tion
L eba non , M issouri

OFFICERS
T otal L ia b ilitie s and C a p ita l

....

$481,958,045

*C onsolidated Federal H om e L oan Bank O b liga tion s now outstanding, in the amount of
$4,701,000,000 are the jo in t and several ob lig a tion s o f all Federal H om e L oan Banks.
■ The Federal H om e Loan Banks, created b v A ct o f Congress in 1932. constitute a
central credit agencv fo r th rift and hom e financing institutions. T here are tw elve
Federal H om e Loan Bank d istricts in each o f w h ich there is a Federal H om e Loan Bank
operated b y a loca l B oard o f D irectors under the supervision o f the Federal H om e Loan
Bank B oard.
O nly sound savings and loan a ssociations, savings banks, insurance
com panies, coop era tive banks and hom estead associa tion s are e lig ib le for m embership.
T he Federal H om e Loan Bank o f D es M oin es serves 302 m em ber institutions loca ted
in Iow a, M inn esota, M issou ri, North D akota, and South Dakota.

Northwestern Banker, August, 1968


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

Y

DEAN R. PRICHETT
P resident
WARREN W . HARDING
Senior V ice P resident
DARRELL HIBBS
V ice P residen t
DONALD F. ROBY
V ice P residen t
GERALD M. PIERCE
T reasurer
MILDRED LUST
S ecreta ry
DONALD W . WENTE
A ssistant V ic e P residen t

>

27

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« W K « F W ífT

CITRUS FRVIT

CITRUS FRUIT

citru s t u m t

CITRUS FRUIT

These are the people
o f The First National Bank o f McAllen, Texas

This is
4‘their office” in
New York
>

FIRST

NATIONAL

Citrus fruit is important business in McAllen,
Texas. And, in McAllen, The First National
Bank is not only important to business but wellknown for its ability to get things done. To get
things done in New York and throughout the
world, the people of The First National Bank
of McAllen rely on their correspondent rela­
tionship with Citibank. It’s their New York
“ office” for a broad range of banking and
related services.
If you'd like to get things started with Citi­
bank, write our Correspondent Bank Depart­
ment, 399 Park Avenue, New York, N. Y.
10022. Or call 212-559-4832.

CITY B A N K
Member Federal Deposit Insurance Corporation


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Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1968

28

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for FRASER Banker, August, 1968
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Federal Reserve Bank of St. Louis

A

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Á

29

A NORTHWESTERN BANKER Survey

VER 1,000 banks in a seven-state area returned
completed questionnaires in response to the
N orthwestern B anker survey of “ Current Trends
V in Banking Hours.” The large response and the wide
range of practices and opinions expressed indicate that
the subject of banking hours is one of concern to bankers
everywhere. For example, of the banks reporting from
towns of under 1,000 population in Iowa, 25 per cent are
contemplating changes in the banking hours and 25 per
cent feel that current hours pose a problem in hiring
qualified help. Twenty-eight per cent of the banks re­
porting from towns of over 50,000 population in Nebraska
feel that current hours pose a problem in hiring qualified
help.
In considering the question of trends in banking hours,
many other subjects arise, such as personnel problems,
overtime pay, part-time help, local and regional competi­
tion from other banks, public relations, service to per­
sonal and commercial accounts and increasing overhead.
The eleven questions asked in the survey elicited com. ments on these and other areas of concern, as well as pro^ viding a picture of current banking hours and determin­
ing trends and areas of transition.

O


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

N orthwestern B anker editors asked the following ques­
tions:

• What are your
through Friday?

regular

hanking

hours— Monday

The replies to this question were mostly uniform, de­
pending on the population of the town in which the bank
was located. A typical bank in a town of under 1,000
population is open from 9 a.m. to noon and from 1 p.m. to
3 p.m. Very few of these banks at the present time have
open hours on Friday evenings. The average bank in a
town of 5,000-10,000 is open from 9 a.m. to 3 p.m., with
no noon closing, and about half of these banks are open
Friday evening. Up to about 50,000 population, the pat­
tern stays the same, but with a larger percentage staying
open Friday nights. In the over 100,000 population
category, there is more variation in hours, with no noon
closings, longer daytime hours such as 8 a.m. to 4 p.m.,
and there are many banks staying open two evenings
per week, usually Monday and Friday. Generally speak­
ing, the Monday through Friday hours seem to be shorter
and more uniform in the smaller towns, but as the next
question illustrates, it may be erroneous to conclude that
Northwestern Banker, August, 1968

30

CURRENT
TRENOS
. . "m ust meet needs o f the public ”

IN

K

BANKING
HOURS

-V

y
the small town bank is the last bastion of the traditionally
envied “bankers hours.”
* Is your main bank open on Saturdays?

The following chart showing percentages of yes and no
answers by state and by town population clearly illus­
trates that the banks in smaller towns maintain the
most Saturday hours. As town size increases, there is a
steady decline in the number of banks with Saturday
hours. This is most dramatically illustrated in the case of
Iowa where 97 per cent of the reporting banks from
towns of under 1,000 indicate that they have Saturday
hours, and only 17 per cent of the banks from towns of
over 50,000 are open Saturdays.
Main Banks Open Saturday

POPULATION
1-1,000
% %

1,0005,000
% %

5,00010,000
% %

10,00050,000
% %

over
50,000
% %

yes no

yes no

yes no

yes no

yes no

17 83
50 50
50 50
65 35
97 3
35 65
50 50
66 34
79 21
Nebr.
80 20
0 100
15 85
0 100
20 80
45 55
Minn.
0 100
N. D.
31 69
37 63
30 70
58 42
74 26
S. D.
Mont.
0 100 (state percentage)
9 91 (state percentage)
Wyo.
Although very few of the banks in towns under 1,000
population have Friday evening hours, almost all of them
are open Saturday morning, and some maintain longer
hours on Saturdays. Several banks stated that they were
open from 8 p.m. to 10 p.m. Saturday nights.
Iowa

• What are your hours for drive-up windows and parking
lot offices from Monday through Friday?

Banks responding to this question usually indicated
that their drive-in or parking lot offices opened about one
hour earlier than the main bank and closed about one
hour later, and in most cases the drive-in or parking lot
office was kept open on Friday evenings. Also, about half
of the banks reporting the drive-in and parking lot offices
said that these offices are either open before the main
bank opens or they are open after the main bank closes
to the public, but not both.
• Are your drive-up windows or parking lot facilities
open on Saturday?

With the exception of Minnesota and Montana, sub­
stantial use is made of drive-in and parking lot facilities
Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

on Saturdays and the percentage of those who use their
facilities on Saturday is roughly the same in each popu­
lation category.
Drive-Ins Open Saturday

1-1,000
% %
yes no
Iowa
Nebr.
Minn.
N. D.
S. D.
Mont.

33 67
0 100
7 93

1,0005,000
% %
yes no
75 25
75 25
18 82
30 70
50 50

5,00010,000
% %
yes no
50 50
82 18
8 92

Y

10,00050,000
% %
yes no
60 40
91 9
15 85
20 80
50 50

over
50,000
% %
yes no
50 50
38 62
6 94

>

• Are special departments of your bank, such as install­
ment lending, maintaining different hours than the main
bank?

As the population of the town increased, the banks are
more likely to have different hours for certain depart­
ments. Usually it is the installment loan department that
has different hours. This was the case for about 90 per
cent of the banks reporting different hours for certain de­
partments, but some reported that the commercial and
mortgage departments were also maintaining different
hours than the main bank.
Special Departments Open Saturday
1- 1,000

% %
yes no

1,0005,000
% %
yes no
0 100

5,000-

10, 000-

10,000

50,000
% %

%

%

over
50,000
% %

X

yes no

43 57
0 100
Iowa
15 85
0 100
Nebr.
Minn.
37 63
0 100
N. D.
0 100
3 97
S. D.
30 70
Mont.
The chart clearly shows that almost no banks in the
smaller towns maintain different hours for certain de­
partments. A banker from an Iowa town of 1250 com­
mented: “Holding certain departments open additional
hours is a problem for small banks as customers know
most employees are qualified to perform most services.”
• Are your summer hours different from your hours
during the rest of the year?

In towns of less than 1,000 people in Montana and Iowa,
approximately 10 per cent of the banks reported some
difference in their summer hours from those of the rest

A

'‘wish all banks were closed Saturday”

of the year. The corresponding percentage for North
Dakota was five per cent. Aside from these percentags,
all other banks reporting in the survey answered the
question negatively.
• Are you contemplating any changes in your banking
hours?

The percentages of those banks contemplating changes
in their hours remain fairly constant throughout the dif­
ferent population categories.

pression conveyed by these bankers is a strong concern
for conformity in bank hours so as not to confuse the
public and for reasons of competition. Many bankers
stated that they would like to change their hours, but
said they would or could not do so because of the
reluctance of their competitors to change their hours.
Often banks from smaller communities stated also that
they to a certain extent had to follow the lead of other
businesses in town in setting their hours.
Uniform Hours

Contemplating Changes

Iowa
Nebr.
Minn.
N. D.
S. D.
Mont.
Wyo.

1-1,000
% %
yes no
25 75
5 95
10 90
5 95
17 83
5 95
9 91

1,0005,000% %
yes no
15 85
15 85
10 90
5 95
12 88

5,00010,000
% %
yes no
15 85
11 89
8 92

10,00050,000
% %
yes no
22 78
8 92
10 90
16 84
10 90

over
50,000
% %
yes no
21 79
7 93
12 88

But the specific changes which each population group
had in mind were often quite different. Of the banks in
cities of over 10,000 population which indicated that they
were contemplating changes in their hours: 47 per cent
anticipated longer hours, 12 per cent anticipated shorter
hours, 12 per cent envisioned opening for business on
Saturday, and 29 per cent envisioned closing for business
on Saturday. These contemplated changes just mentioned
are all individual indications. That is, a banker who
anticipated longer hours was not also anticipating new
Saturday hours.
Of the banks in cities of less than 10,000 population
which indicated that they were contemplating changes in
their hours: 40 per cent anticipated longer hours, three
per cent contemplated shorter hours, five per cent were
considering opening for business on Saturdays, and 52
per cent indicated a desire to close the bank on Saturday.
Of the last group of 52 per cent, almost unanimously
that group indicated that if they did close on Saturdays
they would open the bank for business at least one night
per week, and the usual preference was Friday.
• Are the banks in your trade area maintaining uni­
form hours?

As the size of the town increases, the degree of uni­
formity in bank hours decreases. Although Iowa may be
an exception, in towns of less than 1,000 population the
uniformity of bank hours is quite high. The general im­

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

1-1,000

Iowa
Nebr.

Minn.
N. D.

S. D.
Mont.
Wyo.

1,0005,000

5,00010,000

10,00050,000

over
50,000

%

%

%

%

%

%

%

%

%

%

yes
55
80
85
78
84

no
45
20
15
22
16

yes
62
67
70
67
64

no
38
33
30
33
36

yes
69
73
75

no
31
27
25

yes
62
67
55
60
60

no
38
33
45
40
40

yes
35
21
31

no
65
79
69

70 30
73 27

• Do you feel that your present hours accommodate the
public?

Approximately 97 per cent of the banks replied affirma­
tively to this question. Thus, there is a very high degree
of confidence that the customers have ample time to con­
duct their banking business within the present banking
hours.
• Do you feel that your current hours pose a problem
in hiring qualified help?

In Iowa and Nebraska, especially in the larger popula­
tion areas, current hours posed a difficulty for a signifi­
cant percentage of bankers. It was a moderate difficulty
in Wyoming and South Dakota.
Hiring Difficulties
1-1,000

%

%

yes no
25 75
0 100
0 100
0 100
6 94
0 100
9 91

1,0005,000

%

%

yes no
13 87
15 85
0 100
5 95
9 91

5,00010,000

%

%

yes no
20 80
16 84
0 100

10,00050,000

%

%

yes no
36 64
15 85
10 90
0 100
10 90

over
50,000

%

%

yes no
36 64
28 72
0 100

Iowa
Nebr.
Minn.
N. D.
S. D.
Mont.
Wyo.
These are some of the comments made in response to
Northwestern Banker, August, 1968

32

y

. . . “ a six-day week is confining”

the question, do your current hours pose a problem in
hiring qualified help:
Iowa, 40,000 population, deposits $32 million: “They
certainly did before our recent change to a five-day work
week.”
Iowa, 25,000, deposits $28 million: They are a problem
“as we are competing with larger industries who observe
a five day week.”
Iowa, 1,500, deposits $4.5 million: “Yes, a six day week
is confining. While closing at noon on Saturday, bal­
ancing holds employees until 1 or 2 o’clock.”
S. D., 75,000, deposits $15.5 million: “No, help hours are
staggered.”
S. D., 1,500, deposits $5 million: “No, bank officers take
up the ‘slack’ during early and late hours.”
S. D., 1,500, deposits $4.5 million: “Yes. Starting salary
for a five and one half day, 40 hour week is not high
enough—corporate five-day week gets the help.”
Nebraska, 15,000, deposits $20 million: “Yes, female em­
ployees do not like to work on Saturdays.”
Nebraska, 400, deposits $2.4 million: “No, we use stu­
dents for night hours and Saturdays.”
A wide variety of comments was received in response
to the last question. These comments are listed by state
and size of town. The final request was:
• GENERAL COMMENTS ON CURRENT TRENDS
IN BANKING HOURS:
Iowa, Under 10,000 Population:

“We believe there will be more banks lengthening
hours. This follows the trend we see with shopping cen­
ters and department stores.”
“ It is our opinion that in the rural communities the
bank owes its existence to the local people and should
therefore remain open to add its support to the local
stores for drawing of people.”
“Hours should be uniform. Drive-up windows and park­
ing lot offices are forcing longer hours and more per­
sonnel problems.”
“Hours should be county-wide or state-wide.”
“No matter how long we stayed open, the same ones
would be the last in.”
“Saturdays remain quite substantial business days in
rural and commuter areas.”
“Would like to close entire bank Saturday, but drive-in
business is too good—Friday afternoon business is pick­
ing up though.”
“We will go to longer banking hours when drive-in
window is available.”
Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

Iowa, Over 10,000 Population:

“Uniform banking hours in each city should be adopted
to enable the public to do their banking. At present
public is confused as to hours.”
“ Trend in this area seems to be to shorten main bank
hours and lengthen motor bank and branch bank hours.”
“The trend toward longer hours, six day weeks, etc.,
will be costly to banking in both actual expenses (without
compensating increases in income) and in the resulting
damage to the position of banking when competing for
qualified help (at all levels) in the marketplace.”
“Would like to see all banks in Iowa closed on Satur­
day.”
“Trend to shorter hours may need watching from
competitive standpoint when S & L’s offer longer hours.”
“With drive-up facilities and after hour walk-up
windows, banking hours are limited only by one’s imagination.”
“We feel that with three banks in our city, it is too
bad that we cannot have uniform hours. Not even two
of the three have hours that are uniform.”

\

^

'<

Nebraska, Under 40,000 Population

“Our area of western Nebraska is going to closings
on Saturday—all day.”
“It would seem that the trend is to offer more hours
to the public.”
“I believe that if banks were open 12 hours a day there
would still be persons that would want longer and dif­
ferent hours.”
“ Tendency to reduce the hours.”
“Possible longer hours for drive-up facilities.”
“We feel that the trend toward more hours is overdone
and makes it more costly and a burden for all concerned.”
“We feel our banking hours are compatible for both
the customer and the employee. Thursday evening open­
ing and night depository have replaced Saturday require­
ments in our farming community.”

y,

X

Nebraska, Over 10,000 Population

“ I believe banks must close one day a week—hopefully
Saturday—if not the unions will come in and organize.”
“Trend to ‘people’ hours, not bank hours.”
“Believe we went overboard in staying open until 5:30
on Tuesday, Wednesday and Thursday, in addition to
being open Monday and Friday evening until 7:30. A
couple of late nights would be enough for our customers.”
“Seems to be following needs of public—much better
than setting hours to match competition.”

^

33

. . . “should be uniformity in banking hours"

Minnesota, Under 10,000 Population

“Talk of having installment loan department and insur­
ance department open longer.”
“We expect that banking hours will lengthen.”
“ Started closing on Saturdays about 7 years ago—no
problems.”
“Everyone is trying to outdo his competitor.”
“Every community must dictate within reason what
hours a bank should remain open, regardless of the per­
sonal feelings of bank personnel.
“The large banks pushed the small country banks into
shorter hours, now they are going the other direction
and maintaining longer hours. Next they will be open
on Sunday.”
“We are one of two banks in our county that have
Saturday morning hours. It has come to be our most
active day.”
Minnesota, Over 10,000 Population

“We feel that additional hours will certainly pose a
problem in keeping help. We find a problem now of
hiring qualified help even through our hours are not ex­
cessively long.”
“Longer hours are inevitable.”
“Our 12 full hours of banking on Friday is very
popular.”
“We believe that there should be uniformity in bank­
ing hours and believe the trend to longer hours is not in
the best interests of banking.”
“Very disturbing and very confusing to the public
when there are so many different hours being used.”
“Banks must be desperate for business to open Satur­
days.”
“Believe we should be open more hours and maybe
even have to reopen Saturdays til noon.”
North Dakota, Under 2,000 Population

“ Some of the newly opened banks being desperate for
deposits have day and night opening. We do not have
that kind of competition here . . . we close at 4 p.m.”
“We would like to close Saturday if other banks in our
trade area would agree to it.”
“ In a small town such as ours we are on call at many
hours outside banking hours. Many people come to the
house for emergencies.”
“ I feel that most banks are going to a five day week
and staying open one night a week.”
North Dakota, Over 10,000 Population

“ I feel banks should have doors open as the traffic
bears and meet the needs of customers.”

“Hours have become one of the competitive features
which means that longer and not shorter banking hours
will result.”
South Dakota, Under 1,000 Population

“We just recently extended our hours to include the
noon hour. Prior to this we had been closed, but we feel
that the added hour at noon has provided a needed service
to the customers.”
“ . . . Wish all banks were closed Saturdays. Impossible
to keep even a minimum staff on Saturdays. Ninety-five
per cent of our Saturday customers could handle their
banking needs on a week day.”
“There are getting to be more and more of the bankers
in our area thinking of closing Saturdays.”
“ Several banks have initiated Saturday closing in the
area. We feel this is welcome progress.”
“We would like to close Saturdays, but it is one of our
best days. Tried evenings, but it’s no good.”
“Believe one night of evening opening hours is of much
benefit to the general public.”
South Dakota, Over 10,000 Population

“Possibly longer hours downtown to compete with out­
lying banks.”
“Would like to be open all day and evening on Friday
and close Saturdays. Other bank in town doesn’t agree.”
“ It’s quite obvious that banks will have to be as com­
petitive with hours as other retail businesses.”
Wyoming

“We started closing Saturdays in June of 1967 and have
found this cuts down our over-time and also keeps our
girls very happy. We stay open now on a lot of holidays
which we used to take. These were Washington and Lin­
coln’s birthdays, Arbor Day and Columbus Day.”
“Banking hours will need to conform to public needs;
we would certainly change our hours if our customer
demand wanted us to.”
Montana

“ If, as we believe, we adequately serve the public with
our hours, it then follows any increase in banking hours
will largely add to our overhead without compensating
income. As we all know, no matter how late we might
extend hours, certain people will always be the last
ones in!”
“There does not seem to be any indication of a change
in the current banking hours.”
“Banks can effectively serve the public on a five-day
week basis.”
Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

34
■ Following are highlights of the speech presented by Dr. Smith
baum before the Second Agricultural Data Processing Workshop.
The workshop, held recently in St. Louis, Mo., was co-sponsored
by the agricultural and automation committee of the American
Bankers Association.

F YOU look back over the history of banking in the
United States, it would seem to me that you can’t
help being struck by the fact that banks have, in my
opinion abdicated from tremendous areas of financing
that should be rightfully theirs. I don’t think it is neces­
sary or pertinent to go into the reasons why the banks
have abdicated this business, but the fact remains that
they have.
For example, one tremendous area of financing where
the banks missed the boat was automobile financing.
Another large area that got away from the banks was
the financing of installment sales of other hard goods
besides automobiles.
A third area of financing that the banks let go by de­
fault is the mortgage loan field. The savings and loan
companies and the insurance companies have just about
taken this business away from the banks. And now, of
course, the savings and loan banks want to move in on
some of the other functions that have historically been
handled exclusively by the commercial banks. They will
do it, too, if the commercial banks don’t put up a united
front to stop them.
You may give me all kinds of arguments as to why the
banks left these large areas of financing to other institu­
tions, but the fact remains that they did and now, by
the use of credit cards, advertising campaigns, etc., you
are trying to get some of this profitable business back.
And you are probably finding, like we do, that it’s harder
to get a customer back once you have lost him than it is
to keep him when he is yours.

I

AÀ..

m \\
vvV *

ËB
^ E ià f e E L -

A g Financing.
Big
¡tank
Business

B y W . D. N U SB AU M
V ic e P r e sid e n t and T r e a su r e r
R a lston P u rin a C o m p a n y
S t. L o u is. M isso u r i

Northwestern Banker, August, 1968

,■<f

V

A

This brings me to the major point of my talk. In my
opinion, the hanks are on the verge of giving up another
tremendous area of financing that should he theirs— and
they are going to lose it for the same reasons that they
lost the automobile business and the mortgage loan busi­
ness.

These reasons are:
1. A reluctance to change their thinking.
2. A desire to maintain the status quo .
3. A lack of imagination or willingness to try some­
thing new.
4. An unwillingness to spend the necessary time and
energy to get the facts on another industry and then
keep up-to-date with the latest developments.
This large sector of the American economy that the
banks are on the verge of letting go by default is in the
area of financing agriculture.
Agricultural Financing

Agriculture is by far our largest single industry. It
is the largest user of capital and credit and the largest
customer of industry. Agriculture today has the highest
capital requirements per worker of any industry—some­
thing like five times the capital requirements per worker
in the steel industry, for example.
We all know that our farms are getting bigger—that
fewer numbers of farmers are producing the food for
our expanding populations and that the trend toward
enlarged commercial farms is increasing rapidly. We are
convinced also that the trends to larger feeding units
that we have witnessed in the past 10 years will be slow
in comparison to the trends we will see in the next
10 years.
My company, the Ralston Purina Company, is a tre­
mendous user of grain, soybeans, alfalfa meal, beet pulp,

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

y

A

35

mill feeds and other agricultural products. However,
since we are just purchasers of these items and are not
engaged in the production or financing of them, I won’t
attempt to discuss the financing of these crops in my talk.
We are vitally concerned, however, with the production
of meat, milk, eggs, hogs, cattle, sheep, turkeys, broilers,
laying hens, etc., so my remarks will be devoted pri­
marily to the financing of this segment of the agricul­
tural economy.
In the past 20 years our company has handled more
than $4V2 billion in feeder finance loans. I don’t know
the total of all feed company loans, but it is staggering.
Bankers by Necessity

♦

,

x

Yet, we are not bankers by choice, but by necessity.
The financing of the livestock and poultry feeders of our
nation offers a wonderful opportunity for sound and
profitable business to the local banker and the P.C.A.
Every year more and more bankers are entering this
field and many more are seeking information about the
soundness and profitability of such loans.
There is a genuine need for sound expansion of agricul­
tural loans in practically every community. To fully ap­
preciate this need and the opportunity it offers to bank­
ers, looking at some things that have been happening
on the agricultural front in the past 30 or 35 years pro­
vides valuable background. I would like to mention just
two, because they have such a direct bearing on what I
want to say.
The first of these has to do with the tremendous rate
of expansion in the production of meat, milk and eggs,
as compared to the expansion of crop production.
In 1925, cash receipts from farm marketing were $5,545
billion from crops and $5,476 billion from poultry and
livestock. As you can see, the income from crops on one
hand, and livestock and poultry on the other, were about
equal. In 1966, however, cash receipts from crops were
$18,213 billion vs. $24,666 billion from poultry and live­
stock.
During the past 41 years crop income has tripled,
whereas poultry and livestock income has increased
almost five times. This means that the production of
meat, milk and eggs in virtually every community has
become big business.
The second major change in agriculture has to do not
with the farm income, but with the farmer himself. We
are dealing with a far different type of customer and
credit risk than we were 20 to 25 years ago. I mentioned
earlier our farm population had dropped from 31 million
down to about 12 million at the same time our popula­
tion was increasing from 115 million to 196 million.
Moreover, as we look to the future, it seems clear
that more food and fiber will be produced on larger
farms but from fewer total acres, with less labor, but
with much more equipment. More of the elements used
in production, such as fertilizer, herbicides, feed and
power, will be purchased off the farm as the farmer be­
comes materially less self-supporting than he tradition­
ally has been.
These circumstances—the rapid replacement of oat-bin
power by new technology and the continued substitution
of relatively cheap capital for high-priced labor—pre­
sents the nation’s banking industry with a challenge of
major proportions and great opportunities.
Mounting Credit Needs

'

Bankers know better than anyone else that an indus­
try which grows as fast and as large as the feed business
and the poultry and livestock industry needs credit in
increasingly large amounts. The need for credit was

relatively small 25 or 30 years ago. Most farmers who
had livestock and poultry either raised most of their
own feed or bought in such small quantities that credit
was not involved.
In those early days, credit for livestock and poultry
production, in many cases, was not a sound proposition
for a banker or anyone else. Death losses from disease
and parasites sometimes wiped out a farmer’s profits on
an entire year’s operation. Scientific feeding, manage­
ment and sanitation practices were unknown. In short,
the feeding of poultry and livestock got the reputation
of being risky business. Unfortunately, that reputation
has stuck in the minds of many people, long after the
basis for it has ceased to exist.
Now I think it’s important that we look at the need
for credit and the size of the credit operations we are
talking about. We think nothing today of a 60,000,
100,000 or 300,000 bird laying operation—in fact, we know
of several who have one million or more birds on feed.
We have 10,000, 20,000 or 30,000 head cattle feedlots; 4,000
and upward pig operations; 50,000 to 100,000 and up as
high as 500,000 turkey operations. Each one of these is
practically an industry in itself.
The average farmer raising poultry and livestock
spends far more to purchase feed than for any other cash
outlay in connection with his business. For example, the
total cash outlay for feed for 30,000 turkeys would be
$111,000; for 1,000 steers, it would be $14,000 for supple­
ment only.
In these and all other livestock and poultry feeding
operations the principle is the same. Feed represents by
far the biggest single item of production cost. In most
feeding operations it represents around two-thirds of
the total cost of production.
Any sale to a consumer which requires such large cash
outlays must be financed by someone. This is true
whether the product is an automobile, refrigerator, trac­
tor or combine. Sales of all of these products are depend­
ent, in a large majority of cases, upon a finance plan, as
you well know. And exactly the same thing is true of
feed.
This finance plan can be operated by the manufacturer
himself; by a separate finance company established by
the manufacturer, such as the General Motors Accept­
ance Corporation, or by the local banks and P.C.A. Some­
one is going to do this financing in your community.
The only question is, who is going to do it?
Increasing Capital Requirements

During the first half of this century, about 85 per cent
of the new capital invested in agriculture came from
farm earnings, but the situation is drastically different
today. The very high and rapidly increasing capital re­
quirements cannot now be met with the narrowing after­
tax profit margins.
Capital flows into all agricultural areas in varying
amounts from many sources, including: government, in­
surance companies, finance companies, manufacturers
and distributors, the P.C.A.-Federal Land Bank team and
many others.
A recent survey of the American Bankers Association
indicates that hanks now furnish less than one-half (41
per cent in fact) of the total non-mortgage farm credit.
It is a real challenge to hanks that the group identified
as merchants, dealers, finance companies, individuals
and others furnishes more of this credit than do banks.

A little over 30 years ago there were no P.C.A.’s. Yet
by 1955, they were providing one-fifth as much nonAG FINANCING . . .

(Turn to page 42, please)
Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

StartinffSalaries

B y L E W IS E . D A V ID S
H ill P r o fe s s o r o f
Bank M anagem en t
U n iv e r sity o f M isso u r i
C o lu m b ia , M isso u r i

Executive Trainees
UMMER generally provides the professor with a
brief hiatus and a convenient time to re-evaluate
the meaningful developments of the recent past.
One such interesting area is starting salaries in com­
mercial banks for college graduates.
In 1963, according to data of the placement department
of the Graduate School of Business Administration of
the University of Michigan, the median monthly salary
of their college graduates entering banking was $600
with a range from $525-$719.
This was the lowest of their several “finance majors”
job areas. For example, finance majors going into cor­
poration finance in 1963 from the University of Michigan
had median monthly salaries of $650 and a range of
$600-$745.
Douglas A. Hayes of the University of Michigan, in an
informal survey at that time says, “banks making salary
offers lower than the median were highly unsuccessful
in obtaining acceptances—to obtain outstanding loan offi­
cer candidates some further liberalization of starting sal­
aries will be required in the future.”

S

Time for a Hard Look

Now, five years later, is an appropriate time to take a
good hard look at what has happened to salaries paid by
banks and their business competitors both at the gradu­
ate (M.B.A.) and the undergraduate (B.S.) level.
At the time of this writing, I do not as yet have the
salary figures from the University of Michigan, but I do
have those from the University of Missouri at Columbia
and at Rolla. The University of Missouri has in the past
shown slightly lower offers as being received by its
graduates than the University of Michigan. There is a
tendency for northern schools to report somewhat higher
salaries than those schools in the south and midwest
partly at least as a result of the higher cost of living in
the north.
Here is how the monthly salaries for the average re­
cent college graduates of the School of Business and Pub­
lic Administration at the University of Missouri-Columbia have risen.
Monthly Salary of Average (B.S.) Graduates
University of Missouri

(Arithmetic Average)
196465 ................................... $550
196566 ................................... $599
196667 ................................... $622
196768 ................................... $654
In the four-year period salaries have gone up better
than $100 per month or over $1,200 per year.
Interestingly, the broad spread of offers of baccalaure­
ate graduates was from $478 to $800 per month. The
Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

most frequent (modal) salary was $725 per month show­
ing an upward skew.
The graduate students—that is, those with M.B.A.,
M.A. or M.S.—averaged $853 per month or about $200
more per month than their “bachelor” brothers.
Masters salaries ranged from $700 per month to a non­
representative high of $1,080 per month with the most
frequent (modal) figure being $850 per month.
The $1,080 figure incidentally was paid to an exception­
ally qualified finance major. He went to work for a ma­
jor oil company, not a bank.
Banking Salaries

We have just reviewed some of the general figures of
monthly salaries for college graduates of M.U. Now let’s
get a bit more specific as to banking salaries.
In 1968, 14 banks out of 356 companies, the same num­
ber of banks as in 1967, interviewed on the M.U. campus.
In 1965, only six banks interviewed on the M.U. campus.
It is hard to generalize as to the significance of the 14
since a good number of my banking students chose to
interview banks and bank supervisory agencies off cam­
pus. Still others returned to a bank from which they
had been on leave or had summer employment or which
due to family ownership had a call on the student.
It was interesting, however, to observe that with one
noticeable exception, the bank interviewers were espe­
cially interested in students with advanced degrees.
That one Missouri bank said it would not offer a M.B.A.
graduate student a premium over a B.S. student. Need­
less to say, the bank did not have to test its convictions
since the M.U. M.B.A.’s optioned for “greener pastures.”
It did represent a unique approach which just might
work in some cases of a “dedicated” individual who
wishes a specific job in a specific city bank, but the vast
majority of college students, baccalaureate or graduate,
are highly mobile. They are selective. Typically, they
have several alternative offers. This is especially so for
the average and above average student. It is not true
of the below average student who finds it relatively diffi­
cult in obtaining a job offer from the type of company
which interviews on major college campuses.
Finance Majors in Many Fields

There is another observation which relates to a situa­
tion which many academicians are aware of. It is that
more than a small proportion of college students who
adopt a “major” such as finance, accounting, marketing
or personnel will wind up in an industry which at first
impression does not seem related to the major. Thus, a
STARTING SALARIES . . .

(Turn to page 44, please)

37

Howto recoveron$609,949
in stolen checks!
Come to Kodak.

The State Bank of Albany, as
a matter of established practice, uses a R ecordak
Microfilmer to record all transit checks—not only
for security, but to save clerical time and elimi­
nate hand transcription errors as well.
W hen “ what couldn’t happen” recently hap­
pened and the checks were stolen in tr a n s itchecks totaling $609,949—Kodak came to the res­
cue fast.
A t no extra cost, Kodak made photographic fac­
similes from the microfilm records of the checks,
which the bank promptly forwarded in lieu of the
stolen originals. And the bank has already col­

lected on m ore than 9 9 % of the ch eck s . . . and an­
ticipates full recovery any day now.
A ll because the transit checks had been re­
corded on R ecordak Microfilm.
It’s something to think about.
W ould you be as well protected as the State
Bank of Albany if your checks were stolen in tran­
sit?
You would with a R ecordak Microfilm System
by Kodak.
For details, contact: Eastman Kodak Company,
Business Systems Markets Division, Dept. 0-8 ,
Rochester, New York 14650.

I lili I I ' Il I I H ' I

.I : '

" ■. .

€ SJPDfíÉ( Microfilm Systems by Kodak

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Federal Reserve Bank of St. Louis

Northwestern Banker, August, Î968

38

Hankers You Knote
S. •/.
President
Winona National and Savings Bank
Winona, Minnesota

APABLE, crisp, courteous, cou­
rageous—that’s Kris. Kris being
S. J. Kryzsko, president of the
Winona National Savings Bank, W i­
nona, Minn. He’s known as Mr. Pub­
lic Service—not only in his own com­
munity, but throughout the nation­
wide industry of banking as well. He
is public service personified, and his
career is and has been a full-service
endeavor of the highest order, with
wide-range, richly rewarding results.
Kris’s banking career began at the
Farmers and Merchants State Bank in
his home town of Greenbush, Minn.,
located in the northwestern corner of
the state. He became stenographer,
janitor, teller—you name it—but he
learned banking.
The Greenbush bank had connec­
tions with Winona National and Sav­
ings Bank, then known as the Wat­
kins Bank, so it was natural for Kris
to move to the Winona Bank when
the bank at Greenbush closed in 1925.
He chose the Winona bank largely
because of its affiliation with the
American Institute of Banking.
Kris has had a major influence on
the bank’s growth during the last 43
years. He has worked his way up
through the bank, beginning at teller,
then general bookkeeper, assistant
cashier, vice president, senior vice
president, director in 1946 and finally
president in 1949.

C

He credits much of his progress to
courses of study provided by the AIB
Institute. He completed the entire
AIB curriculum and also attended the
Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

Stonier Graduate School of Banking,
graduating in 1941.
Kris also credits his success to the
experience provided by activities in
the Minnesota Bankers Association,
as well as the American Bankers As­
sociation. He has served on the AIB
Executive Council, as ABA state vice
president and regional vice president.
His career also includes other ABA
committee assignments, such as gov­
ernment borrowing and organization.
He was three times a member of the
ABA Executive Council, twice by
presidential appointment; the third
time in recognition of his retirement
as president of the MBA in 1952. He
is currently serving his fifth term as
chairman of the ABA Savings Bonds
Committee.
Kris has a strong belief in the im­
portance of education and has re­
mained constant to this belief through
his career by working to improve
education throughout Minnesota. He
was a member of the Minnesota Col­
lege Board for 15 years and president
of the board from 1947 to 1961—a fact
cherished by Kris, as he was appoint­
ed by both Democratic and Republi­
can governors.
A friend who served on the board
when Kris was president had this to
say: “Bar none, I have never known
another president who saw to it that
his board worked so diligently and
efficiently. We kept right on going,
all the time, with good feelings all
around. Kris was a wonder; he did
a magnificent job.”
One of the imposing buildings on

the Winona State College campus,
Kryzsko Commons and College Cen­
ter, was named in Kris’ honor for his
work in establishing a revenue bond
financing program to construct needed
campus buildings on state colleges.
The bank building in which Kris
presides is also very imposing. It was
designed by George W. Maher, re­
nowned Chicago designer of earlier
years, who favored the Egyptian. The
same geometric element of receding
rectangles within rectangles is used
throughout the entire bank. Giant
columns of North Carolina granite, 37
feet high and weighing 32 tons, grace
the building’s main entrance. The
floors are of marble, with green mar­
ble from Greece as trim. The vault
weighs over 22 tons, and the struc­
ture’s art glass windows are by Tiffany—each a collector’s item.
The bank emblem, the Golden Lion,
relates to a keen interest in one of
the institution’s founding families—
the Kings—members of which were
great hunters. On the second floor of
the bank is a museum of trophies
from the hunting expeditions and a
fine collection of guns, dating back
to very early collector’s models.
Kris is married to the former LaVone Bradley, a native of Minnesota.
They have been married 34 years and
have two daughters, Camilla and
Karen. Camilla has a master’s degree
in social work from Catholic Univer­
sity, Washington, D. C., and is a social
BANKERS YOU KNOW . . .

(Turn to page 40, please)

U

L

y

-

Y

y

39

-A

Chem ical
JNewYork

)

Directors
WILLIAM S. RENCHARD
C h a irm a n

HULBERT S. ALDRICH
V ic e C h a ir m a n

HOWARD W. McCALL, JR.
P r e s id e n t

JOHN L. GIBBONS
C h a ir m a n o f T r u s t C o m m it t e e

CHEMICAL BANK NEW YORK TRUST COMPANY

CONSOLIDATED STATEMENT OF CONDITION
At the close of business June 30, 1968

)
W 3$

iiii

IP
g il!;
I l i

K

IH

C h a ir m a n , H a r r is , U p h a m

& C o. In c o rp o ra te d

C h a ir m a n o f E x e c u t iv e C o m m it t e e

Assets
Cash and Due from B a n k s ..............................................
Securities:
U. S. Government .........................................................
State and M u n ic ip a l...................................................
Other
..........................................................................
TOTAL SECURITIES
Total Gross Loans...............................................................
(Less) Reserve for Possible Loan Losses . . . .
TOTAL NET LOANS
Bank Premises and E quipm ent........................................
Customers’ Liability on A c c e p ta n c e s .............................
Accrued Income Receivable..............................................
Other A s s e t s ....................................................................
TOTAL ASSETS

HENRY UPHAM HARRIS
HAROLD H. HELM

$1,828,282,604

RICHARD K. PAYNTER, JR.
C h a i r m a n o f the B o a r d ,
N e w Y o rk L ife In s u r a n c e C o m p a n y

ROBERT G. GOELET

541,976,403
750,434,845
34,522,884
1,326,934,132
5,155,172,891
93,607,376
5,061,565,515
77,463,862
145,784,001
58,302,477
89,292,387
$8,587,624,978

Liabilities

R e a l E s ta te a n d In v e s tm e n t M a n a g e m e n t

KENNETH E. BLACK
C h a ir m a n o f th e B o a r d ,
T h e H o m e In s u ra n c e C o m p a n y

HENRY L. HILLMAN
P r e s id e n t, P it t s b u r g h C o k e & C h e m ic a l C o m p a n y
P i t t s b u r g h , Pa.

H. 1. ROMNES
C h a ir m a n o f th e B o a r d ,
A m e r ic a n T e le p h o n e a n d T e le g r a p h C o m p a n y

LAMMOT duP. COPELAND
E.

1. d u P o n t d e N e m o u r s & C o m p a n y
W ilm in g t o n , D e l.

GRANT KEEHN
V ic e C h a ir m a n , T h e E q u it a b le L i f e A s s u r a n c e
S o c ie ty o f th e U n ite d S ta te s

J. IRWIN MILLER
C u m m in s E n g in e C o m p a n y , In c .
C o lu m b u s , In d .

Deposits:
Dem and..........................................................................
Savings and Other T im e ..............................................
London O ffices...................................................
. .

$4,528,335,453
1,908,813,989
828,508,731

TOTAL DEPOSITS
Funds B o rro w e d ...............................................................
Acceptances O u ts ta n d in g ..............................................
Provision for Taxes and Other E x p e n s e s .......................
Dividend P ayab le...............................................................
Other L ia b ilit ie s ...............................................................
TOTAL LIABILITIES

7,265,658,173
293,503,272
150,017,681
48,707,408
7,886,303
212,876,097
7,978,648,934

GEORGE R. VILA
C h a ir m a n a n d P r e s id e n t,
U n ir o y a l, In c .

CROWDUS BAKER
V ic e C h a ir m a n , S e a r s , R o e b u c k a n d C o .
C h ic a g o , III.

ROBERT C. TYSON

C h a ir m a n , F in a n c e C o m m it t e e , •
U n ite d S ta te s S te e l C o r p o r a tio n

J. WILSON NEWMAN
C h a ir m a n o f th e B o a r d ,
D u n & B r a d s tr e e t, In c .

W. THOMAS RICE
P r e s id e n t,
S e a b o a r d C o a s t L in e R a ilr o a d C o m p a n y
J a c k s o n v ille , F la .

WILLIAM P. MARSH, JR.
P r e s id e n t,
N a tio n a l D is t ille r s a n d C h e m ic a l C o r p o r a tio n

Capital
Capital Notes 5%% Due 1992 ........................................
Stockholders’ Equity:
Capital Stock, $12 Par Value
Shares Authorized 16,700,000
Shares Outstanding 13,143,838 .............................
S u rp lu s ..........................................................................
Undivided P r o f it s .........................................................
Reserve for C o n tin g e n c ie s ........................................
TOTAL STOCKHOLDERS’ EQUITY
TOTAL CAPITAL
TOTAL LIABILITIES AND CAPITAL

50,000,000

D i r e c t o r a n d M e m b e r o f t h e E x e c u t iv e C o m m it t e e ,
T e x a c o In c .

FRANCIS R. ELLIOTT
C h a ir m a n o f th e B o a r d , B o rd e n , In c .

157,726,056
292,534,323
101,862,861
6,852,804
558,976,044
608,976,044
$8,587,624,978

Assets carried at $642,968,406 in the foregoing statement were
pledged to secure public funds and for other purposes required by law.
Member Federal Deposit Insurance Corporation

%

AUGUSTUS C. LONG

141 Offices in Greater New York
MAIN OFFICE: 20 Pine Street, New York, N.Y. 10015
LONDON BRANCHES: 10 Moorgate, London, E. C. 2 • 13 Davies Street, London, W. 1
REPRESENTATIVE OFFICES: Paris • MexicoCity • Manila • Caracas • RiodeJaneiro
Buenos Aires ■ Bogota

LEWIS P. SEILER
C h a ir m a n o f th e B o a r d ,
A s s o c ia te d D r y G o o d s C o r p o r a tio n

T. VINCENT LEARSON
P r e s id e n t,
I n t e r n a t i o n a l B u s in e s s M a c h in e s C o r p o r a t io n

G. KEITH FUNSTON
C h a ir m a n o f th e B o a r d ,
O lin M a th ie s o n C h e m ic a l C o r p o r a tio n

Advisory Committee
FRANK K. HOUSTON
N. BAXTER JACKSON
JOSEPH A. BOWER
THOMAS R. WILLIAMS
JOHN K. ROOSEVELT
ADRIAN M. MASSIE
ROBERT J. McKIM
FREDERICK E. HASLER

MAURICE T. MOORE
JAMES BRUCE
B. F. FEW
GILBERT H. PERKINS
ISAAC B. GRAINGER
CHARLES H. KELLSTADT
HAROLD W. COMFORT
C. W. NICHOLS, JR.

I*

\

f


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Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1968

40

Open N ew

national factoring firm headquartered
Rniltiinifin M ioehford
here.
Pedersen retains his present title of
assistant treasurer and in addition to
his general financial activities directs
the sale of the company’s commercial
paper. Commercial paper sales in 1967
exceeded $2 billion.
A 16-year veteran in the finance
field, Pedersen joined Heller in 1963.

^

.A-

Harris Starts
“ Click/Charge.lt”

DEDICATION CEREMONIES were held in Rockford, 111., recently for the $2,000,000
new building complex of The First National Bank and Trust Company. Raymond F.
Applequist, president, presided at the ceremonies which were attended by numerous city
and business executives. The first phase of construction was the five-story high rise
structure. The second phase was the one and one-half story banking lobby. The new
building has 65,000 square feet; drive-in banking with six Diebold television auto teller
units; parking for 27 cars; four night depositories, and an EDP center housing the
computer equipment. The 1854 Room, named after the date the bank was founded,
contains memorabilia acquired during the bank’s growth to its present size of $82 million
in deposits. Approximately 10,000 persons toured the new building. Executive vice
president of the bank is Howard E. Bell, Jr., who is the son of H. E. Bell, president of
First National Bank of Colfax, Iowa, and serves on the board of directors of the Colfax
bank.

BANKERS YOU KNOW . . .
(Continued from page 38)
worker in Denver. Karen has a mas­
ter’s degree in fine arts from Cranbrook Academy of Art, Bloomfield
Hills, Mich., and is a computer pro­
grammer in Minneapolis.
When asked to recall some of his
most memorable experiences as a
banker, Kris recounted the day when
his bank, then known as the Watkins
Bank, received the telegram from the
Comptroller of the Currency to close
the bank. He stated, “ I was the teller
in the savings department. Actually,
while there had been runs on banks
and some banks had closed, believe it
or not, our bank was in good shape,
and our deposits had gone up slight­
ly.”
Kris has a special enthusiasm for
th U. S. Savings Bond Program and
recounts one of the most memorable
occasions in his life as the time he
received the Liberty Bell award for
distinguished services to the bond
program. The award occupies a place
of honor in his office.
In addition, Kris has received nu­
merous other awards and trophies. On
the shelves and walls of his office are
the Golden Service Award from Kiwanis; 1967 Silver Beaver Award of
the Boy Scouts; 1956 King of Wino­
na Carnival award; director of the
YMCA; president of the Kiwanis club;
Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

exalted ruler of the Winona Elks
Lodge; 1962 Bishop’s Catholic Action
Award and many more.
A brass plaque dominates one wall
of the office. It was run as an ad by
the local newspaper, carrying a blow­
up of Kris’ listing in “Who’s Who in
America.”
Kris emphasizes personal satisfac­
tion as probably the greatest return
that he has received from his invest­
ment in dedicated public service. He
said, “There’s the knowledge that
you’re really a working part of the
community; that you’re doing some­
thing worthwhile to further its in­
terests. Of course, you must make
certain personal sacrifices. Sometimes
there is sharp—and many times un­
justified-criticism of one’s activities
until the true facts are known.
“When you become involved in the
national community of interest—
when you accept assignments that
are related to the government and
the good of the nation—then your sat­
isfaction broadens. You get the feel­
ing that you have risen above your
everyday activities as a business­
man.”—End.

Walter E. Heller Promotion
Francis D. Pedersen has been
elected a vice president of Walter E.
Heller & Company, Chicago, diversi­
fied commercial finance and inter-

Harris Trust and Savings Bank,
Chicago, has announced a new money
Y
management sy stem combining a
charge card and a checking account
with cash reserve privileges. Harris
^
calls the system Chek/Charge.It.
According to Harris president Wil­
liam F. Murray, Charge.lt cardholders
who have or who open checking ac­
counts with the Harris may apply for
credit lines of $500 to $2,000 to have
Chek/Charge.It privileges. Those who
qualify for the credit line can then pay
for purchases on their Charge.lt account by either using their charge card
or writing a check. “ There are already
over 60,000 merchants who accept
Charge.lt cards,” Murray said, “and
with this new system charge card pur­
chasing power is extended to any store
A
that will honor a personal check.”
When a Chek/Charge.It customer
pays for a purchase by check and
v
money is needed in his checking ac­
count to cover part or all of the pur­
chase, a loan is automatically initiated.
The loan is credited to his checking
account in increments of $50. On
receipt of his monthly
Charge.lt ^
statement, he can repay the full loan.
Of he can repay it in monthly install­
ments similar to other credit card
x
installment purchases.
Mr. Murray said the Chek/Charge.
It system can also be used to obtain
personal loans, by writing a check for
cash up to the limit of the customer’s
credit line.
*

Franklin National Changes
Executive Officer Duties
Arthur T. Roth, chairman of the
board of Franklin National Bank, New
York, announced that the bank’s board
of directors, acting on his recommen­
dation, adopted a change in the bank’s
by-laws transferring the duties of
chief executive officer from the chair­
man to the president.
Harold V. Gleason, 49, who was
named to the post of president last
July becomes chief executive officer
of the $2.4 billion institution to take
effect immediately.
Mr. Roth, who will be 63 in Decem­
ber, will continue as chairman.

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41

INNOVATION
A nother good reason why more banks
do business with Chase M anhattan
than any other bank in the world

The bank with the wide
world reach offers you
innovation, imagination,
scope, creativity, vision five extras beyond routine
correspondent service. We think they’re
why Chase is the world’s number-one
bankers’ bank.
Never content with the routine
performance of correspondent services,
classical or unique, we look for new ways
to help.
Call on Chase with confidence for
multinational service, foreign trade
transactions, or special transactions here
and abroad.
When you need service beyond the
routine, remember, you have a friend at
Chase Manhattan.
THE C H A S E M A N H A T TA N B A N K
N .A./l Chase Manhattan Plaza, N.Y., N.Y. 10015 • Member FDIC


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Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1968

42

Finiincini/

Work closely with your Purina dealer.
At/ttusinvss...
responsible for:

(Continued from page 35)
mortgage farm credit as were the hanks and, by last
year, were furnishing nearly one-third as much. In 1966
the 482 P.C.A.’s served more than 365,000 borrowers with
loans averaging more than $13,000 per borrower—a sub­
stantially higher average than that pertaining to banks.
The 1967 census of agriculture revealed that the loans
made by the P.C.A.’s were nearly 50 per cent larger than
those made by banks, and on a percentage basis they
have grown more than twice as fast as the banks in the
area of farm credit during the last 10 years.
In at least five states they supply more non-mortgage
credit than do the banks. Can it be that they know the
requirements and the capacities of your customers better
than you do?
Many banks have entered the field of poultry and live­
stock production loans in recent years. These bankers
will tell you that this business is not only highly impor­
tant to their communities, but is beneficial and profitable
to their banks.
Setting Finance Pattern

But our company is greatly concerned, because there
are many other communities where the need for local
financing is so great and where that need is not being
filled by the local banks. I sincerely believe that unless
those banks do awaken to this need and this opportunity
very soon, it will be too late, because during the next
few years the pattern of financing of this growing in­
dustry will be very definitely set. We sincerely believe
that this financing is essentially local in character and
that it rightfully belongs to the local financing institu­
tion. Financing feed on a program basis is fully as safe,
if not safer, than many other forms of financing which
bankers are doing today.
Makes Banks Offer
For the past several years, to encourage bankers to
invest in feeder loans, we have made a standing offer to
all cooperating hankers. That offer still stands today.
Any such banker can examine oiir list of loans in his
local area and select and take over from our list any of
those feeders he feels are definitely superior credit risks.

In an effort to put our money where our mouth is, we
are currently engaged in a nationwide program to en­
courage our salesmen and dealers to take their own fi­
nancial problems or their farmer customers’ financial
problems to the local banks, rather than bringing them
to Purina. At the same time, we are embarked on a
program of trying to point out to bankers the opportu­
nity there is for profitable business for them in the agri­
cultural area. Our people will be holding meetings with
hundreds of bankers across the United States in the next
few months.
Many bankers have asked us for our recommendations
as to safeguards and procedures in making such loans.
So, while we have no desire to tell bankers how to make
loans, we make the following suggestions solely for the
purpose of answering questions that have been asked
by bankers in the light of our own experiences and the
experiences and suggestions we have obtained from
bankers all across the country.
Poultry and livestock production loans should combine
maximum safety with profit returns commensurate with
the service and risk involved. To accomplish this, we rec­
ommend the following procedure:
Northwestern Banker, August, 1968


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

Hold the dealer

1. Recommending the feeder to be financed.
2. Setting up the feeder with a definite four-checker
program of good breeding, sound management, care­
ful sanitation and good feeding.
3. Careful and constant supervision of the feeding op­
eration throughout the life of the loan, to be sure
that the program agreed upon is actually followed.
4. Make plans for the marketing of the birds or ani­
mals satisfactory to the feeder, the dealer and the
banker.
5. Ordering and delivering feed as needed and turning
over the feeder’s notes he receives to the bank.
What other class of loans does the bank make where
this kind of outside guidance and supervision over the
security is available absolutely without charge? What
other class of loans does the bank make where the peo­
ple who supervise have just as great an interest in the
success of the operation as the banker does?
When many of our customers ask us for credit, I ask
them why they don’t go to their local bank. Frequently
they say, “Yes, I like my banker. He’s a fine fellow, but
he doesn’t understand my problems or my needs, and he
has not adjusted his lending policies to the changes in
my business.”
A respected agricultural economist recently said, “ If
banks do not adopt a more realistic lending policy,
they will continue to furnish a smaller percentage of
the credit used by agriculture.” I believe this is true.

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Principal Ag Input

The recent comment of an Iowa speaker was, “Bankers
should realize that capital is now the principal input in
agriculture.” During the past 20 years, land use in agri­
culture has remained about the same, while labor em­
ployed climbed 50 per cent and capital used has more
than doubled.
From the evidence, there is little doubt that techniques
employed in agricultural production have been changing
much more rapidly than the techniques used in manage­
ment of the business enterprise, including the financing.
The P.C.A.-Federal Land Bank comprise an effective
team of expert farm lenders. Their progress would in­
dicate that they are attuned to present demands and
that their policies are sound in meeting these demands.
At the same time, I am confident that the correspondent
banking system has the capacity and the flexibility to
service commercial agriculture fully and economically.
Our entire company philosophy is based on the prem­
ise that local financing needs should be provided by
local financing institutions. Our company has clearly
demonstrated that livestock and poultry production
loans, properly administered, are sound and profitable.
We stand ready and willing to work with any cooperat­
ing bank to help them get started in this phase of agri­
cultural credit.
Our major problem has been to get the local banker
to take the sound and profitable business that we can
offer him.
Your own association, The American Bankers Associa­
tion, has an aggressive program to try to interest more
country banks in agricultural loans, but they tell me it’s
a slow process.
It would be my hope that you men, as the financial
leaders in your communities, would see this opportunity
and accept it as a challenge and that the next time the
question is raised—“who will furnish the credit for agri­
culture?”—the answer would be, “the local banker—who
else?” —End.

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Federal Reserve Bank of St. Louis

44
Conclusion

Salarie. . .

Startinff
(Continued from page 36)

personnel major may obtain employment in a bank. He
may or may not subsequently work in the personnel de­
partment of a bank.
Of course, a sizable number of students do wind up in
the same field of interest as their majors.
Below are listed the high and low monthly salary of
undergraduate and graduate students by their major
field of study and by their field of interest. Non-repre­
sentative salaries such as the aforementioned $1,080 paid
to a finance major who was employed by an oil company
have been deleted from the summary of offers made by
356 companies to some 3,171 interviewed students. (In­
cidentally, there is some duplication since the better stu­
dents received several job offers and it is not uncommon
for students to interview more than one company, espe­
cially is this true of the students in the lower academic
range.)
UNIVERSITY OF MISSOURI-COLUMBIA SALARY
OFFERS
1967-68

Undergraduate

Graduate

Field of Interest

High

Low

High

Low

Finance ............................. . . .
Accounting ....................... . ..
Sales .................................... ...
Production Management . . . .
Administrative Trainee .. . ..
Government Agency ....... . . .

$650
$800
$833
$670
$800
$650

$597
$625
$400
$478
$555
$421

$900
$834
$954
$800
$834
—

$875
$750
$800
$650
$710
—

U ndergraduate
High

Major

Accounting .........................
Finance ..............................
Merchandising ..................
Industrial Management ..
Marketing ...........................
Personnel Management . . .
Public Administration . ..

. ..
...
...
. ..
...
. ..
...

$800
$625
$560
$750
$833
$700
$605

Graduate

Low

High

Low

$500
$575
$430
$520
$400
$478
$528

$925
$900
—
$954
$916
$900
—

$833
$875
—
$828
$700
$850
—

The blanks in the table are in those areas where there
were not sufficient offers to be represented.

Salary offers of college graduates are typically tabu­
lated as above and are available (to interviewing com­
pany representatives) by respective placement offices of
the universities. A few high prestige ivy league colleges
typically show substantially higher figures than those of
the University of Missouri. There are also regional vari­
ations between colleges. Smaller, less prestigious col­
leges typically have modestly lower dollar job offers than
senior state universities such as the University of Mis­
souri and those of the Big Ten or Big Eight.
Only a small number generally of the larger banks reg­
ularly interview on college campuses. The college place­
ment office is a prime source for employing executive
trainees. Some banks may be hesitant about the source
based upon the relationship their existing salary struc­
ture has to those typically obtained by current gradu­
ates. It is not an easy problem to resolve, but bank sal­
aries have been markedly improved in the last several
years.
There is still, however, a salary gap which somehow
has to be bridged. The University of Missouri at Rolla,
which is predominantly engineering oriented, reports
that their 1968 May graduates with bachelor degrees
started at an average salary of $787 a month or $187 per
month higher than those entering banking from M.U.Columbia. Last year the Rolla average was $735. Uni­
versity of Missouri-Rolla’s masters degrees started at
$918 a month. Those with doctoráis averaged $1,283 a
month.
The above University of Missouri-Rolla salaries are for
those who option towards engineering careers, not bank­
ing.
At the recent Missouri Bankers Association annual
convention a personable president of a medium-sized
bank contended that revealing salaries of college men
entering banking and other areas was a disservice to the
profession. He asserted it caused dissatisfaction among
his staff and problems for his bank in recruitment.
It is this columnist’s opinion that there is a need for
bankers to be more aware of what college graduates at
the various levels—baccalaureate, masters and doctoral
—are being offered so that their own salary offers may
be rationalized. Unless banks in general can attract grad­
uates of at least average or above academic performance,
it is rather somber to consider the ability of banks to re­
spond to the truly dynamic economic conditions of to­
morrow.— End.

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1 2 0 1 SOUTH SI XTEENTH STREET

O M A H A 8, NEBRASKA
UnitedS

Northwestern Banker, August, 7968


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

tates

45

Onward & upward
(as usual)

with
A R IZ O N A !
S ta te m e n t of Condition
AT

THE

CLOSE

OF

BU SIN ESS

JUNE 3 0 , 1 9 6 8
R E S O U R C E S

Cash and Due From B anks........................................................$ 118,328,230
U. S. G o v e r n m e n t..................................................................
79,947,543
States and Political Subdivisions............................................
125,233,348
Federal A gencies........................................................................
15,300,986
Other S e c u ritie s ........................................................................
2,317,691
Money Market In v e s t m e n t s ..................................................
89,500,000 ^
Loans (Less Loan R e s e r v e s ) ..................................................
819,386^574 J
Accrued Interest R e c e iv a b le ..................................................
9,423,452
Bank Premises and Equipment (Net of Depreciation) . . .
28,993,472
Real Estate Other Than Bank P rem ises.................................
12,668,168
Customer’s Acceptance L ia b ilit y ............................................
7,851,001
Other A s s e ts ..............................................................................
8,789,140

ÓwrJ. 30, ¡967)
uf j * 7 7 ,7 0 7 ,0 0 0

V

ufo * 1 2 , 2 8 2 , 0 0 0

Total D e p o s its ............................................................ $1,174,874,443 V

ufo ¿ U H , 5 17, O O O

Total R e so u rc e s......................................................$1,317,739,605

LIABILITIES
DEPOSITS:
Individuals, Businesses and B a n k s ................................. $
U. S. Government and Other PublicF u n d s .........................
Total Demand D eposits............................................ $
Savings A c c o u n ts ...................................................................$
Certificates of Deposit — R e g u l a r .................................
Certificates of Deposit — Public F u n d s ............................

421,681,681
70,587,814
492,269,495
329,131,277
311,466,101
42,007,570

Total Time D e p o s i t s ............................................ $

682,604,948

Unearned Incom e........................................................................$
Acceptances O u ts ta n d in g .......................................................
Accrued Expenses and R e se rve s.............................................
Accrued Income T a x e s .............................................................
Funds B o rr o w e d ........................................................................
Other L ia b ilit ie s ........................................................................

22,718,438
7'851 |o01
5,774,212
2^272'l64
15|600|000
4,332,832

CAPITAL ACCOUNTS:
Convertible Capital Notes - 3 Y i % due 1989 . . . .
$
Equity Capital:
*Capital Stock - Par Value — $2.50 (See Note) . . .
$
S u r p lu s ..............................................................................
Undivided P r o f i t s .............................................................
Capital Reserve - Bond AccountValuation . . . .

20,091,317
37,908,683
11,455,793
1,138,122

Total Equity C a p ita l.................................................. $
Total Capital Accounts . ........................................................$

70,593,915
84,316,515

13,722,600

Total Liabilities and C a p ita l.................................................. $1,317,739,605
‘ Capital Stock Authorized — 8,536,527 Shares
Capital Stock Outstanding — 8,036,527 Shares


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Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1968

46

Consolidated Statement
Directors
of Condition
DE WALT H. A NK E N Y

JUNE 29, 1968

CHARLES H. BELL
Chairman of Executive Comm.
General Mills, Inc.

ASSETS

JUDSON BEMIS
President, Bemis Company, Inc.

Cash and Due from Banks ______________$217,343,810.03
U. S. Government Securities ........ ............... 89,144,449.36
State, Municipal and Housing Securities
86,623,513.30
O ther Securities ..........
21,147,316.30
Loans and Discounts
......
486,603,628.32
Bank Premises and Equipment ............ .....
10,174,949.77
Interest Receivable -----4,921,742.41
Other Assets......... ....... ..................................
4,426,360.12
TOTAL ASSETS ..........
$920,385,769.61

BENTON J. CASE
Director, The Crosby Company

LIABILiTIES
Demand Deposits ___________
478,392,709.88
Time Deposits -------------- 258,013,116.93
TOTAL DEPOSITS ____
$736,405,826.81
Borrowed Funds ___ ___— -------- --------- ---- 81,632,566.92
Unearned Income ........................................... - 5,852,735.61
Accrued Expenses and Other Liabilities ....
7,814,073.33
Reserve for Possible Losses on Loans .....
10,828,133.37
CAPITAL FUNDS
Capital Notes ______ ____________ __ $ 10,000,000.00
C apital Stock ...... ........... ........... ..... ........... 25,000,000.00
Surplus .....................
25,000,000.00
Undivided Profits ____ ________________
17,852,433.57
TOTAL CAPITAL FUNDS .............. $ 77,852,433.57
TOTAL LIABILITIES ...............
$920,385,769.61

GEORGE B. C LIFFO R D , JR.
JOHN H. DANIELS
Chairman of the Board
Archer Daniels Midland Company
DONALD C. DAYTON
Director, Dayton Corporation
KENN ETH N. DAYTON
Executive Vice Pres, and Director
Dayton Corporation
STEPHEN P. D U F FY
Chairman of the Board
Our Own Hardware Company
ALB ERT G. E G ER M A YER
Senior Vice Pres., Cargill, Inc.
ROBERT H. ENGELS
President
Northern States Power Company
ROBERT FAEGRE
Management Consultant
Robert T. Phillips and Assoc., Inc.
B. C. GAMBLE
Chairman of the Board
Gamble-Skogmo, Inc.
PAUL S. GEROT
Honorary Chairman of the Board
The Plllsbury Company
JAMES C. HARRIS
Executive Vice President
P H IL IP B. HARRIS
President
F. PEA V E Y H E F F E L F IN G E R
Chairman, Executive Committee
Peavey Company
JOHN A. MOORHEAD
Chairman and Chief Exec. Oflicer
JOHN S. PILLSBURY, JR.
President, Northwestern National
Life Insurance Company
H ENR Y T. RUTLEDGE
President
Northwest Bancorporatlon
H. P. SKOGLUND
Chairman of Board and President
North American Life
& Casualty Company
LUCIAN S. STRONG
JAMES A. WATSON
President, Red Owl Stores, Inc.
ALFRED M. WILSON
Executive Vice President
Honeywell, Inc.

Northwestern
National
Bank of Minneapolis
M ay we help you today?

Member Federal Deposit Insurance Corporation

Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

47
Mr. Wiley comes to Granite Falls
from Barron, Wis., where he was ac­
tive in the banking business. He is a
native of South Dakota and a gradu­
ate of the University of South Da­
kota. He has operated banks in South
Dakota and is a director of the TriState Rural Banking School at Morris.

M innesota

NEWS
-A
J. J. CHOROMANSKI
K. A. WALES

President

C rystal Lake

Exec. Secretary

Minneapolis

J. D. Nutting

8 0 C om p lete ¡Surol Mlanh S ch ool

)

The second session of the threestate Rural Banking School was held
on the Morris Campus of the Univer­
sity of Minnesota from July 21-26
with 160 Minnesota, North Dakota and
South Dakota bankers in attendance.
The School was initiated by the
Minnesota, North Dakota and South
Dakota Bankers Associations to assist
banker students by providing skills
for community service and leadership
in rural areas, and to improve their
understanding of management con­
cepts and information for making
final decisions on lending policy.
The rural community in transition,
financial management for tomorrow’s
agriculture and agricultural policy are
among the topics to be discussed by
prominent educators and bankers and
the students of the School.
A first-year class of 80 students com­
pleted its first week of the two-year
course.
Members of both the freshman and
senior classes participated in a series
of evening presentations on “Agricul­
ture in Transition.”
Willis Alexander, vice president of
the American Bankers Association
and president of the Trenton Trust
Co., Trenton, Mo., gave a keynote
address entitled “ The Challenge for
Bankers.”

place the existing bank structure,
which was built in 1891. The new
colonial style brick building will be
ready for occupany in approximately
six months.
Walter Becker of Alta, Iowa, is the
builder, and Lou Couch of Bettendorf
is the architect. General contractor is
Ted Pool of Leota, Minn.

Named at 1st American
Norman H. LaPole, Superior, has
been elected an assistant cashier of
First American National Bank of Du­
luth, according to
Chester C. Lind,
bank president.
Mr. LaPole re­
tu rn ed to the
First A m erica n
staff July 1, after
serving 20 months
with the North­
west Bancorporation, Minneapolis,
where he rose
N. H. L A P O L E
from a credit an­
alyst trainee to senior credit analyst.
He joined First American in 1961
as a trainee and later worked as an
interviewer in the mortgage loan and
installment loan departments. He is
a graduate of Wisconsin State Uni­
versity, Superior, where he majored
in business administration.

Increases Capital Stock
The State Banking Department has
authorized an increase in capital stock
from $45,000 to $90,000 by stock divi­
dend at the Sandstone State Bank,
Sandstone.

Anoka Bank Buys Land
The State Bank of Anoka has pur­
chased the Methodist church property
on Jackson Street and Third Avenue.
According to Julian Schmidt, bank
president, tentative plans are to use
the property as an improved drive-in
banking facility sometime in the fu­
ture.

Begins New Bank
The Adrian State Bank has started
construction of a new building to re­

Alexandria Bank
Plans New Quarters
The Alexandria State Bank has an­
nounced plans for a new bank build­
ing to be located two blocks south of
the bank’s present site.
The new facility will provide room
for an installment loan office, addi­
tional officers’ space and more teller
space, as well as added drive-up bank­
ing facilities and more parking space.

Heads Granite Falls Bank
Robert E. Wiley is the new owner
and president of the Yellow Medicine
County Bank in Granite Falls. He
purchased controlling interest in the
bank from Allan F. Siewert and took
over the bank’s operation July 1.

J. D. Nutting, 86, president for 41
years of the First National Bank,
Northfield, died recently. Mr. Nutting
became president of the bank in 1926
and retired in 1967. His father pre­
ceded him in this position for 37
years.

Buys Nerstrand Bank
James W. Burns, president of the
Dundas State Bank, Dundas, has pur­
chased controlling interest in the
Farmers State Bank of Nerstrand v
from R. W. Kalow and family of Lake
City.
David Redfield, Jr., who has been
assistant cashier at the bank, has been
promoted to assistant vice president
and managing officer. Other bank per­
sonnel will remain unchanged.
New directors are Mr. Burns, Mrs.
Margene M. Burns, Mr. Redfield and
Burton J. Paulsen.
The insurance agency at the bank
will be called the Burns-Paulsen agepcy. Agents are Mr. Burns, Mr. Paul­
sen and Mr. Redfield.

Named Cashier in Mankato
Lorraine Miller, assistant cashier at
the Northwestern National Bank of
M a n k a t o , has
been elected cash­
ier, according to
George S ugden,
bank president.
Mrs. Miller, a
15-year employee
of the bank, is
the first new of­
ficer to be elected
by the bank since
it changed names
L. M I L L E R
on April 1 this
year. Her area of responsibility will
remain in the bookkeeping-proof and
transit departments.

Retires After 49 Years
Leon J. Kaliher has retired from the
Northern National Bank of Bemidji.
He has been associated with the bank
since 1951, when he assumed the du­
ties of president at the bank.
Mr. Kaliher began his banking ca­
reer in 1919 at the Bank of Elk River
and also has worked in banks in
Hopkins and Thief River Falls, as
well as Richmond and Knapp, Wis.
Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

48

Minnesota News

HE board of directors of The First were Albert W. Nordstrom, John E.
National Bank of Saint Paul has Raymond and John M. Wooldridge III.
advanced eight officers and elected Assistant cashiers promoted to as­
ten staff members to officers, accord­ sistant vice presidents were Herbert
ing to President Philip H. Nason. The T. Alberg, Donald C. Badger, E. Roger
board’s action placed final approval Cunningham and Louis J. Spies.
upon the bank’s reorganization pro­
Other men elected officers and the
gram, the first portion of which was titles assigned to them are: Ronald E.
approved and announced June 11.
Brue, correspondent bank officer; NorCharles E. Arner, a vice president
bert J. Conzemius, commercial loan
of First National Bank was elected a officer; Richard A. Dougherty, com­
senior vice pres­ mercial loan officer; Lee B. Hoffman,
ident. His duties sales finance officer; John G. Lohwill include re­ mann, commercial loan officer; G.
sponsibility fo r
Geoffrey Morton, operations officer;
operations, p er­ M. Jerome Rowe, operations officer;
sonnel and train­ James A. Russell, operations officer;
ing departments. Ira James Smith, investment officer,
Mr. Arner began and Bruce P. Wyant, investment offi­
his career with cer.
the bank in 1941
* *
as a messenger.
Wendell L. Olson, president of the
He was elected Fourth Northwestern National Bank
an officer in 1958, of Minneapolis, has announced that
advanced to an assistant vice presi­ three new directors have been elected
dency in 1960 and became a vice pres­ to the bank’s board. The new addi­
ident in 1962.
tions to the board of directors are
James W. Wilkie, president of Con­
tinental Machines, Inc., of Savage,
Minn.; Herbert C. Johnson, president
of MTS Systems, Inc., of Eden Prairie,
and A. E. Abramson, President of Re­
search, Inc., also located in Eden
Prairie.
* * *
The directors of the American Na­
tional Bank & Trust Company have
announced the promotion of three
officers and election of one new officer
J. W O O L D R I D G E II I
J. E. R A Y M O N D
to the bank’s staff.
B. John Barry, commercial loan offi­
cer, was elected vice president. He
entered the bank in July, 1963. Mr.
Barry has had various assignments in
the personnel, customer service,
credit and business development de­
partments. In January of 1967, he
was elected commercial loan officer.
Robert A. Hoodecheck, assistant
vice president, commercial loan divi­
R. E. BR U E
A. W . N O R D S T R O M
sion, was elected vice president. Prior
Officers promoted from assistant to joining the American in May, 1961,
vice presidents to vice presidents he was assistant city attorney in Wi­

T

Northwestern Banker, August, 7968


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

nona, Minn. He has had various as­
signments in the installment credit,
mortgage loan, trust and credit de­
partments. In December, 1963, he was
elected assistant cashier, credit de­
partment, and in September 1965, he
was elected assistant vice president.
William C. Shively, data processing
officer, was elected assistant vice pres­
ident. Mr. Shively, formerly with
Minneapolis Honeywell, joined the
bank in January, 1967, in the systems
and programming department. In No­
vember, 1967, he was named systems
analyst officer.
Truman W. Porter was elected
bonds and investment officer. Mr.
Porter joined the bank in September,
1966, as a representative in the banks
and bankers division. He was for­
merly associated with Curtis 1000.
* * *
Harvard C. Ray, assistant vice pres­
ident and manager of the credit de­
partment at The First National Bank
of Saint Paul, has
been elected pres­
ident of the Min­
nesota Chapter of
Robert M orris
Associates.
Mr.
Ray joined First
National’s staff in
1925, spent most
of his career in
the credit depart­
ment and was
H. C. R AY
elected an officer
in 1956. He is also a member of the
Saint Paul Association of Creditmen
and the American Institute of Bank­
ing from which he has received sev­
eral certificates.
* * *
President George H. Dixon has an­
nounced the promotion of two First
National Bank of Minneapolis officers
and election of ten staff members as
officers.
Promoted were Alan F. Naylor of
the commercial banking department
and Lawrence W. Payne of the trust
department. Both were named assist-

49
'^tit­ i l l i l i ! *

S o m e combinations

just

~v

can’t
N Y IC Q

HASLETT
FIELD
W A R E H O U S IN G

be beat

4

For instance, New York Terminal Warehouse Company and Haslett Field W are­
housing. This natural combination of two leaders in their respective territories
reflects the importance to banks and industry of having complete nationwide Field
Warehousing service. Plans call for continued growth, expanded facilities and con­
tinuing the efficient operating procedures which have earned us a reputation for
integrity among customers throughout the United States. For a third of a century our
trend-setting policies have immeasurably tightened controls on inventory loans.
We invite you to take advantage of the economies and efficiencies of our coastto-coast facilities.

Specify "PROTECTION" insist on

NEW YORK TERMINAL WAREHOUSE COMPANY
K frfcn

25 South William Street, New York, N.Y. 10004

4

O P E R A T I N G

O F F I C E S

I N

P R I N C I P A L

C I T I E S

Northwestern Banker, August, 1968


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

Minnesota News

50

1 4 L a r g e st M in n eso ta
EPOSIT and loan figures for Minnesota’s 14 largest banks at mid-year are
reported in the chart below. Comparative figures for the same period
a year ago are also shown.

D
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.

(L ast three figures om itted)
June 29, 1968
Deposits
Loans
N orthw estern N ational Bank, M inneapolis ................
—8736,406
$486,604
F irst N ational Bank, M inneapolis .....
... 712,690
500,930
F irst N ational Bank, St. Paul ..................................................
... 564,754
367,955
Farm ers & Mechanics Savings Bank, M inneapolis ................
... 514,895
405,862
A m erican N ational Bank & Trust Co., St. Paul ....
... 138,685
97,662
Marquette N ational Bank o f M inneapolis .............................
... 112,845
69,730
First A m erican N ational Bank, Duluth .....................................
... 110,590
64,798
N orthern City N ational Bank o f Duluth .................................
... 101,929
30,361
M idland N ational Bank o f M inneapolis .....................................
... 97,272
65,509
N orthw estern N ational Bank o f St. Paul ................
... 84,238
54,135
N ational City Bank o f M inneapolis .........................................
... 48,696
26,509
M idw ay N ational Bank, St. Paul .............................................
... 47,845
30,128
F irst N ational Bank o f R ochester .............................................
23,414
... 44,387
First Edina N ational Bank, Edina .....
... 44,000
23,299

ant vice presidents. Mr. Naylor joined
the bank in 1959 and was elected an
assistant cashier in 1963. Mr. Payne
came to the bank in 1941. He was
elected an assistant secretary in 1959
and assigned to trust operations.

A. F. N A Y L O R

June 29,
Deposits
$708,212
668,778
532,096
489,512
151,652
103,722
99,944
92,987
86,363
74,121
42,855
40,777
43,957
37,082

1967
Loans
$462,759
441,601
360,527
392,716
84,297
67,203
57,603
50,683
62,206
53,240
24,855
25,346
20,355
17,780

The appointment of Gerald M.
Kanne as vice president and the pro­
motion of Drake J. Lightner to trust
officer of the Northwestern National
Bank of St. Paul has been announced
by H. William Blake, president.
Mr. Kanne has been associated with
the Northwestern National Bank of
Rochester, Minn., for the past 11 years
as auditor, then vice president, oper­
ations, and more recently in market­
ing. He is a graduate of Mankato
State College and is currently enrolled
in the Stonier Graduate School of
Banking at Rutgers University.

The new service works this way:
The bank will open an individual ac­
count for each investor with a leading
brokerage firm. Then, the bank’s in­
vestment management staff will super­
vise the purchase and sale of selected
stocks for each account and report a
complete summary of the account to
each investor semi-annually.
Mr. Morrison said the bank expects
the service to be profitable as a result
of economies which can be made by
handling accounts on a group basis.
Each account will be part of a group
and purchase and sale decisions will
be made for the group, rather than
on an individual basis as has been
the case with accounts that require a
higher minimum investment.
First National’s charge for the new
investment management service will
be $7.50 for each $1,000 invested with
a minimum charge of $200 per year.
* * >s=
National City Bank of Minneapolis
has announced promotions of 12 top
executives in a major bank manage­
ment shift according to C. B. Jacobs,
farmer bank president, who has been
named board chairman.

L. W . P A Y N E

Seven of the newly-elected officers
were named assistant cashiers. They
are: James L. Reissner and W.
Thomas Turner, both of the commer­
cial department; Robert Gruman, mar­
keting, and John M. Brown, Brian O.
Gilchrist, Roy F. Rasmussen and
Thomas C. Woldum, all of the retail
banking department.
Three trust department men were
elected assistant secretaries. They are:
James N. Kirscht, trust operations;
John W. Scanlan, corporate trust, and
Charles M. Tilden, personal trusts.
* *
First Bank System has reported
consolidated net operating earnings of
$14,222,000 for the six months ending
June 30, 1968. Per share earnings
amounted to $1.95, based upon 7,288,855 average shares outstanding.
This compares with consolidated
net operating earnings of $13,173,000
and $1.86 per share during the same
period in 1967. The federal income
tax surtax reduced earnings for the
first six months of 1968 by $555,000.
Comparative balance sheet figures
for June 30 are tabulated below:
June 30
(In Millions)
1968
1967
Total Deposits
$2,871
$2,568
Demand Deposits
1,352
1,229
Time Deposits
1,519
1,339
Loans, Net of Reserves 1,838
1,631
Total Resources
3,307
2,936
Northwestern Banker, August, 1968


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

G. M . K A N N E

D. J. L I G H T N E R

Mr. Lightner has been associated
with the bank in the trust department
since 1964 and has been assistant trust
officer. He graduated from Phillips
Academy in 1947, from Yale Univer­
sity in 1951 and from National Trust
School in 1964.
* * *
First National Bank of Minneapolis
has announced a new investment
management service for common stock
investors. Its principal feature is the
lowering of the customer’s required
minimum investment to $20,000.
Clinton Morrison, chairman of the
trust committee, who announced the
bank’s new service, said most banks
usually require a much higher mini­
mum.
Mr. Morrison said the goal of the
investment service is “long-term capi­
tal growth with current income a
secondary consideration.” To achieve
this, he said, the bank will invest in
common stocks “which, in our judg­
ment, reflect the best long-term
growth potential.”

C. B. J A C O B S

E. C. B R O W N . JR.

Mr. Jacobs, 50, will be succeeded as
president by Edward C. Brown, Jr.,
47, formerly ex­
ecutive vice pres­
ident.
M r. J a c o b s
joined N a tion a l
City Bank as ex­
ecutive vice pres­
ident in 1964 and
became president
in
D ece m b e r,
1965. He had been
with Continental
R. W . C R O U L E Y
Illinois National
Bank and Trust Company, Chicago,
for 28 years prior to coming to Min­
neapolis.
Mr. Brown, who joined National
City Bank in May, 1967, had been
with First National Bank of Minne­
apolis since 1945. He had been a vice
president of several divisions at the
bank.
Thomas W . Moses, formerly chair­
man of the board and senior trust
officer, has asked to resign as chair-

Minnesota News
man because of the pressure of an
increasingly heavy work load in his
position as president of First Interoceanic Corporation. He will con­
tinue, however, as a director and
senior trust officer of the bank.

D. JE R P B A K

June 30 a year ago. Loans and dis­
counts of $26,785,709 were up 8 per­
cent from the $24,855,051 reported on
June 30, 1967.
* * *
Northwest Bancorp oration has re­
ported a new high for consolidated
net operating earnings of $13,706,594
after providing for the 10 percent Fed­
eral income tax surcharge retroactive
to January 1, 1968. Per share earnings
rose 9V2 percent to $2.41 based on
average shares outstanding for the
first half of 1968, up from $2.20 per
share or $12,332,636 reported for the

51

first six months of 1967.
Gross operating earnings amounted
to $97,488,030 up 17.2 percent from
$83,175,335 for the first six months of
1967.
Total consolidated deposits at June
30, 1968 were $3,019,299,087, an in­
crease of 9.5 percent from $2,758,356,920 at June 30, 1967. Total assets
amounted to $3,507,023,668 at June
30, 1968.
Loans at June 30, 1968 amounted to
$1,951,960,003, a new high, up 7.1 per­
cent from $1,823,263,075 at June 30,
1967.

E. T A Y L O R

STATEMENT OF CONDITION
June 29, 1968
RESOURCES
Cash and Due from Banks........... ..... $ 5,612,203.43
U. S. Government Obligations........... 5,484,258.60
Municipal Obligations ....................... 4,319,192.14
Other Bonds and Securities ...............
259,012.51
R. W A R Z E T H A

R. B J E L L A N D

R. W. (Bill) Crouley has joined the
bank as a senior vice president in the
commercial lending division. He was
formerly a senior vice president at
the Marquette National Bank where
he headed the correspondent bank de­
partment.
Other p r o m o tio n s include: Rolf
Bjelland, from assistant vice president
to vice president, commercial banking
department; Donald Jerpbak, from as­
sistant vice president to vice presi­
dent, mortgage loan department;
Ernest J. Taylor, from commercial
loan officer to vice president, install­
ment loan department; Robert Warzetha, from vice president, installment
loan department, to vice president,
correspondent banking department,
succeeding Patrick W. Colbert, who
is resigning to go into private busi­
ness; Mrs. Lois Johnsen, from install­
ment loan officer to assistant vice
president; William Wohlenhaus, from
correspondent bank officer to assist­
ant vice president; Michael Kaju, from
manager of the bank’s travel center to
assistant vice
president; Ronald
Frykholm, from manager of the proof
and transit division to assistant cash­
ier, and Lome Lepoudre and William
McCullen to installment loan officers.
National City Bank’s net operating
earnings rose 19 percent, from $151,672 to 180,330, in the six months ended
June 30. On the same date, the bank’s
deposits of $48,695,572 were up 15 per­
cent from the $42,855,343 reported on

Total Cash, Due from Banks and Investments....... ..... $15,674,666.68
Loans and Discounts .......................
17,708,182.19
Interest Earned Not C ollected ...... ................................
349,645.89
Vaults and Fixtures...........................................................
44,574.60
Leasehold Improvements...... ..........................................
17,066.62
$33,794,135.98

Total Resources

LIABILITIES
Capital .............................................................................. $ 1,000,000.00
Surplus .......
1,000,000.00
Undivided Profits and Reserves....................................... 1,073,857.67
Reserved for Interest, Expenses and Taxes...................
106,442.58
Interest Collected Not E arn ed.......................................
202,769.72
Due to Federal Reserve Bank Transit Account........... 1,302,040.31
Deposits ............................................................................. 29,109,025.70
Total Liabilities ....... ............................ — ..................... $33,794,135.98
DIR E CTO RS
L. M. BROOM
President
R. M. D A L L
V ice Pres., Armour & Com pany
L. J. M cNU LTY
Pres., L. J. M cNulty, Inc.
P E T E R P. RIES
Pres., Ries Electric Co.
D A V ID L. GRANNIS, JR.
Grannis & Grannis,
Attorneys-at-Law
H O Y T W . LA TH EN
V ice President
K. W . McKEE
Pres., K, W . M cKee, Inc.

E. R. RIKESS
Pres., Southview Chevrolet Co.
H. D . Klein
Director o f Public R e­
lations, The Farmer
R. B. M cCR E IG H T
V.-Pres., United Stockyards Corp.
A. L. OLSON
Retired
H ENRY W E R T H E IM E R , JR.
V ice President,
W ertheim er Cattle C o. Inc.
J. R AYM ON D YOUNG
Pres., Young, Inc.

NORTHWESTERN NATIONAL BANK OF SOUTH ST. PAUL
South Saint Paul, Minnesota
AFFILIATED W ITH NORTHWEST BANCORPORATION
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
Northwestern Banker, August, 1968


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

52

Minnesota News

Following a meeting of the board
of directors of the Marquette National
Bank, Minneapolis, it was revealed
that approval was voted to elevate
four to new positions and raise one
other to officer status.
Avery Fiek, assistant vice president
in the correspondent bank department
sin ce 1960, was
made vice presi­
dent and named
manager of all
o p e r a t i o n s of
the correspondent
banking division.
Mr. Fick is a
graduate of the
U n iv e r s ity
of
Colorado with a
degree in Busi­
ness Administra­
tion. Prior to his association with the
Marquette National Bank, he worked
as business planning manager for
Cargill, Inc.
William Addington was given the
title of assistant vice president. Mr.
Addington has been a member of the
correspondent bank department since
1967. He was made a correspondent
bank officer in April of that same year.
His career with Marquette began in
1965 and for two years following he
worked in the credit department of
the bank. He will continue to work
in the correspondent bank division.
J. Leonard Erickson was named an
assistant vice president. Mr. Erick­
son’s career with Marquette dates back
to 1955, when he began employment in
the credit department.
Lome R. Newhouse was made cor­
respondent bank officer. Mr. New­
house joined Marquette in 1967 and
since that time has worked with the

S erves One

chanical rooms, storage vaults and
storage areas.

^

Names New Director
Donald Dahl has been named a
member of the board of directors of
the Ostrander State Bank, Ostrander,
to fill the vacancy created by the death
of Kenneth Olson.
w . J. A D D I N G T O N

J. L. E R IC K SO N

correspondent bank division on mat­
ters relating to electronic data pro­
cessing services for correspondent
banks.
Thomas Klemond was elected in­
stallment sales officer. In this capacity
he will be in charge of all indirect
sales contracts for the installment
loan department.

Holds Open House
The First State Bank of Ada re­
cently held open house in its new
bank building. Ground breaking cere­
monies for the new structure took
place in June, 1967.
The new building opened for busi­
ness on April 24, but open house was
delayed to be celebrated at the same
time as the bank’s 86th anniversary.
Some of the main features of the
new brick structure are ground-level
construction, ample parking, drive-up
teller and night depository service.
Interior of the bank is fully car­
peted, with three private offices, an
installment loan department, open
work area and receptionist area. The
basement contains a general assembly
room with a capacity of 125 people,
rest rooms, employees’ lounge, me-

M1 n rs

Promoted at Virginia

^

X,

Jonathan R. Carlson has been named
assistant cashier at the First National
Bank of Virginia. He joined the bank
staff in 1967 as an interviewer in the
timepay department. He will continue
in that department as a loaning officer.

Promotions at Mora
The following promotions at the
Kanabec State Bank have been an­
nounced by Robert Hadland, bank
president. Jake Hanenburg, formerly
cashier, has been elected vice president. Jack Nieboer, formerly assistant
cashier, has been elected assistant
vice president. Milan DeWitt, formerly
assistant cashier, has been named
cashier.

7~

y

V

Named Assistant Cashier
John Vanderboom has been ap­
pointed assistant cashier of the First
National Bank of Hibbing. Mr. Van­
derboom started his banking career at
the Northern City National Bank of
Duluth in 1966 and was transferred to
the First National in 1968.

x

*

Joins Wabasso State
Merlin J. (Bud) Konrardy has joined
the staff of the Wabasso State Bank.
Mr. Konrardy, who was previously in
business in Montgomery, will be work­
ing in the insurance department at
the bank.

1

Named to Bank Board
J. G. Huntting, Jr., has been named
to the board of directors of the First
National Bank of Austin, to fill the
unexpired term of his father, J. G.
Huntting Sr., who has resigned after
serving 16 years on the board. J. G.
Huntting, Jr., is associated with the
Huntting Elevator Company in Aus­
tin.

Retires at State Bank

SGT. AND MRS. RANDY WEISS are congratulated by officers of 1st Am. Natl. Bk. of
Duluth for driving the one millionth car into the 1st Am. auto bank of the Michigan St.
floor of the bank building. From left are: Sgt. and Mrs. Weiss; Walter L. Fredrickson,
1st Am. v.p.; Chester C. Lind, pres., and Emmons W. Collins, bd. chmn. The couple was
presented roses and a savings account. The auto bank opened in August, 1958.
Northwestern Banker, August, 1968


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

R. H. (Dick) Root has retired as vice
president of the State Bank of Red­
wood Falls. Mr. Root was employed
as an assistant cashier at the bank
when it opened its door in 1937. Since
that time, he held the positions of
cashier and vice president, an office to
which he was elected in 1966. He has
been a member of the bank’s board of
directors since 1937.

<

y
*

Minnesota News

DeLiixe Check Sales Up
DeLuxe Check Printers, Inc., St.
Paul, has reported increased sales for
the first six months of the year.
Sales were $35,435,258, up 15.1 per
cent from $30,796,218 for the same
period in 1967.
Net earnings, taking into account
the retroactive 10 per cent surtax,
were $2,514,917 or 85 cents per share
compared with $2,516,267 or 85 cents
per share in 1967.

Executive Changes
At Savage State Bank
John Gargaro, executive vice presi­
dent of the Savage State Bank since
1963, has been named president of
the bank to re­
place H o w a r d
Houston, who has
b een e l e c t e d
chairman of the
bank’s board of
directors.
Mr. G a rg a ro
started his bank­
ing career in 1935
with the North­
w e s te r n State
J. G A R G A R O
Bank in Cumber­
land, Wis. In 1942, he became affiliated
with American National Bank in Little
Falls, Minn., where he worked for 22
years until coming to Savage. He is a
graduate of the Wisconsin School of
Banking and the American Institute
of Banking.
Orlando Norstad has been named
bank cashier. He joined the bank in
1964, after being employed at the First
National Bank in Little Falls.

T im e S a v e r
mvmim
¡W E N

NEW WALK-UP TELLER window in­
stalled in the basement level auto bank
lobby of the 1st Natl. Bk. of Minneapolis
allows bank customers to cut banking time
in half. Pictured are guard Paul Michaelson and tellers Jadene Holmquist, left, and
Helen Berge, who assists a customer.

53

devoted to bank supervision and
regulatory procedures.
The Supervisor and Banker Review
is scheduled to be issued twice yearly.

Douglas Guardian Moves
To New Headquarters
The Douglas Public Service Cor­
poration and the Douglas-Guardian
Warehouse Corporation have moved
their executive offices from 118 North
Front Street to No. 1 Canal Street.
This new office is located at the foot
of Canal Street, on the banks of the
Mississippi River, in New Orleans.
Douglas Public Service Corporation
and the Douglas-Guardian Warehouse
Corporation invite all friends and
clients to visit their new quarters.

New Publication for NASSB
Publication of “The Supervisor and
Banker Review” is another new step
toward our goal of a strong state
banking system, a competitive partner
within the larger framework of Dual
Banking. It is our hope that this
journal will provide an exchange of
important ideas pertaining to this
goal.
This statement of purpose, part of
a brief foreword, was used by Philip
Hewes, president of the National As­
sociation of Supervisors of State
Banks, in announcing that the Asso­
ciation has released for publication
the first issue of a 48-page periodical

Harris Names Senior Officer
Harris Trust and Savings Bank,
Chicago, has named Carl S. Stanley
senior vice president.
Mr. Stanley will become metro­
politan group executive in the bank­
ing department, succeeding senior
vice president Errett Van Nice, who
was earlier named head of the bank­
ing department. Included in the group
are all Chicago metropolitan area cor­
porate accounts served by the Harris.
Succeeding Stanley as administrator
of Division E in the metropolitan
group is vice president George R.
Slater.

Re-Elected to
Lions Cluh Office
Edward A. Gott, assistant cashier
and auditor of the Winona National
and Savings Bank, has been re-elected
to a third term as treasurer of the
Winona Lions Club. He also is serv­
ing his second term as treasurer of
the Winona Area Chamber of Com­
merce.

Named to Bank Board
Matt Kraemer, owner of Kraemer
Motor, Inc., has been named a di­
rector of the Citizens State Bank, Enderlin. He has been in business in
Enderlin since 1952.

Bank to Remodel
Work is expected to begin sometime
in October on the remodeling of the
First American Bank building, St.
Cloud. The county-owned bank has
awarded the contract for the project
to Jackson Associates, architectural
firm.

Covers Canada... Spans the World
With over 1000 branches throughout
Canada and around the world and an
international network of correspond­
ents — the Bank of Montreal is well
qualified to help you and your clients
north of the border and throughout
the world. Write or visit any one of
our five United States offices.

IÛÛ

Bank of M ontreal
C an ad a ’s First Bank
Covers Canada... Spans the World

Chicago: Board of Trade Bldg.
141 W. Jackson Blvd.
New York • Houston
San Francisco • Los Angeles • Sacramento

M O R E THAN 1 000 OFFICES • ASSETS EXCEED $6 BILLION

Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

ö4

Goes to Koslyn Bank

South D ak ota

NEWS
R. F. PETSCHOW
R, W . TERWILLIGER

President

Elkton

Secretary

Huron

New President
At Aberdeen National
Lloyd A. Johnson has been elected
president and director of the Aberdeen
National Bank, effective August 1.
He will assume the responsibilities of
managing officer and trust officer, suc­
ceeding J. Fred Joyce, who has ac­
cepted a similar position with the
Southside National Bank of Missoula,
Mont.
Mr. Johnson is a native of Northfield, Minn., and most recently held
the position of vice president and man­
ager of the Huron office of the Na­
tional Bank of South Dakota. His
banking career began in 1936 with
the First National Bank of Minnea­
polis. He also has held positions at

.7

banks in Gettysburg and Sioux Falls,
S. D., and Windom and Northfield,
Minn.

Announces Bank Changes
Robert Hawley, assistant cashier at
the Britton office of the First National
Bank of Aberdeen, has been trans­
ferred to Aberdeen, where he will
serve as assistant manager of the new
east office of the First National.
Joining the staff of the Britton office
is Everett E. Kelley, former book­
keeper at the Farmers Union Co-op
Association in Britton.
The new east office to which Mr.
Hawley has been assigned has been
opened in temporary quarters and la­
ter will move into a new facility.

Larifvsl Hanks in Santh Hakotu
EPOSIT and loan figures for the five largest banks in South Dakota are
shown in the chart below as they were reported at mid-year. Comparable
figures from a year ago are also shown.

D
1.
2.
3.
4.
5.

(L a st three figures om itted)
June 29, 1968
Deposits
Loans
N ational Bank o f South Dakota, Sioux Falls .......................$138,544
$ 86,649
N orthwestern N ational Bank o f Sioux Falls ...................... 95,576
57,740
First N ational Bank o f The Black Hills, R apid City ........... 86,815
53,042
First N ational Bank o f A berdeen ............................................. 70,006
45,558
20,942
First N ational Bank in Sioux Falls ......................................... 46,674

June 29, 1967
Deposits
Loans
$ 68,227
$ 48,629
93,479
55,761
80,169
50,589
64,312
41,762
44,373
22,985

Arthur Ornes, assistant vice presi­
dent and manager in the installment
loan department at the Security Bank,
Webster, has been transferred to the
Roslyn office, where he has assumed
the duties of assistant manager.
Mr. Ornes joined the bank on a
part-time basis in 1948 and has been
with the institution since that time.
In his new position, he replaces Ar­
thur Hanson, who has joined the Citi­
zens Bank, Morris, Minn.

y

Named to Bank Board
Curtis B. Mateer, president of the
Pierre National Bank, has been named
to the board of directors of the Sully
County Bank, Onida. He replaces Ray
Dana, Sioux Falls attorney, who has
resigned.
Cecil Richter of Rapid City has been
named cashier-manager and director
of the bank. He replaces Marlyn Gerken, who also resigned from the bank.

Elected Vice President
The National Bank of South Dakota
announced the election of Reynold
Klay as vice pres­
ident and man­
aging officer of
the N a t i o n a l
Bank of South
Dakota, H u r o n
b ra n ch , effective
August 1, 1968.
Mr. Klay suceeds
L. A. J oh n so n
who has moved
to A b e r d e e n ,
R. K L A Y
where he will be
president and director of the Aberdeen
National Bank.
<

TH E

M

m

PIERRE,

e

BANK

S O U T H

DAKOTA

Statem ent of Condition as of June 29, 1968
ASSETS
Loans and Discounts ...................
United States Bonds and Notes
Federal Reserve Stock ..............................
.............
............
Real Estate Owned Other Than Banking Premises

..............

$10,541,287.93
2,256,441.80
25,500.00
33,712.20
115,231.91
2,763,133.48
25.00
14,607.90
none
$17,058,105.60

LIABILITIES
Debentures ..................................................
Undivided Profits
Reserves .......
Demand Deposits
Time Deposits
Other Liabilities

...........................5
...........................
...........................

350,000.00
500,000.00
300,000.00
379,471.90
...........................
100,000.00
........................... 7,921,983.34
........................... 6,714,521.48
792.128.88
$17,058,105.60

OFFICERS
ALMA PULLES, Assistant Cashier
WALTER H. BURKE
Chairman of the Board of Directors
ALICE H. NICKEL, Assistant Cashier
R. J. FINERAN, Farm Service Director
CURTIS B. MATEER, President
CHARLES H. BURKE, Senior Vice President
and Assistant Vice President
CHESTER C. BOYLE, Asst. Vice President
E. W . STEPHENS, Vice President
ROYAL Van CAMP, Vice President and Cashier
W ILLIAM V. FISCHER, Asst. Vice President
MELVIN R. C U N N IN G H A M , Asst. Vice Pres.

Northwestern Banker, August, 1968


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

To Construct New Facility
Larry Ticknor, vice president and
manager of the United National Bank
of Vermillion, has announced plans
for the construction of the University
office of the bank at the corner of Elm
and Cherry Streets in Vermillion.
The new structutre will feature
1,750square feet of lobby area, two
drive-in windows, night depository
and parking facilities. It will resem­
ble the downtown office in design.
Christensen and Associates of Sioux
City, Iowa, are contractors. Construc­
tion is expected to be completed by
September 15.

Accepts Milbank Post

X

A

X
y

Robert Osborne, former assistant
county agent in Webster and most re­
cently extension agent at Elk Point,
S. D., has accepted a position with the
Milbank office of the First National U
Bank of Aberdeen.

South Dakota News

F ive a t iV.W r.

P r o m o te

55

He has been employed by a finance
company the past seven years, work­
ing in Alliance, Neb., and Hartley,
Iowa, before coming to Brookings in
1965.

Name Aberdeen Executive

E. J. B U D A H L

V . E. N IE L D

S. P. O L S O N

A. A. W I L B E R

HE board of directors of the lowing seven years at the Madison
Northwestern National Bank of office, where he managed the insur­
Sioux Falls has approved the follow­ance department and later the install­
ing promotions, according to C. A. ment loan department. His primary
activities in the trust department are
Lovre, president.
Leroy W. Kaarup of the Sioux in the area of business development.
Falls main office, Arthur A. Wilber
of the Brookings office, and Stephen Joins Brookings Bank
P. Olson of the Colonial office, were
Glen E. Anderegg, 30, has joined the
advanced to assistant cashiers. Elton installment loan department of North­
J. Budahl and Victor E. Nield, former­ western National Bank in Brookings.
ly assistant cashiers in the main office
trust department,
w e r e designated
assistant trust of­
ficers.
M r. K a a r u p
joined the North­
western Bank in
June, 1967, followi n g employment
in the automobile
and tru ck sales
„
field
and
is a loan
L. W . K A A R U P
„
.
officer m the in­
stallment loan division of the person­
al banking center.
Mr. Wilbur was affiliated with the
Brookings Northwestern Bank from
1959 until April, 1967 and rejoined
new bank building will be started
their staff this January. He will serve
soon for Citizens State Bank,
as an operations officer.
Clark, South Dakota, according to
Mr. Olson began employment with announcement by President M. S.
the Sioux Falls main office in 1964, fol­ Hamre recently. According to Mr.
lowing graduation from North Dakota Hamre the board of directors em­
State University and served in the ployed Herges, Kirchgasler & Associ­
operations and new account depart­ ates, Aberdeen, South Dakota, to de­
ments. He transferred to Northwest velop plans for the new building
Baneorporation, Minneapolis, in Au­ which will be started yet this fall.
gust of 1966. Returning to Sioux Falls
In recent months owners of the
in May, 1968, he will have duties in Citizens State Bank acquired 75 feet
the areas of operations and new busi­ additional frontage on Commercial
ness development with the Northwest­ Street in Clark, immediately north of
ern Bank’s Colonial office.
the 25 foot structure it now occupies.
Mr. Budahl, a former county agri­ The north 75 feet of the area has been
cultural agent, accepted employment cleared off, and the new structure will
with the Northwestern Bank at Greg­ be built on this area while the bank
ory in 1961 as agricultural represent­ continues to operate out of its present
ative. He moved to the Sioux Falls quarters.
The 68 x 60 foot building will be
farm department in 1962 as assistant
cashier and has been in charge of set back from the sidewalk a total
farm management for the trust de­ of 21 feet with a portico 9 feet in
partment since 1963.
front of the building and an open
Mr. Nield joined the Sioux Falls veranda of 12 additional feet.
The bank building will consist of
office trust department this May, fol­

T

Gordon J. Curren has advanced
from vice president to executive vice
president of the Farmers & Merchants
Bank, Aberdeen.
Mr. Curren succeeds Herman Lerdal
as executive officer of the bank. Mr.
Lerdal resigned recently to become
president of the Mitchell National
Bank.
Other promotions include: Stanley
Petersen, from ag representative to
vice president in charge of the farm
department; Dennis Christensen, from
assistant cashier to assistant vice
president in charge of the trust de­
partment, and Terry Beddow, from
assistant cashier to assistant vice
president in charge of the installment
loan department.

C lark MHans N ew MtaiUlinf/

A

two floors, the ground floor to include
a customer and cash vault, record
storage vault and bookkeeping room
an
in addition to a commodious lobby
served by a teller line and an open
officer operating area. This floor will
also include a private office for the
senior officer, a conference room and
a separate after-hour entrance for use
of the installment loan and insurance
departments.
The lower floor will include a large
community meeting room in addition
to auxiliary vault and storage space,
rest room facilities, mechanical room
and employees’ lounge.
Control of the Citizens State Bank
was sold by the M. J. McGillivray
family last year to a group of Aber­
deen, South Dakota, investors includ­
ing G. L. Hill, chairman of the
board, Farmers & Merchants Bank,
Aberdeen, South Dakota. Citizens
State Bank also operates branch bank
facilities at Willow Lake, Bradley and
Vienna in Clark County.
Northwestern Banker, August, 1968


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

56

Nortli Dakota
B iE W S
E. L. OLSON
W . J. DANER

President
Secretary

Grand Forks
Bismarck

X IH tA C om m ittees A p p o in ted
P P O IN T M E N T S to the eight
standing committees of the North
Dakota Bankers Association have been
announced by NDBA President Ed
Olson, senior vice president, First Na­
tional Bank and Trust Company,
Grand Forks. Committee appoint­
ments are:
A G R IC U L T U R A L COM M ITTEE
C hairm an: FR ED F L E E N E R ; vice president.
F irst N ational Bank, Dickinson.
e . d . M cG i n n i s , w n to n .
R O B E R T V . W E L L S , Robinson.
R O B E R T M O U N T A IN , Jam estown.
W . B. JO H N SO N , J R ., Grand Forks.
D. W . K N U D SO N , Richardton.
LE E R. M IE LK E , Bism arck.
O. V IN C E STEN E H JE M , W a tford City.
H E N R Y N ESS, Fargo.
GEORGE S C H W A R T Z , Fargo.
D O N A LD R. H O LE N , W ahpeton.
W IL B U R E. SUM M ERS, Jam estown.
M. J. LA W R E N C E , Minot.
F L O Y D STEB LE TO N , Bism arck.
W IL L IA M C. P A R K E R , Rugby.
C L A Y T O N B. SCHM IDT, Ashley.
C. E. M ITC H EL, Bism arck.
S T A N FOSS, Jam estow n.
H A R O L D H O LTE , Grand Forks.
E x E fficio:
V ice President, A L SIM PSON,
F argo.
P U B L IC R E L A T IO N S COM M ITTEE
C h a irm a n : TH O M AS H.
BARTHOLOM AY;
vice president, Merchants N ational Bank & Trust
Company, Fargo.
H O W A R D TOSO, Devils Lake.
W E S L E Y A RG U E , Hamilton.
E. F. SPEN C ER , Bism arck.
H OM ER W . L U D W IC K , Fargo.
A . N ED M A Y E R , Bism arck.
E. A . S CH A E FER , M inot.
S. A . S T A P H E R , Fargo.
R IC H A R D A. JO H N SO N , R ugby.
L E E STEN SETH , Jam estow n.
E x O fficio: V ice President, A L SIM PSON.
G E N E R A L E D U C A TIO N COM M ITTEE
C h a irm a n : GORDON B ICK LE ; vice president,
F irst N ational Bank, Bism arck.
O. L. H A E N , Grand Forks.
JAM ES H. M cN A IR , Fargo.
JIM D U N C AN , Neche.
D O N A L D W . GREEN , Fargo.
JAM ES L E W IS , Harvey.
H A R O L D W . JO H N STO N , Jam estown.
R . J. M O ON EY, Bismarck.
R O B E R T D. SU N D FO R , W atford City.
R ICH A RD P. L A R S O N , Fargo.
R O B E R T A L IN D E R , W ahpeton.
O R L IN P A N K R A T Z , Minot.
W . E. T H O R D A L , Grand Forks.
E x O fficio: V ice President, R O B E R T W E L L S ,
Robinson.

B A N K M A N AG EM EN T COM M ITTEE
C hairm an: W A Y N E S T R O U P ; president, Gar­
rison State Bank, Garrison.
G A R Y G. M IL L E R , C arrington.
D A N IE L P. SCHORSCH, Jam estown.
W . D. JOH N SO N , Cando.
L. S. BUE, Grand Forks.
JAM ES E. H A U S A U E R , Langdon.
CY FU L T O N , Bowm an.
R. P. H E N D RIC K SO N , Bism arck.
D O R IA N N. LaRO CQ U E, W alhalla.
A L S EV E RSO N , F argo.
H A Y D E N TH O M PSO N , Tow ner.
R. A . T U R N E R , Minot.
W . W A R R E N D eK R E Y , GraftonC H RIS D A H L , Bism arck.
Ex O fficio: V ice President, A L SIM PSON.
T R U S T COM M ITTEE
Chairman : P E TE N IE L S E N ; vice president and
trust officer, F irst N ational Bank, Grand Forks.
R IC H A R D A . P A R T E N , Dickinson.
L Y N N HOG H AU G, Bism arck.
D A V ID D. GORDON, Fargo.
L U TH E R S. KJOS, Minot.
JA M E S SETTE , Bism arck.
JO H N R IL E Y , F argo.
JO H N F. COOK, Grand Forks.
JAM ES G. W A L T H , Grand Forks.
A. M. E RIK SM O EN , F argo.
E x O fficio: V ice President, R O B E R T W E L L S .
IN S T A L L M E N T LO A N COM M ITTEE
Chairman : M Y R O N K L A U D T ; vice president,
Jam estow n N ational Bank, Jam estown.
D O N M A G L O U G H L IN , F argo.
H. J. W O G S L A N D , Grand Forks.
C. E. JE N K IN SO N , Dickinson.
B. P. M cDERM O TT, Grand Forks.
JOH N S T E W A R T , Bism arck.
N. D A V ID SA N F O R D , W atford City.
W IL B U R SCH U M A C H ER , F argo.
R O B E R T A. M A DD OC K, Jam estown.
N E LS L O IL A N D , Minot.
L. M. B O L S T A D , Fargo.
A . W . B O R N E R , Bism arck.
L. K. IV E R SO N , Rugby.
J A C K E V JE , Fargo.
S. O. M ONSON , Grand Forks.
L Y L E M. JO H N SO N , Grafton.
GEORGE NEIG UM , Bism arck.
E x O fficio: V ice President, R O B E R T W E L L S .
IN SU R A N C E COMM ITTEE
C hairm an: E L B E F. S E X T O N ; vice president
and cashier, F a rgo N ational Bank, Fargo.
JIM M U N N , W esthope.
A R O N A N D E R SO N , Dakota.
R. P A U L P E D E RSO N , Hope.
D U A N E A N D E R S O N , Dickinson.
R IC H A R D L Y SN E , Velva.
E x O fficio: V ice President, R O B E R T W E L L S .
L E G IS L A T IV E COM M ITTEE
C hairm an: JO H N R O U ZIE ; president, F irst
N ational Bank, Bowm an.
JO H N D. B A N K E R , Mohall.
R O B E R T A. S T R A N IK , Dickinson.
H E N R Y O. BECK, C arrington.
FR ED H O G H AU G, Devils Lake.
C. N. D A V IS , Cando.

N o rth IPahota S ta tem en t F ig u res
EPOSIT and loan figures for 10 of the largest banks in North Dakota
as reported at mid-year are shown below. Comparative figures for the
same period a year ago are also shown.

D
1.
2.

3.
4.
5.
6.
7.

8.
9.
10.

(L ast three figures om itted)
June 29, 1968
Deposits
Loans
Bank o f N orth Dakota, B ism arck ............................. .................. $105,064
$ 24,506
F irst N ational Bank & Trust Co. o f F a rgo ..... .................. 49,606
34,864
Merchants N ational Bank & Trust o f F a rgo ..... .................. 43,472
27,477
F irst N ational Bank in Grand Forks .................. .................. 39,574
22,830
F irst N ational Bank o f Bism arck .......................... .................. 36,315
20,732
F irst N ational Bank in M inot ................................. .................. 36,166
24,239
F argo N ational Bank and Trust Company .......... .................. 29,679
17,763
Dakota N ational Bank o f Bism arck .................. .................. 28,906
17,037
Red R iver N ational Bank, Grand Forks .................. .................. 23,627
12,773
A m erican State Bank o f M inot ................................... .................. 21,929
13,408

Northwestern Banker, August, 1968


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

June 29,, 1967
Deposits
Loans
$112,689
$ 24,103
44,096
30,399
36,465
24,155
35,903
23,488
32,860
18,129
32,284
22,598
24,919
14,756
26,617
17,887
20,441
12,167
14,054
21,410

PE R SH IN G BOE, Grand Forks.
W . M. SAN G E R , W ahpeton.
F R A N K L IN PA G E , H amilton.
R. P. H E N D RIC K SO N , Bism arck.
GORDON L. BICK LE, Bism arck.
L E E M. STEN E H JE M , W atford City.
D A N IE L G. BECK, W ahpeton.
M A U R IC E P. O’ C O N N ELL, Dickinson.
S T A N L E Y J. K W A K O , Heaton.
J A C K H O E Y E N , JR ., Minot.
C. P. A U S T IN SO N , Northwood.
GEORGE M. JOH N SO N , Minot.
T. A . R O N E Y , C arrington.
A . M. E RIK SM O EN , F argo.
TED W . SETTE, Bism arck.
C L A R K J. JE N K IN S , F argo.
P E T E R J. W E L K , Bism arck.
E x O fficio: A ll Elected B anker-Legislators.
President, E D W A R D L. OLSON , Grand Forks.
V ice President, A L K. SIM PSO N , F argo.
V ice President, R O B E R T V. W E L L S , Robinson.
Treasurer, A . N ED M A Y E R , Bism arck.

-<

y

Named Bank President
Norman Christensen, vice president
and cashier of the First National
Bank of Mandan, has been elected
president of the Citizens First Nation­
al Bank of Wahpeton. He is a gradu­
ate of the University of North Dakota
and the University of Wisconsin
Graduate School of Banking.
Mr. Christensen has worked at the
First National Bank of Aberdeen, S.
D., and the Northwest Bancorporation, Minneapolis, where he was cred­
it analyst for two years. He came to
the First National of Mandan in 1958
and was elected vice president and
cashier in 1960.

V

V

K

Promote Two at Grand Forks
Lynne Skyberg has been named as­
sistant cashier and manager, data
processing department, at the First
National Bank in Grand Forks. Dale
R. Arel has been named assistant
manager of the data processing de­
partment.
Mr. Skyberg began his employment
at the bank in 1960. Mr. Arel is a
1958 graduate of St. James High
School and joined the bank after three
years of service in the Navy.

Construct New Building
The Citizens State Bank of Rugby
has awarded a contract to Joe Hoff art
Construction of Rugby for general
construction of a new bank building.
The new bank is to be located on
the west side of Main Street, directly
south of the Rugby Furniture Store.
Bank officials estimate it may take a
year to complete the building project.
The main floor of the new structure
will have 5,300 square feet of space.
The full basement of the building will
feature two work areas, an employ­
ees’ lunch and coffee bar and office
space to be leased to a local firm of
attorneys.

<

X

Renew Corporate Charter
The application of the Farmers
State Bank of Minnewaukan to renew
their corporate existence for a period
of 25 years has been approved by the
State Banking Board.

(-

57

CENTRAL'S JOHN EDM/STON
talks over a correspondent matter with William H. “Bill” Burns, left,
President of the Fort Lupton State Bank in Fort Lupton, Colorado —
another of Central’s valued correspondent customers.
Central’s Correspondent Team makes it their business to help
your bank get new business. This is the kind of contagious
enthusiasm which has helped make Central the correspondent for
more area banks than any other Denver institution.

>

Denver Bears Baseball— Aug. 23, 24, 25— Phoenix;

W H AT'S HAPPENING
IN DENVER

Aug. 26, 27, 28, 29— Tulsa;
Aug. 30, 31— Oklahoma C ity
Lawrence Welk & Company— Aug. 19— Denver Coliseum

Mountain States Mobile Home, Recreational Vehicle Show— Sept.


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

11-14— Denver Coliseum

Northwestern Banker, August, 7968

58
■<

W E ’LL L O O K IN T O Y O U R

BOND

P O R T F O L I O and use every tool at our

disposal to examine and analyze your various bonds to help bring your program up-to-date
and hopefully make it more profitable. Call Don Ferrel,
Kent 01 in, Paul Christensen, Terry Ryan or George Alff.
Telephone (303) 244-8811.

y

^that's the bank for my money/

D E N V E R U .S .
N

A

DENVER

T

I

O

N

U.S. C E N T E R

A

L

K

R A N K

D E N V E R. C O LO R AD O 8 0 2 1 7

/

V

Northwestern Banker, August, 1968


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

59
for several months. More than 18,000
individual loans are in the portfolio.
As a result of the takeover, 63 of­
ficers and staff employees of MIC will
join the staff of the bank’s real estate
department. Initial payment for the
portfolio was $2.5 million.

Colorado

N ew s
D.

E.

SCOTT

President

Steamboat Springs

Dedicate New Reserve Bank
The new $8 million building of the
Denver branch, Federal Reserve Bank
of Kansas City was dedicated July 19.

v

The modern, five-level structure,
facing on 16th Street between Arapa­
hoe and Curtis Streets contains a total
of 144,000 square feet. Three of the
structure’s five levels are a b ov e
ground, while two levels are below
grade.
Exterior of the building is of pre­
cast stone with tall columns extending
from the ground level to the over­
hanging solar protection screening
surrounding the third floor. All of the
bank’s accounting activities, including
the latest in electronic data processing
systems, are located on the third floor.
Housed on the ground floor are offices
for the bank’s officers and operations
staff.
The building also features a lobby
and employee service facilities, includ­
ing cafeteria, employees’ club room,
directors’ room, officers’ and directors’
dining room and a complete kitchen.

7

-J
t

1st National Totals Climb
Gary E. Brooks has been named
assistant cashier in the correspondent
bank division. He joined the Central
in a part-time capacity in 1960, before
becoming a full-time bank employee
in 1963.

Joins Pueblo Bank
Charles Jaramillo, senior loan officer
with the Small Business Administra­
tion in Denver for more than two
years, has joined the staff of the Re­
public National Bank of Pueblo as an
assistant vice president. Mr. Jaramillo
also has been associated with two
Pueblo finance companies.

To Manage MIC Loan Portfolio
The First National Bank of Denver
has taken over the $260 million loan
servicing portfolio of Mortgage In­
vestments Company (MIC).
Negotiations for the shift in loan
servicing facilities from MIC to the
First National have been under way

At mid-year, net operating earnings,
deposits and total resources of the
First National Bank of Denver all in­
creased as compared with the same
period of 1967.
On June 30, the bank’s resources
totaled $529,905,312, compared with
$487,562,311 on that date a year ago.
Deposits totaled $468,043,347, compared
with $437,161,207. Net operating earn­
ings rose to $2,142,447 from $1,977,332.
Earnings yielded $4.28 per share on
the basis of 500,000 outstanding shares,
compared with $3.95 during the first
quarter of 1967 on the same basis.

Changes Name in Beirut
The First National Bank of Chicago
announced a change in name for its
subsidiary in Beirut, Lebanon, from
Banque Naayem S.A.L. to The First
National Bank of Chicago (Lebanon)
S.A.L.
On November 30, 1967, First Na­
tional acquired a controlling interest
in Banque Naayem, S.A.L.

Fnt/leivooil 1*1a ns

According to John W. Snider, vice
president of the Federal Reserve Bank
of Kansas City and manager of its
Denver branch, the bank has one of
the most modern security systems of
any bank building in the nation. Total
cost of the security “package” , includ­
ing vault doors, the electronic internal
systems and guard stations, was
$401,474.

Names New Loan Officer
■
y

/v

James L. Herde has been appointed
loan officer with the South Colorado
National Bank, Denver. He formerly
attended Midland College in Fremont,
Neb., and joined the Colorado National
in 1961.

Elects Two Directors;
Names New Officer

Lucien Wulsin, president of the D.
H. Baldwin Company of Cincinnati,
Ohio, and Morley P. Thompson, fi­
nancial vice president of the Baldwin
\ firm, have been elected to the board
of directors of the Central Bank and
Trust Company, Denver.


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Federal Reserve Bank of St. Louis

ARCHITECT’S DRAWING of new First National Bank, Englewood.

A new, 12-story building for the
First National Bank of Englewood is
scheduled to be ready for occupancy
in the fall of 1969.
Site of the new bank will face on
West Hampden Avenue and extend
two blocks along South Elati Street,
immediately east of Englewood’s Cin­
derella City shopping complex.
The building will contain 196,000

square feet of floor space. It will have
lobby space on the ground floor, utilize
basement space for vaults and offer
most of the upper floors for lease as
office space. Off-street parking for 500
cars also will be provided.
Subject to Federal Aviation Ad­
ministration approval, a heliport is
planned atop the building.
Northwestern Banker, August, 1968

60

Colorado News

Largest Hanks ia Laiaratlo
EPOSIT and loan figures for the five largest banks in Colorado are shown
in the chart below as they were reported at mid-year. Comparative figures
from the same period a year ago are also shown.
,
1.
2.
3.
4.
5.

(L ast three figures om itted)
June 29, 1968
_
Deposits
Loans
F irst N ational Bank, Denver ........................................................ $468,044
$804,039
Denver U. S. N ational Bank ........................................................ 405,094
270,930
Colorado N ational Bank, Denver .................................................. 251,619
158,281
Central Bank and Trust, Denver ................................................. 186,677
139,622
66,428
A m erican N ational Bank o f Denver ......................................... 105,238

June 29,
Deposits
$437,161
377,390
229,100
171,978
96,465

1967
Loans
$278 566
246 030
148,925
119 537
61*781

Bank, San Francisco, climaxing a 41year banking career.
A nationally known banker and
civic leader, Mr. Chase will continue

H. Stephen Chase Retires
H. Stephen Chase has announced
his retirement, effective June 1, as
chairman of the board of Wells Fargo

THE MOST IMPORTANT
^ELEMENT IS MISSING
FROM THESE
PICTURES
*THE HUMAN
ELEMENT
Computers, data
processors and other
electronic methods of
filling your correspondent
bank needs make life
much simpler and more
efficient.
But machines without
people are still just
machines. It's the people
of The First's
Correspondent Bank
Department who supply
the knowledge,
perception and total
service which make the
computers so effective.
They were doing it a long
time before computers.
They're doing it even
better with computers.

The First National Bank
gf Denver i7thandW
eiton
•

2 6 6 2 2 1 1

The b an k th a t n e ve r le ts you d o w n !
Northwestern Banker, August, 196$


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Federal Reserve Bank of St. Louis

...first
of all!
FDKÎ

as a member of the board and as a
director of the bank’s Edge Act sub­
sidiary, Wells Fargo Bank Interna­
tional Corporation.
Mr. Chase, 65, began his career in
1927 with the American Trust Com­
pany, which merged with Wells Far­
go in 1960. He served in branch
offices in Santa Rosa, San Jose and
Redwood City before his assignment
in 1940 to the Sacramento Main Office
as vice president and district man­
ager.
In 1955 he joined the San Francisco
Head Office as a senior vice president
and was named executive vice presi­
dent in 1960. Three years later he
was named to the bank’s board of
directors.

■<

y

y

A

F

New York Ranks Form
Credit Card Association
Three major New York City banks
—Chemical Bank New York Trust
C om pa ny, Manufacturers Hanover
Trust Company and Marine Midland
Grace Trust Company—announced in
June the formation of the Eastern
States Bankcard Association (ESBA)
and that each intends to issue all­
purpose consumer charge cards.
This regional association will invite
all interested banks to become mem­
bers. Each bank will be able to issue
compatible cards bearing the common
name and logo, “ Master Charge.”
Master Charge is the name presently
being used by the 123 banks in the
highly s u c c e s s fu l Western States
Bankcard Association.
ESBA also will join Interbank, the
organization for national and inter­
national interchange of bank charge
cards.
A primary benefit of association
membership is that each bank’s card­
holders will be able to use their cards
throughout the eastern United States
as well as at the more than 160,000
retail outlets that already honor cards
bearing the Interbank symbol. The
three New York City banks expect
that association members will begin
issuing cards in the spring of 1969.
Each member bank will make its
own decisions regarding credit stand­
ards for issuance of cards, repayment
schedules and charges. The Associa­
tion will coordinate the operations of
the total program and provide adver­
tising and promotion material. It will
be governed by a board of directors
composed of executives of member
banks.

/

V

y

I

y

X
K

New Senior V . P.’ s
Directors of United California Bank
have elected to senior vice presidents
Charles D. Baillie, W. A. Maurer and
W. H. Wieland.
1

61

Montana
N E W S
J. D. STREET
R. C . WALLACE

President

Bozeman

Secretary

Helena

M B A P la n s H a w a ii A B A Trip
A

Á

1969 convention of the Ameri­
T HE
can Bankers Association will be
held in Honolulu, Hawaii, on Septem­
ber 28-October 1.
It has been suggested that the Mon­
tana Bankers Association organize a
pre-convention tour to give partici­
pants the benefit of a favorable travel
rate and housing in one central hotel.
All travel arrangements and hotel res­
ervations are being handled by Travel
Consultants, Inc., Washington, D. C.
Since all forms will be mailed out
immediately after the ABA convention
in September, it is necessary that the
MBA know now whether or not there
are enough people interested to or­
ganize this special trip. For further
information, call or write R. C. Wal­
lace, secretary-treasurer, M ontana
Bankers Association, Box 1182, Helena,
Mont.

New Computer for
1st Security of Glasgow
The First Security Bank of Glasgow
recently signed the order for the first
Century 100 computer to be ordered
in Montana.
The computer will allow bank cus­
tomers to enjoy the convenience of
only one account number to control
all of their activities within the bank.
An additional service will be a single
monthly statement to customers, de­
tailing not only checking account
activity, but also savings, loan trans­
actions and other information regard­
ing their activities within the bank.
Future expansion of the new com­
puter will include visual display units
and communication terminals that will
allow an officer to interrogate a cus­
tomer’s central file and obtain an in­
stant report of the status of all of his
accounts.

Two Join Ag Department
Allen G. Miller, president of the
First National Bank of Miles City, has
announced the addition of two staff
m em b ers, Lee C. Buffington and
Robert L. Reiquam, to the bank’s
agricultural department.
Mr. Buffington, who has been em­

ployed as agricultural representative,
was formerly range conservationist
for the Soil Conservation Service at
Forsyth. Mr. Reiquam, now an agri­
cultural loan officer at the bank, pre­
viously was employed with the First
National Bank of Great Falls as an
agricultural loan officer.

Named President-Chairman
At Missoula Bank
The board of directors of the Southside National Bank fo Missoula has
announced that J. Fred Joyce has
been named presi­
dent and chair­
man of the board
of the bank, ef­
fective August 1,
1968. Donald E.
Nolan, who has
been president of
the bank since
1962, will serve as
vice chairman of
the bank’s board
f

. a . jo y c e

Gf

ate studies at the University of Wash­
ington School of Banking and the
University of Wisconsin Graduate
School of Banking. In addition to his
formal educational training, he has
been active in American Institute of
Banking courses.
Mr. Nolan, who will continue to
serve on the bank’s board of directors,
has been associated with the Southside National Bank since 1957 and be­
came the bank’s president in Septem­
ber, 1962. He has previous bank
experience at Blue Earth and Alex­
andria, Minn., before coming to
Missoula in 1950.

Receive Service Awards
One 40-year employee and two 30year employees headed up the 61 per­
sons who received service awards
from the First National Bank and
Trust Co. of Tulsa recently.
The 40-year veteran is J. L. Baker,
senior vice president. J. C. Wyatt, Jr.,
vice president, and G. Q. Tucker,
assistant vice president, received 30year awards.

N e w C o m p u te r

d ir e c to r s .

A native of Montana, Mr. Joyce has
most recently served as president and
trust officer of the Aberdeen National
Bank, Aberdeen, S. D. He began his
banking career in 1935 with the Mid­
land National Bank of Billings, Mont.,
where he held the p o s itio n of
assistant cashier and subsequently as
assistant vice president and vice pres­
ident. He was elected executive vice
president of the Aberdeen National
Bank in 1963 and president January
1, 1964.
Mr. Joyce also has completed gradu-

SIGNING CONTRACT for new computer
at 1st Sec. Bk. of Glasgow are (left to
right): C. H. Brocksmith, pres.; E. D.
Boid, computer mgr.; Bill Warren, district
mgr. for NCR, and Sterling Orgain, state
mgr. for NCR.

lO T a r g e st M on ta n a B a n ks
and loan figures for the 10 largest banks in Montana as they were
D EPOSIT
reported at mid-year are shown on the chart below. Comparative figures
for a year ago are also listed.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

(L ast three figures om itted)
June 29, 1968
Loans
Deposits
$ 43,606
...$ 70,938
Security Trust & Savings Bank, B illings ..................
37,846
... 59,709
F irst N ational Bank o f Great Falls ............................
... 54,127
38,078
M idland N ational Bank o f B illings .............................................
28,536
Great Falls N ational Bank ........................................................... 44,551
31,077
...
43,457
F irst N ational Bank & Trust Co., B illings ............
29,580
Metals Bank & Trust Co., Butte ................................................ 42,678
24,976
... 41,199
F irst N ational Bank & T rust Co., o f Helena ............
... 36,022
18,073
U nion Bank & Trust Co., Helena .............................................
... 31,331
23,596
W estern M ontana N ational Bank, Missoula ...........
... 29,867
20,503
M ontana Bank, Great Falls .................................... ......................

June 29, 1967
Loans
Deposits
$ 64,851
$ 44,319
34,780
58,018
35,316
49,710
28,793
41,980
32,312
40,748
29,163
45,164
23,797
43,248
33,114
17,333
21,997
29,472
17,993
28,227

Northwestern Banker, August, 1968

*

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Federal Reserve Bank of St. Louis

62

Montana News

íiran d Opea ini/ a t N ew Shell» if H ank

RECENTLY COMPLETED new building of the 1st St. Bk. of Shelby.

opening was held recently
GRAND
in the new bank building of the
First State Bank of Shelby.
Stone, copper and wood, with a
decor in prairie colors, are used
throughout the new circular designed
building. The exterior of the struc­
ture is enclosed with native stone and
natural finished wood. The bank’s in­
terior is carpeted and paneled with
wood, complemented with painted wall
areas.
Focal point inside the building is a
12-foot high, circular fireplace with
five teller stations located beyond it
and officer areas to the left and right.
Board and conference rooms are lo­
cated behind officers’ quarters. A
drive-in window also has been added
in the bank’s new facilities.
Oswald Berg, Jr., of Bozeman was
architect for the new building, and the
Swank Construction of Valier was gen­
eral contractor.
The bank was organized in 1910.

Group Officers Elected
The following men have been elect­
ed group officers of the Montana
Bankers Association for the 1968-69
year:
Group I

President, J. D. Larson, Pondera
Bank of Montana, Conrad. Vice presi­
dent, Byron H. Kluth, First State
Bank, She lby . Secretary-treasurer,
Ted R. Lloyd, First National Bank,
Havre.
Group II

President, G. Dorin Radke, First
State Bank, Forsyth. Vice president,
F. W. Winter, Garfield County Bank,
Jordan. Secretary-treasurer, R. T.
Quade, First National Bank, Ekalaka.
Group III

President, Orville H. Mann, Western
Montana N at i ona l Bank, Missoula!
Vice president, Zane G. Murfitt, Flint
Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

retary-treasurer, Donald L. Scothorn,
First State Bank, Stevensville.
Group IV

President, A. H. Peterson, Culbert­
son State Bank, Culbertson. Vice
president, H. H. Arndt, Western Na­
tional Bank, Wolf Point. Secretarytreasurer, Lynn Grobel, First National
Bank, Glasgow.
Group V

President, J. W. Kearns, Jr., State
Bank of Townsend, Townsend. Vice
president, Harold Ormseth, First Na­
tional Bank & Trust Company, Helena.
Secretary-treasurer, Victor R. Schlimgen, Montana Bank, Great Falls.
Group VI

President, Russell Edwards, First
National Bank, Twin Bridges. Vice
president, R o b e r t G. Henry, First
Metals Bank & Trust Company, Butte.
Secretary-treasurer, Robert J. Harri­
son, State Bank & Trust Company,
Dillon.
Group VII

President, T. W. Witzel, Security
Bank & Trust Company, Bozeman.
Vice president, Stanley R. Regele,
First National Park Bank, Livingston.
Secretary-treasurer, Ralph L. Johnson,
Bank of Bridger, Bridger.

Billings Applicants Sue
A group of eastern Montana entre­
preneurs have brought suit in district
court charging State Superintendent
of Banks Albert E. Leuthold with
“total lack of any discretion” in deny­
ing permission for a new bank in Bill­
ings.
Livingston banker James D. Ben­
nett, representing a five man group of
Livingston and Billings businessmen,
filed the civil action asking a writ of
mandate directing Mr. Leuthold to
Creek Valley Bank, Philipsburg. Sec-

either issue a certificate authorizing
the proposed First Citizens Bank of
Billings, or show cause for his refusal
in district court.
In his petition Mr. Bennett alleges
the proposed initial stockholders filed
articles of agreement and incorpora­
tion with Mr. Leuthold in December,
1967, with a proposed initial capitali­
zation of $600,000.
Proposed directors of the new bank
who contributed a total of $50,000 for
500 initial shares of common stock
were Bennett and Tore Reuterwall of
Livingston, and the following Billings
businessmen: Winston Cox, Walter H.
Hagen, Fredrick Liquin and John W.
West.
Mr. Leuthold acted “arbitrarily,
capriciously, oppressively, tyrannical­
ly” and without discretion in arriving
at a July 1 decision to disapprove the
bankers’ proposal, states the Bennett
petition.
Initial demand of the state control
officer was that the entrepeneurs
capitalize at $1 million and spread
stockholding out so that no one person
owned more than five per cent of the
stock.
They increased proposed capitaliza­
tion to $800,000, alleges Mr. Bennett,
and this was agreed to be sufficient by
Mr. Leuthold. And the diluted stock
holdings, the petition continues, but
the respondent Leuthold) continued
to set new conditions charging, among
other things, that the proposed build­
ing for the new bank is “unattractive”
and has a “cold atmosphere.”
The petition charges violation of the
Constitution’s 14th Amendment (equal
protection under the law) and the 5th
Amendment (due process), and asks
that the court adjudicate the disa­
greement.

Bancorporation of
Montana Gains
Charles W. Rubie, president and
chief executive officer of Bancorpora­
tion of Montana, announced recently
that the Montana based bank holding
company is continuing to grow at a
record pace.
Consolidated net operating earn­
ings, after taxes, for the six months
ending June 30, 1968 were $174,826.00.
This is an increase of $26,415.00 over
the $148,411.00 reported for the same
period in 1967. Operating earnings
rose to $.90 per share from the June
30, 1967 figure of $.76 per share. Con­
solidated total deposits of the Cor­
p o r a t i o n ’ s seven affiliated banks
amounted to $45,493,172.00. This figure
is $2,452,025.00 higher than the $43,041,147.00 recorded on June 30 of last
year.

63

Wyoming News
MAX E. FISHER
Laramie
President
Wyoming Bankers Assn.

V o te HHiif C onvention S ite?
N a m e W U A C om m ittees
Jackson Lake Lodge has been
T HE
chosen as the site of the 1969 W yo­
ming Bankers Association convention,
following rejection of a proposal by
the Utah Bankers Association to ex­
change convention sites. General for> mat of the convention, to be held June
12, 13 and 14, 1969, will remain un­
changed.
WBA President Max E. Fisher,
*
president of First National Bank,
Laramie, has announced the follow­
ing committee assignments for the
ensuing year.
A

f

j

*

,

1

.
i

-j

A G R IC U L T U R A L COM M ITTEE
D O N A L D J. JO R D IN G , Chairman, E xecutive V ice
President, Stock G rowers Bank, W heatland
LES C. A T K IN S , President, F irst N ationanl Bank,
T orrin gton
C A L D W E L L J. D Y K E S, E xecutive V ice President,
U inta County State Bank, M ountain V iew
K E N N E TH A . L IN K , Cashier, A m erican N ational
Bank, R iverton
A N D R E W M cM A STE R S, President, Stockm an’s
N ational Bank, Lusk
D O N A L D R. W A S S E N B E R G , Cashier, State Bank
o f B ig Piney, B ig Piney
CRE D IT CO N FER E N CE COM M ITTEE
JA M E S H. C H A PIN , Chairman, V ice President
and Cashier, H illtop N ational Bank, Casper
J. B. D E S TE FA N O , Assistant V ice President,
Bank o f Comm erce, Sheridan
R O B E R T W . M cBR ID E , V ice President, First N a­
tional Bank, Buffalo
F R A N K H. M IL L E R , Senior V ice President, First
N ational Bank, Laram ie
C. D A L E M O RR O W , Cashier, F irst N ational
Bank, Kem m erer
FLOO D A . RU M M E L, JR ., President, F irst N a ­
tional Bank, Pinedale (three-year term )
IN S T A L L M E N T LO A N COM M ITTEE
J E R R Y Q U IG LE Y , A ssistant Cashier, Raw lins
N ational Bank, R aw lins (one-year term )
C H A R L E S L. SCR IBN E R , F irst V ice President,
Cheyenne N ational Bank, Cheyenne (one-year
term )
B RU C E D. A R M E N T R O U T , Chairman, V ice P res­
ident, F irst N ational Bank, Lander (tw o-year
term )
H E R B E R T W . H O O V E R , V ice President, F irst
N ational Bank, L aram ie (tw o-year term )
O R V A L E. T IL L T E , V ice President, W yom ing
N ational Bank, Casper (three-year term )
W Y N N M. T E R W IL L IG E R , President, F irst N a ­
tional Bank, Pinedale (three-year term )
L E G IS L A T IV E COM M ITTEE
JOH N W . F R A N C E , Chairman, President, R aw ­
lins N ational Bank, R aw lins
DEL M. C RO U SE, President, A m erican N ational
Bank, R iverton
W. R O B E R T DU BOIS, President, F irst N ational
Bank & Trust Co., Cheyenne
H O W A R D F. E SM A Y , Chairman o f the Board,
S tockm en’s Bank, Gillette
JO H N W . H A Y , J R ., President, R ock Springs
N ational Bank, R ock Springs
H A R O L D H E L L B A U M , President, Stock Growers
Bank, W heatland
C H A R LE S G. IR W IN , V ice President, Converse
County Bank, Douglas
A. E D W A R D K E N DIG, E xecutive V ice President,
F irst N ational Bank, W heatland
JA C K SO N F. K IN G , Chairman o f the Board,
F irst N ational Bank, Casper
R O B E R T W . M IR A C L E , President, W yom in g N a­
tional Bank, Casper

*

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Federal Reserve Bank of St. Louis

C A R L R O B IN SO N , P resident, Star V alley State
Bank, A fto n
JAM ES Y. W IT H R O W , E xecutive V ice President,
Bank o f Comm erce, Sheridan
1969 G O LF T O U R N A M E N T COM M ITTEE
D O N A LD K. H OGOBOOM , Co-Chairm an, P resi­
dent, Security Bank & Trust Company, Casper
RO B ER T A . N E L S O N , Co-Chairm an, President,
F irst N ational Bank, P ow ell

To Erect 177-Foot Tower
A 177-foot time-temperature tower
will be built by the Wyoming National
Bank in Casper at the corner of
First and Durbin, according to a de­
cision made recently by the bank’s
board of directors.
The tower will feature three banks
of high density lamps which will be
visible day and night for several
miles in all directions. Construction
will begin immediately and is ex­
pected to be completed in four months.
Bank spokesmen say the project
will be the world’s tallest pylon type
time-temperature display.
Harold Engstrom is architect, and
Lower and Cool of Casper is general
contractor.

Elects Chapter Officers
Bruce E. King, credit officer, First
National Bank, Casper, has been
elected president of the Casper Chap­
ter of the American Institute of Bank­
ing.
Other officers elected were Jean
Brown of the Hilltop National Bank,
vice president; Robert Miller of the
Western National Bank, treasurer, and

IO L a r (fest

Claudina York of Security Bank and
Trust Company, secretary.
Elected to serve as the board of
governors were A1 Forman of Security
Bank and Trust Company; Dottie
Neeley of First National Bank; Don
Davis of Wyoming National Bank;
Jo Anne Schutte of the Wyoming Na­
tional Bank, and Eve Davis of West­
ern National Bank.

BankAmericard Is Now
International in Scope
The first international bank credit
card program took a giant stride for­
ward in June with the announcement
that the new Canadian “ Chargex”
card, announced in May, wrill be in­
terchangeable with BankAmericard
(United States), Barclaycard (Great
Britain and Ireland) and Sumitomo
Bank Credit Card (Japan).
The agreement means that any of
the more than 6,500,000 BankAmeri­
card holders throughout the United
States will soon be able to use their
cards in Toronto and Montreal, as well
as Great Britain, Ireland and Japan.
In turn, BankAmericard merchants in
this country will be able to accept
credit cards issued by participating
banks in each of the other countries.
At this time, no other bank credit
card program has achieved a similar
international interchange agreement.

Sponsors Golf Tourney
The Fifth Annual Lusk State Bank
Golf Tournament for boys and girls
was held August 3.
The tournament was open to any
boy and girl in Wyoming or surround­
ing states, who was under 17 years of
age by the start of the tournament.
Letters of invitation were sent to
surrounding communities.
The chairman emphasized that no
entry fee or other fees were required
to enter. Flights for all classes of
young golfers were arranged and
prizes to the champion and runnerup
in each flight were made by the bank.
Dale Fullerton, chairman of the board
of the Lusk State Bank was tourna­
ment chairman.

Élan h s

i

n

and loan figures for the 10 largest banks in Wyoming as they
DEPOSIT
were reported at mid-year are shown in the chart below. Comparative
figures for a year ago are also shown.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

(L ast three figures om itted)
June 29, 1968
Deposits
Loans
$ 33,836
....$ 56,555
W yom in g N ational Bank o f Casper ............................
.... 55,297
35,663
First N ational Bank o f Casper ..................................................
.... 35,059
14,509
F irst N ational Bank & Trust Co., W yom ing-C heyenne.......
18,708
.... 27,435
A m erican N ational Bank o f Cheyenne .......................
15,903
.... 24,013
F irst N ational Bank o f L aram ie ..................................................
14,510
.... 22,327
Cheyenne N ational Bank ..............................................................
.... 17,663
12,393
Stockmens Bank o f Gillette ..........................................................
.... 17,181
13,988
Bank o f Com m erce, Sheridan ......................................................
9,816
.... 17,032
R ock Springs N ational Bank ......................................................
9,289
.... 13,460
F irst N ational Bank o f R iverton ...............................................

June 29, 1967
Loans
Deposits
$ 30,914
$ 53,949
51,252
34,330
14,720
31,651
17,923
27,501
22,766
15,555
9,757
15,219
13,384
10,206
12,710
16,035
9,661
16,293
8,091
12,388

Northwestern Banker, August, 1968

IkiÉL
W hen the tim e comes for th a t big move from range to fee d lo t to m arket, call on
U.S. W e’re here to help with the latest cred it inform ation and p articip atio n loans,
handled with c a ttle know-how. Let us work with you to develop sound fin an cin g
program s for all your custom ers’ needs.

All th e s e rv ic e s o f U .S . N a tio n a l a re
y o u rs f o r a p h o n e c a l l ... 3 4 1 - 8 7 6 5 , O m a h a

JAY BORDEWICK

HOWARD NIELSEN

EVERETT BROWN

JES S ZIMMERMAN

Vic« President

Assistant Vice President

Assistant Cashier

Assistant Cashier
Member F.D.I.C.

Northwestern Banker, August, 1968


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Federal Reserve Bank of St. Louis

65
about 62 years since he became a reg­
ular employee of the institution.
N

e b r a s k a

Clyde E. Pearson
Longtime Genoa banker, Clyde E.
Pearson, died recently. Mr. Pearson
spent more than 40 years in the bank­
ing business, starting in his home
state of Illinois, and coming to Genoa
in 1916. At the time of his retirement
he was vice president of Genoa Na­
tional Bank.

NEWS
H. GRAMANN, JR.

President

Adams

W. H. OSTERBERG

Exec. Mgr.

Omaha

N B A ¡Hans Fail A ctivities
ALL activities for members of the
F
Nebraska Bankers Association will
center around the annual group meeti

ings, scheduled in October.
Breaking precedent with the pre­
vious method of having all six group
meetings in a period of five successive
days in one week, the 1968 group meet­
ings will be held on three successive
days in each of two weeks. They will
be held as follows:
October
October
October
October
October
October

8
9
10
15
16
17

Scottsbluff
Holdrege
Grand Island
Norfolk
Fremont
Lincoln

Gr.
Gr.
Gr.
Gr.
Gr.
Gr.

6
4
5
3
2
1

Program highlights for each meeting
will be featured in a subsequent issue
of the Northwestern Banker.
On November 5 the NBA Agricultural Seminar will be held at the Holi­
day Inn at North Platte. On November
6 an NBA Agricultural Seminar will
be held at Hotel Lincoln in Lincoln.

4

^ Central City Promotions

>

Joseph J. Geren has been promoted
from assistant cashier to cashier at
the Central Bank, Central City. Mrs.
Betty L. Rasmussen has been named
assistant cashier.
The bank is currently in the process
of constructing a new drive-in window
facility.

Increases Surplus
>

The board of directors of the Burt
County State Bank, Tekamah, has in­
creased the bank’s surplus account
from $75,000 to $125,000, according to
Charles T. Backer, executive vice pres­
ident at the bank.

Capital Stock Increase
^

The Bank of Monroe has increased
its capital stock by 100 per cent, from
$30,000 to $60,000, by stock dividend
to stockholders of record.

Open House
J Benefits Churches
Over 40 local churches profited from
the recent open house at the Nebraska

State Bank in Sioux City, according to
R. R. Robertson, chairman of the
bank’s board of directors.
Mr. Robertson reported that in con­
nection with viewing the recently re­
modeled and enlarged banking quar­
ters, visitors were asked to register
and designate the church of their
choice. For each adult registered, the
bank then donated $1 to the specified
church.
New features at the bank include
the latest in burglary and robbery
protection equipment, a closed circuit
television system and new microfilm­
ing and reproduction equipment.

New Cliadron Hours
Representatives of the First Na­
tional Bank and the Bank of Chadron
have announced that the banks will
be open from 5 to 7 every Friday
evening in addition to the regular
hours of 10 a.m. to 3 p.m. Monday
through Friday. Both banks will be
closed all day Saturday.

Oak Banker Cited
Recently the Nebraska State Bank­
ing Department cited John L. Scroggin, of Scroggin and Company Bank
at Oak, for 50 years with the bank.
Mr. Scroggin was quoted as saying
that he had a running start for the
award in that his father established
the bank in 1898 and he just sort of
grew up in it. He figures it has been

IO

Named BankAmericard Agent
Paul M. Hefti, vice chairman of the
Guardian State Bank of Alliance, has
announced that the bank has been
named the agent for the BankAmeri­
card credit card program in Alliance
and the Sand Hills area.

Economic Development
Council Endorses Branching
The Economic Development Council
of the Nebraska Association of Com­
merce and In d u s tr y Friday un­
animously indorsed the concept of
branch banking in Nebraska.
The council, holding its annual con­
ference at Lewis and Clark Lake did
not take a specific stand on the con­
troversial issue by stating whether it
favored limited or unlimited bank
branches.
The proposal left open any study of
legislation contemplated to come be­
fore the next Nebraska Legislature.
The council’s action is only advisory
and is a recommendation to the board
of the NACI.
Endorsement followed a personal
opinion report by a spokesman for the
group on the impact of branch bank­
ing on the state’s economic develop­
ment.
It was said that allowing banks
to have branches in adjacent counties
and within the limits of banking laws
would aid industrial expansion.
—Unit banks would not be hurt,
in fact could benefit from increased
competition leading to better services.

i^artjestN ebraska Banks

EPOSIT and loan figures for the 10 largest banks in Nebraska as they
were reported at mid-year are shown on the chart below. Comparative
D
figures for a year ago are also listed.

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

(Last three figures omitted)
June 29-, 1968
Deposits
Loans
Omaha National Bank ....................................................................... $304,217
$170,131
First National Bank & Trust Go., Lincoln ............................... 179,232
97,044
U. S. National of Omaha .............................................................. 151,796
99,444
First National Bank, Omaha ........................................................ 161,233
96,252
National Bank of Commerce Tr. & Sav.Assn., Lincoln.... 115,447
75,554
Stockyards National Bank, Omaha .............................................. 48,197
30,919
First National Bank, Grand Island .......................................... 32,160
18,494
First National Bank, Hastings .........
31,671
19,187
FirstNational Bank & Trust Co.of Columbus ........................ 26,959
11,220
Center Bank, Omaha ......................................................................... 26,263
17,174
N o rth w e s te rn

#

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

June 29, 1967
Deposits
Loans
$289,103 $173,325
158,809
92,078
146,927
85,972
147,453
92,796
108,855
67,102
41,717
28,112
26,504
16,060
26,406
17,526
24,301
12,067
22,475
15,443

B anker, A ugu st,

1968

66

R OBERT B. McCreight has been
elected president of the Union
Stock Yards Company of Omaha, ef­
fective September 1. He succeeds Fred
W. Gilmore, who recently announced
his retirement. Mr. McCreight also
has been elected
president of the
company’s wholly
owned subsidiary,
the South Omaha
Terminal Railway
Company.
Mr. McCreight
brings to the com­
pany many years
of experience in
s to c k y a r d manr . b . M cC r e i g h t
agement. Sin ce
1967, he has been vice president and
since 1963 a director of United Stockyards Corporation—a wholly owned
subsidiary of Canal-Randolph Corpora­
tion. He was president and a director
of the St. Paul Union Stock Yards

Company from 1961 to 1967 and was
vice president of the company from
1953 to 1961. He is a director of the
Northwestern National Bank of South
St. Paul and of the American Stock
Yards Association.
Mr. Gilmore, now president and gen­
eral manager of Union Stock Yards
has been appointed deputy governor of
the Land Bank Service of the Farm
Credit Administration, effective Sep­
tember 1. He is returning to the posi­
tion he held for
three years, end­
ing in 1961, when
he left to take his
present post with
the Union Stock
Yards.
Mr. G ilm ore
will h e a d the
s e r v ice in the
Farm Credit Ad­
ministration reF. w. G i l m o r e
sponsible for the

MUNICIPAL AND CORPORATE BONDS
LISTED STOCKS
UNLISTED AND LOCAL STOCKS
Orders Executed on All Principal Exchanges

u

i

i

l

i

:s

h

o

h

i

»v y a

MEMBER, MIDWEST STOCK EXCHANGE

412 Farm Credit Building, Omaha, Nebraska 68102
Phone 346-6677 (Area Code 402) Teletype 402 348-1040
O ther Offices Located in

LINCOLN
Nebraska
N o rth w e s te rn

#
*

B an ker, A u g u st,


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

LEXINGTON
Nebraska

.

VERMILLION
South Dakota

supervision of the cooperative Land
Bank System, which includes 12 fed­
eral land banks and over 600 federal
land bank associations. Previous to
coming to Washington in 1958, he had
been employed by the Federal Land
Bank of Omaha.
* * *
Michael G. Brady has been pro­
moted to vice president and trust of­
ficer at the Stockyards N a tion a l
Bank. Mr. Brady
is a graduate of
Creighton Univer­
sity S ch o o l of
Law and was as­
sociated with the
C e n t e r B ank,
Omaha, from 1960
t h r o u g h 1966,
when he joined
M . G. B R A D Y
the law firm of
Beber, Richards and Polack. He was
elected to the Stockyards National as
trust officer in July, 1967, when the
newly formed trust department began
operation.
*
* *
Harold Buss has been elected to the
board of directors of the Douglas Coun­
ty Bank of Omaha. Mr. Buss has
been associated with Omaha Dairy,
Goodrich,
Neb., for more
than 35
years. He currently serves as presi­
dent.
=1= * *
Roy A. Brownell, 78, once associated
with the former Livestock National
Bank, died recently at his home in
Boise, Idaho. Mr. Brownell had also
served with the Chase-Manhattan
Bank in New York and the War Fi­
nance Corporation and Reconstruction
Finance Corporation in Washington.
* * *
The Omaha National Bank is par­
ticipating in the American Bankers
Association summer working fellow­
ship program which allows college
professors to spend the summer
months getting actual experience in
the banking industry. Glen Yollmar
of the University of Nebraska will be
employed at the bank during the sum­
mer.
This is the second year the fellow­
ships have been offered, with the ABA
Banking Education Committee serv­
ing as the clearinghouse for faculty
applications and bank openings.
These working fellowships are in­
tended to give college-level teachers
with an interest in banking some in­
sight into practical business problems
and also give bank officers an oppor­
tunity to discuss questions with ex­
perienced teachers and researchers.
Any member of the ABA is eligible
to participate.

/

V

A

i

L

-e.

V.

*\

X

1968

*

67

ONB Computer Service
pleases Management
of Rushville Bank
S t o c k m e n ' s N a t i o n a l B a n k r e p o r t s r e l a t i o n s h i p w /th
S c o tts b lu ff c e n te r h a s b e e n a “re a l s m o o th o p e ra tio n fo r us

H, A. D ALE

BEN JOHNSON

S T U A R T JOHNSON

President

Vice President

Cashier

The bank went on computerized savings accounting last Decem­
ber 1st and followed with demand deposits March 1st. The change­
over was so smooth they were surprised. Mr. Dale reported they
have many favorable comments from customers. Ben Johnson
said there have been a minimum o f mistakes —and "'they are
easily corrected.” There have been savings in supplies and main­
tenance. on machines, but the bank has not reduced its staff, "It’s
nice to know that when we walk into the bank in the morning
the computer has performed all the posting and everything is up
to the minute,” Stuart Johnson advised.
Proof-Transit, savings, demand deposits, or
whatever computer center service you may be
VI
VVV^I LUI/OKAs l/IVy
JKJt more
Ill/KJI C- VI
VJ VSI ! I V\A/VVKJl V phone
JL/1 VKJ! VV^
interested
in, for
information
Correspondent Bank Dept., (402) 341-0100.

THE OMAHA NATIONAL BANK
C O M P U T E R C E N T E R S A T ; G R A N D ISL A N D * S C O T T S B L U F F • O M A H A

V
N o rth w e s tern


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Federal Reserve Bank of St. Louis

B anker, A ugu st,

1968

68

Nebraska News
motion campaign at the bank publiciz­
ing the three free steaks presented to
customers who opened a new savings
account of $100 or more, opened a
checking account of $200 or more,
added $100 or more to their present
savings account or invested $500 or
more in a new savings certificate.
Five separate drawings for a 40-pound
choice loin of beef also are being
held during July and August.
According to Donald J. Murphy,
bank president, the “steakout” is the
most fantastic promotion in the bank’s
history.
Tom Troupe of the Omaha National
Bank has been elected president of the
Omaha-Council Bluffs Chapter of the
Bank Administration Institute.

The Stockyards National Bank re­
cently held a “steakout” right outside
the bank’s front door, featuring Lyle
DeMoss, locally famous chief, who
passed around samples of Omaha
steaks.
The “steakout” was part of a pro­

Other officers are: George Gunia,
First West Side Bank, vice president;
Curtis E. Guard, First National Bank,
treasurer; Duane W. Sorenson, First
National Bank of Council Bluffs, sec­
ond vice president, and Rufus A.
Buffaloe, Washington County Bank,
Blair, secretary.

Open H ouse at W est Side Bank

Jim O’Connor has been promoted to
assistant cashier of the First West
Side Bank. He has been with the bank
for over a year as assistant loan man­
ager in the installment loan depart­
ment.
* * *
Morris F. Miller, president of the
Omaha National Bank, has announced
the appointment of Merrill R. Johnson
as assistant investment officer. Mr.
Johnson came to the bank in Febru­
ary, 1958, and has since that time
worked in the proof transit, customer
service, credit and investment depart­
ments.

y.

y

A

Bellevue Promotion
Ellsworth L. Merkel has been pro­
moted to executive vice president and
cashier of the Bank of Bellevue.
Mr. Merkel joined the bank in 1967
after his retirement from the United
States Air Force as a colonel. He has
been vice president and manager of
the bank’s facility at Offutt Air Force
Base. He is also a member of the
bank’s board of directors.
Mr. Merkel had been director of
officer personnel at Offutt. He replaces
Glenn E. Donaldson, who resigned to
accept a similar position with the Citi­
zens Bank of Mukwonago, Wis.

y

f

V

Expands on West Coast

AN OPEN HOUSE w a s h e ld r e c e n tly a t th e 1st West Side Bk., O m aha, w it h o v e r 2,500
p e o p le a tte n d in g .

P ic t u r e d is an in t e r io r v ie w o f th e n e w ly r e m o d e le d b a n k .

NEBRASKA NATIONAL
LIFE INSURANCE COMPANY

she

c h ro m e

o j

v ^ r e c lit

d r n iu r a n c e

1222 P St., Lincoln, Nebraska 68501
N o rth w e s te rn

B an ke r, A u g u st,


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

1968

Thomas Clines, president of the 4
New York Terminal Warehouse Com­
pany, Inc., has announced the acquisi­
tion of the field warehousing division
of The Haslett Company. The New
York Terminal Warehouse Company,
è
established in 1936, has long been one
of the nation’s leading field warehous­
ing companies with offices throughout
the country, but the major portion of
y
its business originating in the east,
southeast and midwest.
The Haslett Company, organized in
1890, in addition to its trucking and
warehousing business, is the leading
4
field warehousing company on the
Pacific coast with operations concen­
trated in seven western states.
The purpose of the acquisition is to
incorporate the strength of each par­
ticipant in a combined operation
which will provide complete national
service. Within this framework Has­
lett Field Warehousing will operate
as the western regional division of Y
New York Terminal with local head­
quarters at 680 Beach Street, San
Francisco.
K
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.

¥

OMAHA

f

69

Glerm Yaussi
Chairman and Chief Executive

Paul J. Amen
President

Commercial Loans
James F. Nissen
Vice President
Senior Loan Officer

L. E. Alford
Vice President

Wilbur H. Baack
Vice President

A. C. Holmquist, III
Vice President

Rodney P. Vandeberg
Vice President

Hale Kreyeik
Assistant Cashier

Investments
Robert L. Hans
Vice President
Bond Department

Marketing
Gene C. Eaton
Senior Vice President

Correspondent Banks
Winton Buckley
. Vice President
Manager

Roy Yaley
Vice President

Trusts
Robert S. Hinds

Vice President and
Senior Trust Officer

Administration
Herman A. Brockmeier
Senior Vice President

Paul R. Scott
Vice President
Manager o f Computer Services

Loren Anderson
Vice President
Personnel & Operations

Melvin Svoboda
Assistant Vice President
Assistant to Division Executive

Ed Huston

Calling NBC for all your correspondent needs
is as natural as picking up your pen to sign
your letters. Specialists in every phase of
banking are always at hand to help you when
you call NBC, your Capital City Correspondent.
(402) 477-8911

Assistant Cashier
Transit Department

Richard Wible
Assistant Cashier
EDP for Banks

M e m b e r F D IC

National Bank
of Commerce
Main Bank 13th & O Sts. / Patio O ffic e iO th & O Sts. / Uncoin. N ebraska

N o rth w e s te rn


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Federal Reserve Bank of St. Louis

B an ke r, A u g u st,

1968

70

Citi/ N a tion a l K ansas l iti/. E ntertains 1,3011

GUEST SPEAKER— Chas. G. Young, Jr., ehm n., lo o k s o n as Paul
Harvey, n a tio n a lly -k n o w n n e w s c o m m e n ta to r, m a k e s a p o in t
w it h R. Crosby Kemper, Jr., p res., a n d John J. Kramer, e x e c ,

c o n fe r e n c e . R I G H T — John Kramer, e x e c , v .p ., c h e c k s w it h Van
Cooper, Carl H. Schupp a n d Byron G. Thompson, officers o f C it y

V-

N a tl., b e f o r e t h e ir a p p e a r a n c e on th e p ro g r a m .

v .p ., at C it y N a t l. B k . & T r. C o., K a n s a s C ity , c o rr e s p o n d e n t

AR or no war, the government is
W
committed to sp e n d in g ; this
means an ever-increasing debasement
of the dollar along with higher inter­
est rates to accommodate this fact of
political life known as inflation.”
This was the prediction made by R.
Crosby Kemper, Jr., president and
chief executive officer of the City Na­
tional Bank and Trust Company, Kan­
sas City, before his bank’s Conference
for Correspondent Bankers and Cor­
porate Treasurers last month.
Drawing an attendance of more than
1,300 bankers, corporate executives
and wives, the Conference featured
talks by Mr. Kemper and three of his
executive officers. In addition, Paul
Harvey, ABC news analyst and commenator, served as a guest speaker.
Mr. Kemper said the government
spokesmen now are going to try to

talk interest rates down by predicting
a sharp reduction in the deficit. Re­
ferring to the Administration’s “open
mouth” policy to talk interest rates
down, he said a lowering of the redis­
count rate may come. He continued:
“ If this fails to bring interest rates
down, then they will be forced to ex­
pand money and credit in order to
accomplish their objectives. However,
I predict long-term interest rates will
remain firm because of further moneti­
zation of the debt. People aren’t sure
the government really means to exer­
cise fiscal restraint. As an example,
just a few days prior to enactment by
Congress of the $6 billion limit on ex­
penditures, Congress passed a supple­
mental appropriations bill for $8.9 bil­
lion! It can take similar action later
this year or early next year if the $6
billion cut really begins to accomplish
its intended purpose.

Carl H. Schupp, executive vice president of City National, talked on the
subject, “Banks and the Retail Credit
Card.” City National has announced
its affiliation with “BANKMARK” as
administered by Credit Systems, Inc.,
St. Louis, and a meeting for area
banks will be held in Kansas City on
September 5.

,

y

Byron Thompson, senior vice president of City National, spoke on the
money market, advising guests that
the best way to solve the profit
squeeze will be to see that their investment account is handled properly.

X

v

Van W. Cooper, vice president of
City National, described the bank’s
progress in the field of electronic data
processing. He warned that banks
should keep informed on the many
opportunities that computers are of­
fering, particularly in regard to reducing operational costs.

y

Following a social hour and dinner,
City National featured Alan King, TV
comedy favorite and Vikki Carr, nationally-famous recording star. The
next day, visiting bankers and cor­
porate executives were treated to a
brunch and a soccer game between the
Kansas City Spurs and the Boston

4

Beacons__ End.

Promote Neil King

MINNEAPOLIS-SAINT PAUL •EDINA •ROCHESTER •DULUTH •MANKATO •SIOUX FALLS •ABERDEEN •RAPID CITY-FARGO
BISMARCK •GRAND FORKS - MINOT - BILLINGS •GREAT FALLS •OMAHA •EAU CLAIRE •STEVENS POINT •WAUSAU

N o rth w e s tern

B an ke r, A u g u st,


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Federal Reserve Bank of St. Louis

1968

Neil L. King, a veteran of more than
40 years with the First National Bank
of Denver, has been appointed to
the position of vice president in the
bank’s expanding operations department, Eugene H. Adams, president,
announced Tuesday.
King joined the First National in
1927 and has served in nearly every
department of the bank. For the last
12 years he has been vice presidentadvertising and public relations.

f

*

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f

71

Famous radio and television chef, Lyle DeMoss, prepares sizzling samples of Omaha steaks on the Stockyards National Bank "p a tio ."

BANK “ STEAK O U T”
righ t outside our fron t d oor!
. . .

Big, ju icy, Omaha steaks, sizzling on the fire

. .

.

That was one way we publicized our recent “ free steak” prom otion

a natural fo r folks as close to the livestock industry as we are!
W hether th e y ’re on the h oof or on the fire, w e’re experienced hands with steaks.

So when you

want a cattle loan participant or have any banking transaction that involves the livestock industry,
rem em ber . . . the Stockyards National Bank in Omaha will give you the “ right steer.”
W e wish you could have tasted one o f those Omaha steaks Lyle DeMoss grilled at our “ steakout.”
Lyle, a well-known broadcast personality and expert “ culinary artist,” recently won the National Pork
Cookout title

. . . but we think he’ s even better with b e e f!

OMAHA

Helpful Banking
ivith a Personal Touch

NEBRASKA

M EM BER F .D .I.C .

Northwestern


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

Banker,

A u g u st,

1968

72

Nebraska News

IHuttsniouth

tem p l

THE CASS COUNTY BANK o f P la tts m o u th , N e b ., has m o v e d in t o its n e w b u ild in g ,
fo llo w in g an o p en h ou se f o r b a n k e r s a n d a p u b lic o p e n h ou se. T h e n e w b a n k is 50 fe e t
w id e an d 72 fe e t in le n g th a n d fe a tu r e s a m o d e r n a n d c o n v e n ie n t in t e r io r , w it h a la r g e
c o m m u n ity r o o m in th e re a r o f the b u ild in g . T h e b u ild in g w a s d e s ig n e d a n d c o n s tr u c te d
b y S tr u ctu r a l D e sig n s o f H o ls t e in , Io w a .

M a rk et
H ay To He H eld
Sept. 4 in South St. Joseph
ow ell

F.

MOHLER,

director­

First Stock Yards Bank, South St.
Joseph, on Wednesday, September 4,
according to Thomas J. McCullough,
bank president.
Bankers and guests will register in

L marketing division, Missouri De­
partment of Agriculture, will be one
of the featured speakers at the 12th
Annual Market Day, sponsored by the

M A H A

8

— . . i-r-. w .

<(

R IN T IN G

110 ^ e a r s

of

service

the bank lobby at 9:00 a.m. Following
registration, there will be a hayrack
ride of the stockyards, a slide pre­
sentation of beef cutability by Ivan
Kanak, director of St. Joseph Market
Foundation, and an explanation of the
operations of the St. Joseph Livestock
Auction by Paul Windsor, cattle sales­
man for Colt-Wall-Bethel Commission
Company.
Lunch will be served at noon in the
assembly hall of the Livestock Ex­
change Building, and a summary of
the current day livestock market will
be presented. The group will then
adjourn to the St. Joseph Country
Club.
Opening the afternoon meeting at
2:00 p.m. will be Dexter Davis, Mis­
souri commissioner of agriculture,
and he will be followed by Mr. Mohler
at 2:15.
At 3:00 p.m. the always popular
livestock panel discussion will be pre­
sented. Ivan Kanak will be moderator
of the panel. Panelists include Jack
Hodgin, hog salesman for Cecil Baker
Livestock C om m ission Company,
South St. Joseph; Tom Hunter, presi­
dent of the Livestock Exchange; Fred
Hertz, Hertz Commodities, South St.
Joseph; Dwight Boswell, Northwest­
ern Order Buyers Inc., South St.
Joseph, and Beverly Howell, general
manager of Swift and Company, South
St. Joseph.
A social hour and steak dinner will
conclude the Market Day.

Servicing the M id-S tates A rea

___

l

5^

1858

BANK SUPPLIES
Snap A p a r t Forms
C o n tin u o u s Forms
Bank Forms
O ffic e Supplies
O ffic e F u rn itu re

1301 FARNAM ST. — OMAHA, NEBRASKA — PHONE 342-7123

We can help you

Bankers Trust, New York,
National Division Promotions
Five officers in the national bank­
ing department of Bankers Trust
Company, New York, have been elec­
ted vice presidents. Named a vice
president in the New York division
is William B. Austin, Jr. Raymond
J. Dempsey has been made a vice
president in the central division.
James B. Richardson, Jr., and John L.
Street, Jr., are named vice presidents
in the southern division, and Clifford
E. Slater, Jr., has been made a vice
president in the western division.

Dedicate Reservoir Project

W A N T TO BUY S T O C K S ?
We handle all . .

N o rth w e s tern

B an ker, A u g u st,


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Federal Reserve Bank of St. Louis

1968

.

listed, unlisted and prejerred

The multi-million dollar Garrison
Reservoir diversion project was dedi­
cated recently.
Secretary of Interior Stewart Udall
told about 3,000 people attending the
dedication that the diversion project
is a “giant step” in a plan to develop
all of the area’s resources.
The initial project, to be completed
over a 12- to 15-year period, will in­
volve about 250,000 acres. The total
project will include about one million
acres. The project has been in the
planning stages for almost 80 years.

73

W hat does a banker know
about Real Estate?
plenty...
If his name is Bob Horak!

Bob Horak is a Second Vice President in our Mortgage Loan Department. He's
been with First National tor V /2 years now. But before that, Bob spent some 16
years dealing in all phases of the real estate business. Bob is equally at home
arranging F H A mortgages, or working out the financial end of a $1,350,000
100-unit apartment project. If one of your bank's customers is building a church,
shopping center, commercial building or residential development, Bob Horak is
the banker to talk to for advice and counsel. Call on Bob or any of the other
real estate specialists at the First National Bank of Omaha.
A lw ays the FIRST to Serve You.

FIRST NATIONAL BANK OF OMAHA
Member F.D.I.C.


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

N o rth w e s te rn

B an ke r, A u g u st,

1968

74

L in c o ln

tive assistant in the administration
division.

N e w s

Cited by Banking Department
The Nebraska State Banking Depart­
ment has cited John L. Scroggin of
Scroggin and Company Bank for 50
years with that banking concern. His
father, B. F. Scroggin, established the
bank in 1898.

-L

Named Ainericard Agent
annual fall conference for cor­
T HE
respondents of

luncheon many guests will attend the
football game between the University
of Nebraska and the University of
Wyoming.
*
* *

First N ational
Bank & Trust Company of Lincoln

will be held in Lincoln on Friday and
Saturday, September 13 and 14.
Particular emphasis will be placed
on Nebraska’s future in industrial de­
velopment and growth, as well as
agriculture. One of the fe a tu re d
speakers will be Sam Waugh, formerly
of Lincoln and until recently head of
the Export-Import Bank, Washington,
D. C.
Details of the conference will be
announced later.
Bob Devaney, athletic director and
coach of the University of Nebraska
football team, will analyze prospects
for the 1968 football season at the
luncheon on Friday. Following Fri­
day’s conference session, guests will
join for a banquet and entertainment.
A special luncheon and program for
the ladies is planned for Friday.
The conference continues on Satur­
day morning, and after the Saturday

The First State Bank of Gothen­
burg has been named an agent for
BankAmericard.

Receives Membership Award
J. O. Peck, president of the board
of the First National Bank and Trust
Company, Falls City, has received the
Columbus Chamber of Commerce life­
time membership award. Mr. Peck
also holds the 50-year award from the
Nebraska Bankers Association.

y

/

Receives VFW Recognition

M. SVO BO D A

R. Y A L E Y

The board of directors of the Na­
tional Bank of Commerce has pro­
moted Roy Yaley, formerly assistant
vice president at the bank, to vice
president. Melvin Svoboda, formerly
assistant cashier, has been promoted
to assistant vice president. Mr. Yaley
is in the bank’s correspondent bank
division, and Mr. Svoboda is an execu-

The First National Bank, McCook,
has received recognition from the
VFW Post 1652 for installing a large
flag atop the bank’s building.

Named Membership Chairman
Betty Walline, assistant cashier at
the Platte Valley State Bank and
Trust Company, Kearney, has been
appointed membership chairman of
the Nebraska Group of the National
Association of Bank Women.

Applies for New Facility
The Farmers National Bank, Central
City, has filed an application to estab­
lish a new facility at 318 G Street.

Specialists in
Pyramiding
Returns

G

Elected Central Officers
Robert Kline, assistant cashier of
the First National Bank and Trust
Company of Columbus, has been
elected president of the East Central
Chapter of the Bank Administration
Institute.
Other officers include Lee Snell of
the First National Bank, vice presi­
dent; Gene Docekal of the Bank of
Brainard, treasurer and Don Ellison
of the Farmers State Bank of Rising
City, who was named to the advisory
board.

Our Nebraska Municipal Team:
Top to Bottom
Howell P. Roberts
Will ¡am J. Gourley
John J. Frenking
Tad R. Dunham
Harry F. Ware
George E. Knack

i

ï

Graduates From Bank School
w .
M EM BER

1605 Howard
Omaha
342-7262
N o rth w e s tern

S treet 115 W. 21st S treet
Kearney
234-2251
B an ke r, A u g u st,


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

1968

M ID W E S T

STO CK

1200 " O "
Lincoln
475-4571

m

EXCHANGE

Street

133 Park Bldg.
Council Bluffs
323-7101

218 Badgerow
Sioux C ity
252-1238

Bldg.

Leo L. Henricksen, vice president of
the First National Bank of Kearney,
was among 281 bankers receiving cer­
tificates at graduation ceremonies end­
ing the 19th annual session of the
School of Banking of the South.
f

75

A UNIQUE NEW MANAGEMENT TOOL!

)

A
~ A T /i

f/Y’s fully described in this booklet)
H ere’s what you get
EVERY MONTH ...A report on all of your bond transactions from the previous
m onth ■ par and book value ■ net gain or loss ■ and net par value
by Bank Examiner Classifications.
■ An Asset Journal fully describing every issue you hold along with par
and book value ■ m onthly am ortization on premium bonds ■ daily interest
accrual ■ interest due and bonds m aturing during current month.

EVERY QUARTER ..A Portfolio Analysis that lists, rates, describes and prices
each item in your portfolio ■ shows yield at cost and market ■ amortized
book value ■ appreciation or depreciation ■ average yield ■ taxable
equivalent yield ■ average m aturity ■ book and market value by Bank Examiner
Classifications ■ recap of holdings by state ■ recap at Par by Moody Ratings.
There’s nothing like it a n y w h e re . ..it’s exclusive at the “ First” .
Call o r w rite —or ask any o f our C orrespondent Representatives o r our
Investm ent D epartm ent fo r com plete inform ation.

F IR ST N A T IO N A L B A N K
S T r u s t C o m p a n y of Lincoln
12th & N Street—Lincoln, Nebraska 68501 —Phone: 402-477-4455
N o rth w e s te rn


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Federal Reserve Bank of St. Louis

Banker,

A u g u st,

7968

76

X

X

>-

CORRESPONDENT BANK DEPARTMENT

OUR

F E A S IB IL IT Y
STUDY

HOMER JENSEN
Vice President

will give you the answer

GARY STEVENSON
Correspondent
Bank O ffice r

COMPUTER SERVICES

EDP is not a good move for all banks. Our complete
FEASIBILITY STUDY gives you an in-depth analysis of
your operation. Perhaps you're farther ahead the way
you are. When you want the straight answers on EDP
call on Bankers Trust, the "full service" bank for all your
correspondent needs.
O. JAY TOMSON
Vice President

PAUL GRIFFITH
Assistant Cashier

*

"Des Moines largest
locally owned
Bank"

B a n k e r s T rust c o .
SIXTH AND LOCUST, DES MOINES
M e m b e r : F .R .S . & F .D ./.C .

N o rth w e s te rn

B an ke r, A u g u st,


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

1968

f

77
Savings Bank, Waterloo, the name of
which was changed to Peoples Bank
and Trust Company in January, 1953.
He served as president from its or­
ganization to the present, and in 1968,
he was also elected chairman of the
board. Capital structure of the bank
now exceeds $2 million.

Iow a

NEWS
0 . A. HANSEN

President

A. E. LINDQUIST, JR.

Secretary

Durant
Des Moines

Plan D isplay at State Fair
N ANIMATED display will be fea­
A
tured by the Iowa Bankers Asso­
ciation at the Iowa State Fair in Des
Moines, August 16-25, according to
Robert L. Davisson, chairman of the
IBA public relations committee and
president of the First National Bank,
Clarion.
The display will be located in the
central aisle of the Varied Industries
Building (Booth 132-B). Theme for
the display will be, “Watch Your
Money Work and Grow.” Volunteer
bankers will man the booth on the
basis of three working each of three
shifts each day. The area will also
serve as a meeting place for Iowa
bankers and their families during the
fair.
Drawings will be held, and winners
will receive accounts for specific sums
in their local hometown bank.
Other IBA Activities

The annual installment lending
meeting will be held by the Iowa
Bankers Association on September 1819 at Hotel Kirkwood in Des Moines.
Symposiums on recodification will
be held at Buena Vista College on Sep­
tember 17 and at the Memorial Union
at the State University of Iowa, Iowa
City, on September 25. Registration
will be 9 A.M.

Joins Burlington Bank
Max L. Owens, a recent graduate of
Coe College in Cedar Rapids, has
joined the staff of the Farmers and
Merchants Bank and Trust Company
as an officer trainee.

Carvel Risvold
Carvel Risvold, 55, director of the
Corwith State Bank, has died at the
Fort Dodge Hospital after an extended
illness. He had been a director of the
bank since its organization in 1948.

Johnson County Officers
The following officers were elected
at the annual meeting of the Johnson
County Bankers Association at the
Lark Supper Club in Tiffin: Elmer J.

Draker, assistant cashier at the Hills
Bank & Trust Company, president;
and, Richard .A. Barkalow, assistant
vice president of the Iowa State Bank
and Trust Co. in Iowa City, vice presi­
dent. Re-elected were Donald Kout,
cashier, Farmers & Merchants Sav­
ings Bank, Lone Tree, secretary, and
Mark J. Thompson, assistant cashier,
First National Bank, Iowa City, treas­
urer. Gordon Hall, president of Coralville Bank and Trust Company, is
immediate past president.

He has been active in the Iowa
Bankers Association, serving on the
Small Business Credit Committee and
on the state and federal legislative
committees. During the current year,
he serves as general chairman of the
Federal Legislative Committee.

Joins Life Investors

M. W. Thornburgh, cashier of the
State Bank of Dumont, has been
elected to the bank’s board of direc­
tors.

Ronald L. Jensen, chief executive
officer of Life Investors, Inc., Cedar
Rapids, has announced the addition of
Joseph “Jay” L. Krenusz to the staff.
Mr. Krenusz will be directing the ad­
ministration of the credit insurances
and mortgage insurances of the Mass
Coverage Division. He is from Mil­
waukee and has been in the insurance
business for seven years, working as
director of bank services with the Old
Line Life and for American Bankers
as agency supervisor for the Raylen
Corporation directing the credit life
and mortgage insurance for the state
of Wisconsin.

Announces IBA Candidacy

Elected Rotary President

George E. Allbee, president, Peoples
Bank & Trust Company, Waterloo,
has announced his candidacy for
treasurer of the
Iowa Bankers As­
sociation. E le c ­
tio n w ill take
place at the 82nd
annual c o n v e n ­
tion
in Des
Moines, October
27-30.
Mr. Allbee be­
gan his banking
career July 11,
1919, as a general
clerk in the former St. Anthony Sav­
ings Bank, St. Anthony, Iowa, follow­
ing service during World War I. He
was elected cashier in September,
1919, and held this position until July,
1926.

Churchill T. Williams, president of
Oelwein State Bank, has been elected
president of the Oelwein Rotary club.

Named Director

From July, 1926, until 1943, Mr. All­
bee served in a variety of positions,
gaining valuable experience in lend­
ing and credit techniques. During
this period, he was one of the prin­
cipals in organizing the United Home
Bank and Trust Company of Mason
City, which opened for business on
September 1, 1936.
In 1943, Mr. Allbee was a principal
in the organization of the Peoples

Art Festival
The Jefferson State Bank, Jefferson,
is sponsoring an “Art Festival of
1968,” September 15. Greene County
artists will have an opportunity to
display their work in the festival in
which original and copied art will be
included. Miss Shirlee Wiggins, as­
sistant cashier of the bank, is coordi­
nator of the show. Deadline for en­
tries is September 11.

Robert Knight Retires
After nearly 50 years in the bank­
ing industry, Robert Knight, chair­
man of the Emmet County State
Bank, Estherville, has retired from
active banking duties, although he
will continue as a director of the Es­
therville bank and also will serve on
the board of the First National Bank
at Spirit Lake. Mr. Knight began his
career in 1919 and joined the Emmet
County State Bank in 1927. He and
his wife were recently honored at a
dinner party given by the officers and
wives of the two banks of which he is
a director.
N o rth w e s te rn


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Federal Reserve Bank of St. Louis

B an ker, A u g u st,

1968

78

Iowa News

New Bank fíuildinfj

Vinton

New George Officers
Due to the death of E. E. Manuel,
co-founder and president of the
George State Bank, George, the board
of directors has named new officers of
the bank. E. R. (Bob) Manuel was
named president, R. W. Rossow was
re-elected executive vice president
and R. J. Brinkman was re-elected
vice president. Erwin Grotluschen
was elected assistant vice president,
Marvin E. Casjens was elected cash­
ier, and Thelma Van Briesen was
elected assistant cashier.

Peoples Bank Wins
Savings Bond Award
NEW FACILITY o f the Benton County Bk. & Tr. Co. lo c a t e d at 401 B A v e . in V in t o n .

HE Benton County Bank and
T
Trust Company, Vinton, held the
grand opening of its new banking
facility last month.
The new structure provides custom­
ers with a drive-in, walk-up window,
as well as six teller windows. A new
vault, conference room and additional
80 safety deposit boxes also have been
added in the new facility.
The basement of the building houses
a bank record storage vault, confer­
ence room, restrooms and kitchenette.
The interior of the brick building
features walnut paneling and office
furniture, as well as indirect lighting,
a complete sound system providing
music throughout the building and
central air conditioning. A large park­
ing lot is located just south of the
bank.
General contractor for the project
was Youngblut Construction Com­
pany, Washburn, Iowa.

The Benton County Bank is a mem­
ber of Brenton Banks, Inc. Paul M.
Shain is bank president.

Heads Sioux City Facility
The Security National Bank, Sioux
City, announces the appointment of
V. H. “Barney” Cassem as director of
the Security’s Morningside office. He
has already assumed his new respon­
sibilities in directing the opening of
the new banking facility.
“Barney” Cassem has been associ­
ated with the Security National Bank
for 27 years. He was elected assistant
cashier in November, 1952; assistant
vice president in January, 1962; and
named vice president and cashier in
January, 1964. For the past 16 years
he has served the bank in the busi­
ness development department.
The new Morningside office at Lakeport and Morningside Avenue opened
August 1.

FIRST MTIUML HAM OF MUSCATINE
MUSCATINE. IOWA
Statement of Condition June 28, 1968
„ ,
ASSETS
Cash and Due from Banks
United States Government Securities
State, County and other Municipal Obligations
Federal Reserve Bank Stock
Loans, Less Reserves ...........................................................
Federal Funds Sold .............................................................
Bank, Parking Lot Office and Fixtures ......
Other Assets ........................................................................
Income Earned but not Collected

S 2,305,412.34
4.778.000. 65
5,969,628.36
57,000.03
19,998,897.17

1.000.

000.00

313,472.98
3,443.69
105,368.94
$34,531,224.13

Capital ................................................
Surplus ...............................................
Reserves and Undivided Profits
Income Collected but not Earned
Deposits ...... .......................................

LIABILITIES

$ 1,000,000.00
900,000.00
473,567.17
329,387.83
$31,828,269.13
$34,531,224.13

OFFICERS
C. D. OBERWORTMANN
GEORGE A. SHEPLEY
H. E. LEMKAU
Chairman of the Board
President
Executive Vice President
R. A. SHULTZ
GERALD D. NELSON
W. R. H EN N IN G
Vice President & Cashier
V. Pres. & Mgr. Install. Loan Dept.
Asst. V. Pres & Trust Officer
MARGARET MATHES
MYLES BEITZ
L. G. SULZBERGER
Assistant Cashier
Asst. Cashier & Farm Repr.
Auditor
Member Federal Reserve System
Member Federal Deoosit Insurance Corporation
N o rth w e s tern

B anker, A ugu st,


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

7968

Peoples Bank and Trust Company,
Cedar Rapids, was presented an award
recently to honor the bank’s outstand­
ing participation in the sale of Series
“E” United States Savings Bonds dur­
ing the 1967 calendar year.

TED WELCH, p res, o f P e o p le s B k . & T r.
C o., is p re s e n te d a w a rd f o r th e b a n k ’ s
p a r t ic ip a t io n in sale o f S e rie s “ E ” S a v in g s
B o n d s b y Sgt. Jimmie Howard.

Gunnery Sergeant Jimmie Howard,
a Marine from Burlington, Iowa, who
received the Congressional Medal of
Honor last August for his combat
record during a Vietnam battle in
June, 1966, presented the award to
Ted Welch, president of Peoples Bank.
Sergeant Howard was accompanied by
W. L. McMullen of the Savings Bond
Division of the United States Treas­
ury.

Holds Open House
The Farmers State Bank in Yale
recently held an open house in the
bank’s newly remodeled quarters. The
interior of the bank has been com­
pletely renovated and a drive-up
window has been installed on the
north side of the building.

Declare Stock Dividend
M. C. Erusha, president of the Farm­
ers Savings Bank, Walford, has an­
nounced a 100 per cent stock dividend
from undivided profits, increasing the
bank’s capital from $37,500 to $75,000
and surplus to $100,000.

79

i
*

ífr

Local Service
from the
Men from
La Salle

Cy Kirk
Vice President

Max Roy
Vice President

Big enough to provide all o f the correspondent service you need. ..
yet organized to give you the personal attention so important
to a lasting, mutually satisfactory association . . . that’s the
LaSalle National Bank.
In addition, your LaSalle representative is well informed as to the
particular needs and conditions o f your area. And he is backed by an
experienced staff o f trust, investment and bond as well as banking
experts ready to assist in serving you.
Whether your needs are for excess loans, operating procedures,
increasing business or improving profitability, your man from
LaSalle will be glad to cooperate. If you d on ’t already know him
write and we will have him arrange a meeting right away.

THE LOOP BANK...W ITH COMPLETE TRUST SERVICES

N A T I O N A L

B A N K

135 South La Sa lle Street» Chicago, Illinois 60690 »Telephone: 312-ST 2-5200
Member Federal Deposit Insurance Corporation

N o rth w e s te rn


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

B an ker, A u g u st,

1968

80

fowa

V.

H .

News

itank W ins Wiijilante Shoo/

FIRING- LINE— V ig ila n t e s c h e c k th e ir p is to l s c o r e s on th e D a v e n p o r t P o lic e R a n g e .
B a n k e rs fr o m S c o tt C o u n ty , b a n k ’s v ig ila n t e s a n d a re a p e a c e officers p a r t ic ip a t e in the
o n e -d a y e v e n t.

ORTHWEST Bank and Trust
N
Company, Davenport, sponsored
the winning bank team at the annual
Scott County Bankers Association
Vigilante shoot held at the Davenport
Police Pistol Range last month. The
team consisted of William Klauer,
Robert McCrary and Charles Clark.
The second place bank team was
sponsored by Davenport Bank and
Trust Company. The team’s members
were Tom Figge, Mark Waite and
Ken Edens.
First place for the bank vigilante
teams was won by Central Trust and
Savings Bank, Eldridge. First place
for the peace officer teams was won
by the Scott County sheriff’s depart­
ment.

#

y

a

■

jL

New Marion President

STATEMENT OF CONDITION
June 29, 1968

RESOURCES
Cash and Due from B anks........................................... .$ 4,128,956.90
Bonds— U. S. Governments ................. $4,343,172.79
Federal Agencies ...................
299,853.50
Municipals ............................... 4,302,616.93
Other MarketableSecurities ..
70,059.11
9,015,702.33
Stock in Federal Reserve B a n k ....................
Loans and Discounts (less reserves)............
Banking House and Furniture and Fixtures
Overdrafts ........................................................
Accrued Interest and Other Resources......

45,000.00
12,280,022.18
344,726.02
1,542.93
215,886.71
$26,031,837.07

LIABILITIES
Capital .............................................................................. $
600,000.00
Surplus ...............................................................................
900,000.00
Undivided Profits .............................................................
938,678.89
Reserve for C ontingencies...............................................
50,514.45
Other Liabilities ............................................................... 1,026,079.15
Deposits ............................................................................ 22,516,564.58
$26,031,837.07

Member of fhe Federal Deposit Insurance Corporation, Washington, D. C.
$15,000— Maximum Insurance fo r Each Depositor— $15,000

N o rth w e s te rn

B an ker, A u g u st,


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

1968

W. N. Shellenbarger was elected
chairman of the board of directors
and Morris F. Neighbor was elected
president to succeed Mr. Shellenbarger
at a special meet­
i ■: ing of the board
of d ir e c to r s of
F a rm ers State
Bank in Marion
last month. Mr.
Shellenbarger has
served as presi­
dent for the past
14 years. During
his p r e s id e n cy ,
total assets of the
M. F. N E IG H B O R
bank h ave in­
creased from $3% million to $21 mil­
lion, a growth unparalleled by any
bank in this area. Mr. Shellenbarger
has been a banker for 40 years and
will continue to lend his banking
knowledge to his many friends
through his position as chairman.
Mr. Neighbor has been with Farm­
ers State Bank 23 years, starting in
1945 as a teller, advancing to assistant
cashier and manager of the Alburnett
office.

f ?
>

X

I,

4Í

Heads Perry Bank
The board of directors of the Perry
Bank has accepted the resignation of
Rex McCreary as director and presi­
dent of the bank. He has been elected
an honorary director and will main­
tain a desk at the bank.
Maurice Olson was elected president
and director to fill the vacancy
cleared by Mr. McCreary’s resigna­
tion.
Mr. Olson is a graduate of North
Dakota State University. He taught
vocational agriculture and has been
in banking in South Dakota and Colo­
rado. Before joining the bank in June,
he served as an assistant vice presi­
dent of the Denver United States Na­
tional Bank.

X

X

f

81

y,

—

Valley B ank and
T ru st C om pany

at b o th en d s o f th e lo o p in D es M o in e s
Walnut at Fourth

•

Seventeenth from Grand to Locust

Member Federal Deposit Insurance Corporation

N o rth w e s te rn


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Federal Reserve Bank of St. Louis

B anker, A ugu st,

1968

82

Iowa News

A pprove 4'ommrvre Hottliny Co.
OMMERCE Bancshares,
C
Kansas City, Mo., has
approval from the Board

Inc., of
received
of Gov­
ernors of the Federal Reserve Sys­
tem to become a registered bank hold­
ing company. Formal application was
made by the holding company to the
Fed in late 1967.
Specifically, the a p p lic a tio n re­
quested approval to acquire three Mis­
souri banks in addition to its owner­
ship of Commerce Trust Company,
Kansas City’s oldest and largest bank.
The three other banks on which ap­

S t a t c M

i C

w

T

o

proval was granted are: Citizens Bank
of Springfield, the Citizens Bank of
Joplin, and the Chariton County-Ex­
change bank in Brunswick, Mo. The
total asset value of the four banks
exceeds $635 million.
Commerce Bancshares, Inc., was
formed early in 1967 when the stock­
holders of Commerce Trust Company
chose to exchange their stock owner­
ship into this new holding company.
“ In all cases,” stated James M.
Kemper, Jr., president of the holding
company, “the local identity and man-

f

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o n d l C

t t o

(t

AS O F JUNE 28, 1968
ASSETS

Cash and Due from Correspondent Banks .............$ 4,005,796.93
United States Bonds ................................................. 4,498,165.63
Other Bonds ................................................................. 9,101,756.67
Loans and Discounts ................................................. 29,102,496.69
Bank Building and Fixtures .................................... 1,164,724.08
Other Assets ...............................................................
343,137.38
$48,216,077.38
L IA B IL IT IE S

Capital Stock (Common) ......................................... $
Surplus ........................................................................
Undivided Profits .......................................................
Reserves and Allowances ..........................................
Total Capital Accounts .............................................

1,000,000.00
1,000,000.00
1,871,276.97
516,127.30
4,387,404.27

Deposits ...................................................................... 43,828,673.11
$48,216,077.38
O F F IC E R S
E d H . S p e t m a n , J r ., P r e s id e n t
L . W . B a r n e s , V ic e -P r e s i d e n t
P a u l L . G r o n s t a l , V ic e -P r e s i d e n t
L e ster F . H a a s , V ic e -P r e s i d e n t
R o n a l d L . K iger , V ic e -P r e s i d e n t
G eorge W . M e y er , V ic e -P r e s i d e n t
R o n a l d F . S e a l o c k , V ic e -P r e s i d e n t
E. L . S h o c k e y , V ic e -P r e s i d e n t
R obert E. S t a r r , V ic e -P r e s i d e n t
P h il ip A . W a it e , V i c e P r e s id e n t
J a m e s L . B e n e k e , A s s t . V ic e -P r e s i d e n t
R . B. G r a e m e , C a sh ier

Council Bluffs’
oldest and largest
Full-Service
Bank

P h i l i p B r ec i , A s s t . C a sh ier
E il e e n C. P o s e y , A s s t . C a sh ier
R ic h a r d D . R eed , Asst. C a sh ier
G a r y T u r n e r , A s s t . C a sh ier
G a r y D . W oods , Asst. C a sh ie r
L a r r y M . W h i t e , A u d it o r
J o h n R . B u r r o w s , T r u st O fficer
T h o m a s D . W h i t s o n , Asst. T r u s t O fficer
W i l l i a m E . K e l s o , M g r . (C a r s o n O ffice)
F r a n k l i n H . G eiger , M g r . (M c C lella n d O ffice)
D e a n A . H u n t , M g r . ( P a ti o O ffice)

Council Bluffs
Savings Bank

Offices in
Council Bluffs,
McClelland
and
Carson, Iowa

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
N o rth w e s tern

B an ker, A u g u st,


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Federal Reserve Bank of St. Louis

1968

agement of each bank will be main­
tained. Both they and we feel that
this new affiliation will broaden the
base of banking usefulness in their
communities and permit the indi­
vidual banks to expand and improve
their services to the residents of their
respective service areas. At the same
time, these acquisitions—and others
to follow in the future—should
enhance the investment of Commerce
Bancshares stockholders. Ours is a
new, growth-oriented holding com­
pany and the only bank holding com­
pany which will offer co m p le te
financial service on a state-wide basis.”
“The formation of this registered
bank holding company will, as further
acquisitions are made, not only give
Missouri business concerns with large
financial requirements a local banking
alternative, but will allow Bancshares
to more effectively compete for bank­
ing business on a nation-wide basis.
It is not a matter of our attempting
to “take over” but of “working with”
in order to be able to meet the grow­
ing financial needs of Missouri and
the country,” stated Mr. Kemper.
Mr. Kemper further indicated that,
in all likelihood, Commerce Banc­
shares would soon announce the af­
filiation of other Missouri banks into
the holding company group.
Other officers of Commerce Banc­
shares are: P. V. Miller, Jr., vice presi­
dent; T. Alan Peschka, secretary;
W. R. Kostman, vice president, and
Charles E. Shewalter, treasurer. Di­
rectors of the holding company, in
addition to Messrs. Kemper and Miller,
are G. Guyton Carkener, W. T. Kem­
per, Jo Zach Miller III, and John A.
Morgan.

Sponsors ‘Crop Flight’*
The Iowa Trust & Savings Bank
of Estherville, sponsored a farmers
crop flight last month.
Ninety-five farmers participated in
the event and were flown over their
farms and those close to their own.
Harald Petersen, vice president and
agriculture representative explained
the purpose of the flight was to allow
farm customers to view their farms
from the air and evaluate the ef­
fectiveness of their planting tech­
niques.
For many, this was their first
opportunity to view their crops and
practices from a “bird’s eye view” and
was enthusiastically received.
Following the flights, refreshments
were served and area farmers were
able to informally discuss the various
items they had viewed. In addition
to the farmer customers, several re­
lated businesses were represented.

83

KEEPING THE MID-WEST IN HIGH GEAR
That’s part of your job and part of our job, too. The First has a proud repu­
tation for providing sound and helpful correspondent banking services in
any area you need. It’s our way of helping to keep the vibrant Middle West
economy moving ahead . . . financially! Helping is our business. Just give us
a call.
CORRESPOND ENT BAN K D EPAR TM EN T
Charles H. W alcott,

V ic e P r e s id e n t;

Richard C. Taylor,

V ic e P r e s id e n t;

B. M. Broderick,

A s s is t a n t C a s h ie r

if money matters-"tWa. "First
F i r s t N a t io n a l B a n k
1I

M EM BER FEDERAL DEPO SIT IN S U R A N C E C O R P O R A T IO N

in Sioux City

N o rth w e s te rn


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Federal Reserve Bank of St. Louis

B anker, A u g u st,

1968

84
The new River Hills office of the
First Federal State Bank opened re-

cently. The one-story, 2,700 square
foot building is located on University
Avenue and Illinois Street, just west
of the Des Moines River. The site is
adjacent to the new post office under
construction.

Y

Richard G. Manning, assistant cash­
ier, has been named manager of the Y
new office, a c c o r d i n g to Morris
Stephens, president and chairman.

ECENT promotions and staff
R
changes at Iowa-Des Moines Na­
tional Bank have been announced by
C. W. Aurand, president.
Richard L. Sellon was promoted to

vice president in charge of the bank’s
installment loan
department. With
the ba n k since
1967, Mr. Sellon
was p r e v io u s ly
with Central Na­
tional Insurance
Co. in Om aha.
He s u c c e e d s
Charles R. Clift,

who has retired.
Mr. Clift joined
th e
Iow a -D es
Moines in 1929, was elected assistant
cashier in 1947, assistant vice presi­
dent in 1951 and vice president in
1953.
Charles E. Cox was elected assistant
cashier. He joined the bank’s training
program in 1962 and has been assist­
ant manager of the Douglas Avenue
office since it opened in 1966.
Donald J. Brush was elected to the
newly created post of auditor in the
audit division. He joined the bank in
1967.
Several changes in the trust division
were announced. Frederick M. Daw­
son, with the bank since 1964, was
promoted to trust officer. Robert D.
Eversman was named trust invest­
ment officer, a newly created post, and
Kenneth J. Thorson was elected assist­
ant trust investment officer. Mr.
Eversman has been with the bank
since 1954 and was elected trust officer
in 1966.
Newly elected as assistant trust of­
ficers were James D. Bruner, Richard
D. Petersen and E. Wayne Vermeer.
Mr. Bruner has been in the estate
planning department of the trust
division since 1966, and Mr. Petersen
and Mr. Vermeer have been with the
trust division since 1967.
N o rth w e s te rn

B an ker, A u g u st,


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

1968

George Montgomery, vice president
of First Federal State Bank, last
month headed the annual one-day
summer membership drive for the
Greater Des Moines Chamber of Com­
merce. Goal for the membership drive
was over 150 new members, and 130
volunteer workers participated in the
campaign.
* * *
George H. Borg, president of Iowa

State Bank, has
a n n ou n ced the
a p p o i n t me n t of
Jack L. Slump as
assistant cashier.
Mr. Slump was
secretary for the
Mar i o C o r p o r a ­
tion, Battle Creek,
Mi c hi g an, f o r
three-and-one half
y e ar s and was
J. L . S L U M P
also employed by
the Montgomery County National
Bank, Red Oak, Iowa.
* *

*

Three Brenton banks have pur­
chased the exclusive franchise for the
Bancardchek System for the Des
Moines area. The banks are National
Bank of Des Moines, Northwest Des
Moines National Bank and South Des
Moines National Bank.

Bancardcheck is an operating divi­
sion of First Marketing Services
Group, which is an affiliate with the
Foundation for Commercial Banks of
Boston. At this time there are over
50 banks actively using the plan in
this country and Canada, and it is pre­
dicted that nearly 300 banks will be
using it within the next year. The
system offers customers a guaranteed
travelers check that clears routinely
against their regular checking ac­
count, and it also offers a predeter­
mined cash reserve (revolving line of
credit) to their checking account that
can be drawn at any time.

The new office features a pneumatic
tube system serving the three drive-up
windows, the first such system to be
installed in the state. Other features
include a walk-up teller and night de­
pository, safe deposit vault, interior
teller windows and a private confer­
ence room. Formal dedication cere­
monies will be announced later.
* * *
Dean Hannam, assistant cashier of
Valley Bank and Trust Company, was
graduated from the School of Mort­
gage Banking last month. The school
is sponsored by the Mortgage Bankers
Association of America and the School
of Business at Northwestern Univer­
sity, Evanston. Completion of the
course requires attendance for one
week in three successive summers, as
well as assigned work in the field of
mortgage banking.

/
v.

Dial Earnings Up

v

Dial Finance Company’s net income
is up 14 per cent for the first six
months of 1968. (This is after giving
effect to the 10 per cent income tax
surcharge recently enacted). Dial, a
Des Moines-based personal loan com­
pany, earned $2,077,117 or 45 cents
per share for the first half of 1968
compared to $1,814,770 or 39 cents per
share for the like period of 1967.
Net income for the three months
ended March 31, 1968, as restated to
give effect to the tax surcharge, was
up 10 per cent and amounted to $761,723 or 17 cents per share compared to
$693,162 or 15 cents per share for the
first three months of 1967.

4,

i

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-f

Notes and contracts receivable in­
creased by a greater amount during
the first half of 1968 than in any
previous first half period. The in­
crease amounted to $7,727,361 and re- ^
suited in total receivables reaching
$196,538,140 at June 30, 1968, compared
to $170,980,578 at June 30, 1967, an in­
crease of 15 per cent.
The number of offices in the Dial
system increased by twenty-two in the
first six months of 1968—the largest
increment in any first half period—
bringing the total on June 30, 1968
to 371 offices in 35 states.

85

S t a b i l i t y in
Yes, the stability of the Central National Bank
is still one of the most important tradi­
tional assets that any big-city bank can offer its
correspondents. It's evidence of a long, sound,
respected membership in the financial commu­
nity. As a correspondent under the Big “ C",

your bank also acquires an enhanced reputation
for stability in finance. Dale Smith, Dick Smith,
Eddie Wolf or Pete DeRosier of our Correspon­
dent Department can tell you more about how
you'll benefit as a Big “ C" correspondent.
Ask one of them.

C E N T R A L N A T IO N A L B A N K A N D T R U S T C O M P A N Y

)

à

>


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Federal Reserve Bank of St. Louis

N o rth w e s te rn

B anker, A u g u st,

1968

86

Iowa News

AidenMlankCompletesËtemothiliiig

bile dealer, and Ralph Turner, a Mon­
roe Township farmer. In further
action, Claude Bean has been added to
the staff in the installment loan de­
partment, and Raymond Davis joins
the agricultural loan department. Mr.
Davis was formerly with the FarmerMerchants Bank at Manchester and
with the farm mortgage division of
the Metropolitan Life Insurance Co.
in Waterloo. Mr. Bean was formerly
with the Briggs Motor Co. in Albia.

Y

^

Sponsors Contests

THE ALDEN ST. BK. h as m o v e d in t o its n e w ly r e m o d e le d b u ild in g a n d r e c e n t ly h eld
a n o p e n h ou se in its n e w b a n k q u a rte rs.

Moves to New Building
The First National Bank, Fonda,
has moved into its new bank building.
The new building features a drive-in
window, the first in Pocahontas Coun­
ty, a night depository, and is equipped
with a new burglar alarm system. An
open house is planned for a later date.
Walter W. Stege is president of the
bank.

Albia News
Robert L. Kaldenberg has been
named president of First Iowa State
Bank, Albia, succeeding John Griffin

who is retiring after 54 years in bank­
ing in Albia. Mr. Griffin began work
in 1914 as a pen-and-ink bookkeeper.
Mr. Kaldenberg has been vice presi­
dent of the bank since 1957. He had
been a member of the board of direc­
tors prior to joining the bank on a
fulltime basis in 1953. Named to fill
Mr. Kaldenberg’s position as vice
president was Alfred M. Pabst.
The board of directors has named
two new directors to fill vacancies
created by the resignations of Mrs.
Ralph Zastrow and John Griffin. The
new directors are O. J. Duea, automo­

R E P O R T OF T H E C O N D ITIO N

Iowa State Savings Bank of Knoxville plans to sponsor the Master Corn
and Soybean Growers Contest in the
Knoxville Community School District
area this year. The contest is sponsored statewide by the Iowa Crop Im­
provement Association.

Nearing Completion
At Colesburg
Farmers Savings Bank at Colesburg
is planning to move into its new
building this month. The 40- by 60foot building is nearing completion
and is located about two blocks south
of the present location of the bank.
The new bank will have drive-up
banking and a community room in the
basement large enough to hold 200
people. F. C. Grimes is president, and
John J. Juergens is executive vice
president and cashier.

j

L

(
K

OF THE

Peoples Bank and Trust Co.
W A T E R L O O , IO W A
M A IN O F F IC E
W . 4 t h a n d W a s h in g to n

O F F IC E
2 3 2 5 K im b a ll Ave.

( O F F IC E A L S O A T D U N K E R T O N , IO W A )

AT CLOSE OF BUSINESS JUNE 28, 1968

RESOURCES
Cash and Due from Banks .... ............................................. $2,391,185.32
U. S. Government Bonds and Securities ........................... 4,174,408.07
Commodity C re dit Certificates .........................................
62,442.82
State and Municipal Bonds and Securities —................... 3,084,838.56
Federal Funds Sold ................................................................
250,000.00 $ 9,962,874.77
Loans W holly or Partially Guaranteed by U. S. Government ................
163,237.48
Real Estate M ortgage Funds Advanced .......................................................
496,850.00
(Loans in process for Life Insurance Companies)
O ther Loans and Discounts Including Overdrafts ..................................... 13,003,417.75
Banking House, Furniture and Fixtures ---------------------— ------- -------------321,109.18
O ther Assets .................................................................................................
24,101.02
$23,971,590.20

LIABILITIES
Capital ........................................... ...................... ................. $ 500,000.00
Surplus ....................
500,000.00
Undivided Profits ..................................................................
706,302.71
Evaluation Reserves ...........
296,894.09
Deposits .................
O ther Liabilities ......

$ 2,003,196.80
21,967,803.68
589.72
$23,971,590.20

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
N o rth w e s te rn

B an ke r, A u g u st,


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Federal Reserve Bank of St. Louis

7968

Fred W. Hinkhouse
Fred W. Hinkhouse, chairman of
the First State Bank, West Branch,
died recently at the age of 82. Mr.
Hinkhouse served as a bank director
for 40 years, was bank president for
28 years, director of the Springdale
Mutual Insurance Association for 41
years, and also was president of that
association for many years. A live­
stock feeder all his life, Mr. Hink­
house carried on an extensive cattle
feeding operation and held offices in
the County and State Beef Producers
Association.

1

v

1

J

Aurora Repairs
The bank building in Aurora owned
by the Oelwein State Bank, which
operates an office there, had its top
story removed recently. The bricks
were beginning to bulge to the dan­
ger stage. The building was reroofed
and is now a one-story.

Maine E. Watkins
Marne E. Watkins, wife of S. H.
Watkins, president of the Iowa State
Bank at Stockport and also president *
of the Libertyville Savings Bank, Lib- L
ertyville, died July 4.

Iowa News

87

able in the basement, and a separate
lounge and kitchen have been pro­
vided in the basement for the bank
staff.

Open Èhmse nt intiinnnln

Capital Stock Increases

ISITORS had an opportunity to
V
tour the entire Peoples Trust and
Savings Bank in Indianola last month,
when the bank held open house in its
newly remodeled quarters. Employees
were stationed throughout the bank to
explain banking operations, answer
questions and inform visitors about
the numerous services offered by the
bank. Everyone attending the open
house received a $1 donation certifi­
cate which could be redeemed by the
church of the visitor’s choice.
The remodeling included expansion

The Iowa Department of Banking
has reported that the following capi­
tal stock increases took place in June:
Ackley State Bank, Ackley, from
$100,000 to $300,000; Hartford-Carlisle
Savings Bank, Carlisle, from $100,000
to $200,000; Crawford County Trust &
Savings Bank, Denison, from $100,000
to $200,000; Citizens State Bank, Donnellson, from $100,000 to $200,000;
First State Bank, Gowrie, from $75,000
to $100,000; Kalona Savings Bank,
Kalona, from $75,000 to $150,000, and
Farmers Savings Bank, Walford, from
$37,500 to $75,000.

of the loan department at the front of
the building, the addition of a custom­
er lounge near the bookkeeping de­
partment, and space for the note and
savings department has been doubled.
Also the lobby has been expanded,
due to moving the bookkeeping de­
partment from the south side to the
east end of the bank. Bank records
are now kept in a new vault, adjoin­
ing the bookkeeping department, per­
mitting planned expansion in the
safety deposit vault. There is now a
Peoples Room for small groups avail­

Plan New Bank
Larry Wenzl, president of the Lyon
County State Bank, Rock Rapids, has
announced the sale of the present
bank building. The bank will con­
tinue operations at its present site
temporarily. Plans are being made to
construct a new building within a
year. The present bank building was
built in 1889.

,

In Ottumwa Iowa

It's UNION BANK coMPAtiy1
Southern Iowa's Correspondent Bank
Statement of Condition June 29, 1968
ASSETS
Cash on H a n d and on D e p o sit
w ith Banks ........................................ ............$
U. S. and G o v e rn m e n t A g e n c y
S e c u ritie s ....................... ............................—
M u n ic ip a l Bonds _______
O th e r Bonds and S ecurities _________
Loans and D is c o u n ts ...............
U nion Bank B u ild in g s ...... ...............................
F u rn itu re and F ix tu re s ................................
Incom e Earned b u t n o t C o lle c te d
O th e r Real E s ta te ...... ...................
F ederal Reserve Bank S tock
.

LIABILITIES
5,482,720.91
9,5 80,109.80
3,351,843.06
59,250.00
19,388,680.10
42 7,823.49
16,296.61
319,741.76
7,453.50
60,000.00

C a p ita l

_____

Surplus

_____________

$

1,350,000.00

650,000.00

U n d iv id e d P rofits
and Reserves _____

1,616,042.72

D ivide nd s P ayable Ju ly 1, 1968 _.
Reserve fo r Intere st, Taxes, e t c . ______
Incom e C o lle c te d b u t n o t Earned
D e p o s its ______________________ _____ _

$ 3 8 ,6 9 3 ,9 19.23

A nd T r u s t C o m p a n y /

58,500.00
283,940.49
49 5,285.52
34,240,150.50

$38,693,919.23

f. d . i. c . / O t t u m w a ,

Io w a
N o rth w e s te rn


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

$ 3,616,042.72

B an ker, A u g u st,

1968

88

JV.

Iowa News

W . Daneo D irectors Up Dividend

dustrial, institutional and civic build­
ings.
Mr. Mosby, former public relations
and marketing officer of Bank Build­
ing Corporation has had extensive
public relations and marketing ex­
perience in the bank and savings institutions fields. He has been active
in the Bank Marketing and Public
Relations Association.

*

r

y

Bank Embezzler Fined

Bank Wall Collapses

EETING in Des Moines last
M
month, directors of the North­
west Bancorporation voted to increase
the quarterly dividend on the corpora­
tion’s stock to 57% cents per share
from 52% cents per share. In previous
years, action to increase the dividend
has usually been taken in the fourth
quarter, according to Henry T. Rut­
ledge, president.
As previously reported, earnings of
Northwest Bancorporation for the first
six months were $2.41 per share, an
increase of 9.5 per cent over the same
period in 1967.
Following their meeting, the direc­
tors attended a luncheon at the Des
Moines Club honoring Fred Bohen,
chairman of the board of the Meredith
Corporation, who retired from the
board of Northwest Bancorporation
earlier this year. Mr. Bohen had been
a director for 39 years and was the
senior director in point of service at
the time of his retirement.

Community School District. Mr. Lane
has been a member of the school
board since 1964.

Bank Moves
The Farmers State Bank, Algona,
recently moved into its new building.

Remodeling Begins
At Iowa State Bank
M. H. McDonald, president of Iowa
State Bank, Morning Sun, has an­
nounced that the bank has begun its
remodeling program.

Two Join Design Firm
MW, Inc., ranked among the top
325 U. S. design and engineering firms,
has named Richard W. Gaffney chief

Changes Bank Hours
Robert B. Phelps, president of the
Kingsley State Bank, has announced
that banking hours of the institution
have been changed so the bank will
remain open each Monday and Friday
until 6 p.m. and will be closed all day
Saturdays.

Named to
Head School District
W. A. Lane, Jr., executive vice
president and trust officer of Security
Savings Bank, Marshalltown, has been
elected president of the Marshalltown
N o rth w estern

B an ke r, A u g u st,


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

t

J

p h o n e C o., O m aha.

\

V

HOST f o r d ir e c to r s o f N o r th w e s t B a n c o r p o r a tio n , m e e tin g in D e s M o in e s la st m on th ,
w a s Calvin W. Aurand, p re s ., Io w a -D e s M o in e s N a t io n a l B a n k , le ft , sh ow n w it h Henry
T. Rutledge, p res, o f th e C o r p o r a tio n , a n d A. F. Jacobson, p res., N o r th w e s t e r n B e ll T e le ­

George Eilers, 35, former assistant
cashier and teller at Peoples Bank and
Trust Company in Waterloo has been
fined $750 by the U. S. District Court
for embezzlement of bank funds.
Mr. Eilers had pleaded guilty to two
of four counts of a federal indictment
May 13. He originally was charged
with embezzling $1,463 between Janu­
ary 30 and August 11, 1967, and was
given a one-year suspended sentence
on each of the two counts.
Bank officials said Mr. Eilers had
made full restitution of the em­
bezzled funds.

7968

R. W . G A F F N E Y

D. E. M O S B Y

architect and Don E. Mosby project
development manager for its St.
Louis district office, it was announced
by Aaron A. Pierson, vice president.
Mr. Gaffney has had 17 years of di­
versified experience with SverdrupParcel, Bank Building Corporation
and Fruco and Associates. He has
planned and designed nearly 150
banks and savings associations, in­

Construction of the addition to the
Security State Bank of Mount Ayr re­
ceived a jolt on June 10, when part of
the south wall of the present bank
building collapsed.
The lot adjoining the present bank
had been excavated to allow for pour­
ing footings and basement founda­
tion work. Excessive rainfall caused
the footings of the building to give
way. This led to the collapse of about
half of the south bank wall, which
left the building open to the elements.
Operations are being carried on in
the bank building, which was opened
for business the day following collapse
of the wall.

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Bluegrass Bankers Elect
Harold Z. Grout, assistant cashier,
Tingley State Savings Bank, has been
elected president of the Bluegrass
Bankers Association.
Other new officers are vice presi­
dent, Harold Shepard, cashier, State
Savings Bank, Bedf or d; secretary,
Henry E. Heaton, cashier, Bank of
Brooks, Corning, and treasurer, Alan
Kirkhart, manager of the Lorimer
office of the Commercial State Bank,
Afton.

Opens Drive-in Office
Formal opening of the new drivein, walk-up banking facility of the
Forest City Bank and Trust Company
was held recently. The new facility
is located at the corner of Sixth and
J Streets.
The new bank was designed by
Gjelten, Schellberg and Associates,
Forest City architectural firm.

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89

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We’ve finished our new computer center. It’s brand new. And the IBM
System 360/40 is brand new, too. (It’s the only one like it in north­
eastern Iowa).
This means that the National Bank of Waterloo now offers complete
computer service to area banks and their customers. A complete
computer service including Proof and Transit, Demand Deposit Ac­
counting, Direct on Line Savings, and Automatic Compounding of
Time Certificates of Deposit. Ken Young can show you even more!
If you’ve been thinking about a computer service, we’ll be happy to
think right along with you. The National Bank of Waterloo—the com­
puter bank—can help make you “ the computer bank” .

>

NATIONAL BANK OF WATERLOO • 110 EAST PARK AVE. & 315 E. 57H • WATERLOO, IOWA • MEMBER F.D./.C.

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t

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N o rth w e s te rn


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Federal Reserve Bank of St. Louis

B anker, A u g u st,

1968

90

Iowa News

Wilfianistßurtf Entertains 2 .0 0 0
The registration list at the Farmers
Trust and Savings Bank showed that
over 2,000 people attended the open­
ing of the new bank building at Wil­
liamsburg. The 50- by 70-foot build­
ing was designed and constructed by
Bank Building and Equipment Corpo­
ration, St. Louis.
The new building features six teller
windows, space for 900 lock boxes, a
night depository and letter drop, full
carpeting, employees lounge, and an
automatic heating and cooling unit
mounted on the roof. Included also
is a new drive-up window for custom­
ers who wish to bank from their car.
Lower exterior walls are faced with
onyx stone, while the upper decora­
tion is of acrylic processed aluminum
in bronze finish. Recessed walls at
the front and rear are of glass.
During the open house, 35 dozen
rolls and 80 dozen cookies were served
the visitors, and 60 floral bouquets
were sent by local firms and banking
friends.
President of the bank is Obert L.
“ Roy” Larsen. R. A. Elwood is chair­
man of the board, C. E. Harris is vice
president, and H. B. Martin is cashier.

Indicted in Bank Scheme
P. Thomas Tierney, 47, formerly a
cashier at Perry State Bank, has been
indicted by a federal grand jury on
five counts of making false entries in
the bank’s records. Mr. Tierney had
been a bank employee for 20 years.

Named Chairman
Don F. Kirchner, president and
cashier of the Peoples Trust and Sav­
ings Bank, Riverside, has been named

chairman of the Agriculture—Rural
America Committee of the Independ­
ent Bankers Association of America.
Stanley R. Barber, president of the
Wellman Savings Bank, will serve on
the Federal Legislative Committee of
the banking association.

New Ozark Air Lines Records
Ozark Air Lines set a new monthly
record in June by transporting 200,000
passengers. Over 1,000,000 passengers
were transported during the first six
months, marking a 25 per cent in­
crease over the same period a year
ago.
The company is now awainting a
decision from the Civil Aeronautics
Board on its request to serve New
York and Washington, D. C., which
would permit direct jet service from
Iowa and Illinois to the east coast.
Edward J. Crane, vice president,
finance and treasurer of Ozark, has
been named executive vice president.

Appoints New Director
Theodore Sanborn, chairman of the
board and chief executive officer of
North Central Life Insurance Com­
pany, St. Paul, Minn., has announced
that Harvey Mitchell Rice, retiring
president of Macalester College, St.
Paul, has been elected to the life com­
pany’s board. Dr. Rice, elected at the
annual meeting of stockholders, suc­
ceeds Frank P. Powers—long-time di­
rector of the company—who did not
stand for re-election this year.
Mr. Powers, board chairman of
Kanabec State Bank, Mora, Minn., was
named director emeritus by the stock­
holders at the meeting.

Jasper County Savings Bank
NEWTON, IOWA
A t the close of business June 29, 1968
RESOURCES
Loans and Discounts .
.................................................................
C C C C ertificates of Interest ................................................................. .
Bonds and Securities ..................................................................................
Stock in Federal Reserve Bank
.................
Banking House and Fixtures .
....
....................
Cash and Exchange Due from Other Banks
O verdrafts ......................................................................................................
O ther Assets .................................................................................................

$14,968,841.68
714,479.68
5,421,541.72
45,000.00
795,648.23
. 3,673,446.52
2,213.92
21,673.54
$25,642,845.29

L IA B IL IT IE S
C a p ital .
.........................................................................................................
. ...
S 500,000.00
Surplus ............................................................................................................................................................ 1,000,000.00
Undivided Profits (net) ................................................................................................
598,308.93
Reserve Account ..........................................................................................................................................
345,490.61
Reserve for Unearned Interest
388,122.76
Deposits .......................................................................................................................................................... 22,810,922.99
$25,642,845.29
OFFICERS
R . E . V A N C E . C h a ir m a n o f t h e B o a r d
A . E . P E T E R S , P r e s id e n t
C . R . B A IL E Y , E x e c . V ic e -P r e s .
C O L L I N W . F R I T Z , S e n i o r V i c e - P r e s . & T r u s t O f f ic e r
M A R K E . S C H A K E L , V ic e -P r e s id e n t
R IC H A R D M . F R I T Z , V ic e - P r e s id e n t
J . L . M E N G E S , C a s h ie r
G E O R G E M . K R U S E , A s s t. V ic e -P r e s id e n t

N o rth w e s te rn

B anker, A ugu st,


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

7968

E A R L R . Y O U N G S T R O M , A s s t . V ic e -P r e s id e n t
M A R K C . E M M A C K , A s s t . C a s h ie r
L O W E L L L . G A U S E , A s s t . C a s h ie r
L A R R Y M . H U T C H IN S O N , A s s t . C a s h ie r
L O R E N D . L O U P E E , A s s t . C a s h ie r
H . C . S K IN N E R , A s s t . C a s h ie r
R O S E M A R Y S H U T T S , A s s t . C a s h ie r
D E N I S G . W I L C O X , A s s t . C a s h ie r

Cancel Seminar
On Portfolio Analysis
The University of Northern Iowa at
Cedar Falls has announced it will
cancel a one-day seminar on Septem­
ber 17 on the subject of “Portfolio
Analysis.”

Named to Head
Savings Bond Program
Howard L. Bauder, vice president,
First National Bank, Fort Dodge, has
been appointed volunteer chairman of
the U. S. Savings Bonds Program for
Webster County, replacing Miss Helen
K. Collins.
Mr. Bauder has been in the banking
business since 1940, having served
banks in Hastings, Neb., Pueblo and
Boulder, Colo., and Minneapolis, Minn.,
before coming to Fort Dodge in 1966.

Northern Trust Promotions
Directors of The Northern Trust
Company, Chicago, have announced
two promotions and an appointment
to its official staff.
In the bond department, Lawrence
H. Brown and Thomas E, Leafstrand
were promoted to vice presidents in
the municipal underwriting and train­
ing division.
Richard K. Behrens was appointed
an assistant manager in the systems
and planning department.

Gets Honorary Law Degree
James P. Hickok, chairman of the
board, First National Bank in St.
Louis, was awarded an honorary
Doctor of Laws degree by St. Louis
University at the University’s 150th
anniversary c o m m e n c e m e n t cere­
m o n i e s in St.
Louis on June 1.
The degree was
conferred by the
Rev. P a u l
C.
Reinert, Univer­
si t y pr es i dent ,
who c i t e d Mr.
H i c k o k as “a
highly successful
banker who has
utilized his busiJ. P. H IC K O K
ness acumen m
rendering invaluable service to the
St. Louis area.”
The citation pointed out that Mr.
Hickok in 1959 was named chairman
of a special survey committee to in­
vestigate the feasibility of an $89,000,000 sports stadium and civic cen­
ter, and that, under his direction, the
project moved “from dream to dedi­
cation in seven years.”

X

91

Tom Cannon

Bill M. Lamberson,
Senior Vice-President,
Correspondent Banking.
Department
I
Elmer Erisman

Jim Bartels

Don Anderson

V

d l

Ron Francis

y

Gary Peters

Jarry Parker
Ambrose Rucker
Gordon Thompson

Let these Commerce Trust idea men
make the right connection for you
Wherever you are, there's a man from Commerce
Trust with a bright idea for a good connection, ft’s
bankers like these who can plug you into the fastest
transit service in the Midwest, into the most modern

EDP department, into the best possible source for
government and municipal bonds.
Keep in touch with your bright idea man from
Commerce Trust — always a good connection!

m-

The wonderful world of banking is yours at

COMMERCE TRUST RANK
S'
K a n s a s C ity, M is s o u r i

M em b er F e d e r a l D e p o sit In s u r a n c e C o rp o ra tio n
N o rth w e s te rn


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Federal Reserve Bank of St. Louis

B an ker, A u g u st,

1968

02

íow a News

L eF ebure Expands Facilities
eFEBURE Corporation has an­
L
nounced the awarding of con­
tracts for the planned expansion of
its production facilities. The new
building will be located on the com­
pany’s 10 acre site between 29th and
31st Streets N.E., in Cedar Rapids. In
making the announcement, K. W.
Watts, LeFebure president, said the
project would include the addition of
a centralized warehouse area and the
installation of a 400 foot overhead
crane.
Resulting rearrangement and ex­
pansion of manufacturing facilities
will greatly increase the production
capabilities of LeFebure’s three man­
ufacturing divisions. This in turn will
result in additional employment by
the company.
Construction will begin immediately
with completion of the project sched­
uled for the fall. Although in the
planning stage for some time, the
project was accelerated due to a
significant increase in sales of Le­
Febure Bank products.
Chase Manhattan Overseas Banking
Corporation, a subsidiary of The Chase
Manhattan Bank, N. A., has estab­
lished a representative’s office in
Brussels, Belgium covering the Bene­
lux countries.
The major responsibility of the rep­
resentative, John D. Philipsborn, will
be to act as a source of information
for customers on economic and finan­
cial trends in the European Economic
Community (Common Market) and
the Benelux countries.

Harris Trust Promotions
Six promotions in the operations
department and seven in the invest­

ment department were announced
last month by chairman Kenneth V.
Zwiener of the Harris Trust and Sav­
ings Bank, Chicago.
In the bank’s operations depart­
ment, John T. Slowiak and Richard
L. Zimmerman were named assistant
vice presidents; C. Gary Fitzgerald
and Sheldon H. Nord, operations of­
ficers; and Ciro F. Abbate and John
W. Glenn, Jr., systems officers.
In the Chicago office of the invest­
ment department’s government bond
division, William A. Hawk was named
assistant vice president and Jerome
L. Gelfand was named investment
officer. In the New York office, new
assistant vice presidents are A. Wil­
liam Boraczek, Gerald W. Dunnigan,
Thomas J. Hamilton, William A.
Herold and Eugene E. Mclnerney.

First National City
Appointments Announced
Amory Houghton, Jr., chairman and
chief executive officer of Corning
Glass Works, has been named a di­
rector of First National City Bank,
New York, it was announced in San
Juan, Puerto Rico, at the board’s first
meeting outside of the continental
United States.
Mr. Houghton succeeds his father,
Amory Houghton, honorary chairman
of Corning since 1964, on the board
of directors. At the same time, the
senior Mr. Houghton was named a
member of Citibank’s trust board, as
was Richard M. Furlaud, president
and chief executive officer of Squibb
Beech-Nut, Inc.
Robert P. Graham and Victor O.

FIRST N A T I O N A L B A N K
BURLINGTON, IO W A
Statement of Condition June 29, 1968
ASSETS
Cash and Due from B an ks ___ $ 5,096,860.86
U. S. Government Securities . .
4,867,236.70
State, County and Municipal
Bonds .........................................
2,970,302.25
Other Bonds
739,353.25
Loans and Dis­
counts ------ $16,595,053.82
Less Loan Re­
serves -----326,928.18
16,268,125.64

LIABILITIES
C apital Stock
Surplus

..............................$

............................................

Undivided

Profits ___________

460,046.11

Unearned

D is c o u n t...................

993,102.57

Deposits

.......................................... 27,811,248.85

Federal Funds S o ld __________
800,000.00
Stock in FederalReserve Bank
54,000.00
Bank Building, Furniture and
Fixtures .......................................
200.510.66
Other Real Estate .....................
56,250.00
Other Assets ...............................
11,758.17
$31,064,397.53

ol

i? 11? IL ,Y V T ,E' J R',, ,Chatrrrlan
the Board
X’. P ; i Y iT F J ’ President
Vlce President
FRANCIS W KAMMAN. Vlce President
if
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A r e s i„'!5n t , ,

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„

N o rth w e s tern

B an ker, A ugu st,


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Federal Reserve Bank of St. Louis

7968

______________
c 31 064 397 53

E. E. WISCHMEIER, Assistant Cashier
WALTER FUNCK, Assistant Cashier
M. L. PEARSON, Assistant Cashier
JOHN P. O’NEILL. Vice President and Tr. Officer

Vice President iuid Cashier
FRANCES FLYNN, Assistant Vice President
PAUL A. ABEL, Assistant Vice Pres, and Farm Repr.
M e m b e r F ede ral

600,000.00
1,200,000.00

J A M E S E . P E A R R E , A s s i s t a n t T r u s t O f f ic e r
w . C . S T E E L E , V . P . a n d M g r ., I n s t a ll. L o a n D e p t.
. N . S T O L Z E . A u d ito r
. D . L E F F L E R , A s s is t a n t C a s h ie r

a
t

D e p o s it In s u r a n c e C o rp o ra tio n

Prall, Jr., have been named senior
vice presidents of First National City
Bank.
Mr. Graham, 48, heads the mortgage
and real estate loan department in the
bank’s metropolitan division, while
Mr. Prall, 55, is in charge of the
Canadian, Middle East and Africa dis­
tricts, the International Banking Cor­
poration and the international busi­
ness development and Washington
agency relations department in the
overseas division.

P r e d ic ts L o w e r P r o fits
HE uptrend in corporate profits
is likely to be reversed by recent
passage of the surtax and reductions
in Federal expenditures, reports the
Harris Trust and Savings Bank, Chi­
cago, in its monthly economic news­
letter, “The Barometer.”
According to the Harris, the surtax
and expenditure reductions can be ex­
pected to moderate the increase in
consumer and business spending. And
the decline in sales coupled with in­
creasing expenses—especially higher
labor costs—would squeeze corporate
profit margins.
The Harris newsletter reports that
disposable personal income for most
individuals was cut when withhold­
ing tax rates were increased this
month. Since the surtax on individual
incomes is retroactive to April 1, the
extra withholding will not cover the
rise in taxes due next April. An addi­
tional drain on funds available for
personal consumption will result from
the Social Security tax rate increase,
which moves from 8.8 per cent to 9.6
per cent on the first $7,800 of wage
and salary income on January 1, 1969.
The 10 per cent surtax on corporate
income is retroactive to January 1,
1968.
A decline in advances in Federal ex­
penditures, combined with a tax-in­
duced slackening of growth in private
spending, may reduce the gain in
gross national product from a quarter­
ly rate of $20 billion in the first half
of 1968 to $10 billion during the next
year, the Harris reports. Most of this
increase would be due to higher
prices. Steel production and construc­
tion are two sectors likely to experi­
ence a decline in the second half of
1968.
Since 1950, periods of strong profit
performance have been accompanied
by an improvement in the operating
rate, while inflation appears to have
weakened profits. A drop in the
operating rate reduces earnings, as
costs rise rapidly and prices advance
only modestly.

T

H ow W ould "tou C h oose
to u r C orrespondent B an k er?
We know you wouldn’t simply toss a
coin, but just how seriously do you
regard a correspondent banking
relationship? Do you place more
importance on the “big name” factor?
Or perhaps size? We'd like to feel
that more than anything else you’d
look for service. Because service is
exactly what we have for sale. And
we offer plenty of it. But if you still
prefer name and size, don’t count us
out. You see, we share our good name
with a lot of other fine names in
banking. Care to be one of them?

DROVERS

National Bank of Chicago
4 7 th a n d A sh lan d
Chicago, Illin o is 6 0 6 0 9
Phone 312-9 2 7 -7 0 0 0


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

Iowa N e w s

94

W ANT ADS
Rates 25 cents per word per
insertion. Minimum: 12 words.
NORTHWESTERN BANKER
306 15th St., Des Moines, Iowa

INSURANCE AGENT

Experienced insurance agent, age
40, married, desires opportunity in
Bank Agency. Prefer eastern onehalf of Nebraska, but will consider
all locations. Write File ICN, c/o
NORTHWESTERN BANKER, 306
15th St., Des Moines, Iowa 50309.

LEGAL FORMS
Any form you need we stock, or
will print. S p e c ia l forms then
stocked for prompt shipment on
reorders.
IO W A LEG AL BLANK
& PRINTING CO.
Box 238, Webster City, Iowa

FOR SALE
Franchise rights for use of The
Living Picture and The Farm Pic­
ture in direct mail advertising and
public relations. These modern
newsletters talk money and credit
from a banker’s point of view.
They help develop ‘Full Bank Cus­
tomers’ ! Samples for inspection.
Bank Services Incorporated, P.O.
Box F, Urbana, 111. 61801. Phone
217-367-6578.

BUYING
OR SELLING
A BANK?
Write or call collect
365-9117 Area Code 319

REGINALD FIGGE ASSOCIATES
Confidential Consulting Service
Merchants National Bank Building
Cedar Rapids, Iowa

.....

2 0 iAtvffcst Hanks in intra
and loan figures for Iowa’s 20 largest banks are shown in the
DEPOSIT
chart below as they were reported at mid-year. Comparative figures for
a year ago are also featured.

(Last three figures omitted)
June 29, 1968
1.
2.
3.
4.
5.
6.
7.
8.
9.
10 .
11 .
12.
13.
14.
15.
16.
17.
18.
19.
20.

D e p o s its
I o w a - D e s M o i n e s N a t i o n a l B a n k , D e s M o i n e s ................... ..... -...........$ 2 3 1 ,6 7 0
C e n t r a l N a t i o n a l B a n k & T r u s t , D e s M o i n e s ............. ..............
1 8 2 ,8 9 3
D a v e n p o r t B a n k & T r u s t C o m p a n y , I o w a ........................ .......... ....... 1 4 5 ,3 6 8
M e r c h a n t s N a t i o n a l B a n k o f C e d a r R a p i d s ................... .................. 1 3 2 ,0 7 7
B a n k e r s T r u s t C o m p a n y , D e s M o i n e s ................................... __________ 1 2 1 ,3 1 9
6 7 ,8 8 7
F i r s t N a t i o n a l B a n k , S i o u x C i t y .............................................. ______ ___
6 4 ,5 1 4
S e c u r i t y N a t i o n a l B a n k , S i o u x C i t y ...................................... ..................
5 5 ,9 8 7
N a t i o n a l B a n k o f W a t e r l o o ......................................................... ..................
5 3 ,0 4 1
F i r s t N a t i o n a l B a n k o f D u b u q u e .............................................. ..................
5 0 ,1 5 4
A m e r i c a n T r u s t & S a v i n g s B a n k , D u b u q u e .................. ..................
4 8 ,3 4 4
D u b u q u e B a n k & T r u s t C o m p a n y , I o w a ........................ ..................
4 7 ,2 7 8
W a t e r l o o S a v i n g s B a n k , I o w a ................................................... ..................
4 5 ,4 2 5
T o y N a t i o n a l B a n k , S i o u x C i t y .............................................. ..................
4 4 ,2 3 1
F i r s t N a t i o n a l B a n k , M a s o n C i t y ......................................... ...................
..................
4
3 ,8 2 8
C o u n c i l B l u f f s S a v i n g s B a n k , I o w a ...................................
4 1 ,9 7 9
V a l l e y B a n k & T r u s t C o m p a n y , D e s M o i n e s ............... ...............
4 1 ,6 3 1
P e o p l e s B a n k & T r u s t C o ., C e d a r R a p i d s ........................ ..................
3 8 ,0 3 6
C a p i t a l C i t y S t a t e B a n k , D e s M o i n e s ............................. ..................
3 7 ,8 0 0
F i r s t N a t i o n a l B a n k , I o w a C i t y .............. ................ ............... ..................
3 4 ,2 4 0
U n i o n B a n k & T r u s t C o ., O t t u m w a ............................ ..... ..................

IN D E X OF

Loans
$ 1 3 3 ,8 3 7
6 6 ,1 8 7
6 4 ,8 0 6
7 4 ,6 1 1
7 1 ,4 9 3
3 9 ,0 7 5
3 9 ,7 1 1
2 7 ,8 5 6
2 2 ,1 5 6
2 9 ,3 6 7
2 4 ,2 2 5
2 6 ,9 5 8
2 6 ,9 1 6
2 6 ,0 0 9
2 9 ,1 0 3
2 6 ,7 0 7
1 5 ,6 6 6
1 9 ,1 6 8
2 2 ,1 2 1
1 9 ,3 8 9

A
A c o rn P r in tin g C o m p a n y ................................. 94
A m e r ic a n N a tio n a l B a n k and T r u s t
C o m p a n y — C h ic a g o ........................................... 97
A r is to c r a t In n s ......................................................... 20

11

B a n k B u ild in g an d E q u ip m e n t
C o rp o r a tio n ................................................... 11, 12
B a n k e r s T r u s t C o m p a n y — D e s M o in e s . . .76
B a n k o f A m e r ic a .....................................................21
B a n k o f M o n tr e a l .................................................. 53
C
C e n tr a l B a n k an d T r u s t C o m p a n y —
D e n v e r ........................................................................ 57
C e n tr a l N a tio n a l B a n k and T r u s t
C o m p a n y — D e s M o in e s ....................................85
C h ase M a n h a tta n B a n k ......................................40
C h e m ic a l B a n k N e w Y o r k T r u s t
C o m p a n y ................................................................... 39
C h ile s & C o m p a n y .................................................. 66
C o m m e rc e T r u s t C o m p a n y —
K a n s a s C ity ......................................................... 91
C o u n cil B lu ffs S a v in g s B a n k ..........................82
C u m m in s -C h ic a g o C o rp o r a tio n .....................10

1)

D a v e n p o r t, F . E ., & C o............................... 68, 94
D e L u x e C h eck P rin te rs , In c ..............................19
D e n v e r U. S. N a tio n a l B a n k ..........................58
D o a n e A g r ic u ltu r e S e rv ice, In c .....................14
D r o v e r s N a tio n a l B a n k ...................................... 93
E
E a s tm a n K o d a k C o m p a n y — B u s in e s s
S y ste m s M a r k e ts D i v i s i o n ............................ 37
F
F e d e r a l H o m e L o a n B a n k — D e s M o in e s . 26
F ig g e , R e g in a ld , A s s o c ia te s ............................ 94
F ir s t N a tio n a l B a n k — B u r lin g to n .............92
F ir s t N a tio n a l B a n k — C h ic a g o ....................25
F ir s t N a tio n a l B a n k — C lin to n ......................... 80
F ir s t N a tio n a l B a n k — D e n v e r
.................... 60
F ir s t N a tio n a l B a n k — M u sc a tin e ............... 78
F ir s t N a tio n a l B a n k — O m ah a ...................... 73

Loans
$ 1 2 7 ,5 5 2
6 0 ,9 3 0
6 7 ,2 8 3
6 8 ,2 8 6
7 0 ,0 9 2
3 3 ,7 0 4
3 8 ,1 4 9
2 4 ,5 6 5
2 2 ,4 1 1
2 8 ,0 4 4
1 9 ,8 1 3
2 5 ,0 1 9
2 6 ,2 2 7
2 6 ,7 4 7
2 7 ,8 6 9
2 .8 ,1 3 5
1 3 ,6 9 1
1 6 ,3 4 5
1 9 ,0 6 8
1 7 ,8 3 3

F ir s t N a tio n a l B a n k — S io u x C ity . . .
F ir s t N a tio n a l B a n k & T r u s t C o m ­
p a n y — L in c o ln ............................................ ..
F ir s t N a tio n a l C ity B a n k — N e w Y o r k

G

A D V ER TISER S

June 29, 1967
D e p o s its
$ 2 1 6 ,0 1 5
1 5 8 ,8 0 7
1 3 5 ,4 0 6
1 1 9 ,7 6 9
1 0 5 ,8 9 1
6 1 ,6 5 1
5 9 ,1 7 3
4 6 ,9 3 6
4 5 ,4 3 2
4 7 ,8 2 8
3 9 ,9 3 6
4 1 ,9 5 6
3 9 ,3 .2 6
3 8 ,2 9 0
3 9 ,7 7 8
3 9 ,7 8 8
4 1 ,1 1 4
3 5 ,9 5 2
3 3 ,4 3 5
3 0 ,3 4 9

G ro ss, K ir k , C o...................................................
H
H a r r is T r u s t an d S a v in g s B a n k ..........
H u m m e r, W a y n e , & C o.................................

.83
.75
.27
.9 4
.17
.13

1

I o w a -D e s M o in e s N a tio n a l B a n k .............. 98
Io w a L e g a l B la n k & P r in tin g C o ................ 94
I r v in g T r u s t C o m p a n y . . .................................. 18
J
J a sp e r C o u n ty S a v in g s B a n k — N e w t o n .. 90

Iv
K o o k e r , E . F ., A s s o c ia te s ............................... 94

1,

L a S a lle N a tio n a l B a n k
L a w re n c e C o m p a n y . . .
L e F e b u r e C o rp o r a tio n

>1

79 '
15
43

M e r c a n tile T r u s t C o m p a n y ...............................28
M e rc h a n ts N a tio n a l B a n k ............................. 2
M o r g a n G u a r a n ty T r u s t C o m p a n y ..............22
M o sle r S afe C o m p a n y ...........................................23

N
N a tio n a l B a n k o f C o m m e rc e — L i n c o l n .. 69
N a tio n a l B a n k o f W a t e r lo o ............................ 89
N a tio n a l B o u le v a r d B a n k ................................. 13
N e b r a s k a N a tio n a l L ife In s u ra n c e
C o m p a n y ................................................................... 68
N e w Y o r k T e r m in a l W a r e h o u s e C o ............4 9 ,
N o rth C e n tra l C o m p a n ie s ................................ 9
N o r th e rn T r u s t C o m p a n y B a n k ................. 3
N o r th w e s te r n N a tio n a l B a n k —
M in n e a p o lis ............................................................46
N o r th w e s te r n N a tio n a l B a n k —
S ou th S a in t P a u l ................................................51

O
O m a h a N a tio n a l B a n k .........................................67
O m ah a P r in tin g C o m p a n y
.......................... 72

1*

P e o p le s B a n k & T r u s t C o.— W a t e r l o o . . . 86
P ie r r e N a tio n a l B a n k ...........................................54
P ip er, J a ffr a y & H o p w o o d
.......................... 70

R

BOX 8 7 P H .1-712'2621499
S P E N C E R ,IO W A 5 1 3 0 1

U n io n B a n k an d T r u s t C o m p a n y —
O ttu m w a ................................................................... 87
U n ite d C a lifo r n ia B a n k .................................. 7
U n ite d S ta te s C h eck B o o k C o m p a n y . . . .44
U. S. N a tio n a l B a n k — O m a h a ....................... 64
V
*
V a lle y B a n k an d T r u s t C o m p a n y —
D e s M o i n e s .............................................................. 81
V a lle y N a tio n a l B a n k o f A r iz o n a ............. 45
V a n H o rn e I n v e s tm e n ts , In c ............................72

/

ACORN

Z ie g le r , B. C., & C o ................................................

Registers

"A ccepted Sale Registers b y Bank
Clerks Everywhere"
For information write

THE AC O R N PRINTING CO .
Oakland, Iowa
N o rth v /c s te rn

B an ker, A u g u st,

1968

'''

R a h e l, J. C liff, & C o ............................................... 74
S
S c a rb o r o u g h & C o m p a n y .................................. 4
S c h im m e l H o te ls .....................................................24
S to c k y a r d s N a tio n a l B a n k — O m ah a . . . . 7 1 r
S tu d le y , S h u p e rt T r u s t In v e s tm e n t
C o u n c il ......................................................................24

U

...........*


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Federal Reserve Bank of St. Louis

A.

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.
OMAHA

6

4

Iowa News

Ite m ieti Im npletes KuiUUmf

95

is president and director of Connor
Lumber and Land Company; chairman
of the board and president of several
banks.

First National City
Promotes Two V. P.’ s
George W. Ellinwood, Jr., and John
N. Kruse have been named vice presi­
dents in First National City Bank’s
trust and investment division, New
York. Mr. Ellinwood, 34, is a unit head
in the division’s personal trust and
estates department, and Mr. Kruse, 41,
heads the special corporate agency
group in the division’s corporate trust
department.
OVER 900 area residents attended the open house at the Bennett St. Bk. to see the new
building, according to N. L. Kotz, exec. v.p. & cash.

Power Companies Proceed
With Holding Company Plans
Iowa Power and Light Company and
Iowa-Illinois Gas and Electric Com­
pany has announced that they will
proceed promptly with plans to estab­
lish a holding company to acquire the
common stocks of the two utilities.
The announcement followed simulta­
neous meetings of the boards of direc­
tors of the companies held in Des
Moines and Davenport and receipt of
a report of Ebasco Services Incor­
porated, New York, which included an
opinion that formation of the holding
company “will be in the best interests
of both companies.” The utility con­
sulting firm had previously been re­
tained by both companies to evaluate
separately the proposed formation of
the holding company from their re­
spective points of view.
It was stated on behalf of the two
companies that other principal in­
vestor-owned companies serving cus­
tomers in Iowa would be invited to
become part of the holding company
system.
Upon receipt of the necessary ap­
provals, the holding company will
offer to exchange shares of its com­
mon stock for the shares of common
stock of the participating companies.
On January 24, 1968, the companies
announced approval by their respec­
tive Boards of Directors of exchange
ratios by which one share of holding
company common stock would be ex­
changed for each share of Iowa-Illinois
common stock and 1.15 shares of
holding company common stock would
be exchanged for each share of Iowa
Power common stock.

Life Investors Changes
Name; Issues Preferred
Life Investors’ Anuual Meeting was
held in Cedar Rapids recently. The

stockholders approved the authoriza­
tion of 2,500,000 shares of preferred
stock with a share value of $25 per
share. Board Chairman Ronald L.
Jensen explained that these shares
were to be used in the company’s
acquisition program if it was neces­
sary to issue shares to make acquisi­
tions. He explained there were no
immediate plans to issue any of the
shares except for 40,000 which were
committed to be issued for the Pro­
fessional Men’s Assurance in Mil­
waukee, Wisconsin.
The stockholders also authorized
the change of the name of the com­
pany from Life Investors of Iowa,
Inc. to Life Investors, Inc. which re­
flects the change in the company’s
business from a single state operation
to a multi state operation. Mr. Jen­
sen explained this seemed particularly
appropriate at this time as for the
first time in the company’s history, it
was currently doing more business in
other states than within the State of
Iowa.
He also announced the acquisition
of Protective Security, Inc., a small
Indiana investment company, for 6,000
shares of common stock.
Total premium and investment in­
come should increase to an excess of
$16,000,000 compared with $11,300,000
for 1967 and $8,700,000 in 1966. Assets
should reach $36,000,000 at the end of
1968 compared with $31,000,000 at the
end of 1967 and $14,000,000 at the end
of 1966.
The company announced the elec­
tion of George H. Wheary, Jr. and
Gordon R. Connor to the board of
directors of Life Investors.
Mr. Wheary of Racine, Wisconsin
is chairman of the board, president
and treasurer of Wheary Investment,
Corp., Racine, Wisconsin.
Mr. Connor of Wausau, Wisconsin,

Robert P. Meyjes and Reginald P.
Vincent have been named vice presi­
dents in First National City Bank’s
national division in New York. Mr.
Meyjes is in charge of marketing and
planning in the division’s correspond­
ent bank department, and Mr. Vincent
is a correspondent bank representative
in the division’s New York-New Jersey
district.

To Form Statewide Holding
Company in New York
Samuel H. Woolley, president and
chief executive officer of The Bank of
New York, and William L. Butcher,
chairman of The County Trust Com­
pany, White Plains, announced that
formal steps have been taken to bring
into being what will be The Bank of
New York Company, Inc., if and when
approval is given by the regulatory
authorities to the previously an­
nounced plans to form a statewide
bank holding company. The company,
currently known as The B.N.Y. Com­
pany, Inc., elected Mr. Woolley as
chairman and chief executive officer
and Mr. Butcher as president.

American National, Chicago
Seeks 44Edge Act” Approval
The American National Bank and
Trust Company of Chicago has ap­
plied to the Federal Reserve Board
for permission to establish the Chi­
cago American International Corpora­
tion, an “Edge Act” subsidiary. As
an Edge Act subsidiary, CAIC will be
permitted to make equity investments
abroad in banks and other types of
businesses, according to Gerald Keidel,
vice president in charge of the bank’s
international banking department.
The Chicago American Internation­
al Corporation, if approved, will be
capitalized initially with $2 million
in stock and $250,000 in paid-in sur­
plus, Mr. Keidel said.
N o rth w e s te rn


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Federal Reserve Bank of St. Louis

B anker, A ugu st,

1968

96

DIRECTORS

w

■'V’;-'vÿ”

Peace in Peking

TV Tot

Chinese Red Guards wrecked a for­
eign car and attacked the three occu­
pants, all westerners. It happened
along the Boulevard of Eternal Peace,
near the Square of Heavenly Peace, in
Peking.
The same sort of thing seems to
happen along the avenues of under­
standing.

Four-year-old Joyce was plainly dis­
appointed at her failure to win a
prize at a friend’s birthday party.
“Why didn’t I get anything?” she •
demanded of her hostess.
“Because you didn’t win any of the *
games,” was the reply.
“But,” persisted Joyce, “don’t I even
get a gift for appearing on the pro­
gram?”

Cool
Silly Sayings

Engineers are resourceful fellows.
They couldn't open a Pullman window,
so they air-conditioned the train.

Discussing the Puritans, the teacher
of American History asked: “Does
anyone know what type of people
were punished in the stocks?”
A knowing voice piped up: “ Small
investors.”

Simple Summary
When third grader Jimmy’s father
said, “You know two and two makes
four,” Jimmy replied, “Now, dad, that
is old fashioned. To express properly
the sum of two and two, one must
decide on the numeration system to
be used. In the decimal system, your
statement is true, but in a base four
the sum is 10, in base three it is 11
and in the binary base it is 100.”

Daffynitions
Conscience—an inner voice that
warns us someone may be looking.
Procrastination—the art of keeping
up with yesterday.

C O N V E N T IO N S
1968
August 11-17— N a t i o n a l M o r t g a g e
School, O hio State University,
Colum bus, Ohio.
August 11-23 — C olorado Sch ool of
Banking, University o f C olorado,
Boulder.
August 12-23 — A B A National Trust
School, Northwestern University,
Evanston, Illinois.
August 19-30— Central States C onfer­
ence Graduate Sch ool o f Banking,
University o f W isconsin, Madison.
Septem ber 5-13— N ational Autom ation
School, Purdue University, Lafay­
ette, Ind.
September 22-26— 53rd Annual Con­
vention, B P R M A , Palm er House,
Chicago, 111.

N o rth w e s te rn

B an ker, A ugu st,


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

T

Graphically
The boss and his sales manager
looked gloomily at the sales chart on
the wall. In one corner was a graph
showing the company’s descending
grosses. The rest of the chart con­
tained a map of the territory, with
pins stuck in it showing the location
of the various salesmen.
“Frankly,” the boss sighed, “we
have only one hope. Let’s take the
pins out of the map and stick them in
the salesmen.”

Septem ber 29-October 2 — A B A 94th
Annual Convention, Chicago.
O ctober 13-17— 46th Annual Conven­
tion,
National A ssociation of
Bank W om en, Inc., The Netherland H ilton H otel, Cincinnati,
O hio.
O ctober 27-30— 82nd Annual Conven­
tion, Iowa Bankers Association,
H otel Fort Des M oines, Des
M oines.
O ctober 27-30— A B A N ational Person­
nel C onference, Sheraton-Chicago
H otel, Chicago.
N ovem ber 10-12— A B A 17th National
A g Credit Conference, SheratonOklahom a and The Skirvin Hotels,
Oklahom a City, Okla.
D ecem ber 5-6— 3 7 th M i d c o n t i n e n t
Trust C onference, Statler H ilton
H otel, D etroit, M ich.

%

Your Own Story
Has anybody told you
That every thought you think
Makes lines just like the little lines
You write with pen and ink?

*

And thoughts of anger, fear or hate
Will spoil the prettiest face
By making ugly little lines
Which nothing can erase.
But thoughts of love and kindness,
And joyousness and cheer
Make very pretty little lines
All fine and firm and clear.
And by and by your face becomes
An open storybook
Which everyone can see and read
Each time they chance to look.
So if you want your face to tell
A story sweet and fair,
You must see that only good
thoughts
Do any writing there.
—Anonymous

^

v

Taxi Stand
Two men carrying b r i e f c a s e s *
stopped in front of a New York traffic
snarl. One glanced at his watch and
looked at the traffic.
“Hmm,” he said to his companion,
“Do we have time to take a cab or 4^
shall we walk?”

1968

*

A bankers
Idea Banker,
Bill Aldrich

i

Not long ago, a correspondent bank in the
Midwest asked Bill for some professional counseling
on financing, installing and programming a new
million dollar computer they were planning to buy.
He recognized the great advantages the bank
would gain by having the computer, but he saw
some disadvantages too.
One was the big capital outlay they'd have to
make to buy it. Another was the high interest
rate prevailing at the time.
So Bill suggested this idea: American National
would buy the computer and lease it to the Bank.
That way they would avoid the capital outlay, the
high interest—and receive a substantial tax
advantage in the bargain.
That, naturally is what they subsequently did.
Bill can give you ideas, too. About every area
of correspondent banking.
Why not call him in our Correspondent
Bank Division. His number is
( 312 )

621 -5 05 0 .

American National Bank

and Trust Company of Chicago • LaSalle at Washington 60690
Phone (312) 621-5000

Member FDIC ©1968, ANB


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

Iowa-Des Moines National Bank led all
Iowa Banks with Reserve Checking

°ES MOINES
DES MOINES

USTOMEI

n a t io n a l

NATURE

good
thru

timothy e .bÜRNs
^ O f ftwiuy, ^

i®HpP*

On January 24, 1968, lowa-Des Moines National Bank
introduced the $100 Guarantee Card to residents of Des Moines.
We’re always out to lead in new and better services.

Doesn’t your correspondent relationship
belong with the leader?
Call one of these leaders in correspondent banking:

IOWA-DES MOINES
NATIONAL BANK
Sixth and Walnut, Des Moines—284-8686
M e m b e r Federal Deposit Insu rance Corporation


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

Gerald O. Nelson, S e n io r V ice P r e s id e n t ; George E. Harnagel, A s s is ta n t
V ice P r e s id e n t; Robert L. Buenneke, A s s is ta n t V ice P r e s id e n t