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NOKfflW ESTEM '’S c im w A U G U ST 1969 independence ank Slates ^pen House (COURIER NEWS SERVICE) IM PE N D E N C E — T h e rm ers State Savings Bank is ependence has scheduled a l^c opes house for Saturday Sunday, May 30 and 11. «nr* will be from 10 a.m. to p.m. Saturday and from 1 •¡Tp^m. Sunday, fhe bank recently completed entire remodeling project, e ♦bank offices were 'rebuilt .. new walk-up and drive-up ncrows were installed. -Work ^rem odeling project began •March 1967, business offices were n&tructed on the second floor the bank building and are w* occupied by the Security ft and Acceptance Corp.* ttadio Station KOUR. An iva|or in the outer lobby of s bank building provides easy cess to the second floor of:es. rigid tem perature and humidity controls. A stairw ay at the front of the Commercial Bank Vice President Edwin R, Blum has been appointed vice presidentcashier of Commercial State Bank, according to an an nouncement by well, presidentp r m \iid ed in Marshall!/ throw he Bonk Branch To Be Opened e of Bank Is Announced AURORA — The sale of the Farm ers State Bank here to Palmer businessman Roy Dins» dale and Osceola banker Dan J. Armbruster has been an nounced,Co-owner«’ of the banking W. Ed Coblentz firm s irc g p F L holder, an and¿ J r H o w E d it O Ê 's m V ie w Chi' tu t enee, tw o Mp n Schod Univefb will grav. 1 A ugust of R a n k b /ic R A $350,000 remodeling project of rust Co, at E, Montview Blvd. and l>all0| y iS, will give the bank full occupancy of ts, al ^ , J . Bleakley, president, said Saturday y \ * *% installment The hank building's second... 5 , previously rented to other »Milts, will be occupied by the ink’s installm ent loan and om puter departm ents, S^ace form erly occupied by le two departm ents on the first Sale of $350,000 in subordinat-j qqt and lower levels will be ed capital notes by the First! tsed for the expansion of of- Westland National Bank of) lobby and other depart Lakewood has increased the: ments. bank’s total capital funds from . 'mir new drive-up windows $850,000 to $1,200,000, Roger dll be added at the rear of the Reisher, president, announced Bank https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern National Bank’s new branch office, recently ap proved by the comptroller of the currency, will be known as the Westwood Office. It will occupy a temporary 1'•cation at the southwest comer the Lewis Westgaté Store’s mg lot, 2700 W. 12th St, site has been leased on a iry basis, lank plans to open theIpril 14. facts concerning the ich were announced C. A. Lovre, the _sident. % will be Northwest fourth branch in ills. The others are the ds Office, opened in 4); the Colonial Office, linnesota Ave., and the Auto Bank between 9th on Dakota, opened in e Ñ 1966. • Vood’s temporary office operated in. a mobile — Survey— Page 31 50,000 Remoc* in c re a s e s April 14' j Fuj Loan Manager Sidney Herzberg has been appointed as the new installment loan manager of the First Na tional Bank of Muscatine. i Herzberg succeeds Gerald D .; Nelson as the installment loan j officer. Nelson, a vice president I of the bank, will concentrate on I commercial lending. Promotes Officer, Re-Elects Others Dakota National Bank promot ed one officer and re-elected all other officers and- directors at the annua! meeting this week. D a rrel L; McQuay, assistant cashier, was named assistant vice president and manager of the installment loan, department. A baric associate m the install ment loan department for 10 years, he was named assistant cashier in. January. 1964. A ita- CHOOSING A CITY CORRESPONDENT? Select one with overline services to meet your lending needs. When you need a big overline at short notice, you want a city correspondent that can handle it. Be sure your correspondent measures up to your needs . . . and make sure the overline service is fast. Other desirable features to look for include: 1. An International Department to help you assist your customers with their foreign trade; 2. An electronic datacenter for the most up-todate services one bank can offer another; 3. Investment counseling that meets your stan dard of performance; 4. Safekeeping that services as well as protects your securities. MNB has these services and continues to add to them as new banking ideas become practicable. So when you choose a city correspondent, do what over half the banks in Iowa do — bank at MNB. MERCHANTS NATIONAL BANK so many ways we can help you CEDAR RAPIDS, IO W A 52401 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 % -r y A ► >y > > A > * > 4 World-wide Services. How can you offer them to your customers? ►1 *■ A Ask the men w ho wrote the book. A n y day, a cu stom er m ay ask you for cred it data o n a firm in T o k y o , or a d v ice o n th e e c o n o m y o f Frankfurt, or R io. Your answer? T ru st N o r th e r n . A s a N o r th e r n T ru st co rresp o n d en t, yo u h a v e access to th e services o f a w o rld -w id e n etw o rk o f co rresp o n d en t b an k s. T h e se b an k s h a v e th e resources an d in sig h t o n lo ca l m atters that o n ly a lo ca l b a n k can h ave. You ca n offer services su ch as: foreign e x ch a n g e q u otation s, in fo r m a tio n o n lo ca l b u sin ess c o n d itio n s, data o n su p p liers an d sales o u tlets abroad, a n d m a n y m ore. In a d d itio n , th ro u g h our C h icago headquarters, T h e N o r th e r n T rust In te r n a tio n a l B a n k in g C orp oration in N e w York, a n d ou r soon-too p e n L o n d o n b ra n ch , you ca n p ro v id e exp ort-im p ort assistance, letters o f cred it, fo reig n r e m itta n c e s ...a n d e v e n issue checks you rself o n fo reig n b an k s. T o fin d ou t m ore, co n tact you r N o r th e r n T ru st b a n k er— or w rite N . H a ll L aym an, V ic e P resid en t. * V Kl « ► * J ♦ ► r» s A 4- -/ •< > Trust Northern... All your money matters matter to us. NORTHERN TRUST COMPANY i l l BANK 5 0 S. LA SALLE S TR E E T AT M O N R O E C H IC A G O 6 0 6 9 0 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • F in a n c ia l 6 - 5 5 0 0 • M e m b e r F .D .I.C . No rthwestern Banker, August, 1969 * Does our bank carry EXTRA EXPENSE INSURANCE? X / Extra Expense? E W hat does that cover? The added cost of doing I business here or at a temporary r location if our premises are \ damaged or destroyed. y When you buy your EXTRA EXPENSE POLICY make sure you buy the 4 bankers form —on a $100,000 policy it can mean the difference between collecting only $40,000 and collecting your full $100,000. We were unhappy with the Standard Form policy because it covered only 40% of your first month extra expense from fire or what. Banks are not like other businesses—they have to stay open. Most extra expense occurs the firs t m onth. T h a t's w h y S ca rb o ro u g h created the Bankers Form. It pays up to the full policy limit that first month.* The Bankers Form has other massive advantages—for a bank, that is. But the premium is no higher than the Standard Form. We have a brochure. May we ? . . . Scarborough & Company, 33 North Dearborn St., Chicago 60602. / T-rV « A ♦ " A % 6 A V -f >• < * in all states w h e re availab le. 50 YEARS OF INSURING BANKS ONLY Scarborough Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis > 5 V acation P r e m iu m P rogram v C ontinen tal Illinois N ational B ank and T ru s t Com pany, Chicago, has ♦launched a m ajor ad v ertisin g cam p a ig n to prom ote a v acation prem ium p rogram for its savings depositors. ^ New custom ers w ho deposit $1,000 in any savings account, or p resen t ^ custom ers w ho eith e r have $1,000 or m ore on deposit or w ho b rin g th e ir »balances up to $1,000 or m ore, are be- O ld est F in a n cia l J o u rn a l S ervin g T h e C entral an d W estern States for your AU G U ST, 1969, reading 7 5 t h Y ea r N o. 1 1 7 6 FEATURES 6 N a m e A B A C o n v e n tio n S p e a k e r s 8 A IB E le c ts 1 s t W o m a n P r e s i d e n t 16 B a n k P ro m o tio n s a n d C h a n g e s 20 T h e B a n k e r s ’ M a r k e t P la c e 22 C o r p o r a te N e w s 31 N e w s p a p e r E d it o r s G ive V ie w s o n B a n k P u b lic R e la tio n s — 32 Y o u th f u l B o rro w e rs E n jo y a P ro fit A — >ing offered th e choice of a 15-day v aca tio n in H aw aii or eight days in A capul co, and Mexico City. Cost of th e trip s, arran g ed th ro u g h * a Chicago tra v e l agency, is su bstantis ally less th a n n o rm ally available rates. Eligible custom ers m ay tak e th e ir v a r ia tio n any tim e d u rin g th e n e x t 18 m onths. ♦ V Called “Golden O p p o rtu n ity ,” th e program is backed b y a copyrighted * cam paign of four-color new sp ap er ads ^ and in se rts of vario u s sizes, television and radio announcem ents, outdoor u *signs and d irect selling of colorful b ro ch u res to custom ers and selected A ^ion-custom ers. M e d i a ad v ertisin g th ro u g h o u t th e m etro p o litan area be*"gan recently. . Media and sign ads featu re a leisurer tim e, “fun-in-the-sun” them e. D irect ^ ^m ailings contain m any color photos of th e tw o fam ous vacation areas to4 A eth er w ith in stru c tio n s on how to open or add to savings accounts at ^ th e bank. * B an k A m ericard P la n s TV »Special fo r O ctob er 2 9 A one-hour television special star- t Y ing H erb A lp ert and th e T iju an a B rass and sponsored b y B ankA m eriT’ card, w ill be colorcast on NBC October ^.29, at 9 p.m. More th a n 2,700 B ankA m ericard r b an k s th ro u g h o u t th e n atio n are in volved in th e sponsorship. ) ~ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern B anker S u rvey 34 H o w M a n a g e m e n t S c ien c e A id s B a n k M a r k e tin g — George O. Podd 37 D o a n e A g r i c u lt u r a l L o o k s A h e a d to N e x t 50 Y e a rs 39 N o r t h w e s t e r n o f S t. P a u l M oves in to D r a m a tic , N e w 1 6 -S to ry B u ild in g 40 B a n k A d Is “ O u t o f T h is W o rld ” 42 I n s u r a n c e — U s in g D ir e c t M a il S e n s ib ly 44 S e c u r ity E x p e r t L o o k s a t t h e B a n k P r o te c tio n A c t— John E. H am pel STATE BANKING NEWS Illin o is N e w s 46 63 M in n e s o ta N e w s 50 64 W y o m in g N e w s T w in C ity N e w s 54 67 N e b rask a N ew s C o lo ra d o N e w s S o u th D a k o ta N e w s 59 68 O m aha N ew s N o r t h D a k o ta N e w s 61 74 L in c o ln N e w s M o n ta n a N e w s 61 77 Io w a N e w s 84 D e s M o in e s N e w s OTHER FEATURES 96 In d e x o f A d v e r tis e r s 98 I n th e D ir e c to r s ’ R oom 98 C o n v e n tio n s C a le n d a r NORTHWESTERN BANKER 306 15th S treet, Des Moines, Iowa 50309, Telephone (A rea Code 515) 244-8163 Chairm an Clifford De Puy Publisher E ditor Malcolm K. Freeland Ben J. H aller, Jr. A ssociate E dito r Barbara Franklin A d vertisin g A ssista n t Mildred Savich Field R ep resen ta tive AI Kerbel C irculation D epartm en t Lena Sutphln Field R epresen tative Joe M. Smith A uditor Bertha Soderquist F ield R epresen tative Paul Masters Frank P. Syms, Vice President, 663 Fifth Avenue, New York 10022, JUdson 2-7126 No rthwestern Banker. August, 1969 6 Name ABA HARLS E. W A LK ER , u n d e r sec re ta ry of th e T reasu ry , and K. A. R andall, ch airm an of th e F ed eral De posit I n s u r a n c e C orporation, w ill speak to th e 95th a n n u al convention of th e A m erican B an k ers Association. A cceptance of th e tw o in v itatio n s w as announced recen tly by W illis W. A lexander, p resid en t of th e A.B.A. T he convention w ill be held in H ono lu lu on Septem ber 28-October 1. C C. E. W A L K E R K. A. R A N D A L L U nder S ecretary W alker w ill ad dress th e F irs t G eneral Session T ues day m orning, Septem ber 30. C hair m an R andall is scheduled to speak at th e Second G e n e r a l S e s s io n on W ednesday, October 1. The convention pro g ram w ill open TENSION Panel-Lok* & Tab-Lok® sociation E xecutives. E lection took * ConventioSpeakers place a t th e an n u al m eeting at Mackiofficially w ith th e trad itio n al recep tion on Sunday afternoon, Septem ber 30. M eetings of th ree of the A.B.A’s four divisions w ill be held M onday m orn ing, Septem ber 29. T hey are th e State B ank Division, the T ru st D ivision and th e M ark eting/S avings Division. The fo u rth —th e N ational B ank D ivision— w ill m eet M onday afternoon. The en tire m o rning on Tuesday w ill be devoted to th e F irs t G eneral Session, w hile th e afternoon w ill be given over to a series of co n cu rren t w orkshops on topics of tim ely in te r est. E n te rta in m e n t for re g istra n ts th is y ear w ill be a concert by a glee club from K am eham eha School. P riv ately endow ed and reserved for stu d en ts of H aw aiian descent, th e school has long been noted for its choral achieve m ents. Some 12,000 are expected to atten d th e convention, the first to be held outside the co n tinental U nited States. E lect O k lah om a E x e c u tiv e T o C entral States P r e sid e n c y Joe T. Gilliland, executive vice pres ident, O klahom a B ankers Association, has been elected p resid en t of th e Cen tra l States C onference of B ankers As- nac Island, Mich., last m onth. O ther officers nam ed w ere: first vice.* president, H. C. Carvill, executive m anager, A rkansas B ankers Associa-V tion; second vice president, R obert C. Schrim ple, executive vice president, Illinois B ankers A ssociation, and sec retary -treasu rer, B ill O sterberg, exe cutive m anager, N ebraska B ankers^ A ssociation. The group consists of executives from 17 cen tral states. * ■< F o u n d a tio n N am es N ew S ales A g en cy B an co A cq u ires Iow a F irm TRUST INVESTMENT COUNCIL COUNCIL MEMBERSHIP Stop the "slippin' around" that makes statement addresses disappear. Two Tension exclusives th a t assure posi tive positioning, easier (moistureless) sealing and fewer mailroom grumbles. Call in a Tension specialist or contact: TE N SIO N ENVELOPE C O R P O R A T IO N IV///He/p Trust Departm ent 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 1912 Grand Avenue Des Moines, Iowa 50305 SEND FOR FREE BOOKLET TE-285 FACTORIES: S. Hackensack, New Jersey / Memphis, Tenn. / St. Louis, Mo. / Des Moines, Iowa / M inneapolis, M innesota / Kansas City, Mo. / Ft. W orth, Texas / Los Angeles, C alifornia. Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STUDLEY, SHUPERT T r u s t In v e stm e n t Co u n cil 8 6 0 S u b u rb a n S ta tio n B ldg. • P hila., Pa. 1 9 1 0 3 v The F ou n d atio n for F u ll Service B anks has appointed th e F u ll Service?* B anks A dvertising Com pany as iffi exclusive sales agency to offer locar ad v ertisin g tie-in m aterials to banks 4 sta rtin g th is sum m er, R ich ard B. Beal, executive vice presid en t of th e Foun- tdation, announced. T he F u ll Service B anks A dvertising C om pany is affili^ ated w ith C hristm as Club, A C o r p o r a ^ tion. The new com pany w ill utilize its n ational field staff of over 30 represen tativ es to call on ban k s to offer ad- A v ertisin g and sales prom otion ma- , terials ty in g in w ith th e F o u n d atio n ’s^ " F u ll Service natio n al ad v ertisin g pro-^ _ gram . P lans are u n d er w ay to expand th e field staff for th is new assignm ent, according to Jo h n W. F ren ay e, p resi dent of th e new com pany an d Christ- * m as Club. x* t- H en ry T. R utledge, Banco president, and R obert L. Beal, Iow a S e c u ritie s ^ * president, jo in tly announced th e ac quisition by N o rth w est B ancorpora- ^ tion of all o u tstan d in g shares of com- * m on ‘ stock of Iow a Securities Com pany in exchange for 96,000 sh ares of* X N o rthw est B ancorporation com m on stock. Iow a S ecurities Company, founded in 1906, is engaged in a g eneral m ort-'4 gage servicing business w ith offices ^ is W aterloo, Des Moines, D avenport, Cedar R apids and D ubuque, Iowa;* > Omaha, Nebr., and St. Paul, E dina and R ochester, M inn. ISC is presently* P servicing for in stitu tio n a l investors about 18,000 m ortgage loans totaling'* n early $287,000,000. The p resen t m ortgage operations of ISC w ill continue as a w holly-ow ned *. subsidiary of Banco, re tain in g the p resen t m anagem ent, personnel and* f offices. Mr. Beal, w ho has been asso ciated w ith ISC since 1929, w ill c o n -TT titn u e as presid en t and chief ex e c u -^ tive officer w ith his offices in th e new N o rth w estern N ational B ank b u ild in g s in St. Paul. ~ i 7 ** kt > ' Si IP Iif Hs K Commerce Trust is HHH'nHHH For financing or leasing heavy equipment, call Roy Lee at Commerce Trust. Individuals and corre- equipment for the job, and the way to finance it. For heavy equipment loans or leases call spondents from all over the country call Commerce Commerce Trust in Kansas City. We’ve got tons of because of our many years of experience working good information. with heavy equipment distributors and contractors. Whatever the job—building, paving, plowing, or mining—Commerce has the knowledge of the COMMERCE TRUST RANK Kansas City, Missouri Member Federal Deposit Insurance Corporation Northwestern Banker, August, Ì9 6 9 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8 A l i t Elects 1st Woman P resident pounding in te re st du rin g one y ear is** advertised; and th a t tim e and am o u n t req u irem en ts for an advertised ra te * '14 be stated. A dvertisem ents of yields based on * periods in excess of a year (such as,, average an n u al yields achieved by com pounding), w hich w ould have*) been perm issible u n d er certain cir cum stances in th e proposed rules pub* A lished for com m ent on A pril 5, 1969, are p rohibited by th e reg u latio n a s11 adopted, in th e in te re st of g reater clarity. S e lec t L o n d o n S ite F or C hicago B ank T H IS Y E A R , fo r th e first tim e in its h isto ry , th e A m e ric a n I n s t i tu t e of B a n k in g e le cte d a w om an as its p re s id e n t a t its 67th a n n u a l c o n v e n tio n in P o rtla n d , O re. T he n ew A IB p re s id e n t is M rs. Ja m e s F o rs te r, v.p., V a lle y N a tl. B k., P h o e n ix , A riz. O th e rs e le cte d a re (s e a te d l e f t to r i g h t) : J o h n P . D eL uca, L ib e r ty N a tl. B&T Co., B uffalo— E xec. C ouncil D ist. 2; M rs. F o r s te r ; T hom as A . D i n k e l / C e n tra l B&T Co., D e n v e r— v .p .; K e n n e th R. M cC aw , N a tl. B k. o f Com m erce T r. & S av. A ssn., L in c o ln — E xec. C ouncil, D ist. 10; S ta n d in g ( le f t) is F r a n k lin B. A u s tin , V irg in ia N a tl. B k., N o rfo lk — E xec. C ouncil, D ist. 4; (r ig h t) Jo s e p h T. B em ben, P e o p les N a tl. B k. o f W a s h in g to n , S e a ttle — E x ec. C ouncil, D ist. 9. E M B E R S H IP in th e A m erican In uals are being revised into 15 u n its of stitu te of B anking has reached a th re e ho urs each to correspond w ith record high of 220,384, and class en th is change. ro llm en ts as of A pril 30 w ere 106,262. The Council also adopted the grade T his in fo rm atio n w as released by point ratio system to take effect in W esley B. Sim m ers, p resid en t of Septem ber. By assigning grade points to each le tte r grade, it w ill be pos A.I.B., in his p re sid e n t’s re p o rt before the 67th a n n u al convention in P o rt sible to establish a g ra n t point ratio as a m easure of a stu d e n t’s perfo rm land, Ore. ance average of all courses taken. P resid e n t Sim m ers told delegates th a t th e executive council of A.I.B. m ade tw o im p o rta n t decisions to facili R ev ise R u le s C overin g tate th e im plem en tatio n of th e u n it A d v ertisin g o n In ter e st credit system by 1970. The board of directors of th e F ed er The first calls for a change in th e al D eposit In su ran ce C orporation, aft n um ber of h o u rs req u ired for an In er consultation w ith th e board of gov stitu te course. B eginning in S eptem ern o rs of th e F ed eral R eserve System ber, classes w ill m eet for 45 academ ic and th e F ed eral H om e Loan B ank hours in stead of 42 h o u rs as p resen tly board, has adopted in final form reg required. T his w ill im prove th e course u latio n s governing th e ad v ertisin g of q u ality by allow ing m ore tim e to ade in te re st paid on deposits in in sured q u ately cover course m aterial. It w ill nonm em ber banks. The rules, w hich im prove th e educational stan d ard s by becam e effective on A ugust 1, 1969, m aking In stitu te courses m ore com im plem ent a u th o rity g ran ted to th e parable w ith th e stan d ard s m ain C orporation by th e Congress in P u b tained a t o th er in stitu tio n s of hig h er lic L aw 90-505. Sim ilar rules w ere learning. I t w ill facilitate th e tra n s adopted by th e board of directors of fer of A.I.B. credits to colleges and th e F ed eral R eserve System . u n iv ersities by b rin g in g the courses The new ru les supersede ad v ertis into line w ith generally accepted edu ing guidelines set fo rth in a 1966 let cational practice, and lastly it w ill aid te r from th e C orporation to in su red ch ap ters in th e ir endeavors to estab nonm em ber banks. T he ru les incor lish closer w o rk in g relatio n sh ip s w ith p o rate th e guideline req u irem en ts local colleges and universities. I t m ay th a t in te re st rates be in term s of an be possible, by m u tu al agreem ent, for n u al rates of sim ple interest; th a t the an A.I.B. stu d e n t to receive A.I.B. an n u al ra te of sim ple in te re st be credit and college credit for th e sam e stated w ith equal prom inence w here course. All of th e in stru c to rs’ m an a percentage yield achieved by com M No rthwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Selection of a site for its London^ b ran ch and ap p o in tm en t of th e L on don m anager and d ep u ty m anager* w ere announced at A m erican N ational B ank and T ru st Com pany of C hicago* by A llen P. Stults, president. T he London branch, th e b a n k ’s first overseas, w ill be open this fall at 24* v A ustin F ria rs in th e City of London, n ear th e new stock exchange build-* ◄ ing and th e B ank of E ngland. Pend-* ing com pletion of extensive renova-*V tions at th e p erm an en t site, th e b ank d w ill occupy tem p o rary q u a rte rs at 115 M oorgate, London. N am ed by A m e r i c a n N ational’s board of directors as L ondon m anager w as Joseph H. M ortlock of Bidborough, K ent, E ngland, a b an k er w ith 25 y e a rs’ experience in in te rn a tio n a l^ b an king m anagem ent positions. The deputy London m anager w ill be B e r> ^ n ard L. Cripps of N orthw ood, M iddle sex, E ngland, a form er B arclays Bank*-* Ltd., b ran ch m anager. O p en s N assau B ranch N o rth w estern N ational B ank of M in neapolis has opened a b ran ch office in*-* N assau, B aham as, according to John A. M oorhead, chairm an. The purpose of th e b ran ch —th e first I overseas b ran ch established by any b an k of th e N inth F ed eral R eservo D istrict—is to enable N o rth w estern to accept E uro-dollar and Euro-currency** deposits to finance in tern atio n al busi ness. * “T he N assau b ran ch w ill perm it us„ to finance th e foreign activities of our corporate custom ers and those of our, . correspondent banks in th e m ost eco nom ical w ay possible,” Mr. Moorhead*"* stated. “W e believe it w ill also assist th e L n atio n ’s efforts to expand our ex p o rts^ and to im prove our balance of pay m ents,” he added. ^ A ddress of th e new b ran ch is Deltec House, C um berland and M arlb o ro u g h r^ Streets, in th e business d istrict of N assau. 9 ►> » >f k* ^* * * i» \> ► ►» -, ► > 4 k V♦ . i , If you know a swami, swell. But you don’t have to resort to a crystal ball to read your computer’s mind. Kodak has an easier, better way. It’s the Kodak KOM-90 m icrofilmer and all of its related Kodak information retrieval systems. The KOM-90 m icrofilm e r con verts your computer magnetic tape data directly into usable informa tion on 16mm microfilm. It works 20 times faster than conventional line printers. And for many jobs you can eliminate paper printout altogether. The practical result is that you https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis can take full advantage of the speed of third-generation computers. And when it comes to the retriev al of the computer data you have com pacted on m icrofilm , Kodak can get you even closer to real extra sensory perception. With a Miracode® retrieval system, any individual microfilm image is just seconds away, at the touch of a few buttons.« Add to this Kodak’s co m -\ putersoftware, professional \ systems experience, and national service organization, and you’ll be able to make the best use of the KOM-90 m icrofilm er’s mind-reading capabilities. For full details write and arrange a seance w ith Eastman Kodak C om pany, B u sin e ss S ystem s Markets Division, Depart ment 0-8, Rochester, New York 14650. "The easier way” Kodak K O M -90 microfilmer M iracode is a trad em ark for equipm en t used in a coded in p u t, rete n tio n , access and retrieval system designed and produced by Eastm an Kodak Com pany. Northwestern Banker, August, 1969 10 Tender Offer for COMPANY form ed by a group of Chicago b an k ers and businessm en headed b y W alter F. M ullady, c h a ir m an, M ichigan A venue N ational B ank, m ade an offer for up to 60 p er cent of th e ou tstan d in g stock of D rovers N a tional B ank at $44.50 a share. The new com pany, F irs t D rovers C orporation, said it w ill buy up to 330,000 shares of th e b a n k ’s stock, giving the offer a value of up to $14.8 m il lion. The b ank has 550,000 sh ares o u t standing. D rovers N ational stock re cently w as quoted at about $39 a share bid in over-the-counter trading. W illiam C. Cum m ings, Jr., ch air m an of th e bank, said 172,681 shares w ould be tendered by him and m em b ers of his fam ily, including Tilden Cum m ings, p resid en t of C ontinental Illinois N ational B ank & T ru st Com pany, his b ro th e r and th e ir father, W illiam C. Cum m ings, Sr., w ho w as w ith D rovers N ational B ank for al m ost 50 y ears and for m any years w as president. B an co E arn in gs U p Loans at Ju n e 30, close of th e pe riod, w ere up $2.26 billion, an in crease of 15.7 per cent. A N o rth w est B ancorporation reached a n et earnings high of $16 m illion for th e first h alf of 1969, w ith earnings p er share of $1.40, up 16.5 p er cent from th e $13.7 m illion or $1.21 per share for th e sam e period in 1968. The M inneapolis-based b an k holding com pany, w hich ow ns th e m ajo rity of the ou tstan d in g stock in 79 affiliated banks, rep o rted deposits of $3.25 bil lion, up 7.7 per cent from a y ear earlier. Book value of th e corporation’s 11,415,146 com m on shares increased from $21.45 to $22.62 p er share. Plan N A B W C o n ven tion Mrs. L illian D. W alden, general chairm an, has announced th e them e of th e 47th ann u al convention of the N ational A ssociation of Bank-W om en Federal Home Loan Bank of Des Moines FEDERAL HOME LOAN BANK BUILDING SECOND AT CENTER, DES MOINES, IOWA Statement of Condition, June 30, 1969 ASSETS Cash _______ ____ ______ Investments __ _________ Advances Outstanding ___ Accrued Interest Receivable Other Assets .................. ..... .$ 16,067,363 . 158, II 1,082 288,031,151 . 2,212,209 206,171 Total Assets $464,627,976 LIABILITIES AND CAPITAL Deposits ....................... ................. ........................... ........ $ 145,266,873 3,712,063 Accrued Interest Payable _______________ _____ _____ ^Consolidated FHLB Obligations ______________________ 223,000,000 Other Liabilities __________________ 17,143 Capital Stock ____ ___ __ _________________________ 80,104,200 Retained Earnings ___ 12,527,697 Total Liabilities and Capital ..... ............... ............. $464,627,976 ♦ C o n so lid ated F e d e ra l H om e L o a n B an k O b lig a tio n s n ow o u ts ta n d in g , in th e am o u n t of $5,521,000,000, a re th e jo in t and s ev e ra l o b lig a tio n s of a ll F e d e ra l H om e L oan B anks. ■ T h e F e d e ra l H om e L o an B an k s, c re a te d by A c t of C ongress in 1932, c o n stitu te a c e n tra l c re d it aee n c v fo r t h r i f t a n d hom e fin an cin g in s titu tio n s . T h e re are tw elve F e d e ra l H om e L o an B an k d is tric ts in each of w h ich th e re is a F e d e ra l H om e L o an B ank o p e ra te d by a lo c a l B o ard of D ire c to rs u n d e r th e s u p erv isio n of th e F e d e ra l H om e L oan B an k B o ard . O n ly sou n d sav in g s a n d lo an a sso c ia tio n s, sa v in g s ban k s, in su ra n ce co m p an ies, c o o p erativ e b an k s, and h o m estead a ss o c ia tio n s a re e lig ib le fo r m em bership. T h e F e d e ra l H o m e L o a n B an k of D es M o in es serv es 301 m em b er in s titu tio n s lo c a ted in Io w a, M in n eso ta , M isso u ri, N o rth D a k o ta, and S outh D ak o ta. Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Inc. w ill be “K aleidoscope—E m erging P a tte rn s.” The convention w ill be held in San Francisco, Septem ber 21-25, w ith head q u a rte rs at th e St. F ran cis H otel. Mrs. W alden is a m em ber of th e C entral < -1 T ru st Com m ittee of U nited California Bank. The program w ill focus on m ajor * n tren d s and directions in finance and th e ban k in g in d u stry w hich are emerg- 4 ing from th e rapid changes of th e r p ast decade. A p artial list of convention speakers includes: E m m ett G. Solomon, ch air m an of th e board and chief executive * V officer, C r o c k er-C itizens N a t i o n a l * ,■ Bank; N orm an B arker, Jr., president, U nited C alifornia Bank; N at S. Rog ers, incom ing president, A m erican B ankers Association; Shirley Tem ple Black; Ivy B aker P riest, tre a su re r, State of California; A nna F oster, p resi V n dent, A m erican In stitu te of Banking; T h y ra Thom son, secretary of state, S tate of W yom ing; and A. T. Paioni, * -4 vice presid en t and m anager of th e A. P. G iannini B ranch, B ank of A m erica NT & S.A. DI R E C T O R S HENRY H. EDMISTON, C hairm an V ice P re sid e n t, K a n sa s C ity Life In su ra n c e C o m p a n y, K a n sa s C ity, M is souri RUSSELL M. JOHNSON, Vice C ha irm a n P resid en t, T w in C ity F e d e ra l S a v in g s a n d L oan A sso cia tio n , M in n ea p o lis, M in n e so ta JOHN D. ADAMS D es M oines, Io w a JOHN H. ARMBRUSTER, P resid en t C o m m u n ity F e d e ra l S a v in g s a n d Loan A sso cia tio n , St. Louis, M issouri DEAN D. ARMSTRONG, E x e c u tive V ice P re sid e n t-S ec reta ry , F irst F e d e ra l S a v in g s a n d Loan A sso cia tio n G ra n d R a p id s, M in n eso ta LESTER L. COX, P resid en t S p rin g fie ld T e le v isio n , In c ., K YTV a n d O za rk Tractor a n d Im p le m e n t C o m p a n y, S p rin g fie ld , M issouri JOHN H. FARLEY, D irector of M a n a g e m e n t C enter, C ollege o f St. Thom as, St. P aul, M in n e so ta ROBERT F. HOEFER, P resid en t N orth A m e ric a n S a v in g s A sso cia tio n K a n sa s C ity, M issouri BURTON R. HYNDEN, P resid en t P e rp etu a l S a v in g s a n d Loan A s s o c i ation, C ed a r R a p id s, Io w a NORMAN M. JONES, P resident M e tropolitan S a v in g s a n d Loan A s sociation, Fargo, N orth D akota PROUTY LINN, P resid en t First F e d e ra l S a v in g s a n d Loan A s sociation, S ioux C ity, Io w a JAMES H. RUDDY, E x e c u tive V ice P res id e n t-S e c re ta ry , F irst F e d e ra l S a v in g s a n d Loan A sso cia tio n , H uron, South D a ko ta RUSSEL G. WYATT, P resid en t U nited S a v in g s a n d Loan A ssociation, L eb a n o n , M issouri OFFICERS DEAN R. PRICHETT P resident WARREN W . HARDING Senior V ice P resid en t DARRELL HIBBS Vice P re sid e n t DONALD F. ROBY V ice P resident GERALD M. PIERCE T rea su rer DONALD W . W ENTI S e c r e ta ry • V i *4 * 4 i f] y ►> - ► Nervous about building or remodeling? *> >> - * TA ►A V .. Relax.. .with Bank Building’s guaranteed cost estimate. *\ > https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Soon a s you get B ank Building’s g u aran teed cost estim ate, y o u k n o w w h e re y o u ’re g o in g ... a n d h o w m u c h it’ll cost y o u to get there. These are a fe w of the w orry-free projects recently completed by Bank Building, The Specialists. Gentry County Bank, Albany, Mo. 'Xfjfi f OFAMERICA Nationwide . . . serving your area Atlanta / Chicago / Dallas / New York / St. Louis / San Francisco I I Please send free brochure "The truth about new quarters costs." On or about_____________________ we contemplate: (date) □ new building □ modernized quarters □ new interior Q high rise I I Please send a Bank Building consultant to discuss our project with us. We understand there is no obligation involved. Name Title Bank name Address City https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis State Zip First National Bank, Bradenton, Fla, 13 v P a s s b o o k V a riety v A N E W color b ro ch u re fe a tu rin g a wide v a rie ty of passbooks is now available from L eF eb u re C orporation, • * Cedar Rapids, Iow a 52402. The b ro ch u re describes benefits of * *■ L eF eb u re “T otal D esign” passbooks, including creativ e designs, v a rie ty of " covers and m aterials, flexibility and , , low cost. M osler C on test fo r D rive-In T e lle r s s> *' y yf E n try b lan k s are in th e m ail to b an k ers th ro u g h o u t th e co u n try as M osler p rep ares to pick its 12th ann u al “Miss Drive-in T eller.” F irs t prize for th is y e a r’s w in n e r w ill be a free seven-day cruise for tw o to th e B aham as on th e Hom e L in es’ S.S. OCEANIC. Don't leave bond buying to chance. Do you get your bonds for the best price? Do they really fill your portfolio needs? If you get them from a National Boule vard representative, you’re sure on both counts, because along with knowing his bonds he’s a trained portfolio analyst, too. He’ll make an in-depth study of your investment portfolio before suggesting specific bonds. That way he can tailor bond recommendations to your needs and make o t h e r s u g g e s t i o n s to strengthen your entire investm ent program. Are National Boulevard representa tives good portfolio analysts? Well, one correspondent bank increased net earn ings by 46.3% the initial year after our in-depth study. And where our skill in the bond mar ket is concerned, take a look at National Boulevard’s own performance. We have an impressive average of 4.74% pre-tax investment return over the past nine years, and no securities losses. Are you interested in this kind of in dividualized attention? You can get the full story of our investment portfolio analysis services by calling Charlie Schoeneberger a t . .. NATIONAL BOULEVARD BANK OF CHICAGO ¡1 400-410 N. M ic h ig a n Ave. Phone 467-4100 • M em b er FDIC * -> B a n k A m erica rd S ales U p * B ankA m ericard h as rep o rted a 155 p er cen t sales in crease for th e first half of th e year, and stu n n in g 179 p er * * cent and 159 p er cent gains in card holders and m e rc h a n t outlets through* * out th e nation. As of Ju ly , m ore th a n 22.9 m illion * people w ere listed as cardholders in 4 * th e B ankA m ericard program , com pared w ith 8.2 m illion a y e a r ago. v* B usiness o u tlets accepting th e card for p urch ases h ad jum ped from 211,* ^ 000 to over 548,000, and th e nu m b er ^ of U. S. b an k s p articip atin g in th e B ankA m ericard pro g ram h ad clim bed ^ a. to 2,900 from 580. Sales at m id-year reached $754,994,000, com pared to $295,000,000 for th e first half of 1968. T his is alm ost as m uch as to tal sales—$814 m illion— realized by B ankA m ericard in all of last year. rf https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, August, 1969 14 ◄ Ir v i n o T r u s t C o m p a n y and Subsidiaries, New Y o rk (|j}A Charter New York Bank <4 CONSOLIDATED STATEMENT OF CONDITION, JUNE 30, 1969 ASSETS DIRECTORS Cash and Due from Banks.......................................... $2,710,084,783 ARTHUR G. BOARDMAN, JR. Senior Executive Vice President FAYETTE S. DUNN Chairman and Chief Executive Officer Otis Elevator Company GORDON EDWARDS Chairman and Chief Executive Officer Kraftco Corporation A. LEON FERGENSON Chairman and Chief Executive Officer General Cable Corporation ELLISON L. HAZARD Chairman of the Board and President Continental Can Company, Inc. STUART K. HENSLEY Chairman and Chief Executive Officer Warner-Lambert Pharmaceutical Company WAYNE HICKLIN Chairman and Chief Executive Officer Avon Products, Inc. ROBERT C. KIRKWOOD Chairman and Chief Executive Officer F. W. Woolworth Co. DAVID L. LUKE, III President Westvaco Corporation W. G. MALCOLM Former Chairman of the Board American Cyanamid Company MINOT K. MILLIKEN Vice President and Treasurer Deering Milliken, Inc. DON G. MITCHELL Former Chairman of the Board General Time Corporation GEORGE A. MURPHY Chairman of the Board PETER S. PAINE Chairman and Chief Executive Officer Great Northern Paper Company WILLIAM E. PETERSEN President DONALD C. POWER Chairman of the Board, General Telephone & Electronics Corporation RAYMOND H. REISS Chairman of the Board Ronthor Reiss Corporation OREN ROOT Executive Vice President and Counsel E. R. ROWLEY Chairman and Chief Executive Officer National Lead Company GORDON T. WALLIS Vice Chairman of the Board Investment Securities: U.S. Government Obligations......................... Obligations of States and Political Subdivisions Other Securities.............................................. _ 262,004,917 568,897,992 56,543,639 887,446,548 Loans....................................................................... Less: Reserve for Loans.................................. 2,208,214,936 39,217,606 2,168,997,330 Bank Premises and Equipment............................... Customers’ Acceptance Liability............................. Accrued Interest and Other Assets........................... 72,364,332 153,580,627 66,053,077 TOTAL ASSETS................................................ $6,058,526,697 LIABILITIES AND CAPITAL ACCOUNTS Deposits: Demand.............................................................$3,746,679,363 Time and Savings............................................ 598,615,166 London Office.................................................. 1,018,797,333 5,364,091,862 Borrowed Funds...................................................... 177,835,070 Acceptances Outstanding........................................ 159,393,998 Taxes and Other Expenses........................................ 21,813,874 38,147,991 Other Liabilities ...................................................... 5,761,282,795 Notes Payable, 4x/2% due 1993 ............................... 28,813,684 Capital Accounts: Capital Stock ($10 par) Authorized and Outstanding 8,046,000 shares............... Surplus............................................................. Undivided P ro fits............................................ Total Capital Accounts.................................... 80,460,000 128,602,525 59,367,693 268,430,218 TOTAL LIABILITIES AND CAPITAL ACCOUNTS............................... $6,058,526,697 Assets pledged to secure deposits and for other purposes amounted to ............................. $ 360,514,661 AV i •H» ^- * •i * A m» Ar* - « 4i t * A *i *A *y ADVISORY DIRECTOR DAVID L. LUKE Director Westvaco Corporation Foreign Branch Office: Representative Offices: London Hong Kong • Paris • Beirut Vf * MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis y 15 V v► it ►* ► k * -A CONTINENTAL BANK - * —.A ►* #-“* CONSOLIDATED STATEMENT OF CONDITION BOARD OF DIRECTORS RESOURCES ROGER E. AND ER SO N Cash and Due from B a n k s ..................... .................... $1,055,491,000 $1,132,597,000 Securities: U. S. Treasury S e c u ritie s ...................................... $ 353,209,000 $ 425,609,000 768.288.000 582.753.000 41.993.000 Executive Vice President C R O W DUS BAKER * ► Formerly Vice Chairman of the Board, Sears, Roebuck and Co. Director and Consultant, FMC Corporation Securities of Other U. S. Government Agencies and C o rp o ra tio n s ................................................. PH ILIP D. BLOCK, JR. Obligations of States and Political Subdivisions. ROBERT C. BECHERER Chairman, Inland Steel Company RALPH M. BUZARD Executive Vice President, International Harvester Company G EO RG E R. CAIN Chairman of the Board, Abbott Laboratories JAM ES W. COOK Chairman ot the Board, Illinois Bell Telephone Company à» G O R D O N R. CO REY Chairman ot the Finance Committee, Commonwealth Edison Company SA ►• 58.419.000 153.135.000 76.306.000 Total S e curities..................................................... $1,333,051,000 $1,179,479,000 $ $ Federal Reserve Funds Sold and Securities Purchased under Agreements to Resell............... Loans and D is c o u n ts ................................................... 25.374.000 20.063.000 169.125.000 148.624.000 LESTER CROW N Other A s s e ts .................................................................. 565.071.000 387.498.000 Total R e s o u rc e s ................................................... $7,477,648,000 $6,728,303,000 Head O ffice—D e m a n d ............................................ $2,767,005,000 $2,544,649,000 —Savings ............................................ 815.067.000 755.608.000 —Other T im e ........................................ 660.573.000 952.836.000 Overseas Branches and S u b s id ia rie s ................. 1,840,853,000 1,425,477,000 Executive Vice President, Henry Crown & Company T ILD E N C U M M IN G S C ALVIN FENTRESS, JR. Chairman ot the Finance Committee, Allstate Insurance Company LIABILITIES Deposits: Chairman ot the Board ol Directors Chairman and Chief Executive Officer, Deere & Company PO RTER M. JARVIS Formerly Chairman of the Board, Swift & Company ► - Total Deposits ..................................................... $6,083,498,000 $5,678,570,000 Federal Reserve Funds Purchased and Securities Sold under Agreements to R epurchase............... $ 153,425,000 $ 134,750,000 President, United Air Lines, Inc. Other Liabilities fo r Borrowed M o n e y ..................... 293.600.000 65.500.000 ROBERT L. M ILLIG AN Acceptances O utstanding.......................................... 170.501.000 149.908.000 Other L ia b ilitie s ........................................................... 141.903.000 94.432.000 Total Liabilities ................................................... $6,842,927,000 $6,129,042,000 Reserve fo r Bad D e b ts ............................................... $ 123,362,000 $ 119,533,000 $ 168,643,000 $ 168,069,000 W ILLIAM B JO H N SO N Chairman, president and Chief Executive Officer, Illinois Central Industries, Inc. G EO RG E E. KECK ♦-*•À *■A Chairman, Union 76 Division, Union Oil Company of California GRAHAM J. M O RG AN President and Chief Executive Otlicer, United States Gypsum Company ►► JO HN H. PERKINS Executive Vice President W ILLIA M J. Q UINN - ► -i * Dividend P a y a b le ......................................................... RO BERT W. RENEKER CAPITAL ACCOUNTS Common Stock—$10.00 Par V a lu e ............................ C L A R E N C E H. SHAVER JO SEPH S. W R IG H T Chairman of the Board and Chief Executive Officer, Zenith Radio Corporation 1969 Authorized 1968 .................17,444,000 17,424,000 Outstanding ...............16,864,315 16,806,900 274,906,000 257,931,000 Undivided P r o fits ..................... 51.213.000 40.439.000 Securities Reserve ................. 16.597.000 13.289.000 Chairman ot the Board ot Directors Total Capital Accounts .. $ 511,359,000 $ 479,728,000 T ILD E N C U M M IN G S Total Liabilities, Reserves, and Capital A c c o u n ts .. $7,477,648,000 $6,728,303,000 Surplus .......................................................................... W 4 5,882,000 President, Chicago, Burlington & Quincy Railroad Company President and Chief Executive Officer, Swift & Company Formerly Chairman ot the Board, United States Gypsum Company -V fc 55,650,000 3,804,392,000 Bank Premises, Furniture and F ix tu re s ................... W ILLIA M A. H EW ITT <* s 7,000,000 4,322,536,000 Customers' Liability on A c c e p ta n c e s ..................... DO N A LD M. G RAHAM >* Other S e c u ritie s ....................................................... Trading Account S e curities.................................... President, Bethlehem Steel Corporation STEW A R T S. C O RT President ► 52.818.000 EXECUTIVE OFFICERS DO NA LD M. G RAHAM President ROGER E. AND ER SO N Executive Vice President JO HN H. PER K IN S Executive Vice President Resources carried at $707,995,642 are pledged to secure public and trust deposits and for other purposes as required or permitted by law. On June 30, 1968, the corresponding amount was $673,616,659. Continental Illinois National Bank and Trust Company of Chicago, Subsidiary of Conill Corporation. 231 South LaSalle St., Chicago, Illinois 60690. Continental Bank International, New York. O ffices: Argentina ■ Bahamas • Belgium • Brazil • France • Great Britain • Italy • Japan • Lebanon • Mexico • Morocco • Netherlands • Republic of the Philippines Spain • Switzerland • Venezuela • W est Germany • M em ber F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, August, 1969 16 iia n h Crimini inns und Chanfles ROMOTIONS and an n ouncem ents have been m ade by th e follow ing banks: P Bank of America, N.A., San Fran cisco: A realig n m en t of top executive responsib ility for th e b a n k ’s w orld w ide loan and n ationw ide tr u s t activi ties has been announced. Effective Septem ber 1, E xecutive P resid e n t C hauncey J. M edberry will C. J . M E D B E R R Y A. V. T O U P I N become chairm an of th e b a n k ’s g en er al finance com m ittee and head of th e loan division. In a related move, A rth u r V. Toupin w ill rejo in th e b an k in A ugust as sen ior vice p resid en t and executive officer for tru s t activities, to succeed Mr. M edberry w ho now heads the tru s t division. In his new position Mr. M edberry w ill relieve A. W. (Tom ) C lausen as head of th e GFC and th e loan division in order th a t Mr. Clausen, w ho w as elected vice ch airm an of th e board of directors last m onth, m ay devote full a tten tio n to th e over-all activities of th e bank. Mr. T oupin is now senior vice p resi d en t and g eneral counsel of IS I Cor poration (fo rm erly In su ran ce & Secur ities In co rp o rated ), San Francisco. In o th er prom otions m ade by th e bank, A. M. B raw ner, Jr., w as ad vanced to senior vice p resid en t in th e in tern atio n a l division, and S tew art 0. H um e has been nam ed an a ssistan t vice presid en t in th e natio n al division. Commerce Trust Company, Kansas City: The b an k has elected tw o new directors. T hey are T. B. Robinson, assistan t m anaging p a rtn e r of B lack & V eatch, co nsulting engineers, and Thom as H. McGee, vice p resid en t and tre a su re r of Old A m erican In su ran ce Company. T hey succeed Jo Zach Mil ler, III, and T hom as R. McGee. Mr. M iller, w ho has served as a d irector for 43 years, w ill continue as a d irector of Com m erce B ancshares, Inc. Continental Illinois National Bank & Trust Company, Chicago: L eroy E. B urklund, second vice president, and Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis David T. B u rk h ard , a ssistan t secre tary , re tired last m onth after over 40 y ears service. Mr. B urk lu n d w as in operations, and Mr. B u rk h ard w as in corporate tru st. First National Bank, Kansas City: R obert F. Jackson has been ad vanced from vice p resid en t to sen ior vice president. Mr. Jackson has been w ith the b ank since April, 1949, and he has been a vice p resi den t since M arch, 1962. He is a R. F. JA C K S O N , JR . m em ber of the n a tional accounts d ep artm en t of the com m ercial division of th e bank. First National Bank, St. Joseph: F o u r p r o m o t i o n s have been an nounced. T h e y are: Jo h n F. Gach, f r o m ag r e p r e s e n t a t i v e to as sistan t vice p resi den t - agriculture; R ichard G raham , to a ssistan t vice p r e s i d e n t ; Gary Colvin, to assist a n t cashier, and G ary Sw artz, to J . F. G A CH a ssistan t cashier. Mr. Gach is active in th e correspond en t division. T he la tte r th re e m en are in th e in stallm en t loan d e p a rt m ent. First National Bank, St. Louis: F o u r officers have been elected to th e title of a ssistan t vice presidents. T hey are: H. D uncan Edm iston, L a w r e n c e Q u ig le y , V ernon S c h r o eder and R onald Prasse. Mr. E d m i s t o n is p a r t i c u l a r l y well - know n am ong Iow a b an k H . D. E D M IS T O N ers. He trav els Iow a as a correspondent b an k officer for th e bank. He joined th e b ank in 1962, and m oved to th e correspondent d ep artm en t in June, 1967. Midwest Bank Card System, Inc., Chicago: R obert H. B ukow ski, vice p resid en t in charge of th e retail b an k ing d ep artm en t of C ontinental-Illinois N ational B ank and T ru st Company, Chicago, has been nam ed to th e board of d irectors of th e M idw est System. Foundation for Full Service Banks, Philadelphia: W illiam N. F lory, m a r k etin g services division of H arris C i T ru st and Sav A ings B ank of Chi cago, has been ap V pointed to th e Ad v ertisin g A d v is £4 ory Group. As a m em ber of 4 •A .......... ~ _ th e F o u n d atio n ’s A I A d v e r t i s i n g Ad■ w W B I I i visory Group, Mr. I A F lo ry will p artic ipate in advertis- * * w. n. flory . .. ... m g m eetings w ith the F o u n d atio n ’s ad v ertisin g agency, 4 V D ancer-Fitzgerald-Sam ple, for th e p u r I pose of developing and guiding th e national ad v ertisin g cam paign. A LaSalle National Bank, Chicago: K eith G. Cone has been nam ed execu +!« tive vice presid en t for corporate p lan 4ning. Mr. Cone will, am ong o th er responsi A bilities, give gene r a 1 supervision * A to m arketing, re search and devel F* opm ent program s. Mr. Cone, head of A A th e retail banking d ep artm ent, h a s been senior vice p resid en t s i n c e 1962. Also announced K. G. C O N E w as th e election of Jo h n C rotty, Jr., as a ssistan t vice A/ presid en t in th e n ational division, and R onald C. O gnar as inv estm en t officer * and a ssistan t secretary in th e tru s t 4 departm ent. Northern Trust Company, Chicago: Rollin C. H uggins has retire d from th e * A position of a tto rn ey in th e legal de t 4 p a rtm e n t after 20 y ears of service. Security Pacific National Bank, Los -A Angeles: T hree vice p residents have been nam ed by th e bank. T hey are: C lark H. E dw ards, head of th e opera tions division of th e in v estm en t de partm ent; R onald L. Davis, head, office tru s t departm ent, and Joseph G. W ard, * A business developm ent departm ent. •A >~ Jo h n F. B irm ingham has b e e n nam ed an a ssistan t vice presid en t in * b th e natio n al division. Valley N a t io n a l Bank, Phoenix: L F o u r officers have been advanced to V-Í a ssistan t vice presidents. T hey are C. R. M urrell, advancing > from a ssistan t cash ier in th e agricul tu re and livestock loan departm ent; A * W illiam L. H augen, a ssistan t cashier, com m ercial loan departm ent; R obert P. M endenhall, ag ricu ltu re and live stock loan departm ent, and Jam es W. Ross, economic developm ent division. All are a t th e hom e office in Phoenix. An independent panel of experts may test your security tomorrow. Are you ready? Elegance complements security Exclusive CAM W IDE" Camera Experts, like these, are employing the most up-to-date burglary, hoi up and fraud techniques at an unprecedented rate. This is why y should check the effectiveness of your security equipment no □ LeFebure vault doors feature the new exclusive Monolithoguard material which makes them virtually impregnable. Our battery of s phisticated vault protection equipment also includes an Ionization D vice for smoke detection. □ Cameras, burglar alarms, manual a semi-automatic control units, silent h o l d - u p alarms and numerous triggering devices are also available. □ So, for absolute security, talk to the real expert, your LeFebure man. Subsidiary of LeFebure Corporation, Cedar Rapids, Iowa 52406 W alter Kidde & Company, ll https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LeFebure . . . complete banking facilities from scratch. 18 A dopt Pre-PaidTravel Plan H E Irv in g T ru st Com pany, New York, and W ells Fargo, San F ra n cisco, head th e list of b anks now of fering th e ir custom ers prep aid and thrift-orien ted tra v e l plans in associa tion w ith A m erican E x p ress Club Con tinental, Ltd. The banks are th u s able to e n te r the trav el field—th e n a tio n ’s fastest grow ing leisure-tim e activity—w ith o u t ac tu ally going into th e tra v e l business. By offering th e ir custom ers m em ber ship in Club C ontinental, Ltd., a w hol ly-owned subsid iary of A m erican E x press Com pany, th ey provide prepaid vacations in E u ro p e every o ther year, and in th e a lte rn a te y ears to th e Carib bean, to Mexico, H aw aii and T ahiti, depending on th e b a n k ’s geographical location. The trip s are scheduled by th e club and m em bers elect from a w ide v arie ty of itin e ra rie s w ith p re paym ents c o v e r i n g tran sp o rtatio n , lodging, basic tip s and m ost meals. U nder th e plan, club m em bers in th e n o rth e a st region deposit $40 a m onth into a special fund. P ay m en ts are slightly larg er in th e m ore w e ste r ly states because of longer distances. B ank p articip atio n involves prom o tion of Club C ontinental m em berships T th ro u g h m ailings to its non-com m er cial depositors, lobby displays, post ers and advertising. Club C ontinen tal supplies all prom otional m aterial w ith o u t charge, processes applications and tak es responsibility for signing new m em bers. The b ank receives a com m ission for each m em ber: $10 per m em ber ob tain ed th ro u g h m ail solicitation and $5 for each m em ber developed from an over-the-counter “take one” applica tion. In addition, th e b ank gets in te r est-free deposits of $5,000 for the first 50 m em bers it generates and fu rth e r deposits of $2,500 for each additional 25 m em bers. Deposits and com m is sions are due as m em bers com plete th e ir first th ree paym ents. If a b an k circularizes its own fu ll tim e em ployees and w aives com m is sions of th e ir m em berships, Club Con tin e n ta l gives them a reduction of $35 on th e ir first vacation plan paym ents. If enough em ployees of a b ank join, the club w ill set up a special chapter for them . S ecu rity P a c ific R eadies T em p o ra ry Q uarters R em odeling plans for th e tem p o rary q u a rte rs of S ecurity Pacific N ational B an k ’s N o rth ern C alifornia h ead q u ar te rs and San F rancisco m ain office at 300 M ontgom ery Street, w ere an nounced recently by Carl K. Schieck, executive vice president. A ccording to Mr. Schieck, th e $250,000 pro ject now u n d erw ay is sched uled for com pletion in July, at w hich tim e Security Pacific B ank w ill vacate Reports H E hig h est incidence of b ank rob beries is in su b u rb an and ru ra l offices, n o t in cen tral city banks, I r vine H. Sprague, director of th e F ed eral D eposit In su ran ce C orporation, said recently. A ddressing a m eeting of th e W iscon sin B an k ers A ssociation in M ilwaukee, Mr. Sprague said a stu d y of rep o rts from h alf of th e n atio n ’s ban k in g of fices show s th a t 13 p er cent of all sub u rb a n b an k in g offices have been robbed in th e p ast five years, as op posed to 8.8 p er cent of dow ntow n offices; 5.1 p er cent of sm all tow n b anks and 11.1 p er cent of ru ra l banks. T he rep o rts on crim es com m itted ag ain st banks d u rin g th e p ast five y ears w ere re q u ired u n d er regulations im plem enting th e B ank P rotection Act T Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M on ey R ib b o n CUTTING- a m oney rib b o n to cele b r a te th e o p e n in g of th e new sa v in g s c e n te r a t N a tio n a l B o u le v a rd B a n k , C hicago, a re C hicago C ity T re a su re r M a rsh a ll K o rv a k ( le f t) a n d Ir v in g S eam an , J r ., c h ie f exec. off. o f th e b a n k . T h is c ap p e d a c tiv itie s in v o lv ed in th e b a n k ’s m on th -lo n g S a v in g s F e s tiv a l. T he n ew sa v in g s c e n te r h a s te lle r w in d o w e q u ip m e n t to speed up sa v in g s tra n s a c tio n s . its p resen t facilities a t 333 M ontgom ery Street. The project w ill include th e rem od eling and refu rb ish in g of th e form er B ank of A m erica building’s facade and low er floor areas. Mr. Schieck said th a t w ith th e com pletion of the Security Pacific B ank B uilding, cu rren tly u n d er construction in th e E m barcadero Center, both th e N o rth ern California h ead q u arters and San Francisco m ain office w ill move in to the new high rise. The 45-story office tow er, of w hich S ecurity Pacific B ank is th e m ajor ten an t, is sched uled for com pletion by mid-1970. t• Hanls Crime A nalysis of 1968. D irector Sprague told th e W isconsin b ankers th a t these reports, along w ith detailed accounts of fu tu re robberies, larcenies and burglaries w hich th e act req u ires banks to file w ith FDIC, w ill m ark the “beginning of th e first m ethodical effort to ana lyze cause and effect in b ank crim es in th is co u n try .” “W e hope to pinpoint areas of high crim e incidence; to isolate th e factors th a t m ake a ban k in g office vulnerable to crim e and those th a t p rotect it,” he said. Mr. Sprague said th e rep o rts show th a t ju st u n d er 9 p er cent of th e na tio n ’s m ore th a n 33,000 banking offices have been robbed once since 1963. “Less th a n 2 p er cent have been robbed m ore th a n once,” he said. - \ ■*, V- V *- #r Nr 19 Customer mergers? This Chaseman can supply the right advice. Discreetly. i* V' . ►jà >* *■ H Chasemen like Tom Hill can provide you with all the expertise and experience you need to make sound merger recommendations. Our in-depth industry know-how and broad customer contacts can be invaluable to you in this problemfilled area. Whether your customers’ needs arise from estate, management succession, or growth capital problems, let your Chaseman put the knowledge of Chase's Corporate Financial Research Group at your service. You’ll find that we can really helpyou help your customers, effectively and discreetly. THE Ä CHASE W M ANH ATTAN BANK. N.A. 1 Chase Manhattan Plaza New York, N.Y. 10015 - ► > <► KV * https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, August, 1969 20 The Bankers’ Market Place A Page Telling W hat’s New for Banks and Bankers E ach m o n th the B a n kers’ M arket Place w ill bring you listings of new products, specialty item s, banking equipm ent, and g ift item s w hich w ill help you and yo u r staff do a better job. T h is is the selection for this m onth. EW ease and convenience in the use, handling, and storage of roll m icrofilm are seen as im p o rta n t ad vantages of th e R ecordak Thread-Easy m agazine, introduced by E astm an Ko dak Com pany at th e N ational M icro film A ssociation C onvention in Boston in May. The new snap-on plastic m agazine is “the m ost advanced concept in film han d lin g since the intro d u ctio n of roll m icrofilm ,” according to Jam es M. A r nold, general m anager of th e com pa n y ’s B usiness System s M arkets Divi sion. The m agazine prom ises to have im m ediate application w h erev er ex ten sive files of roll m icrofilm are m ain tained, as in libraries, airline offices, and banks, as w ell as in title search, insurance, m ortgage, and engineering firms. It is so sim ple th a t any u ser can easily convert eith e r 16mm or 35mm rolls to th e m agazine form at. N A conventional spoked reel of m icro film is m erely slipped into the new plastic a n n u la r rin g of ap p ropriate w idth, pressed into place, and—presto —in sta n t magazine! The R ecordak M otorm atic Reader, Model MPG, is a variable-speed motordriv en u n it th a t can accom m odate m i crofilm spooled in m agazines, or on conventional reels, by using a reel ad ap ter u n it w hich is fu rn ish ed w ith each reader. The new read er offers a choice of 19:1 or 23:1 m agnification ratios. Im age ro tatio n th ro u g h a com plete 360 degree arc and full 35mm film image scanning are stan d ard features. The read er view ing screen m easures 15 x 15 inches. All controls of th e R ecordak M otor m atic R eader are a t operator hand level. L oading and unloading are fast and simple. T he focusing knob, v a ri able speed control, and scanning lev ers are conveniently positioned for fin g ertip operation. F o r fu rth e r inform ation, address B usiness System s M arkets Division, E a stm a n K odak Company, 343 State S treet, R ochester, New Y ork 14650. ANK officials and police w ill w atch holdup m en on “in sta n t playback” w ith a new closed circuit TV su rv eil lance system designed jointly by The L eF eb u re C orporation of Cedar R ap ids, Iowa, and Sylvania E lectric P ro d ucts, Inc. H ighlight of th e new system —w ith th e first n ational show ing at Chicago’s B ank A d m inistrative Show in Ju n e — is a video tape recorder w ith in sta n t playback and special devices for close sc ru tin y of selected subjects. L eF eb u re general sales m anager, B. R ay H ow ard, said b an k secu rity offi cers w ill use th e new system to su p er vise sensitive b an k areas for in stan t com m unication w ith guards and other personnel. Mr. H ow ard noted th e sys tem is also ideal for daily review by m anagem ent of b ank procedures and train ee perform ance. The sy stem ’s s t a n d a r d one-inch video tape can be aired by com m ercial TV statio ns to assist in rap id ap p re hension of holdup or confidence men. Video tape can be reused 500 tim es. B R e c o rd a k T h re a d -E a sy R e c o rd a k M o to rm a tic R e a d e r Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OSLER has announced a system s approach to inform ation d istrib u tion—the availability of a new M anual Scan/Zoom TV System suitable for all firms w hich distrib u te unitized g rap h ic inform ation. Called th e “M osler 20/20 In form ation D istribution Sys tem ,” it w as introduced for th e first tim e at th e 18th A nnual N ational Mi crofilm A ssociation C onvention in Bos ton in May. M M o sler 20 /2 0 S can /Z o o m The new system accepts 35mm ap er tu re cards for local or rem ote video display. H eart of the new system is th e scan/zoom feature. Offering m ag nification up to 250 tim es w ith au to m atic focusing, th e M osler 20/20 p er "V" m its extrem e close-up view ing of even th e sm allest details. Up to six m oni tors can be added to the basic system /-1 as can h ard copy p rinters. F u rth e r inform ation on th e new %V M osler 20/20 is available from Mosler, 1561 G rand B oulevard, H am ilton, Ohio 45012. COLORFUL, twelve-page booklet illu stratin g and describing the featu res of Diebold D rive-In B anking System s, has been published by the ban k security and office equipm ent m an u facturer. H ighlighting features, the brochure -H exam ines th e picture-w indow construc tion m odels available to m eet m ost dem ands, th e serviceability of th e sys tem s and th e custom er and teller ad t ** vantages each u n it provides. Vr E nabling person-to-person com m uni cation, the Diebold D rive-In B anking system s provide a functional w orking area for the teller, a centralized con tro l system , v ersatile counter arran g e m ents and full teller control features. All the banking system s are de signed w ith bullet-resistive w indow s and extension draw ers, some of w hich are electrically operated. A 21 - ► v* ■* - V > » We Taue Off Our t o . . . - .> - W » - „A. to bankers who p rin t th e ir own checks, because as specialists we know w hat it takes in people, equipm ent and know-how to do a top-notch job and provide service on a dayto-day basis. In addition to m any problem s such as m aintaining inventories and supplies, providing for m ailing, space and s to r age, and attem pting to m eet quality standards, some banks tell us th a t a realistic appraisal of this type of operation indicates th a t th ere is little or no savings over purchasing o u r professionally p rinted check books. In som e cases costs can even be higher. 4- *< »—'•* ----* W e can relieve you of all these problem s and at the sam e tim e offer your cu s tom er a wide selection of checkbook styles and colors. W e’ll produce th e orders fast and accurately at low standardized prices made possible by volum e and mass a u to m ated procedures. > v* .>4 >* *• » >> If y o u ’d like to get out of the check p rin tin g business, let us help you with an autom atic, planned conversion program . Y our custom ers will love i t . . . and so will you. -À .« y► >> - * M -w > DELUXE CHECK P R IN T E R S IN C . STRATEGI CALLY LOCATED PLANTS FROM COAST TO COAST -i» n https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis No rthwestern Banker, August, 1969 22 Mitth l'unlury M*hoi ay vaphi c E xhibit a i ChicayUank N UNUSUAL collection of 19th c en tu ry A m erican p h o to g rap h y is on display in th e w indow s of A m eri can N ational B ank and T ru st Com p an y of Chicago, LaSalle and W ash in g ton. T he photo g rap h s are blow-ups from th e p riv ate collection of David R. P h il lips of A dvertising P h o to g rap h y S tu dios and w ere ta k e n by E. E. H en ry from 1855 to 1920. Mr. Phillips, 38, received a fellow ship from N ew b erry L ib rary , Chicago, for his picto ral stu d y an d holds th e title of co n su ltan t bib lio g rap h er in th e field of P icto ral H is tory. A m erican N atio n al’s “H e n ry ” as sem blage is one of a th re e -p a rt series collected over a five-year period by Mr. Phillips. I t is com posed of nega tiv es tak e n by Mr. H en ry w hile resid ing in F o rt L eavenw orth, K an. T hese negatives are th e only ones in existance and have n ev er been show n p u b licly before. P rin ts in A m erican N atio n al’s w in dow s ran g e from G eneral Douglas M acA rthur, at age 4, to Col. W. B. W hetm ore, th e m an w ho cap tu red (Jeronim o. In addition, th e last for m al photo g rap h of U lysses S. G rant is highlighted. E. E. H en ry cam e from E n g lan d in th e late 1850’s and settled in th e A C orporate New s * ORPORATE prom otions and an nouncem ents of special in te re st to read ers of th e N orthwestern B anker include th e following: Banker’s Agency, Inc., St. Paul: B a n k e r’s Agency, Inc., has acquired the n o rth e rn St. P au l area franchise for th e sale of m obile hom es m an u factu red by M arshfield Homes, Inc., M arshfield, W is. American Cy an a m id C o m p a n y , Wayne, N. J.: A m erican C yanam id has acquired th e assets and business of Sar g en t Calcium Com pany, Des Moines, for about $7 m illion. S argent m akes and d istrib u tes feed g rain supple m ents. Capital for Business, Inc., Kansas City: R ichard M. Davis has been elect ed p resid en t and a directo r of th is firm, w hich is a su b sid iary of Com m erce B ancshares. I t w as th e first sm all business in v estm en t com pany licensed in th e m iddlew est u n d er th e Sm all B usiness Act of 1958. Mr. Davis C No rthw este rn Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis dent, succeeding R obert C. Cosgrove, w ho w as nam ed chairm an and chief executive officer. L. E. F elto n has re tire d as chairm an. Massey-Ferguson, Inc., Des Moines: A three-division U. S. field stru c tu re w ith divisional general sales m anagers located in Des Moines has been in itiated. Designed to stre n g th e n com m unica tions betw een m ark etin g lines and staff personnel, th e stru c tu re replaces th e form er four-division system w ith general sales m anagers in A tlanta, Chicago, K ansas City and Denver. B enjam in H. Bagby, c u rre n tly n o rth cen tral division general sales m an ager, w ill becom e eastern division general sales m anager; R obert E. D rennan, cen tral division general sales m anager, w ill head th e n o rth cen tral division, and R obert W. R ohr, w estern division general sales m anager, w ill re ta in th is position. W illiam C. A rm strong, east ern division general sales m anager, E . E . H E N R Y ( l e f t ) , 19th c e n tu ry p h o to g w ill becom e A tlan ta regional m anager. ra p h e r, a n d h is f r ie n d D r. A u b ry , are T he eastern division w ill adm in ister h ig h lig h te d in th e A m e ric a n N a tio n a l th e com pany’s m ark etin g program s B a n k w in d o w d isp la y in C hicago in th e first p u b lic sh o w in g of t h e i r p h o to g ra p h ic th ro u g h th e A tlanta, B altim ore, Syra w o rk since th e 1800’s. P h o to g ra p h s in cuse, M em phis and N ashville regional clude G e n era l D o u g las M a c A rth u r, a t age sales offices. The n o rth cen tral divi fo u r, a n d th e la s t fo rm a l ph o to p o r tr a it sion w ill include th e Colum bus, Des of TJ. S. G ra n t. T he e x h ib it w ill be on d isp la y a p p ro x im a te ly one m o n th . Moines, M inneapolis, R ockford (111.) and Springfield (111.), regional sales L eav en w o rth region of K ansas. His offices, and th e w estern division w ill innovations led to m ore accurate film ad m in ister program s th ro u g h th e Dal ing and sped th e developm ent tim e of las, D enver, K ansas City, P o rtlan d and negatives, using his new w et plate Stockton (Cal.), offices. process. Maytag Company, Newton, Iowa: In a m ove to expand the base of its com has headed his ow n in v estm en t com m on stock ow nership, th e com pany pany. has listed its 13,514,268 shares of com Gamble-Skogmo, Inc., Minneapolis: m on stock o u tstan d in g for trad e on E d w in O. W ack, senior vice president, the M idw est Stock E xchange. financing, w as nam ed p resident of the Ralston Purina, St. Louis: T he com Temco Stores Division, succceeding p any plans to build a p lan t to m anuE d w in C. Moore, w ho w ill rem ain as facture a full line of a g ricu ltu ral feeds a consultant. in Com m erce City, Colo. O. A. Cooper Company, Humboldt, T he com pany is asking Adam s Coun Nebr.: C arlton B. K eyser, O klahom a ty board of com m issioners to issue apCity, h as been nam ed corporate secre proxim ately $2 m illion of in d u strial ta ry of H am m ond Mills, Inc., m an u bonds to finance th e construction and fa c tu re rs of “B est B uy” H am m ond equipping of th e facility. R alston w ill Feeds for livestock and poultry, suc lease th e p lan t for 20 y ears w hile pay ceeding resigning W ayne Blacklock, ing off th e principal and th e in te re st fo rm er se cretary and long-time H am on th e bonds. R alston w ill have th e m ond em ployee. T he announcem ent option to buy th e p lan t a t th e end of of Mr. K eyser’s election w as m ade by th e lease period. Jo h n R. Cooper, H um boldt, Nebr., T he plant, expected to be in opera ch airm an of th e H am m ond board of tion by late fall n ex t year, w ill have directors. H am m ond Mills, Inc., is a an an n u al production capacity of 150,su b sid iary com pany of th e O. A. Coop 000 tons. T he products w ill be m arer Com pany, H um boldt, Nebr., based keted u n d er P u rin a ’s Chow b ran d to feed m an u factu rin g concern. feed d airy cattle, beef cattle, hogs, In addition to his duties as secre sheep and poultry. ta ry of th e H am m ond corporation, A. E. Staley, Decatur, 111.: The com Mr. K eyser w ill fill th e position of p any has agreed to acquire C harlotte th e firm ’s credit m anager. Chem ical L aboratories, Inc., C harlotte, Green Giant Company, Minneapolis: N. C. T erm s w ere not disclosed.— C. J. Tem pas, 51, w as elected p resi End. ^ ^ ^ _ ^ ^ vr NA ' ^a >* ** " v ^ 4J *_,*■ u‘ ** ‘ «^ '■* * y y, , ■-*- r r1 n 23 The First National Bank o f Chicago Consolidated Statem ent of Condition June 30,1969 Assets Board of Directors Cash and due from banks...................................................$1,089,939,000 United States government o b lig a tio n s............................. 389,604,000 O bligations of states and political su b d ivisio n s ............ 550,473,000 O ther secu ritie s......................................................................... 72,012,000 Trading account se cu ritie s................................................... 105,887,000 Federal funds s o ld ........................................................................2,900,000 Loans (net of reserve for bad d e b ts).................................. 3,868,739,000 Direct lease eq uipm ent.......................................................... 42,243,000 Bank premises and eq uipm ent............................................. 162,588,000 47,694,000 Income earned, but not co lle cte d ........................................ Custom ers’ acceptance lia b ility ............................................ 41,516,000 Other asse ts.............................................................................. 9,635,000 Total a sse ts................................................................ $6,383,230,000 T H O M A S G. AYERS President, Commonwealth Edison Company W IL L IA M B L A C K IE Chairman of the Board, Caterpillar Tractor Co. E D W A R D F. B L E T T N E R Vice Chairman of the Board J O S E P H L. B LO C K Chairman, Executive Committee, Inland Steel Company G A Y L O R D DO NNELLEY Chairman of the Board, R. R. Donnelley & Sons Company J O H N E. D R IC K President G A Y L O R D A . F R E E M A N , JR . Chairman of the Board W IL L IA M B. G R A H A M President, Baxter Laboratories, Inc. JO H N D .G R A Y President, Hart Schaffner & Marx R O B E R T P. G W IN N President, Sunbeam Corporation BEN W . H E IN E M A N President, Northwest Industries, Inc. R O B E R T S . IN G E R S O L L Chairman, Borg-Warner Corporation H O M E R J. L IV IN G S T O N Chairman of the Executive Committee B R O O K S M c C O R M IC K President, International Harvester Company L O U IS W . M EN K President, Northern Pacific Railway Company GORDON M. M ETCALF Chairman of the Board, Sears, Roebuck and Co. J A M E S F. O A T E S , JR . Chairman of the Board, The Equitable Life Assurance Society ot the United States PE TE R G .P E T E R S O N Chairman of the Board, Bell & Howell Company W IL L IA M W O O D P R IN C E President, F. H. Prince & Co., Inc. G E R A L D A . S IV A G E President, Marshall Field & Company R O B E R T D . S T U A R T , JR . President, The Quaker Oats Company J O H N E. S W E A R IN G E N Chairman of the Board, Standard Oil Company (Indiana) C H A R L E S R. W A L G R E E N , JR . Chairman of the Board, Walgreen Co. G E O R G E B. Y O U N G Attorney Liabilities and Capital Deposits—Head O ffice Demand d e p o sits..................................................................$2,220,077,000 Savings passbook d e p o sits............................................... 823,825,000 Other savings-type d e p o sits .............................................. 576,603,000 O ther time d e p o sits ............................................................. 468,955,000 D eposits—overseas branches and consolidated sub sid iaries................................................... 1,320,284,000 Total d e p o sits............................................................. $5,409,744,000 Securities sold under agreements to repurchase.......................... 43,590,000 Federal funds purchased........................................................ 193,900,000 Funds borrow e d........................................................................ 22,770,000 Acceptances o u tsta n d in g ........................ 42,530,000 5,016,000 Dividends declared, but u n pa id............................................ D iscount collected, but not earned...................................... 15,228,000 Reserve for ta xe s............................................................... 12,151,000 Other lia b ilitie s .......................................................................... 79,340,000 Total lia b ilitie s .............................................................$5,824,269,000 Capital accounts Capital stock—common $20.00 par value.....................$ 200,658,000 No. of shares authorized 10,500,000 No. of shares outstanding 10,032,910 S u rp lu s..................................................................................... 230,983,000 Undivided p ro fits ................................................................... 23,797,000 Reserve fo r con ting en cies................................................... 103,523,000 Total capital a cco u n ts..................................................$ 558,961,000 Total liabilities and ca p ita l........................................$6,383,230,000 HONORARY DIRECTORS J A M E S B. F O R G A N Former Vice Chairman of the Board W A LTE R M. H EY M A N N Former Vice Chairman of the Board HERBERT V . P R O C H N O W Former President Figures for overseas branches are as of June 23, 1969 A s s e ts carried in the C o n so lid ated S ta te m e n t of C o n d itio n at $648,324,000 on J u n e 30, 1969 w ere pledged to secure U nited S tates g o vernm ent and o ther p ublic dep o sits, tru s t d ep o sits and fo r o th er purposes as required or p erm itted by law . New York Correspondent Philip M. Hiss, 48 Wall Street London Branch 1 Royal Exchange Buildings The First National Bank of Chicago (Lebanon) S.A.L. P.O. Box 1629, Beirut Frankfurt Branch Neue Mainzer Strasse 31 Far East Office—Tokyo 629 Chiyoda Building, Marunouchi Duesseldorf Branch Heinrich-Helne-Allee 33 Mexico City Office Paseo deNa Reforma 379 Brussels Branch 40 Avenue des Arts First Chicago International Banking Corporation 1290 Avenue of the Americas, New York Member Federal Deposit Insurance Corporate https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, August, 1969 24 Morgan Guaranty Trust Company OF NEW D ir e c to r s J O H N M . M E Y E R , J R. Chairman of the Board E L L M O R E C. P A T T E R S O N President YORK C o n s o l i d a te d S t a t e m e n t o f C o n d itio n H E N R Y C. A L E X A N D E R June 30, 1969 J. P A U L A U S T I N President, The Coca-Cola Company A s s e ts Cash and due from b an k s.......................... $ 3,504,010,963 U. S. government obligations. 479,953,844 Obligations of states and political subdivisions. 559,392,039 Other secu rities..................... 64,227,000 Federal funds sold and securities purchased under agreements to resell. 58,900,000 Loans, less reserve of $105,874,575 . . . 5,164,186,263 Customers’ acceptance liability . . . . 329,262,535 Stock of Federal Reserve Bank . . . . 13,937,550 Investments in subsidiaries not consolidated............... 7,444,907 Bank premises and equipment . . . . 70,576,972 589,149,086 Other a s s e t s .......................... Total a s s e t s ..................... $10,841,041,159 R. M A N N I N G B R O W N , J R . President, N ew York Life Insurance Com pany C A R T E R L. BURGESS Chairman, N ational Corporation for Housing Partnerships F R A N K T. C A R Y Senior Vice President International Business M achines Corporation W. G R A H A M C L A Y T O R , J R . President, Southern R ailw ay System J O H N T. D O R R A N C E , J R. Chairman of the Board C am pbell Soup Company THOMAS S. G A T E S C hairm an of the E xecutive C om m ittee L ia b ilitie s Demand d e p o s i t s .....................................$ 4,612,942,958 Time deposits............................................... 885,844,218 Foreign branch d e p o s its .......................... 2,888,025,885 Total deposits.......................................... 8,386,813,061 Federal funds purchased and securities sold under agreements to repurchase . 141,842,579 Other liabilities for borrowed money . . 439,205,479 Accrued taxes and e x p e n se s ..................... 96,803,569 Liability on a c c e p ta n c e s.......................... 337,229,324 Dividend p a y a b l e ..................................... 10,948,080 Mortgage p a y a b l e ..................................... 18,216,569 Other lia b ilitie s.......................................... 605,356,117 Total L a b ilitie s ...................................... $10,036,414,778 CARL J. G I L B E R T Chairman of the E xecutive C om m ittee The G illette Company C R AWF OR D H. GREENEWALT C hairman, Finance C om m ittee E. I. du Pont de N emours & Company LONG S T R E E T H I N T O N C hairman, C om m ittee on T ru st M atters DO NA LD P. K IR CH ER President and Chairman of the Board The Singer Company 'S*A. -< R A L P H F. LE AC H Vice C hairm an of the Board C a p ita l L a n d s A E D M U N D F. M AR TI N Capital notes (5% , due 1992) . . . . $ 100,000,000 Stockholders’ equity: Capital stock (9,123,400 shares of $25 par v alu e).....................................$ 228,085,000 S urplus.................................................... 236,500,000 Undivided profits..................................... 240,041,381 Total stockholders’ equity . . . . 704,626,381 Total capital f u n d s ................................ 804,626,381 Total liabilities and capital funds . . . $10,841,041,159 Assets carried at $927,179,505 in the above statem en t w ere pledged as collateral for borrowings, to qualify for fiduciary pow ers, to secure public m onies as required by law, and for other purposes. M ember, Federal Reserve S ystem , Federal D eposit Insurance Corp. C hairman, Bethlehem Steel Corporation L. F. M c C O L L U M «\ 4 C hairm an of the Board C ontinental Oil Com pany HOWARD J. M O R G E N S President, The Procter & Gamble Com pany W A L T E R H. PAGE Vice Chairman of the Board T H O M A S L. P E R K I N S C hairm an of the Trustees The Duke E ndow m ent M. J. R A T H B O N E M a i n O f fic e 23 Wall Street M id to ic n O f fic e s Fifth Avenue at 44th Street Madison Avenue at 58th Street 40 Rockefeller Plaza Park Avenue at 48th Street O f f ic e s A broad London, Paris, Brussels, Antwerp, Frankfurt Milan and Rome (Banca Morgan Vonwiller) Tokyo, Zurich *Rome, Beirut, Madrid, Caracas, Sao Paulo * Representative Offices R etired Chairman of the Board Standard Oil C om pany ( N ew Jersey ) D A L E E. S H A R P O L C O T T D. SMITH Chairman, A etna Life & Casualty Insurance Companies R O BE RT T. S T E V E N S President, J. P. Stevens S- Co., Inc. H E N R Y S. W I N G A T E Chairman of the Board The International N ickel Company of Canada, Lim ited r* Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis rf -<f 25 «-> ► -> V V •> A R I Z O N A .. where the action is! .-A S ta te m e n t of C o n d itio n AT - THE CLOSE JUNE VI OF BUSINESS 30, 1969 R E S O U R C E S w. Cash and Due From B anks....................................................... U. S. Government and Agency S e c u ritie s ............................ States and Political S u b d iv is io n s ....................................... Other S e c u ritie s ........................................................................ Money Market I n v e s t m e n t s .................................................. Loans (Less Loan R e s e r v e s ).................................................. Accrued Interest R e c e iv a b le .................................................. Bank Premises and Equipment (Net of Depreciation) . . . Other Resources ........................................................................ $ Total Resources..................................................................... $1,500,263,531 ►* V- ► y> - ► M (CcM fM AtJ Ç lW 3 Q l % g ) y \j>oM up $ 136/ Í 9Of OOO } $ \% z, 5 ^ , 0 0 0 L I A B I L I T I E S N '* - • -A 185,909,740 100,030,069 171,863,940 903,441 21,078,000 955,576,670 12,123,534 31,792,853 20,985,284 DEPOSITS: Checking Accounts— Individuals, Businesses and Banks . $ 517,762,493 U. S. Government and Other PublicFunds . . . . 66,246,748 Total D e m a n d ....................................................... $ 584,009,241 Savings A c c o u n ts .................................................................. 330,616,117 Certificates of Deposit — R e g u l a r ................................. 388,410,857 Certificates of Deposit — Public Funds............................ 53,902,500 Total T i m e ............................................................ $ 772,929,474 Total D e p o s it s ............................................................ $1,356,938,715 Provision for Taxes, Interest, etc............................................ $ 11,791,002 Unearned Incom e........................................................................ 27,105,726 Funds B o rr o w e d ........................................................................ 3,500,000 Other L ia b ilit ie s ........................................................................ 11,448,976 joí I <¿2,O b i,O O O u CAPITAL ACCOUNTS: Convertible Capital Notes, 3 V i% due 1989 . . . . $ 13,716,600 Equity Capital: Capital Stock ($2.50 Par V alue)......................................$ 20,091,825 S u r p lu s ............................................................................. 37,914,070 Undivided P r o f i t s ............................................................. 17,605,579 Capital Reserve — Bond V aluatio n...................................... 151,038 Total Equity C a p ita l..................................................$ 75,762,512 Total Capital A c c o u n ts .............................................................$ 89,479,112 Total L ia b ilit ie s .............................................................................$1,500,263,531 AT —— MORE THAN 100 OFFICES Earl L. Bimson, P R E S ID E N T https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER FEDERAL. DEPOSIT INSURANCE CORPORATION No rthwestern Banker, August, 7969 26 P redicts **Modest " Slowdown M O D E S T econom ic slow dow n from IV2 to 8 V2 p er cent is a dram atic w ill occur in th e U nited States in indication of th is tre n d .” th e second half of 1969, b u t it rem ains P rices have risen at an an n u al rate a question w h e th e r six-m onth-old m on of 6% p er cent th e first six m onths etary and fiscal re stra in ts w ill h a lt in of 1969, he w en t on. “In te re st rates flation w i t h o u t in th e m oney and bond m ark ets have adverse effects. risen to record or near-record levels, T h i s com m ent b an k s have lost m ore th a n one-third w as one of th e of th e ir tim e deposits as th e supply of h i g h l i g h t s of a m oney has been increasing m ore m id-year r e p o r t slowly, and little or no slow dow n has on th e A m erican occurred in th e grow th of th e gross econom y given in n atio n al product, w hich rose at an P a ris recen tly by a n n u al ra te of $16 billion in th e first D onald M. G ra q u a rte r of 1969.” ham , ch airm an of The fu tu re of anti-inflation moves the board of the is u n certain, how ever, he w arned. “If D. M . G RA H A M C ontinental I l l i needed fiscal re stra in t is diluted, or if nois N ational B ank and T ru s t Com th e econom y does not begin to show pany, Chicago. He spoke a t th e A m er m ore signs of w eakness th an ap p ar ican Club in P a ris as p a rt of th e first en t at m id-year, m o n etary policy w ill to u r of E u ro p ean C ontinental b ranches be called upon for even m ore re and facilities he has tak en since his strain t. W h eth er even m ore re stric election as ch airm an of th e b ank e a r tive m o n etary policy can be accom m o lier this year. dated over m ore tim e w ith o u t adverse In th e U nited States, th e m ajor do effects on the banking system , m a r m estic concern continues to be infla k ets and econom y rem ains a question tion and w h at to do about it, Mr. G ra at th is tim e.” ham said. “A t m id-year economic ac tiv ity rem ain s b u o y an t despite th e if n ick D epository restrictiv e m easures held in force d u r ing th e period. LMOST every th in g about payday is p leasant—except for one thing, “Some indications of m ore m odest grow th are indicated, how ever, by a th e lines at your b ank deposit w in recen t w eakening in b oth th e leading dows. Long lines and long w aits can and coincident business indicators, dam pen th e spirits of both your cus slow er gains in in d u stria l production, tom ers and tellers. some slight gain in u n em ploym ent and To increase your service to deposi a w eakening in resid en tial co n stru c to rs and bolster th e sp irit of y o u r tell tion.” ers d u rin g these high traffic tim es, The ta u t condition of com m ercial Diebold, Incorporated, has developed banks, a slow dow n in b an k credit, rec th e new “Quick D epository,” an ex tra ord loan-to-deposit ratio s at large teller for custom ers in a h u rry . banks and record rates of in te re st Less th a n th ree and one-half feet should provide th e en v iro n m en t for a high and a foot and a half wide, the slow dow n in business activity, he said. Diebold u n it is portable and can be “The increase earlier th is m o n th by set up in a p ro m in en t p a rt of the com m ercial b anks of th e prim e ra te b an k in g lobby du rin g peak periods. F ly in g Caps A A A N Y O N E CAN P R O V I D E D I S A B I L I T Y AND HOSPITALIZATION PROTECTION . . . THE TRICK IS: To Do It Well To Pay Claims The Day You Get Them To Keep the Customer Happy! GIVE US A C H A N C E —-READ OUR DIRECT MAILINGS TO BANKERS MINNESOTA COMMERCIAL MEN'S ASSOCIATION FOUNDED IN 1905 2550 Pillsbury Ave. S. Mpls. 55404 Ta. 3-7237 Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis L U C K Y C A P S— F e ss P a rk e r, T V ’s d a rin g D a n ie l Boone, g a v e B illie H e rrin (c e n te r) a n d M a rg a re t M ead a couple of “ good lu c k ” co o n sk in caps b e fo re th e y to o k off fro m S an D iego re c e n tly to tr y to w in th e 1969 P o w d e r P u ff D e rb y . T he g irls, w ho p lac ed first in th e 2,500-m ile a ir ra ce fo r w om en la s t y e a r, w ere sp o n so red th is tim e a ro u n d by B a n k A m e ric a rd , but bad w e a th e r fo rc e d th e ir sin g le en g in e P ip e r C om anche dow n ju s t m iles sh o rt of th e finish lin e in W a sh in g to n , D. C. Oh w ell! M a y b e n e x t y e a r, lad ies. The custom er sim ply fills out a de posit slip, lifts a hinged cover, drops his deposit in a slot and w alks away. W ith th e new Diebold system , any deposit th a t doesn’t req u ire an outlay of cash from th e ban k can be m ade sim ply and easily in a m a tte r of sec onds, no m a tte r how long th e teller lines are. In fo rm atio n on th e new “Quick De p o sito ry ” u n it is available from Die bold, Incorporated, 818 M u l b e r r y Street, Canton, Ohio 44702. P lan 1 3 th M arket D ay The 13th A nnual M arket Day w ill be held by th e F irs t Stock Y ards Bank, South St. Joseph, on W ednesday, Sep tem ber 3, according to Tom McCul lough, president. R egistration w ill s ta rt at 9:00 a.m. in the bank lobby, and th e m orning program w ill take place at the New Sales Arena w here a live cat tle evaluation w ill held. Follow ing lunch and a sum m ary of th e c u rre n t day’s livestock m arket, T. j . M cC u l l o u g h th e group w ill ad jo u rn to th e St. Joseph C ountry Club, w here Dr. E lm er Kiehl, dean of th e college of agriculture, U niversity of M issouri, w ill be a featured speaker. A h ig h lig h t of the M arket Day w ill be a panel discussion by leading live stock m en in th e St. Joseph m arket. A social h o u r and steak d inner w ill conclude th e event. r« 27 r — — N BAN K of AMERICA N A TIO N A L T R U S T AND SA VIN G S ASSO CIATION AND S U B SID IA R IE S __________________ J _____________________ Consolidated Statement of Condition Cash and Due from Banks.............................. United States Government Securities and Securities Guaranteed by the Government . . State, County and Municipal Securities . . . . Total Securities Loans ....................................................... Funds Sold ................................................... Customers’ Liability for Acceptances................. Bank Premises and Equipment..................... Other Resources .......................................... Total Resources June 30, 1969 June 30, 1968 $ 4,695,184,000 $ 3,988,474,000 1.704.669.000 2.002.260.000 508,332,000 2.145.174.000 1.746.829.000 440,639,000 $ 4,215,261,000 $ 4,332,642,000 14,100,556,000 407.816.000 460.485.000 383.148.000 521.265.000 12,538,465,000 365.093.000 390.687.000 331.555.000 409.677.000 $24,783,715,000 $22,356,593,000 $ $ LIABILITIES: Capital....................................................... Surplus ....................................................... Undivided Profits.......................................... Reserve for Contingencies.............................. Total Capital Funds Reserve for Possible Loan Losses..................... Demand Deposits.......................................... Savings and Time Deposits.............................. Total Deposits Funds Borrowed.......................................... Liability on Acceptances.............................. Other Liabilities.......................................... Total Liabilities B A NK OF A M E R IC A N A TIO N A L T R U S T AND S A V IN G S A SSO CIATIO N M EM B E R https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • 214,618,000 587.207.000 270.591.000 50,972,000 178,181,000 573.394.000 260.837.000 45,211,000 $ 1,123,388,000 $ 1,057,623,000 208,826,000 8,813,332,000 13,123,659,000 194,585,000 7,867,194,000 11,897,167,000 $21,936,991,000 $19,764,361,000 413.869.000 464.588.000 636.053.000 495.621.000 396.098.000 448.305.000 $24,783,715,000 $22,356,593,000 M E M B E R FED ER A L D EPO SIT IN SU R A N C E C O R PO R A TIO N FED ER A L RESERVE SYSTEM Northwestern Banker, August, 1969 28 Sees No iioirnirard Trend ISCUSSING th e “Outlook for B usi n ess” for th e second half of 1969, H om er J. L ivingston, chairm an, exec u tiv e com m ittee, F irs t N ational B ank of Chicago, m ade the follow ing com m ent: “B usiness activity is a t record lev els, although th e u p w ard pace has slowed in the past several q u arters. C urren tly , for ex am ple, real out p u t is risin g at an a n n u a l ra te of a b o u t 2.5 p e r cent in co n trast to gains of over 6 per cent a y ear H . T. L I V IN G S T O N ago. I w ould be less th a n frank, how ever, if I did not say th a t I had expeceted m ore of a slowdown in dem and by th is tim e th a n we have seen. M oreover, w ith costs rising, up w ard p ressu re on prices con tinues. “As a consequence of these condi tions, th e m o n etary au th o rities have p u rsu ed a policy of increasin g credit re stra in t. The F ed eral R eserve, by lim itin g th e reserv es available to th e b an k in g system , he severely curbed th e ability of th e com m ercial b anks to expand credit. The to tal m oney supply, w hich consists of cu rren cy and deposits—checking account bal ances and savings in b anks — has, therefore, show n no g ro w th since last December. The volum e of business du rin g th is period, how ever, has grow n by 3 to 4 per cent. As a re sult, the dem and for funds by bo rro w ers has continued strong, th u s s tra in ing th e credit resource of th e nation. “In order to obtain funds to accom m odate p artially some of these b o r row ing custom ers, b anks have sold su b stan tial am ounts of th e ir bonds. In addition, banks, p a rtic u la rly in th e m oney centers, have aggressively sought funds from a v ariety of sources both here and abroad. The com petititive bidding for funds has lifted rates to historically h ig h levels. F u n d s th u s raised have been channeled to bo rro w ing custom ers and, in th e process, th e liquidity of individual b anks and th e ban k in g system has been reduced. W ith the supply of funds th u s lim ited, w hile dem and has continued to in crease, th e cost of m oney—th e in te re st ra te stru c tu re — has risen sharply. The recen t increase in th e prim e ra te to 8 V2 per cent, w hich is th e cost of ban k funds to th e m ost credit-w orthy borrow ers, is b u t one m an ifestatio n of th e p ressu re th a t has developed in D No rthwestern Banker, August, 7969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis th e m oney m ark ets in the p ast six m onths. “T hese developm ents w a rra n t a con tin u a tio n of p resen t restrictiv e fiscal and m o n etary policies. It is hoped th a t th e ir p ersisten t application w ill accom plish th e ir objective, nam ely, a fu rth e r slow ing in the pace of business activity—th u s m oderating th e dem and for goods and services, as w ell as m oney and credit. If th e Congress should fail to extend th e surtax, the effectiveness of these m easures will, of course, be greatly w eakened. “My own ju d g m en t is th a t in the absence of th e em ploym ent of addi tional techniques, or a significant re duction of our m ilitary activities in V ietnam , although some decline in in te re st ra te s m ay occur, it is unlikely th a t th e stru c tu re of rates w ill show a m arked dow nw ard tre n d w ith in the nex t six m onths.” JVew C h ech sig n e r check signing is now w ith in th e price range of com panies w ith a lim ited volum e of checks, according to new lite ra tu re of fered by Cummins-Chicago C orpora tion, 4740 N orth Ravensw ood A venue, Chicago 60640. T hese recently introduced desktop e c h a n iz e d M C a s t outer C en ter check signers are available in both electric and hand-operated models. O peration of these new signers is simple. A djustable stops provide easy insertio n and accuracy in sig n atu re reg istratio n on checks of any size or shape. A uthorized sig n atu re facsim ile is im printed by a non-sm ear ribbon w hich p en etrates th e paper. T his is th e onty desktop signer th a t handles check form s w ith th e voucher placed above th e check. Dual locks w ith separate keys and a non-resettable counter reg isterin g each im pression g uard against u n a u th o r ized operation. A Cum m ins perfo rato r used at th e sam e tim e to cancel the docum ents au th o rizin g th e checks gives an executive full control of dis b u rsem ents m ade d u rin g his absence. J o in s C om m erce B an csh ares The S19 m illion Mexico Savings B ank of Mexico, Mo., ch artered in 1861, has signed an affiliation contract w ith th e new reg istered ban k holding com pan 3r, Commerce B ancshares, Inc., of K ansas City. L ibrarian R etires N E W S E R V IC E — P r e t t y M iss C aro ly n B u rto n ta k e s over th e b a n k c u sto m e r s e rv ice c e n te r a t M e rc h a n d ise N a tio n a l B a n k of C hicago. D ev elo p ed b y A m e ric a n E x p re ss C om pany, th e c e n te r is a “ first” fo r th e b a n k in g in d u s try . I t is c o n v e n ie n tly lo c a te d on th e m a in floor o f th e b a n k a n d p ro v id e s c u sto m ers w ith in fo rm a tio n or a s sista n c e on th e fu ll ra n g e of tra v e l-re la te d A m e ric an E x p re ss se rv ice s in c lu d in g in s u r ance a n d m oney m a tte rs , do m estic a n d f o r e ig n tra v e l. Show n w ith M iss B u rto n is J a m e s A. H e n d erso n , e x e c u tiv e v ice p re s i d e n t o f A m e ric a n E x p ress, c h e c k in g out th e c e n te r’s o p e ra tin g d e ta ils . Miss M arion E. W ells of Villa P ark, nationally recognized special lib rarian and archivist, re tire d Ju ly 3 after 47 y ears of librarianship, th e last 38 w ith The F irs t N ational B ank of Chicago. Long active in The Special L ibraries A ssociation, Miss W ells received the SLA Professional A w ard in 1958 and w as installed in th e SLA H all of Fam e in 1964. She has served as p resid en t of the Illinois chapter, as second vice p resid en t of the N ational Association, and in num erous state and national chairm anships. A n ative Chicagoan, Miss W ells be gan h er career w ith th e Chicago P u b lic L ibrary. She w as w ith the Illinois M erchants T ru st Com pany and th en th e F o rem an S tate B ank w hen th e lat te r becam e p a rt of T he F irst N ational in 1931. 29 Chemical New York Corporation Chemical Bank principal subsidiary CONSOLIDATED STATEMENT OF CONDITION At the close of business June 30, 1969 Directors Chem ical New York Corporation/Chem ical Bank Assets >> Cash and Due from B a n k s ........................................ $2,339,135,000 Securities: U. S. Governm ent................................................... 486.567.000 State and M u n ic ip a l............................................. 655.664.000 Other .................................................................... TOTAL SECURITIES Total Gross Loans............................................................... Less- -Reserve for Possible Loan Losses . TOTAL NET LOANS H U LB ER T S, A LD R IC H Vice Chairman HOW ARD W. McCALL, JR. President 44,230,000 1,186,461,000 H EN R Y U PHAM HARRIS Chairman, Harris, Upham & Co. Incorporated 5,891,504,000 111,469,000 5,780,035,000 R IC H A R D K. PAYNTER, JR. Director and Retired Chairman New York Life Insurance Company Federal Funds S o l d .............................................. 10 , 0 0 0 ,0 0 0 ROBERT G. GOELET Premises and E q u ip m e n t .................................. 87.120.000 K E N N E TH E. BLACK Customers’ Liability on Acceptances . . . . 163,825,000 Accrued Income Receivable.................................. 64.004.000 Other A s s e t s ......................................................... 62.386.000 TOTAL ASSETS Chairman of the Board, The Home Insurance Company H EN R Y L. H ILLM A N President, Pittsburgh Coke & Chemical Company Pittsburgh, Pa. H. I. R O M NES $9,692,966,000 Chairman of the Board, American Telephone and Telegraph Company LAM M O T duP. COPELAND Liabilities Chairman, E. I. duPont de Nemours & Company Wilmington, Del. Deposits: Dem and............................................................... $4,618,503,000 S a v in g s ............................................................... 544,697,000 T im e .................................................................... 1,053,114,000 Foreign B ra n c h e s ......................................................... 1,419,902,000 TOTAL DEPOSITS 7.636.216.000 Borrowed F u n d s ......................................................... 573.324.000 Acceptances O u t s ta n d in g ........................................ 167.648.000 Accrued Taxes and Other Expenses............................ 53.324.000 Dividend Payable......................................................... 8,714,000 Other L ia b ilit ie s ......................................................... 558.478.000 TOTAL LIABILITIES 8.997.704.000 GRANT KEEHN Vice Chairman, The Equitable Life Assurance Society of the United States J. IR W IN M ILLER Chairman of the Board, Cummins Engine Company, Inc. Columbus, Ind. GEORGE R. VILA Chairman and President, Uniroyal, Inc. CRO W DUS BAKER Director and Member of Finance Committee, Sears, Roebuck and Co. Chicago, III. ROBERT C. TYSON Chairman, Finance Committee, United States Steel Corporation J. W ILSO N NEW MAN Chairman of the Finance Committee, Dun & Bradstreet, Inc. W. TH O M A S RICE Capital 5%% Capital Notes Due 1992 .................................. 5% Convertible Capital Notes Due 1993 . . . . TOTAL CAPITAL NOTES 50,000,000 Shares Outstanding 13,407,349 ....................... Director and Member of the Executive Committee, Texaco Inc. Chairman of the Board, Associated Dry Goods Corporation 160,888,000 303.598.000 Retained Earnings................................................... TOTAL STOCKHOLDERS’ EQUITY 592.513.000 TOTAL LIABILITIES AND CAPITAL AUG U STU S C. LONG LEW IS P. SEILER Capital S urplus................................................... TOTAL CAPITAL President, Seaboard Coast Line Railroad Company Jacksonville, Fla. 52.749.000 102.749.000 Stockholders’ Equity: Common Stock, $12 Par Value Shares Authorized 33,000,000 128.027.000 695.262.000 $9,692,966,000 Assets carried a t $ 5 6 7 ,7 7 9 ,0 0 0 in th e foregoing sta te m e n t were pledged to secure public funds and fo r o th er purposes required by law. M em ber Federal Deposit Insurance Corporation 143 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 • Mexico City • Caracas • Bogota • Rio de Janeiro Buenos Aires • Manila • Tokyo • Beirut https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Real Estate and Investment Management T. V IN C E N T LEARSON President, International Business Machines Corporation. G. KEITH FU N STO N Chairman of the Board, Olin Mathieson Chemical Corporation A U G U S TIN E R. M ARUSI Chairman and President, Borden, Inc. Bank Advisory Committee FRANK K. HOUSTON N .B A X T E R JACKSON ADRIAN M. MASSIE ROBERT J. McKIM FREDERICK E. HASLER M A U R IC E T . MOORE JAMES BRUCE B. F. FEW G ILBERT H. PERKINS ISAAC B. GRAINGER CHARLES H. KELLSTADT HAROLD W. COMFORT C. W. NIC H O LS, JR. JOHN L. GIBBONS No rthwestern Banker , August , 1969 f i< -*~r v- *r *- -f» ■ V- He’s driving to your bank. He’ll be there in fifteen minutes. He’s going to ask you about financing a commodity hedging loan. Will you be able to answer him? If you have our new booklet on your desk, yo u 'll be able to discuss the matter in te lli gently by the tim e he gets there. The booklet, "B a n k F in a n c in g o f C o m m o d ity H edge Loans" is w ritten by a banker long experi enced in the handling of hedge loans. Its language is sim ple, and it takes about fifteen minutes to read. Hedging, as you know, is a form of p ro fit insurance w hich should make it easier and Northwestern Banker, August, J969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis safer for you to lend money to your a g ricul tural customers. You owe it to your bank and your customers to be knowledgeable in this subject. You may have as many free copies of the booklet as you w ant by w ritin g to us, at the address below. CHICAGO MERCANTILE EXCHANGES3Lm 110 North Franklin Street, Chicago, Illinois 60606 ^• 31 How E ditors View B anh P u b lie R elations A N O R T H W E ST E R N B A N K ER S u r v e y R E A b a n k ers are becom ing m ore public relatio n s conscious, ac cording to an exclusive su rv ey conducted by th e N orthwestern B ank er am ong ed itors and p u b lish ers of daily and w eekly new spapers. Com m ents from editors show th a t w hile m ost b a n k ers are doing a b e tte r job in su b m ittin g new s and publicity th a n th e y have in fo rm er years, th e re is still room for im provem ent. An Iow a editor in a city of u n d e r 10,000, expressed a ty p ical view w h en he said, “In our opinion, b a n k ers could do a lot b e tte r job th a n th e y have been doing.” To assist its ban k er-read ers in “do ing a lot b e tte r job,” six specific ques tions w ere asked in th e survey. R ep resen ta tiv e suggestions follow each question. W hat types of new s do you want from your area banks? Minnesota editor: “W e w a n t signifi can t new s th a t involves local people. T his does n o t include a release every tim e som eone goes to a convention. W e feel th a t in a com m unity of 13,000, som eone goes to a convention every day.” Colorado editor: “W e are g enerally satisfied w ith th e good new s, such as grow th, new officials, etc., b u t all of our b a n k e rs are som ew hat re lu c ta n t on ‘b ad ’ new s, such as in te re st rates, h o urs of operation, and changes.” A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Iow a publisher: “W e like new s of prom otions and tra n sfe rs.” Illinois editor: “Send us statem en ts from local b an k ers on n ational issues.” M innesota publisher: “W e usually p ublish an y th in g relatin g to the finan cial sta tu s of th e com m unity, w h eth er it’s b an k clearings, increase in lending rates, enlargem ent of m ortgage loan dep artm ents, etc.” Montana editor: “In our city of 80,000, w e like prom otions, expansions, new directors, tru th fu l stories on eco nom ic conditions, tru th fu l explana tions of trends, grow th stories—and w hy.” M innesota editor: “W e publish ex plan atio ns of periodic statem en ts of c o n d i t i o n , new p r o g r a m s being planned, new s about F H A and stu d en t loans, and details about new b ank services.” Iowa editor: “W e featu re articles on how b a n k ers are co n trib u tin g to th e g ro w th of th e com m unity.” Illinois publisher: “W e need a rti cles from area b an k officials th a t w ill help our read ers u n d erstan d the finan cial p ictu re in th e w orld.” Minnesota editor: “W e like new s of new construction, retirem en ts, u n u su al operations m ethods, etc.” North Dakota: “W e publish articles on organization and personnel changes, plus pictu res and description of new facilities.” How can banks in your area do a better job in preparing and sending new s to you? W hat are the current problems that should be corrected? Minnesota p u b lis h e r : “O p in io n should be elim inated. Com m ents such as: ‘in an a ttem p t to continue its long stan d in g policy of providing th e best ban k in g services possible . . .’ are opinion—n ot new s reporting. News EDITORS’ SURVEY . . . (T u rn to page 95, please) No rthwestern Banker, August, 1969 D E T A IL S of th e $20 lo an a re e x p la in e d b y D a v id T ay lo r, pres, o f F i r s t F e d e ra l S ta te B a n k , as M rs. S u san D onielson (s ta n d in g , re a r ) a n d a stu d e n t te a c h e r see t h a t lo an a p p lic a n ts don’t s tra y . C O -S IG N IN G th e n o te seem ed to be a p le a s a n t t a s k fo r y o u n g s te r a t le ft. H is c la ssm a te h a s sig n ed h e r nam e a n d is re a c h in g fo r th e “ b o n u s” box o f p e n n y su c k e rs a n d im p rin te d balloons. Y o u th fu l B orrow ers E n jo y ul GROUP of Des M oines k in d e r g arte n ch ildren had th e ir first en co u n ter w ith th e free e n te r prise system recently, u n d e r th e guid ance of th e ir teach er and w ith the help of th e ir friendly neighborhood banker. A nd all of th em cam e out w inners! As p a rt of h er contin u in g effort to provide in te re stin g and m eaningful experiences for h e r tw o k in d e rg a rte n classes at E lm w ood School, Mrs. Susan Donielson explained to th e children th e basics of con v ertin g resources into profit. She knew all those big w ords w ou ld n ’t m ean m uch to sm all children, so Mrs. D onielson broke it dow n into und erstan d ab le p a rts on a recipe basis th e y could com prehend. M ake som e th in g th a t people need or w an t, let them know you have it for sale, th e n sell it at a reasonable price th a t re tu rn s th e cost of th e m aterials, labor and a fair profit. T his ra n g a bell w ith th e ch ildren and th ey decided to m ake th e p roduct th a t appealed to th em m ost—cookies! Obviously, th e cum ulative financial k itty of th e tw o classes w as not in shape to tak e on any k in d of new v en tu re. So, Mrs. D onielson explained th a t to get m aterials to m ake a p ro d uct, a busin essm an goes to his b anker, explains w h y he needs th e m oney and asks to borrow th a t am ount. M oney th a t is borrow ed from th e bank, she added, is th e only p roduct th e b an k er has to sell, so he m akes his profit by A N o r t h w e s t e r n Ban ke r, A u g u s t , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7969 ch arg in g “re n t” on th e m oney w hile th e b o rro w er is using his money. This “r e n t” for use of th e m oney, they soon learned, is called interest. Since E lm w ood School is located n e a r th e F irs t F ed eral S tate Bank, the child ren called D avid Taylor, p resi dent, and asked for an ap p ointm ent to discuss “som e im p o rtan t business.” B eing an a stu te b an k er w ho know s the value of financing new, young businesm en (plus th e fact he had talked w ith Mrs. D onielson and also has sm all chil d ren of his ow n), Mr. T aylor said, “C ertainly, come on dow n to the b an k .” T hey trooped in, and as one small, eager voice w as heard in rapid-fire suc cession on top of another, it w as soon determ in ed th ey w anted to borrow $20 for th e in g red ien ts to m ake cookies. T hey w ere ecstatic w hen th e ir friendly b an k er said “Yes.” N ext, th ey w an ted to know how m uch th e y w ould owe for using the m oney. Mr. T aylor said, “How about 50 cents?” T hey quickly agreed to the in te re st and had eyes only for th e $20 as Mr. T aylor counted it out for th eir eager hands. In th e ensuing days th e tw o classes becam e eager cookie m akers, u n d er th e su p er p atient, w atch fu l Mrs. D oniel son and h er stu d en t teachers. W hen th e big cookie bash w as all over w ith , about a w eek before school ended before sum m er vacation, the phone ra n g a t Mr. T ay lo r’s desk one m iserable, ra in y m orning. “Mr. T aylor?” “Yes.” “T his is Mrs. D onielson of Elm w ood School. I have th re e young people w ho w ould like to speak to you.” “Fine. L et me talk to them .” “Mr. Taylor. W e can ’t pay our loan today. I t ’s ra in in g real h ard ,” th e first yo u n g ster inform ed him. “W hen can you pay it? ” he inquired. “Some bright, su n n y day!” T he n ex t y o u n g ster excitedly told him th ey had sold $32.25 w o rth of cookies from th e $20 th e y had b o r rowed. The th ird one w anted to get on th e phone ju st to say “T han k y o u ” for th e en tire group. Mrs. D onielson in stru cted them to re tu rn to th e room and tell th e re st of th e class th a t the b ank h ad agreed to delay p aym ent on th e ir note. She th e n inform ed Mr. T aylor th e children had spent approxim ately $17 for gro ceries, $1 for re n t to th e school for th e use of th e ir room as a “factory,” and 10 cents each to th e six teachers and stu d e n t teachers for use of utensils. The children, agog w ith all th a t m oney to count, spread it on th e floor of th e classroom and began p u ttin g it in $1 piles. T hey had 17 $1 bills (some p aren ts evidently particip ated in th e “free e n te rp rise ” experim ent) and the re st of th e m oney w as in change. One young m an finally stopped th e action and m ade everyone be quiet w hile he proudly announced th a t be sides his pile of change, th e y needed only tw o m ore $1 piles to pay th e b ank m m . ■ s ;v m 4 T * î! 1 f ^Ê%ÊrW - i f *® v> T H E P A Y O U T b y M r. T ay lo r Irew th e r a p t a tte n tio n o f th ese tw o uni »elieving. to e -s q u irm in g g irls. m$ mm ¥ V W I,.* * / v <f J r * * * * P A Y B A C K T IM E b ro u g h t th e h a p p y crow d of cookie salesm en b a c k to P re s id e n t T a y lo r’s desk to w a tc h him c o u n t th e m oney. Protit and th e n all th e re st w ould be theirs! T his caused m ore ex citem ent th a n a stock sp lit and an e x tra dividend on a hot stock. On th a t “b rig h t, su n n y d ay ” before school ended, Mrs. D onielson and a stu d e n t teach er herd ed th e ir brood into th e F irs t F ed eral S tate B ank, the child ren read y w ith sm iles for th e day of reckoning. A spokesm an prou d ly p resen ted the $20.50. Mr. T aylor counted it out slow ly in full view of all of them , w ith p len ty of help from y o u th fu l voices in th e counting. T h en he announced w ith a big sm ile th a t everyone had m ade m oney. T he h ap p y y o u n g sters responded w ith an u nexpected poster display co n tain in g all th e ir nam es, draw ings of cookies, and expressions' of th a n k s p ain stak in g ly done in block lette rs th a t can only be produced by determ in ed five- and six-year-olds. The child ren m ade approxim ately 50 per cent profit on th e ir borrow ed capital. A fter p aying 50 cents for in terest, $1 “r e n t” and 60 cents for th e uten sils borrow ed, th ey cleared $10.15. It took a w hile for th e b an k to set tle back to n o rm al a fte r Mrs. D oniel son led th e class back to school. B ut Dave T aylor and th e re st of th e b an k staff w o n ’t forget for a long tim e how th e co n stru ctiv e w o rk of an im agina tive, dedicated teach er gave a group of h ap p y y o u n g sters a b rief in sig h t into th e system th a t provides th em w ith so m an y good th in g s each day.— End. > y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis " — I— mL JM r E V E R Y B O D Y ’S H A P P Y as th e y find out th e y h a v e p a id off th e ir lo an , th e n o te is r e tu rn e d a n d th e class m ade a p rofit. E X C IT E D y o u n g ste rs p o in t o u t th e ir n a m e s to M r. T a y lo r as th e y p re se n t him w ith his “ b o n u s,” a sp e c ia l p o s te r w ith th e ir n a m e s a n d cookie fa ce s. M rs. D onielson a n d s tu d e n t te a c h e r L iz M cG ill h a v e th in g s u n d e r co n tro l. y. AC I -AV.; IBI I I > M é T . ■ Ä *> * A . 'S IB m 34 By GEORGE O. P O D D M a n a g in g A sso cia te L e s te r B. K n i g h t & A s so c ia te s, Inc. C h ic a g o . Illin o is X — V - H — Xr- * THE AU TH O R p re se n te d his " in tr o d u c tio n to M ana g e m en t S c ie n c e " a t th e re c e n t Bank M a rk e tin g Research C o n fe re n ce sp o n sore d b y th e Bank P ublic R e la tio n s and M a rk e tin g A s so ci a tio n . This a r tic le is an e xte n sive e x c e rp t fro m th a t address. The L e ster B. K n ig h t o rg a n iz a tio n o ffe rs a c o m p le te ra n g e o f m an a g e m en t c o n s u ltin g and co n su ltin g e n g in e e rin g se rvices on a n a tio n a l and in te rn a tio n a l basis to banks, businesses, indus trie s , g o ve rn m e nts, a s s o c ia tio n s and o th e rs . Since its fo u n d in g in 1945, i t has s u c c e s s fu lly co m p le te d m ore th a n 3,600 assign m ents in 28 c o u n trie s . M r. Podd w as second v ic e p re s id e n t in th e c o m m e rc ia l d e p a rtm e n t o f C o n tin e n ta l Illin o is N a tio n a l Bank & T ru s t C om pany, C h ic a g o , b e fo re jo in in g th e K n ig h t o rg a n iz a tio n . He re c e iv e d his A.B. d e g re e fro m B row n U n iv e rs ity and his ju ris d o c to r d e g re e fro m N o rth w e s te rn U n iv e rs ity School o f Law. ANK m an agem ent has tra d itio n a lly m ade decisions concerning th e o peration and p lan n in g of its busi ness based on memory, judgment, and intuition. T his in tu itiv e process includes th e m aking of m ark etin g decisions and an assessm ent of m ark etin g research in banking. T his procedure has n o t failed to produce. I t is h ard to argue w ith re su lts show ing co n sisten t record asset grow th and incom e perform ance. M anagem ent Science as applied in b a n k in g does not seek to replace th e tra d itio n a l approach. B ut, ra th e r, it trie s to add a dim ension of analytical method in defining a problem th a t req u ires a decision or a solution. It also provides a m eans of id en tify in g th e b est solution. T his analytical m ethod, called M anagem ent Science or O perations R esearch (for th e purpose of an in tro d u cto ry discussion) has been defined by its p ractitio n ers in the academ ic w orld, in in d u stry and in th e w orld of ban k ing in m any w ays. B Definitions of Management Science Some of these definitions are as follows: Northwest ern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis © “A pplied Common Sense.” • “The aim of O perations R esearch is to obtain a sys tems or over-all approach to problem s.” • “OR is th e application of scientific m ethods, tech niques and tools to problem s involving th e operations of a system so as to provide those in control of the system w ith optim um solutions to th e problem .” • “M anagem ent Science is th e a rt of applying and cre ating, in an explicit process, th e m athem atical and statistical expressions of in form ation th a t define de cision altern ativ es in th e decision-m aking process.” • “M anagem ent Science is th e system atic application of m athem atics (and o ther analytic tools) to the decision process itself.” • “Decision Science.” ' * V— V Management Science in Banking In th e b anking in d u stry , th e first form alized M anage m ent Science group w as traced to 1962. Since th a t year, m any banks have added M anagem ent Science capability. The application of M anagem ent Science in b an k in g m ay be b e tte r understood if we first p u rsu e th e approach to usin g MS in problem solving. B ankers, and m ark etin g m anagers in banking, gener ally have an em pirical approach, nam ely: th ey m ake deci sions based upon an “in tu itiv e ” feel of th e m arket. W h at th is “in tu itiv e feel” really m eans though, is a decision based upon th e b a n k e r’s memory, experience, judgment and knowledge of th e factors involved in a situ atio n re qu irin g th e decision. F u rth e r, th e b an k m ark etin g m an m ay m ake a m ental calculation of th e cost of altern ativ es and select a course of action w ith th e m ost favorable odds. -X 4 K 4 - V* F < Yv V X- Phases of Orderly Process Now, w ith all th e data used by th e b an k er in his “m em ory, experience and know ledge” th is so-called “intu itiv e r 35 —*■ f'» 'Science Aids Bunk Marketing - * >1 T 'i- ' 4 ‘y 'í - * - * —* «t process” can be program m ed. In u sing th e MS m ethod to approach a problem , an orderly process is suggested - V 1 by m ost experienced M anagem ent Scientists. The phases of th is organized approach are: 1. Identify the Problem. To id en tify th e problem , th e decision m ak er m u st com m unicate n o t only th e fact th a t a problem exists, b u t also his objectives. A basis is estab■>> lished for MS to clearly see th e circum stances and the ojectives of th e decision m aker. T he analysis m u st inelude a definition of th e problem , th e objectives calling ^ v for a solution to th e problem (decision) and altern ativ e courses of action. O thers affected b y th e decisions u n d er stu d y m u st be identified and th e ir objectives and courses of action uncovered. ‘y 2. Formulate the Problem. In fo rm u latin g th e prob lem, MS seeks to sy stem atically d eterm in e th e influences and factors co n trib u tin g to th e problem , and leading to ^ ^ an identification of a lte rn a tiv e s m ost effective in re sponses to th e objectives of th e decision m aker. Construct a Mathematical Model of the Problem. T he m odel becom es th e sim u latio n of th e actu al condition > * or problem . T he m odel is a tech n iq u e to find th e best n relatio n sh ip betw een a n u m b er of in terd ep en d en t v a ri ables—a m eans of a rriv in g a t all th e a lte rn a tiv e solutions ¡t w hich satisfy th e problem . T he v ariatio n s w hich can be controlled th e n becom e th e su b ject of study, fact gathering and valuation. ^ 4. Obtain a Solution to the Problem by U sing the Model. T he n u m erical solution to be derived from th e m odel resu its fro m an a b stra c t m ath em atical process. The prob lem s ta rts in th e u se r’s language. M anagem ent Science ^ conv erts it to m ath em atical or statistical language. The solution is in m ath em atical term s. The m athem atical solution is n o t n ecessarily an an sw er for th e user, and it m u st be explained in te rm s th e u se r can u n d erstand. <¥ 5. Test the Model and the Solution. T he m odel is per> form in g its desired function, if it can accu rately predict w h at effect changes w ill have on a solution to th e prob lem. The adequacy of th e m odel can be tested by com parison to actual historical results. 6. Establish Boundaries for Use of the Solution. MS m ust establish th e conditions u n d er w hich th e u ser can expect successful im plem entation of th e model. T his in cludes establishing th e confidence lim its. Thus, begins the process of explaining th e solution to th e user. 7. Im plem ent the Solution in the Form of a Decision or Action. J u s t as m anagem ent involvem ent w as stressed as a m eans of u n d erstan d in g th e problem , th e m anage m en t scientist m u st be careful to m ake th e solution u n derstandable and useful. O therw ise, th ere m ay be a fru s tra tio n in im plem entation of th e resu lts of the process because of a lack of com m unication betw een m anagem ent scientist and user. The organized or system atic approach, therefore, be gins w ith a clear statem en t of th e problem and continues to a point w here a clear and un d erstan d ab le basis fo r decision is produced. The decision-m aking process in b anking is rap id ly changing, due to th e grow ing com plexity of problem s. The nu m b er of decision altern ativ es in financial in stitu tions is broader, due to th e expansion of ban k in g serv ices into new m ark ets. In s ta n t com m unications co n tin u e to increase th e am ount of data available to be w eighed and the c riteria to be applied. W hile m ore business in form ation is ready for use, th e tim e for decision has be come shorter. In banking, therefore, M anagem ent Science has b egun to be used to obtain th e best re su lt from th e in creasin g inform ation and w ith in th e decreasing tim e to use it. 1. Applications for MS in Banking T he m ost com prehensive involvem ent of M anage- MANAGEMENT SCIENCE . . . (T u rn to n ex t page, please) Northwest ern Banker, August, 1969 y« https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2. The lending and credit function is of g reat in te re st to b ank m anagem ent and several attem p ts to analyze the credit w o rthiness of po ten tial borrow ers have resulted in models. The credit scoring of consum er loan applications has an appealing and ap p aren tly prom ising fu tu re. In addition, m ethods of analyzing th e q uality of loan p o rt folios have been suggested. 3. The in v estm en t function in banks—m any tim es an im p o rtan t service to custom ers as w ell as a necessary operation—has draw n atten tio n from M anagem ent Sci ence. Here, equity valuation and portfolio selection have proven popular subjects for OR studies. 4. In b ank bond departm ents, th e m anagem ent scien tis t has received very favorable review s w ith bond sw ap ping and coupon scheduling models. “ P A R T IC IP A N T S in B a n k M a n a g e m e n t S im u la tio n m u st m ake decisio n s a ffe c tin g o p e ra tio n of th e b a n k , a n d a re in tro d u c e d to th e in te g r a te d a p p ro a c h n e c e ssa ry in a c h ie v in g th e optim um re s u lts .” M unutfcm ent Science . . . (C ontinued from page 35) m ent Sciences in b an k in g to date are th e b an k m anage m ent models. F o r those applications, th e m athem atical and statistical form ulation of in fo rm atio n th a t defines decision altern ativ es for b an k m an agem ent are sim ulated. The m odels are p rim a rily involved in helping th e b an k er best utilize th e b a n k ’s assets. The Stanford B ank M anagem ent Sim ulator published by the S tanford G raduate School of B usiness, sets up a sim ulated com m ercial b an k situ atio n to expose those p a r ticipants in th e sim ulation (or gam e) to th e over-all prob lem s of m anaging a com m ercial bank. The p articip an ts m ust m ake decisions affecting th e operation of th e bank and are introduced to th e in te g ra te d approach necessary in achieving th e optim um resu lts, by seeing th a t th e deci sion intended to have p rim a ry effect on one o p erating area m ay also have im p o rta n t effects th ro u g h o u t the bank. The FDIC also has been w o rk in g on a B ank M anage m en t Sim ulation. B ank asset m anagem ent m odels are an in trig u in g a t tem p t by m anagem ent scientists to iden tify and respond to problem s of top m anagem ent. By describing the in te rn a l stru c tu re of b anks and th e in teractio n of com pet ing banks in th e m arketplace, th ese m odels seek to give b an k ers a b e tte r u n d e rsta n d in g of th e ir b an k and th e ir m anagem ent decisions. N o r t h w e s t e r n Ba n ke r. A u g u s t , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1969 Current Applications in Bank Marketing A review of published m aterials and our experience in dicate th e increasing active application of M anagem ent Science in ban k m arketing. Most are in an early stage of developm ent. Some exam ples of m ark etin g applications are: • Customer Switching Studies—W here th e b ank con siders th e borrow ing custom ers as a source of bu si ness. The additions to and contractions of this course of business are the subject of analysis th ro u g h a m athem atical model. • Deposit Development Priority Plans—W here p ro s pective custom ers deposits are w eighed by th e ex pected size of th is ban k in g business and th e probabil ity of success. T his p rogram has been used and is considered to have a ttractiv e p o tential as a plan nin g and educational tool. • Service Charge Analysis—W here changes in th e serv ice charge stru c tu re are related to probable custom er reaction. • Branch Location Studies—W here models have been used to stim u late th e perform ance of altern ativ e loca tions for new banking offices. Potential Bank Marketing Ideas Some ideas in bank m ark etin g w hich w ould be chal lenging to m ark etin g research ers m ight include: • Cross Selling Service Potential—W here a m odel is designed to investigate service p en etratio n in selected m ark ets and to analyze th is p en etratio n com pared w ith po ten tial w ith in the b a n k ’s custom er m arket. • Marketing Service Performance Index — W here a service (such as dem and deposit accounts, savings certificate account or various lending accounts) is analyzed on th e basis of its ch aracteristics and th e relativ e revenue, cost and profit perform ance of th e segm ents of th e service. • Corporate Cash Flow Models—’’CASH A L PH A ” de veloped for MobilOil Com pany by Bob Caiman, left a challenge to b an k ers in m a rk etin g research to add to th e ir research p o tential th e application of models for analyzing and p rep arin g for corporations’ cash flow program s. If th e banks do not lead in this area, th e corporate finance officer w ill find som eone else. A t th e sam e tim e, Mr. Caim an m entioned th a t w hile he is convinced th e application of MS is producing b e tte r m anagem ent decisions, th e technique su b stan tiated to a great ex ten t th e previously used intu itiv e decisions. W ith th e hope th a t th e in tro d u ctio n has begun an in te re st in y o u r p art, a list of sources for m ore inform ation about M anagem ent Science is available to those b ankers who w ish to stu d y th is subject fu rth e r.—End. 37 Doane A g ric Looks A head N ext ÔO Years "‘ F O U N D E R of D oane A g ric u ltu ra l S erv ice is D. H o w a rd D oane, now c h a irm a n of th e b o a rd , p ic tu re d re c e n tly in h is office. v — ** EN TIO N DOANE A g ricu ltu ral Service to ju s t about anyone connected w i t h ag ric u ltu ra l b an k in g and he w ill know w ho you - V? are talk in g about. T he inform ation w hich pou rs out of th is organization th ro u g h publications, n ew sletters and >* special client rep o rts, has been a p a rt of th e a g ric u ltu ra l scene for a half N, * century. F ro m th e beginning, th e services of th is firm have been of in te re st to bankers. M any farm m anagem ent de k* p artm e n ts have been p a tte rn e d after - » th e system established by th is pioneer in th e field. O ther b an k s have sought m ore direct help in m anaging farm s or jt some special app raisal or co n sultation service, w h en th e need arose. M ~% tu ra l agent in th e nation and th e first 16 in M issouri. T u rn in g from faculty life, Mr. Doane opened his ow n p riv ate business in th e ag ricu ltu ral field. The first serv ice offered w as “professional farm m anagem ent.” I t w as som ething new to farm ing in th e period following W orld W ar I. B ut even then, Mr. Doane knew th a t changes w ould be n ecessary if th e firm w as to success fully m eet th e developing problem s of agriculture. a Appointed First County Agent E v en before its b irth in 1919, a p ro > • gressive and innovative foundation w as laid by th e founder, D. H ow ard Doane. “I have alw ays been a farm er,” Mr. Doane stated sim ply on th e occasion of his firm ’s 50th a n n iv e r sary, b u t th e com pany he founded and ^i his w o rk in th e n a tio n ’s ag ricu ltu re speaks of th is and m uch m ore. Al th o u g h re tire d from active m anage * m en t of th e com pany, he is still ch air m an of th e board and m ain tain s a high y in te re st in its b u siness affairs. >- H e helped to establish and becam e th e head of th e n a tio n ’s first D ep art m en t of F a rm M anagem ent at th e U ni v e rsity of M issouri. In th is position he appointed th e first county agricul- Organized Farm Appraisers Seeing th e need for professional rec ognition in farm m anagem ent, he gave stro n g su p p o rt to, and w as one of the founders of, th e A m erican Society of F a rm M anagers and R u ral A ppraisers. He served for nine y ears as th e first p resid en t of th e organization. The farm d ep artm en ts of m any banks now have re p resen tatio n in the A m erican Society. Mr. Doane w as also a pioneer in break in g dow n th e resistance to p u t tin g farm land into tru sts. Today, tru s t dep artm en ts in m any banks have found th a t farm land is as sound and easily m anaged an asset as th e m ore conventional types of holdings. In th e search for “a new and b e tte r w ay,” the com pany tu rn e d m ore and m ore to providing problem -saving in form ation for all segm ents of th e ag ric u ltu ra l in d u stry . Looking back, it is h ard to associate th e earlier w ork of th e com pany w ith th e com puter ized record-keeping and m ark et an aly sis th a t is now a p a rt of th e day-today routine. B ut it has been a p a rt of th e changes necessary to keep u p w ith m odern-day agriculture. Develop Marketing Information As H. G. E. Fick, p resident of th e com pany today, points out, “F a rm LOOKS AHEAD . . . (T u rn to page 88, please) B E A U T IF U L h e a d q u a rte rs b u ild in g fo r D oane A g ric u ltu ra l w a s c o n s tru c te d se v e ra l y e a rs ago. T he firm now has 37 o th e r offices across th e c o u n try . Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 38 TH E LAWRENCE SYSTEM IS FLEXIBILITY I t p e rm its th e le n d e r to b e c o m e a “ yes” m a n . N o “ fu ll-s e rv ic e ” le n d e r likes to ta k e a rig id sta n c e a n d t u r n d o w n ev e n a le ss-fa v o re d c u sto m e r. D e c lin e th e lo a n a n d h e m a y h a v e lost a n a c c o u n t. B u t b e fo re t h a t h a p p e n s L a w re n c e flex ib ility c a n o fte n fu rn is h a so lu tio n . I t allow s th e le n d e r m a n e u v e ra b ility . I t p r o \id e s h im w ith o p tio n s, a n d p ro te c tio n fro m loss d u e to th e d is a p p e a ra n c e o f c o lla te ra l. So w h e n c o n s id e rin g a n in v e n to ry o r a c c o u n ts re c e iv a b le lo a n , c o n sid e r th ese services o f o u rs : F ie ld W a re h o u sin g C e rtifie d A c c o u n ts R e c e iv a b le S e rv ic e C e rtifie d In v e n to ry C o n tro l S e c u re d D istribution® D o c u m e n t C o n tro l S erv ice In v e n to r y C o n tro l S erv ice T h e i r a p p lic a tio n offers th e le n d e r c o m p le te c o lla te ra l p ro te c tio n , a n d c a n m a k e th e d iffe re n c e b e tw e e n a p ro fita b le lo a n a n d n o lo a n a t all. F o r c o m p le te d eta ils, ju s t give us a call. Liiiiirunce Warehouse Cnnwaiw C E R T IF IE D N A T IO N W ID E COLLATERAL FIELD CONTROL W A R E HO US ING S E R V IC E S S IN C E 1913 37 Drumm Street, SAN FRANCISCO 122 East 42nd Street, NEW YORK • 100 North La Salle Street, CHICAGO OFFICES IN PRINCIPAL CITIES Northwest ern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 39 Northwestern of St» Pant Moves into /tramatie. New 1 6 -Stori! Building T H E N E W N o rth w e s te rn N a tio n a l B a n k B u ild in g is a n im p re ssiv e 1 6-story $7-millio n a d d itio n to th e S t. P a u l sk y lin e. H E N o rth w e ste rn N ational B ank of S aint P au l opened its doors at a new location on Ju ly 14. T he b a n k ’s new hom e, a 16-story, $7-million stru c tu re , is on F ifth Street, betw een M innesota and Cedar S treets, in th e h e a rt of dow ntow n C apital Cen tre, th e city ’s m ajo r u rb a n ren ew al project. Over th e w eekend, th e b an k m oved from q u a rte rs at R obert and F ifth Streets, w hich it h ad occupied for m ore th a n 45 years. D uring th e cerem onies, a special p resen ta tio n of a L ouis Sullivan artifact w as m ade to R oger G. K ennedy, ch airm an of th e b a n k ’s executive com m ittee, in recognition of his lead ership in arra n g e m en ts for th e developm ent of the new building. R eproduc tions of th e fam ed a rc h ite c t’s o rn a m en tatio n are used in areas of th e b a n k ’s decor. Follow ing sh o rt speeches by Jo h n A. M cHugh, p resid en t of th e bank; M ayor T hom as R. B yrne and W alter F. Dorle, p resid en t of th e St. P au l C ham b er of Com m erce, th e b a n k ’s doors w ere officially opened, and all inv ited guests en tered th e b uilding for re fresh m en ts and a to u r of th e new facilities. T he building, w hich w as designed by G rover D im ond A ssociates, architects, rises 225 feet from th e stre e t level and contains approxim ately 224,000 sq u are feet of floor space. B an k in g operations, divided into public and non-public functions, are T - . M ' ' * "* > >y * 7 -■> ^ -v* 4 *" located on the first four floors as fol lows: Skyw ay Concourse Level — Main ban k in g floor, containing tellers, p e r sonal ban k in g center, com m ercial banking, m ortgage, tru s t and dealer sales finance departm ents. M ezzanine Level—E xecutive and ad m in istrativ e offices and board room. S treet Level—W alk-in teller facili ties, drive-in b an k facilities, safe de posit boxes and vault. L ow er Level—B ank operations, din ing and lounge area. All levels are interconnected by four high-speed, self-operated tow er eleva tors w ith an additional in-bank eleva tor and escalators betw een th e street and skyw ay levels. The Skyw ay Concourse Level is th e second-floor level and is th e m ain banking floor. Its v a st openness and trem endous size offer w h at is probably the m ost dram atic a rch itectu ral fea tu re of the b ank and the en tire build ing. NEW BUILDING . . . (T u rn to page 40, please) F O R M A L O P E N IN G cerem onies of th e N o rth w e s te rn N a tio n a l B a n k ’s new hom e, a 16-story $7-m illion s tru c tu re in d o w n to w n S t. P a u l, w ere a tte n d e d b y b u sin e ss, civic, a n d g o v e rn m e n ta l lea d e rs, a n d th e b a n k ’s d ire c to rs , officers a n d staff. H e re ( le f t to r i g h t) , S t. P a u l’s m ay o r, T h o m as B y rn e , J o h n A. M c H u g h , th e b a n k ’s p re sid e n t, R o g e r G. K e n n e d y , c h a irm a n o f th e b a n k ’s e x e c u tiv e c o m m itte e, a n d H . W illia m B lak e , c h a ir m an of th e b o a rd of d ire c to rs of th e b a n k , p re p a re to rip th e p a p e r seal o v er th e m ain door in to th e s tre e t floor of th e b a n k . Northwest ern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 40 ISttnli A il Is "O utof This ” H E spectacular success of th e U nited States Apollo 11 team ’s landing on th e moon has b ro u g h t closer to reality a 13-year-old tongue-incheek offer by V alley N ational B ank of A rizona th a t seem ed to be fantasy in 1956. In th a t year, th e creative m ind of Valley N a tio n al’s advertising director, M ert Reade, conceived a clever ad to lam poon th e free dishes and other prem ium s being offered by A rizona savings and loan associations to lure th e public’s savings. Mr. Reade drew up a special ad titled, “W in a F ree T rip to th e Moon!’ w ith the offer of “A one-way tick et on the first com m ercially-scheduled passenger rocket—in re tu rn for a $1,000,000 deposit.” T The ad is reproduced here, and although the 1956 Valley N ational concept of th e rocket differs con siderably from Apollo 11, th e a stro n au ts have bro u g h t even closer th e age-old dream of reg u lar trav el to the moon. We note with more than passing interest that prizes and premiums are being offered for increased deposits. Well, we would like to increase our deposits, too. And if prizes for saving will help, we might as well top every body in liberal offers. So we will arrange all-expense travel on the first com mercially-scheduled passenger rocket to the moon on the following basis: $1,000,000 deposit . . . one-way ticket* E a* M J' R E S O U R C E S * 3 9 7 M IL L IO N 37 Whilp waiting for that first rocket launching, may we remind you that your savings in the Valley Bank earn 2% interest, compounded semi-annually. They are also protected by the Federal Deposit Insurance Corporation . . . by $24 million in Capital Funds . . . $83 million in Government Bonds . . . $397 million in Total Resources. (And your money in the Valley Bank is always readily available.) CONVENIENT OFFICES NEW BU ILD IN G . . . (C ontinued from page 38) One block long, half a block w ide and tw o stories high, it p resen ts one of th e larg er totally-integrated b an k ing floors in th e country. E x act di m ensions are 340 feet in length, 110 feet in w id th and 21 feet high. Aside from th e elevator cores and s tru c tu ra l colum ns, it is an “open” floor plan. T hree sides of the m ain ban k in g floor are floor-to-ceiling glass w alls of tin te d T herm opane glass. Size 4 by 17 feet, the panes are am ong th e tallest solar bronze w indow s in the country. On the fo u rth side, w hich is th e side th a t abuts th e new Superblock p a rk ing facility now u n d er construction, th e b an kin g floor opens onto a pedes tria n skyw ay and stre e t of sm all shops. This joining of th e Superblock N ort hwest ern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis *(We can't guarantee you'll get back, for this may be the "point of no return.") T hree y ears after th e 1956 ad appeared, Mr. Reade drew up an o th er ad in v itin g a tten tio n of the public to th e first ad and noting th a t at th a t tim e “L ittle did w e th in k . . . th a t in ju st th ree years people w ith n o thing b etter to do w ould actually be brack etin g th e m oon w ith various types of m issiles. . . . Well, never one to w elsh on a deal, our original offer holds good.” W ith this, th e term s of th e first ad w ere repeated. * In th e event the read er cannot m ake o ut th e sm all type in the low er right-hand corner of th e ad it reads, “We can ’t guaran tee y o u ’ll get back, for this m ay be the ‘point of no re tu rn .’ ” A pplicants w ith a $1,000,000 deposit and an adven tu ro u s spirit, w ho don’t m ind w aitin g for com m ercial scheduling of such a trip should contact the to u r director, M ert Reade, adv ertisin g director, Valley N ational Bank, Phoenix, Ariz.—E nd. w alkw ay and the bank is in teg rated so th a t th e w alkw ay opens directly onto th e m ain b anking floor. T his floor contains oval-shaped m ar ble teller “pods” and public banking facilities. E ach pod is actually a u n i v ersal teller statio n in th a t it can h a n dle deposits, w ithdraw als, checking, savings and loan paym ents. The pods w ill be staffed by th ree full-service tellers each and w ill be inter-connected w ith th e b a n k ’s o perating dep artm en t by pneu m atic tubes and closed-circuit television. T here are no grilles or p a rtitio n s to in tru d e on th e inform al open atm osphere. T ow ard the center of th e floor is an o th er pod—a ro u n d teller station w hich handles savings certificates, drafts, collection item s and o th er spe cialized functions. The v a u lt in th e new N o rthw estern N ational B ank is dram atically em pha sized in th e a rch itectu ral design of th e building. Located on th e stre e t floor level for custom er convenience, it is placed out and aw ay from th e re a r wall, in full view of all from inside or outside the bank. Standing alm ost floor to ceiling in height, th e v au lt resem bles a huge rectan g u lar strongbox m ade of con crete. It is faced on the outside w ith bold pre-cast decorative concrete p an els. C entered on the fro n t w all of the v au lt is a fro n t e n try door, architectu ra lly highlighted by its position. Made by Diebold, Inc., the door is an advanced-design barrier, approxim ately 80 inches high, 38 inches wide and 12 inches thick. Ten inches of this thickness is tak en up by solid steel. ------------------------------------------------------ _ NEW BUILDING . . . (T u rn to page 58, please) * ^ <, ^ ^ u ^ r -" v_ ^ <r r 41 The really big idea behind Ducks Unlimited. (And what it means to sportsmen like you) It takes more of th ese. . . . For years the supply of ducks on American flyways has been of grave concern. Drainage of wetlands and periodic droughts have resulted in less and less prime waterfowl nesting habitat in Canada. Why is Canada so important? Because 4 out of every 5 ducks on all major American flyways were raised in Canada—not in the United States. Why Ducks Unlimited Was Formed to get more of these create nearly 900 “duck factories,” restore a million and a half acres of controlled wetlands—including over 8,000 miles of productive shoreline. D.U. has also planted thousands of acres of waterfowl foods and banded nearly 160,000 ducks and geese. New Master Expansion Plan Unveiled Ducks Unlimited has just announced a new master plan calling for a substantial increase in D.U. activity in Canada. Under this truly ambitious plan D.U. hopes to create or restore three times as much prime waterfowl habitat in the next ten years as it has in the past 32 years. D.U. will work closely with the Canadian National and Provincial governments who have offered full co operation in making lands available at no cost. Ducks Unlimited was formed in 1937 as a non-profit organization by a dedicated group of American sports men determined to do something about our dwindling duck supply. The strategy they hit upon was to raise money from American sportsmen like you, and use it to restore prime waterfowl nesting spots in Canada. Through Here’s Where You Come In the building of dams to control water . . . through In its early days, Ducks Unlimited was supported by persuading the Canadian government to limit drain only a handful of American sportsmen. Today mem age of ideal nesting spots . . . and through the restora bership has swelled to 40,000 . . . who last year con tion of dry areas back into lakes and marshes as they tributed nearly $1,700,000 to D.U. were many years ago. Ducks Unlimited volunteers cannot be expected to Over the years, Ducks Unlimited organizations were call on every duck hunter in America and explain their formed in almost every state and Canadian province. program. Each year they sent virtually all the funds they If you’ve got a real interest in wildlife conservation, raised and put them to work in acreage provided at and in having more Greenheads, “Cans”, Pintails, no cost by Canadian citizens and Provincial and Bluebills, Teal and Redheads come your way, send Dominion governments. your tax deductible check today for $10 or more to: To date almost 2,000,000 acres has been made avail Ducks Unlimited, Department H-9, P.O. Box 66300, able for Ducks U nlim ited projects. Ducks U n Chicago. Illinois 60666. limited has invested over $18 million to create or re C ou rtesy o f th e N O R T H W E ST E R N BANK ER Northwest ern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 42 ------ -------- H B Using D Sensibig H E success of d irect m ail de pends on th e agent using it. A direct m ail le tte r w ill not m ake a sale for you, b u t it w ill develop pros pects. The direct m ail program can, w ith p ro p er use, accom plish th e follow ing significant objectives for you: Plans for prospecting activities! • It opens new m ark ets th a t you m ight otherw ise pass up. Organizes your work! H elps pro• gram y o u r field w ork by keeping you arm ed w ith a list of prospects on w hom you m u st call. Adds efficiency to your activity! • You reach th e h e a rt of your in te r view faster. Gives you prestige. The p rin ted • w ord carries prestige and p erm a nence. I t p u ts you a ju m p ahead of th e average agent. T 1 2 3 4 Key to Direct Mail The key to a direct m ail program is th e m ailing list. E stab lish in g a good one is not easy. A list constructed from day to day is far m ore productive th a n phone d irectory results. C onsistent use is an im p o rtan t fac to r in th e success of yo u r direct m ail program . C onsistent m ailing can be effective if you catch y o u r prospect in changing situations. E v ery change in circum stances m akes a prospect m ore im por ta n t to you. The follow ing changes give you th e chance to contact a pros pect th ro u g h direct mail: graduation, a first job, an engagem ent, m arriage, new baby, new hom e, prom otion, b irth d ay , civic activity, etc. Analyzing Results T h ere are th re e basic elem ents in volved in analyzing or estim ating th e resu lts of any d irect m ail program th a t req u ires conversion of inquiries and leads to sales. • Cost of mailing to secure leads, in quiries or sales. Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • Percentage of response from the mailing. • Number of leads or inquiries con verted to actual sales. D irect m ail is th e one advertising m edium th a t allows you to pre-select your b est prospects. You can exclude those w ho are u n lik ely to respond or produce th e type of custom er w ho is not profitable. By carefully w atching both th e rate of response from th e lead m ailing and th e percentage of conversion to actual sales, you w ill be able to correctly de term in e the relativ e value of each m ailing list used. Once you have found a good m ailing list, don’t hesitate to use it several tim es. Those w ho have enjoyed great success w ith direct m ail agree th a t a list’s value is n o t exhausted aft er one m ailing. T here are m any ob vious and personal reasons w h y a p e r son m ight ignore a direct m ailing piece in Jan u ary , b u t carefully study and act on a sim ilar piece from the sam e p arty in July. Following Fp One final im p o rtan t point on direct mail. Often th e sim plest and the leastexpensive direct m ail piece—and the one th a t can be th e m ost effective—is a new spaper clipping about a prospect attach ed to a personal note of congrat ulations. People are happy n a tu ra lly w hen an honor comes th e ir way. T hey like to see th a t o thers recognize th a t honor. These tw o factors m ake them appreciative and receptive w hen a p er sonal sales call follows up th e clipping and note. A personal call m u st follow th e di rect mail. R em em ber, regardless of th e n a tu re of th e d irect m ail piece you use and no m a tte r how good your list is, direct m ail sim ply ru n s in te rfe r ence, it does n ot score points. But, any sp o rts fan know s the p o in ts com e e a sie r w h e n th e in te rfe r e n c e is qood. —End. A 43 CASff TTHEiV /T ’S' N E E D E D M OST! Vf V- ' ► V —> -y* - ¥ -*r v<v-vi»Ä'-V'W/-t - ,Jk paj^s i/owr c u s to m e r up to $4 0 00 p e r d a y w h e n h e o r a m e m b e r o f h is f a m i l y is h o s p ita liz e d . •*4 ' > ■Y V For as little as $1.00 per week, North Central’s newly-designed A D D policy will pay your customer as much as $1,200 per m onth during hospitaliza tion due to sickness or accident. -JV In these days of skyrocketing hospital/m edical costs combined with a trend for financial institu tions to expand their services to customers, A D D is a legitim ate and logical package for you to offer. >^ "t >I We make it easy for you by sending in a North Central expert to help you promote the plan in your organization, and provide all the advertising and promotion materials that have made this pro gram a success throughout the country. Let A D D help your customers when they need https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis it m ost — paying them direct, regardless of any other insurance coverage they may have. Today, th at’s more important than ever before. Drop us a line . . . we’d welcome the opportunity to give you all the details. THE WORTH CENTRAL COMPANIES North Central Life Insurance Co., St. Paul, Minnesota M aine Fidelity Life Insurance Co., Portland, Maine Royal Oak Life Insurance Co., Pittsburgh, Pennsylvania P rotection an ways Northwest ern Banker, August, 1969 44 H E regu latio n s em bodied in th e F ed eral B ank P rotectio n Act of 1969 are good as far as th e y go—b u t th ey don’t go far enough! The act did serve a need—th a t of em phasizing the im portance of effec tive secu rity system s for both banks and savings and loan associations. B anks are now m ore sensitive in th is area. T h ey ’re keenly in terested in talk in g to us about w h at o th er banks are doing and in our recom m enda tions. If th e act helps reduce th e crim e rate even to a m inim al degree, it w ill prove w orthy. B ut, th e re ’s still plen ty m ore to be done to cope w ith the ever-increasing am ount of bank crim es. U nder th e new law, banks and sav ings and loan associations m u st install and m ain tain secu rity system s on th e ir prem ises, conform ing to m in i m um secu rity req u irem en ts th a t w en t into effect at th e s ta rt of th is year. Some of th e m ajor areas th e banks are req uired to act upon are: 1. D esignate a secu rity officer as of F e b ru a ry 15, 1969. 2. Develop and ad m in ister a bank secu rity p rogram by Ju ly 15, 1969. 3. In sta ll and m ain tain secu rity de vices. 4. Com pliance rep o rts m u st be sub m itted to th e p ro p er controlling au th o rity by J a n u a ry 1, 1970. 5. W aivers to certain provisions m ay be g ran ted if application is made. In th e m a tte r of v a u lt doors, a Class 5 (3%-inch door) is recom m ended by H osier as m inim um for any b ank and a Class 10 door (10-inch) for safe de posit boxes or securities. B ank v au lt in terio r equipm ent should consist of safe deposit boxes, lockers and m oney safes th a t are p ro p erly designed to delay p en etratio n of th e individual com partm ents once th e v au lt itself has been entered. The m ost im p o rtan t factor is th e use of a high-quality lock. N ight depositories should be of the type approved by th e U n d e rw rite rs’ L aboratories to p rev en t th e possibil ity of fishing or tra p p in g th e ir con tents. The b ank should have specific m aintenance con tracts on its secu rity equipm ent, as w ell as its alarm equip m ent and surveillance system . Only th ro u g h periodic p rev en tiv e m ain te nance can th e equipm ent be expected to perform w hen needed. Basic types of secu rity devices in clude a ligh tin g system to illum inate the lobby, v au lt area and w alk-up or drive-in w indow s. Locks for each ex terio r door and b ars or grilles on ac cessible w indow s; bullet-resistan t b a r riers for w alk-up or drive-up w indow s; surveillance system s w hich include T Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Security E xpert hooks A t the ttanh ProtectioA c t B y JOHN E. HAM PEL S e n io r V ice P r e s id e n t, M a r k e tin g M o sler S afe C o m p a n y H a m ilto n , O h io cam eras, recording or sim ilar devices; robbery alarm system s connected to police stations; b u rg lar alarm system s for v a u lt and bank building; and “b a it” m oney at each te lle r’s window. In e l e c t r o n i c security, time, of course, is of the essence. It is recog nized th a t m ost any vau lt can be en tered, given sufficient tim e. The anser is an electronic alarm system th a t w ill a le rt au th o rities to the presence of in tru d e rs reducing th e ir needed tim e. In alarm system s, th e tailor m ade approach to bank security is all-im p o rtan t. A lthough a degree of stan d ardization is possible in the design com ponents, each facility is different from every other, req u irin g a custom ized in stallation. H ighly train ed ex p e rts should evaluate th e physical lay out and recom m end th e m ost suitable com bination of electronic elem ents to provide m axim um security. Closely related to electronic security is surveillance, using photographic a n d /o r closed circuit television equip m ent. Of p rim ary im portance is the p ro p er education of b ank personnel to assu re th a t th e cam eras are activated p ro m p tly in th e event of a holdup. It is m ost h earten in g th a t a good n u m b er of financial in stitu tio n s have already recognized th e need for proper secu rity and are in stalling m odern, ef fective secu rity equipm ent in th e ir fa cilities. A good exam ple, th e F irst N ational B ank of Chicago, has a large electronic security and fire alarm sys tem keeping an electronic eye on over 1,000 key points on each of th e 60 stories of the b a n k ’s recently com pleted building. F rom one cen tral point, th e system m onitors equipm ent and personnel and provides hold-up protection, vau lt and door security. It also gives in sta n t w arn in g of fire or smoke. One of th e biggest problem s is in sufficient guidance given to b ank p er sonnel as to w h at th ey should and should not do d u rin g an em ergency. A lthough some banks do a p re tty good job in this respect, th e sam e cannot alw ays be said for the total banking com m unity. We at M osler believe th a t w hile th e im plem entation of the B ank P rotection Act is a step in the rig h t direction, w e also feel it’s up to everyone to provide w h atev er assist ance necessary so th a t u ltim ately the n um ber of b ank holdups w ill be held dow n to a m inim um .—End. N ew F o u n d a tio n M em bers The F o undation for F u ll Service B anks enrolled 48 new m em bers d u r ing the m onth of Ju n e w ith 16 from th e state of Iowa and seven from Mis souri, R ichard B. Beal, executive vice president, announced. New m em bers enrolled in states served by th e N o r t h w e s t e r n B a n k e r are: Illinois: B enton C om m unity Bank, Benton; The F ra n k lin P a rk Bank, F ra n k lin P ark. Iowa: Cam anche State Bank, Cam anche; Corn Belt State Bank, Correctionville; D onahue Savings Bank, Donahue; D yersville N ational Bank, Dyersville; The F irs t N ational Bank, F arrag u t; F irs t N ational Bank, H am p ton; H am pton State Bank, H am pton; K iron State Bank, Kiron; L atim er State Bank, Latim er; Le Claire State Bank, Le Claire; City State Bank, Og den; P e rry State Bank, P erry; Citizens Savings Bank, Sac City; Soldier Val ley Savings Bank, Soldier; F irst State Bank, Stuart; F irs t T ru st & Savings Bank, W heatland. South Dakota: Valley N ational Bank, Sioux Falls. 45 T h e answer is Heller - ► > -V ♦ T - y •V * > . > ■ se cu re d len d in g partnership^ L ™ H elieT an d B anks in p a rticip a tio n In either o f th e following situations, H eller can help your b a n k accom m odate co rresp o n d en ts you m ight otherw ise h av e to tu rn dow n. C red it is tig h t— an d co rrespondents are requesting su b stan tial loans at a tim e w hen y o u ’re h a rd pressed to serve your ow n custom ers. Y ou w a n t a se cu re d p o sitio n - —because th e prospec tive b o rrow er is n ’t entitled to unsecured credit in th e am o u n t requested. (O r, an existing loan is causing co n cern.) H eller can reduce your com m itm ent th ro u g h a p artici p atio n arrangem ent. You an d your co rresp o n d en t can share in up to 50% o f th e loan, receive your n o rm al interest incom e, an d hav e a work-free, secured position. A n d as y o u ’ve pro b ab ly figured out, a 50% p articip atio n frees th e o th er h a lf for ad d itio n al loans— an d balances. O r, H eller can provide th e entire loan, initially, an d retain th e custom er for you u n til you can com fortably assume th e credit (or reassum e it). E ither way, you reta in a good relatio n sh ip w ith your co rresp o n d en t, an d you b o th keep a custom er an d his balances. It’s all explained in our bro ch u re, “ Heller an d B anks” . W hy d o n ’t you write for your copy today? W alter E. H eller & C om pany 105 W est Adams Street, Chicago, Illinois 60690 New Y o r k * Boston • P h ila d e lp h ia • A tla n ta • M iam i • New O rlean s • D a lla s • Los A n g e le s • San Francisco Portland • Santurce, P. R. Brussels • London • Paris • Mainz, West Germany • Utrecht, Holland • Milan • Barcelona • Johannesburg Sydney • Manila • Copenhagen • Bergen, Norway • Stockholm • Toronto • Winnipeg • Mexico City • Kingston, Jamaica ^ER\0^ T h e question: W ho can your bank turn to before it turns down a substantial loan request from a correspondent? https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwest ern Banker, August, 1969 46 B eg in s N ew C on stru ction C onstruction w ill begin soon on th e B em ent State B an k ’s new building at 100 E a st Bodm an, across th e street from the p resen t building. The b ank w ill have 4,309 square feet of floor space and is expected to be com pleted n ex t spring. F ran cis Lonnon is president. I llin o is NEWS M. HEINS President ROBERT C. SCHRIMPLE Exec. V.P. Pontiac Chicago M arks 5 0 Y ears o f S ervice A nnual A y Credit Conference Scheduled fo r Crhnna H E 23rd an n u al Illinois B ankers A g ricu ltu ral C r e d i t Conference w ill be held at th e U n iv ersity of Illinios, U rbana, Septem ber 17-18, u n d er th e jo in t sponsorship of th e Illinois B ankers A ssociation and th e U niver sity. The follow ing details of th e dayand-a-half conference have been an nounced by R obert L. W alton, ch air m an of th e IBA Com m ittee on A gri cultu re and p resid en t of th e F a rm e rs and M erchants State B ank of Bushnell. D esigned to provide an in-depth look at “A gri-B anking—1970 and B eyond,” th e conference w ill begin on W ednes day m orning, Septem ber 17, w ith a talk e n t i t l e d “The N ext Tw elve M onths—A B usiness and A g ricu ltu ral Econom ic Outlook,” by Roby L. Sloan, a g ricu ltu ra l econom ist, F ed eral R e serve B ank of Chicago. Follow ing Mr. Sloan’s ta lk w ill be a panel discussion on “H edging’s Role in F arm F in an cin g ,” w hich w ill be m od erated by Lee F. Stice, extension econ omist, d ep artm en t of ag ricu ltu re, U ni versity of Illinois. P an elists w ill in clude Jo h n Block, Gilfon, 111., farm er, and Jo h n B onnett, broker, Jo h n Bonn e tt Associates, N aperville. The luncheon address w ill be given by Professor J. M. Holcomb, d e p a rt m ent of ag ricu ltu ral economics, U ni v ersity of Illinois, w ho is c u rre n tly on sabbatical as an a g ric u ltu ra l consult a n t to th e gov ern m en t of India. F eatu re d at th e afternoon session w ill be a ta lk en titled “The F a rm Cor poration and th e L and T ru st—A lter natives in F a rm B usiness O rganiza tio n ,” by Dr. Neil E. H arl, d ep artm en t of economics, Iow a S tate U niversity, Ames. The first-day session w ill ad jo u rn w ith an address by Dr. Jo h n A. Hopkin, professor of ag ric u ltu ra l finance, U niversity of Illinois. On h an d for th e evening d in n er ses sion w ill be M yron H eins, IBA p resi d en t and p resid en t of th e B an k of T Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pontiac. The d inner speaker w ill be Gene Vance, U n iversity of Illinois ath letic director. The T hursday, Septem ber 18, session w ill begin w ith a discussion of “The Role of th e C om puter in the A gricul tu re of th e F u tu re ,” by P rofessor C. B. B aker, d ep artm en t of a g ricu ltu ral eco nom ics, U n iv ersity of Illinois. Follow ing Mr. B ak er’s presentation, Stan B u tts, general m anager of N orris F arm s, L ew istow n, 111., w ill deliver a ta lk en titled “L et’s Keep Beef F eed ing in Illinois.” The second m orning speaker w ill be C harles N. Shepardson, form er gover n o r and c u rre n tly consultant, B oard of G overnors of th e F ed eral R eserve System , W ashington, D. C., w ho w ill discuss “W ho W ill Meet th e Credit N eeds of Illinois’ F a rm e rs T om or row ?” The final conference address, “W hat Can a C om m unity B ank Do to Meet th e D em ands of A g ricu ltu re?” w ill be delivered by E d w ard M. N orm an, presid en t, th e F irs t N ational B ank of C larksville, Tenn. In addition to Mr. W alton, m em bers of th e conference p lanning com m ittee include: E lm er E dw ards, division of u n iv e rsity extension, U n iv ersity of Illinois; Orville F ry e, Tuscola N ation al Bank; H. G. H alcrow , d ep artm en t of ag ricu ltu ral economics, U n iv ersity of Illinois; Jo h n A. H opkin, d ep artm en t of ag ric u ltu ral finance, U n iversity of Illinois; J. R. K uiken, F irs t N ational Bank, DeKalb; P. A. Mack, C ontinental Illinois N ational B ank & T ru st Com pany, Chicago; R. J. M aurer, N ational B ank of F airb u ry ; George M. M orvis, Illinois B ankers A ssociation, Chica go; R obert C. Schrim ple, Illinois B ank ers A ssociation, Chicago; R. J. Solo m on, Citizens N ational Bank, Ma comb; George H. Spence, A m erican N ational B ank & T ru st Company, Chi cago. A pproxim ately 400 b an k ers are ex pected to atten d th e conference. W alter J. M iller recently becam e the fo u rth person in th e h isto ry of the N o rth ern T ru st Company, Chicago, to celebrate a half-century of service w ith th e bank. He is a section su p er visor in th e securities v aults area. E D W A R D B Y R O N S M IT H ( l e f t ) , c h a ir m an of th e b o a rd o f T he N o rth e rn T ru st C om pany, p re s e n ts a n e n g ra v e d silv e r bow l to W a lte r J . M ille r to co m m em orate M r. M ille r’s 50 y e a rs o f se rv ice w ith th e b a n k . M r. M ille r, a se c tio n su p e rv iso r in th e s e c u ritie s v a u lts a re a , jo in e d th e b a n k as a p a g e in 1919. A luncheon w as held in th e b ank to honor Mr. M iller on his 50th a n n iv er sary. He w as presen ted w ith an en graved silver bowl by E dw ard B yron Sm ith, ch airm an of th e board, and a m em bership pin of th e 50-Year Club of th e Illinois B ankers Association. P r o m o te s T w o O fficers T he F irs t N ational B ank & T ru st Company, Rockford, has announced th e prom otion of tw o officers. W illiam E. G orm an has been appointed assist a n t vice presid en t and R obert C. Stevenson, tru s t officer. Mr. G orm an began his career as a teller w ith th e bank. A fter spending nine y ears as a national b ank examiner, he re tu rn e d to th e b ank and is p resen tly a com m ercial loan officer. Mr. Stevenson joined th e b an k in July, 1968. He previously had served w ith banks in P eoria and Dixon. A n n o u n c e D a ily In terest Two m ajor Chicago banks, th e F irs t N ational B ank and th e A m erican N a tional B ank & T ru st Company, announced last m onth th a t th ey w ill com pound in te re st daily on all passbook savings accounts. ídm■ .. K w ^ ^ *4 * ^_. yt Y ^r < 47 > *> Bob’s ideas are free. And mighty helpful. When one of our Correspondents wanted us to participate in a sizeable loan, but was unable to carry compensatory j balances with us, Bob got other local banks in the same * trading area to share the loan. He thereby formed a very natural arrangement satisfying to everybody, and made our participation possible. Since Bob’s an expert in every area of Correspondent Banking, he can help you in all sorts of ways. Tax savings, personnel placement, public relations and advertising counseling, bank and personal investment program advice and all other important areas of banking functions are in his field. And like all our Correspondent Bankers, Bob is fully qualified to initiate action on the spot. Without time-consuming committee approvals or other red-tape. Why not call Bob. He’s ready for you with ideas. Now, at (312) 621-5048. American National *The Idea Bank American National Bank and Trust Company of Chicago La Salle at Washington 60690 Phone (312} 621-5000 Member FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwest ern Banker, Augu st, 1969 48 Illinois News Aew Clenvieir Étant» "U nitine" ta A reu •* ■V -- 14 4— T H R E E ST O R Y B U IL D IN G , of w h ite cem en t a n d q u a rtz w ill be th e new h e a d q u a rte rs fo r th e G lenview S t. B k. w ith in th e n e x t fe w y e a rs. A d riv e -in f a c ility w ith five la n e s is to be c o n s tru c te d th is sum m er. RE-CAST panels of w h at cem ent and q u artz chips w ill form th e ex terio r of th e proposed $2,500,000 Glen view State B ank, according to P aul Jones, ch airm an of th e b a n k ’s board of directors. The co ntem porary b u t classic threestory building w ill be b u ilt on a tw o and one-half acre plot a t 800 W au k e gan Road, Glenview, so u th east of the b a n k ’s p re se n t location. The ex terio r featu res pointed arches and “tu lip ” colum ns w h ich unfold in four directions at th e top. Both th e design and construction m aterial of th e b an k w ill be u nique in th is area. The building took n early tw o y ears to design. The b an k w ill occupy th e ground floor and basem en t q u a rte rs of th e building, leaving office space on the second and th ird floors for other busi ness firms. Safe deposit v au lt and em ployee lounges w ill be housed in the basem ent. H eating and air condition ing eq uipm ent w ill be contained in a roof-top enclosure. The b ank also w ill featu re a glass-enclosed com puter departm en t. The b a n k ’s new m otor bank, for w hich g ro und w as b roken in m id-July, is com posed of a separate heated and air-conditioned lobby, five drive-in lanes and tw o w alk-up service w in dows. It w ill be adjacent to th e no rth side of th e b ank and is to be com pleted by October 1, according to Jo h n B eau lieu, b ank president. The seven out door service w indow s at th e b a n k ’s p re se n t site w ill continue in opera tion. T w o O b serve H a lf C entury tra n s it and note units, tra n sfe rre d to city collections in 1938, w as given charge of th a t activity in 1963 and, w hen it w as com bined w ith co u ntry collections in 1968, Mr. Schreiber w as nam ed assistan t head of the new unit. P Two em ployees of the F irs t N ational B ank of Chicago have m arked 50 years of service w ith th e bank. T hey are R ichard V. H um l, a ssistan t vice p re si dent, real estate loan division, and Charles F. Schreiber, a ssistan t head of the collections unit. Mr. H um l entered th e b ank in 1919 and w as assigned to th e real estate di vision, w here he has sp en t his en tire b anking career. He w as elected an as sistan t m anager in th a t d ep artm en t in 1963 and prom oted to a ssista n t vice p resid en t in 1965. He is a form er di recto r of th e A m erican In stitu te of B anking. Mr. Schreiber sta rte d w ith th e bank as a bell boy. He m oved up in the D ecla res S to ck D iv id e n d The board of directors of th e F irst N ational B ank in H arvey has declared a 10 p er cent stock dividend, payable to stockholders of record A ugust 14. The stock dividend w ill be payable on Septem ber 2, 1969. 4— N am ed A ssistant C ashier *" R ichard J. B urda has joined th e staff of F irs t N ational B ank of M ount P rospect as a ssistan t cashier. He w as form erly an exam iner for th e F ederal R eserve B ank of Chicago. Am ong his duties at th e F ed eral R eserve B ank w as th e supervision and administratio n of th e B ank Security Act of 1968. Mr. B urda is a grad u ate of S outhern Illinois U n iversity and lives in Bellwood. A v ' % h ^ 4 F ly in g B an k ers M eet T he In te rn a tio n a l F lying B ankers A ssociation m et recently in O klahom a City and elected these officers: P resid en t—C. M. P regler, president, F irs t N ational Bank, Minco, Okla. Vice P resid en t—Carl T. W aterm an, president, South H olland T ru st and Savings Bank, South H olland, 111. S ecretary-T reasurer — A rth u r H. Parsons, president, A ndrew s B ank & T ru st Company, A ndrew s, S. C. A lbert C arriere, Inc., of Lake Bluff, 111., w as selected to serve as m anage m ent counsel of th e IFBA . Its job w ill be to conduct a long-range developm ent program to increase m em ber ship. The firm has y ears of experience in th e m anagem ent field. It is largely responsible for developm ent and grow th of th e F ly in g P hysicians A ssociation. ^ ^ ' + *■' ^ u < v4* & V 4 > Illinois Correspondent Uignres EPO SITS rep o rted by some of th e leading correspondent banks in Illinois as of Ju n e 30, 1969, are show n here, to g eth er w ith deposit com parisons from a year ago: D (L a s t th re e figures om itted) WAYNE HUMMER & CO. C H IC A G O M EM BERS NEW YORK STO CK EXCHANGE Northwest ern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C o n tin e n tal Illinois N at. Bk. & T r., Chicago F ir s t N a tio n a l B ank, C hicago............................. H a rris T r u s t & Sav. Bk., Chicago ................... N o rth e rn T r u s t Co., C hicago ............................. A m erican N a tl. Bk. & T r., C hicago ................ C e n tra l N a tio n a l B an k , C hicago ...................... L aS alle N a tio n a l B ank, C hicago ....................... N o tio n al B oulevard B ank, Chicago ................. C om m ercial N a tl. Bk., P e o ria .............................. D rovers N a tio n a l B ank, C hicago ........................ N a tio n a l Stock Y ards Bk., N a tl. Stock Y ards Illin o is N a tl. B ank, S prin g leld .......................... M illik in N a tl. B k., D e ca tu r ................................... C itizens N a tl. Bk., D e ca tu r .................................. D eposits J u n e 30, J u n e 28, 1968 1969 $6,083,498 $5,678,569 5,409,744 4,834,929 1,409,210 1,467,215 1,155,467 1,273,723 708,411 656,175 403,151 380,949 373,700 374,380 202,490 174,825 172,066 173,611 168,330 154,933 126,304 121,418 87,070 89,656 75,912 69,870 68,186 65,883 V- Y> r y t 49 i y * r y y y - 4 M y Ä S Ä Ä x * < - y -> „i >A y *y Keep in touch with LaSalleyour good friend on the financial main street of Mid-America V t NATIONAL BANK • LaSalle Bank Building, 135 South LaSalle Street, Chicago, Illinois 60690 • 312/782-5200 ■*? https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwest ern Banker, August, 1969 50 M in n e s o t a NEWS S. R. W HEATON K. A . WALES President Elk River Exec. Secretary Minneapolis .Mina est»/a H ankers Have Few Tvath-in-Leading J0vablenis INN ESO TA b an k ers find a d ju st m en t to th e new truth-in-lend ing law easier th a n expected, accord ing to a spokesm an for th e M innesota B ankers Association. C redit g ran to rs, including th e b an k s of M innesota, looked fo rw ard to Ju ly 1 w ith some h esitan cy and confusion d u rin g th e early stu d y of th e re q u ire m ents of R egulation Z. R egulartion Z, issued by th e F ed eral R eserve Board, is designed to effectu ate th e in te n t of T itle I of th e Con sum er C redit P ro tectio n Act. It con tain s ru les for th e disclosure of th e costs of credit for consum er b uyers and borrow ers. The disclosure of th e costs of credit in term s of an n u al percentage rate has been found to be easier th a n ex pected, and th e tra n sitio n is being m ade w ith o u t u n d u e h ard sh ip on banks. Some difficulty has been ob served in consum er cred it tran sactio n s involving irre g u la r or seasonal p ay m ent schedules and p a rtic u la rly in ag ricu ltu ra l loans. I t is expected th a t banks w ill have a period of a d ju st m ent to go th ro u g h before th e y can learn th e com plicated m athem atical form ulas th a t are necessary to dis close th e an n u al p ercentage ra te and finance charge in these transactions. A significant change can be noted in th e advertisin g of cred it term s by all credit g ran to rs. A dvertisin g w hich heretofore contained such term s as “36 m onths to pay,” “No dow n p ay m en t,” “$55 per m o n th ” h av e now disappeared from th e ad v ertisin g of financial in sti tu tio n s and o th er firm s extending cred it. All ad v ertisin g of credit term s m u st m eet th e req u irem en ts of R egu lation Z, if such term s are advertised; th en all of th e term s of th e tra n s actions, including th e a n n u a l p e rc e n t age rate, m u st be stated. B ankers feel th a t th e new reg u la tions w ill be to th e ir advantage be cause of th e trad itio n ally low er rates th a t bank s have charged for loans. The tru e difference b etw een th e rates charged by b anks and oth er creditors M Northwest ern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis w ill be even m ore ap p aren t as a re su lt of th e new disclosure req u ire m ents. It is expected th a t advertising w ill soon carry th e new req u ired in form ation and th e consum er w ill have a m eaningful com parison of th e costs of credit b etw een th e various types of lenders. B ank S p o n so rs P e o n y S how The F irs t N ational B ank of Crookston recen tly sponsored its 8th annual Peony Show in cooperation w ith the C rookston G arden Club. N inety-one en tries from 36 exhibitors w ere regis tered in th e various classes of peonies and arran g em en ts. The show w as held in th e lobby of th e bank. Special ribbons and g rand prizes w ere aw arded to th e w in n ers in each class by th e F irs t N ational Bank. R eg istratio ns and ju d ging w ere h an dled by m em bers of th e C rookston G arden Club. S&L A sks f o r B ranch M. L. Rye, M innesota com m issioner of banks, rep o rts th a t on Ju n e 27 an application w as filed for a b ran ch of fice of th e R ochester Savings and Loan A ssociation to be located at th e A pache Mall Shopping C enter in th e city of R ochester, Minn. T he in co rporators nam ed in th e ap plication are W illiam E. Shedd and H e rb e rt A. G erlitz, both of R ochester, Minn. The proposed capitalization is $14,535,800. No date as y et has been set for a h earin g on th is application. P elica n R ap id s C hanges A. C. M eland, an em ployee and offi cer of th e J. P. W allace State B ank in Pelican R apids for th e p ast 55 years, has been nam ed ch airm an of the b a n k ’s board of directors. He has been executive vice presid en t and cashier. Mrs. Jessie W. Sherin, b an k presi dent, announced th e prom otion after action tak en at a recent board of di re c to rs’ m eeting. In his new position, Mr. M eland w ill serve in an advisory capacity to th e other b ank officers. O ther changes a t the b ank included the nam ing of C. L. T horstenson as executive vice p resid en t and chief ex ecutive officer. Mr. T horstenson has been w ith the ban k for 33 years. L. E. C hristopherson w as elected vice i presid en t and a ssistan t cashier. Neil Toso w ill continue to act as a ssistan t cashier and w ill assum e the 4 — duties of m anager of th e insurance de p artm ent. The new cashier of the b an k is to be V-R obert B ergquist, p resen t cashier of th e F irs t N ational B ank of D etroit Lakes. Mr. B ergquist has consider able experience in all phases of b a n k ing and assum es his new position at th e J. P. W allace State B ank in the <first p a rt of A ugust. 4 - D ir e cto r s In crea se Capital V» D irectors of S tate B ank of Chanhassen have passed an am endm ent w hich authorizes an increase in th e b a n k ’s capital stock from $40,000 to $60,000 by sale of new stock. 4 - C harter C on version M innesota’s new est state b ank is the F irs t State B ank of Ivanhoe. I t w as converted to th e state c h a rte r on Ju ly 1 from its form er c h a rte r as F irs t N a tional B ank of Ivanhoe. C apital continues at $100,000 and su rp lu s at $150,000. Officers also re m ain th e same. T hey are: Jo h n M. K aczrow ski, president; Stanley W. Dastych, vice presid en t and cashier, - a and Mrs. D onna K usnierek, assistan t cashier. C rook ston O p en in g 4 A pproxim ately 1,000 persons visited the C rookston N ational B an k ’s new ly rem odeled building in C rookston w hen it w as opened recently for inspection by the public. The original building w as constructed in 1916. Donald T. L aw ler, president, re vealed th a t arch itect E ugene H ickey of M inneapolis had designed a new stru c tu re providing an area 50 by 80 feet, w ith a dow nstairs lounge and public m eeting room. R ear e n try from th e p ark in g lot is available, to g eth er w ith an after-hours window. The m ain b anking room includes the lobby, a w aitin g area for custom ers, desks and seven teller units. The bookkeeping d ep artm en t is enclosed at th e re a r of th e bank. The safe deposit v au lt is in a sep arate area together w ith a sem i-private office for tru s t de p a rtm e n t operations. Two priv ate offices adjoin the area *- $*, 4 *~ *« 1 > i— TY r 51 Smooth, fast ® computer starts <3W cGW A bank in Wisconsin had decided to convert its Demand Deposit Accounting to computer and management had narrowed the choice to two computers, when Jim Sullivan of Northwestern Bank made his initial call. Jim outlined Northwestern Bank's computer capabilities. Management was interested but hesitant because of the shortage of time. Jim assured bank management of top priority and immediately Northwestern Bank computer experts went into action. Within four working days, a cost analysis and detailed presentation was made. Management chose the Northwestern Bank computer because it was the right program, and because when there is an emergency, Northwestern Bank reacts fast. There’s more to being a correspondent banker, than just being a correspondent banker. Jim Sullivan, Correspondent Banking Officer for Iowa, Wisconsin, Upper Michigan. Northwestern National Bank of Minneapolis Department of Banks and Bankers MEM BERS FEDERAL DEPOSIT INSURANCE CO RPO RATIO N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o rth w e s te rn Banker, August, 1969 52 Minnesota News l i t L n n j v s t M i n n e s o t a EPO SIT and loan figures for M innesota’s 10 largest banks at m id-year are rep o rted in th e c h a rt below. C om parative figures for th e sam e period a year ago are also shown. D 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. (L a s t th re e figures o m itted ) J u n e 30, 1969 D eposits L oans N o rth w e stern N a tio n a l B ank, M inneapolis ................................ $751,482 $543,423 F ir s t N a tio n a l B an k , M inneapolis ................................................. 737,645 575,198 F ir s t N a tio n a l B ank, St. P a u l ....................................................... 591,326 422,256 F a rm e rs & M echanics Savings B an k , M inneapolis ................. 559,393 444,377 A m erican N a tio n a l B an k & T r u s t Co., St. P a u l ...... 144,171 103,606 M arq u ette N a tio n a l B an k of M inneapolis .................................. 130,245 81,161 F ir s t A m erican N a tio n a l B an k , D u lu th ...................................... 111,255 73,638 55,761 N o rth e rn C ity N a tio n a l B an k of D u lu th .................................... 98,443 M idland N a tio n a l B an k of M inneapolis .......................... 97,706 68,134 N o rth w e stern N a tio n a l B an k of St. P a u l .................. 92,470 62,618 fo r officers. In addition to Mr. L aw ler, officers are Odine Sm ulan, cashier and Roger W. H augen, a ssista n t cash ier. P ip e s to n e C hanges J u n e 29, 1968 D eposits L oans $708,212 $462,759 712,690 500,930 532,096 360,527 489,512 392,716 151,652 84,297 103,722 67,203 110,590 64,798 101,929 30,361 97,272 65,509 84,238 54,135 fa th e r as p resid en t on Ja n u a ry 1, 1924. He served as presid en t u n til J a n u ary, 1968. In M arch, 1966, Mr. H aven sold co n trolling in te re st in th e ban k to C harles M. Johnson, w ho succeeded him as president. W. S. M organ, presid en t, F irs t N a tio n al B ank of Pipestone, has a n nounced th e follow ing prom otions: G. P. Scroggie, executive vice president; C. B. Stavenger, vice president; Dale E. E ikm eier, cashier; Jam es P. Lage, a ssista n t vice p resid en t and ag re p re sen tativ e, and R obert S. M organ, as s ista n t vice p resid en t and m anager, in stallm e n t loan departm ent. Mr. Scroggie, a 1941 g rad u ate of R u th to n H igh School and a 1954 g rad u ate of th e U n iv ersity of W isconsin School of B anking, sta rte d at th e F irs t N ational in 1946. He has been vice p resid en t w ith th e bank. Mr. Stavenger g rad u ated from Luv ern e H igh School and th e School of B anking a t th e U n iv ersity of W iscon sin. Before com ing to th e F irs t N a tio n al B ank in 1956, he w as associated w ith the Rock C ounty B ank and th e Stavenger In su ran ce A gency in P ipe stone. He has been cashier. Mr. E ik m eier joined th e b an k in 1955, w h ere he h as served as book keeper, teller and m ost recen tly as cash ier and in stallm en t loan m anager. H e grad u ated from Ja sp e r High School, South D akota State U n iv er sity, th e N ational In sta llm e n t C redit School at th e U n iv ersity of Chicago and th e G raduate School of B anking at th e U n iv ersity of W isconsin. Mr. Lage has been at th e F irs t N a tional for six years, and Mr. M organ joined th e b an k in 1966. H en ry C. L aum an retired last m onth as vice p resid en t and director of the State B ank of M ound after 34V2 y ears of service w ith th a t in stitu tio n . He sta rte d as a m essenger at the W aconia State B ank in 1915. He m oved from th e re to th e F a rm e rs State B ank of St. B onifacius and w hen th a t b ank m oved to W aterto w n in 1934, he joined the b an k in Mound. R etires at C hatfieM N am ed D irecto r George A. H aven re tire d recen tly from active w o rk as ch airm an of th e board at th e Root R iver State B ank in Chatfield. He w ill continue as a director. On Ju n e 30 he concluded ex actly 64 y ears of active service w ith th e bank. He sta rte d w ith th e b an k in June, 1905, as an a ssistan t cashier after hav in g g rad u ated from Yale U n iv er sity w ith honors. He succeeded his Don K. Podein, cashier at F irs t N a tio n al B ank of Stew artville, has been elected to th e b a n k ’s board of directors to fill th e vacancy created by th e re s ig nation of J. A. Stotko. Mr. Podein has been w ith th e bank 10 years. Northwest ern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis died in a M ankato hospital recently. n l i s He w as a ph arm acist before sta rtin g w ith the F irs t State B ank in 1909 as an assistan t cashier. He had served as presid en t since 1935. I t a H om er W o o ld rid g e B urial services w ere held in Stewartv ille recently for H om er W oold ridge, 87, chairm an of th e board of the F irs t N ational B ank in Stew artville. He joined the b ank as a ssistan t cash ier in 1908 and served as presid en t for m an y y ears before re tirin g from th a t post in 1955. Art G ran dquist R etires A rth u r W. G randquist has retired as cashier of th e F irs t N ational B ank of P a rk e rs P rairie. He had been asso ciated w ith th e b ank since 1942. V irgin ia E le c tio n Jo h n F. Paciotti has been elected as sista n t cashier of the F irs t N ational B ank of V irginia, according to L. E. Fiegel, president. Mr. Paciotti joined th e b an k in Jan u ary , 1968, and will continue his duties in th e tim epay d ep artm en t. M ound B an k er R etires A n th o n y T a m b o rn in o A n th o n y T am bornino, 88, presid en t of th e F irs t State B ank of Le Center, M oves to G rand M eadow E dw ard L. Ziem er w as nam ed as sista n t cashier of th e F irst A m erican State B ank of G rand Meadow recently and has m oved th ere to take up his new duties. Mr. Ziem er had been serv ing as a g ricu ltu ral rep resen tativ e for th e F irs t A m erican banks of Mower County. Previously, he w as associ ate county a g ricu ltu ral agent for Mille Lacs County w ith th e ra n k of assist a n t professor on th e U niversity of M innesota staff. W om an B an k er R etires Miss H ilm a B ethke, a ssistan t cashier at M erchants State B ank in Lew is ville, re tire d Ju ly 1 after 25 y ears of w ork at th e bank. N ew L on d on E x p a n sio n H arold C. Cole, president, State B ank of New London, has announced plans for an expansion of th e b ank building. P urch ase of an adjoining building w ill m ake possible th e ex pansion accom m odating th e bookkeep ing d ep artm en t and o ther b an k facili ties, as w ell as Cole’s Real E sta te and th e New London In su ran ce Agency. R em odeling should be com pleted this fall. S p rin g V alley P r o m o tio n s The prom otion of tw o officers and election of an o th er w ere announced recen tly by directors of th e F irs t N a tional B ank of Spring Valley. S tanley C. H agedorn w as prom oted from a ssistan t vice p resid en t and tim epay m anager to vice president. He succeeds R obert L. B reitenbach, w ho w as recen tly elected p resid en t of th e P ipestone N ational B ank a t P ipe stone. E lsa Schoebel w as advanced from auditor and a ssistan t cashier to audi to r and cashier. Mr. B reitenbach also has been cashier. Omer T rom w as elected a ssistan t cashier and m anager of th e tim epay departm ent. He is m oving th is m onth from Fargo, N. D., w h ere he has been a loan officer in th e tim epay d ep art m en t of M erchants N ational B ank and T ru st Company. N ew D irecto r at W yk off A lfred C. Schroeder has been elected a director of th e F irs t State B ank of Wykoff. He is on th e staff of th e U nited States P ost Office in Wykoff. 53 612/ 334-4424 Hot Line to the Bond M arket Municipals. U.S. Governments. Federal Agency Issues. And other money market instruments. Every possible transaction here, there, anywhere. Professional Traders and sales personnel provide up-to-the-m inute mar kets and information every banking day. Our investment experts provide know -how to help you zero in on the right purchase, make the most profitable investment decision. They are aware experts who serve not only banks, but insurance companies, corporations and individuals as well. They can help you make decisions based on the total national f i nancial environment. Pick up the phone. The man waiting on jlfethe other end isn't just a dealer in bonds. He is the bond market. |U| M inneapolis HAS AIM IDEA FOR YOU BOND DEPARTMENT • FIRST NATIONAL BANK OF MINNEAPOLIS • MEMBER FDIC N o rth w e s te rn Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis YER J. BROOMES, p resid en t of th e M innesota State B ank, St. Paul, has been elected finance c h a ir m an of th e Boys Ranch, established and m ain tain ed by th e M innesota Sheriffs A ssociation. Serving as tr u s tees w ith him are: Judges C h a r le s Cashman, Archie Gingold and Rob ert M a r t i n , together with Dwaine Andreas, Lawrence C a r r, Mrs. Marie Slawik, Ralph Kriesel and Stanley Hubbard. Im m e D. J. B R O G M U S diate goals are ex pansion of existing facilities n e a r A us tin, Minn., and estab lish m en t of new ranches requ ested and u rg e n tly need ed by juv en ile au th o rities, in v arious centers of th e state. The M innesota Boys R anch program has received recognition nation-wide. In related in terests, Mr. B rogm us is finance chairm an and d irector of the N eighborhood H ouse A s s o c i a t i o n , South D istrict YMCA and R iverview M em orial H ospital. A ctive in both th e Sheriffs R eserve and N avy L eague y outh program s, he w as one of 12 civil ian and N ational G eographic officiais recently selected for a Pacific O rienta tion C ruise aboard USS E n terp rise, th e w orld ’s larg est atom ic-pow ered a t tack airc ra ft carrier. He is p resid en t of th e M innesota U nd erw riters A gency Inc. and M inne sota S tate B uilding C orporation, both affiliates of his bank, and is p ast dis tric t p resid en t and councilm an of th e M innesota B ankers A ssociation. * * * In a move th a t coincides w ith its 50th business an n iv ersary , th e AllisonW illiams Company w ill soon m ove to new q u arte rs on th e 14th floor of th e N o rth w estern B ank B uilding in M in neapolis. The in v estm en t b an k in g firm, now located on the b a n k ’s seventh floor, D Northwest ern Banker, August, 7969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis sta rte d in 1919 afte r previously being in th e m ortgage business. O perations began u n d er the presen t nam e in 1932. W. J. Allison, president; Elmer L. W illiams, ch airm an of th e board; I. D. Owen, vice president; O. M. Bergman, vice president, and W alter Bartlett, vice p resid en t and secretary, have been associated w ith th e com pany for 50 y ears or more. The com pany’s u n u su al record for longevity is fu rth e r dem onstrated by th e fact th a t m ost o ther p resen t em ployees have been w ith th e organiza tion over 20 years. A lthough Allison-W illiam s special izes in m unicipal bonds, th e firm has been involved in various financing p rojects concerning electric and nattu ra l gas public utilities, airlines, liq uified petroleum , steel production and o th er co rporate financing. The com pany also has an office in St. Paul. * H= ^ C onsolidated n et operating earnings of Northwest Bancorporation and its affiliates reached an o th er new high of $16 m illion for th e first half of 1969, or $1.40 p er average com m on share o utstanding, up 16.5 per cent from the $13.7 m illion or $1.21 p er share for the sam e period in 1968. P er share fig u res have been restated for the twofor-one stock split effective M arch 31 1969. F o r th e second q u arter, consolidated n e t o p erating earnings totaled $8.3 m illion or 73 cents p er com m on share, up from $7 m illion or 62 cents per sh are for th e second q u a rte r of 1968. Gross operating earnings rose $16.7 m illion or 17.1 p er cent, and total op e ra tin g expenses w ere up $13.4 m il lion or 18.1 p er cent. In te re st costs increased 20.8 p er cent, and operating expenses, o th er th a n in terest, rose 15.6 p er cent. C onsolidated deposits am ounted to $3.25 billion, up 7.7 p er cent from a y ear earlier. D em and deposits con tin u e to rise, recording a 9 p er cent increase, w hile tim e deposits w ere up 6.4 per cent over a year ago. Loans at Ju n e 30, 1969, rose to an o th er high at $2.26 billion, up 15.7 per cent from a year ago. Book value per share of common stock outstanding, excluding reserves, w as $22.62 based on 11,415,148 com m on shares o u tstanding at Ju n e 30, 1969, com pared w ith $21.45 per share for 11,400,962 equivalent shares a year ago. * * * D irectors of F irst T ru st Com pany of St. P aul have elected David Bosselinann and E. Thomas Brennan as as sistan t tru s t officers. He Hi H= Two directors have been added to the board of N o rth w estern N ational B ank of St. Paul, according to an an nouncem ent by John A. McHugh, p re s ident. T hey are David S. Nicholson and Royce A. Coffin, both of St. Paul. Mr. N icholson is p resident of Blackbourn Binding, Inc., and B lackbourn System s, Inc. Mr. Coffin is vice presid en t and tre a su re r of Econom ics L aboratory, Inc. He * * The election of Carl N. Platou, exec utive vice presid en t of F airv iew H os pitals, to th e board of tru stees of F arm ers & M echanics Savings B ank of M inneapolis w as announced last m onth by ch airm an of th e board, Hermon J. Arnott. He He He Eugene L. Hanson, vice presid en t in charge of m idw est ord in ary life and h ealth in surance sales, announces th a t Jack B. Dowell has joined th e sales staff at N orth C entral Life In su ran ce Company, St. Paul, as B an k /L ife dis tric t m anager. H is duties w ill focus on th e selling and servicing of N orth C en tral’s B an k /L ife products th ro u g h th e financial in stitu tio n s in n o rth e a st ern M innesota. Mr. Dowell, a 1955 g raduate of the M innesota School of Business, joins N orth C entral w ith 14 y e a rs’ sales ex perience, including both w holesale 55 John Hunt, Gill Falk, John Ordos, Doug Johnson ► —f ► - y T V »> The "Fleet Four” from Midland. Don’t let an operational hang-up throw you on a fast curve. Speed is the name of the game and Midland’s team of Full Service Bankers are only a fast answer away from helping you with investments, credits, collections, data processing, loan analysis or systems and procedures. For a full cycle of speedy service and an answer to your banking problems, just call one of the ‘’Fleet Four” at Midland. Midland National Bank o f Minneapolis @) ^ 1909. 1969^ Call 332-0511 401 Second Ave. So. • M inneapolis, Minn. 55440 M e m b e r Federal Deposit In sur anc e Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, A u g u st, 1969 56 Minnesota News and retail selling. He has m ost re cently been associated w ith th e P ru dential Life In su ran ce Com pany as a debit agent. A nativ e of G rand Rapids, Minn., Mr. Dowell is active in his local Jaycees and th e recip ien t of th e ir M inne sota P ow er & L ight “P riv a te E n te r prise A w ard ” and th e com m unity Dis tinguished Service Award. * * >1= Two St. P aul b u sinessm en have been appointed to th e board of direc tors of F irs t G rand A venue State Bank, according to Janies G. Goblisch, president. T hey are John L. Brassard, p resid en t and gen eral m anager of Metalcote G rease and Oil Company, and Robert C. Klas, p resid en t of TapeM ark Company. * * * Mrs. B etty Scherer w as appointed adm in istrativ e officer of G am bles Con tin e n ta l B ank, St. Paul. She w as ex ecutive secretary to th e p resid en t w hen th e b ank becam e a subsidiary of Gambles in 1967. * * W endell L. Olson, p resid en t of the F o u rth N o rth w estern N ational Bank, announces th a t th re e new b an k offi cers have been appointed. Paul F. Ederer, Willard E. Rohde and Patrick H. Kneefe have been nam ed to th e po sition of a ssistan t cashiers. Mr. E d e re r is a g rad u ate of E dina H igh School and later atten d ed th e M innesota School of B usiness. Before joining th e b an k in N ovem ber, 1968, he w as em ployed by A ssociates F i nance, Inc., for a period of six y ears as a m an ag er of loan offices at Red Oak and Sioux City, Iowa. He w ill be serving as th e m anager of F o u rth N o rth w este rn ’s in stallm en t b an k in g departm ent. Mr. Rohde is a form er resid en t of Madison, W is., w here he atten d ed Cen tra l H igh School and is a 1967 g ra d u ate of th e U n iv ersity of W isconsin. Mr. R ohde joined th e staff of th e b ank u n d er a N o rth w est B ancorporation tra in in g pro g ram in Septem ber, 1967. He has served in several d ep artm en ts of th e b an k and w ill now be assigned to m ortgage loan activities. Mr. K neefe is a g rad u ate of St. P eter, Minn., H igh School and has tak en a n u m b er of courses offered by th e M inneapolis C hapter of th e A m eri can In stitu te of B anking. He sta rte d w ith F o u rth N o rth w estern in 1964 as a teller and now serves in th e in stall m ent b ank in g and credit d epartm ents. * * * Mrs. Gladys Delaney, H opkins, an assistan t cashier at th e F o u rth N o rth w estern N ational B ank, M inneapolis, has been nam ed B usiness W om an of th e Y ear by th e V iking ch ap ter of th e A m erican B usiness W om en’s AssociaNorthwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tion. She w ill be entered in the n a tional com petition held a n n u a l l y am ong ABW A’s 48,000 m em bers. * * * Richard A. Erickson, assistan t vice president, M idland N ational B ank of M inneapolis, w as grad u ated from the School of B ank Public R elations and M arketing in cerem onies on the cam pus of N o rth w estern U niver sity in E vanston, 111. R. 4. E R IC K S O N The school sponsored by the B ank Public R ela tions and M arket, n g A s s o c ia tio n _ ls a tw o-year program consisting of a tw o-w eek session in residency each y e a r plus th e com pletion of a m ajor pro ject on some phase of bank m a r k etin g or public relations. W illiam F. Ogden, Jr., vice president in charge of th e in tern atio n al b an k ing d e p a rtm en t at F irs t N ational B ank of M inneapolis, has been appointed to th e new ly-form ed Mid-America advis ory com m ittee of th e Foreign Credit In su ran ce A ssociation (FCIA ). * * * N o rth w estern B ank’s em ployee m ag azine, W e a th e r b a ll N e w s, received a second place aw ard in one of six cate gories in a recen t com petition spon sored by th e In tern atio n al Council of In d u stria l E ditors. Miss Teri W illett, editor of th e m ag azine, flew to Boston to receive the aw ard for the series of articles she did in th e June, A ugust and October, 1968, issues on com m unity concern and the co n stru ctiv e role of the b ank and its em ployees in com m unity affairs. F irs t place w in n er in th is category w as W ey erh aeu ser Company, Tacoma, W ash. N o rth w estern w as th e only b ank honored in th e com petition w hich included m any of th e largest com pa nies in th e w orld. * * * Newton H. Dashiell, Jr., vice p resi dent of N o rth w estern N ational B ank of M inneapolis, has been elected presi den t of th e M innesota ch ap ter of Rob e rt M orris Associates. O ther new officers are: Hoyt W. Eathen, vice presid en t of N o rth w est ern N ational B ank of South St. Paul, vice president, and J. Leonard Erick son, vice p resid en t of M arquette N a tional B ank, secretary-treasurer. * * * N o rth w estern N ational B ank of M in neapolis announced th a t it has opened a b ran ch office in N assau, B aham as. N o rth w estern said th e purpose of th e b ran ch is to enable it to accept E urodollar and E u ro cu rren cy deposits to finance in tern atio n al business. The b ranch “w ill perm it us to fi nance th e foreign activities of our corporate custom ers and those of our correspondent banks in the m ost eco nom ical w ay possible,” John A. Moor head, chairm an of N orthw estern, said. * * * James G. Peterson, presid en t of Dain, K alm an & Quail, Inc., w as elect ed presid en t of the G reater M inneap olis Cham ber of Commerce at a recent m eeting of its board of directors. In cluded am ong those elected to o th er C ham ber positions w as C. Bernard Ja cobs, chairm an of the board, N ational City B ank of M inneapolis, w ho w as nam ed to a three-year term on th e board of directors. * * * The First National Bank of Saint Paul concluded a five-week prom otion recently, p rim arily designed to a t tra c t new savings and checking ac counts. The four prem ium s from w hich custom ers w ere invited to inake a selection w ere all safety-oriented and the en tire prom otion w as built around a safety-first them e of “Life-savers for M oney-savers.” The gift item s of fered w ere a floating lantern-type flashlight w ith a built-in red w arn in g blinker, a fire extinguisher, a first aid k it and pressurized tire inflator-sealer. Public acceptance of th e item s w as phenom enal, according to a spokes m an for th e bank, w ho indicated re sults w ere ru n n in g betw een th ree and four tim es th e n um ber of anticipated w hen the program w as form ulated. To obtain a gift, custom ers w ere asked to open a new savings account (passbook, savings plus and savings certificates all qualified) w ith a m ini m um of $20, or add a m inim um of $20 to an existing savings account, or open a checking account w ith any am ount. The prom otion w as backed by a stro n g ad v ertisin g program w hich in cluded two-color new spaper ads, tele vision, spot radio and direct mail. E x tensive use w as also m ade of in-bank displays. To fu rth e r focus atten tio n on the prom otion th e ban k also invited v a ri ous organizations having an in terest in safety to p u t on displays and dem on strate du rin g noon h o urs in th e b a n k ’s stre e t floor arcade. O rganiza tions th a t particip ated w ere th e M in nesota State H ighw ay P atrol, St. P au l Y.W.C.A., St. P aul C hapter of A m erican Red Cross, St. P aul F ire D epartm ent, M etropolitan A rea Safety Council and th e U. S. Coast G uard A uxiliary, w hich installed a w ater safety exhibit tied in w ith N ational Safe B oating W eek. »” ♦~ 1 * 4 -<«• 4- K - ¥ <4.~ ▼ rV - ' 4* 4- < 4* * 4 4 '<■ yr~ r 57 > H * Easy to get to — The New Northwestern Bank of Saint Paul 16-story building is right in the heart of downtown shopping. Easy to do business with — a host of new banking services, a new Personal Banking Cen ter, tellers on both the ground floor and skyway floor, who handle both savings and checking, and longer banking hours. Easy on the eyes — new fashions for our tellers. Every day's a style show. Coming soon — the easiest parking and drive-in banking facilities around. Come on over to Easy Street. We've some surprises for you. The New Northwestern National Bank of Saint Paul Member Federal Deposit Insurance Corporation 'i https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 55 E. F IF TH STREET, T E LE PH O N E 2 2 4 -3 7 7 3 Northwest ern Banker, August, 1969 58 Minnesota News m ajor a tten tio n to com m ercial and in Dui Idi ufin A ustin stallm en t loans. S ta rt Neiv In su ra n ce A g en cy M anager Jo h n P. C hristenson has been nam ed m anager of th e N o rth w estern In s u r ance Agency and a ssistan t vice p resi dent of th e N o rth w estern N ational Bank, H astings, it w as announced last m onth by b an k P re sid e n t R ichard P. Pike. Mr. C hristenson joined th e bank in M arch of 1967. A * * A NEW B U IL D IN G . . . C O N S T R U C T IO N is u n d e rw a y on a new b u ild in g fo r A u s tin S ta te B a n k on th e c o rn er of M a in S tr e e t a n d 4 th A v en u e N .W ., ju s t a block n o rth o f th e p re s e n t lo c a tio n , in A u s tin . C a rl W . B e ire is sa id co m p letio n d a te is sc h e d u le d fo r M a y , 1970. A ll m o d ern b a n k in g c o n v en ien ces w ill be in c lu d e d in th e new f a c ility , in c lu d in g fo u r d riv e -in w indow s a n d c u sto m e r p a r k in g fo r 20 a u to s. T he d e sig n p lac es th e b u ild in g w ell b a c k fro m M a in S tre e t, a llo w in g fo r la n d s c a p in g to en h an c e th e c o rn er lo t, as w ell as to re g u la te a u to traffic to te lle r w in d o w s a n d p a rk in g a re a . T o ta l floor a re a of 15,500 sq u a re f e e t is b e in g u tiliz e d fo r m ax im u m c o n v en ien ce fo r th e sta ff a n d th e p u b lic . T he p rim a ry em p h a sis of design, M r. B e ire is no tes, is on fu n c tio n , low m a in te n a n c e , c o m fo rt a n d v is u a l a p p ea l. W a rre n K a n e of A u s tin is th e a rc h ite c t. C o n stru c tio n w o rk is b e in g done b y lo ca l c o n tra c to rs. G rou n d -B reak in g Civic officials joined w ith officers of th e A lexandria S tate B ank in A lexan dria recen tly for ground-breaking cere m onies signaling th e s ta rt of co n stru c tion of a new b an k building. M artin H aar, p resid en t of th e bank, said com pletion date has been set for May, 1970. A lexandria S tate B ank observed its 50th a n n iv e rsa ry in June. In su ra n ce F irm C hairm an L u th e ra n M utual Life In su ran ce Company, W averly, Iow a, has an nounced th e election of Clifford C. Sommer, O w atonna, Minn., as ch air m an of its board of directors, succeed ing E. J. von B riesen, M ilwaukee, Wis., w ho has retired . Mr. Som m er h as been a board m em b er since 1956. H e is p resid en t and directo r of th e S ecurity B ank and T ru st C om pany of O w atonna and state senato r of M innesota’s T h ird D istrict. M oves to H aw ley R onald A. U lven, a ssista n t vice p res ident and a g ric u ltu ra l officer of th e F irs t N ational B ank a t C rookston, has resigned to accept a position as vice p resid en t of th e S tate B ank of H aw ley, according to M arvin Campbell, presid en t of th e F irs t N ational Bank. Mr. U lven joined th e F ir s t N ational B ank of C rookston in A pril, 1966. He had p reviously held th e position of assistan t cashier and a g ric u ltu ra l re p resen ta tiv e w ith th e Jam esto w n N a tional B ank, Jam estow n, N. D. F in ish H okali R e m o d e lin g Open house w as held recen tly to give th e public an o p p o rtu n ity to view th e rem odeled q u a rte rs now occupied by th e Com m ercial State B ank of H okah. B oth ex terio r and in terio r have been com pletely renovated. J o in s W in o n a B oard B enjam in A. M iller has been appoint ed to th e board of directors of the M erchants N ational B ank in W inona, according to Gordon R. Espy, presi dent. Mr. M iller is p resid en t of Fib erite C orporation, presid en t of M iller W aste Mills and presid en t of McConnon & Company. N ew A d d itio n A new addition m easuring 56 by 24 feet is being co nstructed at th e re a r of th e C itizens State B ank B uilding in E agle Bend. T his w ill increase the over-all size of th e b ank building to 116 by 24 feet. C linton P. N ordstrom , vice president, said th e badly needed space is expected to be ready for oc cupancy by early fall. J o in s F arib au lt B an k B u rl H. Leo has joined th e staff of th e S ecurity N ational Bank, F arib au lt, as a ssistan t cashier. He w ill devote (C ontinued from page 40) The face of th e v au lt is of stainless steel em bellished w ith large brass hob -A nail-like hexagonal o rnam ents in a free-form design. The hobnail form design w as done by St. P aul sculptora rtist G erald B onnette. T he door w eighs approxim ately 10 « tons and is so delicately balanced th a t it can be pulled open or closed w ith a ¥ ru b b er band. U nder norm al operation, 4 it w ill be electrically operated. A series of to u rs and receptions w ill <4be held th ro u g h o u t th e w eeks ahead to acquaint people w ith th e new facili ties and offices. The b an k elected to spread out the IT to u rs over a period of tim e ra th e r th a n f T atte m p t to h u rrie d ly jam th ro u g h those w ho w ished to see th e new q u ar ters, according to Mr. M cHugh. “W e w an t to give people an ade A. quate o p p o rtu n ity to see w h a t w e have and u n d erstan d w h a t w e are doing,” he said, “and our officers and staff w ish to m eet personally as m any visi to rs as possible.” ' A. Mr. M cHugh, 43, is a n ative M inne sotan w ith roots in D uluth, St. P eter, St. P au l and M inneapolis. H e w as born in D uluth and w en t to high 4 school there, atten d ed th e U n iv ersity Aw of M innesota, and g raduated from both G ustavus A dolphus College and the < U n iversity of M innesota Law School. He becam e p resid en t of th e N o rth w estern N ational B ank of Saint P au l in Septem ber, 1968, succeeding H. W il 4 liam Blake, w ho th e n becam e ch air A m an of th e board. P reviously, Mr. M cHugh w as senior 4 vice p resid en t of th e N o rth w estern N ational B ank of M inneapolis. V~ 5 Larf/cst Hanks South D akota E PO SIT and loan figures for th e five larg est banks in South D akota are show n in th e ch art below as th ey w ere rep o rted at m id-year. Com parable figures from a y ear ago are also show n. D 1. 2. 3. 4. 5. (L a s t th re e figures om itted) J u n e 30, D eposits N a tio n a l B an k o f S outh D akota, Sioux F a lls ...........................$146,323 N o rth w e ste rn N a tio n a l B an k of Sioux F a lls .......................... 113,138 F ir s t N a tio n a l B an k of T he B lack H ills, R apid C ity ............ 96,618 F ir s t N a tio n a l B an k of A berdeen ................................................... 79,670 F ir s t N a tio n a l B an k in Sioux F a lls ............................................... 43,721 t' ''Á ¥ 1969 J u n e 29, 1968 L o an s D eposits L oans $ 98,007 $133,544 $ 86,649 68,488 95,576 57,740 59,645 86,815 53,042 53,052 70,006 45,558 23,961 36,674 20,942 T Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 59 S o u th D a k o t a NEWS C . A . LOVRE NEIL MILNER President Secretary Sioux Falls Huron South D akota Committees Nam ed O M M ITTEES for th e South D akota B ankers A ssociation have been C appointed as follows by C urtis A. Lovre, p resid en t of th e SDBA and president, N o r t h w e s t e r n N ational B ank of Sioux Falls. An a ste risk (*) preceding a nam e indicates executive council m em ber assigned to com m it tee. F irs t nam ed m an on each com m ittee is chairm an. - *f T -a* - » ' * ~^’Y - ~N V "V - V 1 A G R IC U L T U R E CO M M ITTEE T. W. D IE F E N D O R F , F a rm e rs S ta te B an k , Ire n e S T A N L E Y D. M O R R IL L , N a tio n a l B an k of S outh D akota, Sioux F alls S T A N L E Y M. P E T E R S E N , F a rm e rs a n d M er c h an ts B an k , A berdeen R U S S E L L ST O N E , F ir s t P o tte r C ounty B ank, G ettysburg. R O N A L D JE N K IN S , C om m ercial T r u s t & S av in g s B an k , M itchell R. G. K N O D EL, F ir s t S ta te B an k , M cL au g h lin S H E L D O N T H U E , C om m unity S ta te B an k , H a y ti R O B E R T F R A N Z E N , F ir s t S ta te B an k of P ie rp o n t, P ie rp o n t BURDETTE SO LUM , F ir s t N a tio n a l B ank, W aterto w n R. J . F IN E R A N , P ie rre N a tio n a l B an k , P ie rre G A RY O LSO N , N o rth w e ste rn N a tio n a l B an k , H uron FR E D M. H O U D A , T ri-C o u n ty S ta te B an k , K im ball W . F. H U R R E L L , A berdeen N a tio n a l B an k , ED L. A N D E R SO N , F ir s t N a tio n a l B an k o f th e B lack H ills, R apid C ity D A N B A U M G A R TEN , B an k of Lem m on, Lem m on W . D. H E U P E L , F ir s t N a tio n a l B an k of A b e r deen, M obridge *ED B O EH M K E, W ilm o t S ta te B an k , W ilm o t * W A Y N E SL A D E , F u lto n S ta te B an k , F u lto n B A N K M A N A G E M E N T C O M M ITTEE N E A L L. JA C O B SO N , B ry a n t S ta te B ank, B ry a n t D. W . CO TTON, U n ite d N a tio n a l B an k , B ran d o n H E N R Y S E R R , C itizens S ta te B an k , A rlin g to n H O W A R D B. L E E , F ir s t N a tio n a l B an k , V olga M E R L E D E A N , F a rm e rs S ta te B an k , C anton EM O RY ST O H R , F ir s t S ta te B an k , C larem o n t S T A N L E Y A. BERG, Stockholm S ta te B ank, Stockholm W A Y N E M EY ER , Peoples S ta te B an k , D eSm et J O H N L A S H E R , N o rth w e ste rn N a tio n a l B an k , B rookings T. M. D R EW , O k ato n S ta te B an k , O katon F. W. CARD. Dewey C ounty B an k , T im b er L ak e A R T H U R H. D A V IS, M iners a n d M erch an ts B ank, Lead JO H N L. L IL L IB R ID G E , B u rk e S ta te B ank, B urke *L. A. JO H N S O N , A berdeen N a tio n a l B ank, A berdeen »H O W A RD H. P E T E R S , A m erican S ta te B an k , W essin g to n S p rin g s E D U C A T IO N COM M ITTEE R. K. L IP P E R T , Ipsw ich S ta te B an k , Ipsw ich L. G. GROSZ, S ecu rity B an k , W eb ster N . C. G ROSS, F ir s t D a k o ta N a tio n a l B ank, Y a n k ton R O B E R T E. FISH B A C K , F ir s t N a tio n a l B an k , B rookings M A R T IN D IE T R IC H , T h e F ir s t P o tte r C ounty B an k , G e tty sb u rg R O B E R T H. TH O M PSO N , M in er C ounty B an k , H ow ard M IL T O N M E H L H A F F , F ir s t N a tio n a l B ank, F ree m a n JA M E S D. JE L B E R T , F ir s t N a tio n a l B an k of th e B lack H ills, Spearfish. C. R. W E A V E R , N a tio n a l B an k of S outh D akota, H u ro n H O W A R D P E T E R K A , F ir s t N a tio n a l B an k , M iller https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W A L T E R L IN D E R M A N , N a tio n a l B ank of S outh D akota, R apid C ity JO H N A. H O E R T E R , F a rm e rs S ta te B ank, Hosm er B. E. BORK, V alley N a tio n a l B ank, Sioux F alls *D. J. SEBA D E, F ir s t W estern B ank, W all IN S T A L L M E N T LO A N COM M ITTEE T E R R Y BEDDOW , F a rm e rs & M erchants B ank, A berdeen G ERA LD B. F E L D H A U S , U nion B ank a n d T ru st, Sioux F alls V. O. H O L T E R , N a tio n a l B ank of S outh D akota, V erm illion H A RV E Y E IC H IN G E R , McCook C ounty N a tio n a l B ank, Salem L O Y A L O LSON , B ank of U n ion C ounty, E lk P o in t H. IV A N ST E E N , N o rth w e ste rn N a tio n a l B ank, Sioux F alls T E R R Y L. W A BA , F a rm e rs & M erchants B ank a n d T ru st, W aterto w n R. D. H A Y N ES, S pink C ounty B ank, Redfield JA M E S H O W A RD , F ir s t N a tio n a l B ank, L em m on C LA R EN C E N E U H A R T H , F ir s t N a tio n a l B ank, P ie rre J . R. E C H T E R M E Y E R , A m erican S ta te B ank, Y an k to n D. B. L A IR D , S ecurity S ta te B ank, T yndall JA C K DAY, F a rm e rs S ta te B ank, W in n e r JA M E S N. SC H N E ID E R , R ushm ore S ta te B ank, R apid C ity DAV ID H E S S E L , N a tio n a l B ank of S outh D a k o ta, Sioux F alls »JO H N R E ID L IN G E R , C am pbell C ounty B ank, H e rre id IN S U R A N C E COM M ITTEE RAY PL O W M A N , F ir s t S ta te B ank, A rm o u r R. C. W H E R R Y , F a u lk C ounty S ta te B ank, F a u lk to n M. O. L IN D E L L , B ank of V eblen, V eblen L E E V IB ER G , U n ion B an k & T ru st, Sioux F a lls H A RO LD TO R N ESS, R oberts C ounty N a tio n a l B ank, Sisseton R. E. TR O SK E , F a rm e rs S ta te B ank, T u rto n R. W. H A B B E R STA D , F a rm e rs & M erchants S ta te B ank, Iroquois JO H N M. M cGREGOR, B ank o f N ew Effington, N ew Effington C A RL E. JO H A N S O N , H and C ounty S ta te B ank, M iller T. A. W E A T H E R S T O N E , F ir s t N a tio n a l B ank, Sioux F alls »JA M ES I. DEAM , A m erican S ta te B ank, Y a n k to n P U B L IC -IN D U S T R IA L R E L A T IO N S C O M M ITTEE LA R R Y L. TIC K N O R , U n ite d N a tio n a l B ank, V erm illion M. G. SL A A T H A U G , Peoples S ta te B ank, S um m it JO H N G ER K EN , N o rth w e ste rn N a tio n a l B ank, Sioux F a lls F R A N K E. D U FFY , U nion B ank & T ru st, Sioux F alls G EORGE PE T E R S O N , N a tio n a l B ank of South D ak o ta, Sioux F a lls JO H N W. TH O M SO N , B ank of C enterville, C en te rv ille SCOTT LO V A LD , F ir s t N a tio n a l B ank, P h ilip FR A N C Y S N A SL U N D , F a rm e rs S ta te B ank, F a ith J . G. T W ISS, S ecurity S ta te B an k , D oland B E R N A R D B. H O RSTM A N , M itchell N a tio n a l B an k , M itchell D O N A LD W . D W IG H T, S pringfield S ta te B ank, Springfield J O H N M EY ER , Jo n es C ounty S ta te B ank, M urdo H. P . D IX O N , F ir s t N a tio n a l B ank of th e B lack H ills, R apid C ity JO H N O W EN S, T he O nida B ank, O nida R. M. C LIK E M A N , P a rk e r S ta te B ank, P a rk e r FR A N K K O BER , F ir s t N a tio n a l B an k of the B lack H ills, R apid City »JA M ES K O P P E R U D , C om m unity S ta te B ank, L ak e P re sto n T R U ST CO M M ITTEE A R T H U R R. O LSON , N o rth w e stern N a tio n a l B ank, Sioux F a lls THOM AS J . B A R R O N , F ir s t N a tio n a l B ank, Sioux F alls JA M E S T. BRICK , N a tio n a l B ank of S outh D a k ota, Sioux F alls JE R R Y M IL L E R , F ir s t N a tio n a l B an k , W a te rtow n D A N IE L R. F R IT Z , F ir s t N a tio n a l B an k of A ber deen, A berdeen W IL L IA M N E L SO N , A berdeen N a tio n a l B an k , A berdeen K A R L B ER G G REN , F a rm e rs & M erchants B ank and T ru st, W aterto w n JA M E S ST EW A R T , C om m ercial T r u s t & S avings B ank, M itchell L. J. SO M ER, F ir s t D ak o ta N a tio n a l B ank, Y a nkton JE R A L D G ERD ES, F ir s t N a tio n a l B an k of th e B lack H ills, R apid C ity W IL L IA M K IL R O Y , N a tio n a l B an k of S outh D akota, R apid C ity » JO H N V. O’D O N N E L L , F ir s t N a tio n a l B ank, L em m on L E G IS L A T IV E CO M M ITTEE BOYD KN O X , C om m ercial T r u s t & S avings B ank, M itchell W ALTER P A IL IN G , N a tio n a l B an k of South D akota, R apid City E R L IN G H A U G O, V alley N a tio n a l B an k , Sioux F alls R O GER M cK E L L IP S , S ta te B an k of A lcester, C H A R L E S D. GREGG, W este rn S ta te Sioux F a lls BOYD B. H O P K IN S , L ive Stock S ta te B ank, B an k , D O N A LD W E ST B E E , N a tio n a l B an k of South D akota, Sioux F a lls N E A L F . V A N V L E E T , C om m unity B an k , H a r t ford H ER M A N L E R D A L , M itchell N a tio n a l B ank, M itchell RAYM OND N E L SO N , B ig S tone S ta te B ank, B ig Stone City G L E N N H . W A L T N E R , F ir s t N a tio n a l B ank, F ree m a n H A RO LD T. H A Y N E S, S pink C ounty B ank, R edfield W A Y N E B R E D ESO N , F a rm e rs & M erchants B an k & T ru st, W aterto w n W A L T E R K. JO H N S O N , F a rm e rs S ta te B ank, E ste llin e R O B E R T H. W A L R A T H , F ir s t N a tio n a l B ank, W ate rto w n H E N R Y B. SC H E L L E , T ri-C o u n ty S ta te B ank, C ham berlain C. P . M OORE, F ir s t N a tio n a l B ank, A berdeen A L L A N L A R SO N , F a rm e rs S ta te B an k , W in n e r K E N N E T H G. K L A T T , D a k o ta S ta te B ank, T rip p M O R R IS G. W IN T E R , A ndes S ta te B ank, L ake A ndes R. H. F R E I, C om m ercial S ta te B ank, W ag n e r C U R T IS B. M A T EE R , P ie rr e N a tio n a l B ank, P ie rre J . S. H O L D H U SE N , Ipsw ich S ta te B an k , Ipsw ich C H A R L E S T. U N D L IN , F ir s t N a tio n a l B an k of th e B lack H ills, R ap id C ity G. L. H IL L , D acotah B an k H olding Co., A berdeen »JA M ES I. DEAM , A m erican S ta te B an k , Y an k to n »JA M ES K O P P E R U D , C om m unity S ta te B ank, *E, W. B O EH M K E, W ilm ot S ta te B ank, W ilm ot *L. A. JO H N S O N , A berdeen N a tio n a l B an k , A berdeen »HOW ARD H. P E T E R S , A m e ric a n S ta te B an k , W es'sington S prings »W A Y N E SLA D E, F u lto n S ta te B ank, F u lto n » JO H N V. O’D O N N E L L , F ir s t N a tio n a l B an k , Lem m on »JO H N R IE D L IN G E R , C am pbell C ounty B an k , H erreid *D. J . SEBA D E, F ir s t W este rn B an k , W all »FR A N K K O BER , F ir s t N a tio n a l B an k of th e B lack H ills, R apid C ity SD B A D a tes A n n o u n c e d C urtis A. Lovre, presid en t of th e South D akota B ankers A ssociation, and Neil M ilner, executive secretary of th e association, have announced dates for th ree im p o rtan t events com ing up in Septem ber and October. The SDBA tru s t com m ittee has scheduled a T ru st W orkshop for Sep tem ber 9 at th e K ing’s Inn, P ierre. T he one-day m eeting w ill s ta rt at 9:00 a.m. and ad journ at 4:00 p.m. A Public R elations and M arketing C onference w ill be held Septem ber 18 at th e H oliday In n in M itchell. It w ill also ru n from 9:00 a.m. to 4:00 p.m. T his is th e first such m eeting sponNorthwest ern Banker, August, J969 60 South Dakota sored by SDBA, and all m anaging offi cers and ad v ertisin g p ersonnel are be ing urged by SDBA to m ake plans now to attend. It w ill featu re ideas and tools to assist b anks in th e ir ad v ertis ing program s and in prom o tin g indi vidual com m unities. The 1969 F all G roup M eetings have been scheduled as follows: Group I—October 13, R am ada Inn, Sioux Falls. Group I I I — October 14, C ountry Club, M itchell. Group V—October 15, H oliday Inn, R apid City. Group IV—October 16, C ountry Club, M obridge. Group II —October 17, C ountry Club, Clark. B anquet sp eaker for th e w eek w ill be Lt. Gov. George N igh of Oklahoma. D o u b le C eleb ration On Ju ly 19, th e B lackpipe State B ank a t M artin, S. D., and its p resi dent, O. A. Hodson, w ere honored in a dual celebration. T h at w as th e date the b ank w as c h a rte red in 1919, 50 y ears ago, and th e m an w ho did th e c h a rte rin g and has been th e m anaging officer ever since is “H od” Hodson. P reviously, he had been an officer w ith th e B elvidere State B ank in B elvidere from 1909 to 1919. The 87-year-old p resid en t is alert and active, m anaging loans and th e in su rance d epartm ent, according to B. B. Hodson, executive vice president and cashier. The senior Mr. Hodson w as honored at a special lobby b irth day p a rty by the staff and friends. The b a n k ’s 50th an n iv ersary w as celebrated w ith a free m ovie at the local th eater, free sw im m ing at Markota A cres C ountry Club, a free pit barbecue at the M artin City P ark, and a firew orks display in the sam e p ark th a t evening. C apital In crease The board of directors of W estern B ank in Sioux F alls has announced an increase of $250,000 in th e capital stock account and $100,000 in the su rplus ac count. T hese increases raised the p e r m an en t capital stru c tu re of th e bank to $750,000. T his is th e eighth occasion since W estern B ank w as c h artered in 1959 th a t the capital stru c tu re has been in creased. Bank P ro m o te s Art C enter N o rth w estern N a t i o n a l B ank of Sioux F alls has donated $725 to the Pioneer M em orial A rt C enter as a p a rt of the recen t prom otion for a book on H arv ey Dunn, pioneer South D akota artist. The A rt C enter c u rre n tly is be- Statement of Condition June 30, 1969 RESOURCES Cash and due from Banks _____ ____________ __ _____ $13,944,475.19 U. S. Government Bonds .......................... 14,227,323.04 O ther Bonds and Warrants 7,530,854.20 $35,702,652.43 Federal Funds Sold ...................................................... 2 , 000 , 000.00 FHA Title II R.E. Loans 3,375,547.35 G .l. Real Estate Loans 1,554,995.45 Other Loans and Discounts 44,910,294.92 Total Loans and Discounts ............................... 49,840,837.72 Stock in Federal Reserve Bank ....................................................... 120, 000.00 Other Resources ............................................................ .............................................................. 1,191,248.25 TOTAL RESOURCES ............................... LIABILITIES $88,854,738.40 DEPOSITS Demand ................. $38,815,787.20 Time .................................................................................................................. 40,333,711.66 TOTAL DEPOSITS ......................................................................................................................... $79,149,498.86 C apital Stock (Common) ................................................................... 2,000,000.00 Surplus ................................................................... 2,000,000.00 U ndivided Profits .......................................................................................... 1,822,521.30 Reserves ................................................................................. 905,464.76 Total C apital Accounts 6,727,986.06 Federal Funds Purchased 150 000.00 O ther L ia bilities ................................... 2,827,253.48 TOTAL LIABILITIES $88,854,738.40 SECURITY T R U S T & S A V IN G S BANK B IL L IN G S , M O N T A N A Member of Federal Deposit Insurance Corporation Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Member of Federal Reserve System •4 A - PA INTTN G- b y H a rv e y D u n n is v iew ed b y A u th o r R o b e rt K a ro le v itz a n d C u rt L o v re, p res., N o rth w e s te rn N a tl B k., S ioux P a lls. ing constructed on the cam pus at State U niversity in Brookings to house th e paintings by Mr. Dunn. The book on Mr. D unn titled, “The P rairie Is My G arden,” w as au th o red by R obert K arolevitz. The N o rth w est ern N ational placed th e book on sale d u rin g a recen t w eek at all its loca tions in South D akota and the books w ere personally au to graphed by Mr. K arolevitz. He appeared w ith C urtis A. Lovre, presid en t of N o rth w estern N ational B ank of Sioux Falls, at sev eral of th e offices d u rin g th e week. Mr. Lovre announced th a t for every book sold d u rin g th e week, th e b ank w ould co n trib u te $1 to the Pioneer Me m orial A rt Center. The books w ere sold at th e reg u lar published price of $2 p er copy and 725 copies w ere sold du rin g the week. Mr. Lovre said, “H arvey D unn and his p ain tin g s rep resen t a valuable con trib u tio n to South D akota’s culture. The M em orial A rt C enter being b u ilt to house and display these p aintings is a w onderfud step tow ard properly p re serving and show ing these pioneer sto ry p ictu res along w ith D unn’s other g reat w orks.” H arvey D unn w as born near DeSmet, S. D., in 1884. In 1902 he moved to Chicago to stu d y art. He re tu rn e d reg u larly to South D akota to p ain t scenes of th e p rairie land be loved. He died in 1952 at th e age of 68. i -A, T o W illow L ake H a rry Dean K annegieter has joined Citizens S tate B ank of C lark as assist a n t m anager of the W illow Lake office. F o r th e p ast th ree years, he has been a teach er and counselor at B randon V alley H igh School. M iller B ank M oves The F irs t N ational B ank of M iller opened Ju ly 14 in its new building, ac cording to H ow ard P eterka, president. C onstruction of th e new building be gan last Septem ber a fter th e old build ing w as dem olished. A public open house w as to be sched uled soon after th e m ove to th e new qu arters. Drive-in banking is pro vided in th e new building complex. V 61 —> increase in th e b a n k ’s reserv e accounts from $700,000 to about $1.7 million. The ban k has some $15 m illion in de posits. N o rth D a k o t a NEWS Y> A . K. SIMPSON »V W . J. DANER President Secretary R etires at M u n ich Fargo Bismarck ► B ank o f N orth D ak ota H. L. T horndal, Jr., state com m is sioner of b an k in g and financial in sti tu tions, has been appointed p resid en t of th e $99-million-deposit b an k of N orth D akota in B ism arck, th e only com m ercial b an k in th e co u n try w hol ly owned by a state. Mr. T horndal, appointed by th e —M N orth D akota In d u stria l Com m ission, w ill tak e office S eptem ber 1. He suc - s ceeds George M. Thom pson, w ho is re tirin g after 36 y ears at th e bank. Mr. T horndal has been in th e state ban k in g post since N ovem ber 1, 1966. R e c a p ita lize s at M inot > M inot’s first W estern State B ank has agreed to recapitalize as th e re su lt of a recen t au d it by th e sta te exam in e r’s office. The b an k has been in th e public eye "1 M o n ta n ¡1 : NEWS since May, w h en G ary R. McDaniel w as fired as president, and th e board of d irectors asked State E x am in er H er b e rt L. T horndal to m ake a ro u tin e au d it of the bank. The b an k has been announced sol v en t by Mr. T horndal, w ho urged an N orth B akota Statem ent J ~ J E P O S IT and loan figures for 10 of th e largest banks in N o rth D akota as r e p o r te d a t m id -y e a r a re s h o w n b e lo w . C o m p a r a tiv e figures for the sam e p e r io d a y e a r a re also s h o w n . (L a s t th re e figures om itted) D eposits _$líl,206 1. B an k of N o rth D akota, B ism arck ....................................................$111,206 2. F ir s t N a tio n a l B an k & T ru st Co. of F a rg o .................................. 49,803 3. M erch ants N a tio n a l B an k & T ru s t Co. of F a rg o .................... 44,794 4. F ir s t N a tio n a l B an k & T ru s t Co. of B ism arck ........................ 40,364 5. F ir s t N a tio n a l B an k in G rand F o rk s ............................................ 40,134 . 39,244 6. F ir s t N a tio n a l B an k in M inot ............. 7 D ak o ta N a tio n a l B an k of B ism arck ................................................ 32,706 8. F a rg o N a tio n a l B an k a nd T r u s t C om pany ................................... 30,681 9. Red R iver N a tio n a l B ank, G rand F orks ....................................... 26,859 10. A m erican S ta te B ank of M inot ...................................................... 24,430 A- +• A. M. GREENSHIELDS R. C . WALLACE - President Secretary Browning Helena * k P r o m o tio n s at M issou la P rom otions for Jo h n A. F ah ey from cashier to vice p resid en t and W illiam L. Bouchee from a ssista n t cashier to cashier w ere announced a t th e F irs t S tate B ank in M issoula, Mont. Mr. F ah ey sta rte d w ith F irs t NaM tional B ank in M issoula in 1960. He w as elected a ssista n t cashier in Janu> ary, 1965. In M arch, 1966, he joined F irs t State B ank as m anaging officer and cashier. Mr. B ouchee also sta rte d w ith F irs t ' ^ N ational, beginning h is em ploym ent v in July , 1963. He w as elected assist a n t cashier in October, 1966. He m oved ^ to F irs t State in Ju ly , 1967. * *7” N ew S ign fo r H elen a B ank T Com m erce B ank and T ru st p an y of H elena has in stalled an tro n ic m essage cen ter th a t w ill new s, com m unity m essages and v* https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Com elecflash b an k Jo h n J. H illm an, a m em ber of th e staff of th e F irs t State B ank of Mu nich for th e p ast 39 years, has retired. Mr. H illm an served as p resid en t and executive head of th e b an k from 1953 u n til Ja n u a ry of th is year, w h en he becam e ch airm an of th e board. He has been active in th e m anagem ent of the b ank as chairm an, b u t w ill now continue as ch airm an on an inactive basis. Mr. H illm an has been in th e b an k ing business for 44 years. ad v ertisin g on an outdoor board 20 feet long and tw o and one-half feet high. Lyle Olsen, presid en t of th e bank, said the b ank has signed a $500 per m o n th lease for five y ears w ith the m an u factu rer, A m erican Sign and In dicator C orporation of Spokane, W ash. The sign w ill reg u larly carry ad L oans $ 27,062 35,203 31,701 24,394 24,920 27,519 20,397 21,233 14,716 14,801 J u n e 29, 1968, L oans D eposits 24,506 $105,064 34,864 49,606 27,477 43,472 20,732 36,315 22,830 39,574 24,239 36,166 17,037 28,906 17,763 29,679 12,773 23,627 13,408 21,929 vertisin g m essages for th e b an k and also can carry pictures. Speed of th e flashed m essages is variable. Mes sages are placed on punch cards by a secretary and fed into th e m essage center equipm ent in th e bank. The sign is 15 feet above street level and is easily visible to both p edestrian and auto traffic. It is th e first cardread er type m echanism to be installed in M ontana, according to A m erican Sign and Indicator, although th ere are other electronic m essage centers in Miles City, Billings and G reat Falls. M essages in a lighter vein w ill be projected along w ith th e m ore som ber new s of th e day or reg u lar b an k com m ercials. One m essage suggested to Mr. Olsen is “To Lose C ontrol of Y our Car, Teach Y our Son to D rive.” IO Largest M ontana B anks JT JE P O S IT and loan figures for the 10 largest banks in M ontana as th ey w ere rep o rted at m id-year are show n on th e ch art below C o m p a r a tiv e fig u re s for a y ear ago are also listed. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. (L a s t th re e figures om itted) J u n e 30, 1969 Loans D eposits $ 49,841 .$ 79,149 S ecu rity T ru s t & S avings B ank, B illings ........................ 41,774 F ir s t N a tio n a l B an k of G re a t F a lls .............................................. 69,527 43,147 . 62,470 M idland N a tio n a l B an k of B illings ................................. 31,886 . 51,908 G re a t F a lls N a tio n a l B an k .............................................................. 34,222 F ir s t N a tio n a l B an k & T ru st Co., B illings ................................. 46,441 26,120 . 42,496 F ir s t N a tio n a l B ank & T ru s t Co., of H elen a ........ 17,722 U n io n B an k & T ru st Co., H elena .................................................... 40,273 30,006 F ir s t M etals B ank & T r u s t Co., of B u tte ........................................ 38,128 28,404 . 36,664 W estern M o n tan a N a tio n a l B ank, M issoula ................................ 21,710 . 34,006 M o n tan a B an k , G re a t F a lls .................................................. J u n e 29, 1968 L oans D eposits $ 43,606 $ 70,938 37,846 59,709 38,078 54,127 28,536 44,551 31,077 43,457 24,976 41,199 18,073 36,022 29,580 42,678 23,596 31,331 20,503 29,867 Northw estern Banker, August, 1969 62 clap. clap, cl clap. clap, clap. clap, clap. clap. clap. clap. clap.dap \ \ \ V\ \\ A big hand to Mountain States Bancard Association C o n gra tulatio ns to: First N ational Bank of Denver A m erican N ational Bank Jefferson C ounty Bank C olorado Springs N ational Bank Exchange N ational Bank And congratulations to all their agent banks. Ours too. Clap. Clap. Clap. Clap. We at Denver U.S. are proud of the initial success Master Charge is en joying. Well done. Pat. Pat. Pat. and ourselves as w ell. DENVER U.S. "that's the bank for my money" D E N V E R Northwest ern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis U.S. C E N TE R • 17th and Broadway 63 — V- V “h D eposits rose 10.7 p er cent from $261,684,743 in June, 1968, to $289,690,530 a t m id-year 1969. Total assets w ere up 11.3 per cent com pared to the sam e period in 1968, from $298,865,670 to $332,763,682. and w ill lease it to th e Southglenn bank. The cost of co n stru ctin g th e func tional two-level building is estim ated at $300,000. T he m ain floor w ill house six teller stations, offices and custom er services departm ents. The operations area w ill be located on th e garden level. T he facility w ill also incorporate th ree drive-in w indow s, tw o of w hich are d irect vision, to be expanded to six w indow s as needed. The F irs t N ational B ank of S outh glenn has occupied space in th e South glenn shopping cen ter since it opened N ovem ber 30, 1964. Total assets are p resen tly $4,850,000. N ew S o u th g le n n B u ild in g Issu es M aster C harge Card G round w as broken in early Ju ly for co n stru ction of th e new F irs t N ational B ank of S outhglenn building on the so u th w est corner of E ast A rapahoe Road and South U n iversity B oulevard in D enver. Com pletion of the facility is expected in N ovem ber of th is year. P re se n t for th e g ro u ndbreaking w ere M ontgom ery Dorsey, ch airm an of th e board, The F irs t N ational Ban- M ountain States B ankcard Associa tion, a group of 154 banks in four states w ho have com bined th e ir credit facilities to back a single M aster C harge in te rb a n k card, opened its data processing h ead q u arters at 1375 K earney stre e t recently. T he sponsoring banks are located p rim arily in Colorado and W yom ing, b u t a few are in M ontana and New Mexico. So far, 7,500 m erch an ts have signed up to honor th e ir card. Jo h n F ish er, th e association’s execu tive director, said 600,000 cards have been issued to custom ers. T he new D enver h e ad q u arters has IBM 360 Model 40 com puters w hich en able personnel to check credit ratin g s w ith in seconds afte r a charge card is presen ted to any m erch an t in th e sys tem. The association em ploys about 50 persons w ith backgrounds in every phase of banking, cred it and m ark et ing. E ach m em ber b an k also has staff personnel on its own prem ises. T here are 21 D enver banks affiliated w ith th e system . P A R T IC IP A T IN G in g ro u n d b re a k in g cerem onies fo r th e n e w F i r s t N a tio n a l B a n k of S o u th g le n n b u ild in g a t S outh U n iv e rs ity B o u le v a rd a n d E a s t A ra p ah o e R o ad a re l e f t to rig h t, Jo s e p h B. B oyd, b a n k p re s id e n t; A b e P e rlm u tte r, A be P e rlm u tte r C o n stru c tio n Co., g e n e ra l c o n tra c to r fo r th e p ro je c t; S ta n le y J . M cD onald, p re s id e n t, th e L ittle to n C h am b er o f Com m erce, a n d Je ro m e K . N a g el, p a r tn e r in R o g e rs-N a g e l-L a n g h a rt, A rc h ite c ts , who d e sig n e d th e b u ild in g . F ort C o llin s P r o m o tio n corporation, Inc., of w hich th e F irs t of S outhglenn is a m em ber; Joseph B. Boyd, president, th e F irs t of South glenn; and C arrol L. Stubbs, George C. Gibson, F ra n k P. G ardiner, J. Rod ney U hrich and George M. Wilfley, board m em bers of T he F irs t N ational B ank of Southglenn. T he F irs t N ational B ancorporation, Inc., w ill build and own th e building T he E xchange N ational B ank of Colorado Springs w ould become a m em ber of th e F irs t N ational B ancor poration, Inc., group of banks u n d er an application filed last m onth. S hareholders of th e E xchange N a tional w ould receive 2.65 shares of Bancorp stock for each share of E x change N ational capital stock held. A nnouncem ent of th e application C o lo r a d o News *► H . t>. W ILLIAM S Pueblo President Colorado Bankers Assn. ► > C olorad o N a tio n a l E le c tio n The board of directors of Colorado —>■* N ational B ank, D enver, has nam ed th re e new officers, according to an an' ^ n o uncem en t by P re sid e n t M elvin J. Roberts. D onovan M. W hitem an, p re sid e n t of > th e F irs t N ational B ank of N o rth g len n from 1965 to 1968, has joined Colorado ..-M N ational as vice p resid en t in th e b a n k ing departm en t. - ► W illiam R. F roggen, III, and Jo h n P. Yevcak, Jr., w ere prom oted to th e po* sition of in sta llm e n t loan officers. Mr. W h item an began his b an k in g career w ith th e Shelby N ational B ank, _v\p Shelbyville, Ind., w h ere he rem ained for 10 y ears p rio r to e n te rin g th e U. S. -■>- A rm y Signal Corps in 1941. He joined U. S. N ational B ank (later D enver U. > S. N ational) in D enver in 1947. At th e D enver U. S. N ational, he w orked in th e auditing, credit, and com m ercial loan areas u n til 1955, w h en he w as m ade responsible for th e corresponde n t b an k d ep artm en t. He joined F irs t 'N a tio n a l in N o rth g len n in 1964 as ex> ecutive vice p resid en t and w as nam ed p resid en t in 1965. Mr. Frogge, p reviously an em ployee f c l of Lakew ood Colorado N ational B ank and R ocky M ountain B an k since 1966, joined Colorado N ational in A pril, 1969, in th e a irc ra ft loan division of - * th e in sta llm e n t loan departm en t. Mr. Yevcak, a P e n n sy lv an ia native, * joined Colorado N ational in 1967. He ^ has been responsible for th e dealer division of th e in sta llm e n t loan deK*. p a rtm en t. P rio r to joining Colorado N ational, Mr. Y evcak w as associated - v w ith a finance com pany as a b ran ch m anager. y CNB B an k sh ares N et C lim bs Colorado CNB B an k sh ares rep o rts ~ * n et earn in g s rose 35.9 p er cent from $882,867 a t m id-year 1968 to' $1,198,182 " ^ as of Ju n e 30, 1969, according to P re si d en t M elvin J. R oberts. P e r share ^ earnings, $1.67 in Ju n e, 1968, rose to „ $2.27. T he reg istered b a n k holding comp an y for Colorado N ational, N o rth east Colorado N ational and South C arolina * ~ N ational b an k s also rep o rted a 25.7 per cent in crease in to tal o p eratin g e a rn ings to $10,135,541. P. D ew ayne K rause, a ssistan t vice presid en t in th e com m ercial ban k in g division of D enver U. S. N ational Bank, has been prom oted to vice pres ident, operations, at th e P oudre V alley N ational B ank in F o rt Collins. F irst N a tio n a l H o ld in g F irm to A cq u ire F ifth B ank Northwest ern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 64 Wyoming 5 L a rg est /ta n k s in EPO SIT and loan figures for th e five larg est b anks in Colorado are show n in th e c h a rt below as th ey w ere rep o rted at m id-year. C om parative figures from th e sam e period a year ago are also show n. D 1. 2. 3. 4. 5. (L a s t th re e figures om itted ) J u n e 30, 1969 J u n e 29, 1968 D eposits L oans D eposits L oans F ir s t N a tio n a l B an k , D en v er ............................................................ $533,336 $345,614 $468,044 $304,039 D enver U . S. N a tio n a l B an k ............................................................ 430,727 405,094 270,930 Colorado N a tio n a l B ank, D enver .................................................... 277,790 177,898 251,619 158,281 161,518 186,677 139,622 C en tra l B an k a n d T ru st, D en v er .................................................... 199,995 A m erican N a tio n a l B an k , of D enver ......................................... 114,916 70,680 105,238 66,428 w as m ade jo in tly by M ontgom ery D or sey, board chairm an, and E ugene H. Adams, p resid en t of F irs t N ational Bancorp and th e F irs t N ational B ank of Denver, and by Ja sp e r D. A cker m an, board chairm an, and O. D. Olson, p resid en t of E xchange N ational. The application is th e second for a b ank outside of th e D enver area to be filed w ith in th e last m onth. The F irs t N ational Bank, Pueblo, on Ju n e 24 announced plans to m erge into th e D enver-based bank holding com pany. O riginal banks com prising the hold ing com pany are the F irs t N ational B anks of Denver, B ear Valley, N orth G lenn and Southglenn. F irs t N ational B ancorporation ended th e first half of 1969 w ith total assets of $645,311,631, a gain of n early $100 m illion. Deposits of th e four m em ber banks clim bed in one year by n early $68.6 m illion to a new Ju n e 30 high of $553,432,327. The F irs t N ational B ank of D enver accounted for $533,335,723 of th is total, w ith an increase of $65.29 m illion deposits over one year ago. N et incom e after taxes for th e hold ing com pany w as $2,545,074, equal to $1.71 p er share. Loans w ere up m ore th a n $43 m illion to $360,572,047. 4 < E state P la n n in g P resid en t B urton A. Smead, Jr., tru s t officer of the D enver U. S. N ational Bank, has been elected vice presid en t of the D en v er E state P lan n in g Council. He suc ceeds Otto B u tterly of Price W aterhouse & Company, w ho w ill serve as president. th e A m erican In stitu te of B anking’s C heyenne C hapter and is secretary of th e W yom ing Group of th e N ational A ssociation of B ank W omen. W y o m in g N e w s < ■A. ◄- W eap on s on D isp lay R. S. ALLEN Cody President Wyoming Bankers Assn. N am ed D irecto r W. T. N ightingale, p resid en t of th e C entral B ank and T ru st Com pany, L ander, announced the election of Ed Gale, ow ner-m anager of Gale F u rn i tu re Store in L ander, to th e board of directors of the bank. Mr. Gale w as recently nam ed W yom ing’s Small B usi nessm an of th e Year. C asper A1B E lects O fficers Mrs. Je a n Brow n, a ssista n t cashier, H illtop N ational B ank, has been elect ed p resid en t of th e Casper C hapter of th e A m erican In stitu te of B anking. O ther officers elected were: Vice P re s ident, R obert Miller, vice president, W estern N ational Bank; secretary — Gene Graefe, S ecurity B ank and T rust; tre a su re r, W illiam Gifford, assistan t vice p resident, W y o m i n g N ational Bank. B oard m em bers include: B ruce King, D otty N eeley and Clifford K irk, all of th e F irs t N ational Bank; Don Davis, W yom ing N ational Bank; Jam es Chap in, H illtop N ational Bank; Ivon Poynter, W estern N ational Bank; E ldon F orem an, S ecurity B ank and T ru st Company. P r o m o te d in C h eyen n e Mrs. A nita W illiam s, head bookkeep er a t E a st Cheyenne N ational Bank, has been nam ed an assistan t cashier at th e bank. She has been em ployed at th e b ank since 1966. Mrs. W illiam s is vice presid en t of IO ka rg est /tanks in W yoming T N E P O S IT and loan figures for th e 10 larg est banks in W yom ing as th ey -L J w ere rep o rted a t m id-year are show n in th e ch art below. C om parative figures for a y ear ago are also shown. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. (L a s t th re e figures o m itted ) JJ u n e 30, 1969 D D eeposits p ^ f..w Loans W yom ing N a tio n a l B an k of C asper ...............................................$ ...$ 61,904 61,904 $ 39,295 F ir s t N a tio n a l B an k o f C asper ................................................... .. 60,059 41,993 A m erican N a tio n a l B an k o f C heyenne ..................................... .. 37,625 19,086 F ir s t N a tio n a l B an k a n d T r u s t Co., W yom ing— Cheyenne - 29,263 15,263 F ir s t N a tio n a l B an k o f L a ra m ie ....................................................... 27*778 27,778 16,374 Stockm ens B an k of G illette ................................................................ 2L668 21,668 14,797 Rock S p rin g s N a tio n a l B an k .............................................................. 17,975 11,490 B an k of Com m erce, S h erid an .............................................................. 17,990 13,258 C heyenne N a tio n a l B an k ...................................................................... 16,789 11,309 F ir s t N a tio n a l B an k of R iv erto n ..................................................... 15,765 10,605 Northwest ern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J u n e 29, 1968 D eposits L oans $ 56,555 $ 33,836 55,297 35,663 27,435 18,708 35,059 14,509 24,013 15,903 17,663 12,393 17,032 9,816 17,181 13,988 22,327 14,510 13,460 9,289 F irs t State B ank in Cody had a display in th e ban k lobby last m onth of equipm ent tak en from V iet Cong in su rg en ts and N orth V ietnam ese A rm y on South V ietnam battlefields. The display w as available to the p u b lic d uring one w eek in July. The w eapons ranged from rifles to heavy m achine guns used for a n ti aircraft fire. M edical supplies dis played included penicillin, strep to m y cin and v itam in s supplied by Com m u n ist nations in E urope and Asia. P ersonal gear of insu rg en ts also is included in th e display. The display w as bu ilt by the U. S. A rm y E x h ib it U nit from a prototype display show n before Congress. V.— r 4r “ V 4 0 4» J o in s N orth C entral L ife F. W illiam Stohr, vice p resid en t for m idw est sales, announced the appoint m ent of Thom as P. M cIntyre as finan cial agency supervisor. He w ill re p re sent N orth C en tral’s creditor in su r ance products m arketed u n d er th e ir red shield to financial in stitu tio n s in M ontana, Idaho, W yom ing, and U tah. Mr. M cIntyre, w ho joins N orth Cen tra l w ith 12 y e a rs’ sales experience, has m ost recently been engaged in re tail selling th ro u g h the A m erican A lum inum Company. His insurance background includes eight years as an insurance agent th ro u g h tw o m ajor U. S. in su ran ce firms. A n ative of M ontana, Mr. M cIntyre lives at 914 W est W oolm an S treet in B utte. t < •& ■a i 65 >> -*• ► •' »• — —> A lo t of b a n k s s p e n d a lo t of tim e te llin g th e ir corresp o n d en ts how m uch th ey do for them . At C entral w e recognize an d ap p re ciate how m uch our co rresp o n d en ts do for US. B e c a u s e y o u ’re th e r e , on th e lo c a l s c e n e , y o u ’re o fte n b e t t e r a b le to u n d e r stan d an d see th e problem and help US help YOU solve it. C orresp o n d en t banking se r v ic e is a tw o -w a y s t r e e t a n d w e ’re g la d you’re traveling it w ith us. MEMBER INDEPENDENT BANKERS ASSOCIATION E N i A N T K R A L AND TRUST CO. CENTRAL PARK • 15TH AND ARAPAHOE STS. DENVER, COLORADO 80217 PH0NE 303/825'3181 No rthwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 66 ♦V 4 > 4 4- -- 4- 4 r *r •* * t ' tC Your U.S. National correspondent has a head for figures...a mind alert to perti nent facts with local, regional and na tional perspective. He’s equipped to tell it like it is... now, right on the beam for 4 your particular problem. You can count on him for straight answers, backed up by fast, accurate service. When you need the latest data, facts and figures, call on U.S., 341-8765, Omaha. 4 All the services of U .S . National are yours for a phone call . . . 341-8765, Omaha. JAY BORDEWICK HOWARD NIELSEN EVERETT BROWN DALE F. FAGOT JESS Z IM M E R M A N Vice President Vice President Assistant Vice President Assistant Vice President Assistant Vice President M e m b er F.D.I.C. No rthwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis y 67 J o in s N o r fo lk B ank Lee A. M oschenross, form erly a b ran ch m anager w ith the CIT C redit C orporation, has joined th e staff in th e in stallm en t loan dep artm en t of th e D eLay F irs t N ational B ank of N orfolk, according to an announcem ent from B. M. DeLay, president. Mr. M oschenross replaces Don E. Sm ejkal, w ho has been prom oted to th e com m ercial and ag ricu ltu ral loan departm ent. N eb rask a NEWS -v A . JEFFREY President Wayne W . H . OSTERBERG Exec. M gr. Omaha * C h ap p ell B a n k er S e lec ted fo r F ed era l Crop In su r a n c e P o st —-j» -V> -A ~y Elm o A. Carlson, vice p resid en t and d irecto r of th e D euel C ounty State B ank a t Chappell, has been nam ed by U. S. S ecretary of A g ricu ltu re Clifford H ardin to th e five-m em ber board of the F ed eral Crop In su ran ce C orpora tion. Mr. Carlson, w ho is also a w heat farm er and cattle ran ch er, is one of tw o m em bers of th e board appointed from th e p riv ate sector of th e econ omy. It is not a full-tim e position and he w ill continue w ith his w o rk a t th e Deuel C ounty State B ank and his farm in g and ran ch in g in terests. T he FCIC board sets policy for the g o vern m en t in stru m e n ta lity w h i c h in su res farm ers against crop losses from w eath er, insects and disease. T o S co ttsb lu ff N a tio n a l r* Jo h n T. Selzer has rejoined th e Scottsbluff N ational B ank as a vice p resid en t and director. He w as fo r m erly executive vice p resid en t of th e W estern N ational B ank of Scottsbluff, an affiliate of th e Scottsbluff N ational. Mr. Selzer is a life-long resid en t of Scottsbluff. He is a g rad u ate of the U n iversity of N ebraska and th e Colo rado School of B anking. * t» V B e lle v u e A d v a n cem en ts Two em ployees have been nam ed a ssista n t cashiers a t th e F irs t N ational B ank of Bellevue. T hey are Mrs. Carly Cleary, em ployed since 1963, th e y ear th e b an k w as organized, and C harles W illiam s, em ployed ap p ro x i m ately tw o y ears in th e in stallm en t loan departm ent. P r o m o te d at P a lm e r D ean has been cashier of th e bank and w ill also continue in th a t position. It w as also announced th a t Jam es E. Dean has been elected assistan t cashier. He is Mrs. D ean’s son. J o in s N e lig h B an k David O. Johnson, form erly w ith th e C entral Telephone and U tilities Com pany for nine years, has been em ployed by th e N ational B ank of Neligh. He is assum ing duties in both th e in stallm en t loan and bookkeeping dep artm ents. Mr. Joh n so n had been em ployed w ith th e u tility firm at N or folk and Tilden. His ap p ointm ent w as announced last m onth by Jo h n E. G landt, executive vice president. S u m m er P arty at G erin g C. E ldridge Scriven, presid en t of the B ank of Gering, e n tertain ed ban k offi cers and em ployees at a cocktail p a rty and steak fry last m onth at his lakeshore cabin. C hanges at V a le n tin e W. B. H uffm an, executive vice p resi dent of the B ank of V alentine, an nounced last m onth th a t F ra n k Tolsted t has been elected a vice p resident and director of th e bank. Mr. T olstedt form erly w as cashier. He fills th e v a cancy created by th e death of J. E. O’H alloran at W ichita, Kan., on Ju n e 29. In addition, Mr. H uffm an announced th e advancem ent of Jack S. H o rn er from a ssistan t cashier to the post of cashier to succeed Mr. Tolstedt. D E x e c u tiv e C hanges A re A n n o u n c e d at D o n ip h a n 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Effective A ugust 1, R adean G. Block becam e cashier of the O verland N a tional B ank of G rand Island. He w as form erly a ssistan t vice president. Mr. Block assum es th e cashier duties p re viously held by Dean E rickson, w ho w ill continue full-tim e duties as vice president, th e position he held along w ith the cashier duties. B ill O sterb erg A tten d s A p o llo 11 M oon Sh ot W. H. O sterberg, executive m anager of th e N ebraska B ankers Association, w as invited as a guest of th e N ational A eronautics and Space A dm inistra tion last m onth to w itness th e lift-off of Apollo 11 on its epic-m aking trip to th e moon and back to earth. Mr. O sterberg flew by com m ercial airline to F lorida on Monday, Ju ly 14. The follow ing day, NASA chartered buses took him and th e o ther guests on a to u r of Cape K ennedy facilities. In one of th e buildings th ey saw Appollo 12 and Apollo 13 being assem bled for fu tu re m oon flights. He told the N o r t h w e s t e r n B a n k e r , “I got to touch th e n ex t space ship th a t w ill land on th e m oon.” The 4,000 persons from all over the nation w ho w ere invited included m em bers of th e Senate and H ouse from W ashington, D. C., and th e n a tio n ’s 50 governors. Am ong the lat te r w as N ebraska G overnor N. T. T iem ann, presid en t of th e Com m ercial State B ank at W ausa. IO L a r g e s t Ate b r a s k a H a n k s R ichard N. M iller has been p ro m oted to a ssista n t cashier a t th e State B ank of P alm er, it w as announced last m onth by Jam es Thede, cashier. M ary E llen Dean w as advanced re cently to th e p residency of th e B ank of D oniphan, succeeding h e r husband, Glenn E. Dean, w ho died Ju n e 4. Mrs. G rand Islan d P r o m o tio n s E PO SIT and loan figures for th e 10 largest banks in N ebraska as th ey w ere rep o rted at m id-year are show n on the ch art below. Com parative figures for a y ear ago are also listed. (L a s t th ree fig u res o m itted ) J u n e 30, D ep o sits O m aha N a tio n a l B a n k ........................................................................ .....$313,392 F ir s t N a tio n a l B a n k & T ru st Co., L in co ln .................................. 182,675 U . S. N a tio n a l o f O m aha ................................................................. ..... 163,030 F ir s t N a tio n a l B a n k , O m aha .......................................................... ..... 157,923 N a tio n a l B an k o f C om m erce Tr. & Sav. A ssn ., L in co ln .... 125,936 S tock ya rd s N a tio n a l B a n k , O m aha ............... ............................ ..... 50,320 F ir s t N a tio n a l B a n k , G rand Isla n d ............................................ ..... 35,504 F ir s t N a tio n a l B a n k , H a s tin g s ..................................................... ..... 35,473 F ir s t N a tio n a l B a n k & T ru st Co. o f C olum bus ................... ..... 31,062 C en ter B a n k , O m aha ............................................. ............................. ..... 29,448 1969 L oan s $188,526 119,197 110,118 111,227 83,224 34,287 21,326 23,759 13.3401 20,667 J u n e 29, 1968 Loans D ep o sits $304,217 $170,131 179,232 97,044 99,444 151,796 96,252 161,233 75,554 115,447 30,919 48,197 32,160 18,494 19,187 31,671 11,220 26,959 17,174 26,263 Northwestern Banker, August, , 1969 68 Omaha News RANK O. STARR, p resid en t of The Omaha N ational B ank, has an nounced changes in th e m ark etin g di vision and the ap p o in tm en t of tw o as sistan t officers. Michael B. Yanney, vice president, has assum ed resp o n sib ility of th e m a r k etin g division. In addition, th e cred it card division, w hich he has headed, w ill now becom e a d ep artm en t u n d er the m ark etin g division. George Re bensdorf, second vice p resident, has F M. B. Y A N N E Y G. R E B E N S D O R F been nam ed to head up th is d ep art m ent. David P. Schlautman and Marvin A. Schutte w ere appointed assistan t offi cers. Mr. Y anney joined The Om aha N a tio n al in 1961 and has been in charge of th e credit card division since June, 1968. He is a g raduate of K earney H igh School, K earney, and K earney State College. He w as also graduated from th e C entral States G raduate School of B anking at th e U niversity of W isconsin. In 1968, Mr. Y anney re ceived the D istinguished Y oung Man of th e Year A w ard from th e Omaha Ju n io r C ham ber of Commerce. Mr. R ebensdorf joined The Omaha N ational in July, 1968. Previously, he w as ow ner and operator of P rovident Loan and F inance Company. He w as g rad u ated from L incoln H igh School, Lincoln, and has attended the Lincoln School of Commerce. Mr. S ch lautm an’s duties w ill be as MUNICIPAL AND CORPORATE BONDS LISTED STOCKS UNLISTED AND LOCAL STOCKS Orders Executed on All Principal Exchanges C IIIIIS A P O M P A Y Y MEMBER, MIDWEST STOCK EXCHANGE 412 Farm Credit Building, Omaha, Nebraska 68102 Phone 346-6677 (Area Code 402) Teletype 402 348-1040 Other Offices Located in LINCOLN Nebraska . LEXINGTON Nebraska Northwestern Banker, August, 7969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . VERMILLION South Dakota assistan t accounting officer. A n ative ~s>— of Centerville, S. D., he is a grad u ate of C reighton U niversity in Om aha and is p resen tly atten d in g g raduate school there. He w as an in tern al auditor for th e city of Omaha before joining th e bank in A ugust, 1968. Mr. S ch u tte’s duties w ill be as as sistan t data processing officer. He is a native of Guide Rock, Nebr., and a t tended N ational B usiness In stitu te in 4 Lincoln for one year. He started w ith the bank in 1963. Mr. M iller also announced the ap p o intm ent of Frederick J. Bennett, vice president, as <operating division head. Mr. B e n n e t t joined the Omaha N ational in June, 1967, as adm inis t r a t i v e assistan t to th e president. 4 — In th is position, V he served as the p resid en t’s liaison — for m any projects and activities, both w ith in and out Y-«* side th e bank. In December, 1967, Mr. B ennett w as A— appointed to the responsibility of di recting th e m ulti-m illion dollar bank X building project for th e b a n k ’s new q u arters in th e W oodm en Tower. D uring this tim e, he has m anaged th e over-all construction, as well as th e organization and p lanning of space allocation, w ith in th e new building. 4-r Mr. B en n ett also directed construction of the new drive-in walk-in bank at 19th and Dodge. P rio r to joining The Omaha N ation *■< al Bank, Mr. B en n ett w as w ith the Cosgriff O rganization w here he w as senior director for various building fund cam paigns in th e m idw est. ^ * =t= J. D. Peters has been prom oted from assistan t cashier to assistan t vice p res ident at F irs t W estroads Bank. J. A. Peterson, Jr., w as elected assistan t cashier. * =t= * Charles F. Heider, executive vice president of F irst Mid A m erica Inc., has a n n o u n c e d th e appointm ents of tw o new staff m em bers in the Omaha office. Paul F. Seiger t* has joined the in v estm ent banking firm as a special rep resen tativ e in p . F. S E IG E R in d u strial finance. A rAee R. Cory w ill w ork in the Omaha office as a g rain specialist. > Mr. Seiger form erly w as chief finan- 69 A new computerized livestock Feeders’ Program - ► -> - ► > i» -> -■>~4 -> — -A - V ...now available to ONB correspondent banks , ■ " . ■ c ^ --''y y. ‘ 'V V - A .*.> % ^ — ..... . ' , : . ■- 1- * * ^ : , ... > • ~y ;r- ' ^ -V ■ t a s r.mm -,ni 4 È È ï $ * £ * '« i » _____ ■ H :"S ■"■' ;: :-; WRÊÈÊÊÊÊÊBê I ¡¡j ¡ ¡ | n j j ' -* g„Î-O- -fe>W*> r '\ - * y — > ■ ■T * ■ " * * This program will replace tedious and expensive accounting tasks, enabling livestock feeders to exercise more control of costs —in a minimum of time with maximum efficiency. May we provide you more inform ation? T h e O m a h a N a tio n a l B a n k COMPUTER 5ERt71CE5 DEPÆRTÆENT 17th and Farnam Streets • MM (402) 341-0100 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, August, 1969 70 Nebraska News I iPiUP N ebraska iivaap M eetings Group 6 4 5 3 2 1 NEBRASKA becam e th e n e w e st a d d itio n to D a in , K a lm a n & Q u a il’s (D K Q ) corpo r a te m ap re c e n tly fo llo w in g th e official c o m b in a tio n of th e M in n e ap o lis-b ased i n v e s tm e n t b a n k in g firm w ith J . Cliff R a h el a n d C om pany of O m aha. A t th e sig n in g cerem ony in M in n e ap o lis, Cliff R. Rahel, p re s id e n t o f J . Cliff R a h el a n d C om pany ( l e f t ) , p o in ts o u t th e e x p an d e d o p e ra tin g a re a to W heelock W hitney, c h ie f e x ec u tiv e officer of D a in , K a lm a n & Q uail. T he a d d i tio n o f R a h el offices in O m aha, a n d L in coln, N e b ra s k a , a n d S ioux C ity , Iow a, g iv es D K Q a to ta l of 21 offices in seven m id w e s te rn s ta te s . cial officer at F a irm o n t Foods Com pany in O m aha and a m em ber of the firm ’s board of directors. He w as w ith F a irm o n t 15 years. P rio r to th at, he w as controller for Jew el C om panies in Chicago. He is a n ative of E lgin, 111., a g radu ate of N o rth w estern U niver sity and is a certified public account ant. Mr. Cory has been a g rain tra d e r for Cargill, Inc., for 21 y ears and bran ch office m an ag er in Omaha for the p ast 13 years. A nativ e of Spencer, Iowa, Mr. Cory also w orked for G eneral Mills before joining th e C argill staff in 1948. He joined G eneral Mills a fte r service as a M arine Corps captain in the South Pacific in W orld W ar II. * * * Mrs. Mary Brown, a superv iso r in the cred it d ep artm en t at The F irs t N ational B ank of Omaha, has been elected to th e board of d irectors of th e In tern atio n a l C onsum er C redit Asso ciation. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Tuesday W ednesday T hursday Tuesday W ednesday T hursday The executive com m ittee of the F irs t N ational B ank of Omaha has an nounced the prom otion of Daniel P. B o c k e lm a n n to m ark etin g officer. Mr. B ockelm ann, a 1967 grad u ate of the U n iversity of N ebraska at Oma ha, received his B.S. d e g r e e in business adm inis tratio n . A f t e r com plet ing a t r a i n i n g D . P. B O C K E L M A N N program at F irs t N ational Bank, he w as advanced to th e B ankA m ericard division w here he now supervises th e B ankA m ericard cred it card program for correspondent b an k s in N ebraska, Iowa, N orth and South Dakota. N ew F r a n k lin B u ild in g C onstruction of th e new F ra n k lin S tate B ank B uilding in F ra n k lin w as com pleted on schedule by R einke M an u fa c tu rin g Com pany of D eshler and its associated contractors. The new b uilding includes a drive-in facility, p a rk in g space and a com pletely m od ern in terior. O p en D rive-In F a cility Com m ercial N ational B ank & T ru st C om pany of G rand Island becam e the first b ank in th a t city to have fully autom ated drive-up facilities w ith the opening of the new m otor ban k lo- Date October 7 October 8 October 9 October 14 October 15 October 16 Town Scottsbluff McCook K earney Norfolk Columbus Lincoln 41 cated on ban k property. The new fa cility has th ree drive-up w indow s, each serviced by pneum atic tubes connect ing to a teller statio n inside th e bank. In addition, it has one walk-up w in dow. The old facility provided tw o drive-up w indow s, each staffed by a teller. W. W. M arshall, Jr., president, said six autom obiles can be accom m odated in the drive-up area at one tim e. He said th e old drive-up building w ill house th e p ark in g lot atten d an t. The new facilities m ake room for 54 parking stalls for custom ers, 15 for m otor ban k p ark in g and eight for express park in g at the adjoining m ain bank. ' ~ H— 4— v ^ _ v 4 - E dgar H oar F u n eral services w ere held in H artington last m onth for E dgar H oar, 74, ^ w ho had been a b an k er in n o rth e a st N ebraska for m ore th a n 50 years. He w as vice presid en t of the B ank of H artin g to n at the tim e of his death. H ead s In d u str ia l G roup S. N. “B ud” W olbach, p resident of th e F irs t N ational B ank in G rand Is land, w as elected last m onth as presi- ‘ * dent of the G rand Island In d u stria l Foundation. W ayne M orris, p resid en t of Over- ^ land N ational Bank, w as elected first vice presidet. ^ W. W. M arshall, Jr., p resid en t of C o m m e r c ia l N ational Bank, w as **■ nam ed secretary -treasu rer of th e civic group. 71 The N ational Bank of Comm erce has a well rounded correspondent banking team w orking for you. v > ► WINTON (BUCK) BUCKLEY, the director of our correspondent banking departm ent, is a graduate of the U n ive rsity of Nebraska and the Colorado School of Banking, and prior to jo in in g NBC operated a farm in York county. Buck has been a member of several a g ric u ltu ra lly oriented com m ittees in clu d in g : the Nebraska State Irriga tio n Assoc., member and chairm an for two years of the A g ricu ltu re Com m ittee of the United South P latte Cham bers of Comm erce, and the Ag. Com m ittee of the Lincoln Cham ber of Commerce. ROY YALEY, a correspondent banking con su lta n t at NBC, has been in banking for 19 years. Roy worked at the Gering N ational Bank for 16 years. He learned banking well w hile serving as a bookkeeper, teller, loan officer, Vice P resident and D irector of the bank. He is also a graduate of the Colorado School of Banking. Roy’s knowledge gained in w estern Nebraska banking makes him a top-notch correspondent bank consu ltant. Buck and Roy know correspondent banking and both are w orking for you! *• > Mr. Mr. Are For Buckley & Yaley Working You! Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Nebraska News 72 ciated in the holding com pany w ith C. J. Schm idt, 82, w ho operated the Jam es E. Simon, C harles H eider, Jr., and G lenn Yaussi. Mr. Yaussi is ch air old State B ank in B lair m any y ears m an of th e board, N ational B ank of ago, died last m onth. Commerce, Lincoln. Mr. Bacon w as advanced from exec G eorge D in sd a le D ie s u tiv e vice p resident to p resident of George Dinsdale, 79, founder and N orth P latte State B ank to succeed p resid en t of th e B ank of P alm er, died his b ro th er, Lloyd, w ho is re tu rn in g last m onth. He is survived by four to th e F a rm e rs State B ank in L exing sons. Jo h n A. D insdale is vice p resi ton, w here both m en w orked before d en t of th e B ank of P alm er. A nother founding th e N orth P latte bank in son, Roy, is vice p resid en t of C larke 1963. On th e Ju n e 30, 1969, statem ent, Bank, Papillion. N orth P latte S tate B ank show ed $9,491,796 in to tal resources. F o r m er B an k er D ies O b serves 5 0 Y ears As B an k er B ern ard B. B erkheim er, president, F irs t N ational B ank in Gordon, cele b ra te d his 50th y ear in ban k in g last m onth, all 50 y ears w ith the sam e bank. Mr. B erk h eim er w as presid en t of th e N ebraska B an k ers A ssociation in 1961-62. W ym ore R e tir e m en t Lew is Jones, Sr., has retired from active w ork at W ym ore N ational B ank in W ym ore. He sta rte d w ith the bank in 1954 and later w as elected a vice president. 5 0 t h A n n iversary R etires at B lu e S p rin gs A rth u r A. K rauss, cashier of the Blue Springs State Bank, re tire d last m onth after serv in g th a t in stitu tio n for 52 years. He had been cashier since 1958. M oves to L ex in g to n Lloyd A. Bacon has resigned as p res ident of th e N orth P la tte State B ank to re tu rn to his n ativ e L exington to becom e associated again w ith the F a rm e rs State Bank. He had resigned from F a rm e rs S tate B ank in late 1963 to join w ith his b ro th e r H arold in es tab lish in g th e new b an k in N o rth P latte. Jam es G. O’Donnell, executive vice presid en t of F a rm e rs State B ank, said Mr. Bacon w ill re tu rn to th e bank in an executive capacity. More th a n 1,000 persons visited the G uardian State B ank at Alliance on the occasion of open house observing the b a n k ’s 50th an n iv ersary of founding. V isitors not only received free coffee, th e y w ere given th e golden an n iv e r sary coffee cups as a gift. The G uardian State B ank w as or ganized and began business on Ju ly 14, 1919. A rth u r J. A bbott and his tw o sons, C hristopher J. and LeRoy, assum er ow nership in Jan u ary , 1927. C hris A bbott w as killed in a plane crash in L ouisiana in th e 1950’s. He w as succeeded as chairm an by LeRoy, w ho died Ja n u a ry 1, 1967. The la tte r’s widow, Mrs. E ugenia A bbott, con tin u es as a m em ber of th e b a n k ’s board of directors. F orm H o ld in g C om pany C harter Is G ranted fo r N ew State B an k in N o r fo lk The N orth P la tte State B ank has been reorganized as p a rt of a oneb an k holding com pany called N orth P latte State Com pany, according to H arold N. Bacon. Mr. Bacon is asso E dw in A. Langley, director of b an k ing in N ebraska, signed th e order on Ju ly 23 g ran tin g a state b ank ch a rte r for The B ank of N o rth east N ebraska to be located in Norfolk. The site 111 MAHA YEARS OF SERVICE Servicing the M id-S tates A rea Since 1858 R IN T IN G □M PANY BANK SUPPLIES Snap A part Forms Continuous Forms Bank Forms O ffice Supplies O ffice Furniture 1301 FARNAM ST. — O M AHA, Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NEBRASKA — PHONE 342-7123 nam ed in the c h a rte r a u th o rity is th e« < n o rth east corner of 13th S treet and N orfolk A venue, w hich is 10 blocks A w est of the m ain dow ntow n area and is at a m ajor highw ay intersection. Ja y L. D unlap, w ho filed th e c h a rte r ^ application A pril 1, 1969, w ill be p res ident of th e bank. N orris F auss, pres- » ident of M idw estern Beef P acking Com pany in N orfolk, w ill be inactive i ■** vice president. A m anaging officer for th e new b ank w ill be announced by 4 Mr. D unlap in th e n ear future. O ther directors are: B arney Adams, 4 president, N ebraska L and Meat; ClayVA. ton A ndrew s, president, A ndrew s Van Line; W illiam Acklie, stockm an and ^ — farm er, all of Norfolk; D uane Acklie, attorney, Lincoln; M. W. D unlap, chair- < m an of th e board, L ancaster County Bank, W averly; G. A. Dunlap, president, F a rm e rs & M erchants B an k ?i Milford, and W ayne Galyon, ran ch er and oilm an, A tkinson. ^ Stated capital on the application as approved w as $350,000 total; how ever, f. Jay D unlap said th is w ill be increased to $400,000, consisting of $175,000 cap- * ~j ital, $175,000 su rp lu s and $50,000 u ndi vided profits. * Mr. D unlap said opening of the new _| bank is expected to take place in about I 90 days from date of approval, or ap- r proxim ately October 23. The bank w ill be located in a building th a t has ~r • been purchased at the 13th and N or folk A venue in tersection and it is now being extensively rem odeled. The ad joining lot also has been purchased^*'"] and th e building on it is being re m oved so th e en tire area can be used * for parking. ^ In his approval of th e c h a rte r appli cation, Mr. L angley noted th a t a hear-" * ing w as conducted by th e d ep artm en t of b anking on Ju n e 19 and 20. * N eb rask a City O fficers * Roger L. Loerch has been elected n vice p resid en t of the Otoe C ounty N a tional B ank in N ebraska City. V erne ^ A W. Jones has been elected assistan t vice president. N ew M aster T e lle r V- L u th er Bonham , chairm an of th e ■« board of th e F irs t N ational B ank in F airb u ry , has announced th e appoint m ent of Dale Adam s as m aster teller. Mr. Adam s has been associated the p ast four y ears w ith th e Albion N a tional B ank in A lbion and w as assist a n t cashier w hen he resigned to move to F a irb u ry recently. YOUR STATE BANKERS ASSOCIATION O FFICIAL SAFE, VAULT AND TIMELOCK EXPERTS F. E. DAVENPORT & CO . OMAHA > 73 Looking for a correspondent bank staff equipped to help you solve the really tough problems? Don Ostrand can lead you to one. It happens that Don Ostrand is Vice-President in charge of the Correspondent Bank Department at First National Bank. H e’s in a pretty good position to lead you to a skilled, ex perienced correspondent banker because he has a department full of them. Livestock experts, computer specialists, investment counsel ors, installment loan experts, bankers with years of experience in business large and small. If you have a job that calls for a specialist, give Don Ostrand a call. He has a department full of them ready to go to work for you. ( | FIRST N A T IO N A L 0 BANK § OF O M A H A 1 ‘ M e m b e r F e d era l D e p o s it In s u ra n c e C o rp o ra tio n lü ü , Always the FIRST to Serve You. Northwestern Banker, August, 7969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 74 earnings before taxes w ere $37,892.69 ~<.~ against 1968 m id-year earnings of $22,021.50. A The directors w ere fu rth e r advised by Mr. Gohde th a t th e plan n in g of Lin^ coin B ank S outh’s new building to be bu ilt at 27th and W oods B oulevard in th e Bishop H eights area is proceeding • p on schedule. <4 * * * IRECTORS of N ational B ank of Com m erce last m onth prom oted five em ployees to officer statu s. T hey are: Kenneth M. Bauer to assistan t vice president, in stallm en t loan. Gerald D. Dolson to m ark etin g offi cer, m ark etin g division. Donald F. Dillon to com puter sys tem s officer, com puter d epartm ent. Howard R. Mattison to credit offi cer, M aster Charge departm ent. Gerald P. Wrage to correspondent D H . R . M A T T IS O N G. P. W R A G E bank officer, M aster Charge d ep art m ent. T he rap id acceptance of th e M aster C harge credit card by th e custom ers of N ational B ank of Commerce and NBC’s co rrespondent banks th ro u g h o u t Ne b rask a w as rep o rted to th e board by C hairm an Glenn Yaussi w ho stated, “The use of M aster C harge by the consum er in th e th ree w eeks since th e m ailing of th e first group of cards has far exceeded th e projections m ade by th e co n su ltan t’s rep o rts m ade p rior to our decision to en ter th e charge card field and our own estim ates.” * * * Dale C. Tinstman, presid en t of F irst Mid A m erica Inc., Lincoln, has an nounced th a t Daniel J. Young has be come associated w ith th e firm in the L incoln office. Mr. Young w ill be an account exec u tive w ith the in v estm en t banking firm. * * * L incoln B ank South show ed a g ro w th in loans, assets and deposits for th e first half of 1969 as com pared to th e sam e period in 1968, it w as re po rted by Roger Gohde, vice president, at the board of d irecto rs’ m eeting last m onth. T he loans increased $349,440 to a $2,617,500 total, deposits w en t from $2,975,000 to $3,236,000 and assets to taled $3,697,481 com pared to Ju n e 30, 1968, assets of $3,394,352. O perating We can h e lp y o u IN V E ST M E N T STOCKS Ask us for Reports, Statements, Appraisals, Purchases, Sales 4 Burnham Yates, president of F irs t N ational B ank & T ru st Company, has < announced th e follow ing officer p ro motions: George Barlow and Les Curran to .4 ___ v i c e presidents. Richard Emery -< to vice presid en t and tru s t officer. ,-A, ■* Ray McMahon to in v estm en t of At- - ficer. Ted Fulton to * tru s t officer. Fred Duda to c a ssistan t tru s t in vestm en t officer. L. C U R R A N Gerald Holscher 4 < and W illiam W ilke to a ssistan t vice president. Mr. B arlow is in the b a n k ’s tim e credit center. Mr. C urran is well- X know n to N ebraska ban k ers for his w ork in th e correspondent b ank de p a rtm e n t handling livestock loans. Mr. H olscher is assigned to the m ortgage loan departm ent. T he oth er m en prom oted are all associated w tih th e tru s t departm ent. * * * •*-X' N ational B ank of Com m erce T ru st and Saving’s Ju n e 30, 1969, figures 4 4^ released recen tly by Glenn Yaussi, ch airm an of the board, show ed th a t Ì loans increased to $83,224,000, an in crease of $6,452,000 over Ju n e 30, 1968, 4 w hile deposits totaled $125,936,000, com pared to $115,447,000 a y ear ago. T otal assets Ju n e 30, 1969, w ere $149,- 4'4 930,000 against $133,123,000 in 1968. N et operating earnings p er share as of Ju n e 30, 1969, w ere $1.89, com pared to $1.53 in 1968, according to Mr. Yaussi. Mr. Y aussi com m ented th a t NBC has paid in te re st earnings to its deposi tors of $1,366,633 in the first h alf of 1969. * * * N et operating earnings for First National Bank & Trust Company on Ju n e 30, 1969, w ere $870,492 for th e first six m onths of th e year, for a p er sh are earnings of $1.72. Total deposits a t m id-year w ere $182,675,382 and loans totaled $119,196,891. No rthwestern Banker, August, Ì9 6 9 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis y l'ô C o u ld th is s ta te m e n t h a ve th e n a m e o f th e w ro n g b a n k on it? Positively NOT! Sometimes we are asked why we supply fully computerized statements in conjunction with the demand deposit accounting we do for other banks. The answer is very simple. With a fully computerized state ment, it is impossible to print your customers’ account infor mation on the statement form of another bank. And th a t’s mighty important—to your cus to m e r —to your bank —and, to us. F I R S T IM A T I But, the fact we supply fully com puterized statements is only one reason so many bankers prefer our demand deposit accounting service. They also like our easy-to-read re ports. And the fact our service is available using either courier ser vice or data transmission for trans m itting information. For complete details on our com puterized demand deposit accounting service, talk to one of the men you know at the "First”. Or, write or call our Computer Center. O IM A L B A N K ( S T r u s t C o m p a n y of Li ncoln 12th and N St. —Lincoln, Nebraska 68501 Phone: 402-477-4455 Northw estern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 76 4 4 Look us up when you’re in need of help. Our correspondent bankers know your problems. And they can help you establish a sound hold on the bond market or add diversified accounts to your portfolio. to discuss your particular If y o u ’re thinking about problems. automated accounting sys Our job is to make your tems or setting up a credit job easier. Look us up, soon. card program w e’ll be glad 4 4 < <* \ Bankers Trust co. SIXTH AND LOCUST. DES MOINES ,-<r a ,— 4- 4 '— x <* * * it - 4 <v % « 4 - ◄ < « j. Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis y 77 of Oakland, filling th e vacancy created by th e recen t death of L. W. Ross. Mr. Shockey form erly served as an officer of th e O akland bank, before joining the b ank in Council Bluffs. —v- Iowa : NEWS J. W . LIPTON, JR. President A . E. LINDQUIST, JR. Secretary N ew at A nita Roger Scott has joined th e A nita State B ank as a teller. F o r th e p ast year, he has been em ployed by Mid w ay D istrib u to rs in A tlantic. Ida Grove Des Moines > h u m H ank Women kM eeting in H E Iow a group m eeting of th e Na; ional A ssociation of Bank-W om en -> Inc. w ill be held at the R oosevelt H o tel in Cedar R apids on Septem ber 10 -'¿ a n d 11. The them e for th is y e a r’s m eeting is “N ever U n d erestim ate th e * P ow er of a W om an.” Mrs. M argaret A H ough, a ssista n t cashier of th e M er ch an ts N ational Bank, C edar Rapids, ^ is ch airm an of the Iow a group. Follow ing is th e pro g ram for th is y e a r’s m eeting: T W ednesday, September 10 v A.M. 9:00 R eg istratio n —E a st Room. - — 11:30 B uses leave R oosevelt H otel for Am ana. P.M. 12:30 L uncheon — Ox Yoke Inn, A m ana. T our of A m ana Colonies. 1:30 >> 4:00 B usses leave A m aha for Cedar Rapids. 6:00 Social H o u r—C lark and B riggs Rooms. , 7:00 B a n q u e t— L u cas'an d C ham bers ># Rooms. “L adies As L ead ers”—Jo an Lip* sky, State R ep resen tativ e from L in n County. ¥ 4> B reak fast — L ucas and Cham b ers Rooms. - ► 8:45 P an el on B ank C redit Cards, B an k S ecurity M arketing and V T ruth-In-L ending. > 10:15 Coffee B reak. 10:30 B usiness M eeting and In sta lla >>* tio n of Officers. ^ P.M. 12:30 L uncheon — L ucas and Cham b ers Rooms. V “E x perience of a W om an Doc to r ”—Jo E llen H oth, M.D. 2:30 A djournm ent. 8:00 > H ead s C om ily B an k ers X C of th e Jo hnson County B ankers Asso ciation. O ther new ly elected officers are: Donald M. Kout, executtive vice p resi den t and cashier of th e F a rm e rs and M erchants Savings B ank of Lone Tree, vice president; A llen B. Eich, cashier of th e Solon State Bank, secretary, and Steven Bianco, cashier of the H aw keye State Bank, Iow a City, tre a s u rer. Fred C. A u e F re d C. Aue, 80, retire d Sioux C enter ban k er, has died in th e Sioux C enter C om m unity H ospital. Mr. Aue w as a m em ber of th e staff of th e F irs t N ational B ank of Sioux C enter for 50 y ears and served as p resid en t from 1946 u n til his re tire m en t in 1955. Follow ing his re tire m ent, Mr. Aue continued to serve on th e b a n k ’s board of directors u n til J a n u a ry 1, 1967, w hen he re tire d from th e board. He joined th e b a n k ’s staff in 1905 as a bookkeeper. N am ed to O aklan d B oard E v e re tt Shockey, vice presid en t and tr u s t officer of th e Council Bluffs B ank, has also been elected to the board of directors of th e Citizens B ank R. L. Kilgore, presid en t of th e N a tional B ank of W aterloo, has an nounced th e appointm ent of E rlin g A. Schm iesing as director of data serv ices for th e N a t i o n a l B a n k of W aterloo. Mr. Schm iesing, oorn in New Ulm, Minn., comes to W a te rlo o a f te r five and a half y e a rs w ith th e N o rth w e s t e r n C o m p u te r Serv ices, th e com pu E. S C H M IE S IN G t e r affiliate o f N o rth w estern B ank C orporation. F o r the past six m onths, he has been p ro j ect m anager in the M inneapolis office of N o rth w estern C om puter Services. P rio r to th a t tim e, he served for five y ears as center m anager in M ason City. P revious to th a t tim e, he w as em ployed by Dr. S alisbury Labs in C harles City for five y ears as a pro gram m er. Mr. K ilgore also rep o rted th a t K en n eth L. Young, assistan t vice presi dent of th e N ational Bank, w ill con tin u e to be in charge of th e m ark etin g aspects of th e data processing services offered by th e N ational B ank fo W a terloo. Mr. Young has been w ith the b ank in com puter sales for th e p ast th ree years. Thursday, September 11 V ■*> A.M. - W a terlo o A p p o in tm e n t R ich ard A. B arkalow , a ssista n t vice presid en t at th e Iow a State B ank, Iow a City, has been elected p resid en t https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 0 Largest R anks in Mown J ^ E P O S I T and loan figures for Iow a’s 20 larg est banks are show n in the c h a rt below as th ey w ere rep o rted at m id-year C om parative figures for a y ear ago are also featured. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. ;ted)) (L a s t th ree fig u res o m itted J u n e 30, 1969 L oan s D ep o sits $144,416 ...$251,702 Io w a -D es M oines N a tio n a l B a n k , D es M oines ............ $251,702 67,314 ... 195,883 C en tra l N a tio n a l B a n k & T ru st, D es M oines ...... 195,883 65,141 ... 14$, 145,805 D a v en p o r t B a n k & T ru st C om pan y, I o w a .................. ......... 77,831 ... 135,077 135,677 M erch an ts N a tio n a l B a n k o f C edar R a p id s ....... 77,723 ... 119,645 B a n k ers T ru st C om pan y, D es M oines ..................................... 119,645 44,990 ... 79,644 S ecu rity N a tio n a l B a n k , S io u x C ity ..................... ...... 38,985 ... ”67,925 F ir s t N a tio n a l B a n k , S io u x C ity ....................... ................ ‘ ’ 31,189 . ”¿,586 61,586 N a tio n a l B an k o f W a terlo o ............................................ 25,437 ... p56,517 F ir s t N a tio n a l B a n k o f D ub u q ue ............................ ....................... M ll 31,409 . 5b,428 56,428 A m eric a n T ru st & S a v in g s B a n k , D ub u q ue ......... .......... 29,363 ... 51,413 51,413 D ub u q ue B a n k and T r u st C om pan y, Io w a ............ 31,256 ... 49,001 W a terlo o S a v in g s B a n k , Io w a ............................. ,001 30,536 .... 47,147 47,147 C oun cil B lu ffs S a v in g s B a n k , Io w a ......................... 26,091 . 45,801 F ir s t N a tio n a l B a n k , M ason C ity ............................... ’ 5,801 20,469 ... 45,447 45,447 P e o p le s B a n k & T ru st Co., C edar R a pids -------27,612 V a lle y B a n k & T ru st C om pan y, D es M oines ................. 445,046 5 ,0 4b 28,767 .... 44,355 T oy N a tio n a l B a n k , S io u x C ity ............................. .............. 24,765 .... 41,251 41,251 F ir s t N a tio n a l B a n k , I o w a C ity .................................. 21,068 .... 38,463 C ap ital C ity S ta te B a n k , D es M oines ... ................................. °8,4b3 22,977 .... 37,011 37,011 U n io n B a n k & T ru st Co., O ttu m w a ------- J u n e 29, 1968 L oans D ep o sits $133,837 $231,670 66,187 182,893 64,806 145,368 74,611 132,077 71,493 121,319 39,711 64,514 39,075 67,877 27,856 55,987 22,156 53,041 29,367 50,154 24,225 48,344 26,958 47,278 29,103 43,828 26,009 44,231 15,666 41,631 26,707 41,979 26,916 45,425 22,121 37,800 19,168 38,036 19,389 34,240 No rthwestern Banker, August, 1969 78 Iowa News New Minili lini hi ìiitf l'or Truer A R T IS T ’S C O N C E P T show s w h a t th e new $140,000 F i r s t N a tio n a l B a n k b u ild in g of T ra e r w ill look lik e w hen c o m p leted in m id-D ecem ber. W illia m B oehm , b a n k p re sid e n t, a n n o u n ce d in m id -J u ly t h a t final c o n tra c ts h a d been le t a n d t h a t c o n stru c tio n w as to s t a r t soon on th e new c o n te m p o ra ry b u ild in g . T he b u ild in g is to be of b ric k c o n stru c tio n a n d w ill be fu lly c a rp e te d , f e a tu r in g th e la te s t in b a n k e q u ip m e n t. K irk G ross C om pany B a n k P la n n in g S e rv ice a n d M CS, In c ., B a n k B u ild in g a re th e d e sig n ers, w ith M CS to h a n d le c o n stru c tio n . R etires at K n o x v ille E d M. B utterfield has re tire d as cashier of th e C om m unity N ational B ank and T ru st Com pany, Knoxville. H e has been succeeded as cashier by L eland Moon, w ho w as p reviously as sista n t cashier. Mr. B u tterfield ’s re tire m e n t brings to a close a b an k in g career of 69 years. He had been w ith th e Com m u n ity N ational B ank and T ru st since 1933. T o State P ost E. A. H ayes, a directo r of th e H en ry C ounty Savings Bank, M ount P leasant, has been nam ed ch airm an of th e Iowa D evelopm ent Com m ission by G over nor R obert D. Ray. N ew D irector-M an ager F red W. M aifeld has been elected a m em ber of th e board of d irectors of th e S tate Bank, C larksville, and has been appointed m anager of th e b a n k ’s office at Kesley, Iowa. A n n o u n c e N ew H o u rs The Iow a S tate B ank and T ru st Com pany and th e F irs t N ational B ank, both of Fairfield, now w ill be closed on Saturdays. Both b anks w ill rem ain open th re e additional ho u rs on F r i days, from 5 to 8 p.m. The new sched ule w ill n o t change eith e r b a n k ’s drive-in b an k in g hours, w hich w ill continue on F rid ay s from 9 a.m. u n til 8 p.m. L eon ard P. K u h l L eonard P. K uhl, cashier and vice p resid en t of th e D yersville N ational Bank, died at th e D yersville CommuNo rthwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis n ity H ospital follow ing an ap p aren t h e a rt attack. He w as 50. Mr. K uhl had been associated w ith th e D yersville bank for th e p ast 22 years. T rip to E u ro p e Mr. and Mrs. T hom as K erndt, re p re se n tin g K ern d t B ro th ers Savings Bank, L ansing, recently participated in a 21-day In te rn a tio n a l B anking Sem inar and to u r to Europe. Mr. K ern d t is p resid en t of the L ansing bank. The sem inar and to u r w as spon sored by the C entral N ational B ank of Chicago and included visits to some of th e m ajor E u ro p ean banks and confer ences w ith rep resen tativ es of the E u ropean b an k in g com m unity. The trip , m ade by nine b ankers and th e ir w ives from Iow a and Illinois, w as th e first of its kind sponsored by th e C entral N ational Bank. oOtii W ed d in g A n n iversary A1 and E lsa M ensing recen tly ob served th e ir 50th w edding an n iv e r sary. Mr. M ensing, chairm an of the board of directors of th e A m erican T ru st and Savings B ank in Lowden, has been associated w ith th e bank for th e p ast 26 years. He also w as Iowa re p re se n tativ e for Cedar County for m any years. H o n o ra ry B on d s C hairm an T re a su ry S ecretary David K ennedy has appointed Iow a G overnor R obert R ay as h o n o rary state chairm an of the Iow a Savings Bonds Com m ittee. Gov ern o r R ay is th e first Iowa governor appointed to this post in six years. I wo to Storm Lake Bank Citizens F irs t N ational B ank of * Storm Lake has announced th e addition of tw o new m em bers to its staff. Ted B runing, a recent g raduate of ^4 Iow a State U niversity at Ames w ith a bachelor’s degree in farm m anage- * V m ent, w ill deal exclusively w ith the m anagem ent and supervision of th e 4 u several thousand acres of farm land held in th e b a n k ’s tru s t departm ent. Also added to th e staff is R onald f . B ottin, w ho received his bachelor’s degree from B uena V ista College in > ^ 1964 and his MBA from th e U niversity of South Dakota. Since th a t tim e, he < ' has been on the faculty of K ansas State T eachers’ College for one y ear A and has spent th e last th ree y ears as an in stru c to r of accounting at Iowa State U niversity. Mr. B ottin has been 4. ^ elected tru s t officer and auditor. A tten d s B a n k in g S em in a r Boyd L. Hook, vice p resid en t of the A m erican State Bank, Mason City, ^ w as one of 127 b ank executives from 32 states w ho successfully com pleted *• th e 10th an n u al Sem inar for Senior B ank Officers sponsored by the Inde- * pen d en t B ankers A ssociation of A m er ica at th e H arv ard G raduate School of 1 B usiness A dm inistration in Boston, Mass. N ew l rust O fficer At O ttum w a Bank E ldon L. R ohrofen has been nam ed « tru s t officer of the U nion B ank & T ru st Company, O ttum w a. He comes to O ttum w a from Sioux City, w here he had the sam e position w ith th e F irs t - ‘4 N ational Bank. A n ative of G rim es, Iowa, he re ceived a b achelor’s degree from D rake U niversity in 1963 and his law degree th ere in 1966. He th en w as an in stru c to r in com m ercial law at W iscon sin S tate U niversity of W hitew ater. He joined the Sioux City b a n k ’s staff in 1968 and has been active th ere in the Jaycees, Y oung R epublicans and L u th e ra n Church. 4r In his new position he w ill be as sistan t to R ichard Ackley, senior vice presid en t and tru s t officer. He suc 4 ceeds R onald H ansen, w ho is now em ployed by a bank at C rystal Lake, Iowa. P r o m o te d at J efferso n A lvin P e ttit has been elected assist- * a n t cashier of th e Jefferson S tate ^ Bank. He joined the bank Ja n u a ry 20 of th is year, w ith prim ary responsibilities in the b a n k ’s ag ricu ltu ral de p artm en t. -v Before joining th e bank, Mr. P e ttit operated a 500-acre grain and livestock “ farm n ear H edrick, Iowa. * 79 -~>> - > A m erican T rust and savings Bank * * DUBUQUE, IOWA ' > STATEMENT OF CONDITION JUNE 30, 1969 Assets $11,604,373.07 Cash ............................................ U. S. Government Securities U. S. Public Housing Bands — $7,268,753.74 6,115,768.26 13,384,522.00 > ................................. 3,393,422.93 ................................. 105,000.00 ................................. 31,409,481.59 ................................. 20,916.99 .................................. 1,202,324.29 ........................... . 654,638.70 ................................. 24,305.83 $61,798,985.40 Municipal Bonds ............................................ Federal Reserve Bank Stock .... .......... ...... Loans ....................... -....................................... Overdrafts .................-..................................... Banks Premises and Equipment ------ ----Customers’ Liability on Letters of Credit Other A ssets .............. ...................................- >> \ * Liabilities $ 1 , 000 , 000.00 Capital ................. Surplus —........ Undivided Profits 2,500,000.00 695,663.09 4,195,663.09 ►-+ 'e-T* » OFFICERS ' > ►- 654,638.70 520,634.95 56,428,048.66 $61,798,985.40 Liabilities under Letters of Credit Other Liabilities ........ —....... - ......... Deposits .............................................. D. W. ERNST Chairman of the Board NICHOLAS J. SCHRUP President CHRISTY F. ARMSTRONG Executive Vice President ROY F. GLAB Executive Vice President and Secretary Senior Vice Presidents W. G. BAUMHOVER LEO F. KANE ROBERT G. SCOTT JAMES L. RILEY Cashier TRUST DEPARTMENT CHARLES J. SCHRUP Executive Vice President and Trust Officer D. B. CASS AT Honorary Director—American Finance Systems, Inc. PAUL D. DALE President Thermolyne Corp. D. W. ERNST Chairman of the Board MAURICE A. FRAHER Retired Director—John Deere & Co. C. P. FROMMELT Chairman of the Board Frommelt Industries ♦ROY F. GLAB Executive Vice Pres, and Secretary W. N. GLAB President—Morrison Bros. Co. COURTLAND HILLYARD President—Midland Laboratories ♦ROBERT G. HOLSCHER Vice President M. L. KAPP BOARD OF DIRECTORS Chairman of Board, Interstate ♦CHRISTY F. ARMSTRONG Executive Vice President ♦FRANK H. BERTSCH President—Flexsteel Ind., Inc. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Power Company W. J. KLAUER President—Klauer M anufactur ing Co. j . b r u c e McDo n a l d Director & Secretary A. Y. McDonald Mfg. Co. LOUIS H. PFOHL The Fischer Companies ♦CHARLES J. SCHRUP Executive Vice President NICHOLAS J. SCHRUP President R. W. STEELE President—Interstate Power Company ♦A. L. VOGL Consultant H. W. WAHLERT President—Dubuque Packing Company CYRIL H. WISSEL President—H & W Motor Express Co. HONORARY DIRECTORS N. J. GRETEMAN Special Consultant C. J. KLEINSCHMIDT Special Consultant OTTO F. HENKER Retired ♦Member of the Trust Commit tee A m e ric a n T ru st and Savings Bank DUBUQUE, IOWA Member FDIC, Federal Reserve System No rthwestern Banker, August, 1969 80 Iowa News Schedule / l-lhtif Tour For Independent Hankers Meet pected to get u nderw ay early in A u gust. SPEC IA L 14-day H aw aiian to u r du rin g th e In d ep en d en t B ankers C onvention is being planned by th e Senneff B an k ers T ravel Agency and th e B an k ers T ru st Com pany, Des Moines. The a n n u al convention is M arch 17-20, 1970. The to u r w ill leave from Des Moines on M arch 8 and arriv e in Hilo, H aw aii, th e sam e day. B ankers and th e ir w ives w ill v isit th e o u ter islands of H aw aii, M aui and K auai before flying to H onolulu, Oahu, on M arch 16 for th e convention. The group w ill stay at th e Ilikai, w hich is one of O ahu’s finest hotels. Follow ing th e conven tion and a to u r of Oahu, th e to u r w ill re tu rn to Des M oines on M arch 22. Price of th e com plete to u r is $595. F u rth e r details m ay be obtained from th e Senneff B an k ers T ravel Agency, 607 Locust Street, Des Moines, or th e B ankers T ru st Com pany, Des Moines. A gift of $2,500 w as made on behalf of th e F irs t N ational B ank of C l a r i o n ^ by R obert Davison, president, to the Clarion R ecreation A ssociation a t a ’ recen t m eeting of th e association’s ^ board. A N ew A p p o in tm e n t In S io u x City Wm. A. A m sler has been appointed an account executive for F irs t Mid A m erica Inc., in its Sioux City, Iowa, office. The anno u n cem en t w as m ade by Dale C. T intsm an, p resid en t of F irs t Mid A m erica, Lincoln, Nebr., and L aurence B. Lunde, m anager of FM A ’s Sioux C ity office. Mr. A m sler w as form erly w ith Ze n ith Radio C orporation of Iow a for 33 y ears u n til his re tire m e n t recently. At the tim e of his retirem en t, he w as secretary -tre a su re r and a m em ber of th e board of directors. Mr. A m sler is c u rre n tly on th e board of d irectors of th e N o rth w estern N ational B ank of Sioux City. ford G. M ateson, cashier and tru s t of ficer. The b ank m ain tain s an office in Den m ark, Iowa. A p p o in ts M anager F or S ou th w est Iow a Rem odeling of th e F a rm e rs Savings B ank in W ever w as com pleted recen t ly, and th e public w as invited to an open house to inspect th e new q u a r ters. The new addition includes space added on th e m ain floor and im prove m ents in th e basem ent, doubling th e size of th e bank. The bank is located on the sam e p ro p e rty on w hich it w as founded in 1908. An en tirely new ex terio r featu rin g alum inum and glass paneling h ig h lights the stru c tu re . New services in clude a drive-up w indow , an afterh o urs depository, paved p ark in g lot, new conference room in the basem ent and an adjoining kitchenette. Officers of F a rm e rs Savings B ank are E dson P. Cornick, president; H er b e rt Lange, vice president, and ClifNorthwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis <m*~ M arks 5 0 th A n n iv ersa ry C entral States H ealth and Life Com p an y of Omaha, Nebr., has announced th e ap p o intm ent of Cecil E. Row land as s o u th w e s t Iow a branch m an ager. M r. R o l a n d jo in e d C e n tra l States in 1959 as a d istrict agent in Iowa. In 1962, he j o i n e d the Iow a Air N ation al G uard as an a ir te c h n ic ia n . Mr. R ow land has w on m any com pany sales honors for p ersonal production. Jo h n Corcoran, p resid en t of th e Se- f cu rity State Bank, Independence, said recen tly th a t co nstruction of a n e w ** drive-in facility for the b ank is underw ay and should be com pleted som e tim e th is fall. A stru c tu re adjoining th e bank w as razed to m ake th is addi tion possible. v P r o m o te d at W aterloo 6 0 th A n n iversary D in n e r Donald L. P orchet, a lifetim e resi d ent of W aterloo, has been nam ed an a ssista n t vice presid en t of Peoples B ank and T ru st Company, W aterloo. Mr. P o rchet has been a full-tim e em ployee of Peoples B ank since April, 1957. B efore th a t tim e, w hile a stu dent at W aterloo W est High School and at th e State U n iversity of Iowa, he w as for th ree y ears a part-tim e and sum m er em ployee at th e bank. He w ill continue as a ssistan t m anager of th e b a n k ’s installm en t loan d ep art m ent. O p en H u d son B u ild in g O p en H o u se at W ever M oney fo r R ecrea tio n The H udson State B ank has moved into its new bank building in th e H ud son business district. Open house is planned in the n ear fu ttu re so the public can view th e new facilities. M osler Safe Com pany installed driveup w indow , n ig h t depository and pro tection equipm ent, based on recom m endations in th e new B ank P ro tec tion Act. K eota P lan s A n n o u n ced Officials of th e F a rm e rs Savings B ank at K eota announced plans to co n stru ct a new bank building on the lot occupied for m any y ears by the old post office and the adjoining Sand berg building. B uilding plans have been approved by the board of direc tors, as w ell as b ank su p ervisory offi cials, and construction w ork is ex B usinessm en in Schlesw ig paid trib -* u te to officers of the F a rm e rs S tate t B ank recently on th e occasion of the b a n k ’s 50th an n iv ersary . E. W. Claus- « sen, president, w as p resen ted a plaque at th e d inner and later cut a special << an n iv ersary cake m ade for th e golden an n iv ersary event. N ew In d e p e n d e n c e F a cility More th a n 90 persons w ere guests of th e S ecurity T ru st and Savings Bank of Shenandoah at a recen t d in n er on th e occasion of th e b a n k ’s 60th an n i v ersary of founding. R obert Fishbaugh, president, presided at the din ner, w hich w as atten d ed by presen t staff m em bers, form er staff m em bers, th e ir husbands and wives. A special souvenir booklet w as handed out to each of th e guests. Also, each person w as given a paperw eight m ade from m arble in th e old b ank fixtures. Im bedded in th e mar- * ble is a 1909 p en n y alongside a 1969 penny. H arrison C ou nty O fficers R obert E. B row n, assistan t cashier of F irst N ational Bank, M issouri Val ley, w as elected presid en t of th e H ar rison County B ankers A ssociation at its recent m eeting in Dunlap. Suc ceeding him as secretary -treasu rer is Lee K enkel, cashier, F irs t N ational B ank of W oodbine. Mr. B row n succeeds E d w ard Wood, vice president, F irs t N ational B ank of Logan. J. M. Shanda, vice p resid en t and cashier, H om e State B ank of Jefferson, gave a talk on R egulation Z. C ylin d er C apital In creased C apital stock of th e Cylinder State B ank at C ylinder w as increased re cently from $50,000 to $100,000. 81 KEEPING THE M ID-W EST 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. CORRESPONDENT BANK DEPARTMENT Charles H . W alcott, Vice President; Richard C . Taylor, Vice President; B. M. Broderick, Assistant Vice President if wwifiy watfers-iWJa. "First F ir s t N a t io n a l B a n k J https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis *1 MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION i n S i o u x C ity Northwestern Banker, August, 1969 82 Iowa News N ew O fficers A n n o u n c e d By C ou n cil B lu ffs B an k The ap p o in tm en t of tw o new b ank officers at F irs t N ational B ank of Council Bluffs w as announced recen t ly by Dale Ball, p resid en t of th e bank. Mrs. Low ell (P aula) M itchell and V ern Knop w ere prom oted to assistan t cashiers. Mrs. M itchell has been on th e b ank staff since A ugust, 1966, w h en she w as secretary to th e president. She be came p ersonnel officer in 1968 and w ill continue in th a t position. Mr. K nop started w ith th e b an k in A pril, 1966, as a teller. He w ill continue in his duties as su p erv iso r of custom er serv ice. Jon A. N e lso n D ies W ord w as received in Iow a last m onth of th e d eath of Jo n A. Nelson, 51, in Los A ngeles follow ing a long illness resu ltin g from a h e a rt attack. Mr. N elson w as a n ativ e of W alling ford, Iowa, and sta rte d his ban k in g career in Iowa. He sta rte d his bank career w ith his father, the late Jo h n A. Nelson, at th e F arm e rs State B ank in LuV erne, Iowa. He th e n served as vice p re si dent of th e Hom e T ru st & Savings Bank, Osage; becam e p resid en t of the L uV erne bank, and served as ch air m an of th e board of th e Security State B ank at Algona. In 1964 he m oved to California to becom e p resident of the Orange E m pire N ational B ank at A naheim . At th e tim e of his death, he w as vice p res id en t of th e B ank of Yakima, Yakima, W ash. B urial w as in Los Angeles. S p ace E x h ib it F eatu red Over 50 exciting photos tak en d u r ing actual space flights, and a fullscale m odel of an O rbital S canner de signed for space flight, w ere on display th ro u g h Ju ly in th e lobby of Capital City Bank, Des Moines. In m any of th e photos, some m eas u rin g as large as 8 by 8 and 8 by 10 feet, details of m an ’s first space w alk and the surface of th e moon are clearly visible. One group of color photos w as tak en inside th e space craft of m an ’s reaction and facial ex pression du rin g th e flights. The O rbital Scanner w ill m easure th e e a rth ’s horizon and provide ex ten sive scientific data essential to space flights and earth resources technol ogy. W eighing 725 pounds, this sixsided vehicle w ill provide inform ation p erm ittin g g re a te r accuracy in w eath er, com m unications, astronom y, recon naissance and research m issions. F R O M h is v a n ta g e p o in t “ on th e m oon,” R ic h a rd L ee, p res., C a p ita l C ity S ta te B k., D es M oines, p o in ts to e a rth . 4, A. H orizon inform ation is im perative to m anned flight safety to provide an accurate fix on “stra ig h t dow n” in such instances as em ergency re-entry. T his w as the first Iowa show ing of th e exhibit and only th e second show- f ing in th e U nited States. <h N ew C hairm an fo r S avin gs B o n d s P rogram D arw in M yrick, farm rep resen tativ e a for th e F irs t N ational Bank, Spirit Lake, has been appointed v olunteer *’ ch airm an of th e U nited States Savings Bonds program from D ickinson Coun ty. In Ottumwa, Iowa—Look to . . . UNION BANK and Trust Company Southern Iowa's Correspondent Bank MEMBER F E D ERAL D EPOSIT IN SU R A N C E CORPO RATION S t a t e m e n t o f C o n d i t i o n as o f J u n e 3 0 A s s e ts Cash on Hand and on Deposit W ith Banks ________________ ________ $ 5,824,479.13 U. S. and Government Agency Securities ___ __ _____ — ..... -...... 7,924,958.53 Municipal Bonds __________________ 4,036,638.68 Other Bonds and Securities _________ 209,250.00 Loans and Discounts_____ __ 22,977,075.68 Union Bank Buildings ___ 346,687.59 Furniture and Fixtures _____________ 76,495.26 Income Earned but not Collected ____ 366,862.22 Other Real Estate_______________ 7,453.50 Federal Reserve Bank Stock___ ___ 60,000.00 $41,829,900.59 Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis , 1969 L ia b ilitie s Capital k ■ ___________ $ 650,000.00 Surplus ____________ 1,350,000.00 Undivided Profits ___ 1,592,998.98 -------------------- $ 3,592,998.98 Loan Reserves _______________ Reserve for Interest, Taxes, etc. .. 205,903.24 Divided Payable July I, 1969 .... 58,500.00 Income Collected but not Earned 570,609.50 390,642.72 Deposits ______ __________________ 37,011,246.15 $41,829,900.59 When you want ; something from your correspondent ' ... and you want it fast, how long does it take? A couple of days? A week? Or when they can “get around to it?B If speedy service is your problem, we suggest a quick call (collect of course} to j Drovers. Fast action is onstyle of Correspondent .'xss&Sj service, and we’ll , stake our reputation m . on it / https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 84 4 R. H . C L A R K , J R . Des Moines News OHN R. FITZGIBBON, p resid en t of the Iowa-Des M oines N ational B ank, has announced th a t effective Septem ber 1 Clarence E. Sullivan, Jr., vice president, w ill assum e th e duties as head of th e b a n k ’s corresp o n d en t b an k departm ent. G. O. Nelson, senior vice p re si d ent and a v e te r an in th e corres p o n d e n t field, h as a c c e p t e d a s p e c i a l research assig n m en t in the l e n d i n g division of th e Iowa-Des Moines. C. E . S U L L I V A N , JR . A g rad u ate of J G. O . N E L S O N M .M .M c M I C H A E L , JR . th e U niversity of M ontana and a N a val v ete ra n of W orld W ar II, Mr. Sul livan joined th e Iowa-Des M oines in 1966 follow ing 10 y ears w ith th e U nion B ank and T ru st of H elena, Mont. He has been head of th e b a n k ’s real es tate loan d ep artm en t since jo in in g th e Iowa-Des Moines. A t th e sam e tim e, Mr. Fitzgibbon announced an organizational change th a t brin g s th e co rrespondent b an k d ep artm en t, as w ell as com puter sales and M aster C harge dep artm en ts, w ith in th e b a n k ’s m a rk e tin g division u n d er th e leadership of M. M. McMichael, Jr., senior vice president. The com p u te r sales d ep artm en t and M aster C harge d ep artm en t are m anaged by Dale R. Luekow, vice president, and No rthwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Robert A. Krane, vice president, re spectively. * * * George Nelson, assistan t vice presi dent, C entral N ational B ank and T ru st Com pany, w as re-elected tre a su re r re cently of th e Sales and M arketing E x ecutives of C entral Iowa. * * * Malcolm Livengood, vice p resident for Iow a operations for F irs t Mid A m erica Inc., has announced th a t James W. N ew ell has become associ ated w ith th e firm as an account ex ecutive. Mr. N ew ell has been assigned to th e Des Moines office of F irs t Mid A m erica. * * * J. C. Brenton, senior vice p resident and m em ber of th e board of directors of F irs t N ational B ank of D avenport, w ill assum e duties as tre a su re r of th e B ren to n B anks Inc., effective Septem b er 1 , it w as announced at h ead q u ar te rs in Des Moines last m onth. B ren to n B anks Inc., w ith w hich the F irs t N ational B ank is affiliated, is a reg istered b ank holding com pany w hich coordinates activities of th e en tire group of B renton Banks. * * * The prom otion of Robert H. Clark, Jr., to vice presid en t of C entral N a tional B ank and T ru st Com pany of Des M oines w as announced b y B. C. Grangaard, ch airm an and president, follow ing th e reg u lar board m eeting. Mr. G rangaard also announced th e re s ignation of Lloyd A. Querrey, in stall m en t loan officer. Mr. Clark, a native of Des Moines, obtained his B.A. from D rake U niver sity in 1950 and his J.D. (Doctor of Law ) in 1953. He joined Iow a P ow er & L ig h t Com pany in 1953, and w as later w ith F in ancial G eneral of W ash ington, D. C., and w as a jo in t m anager of S ecurity T ru st Company, B irm ing ham , E ngland, p rio r to his re tu rn to Des M oines in 1968. L. A. Q U E R R E Y He has been active in civic and com m u n ity affairs, serving as national p resident of the Ju n io r C ham ber of Com m erce in 1959-60. He is presen tly 4serving as a director of th e regional board of N ational Conference of C hris «i -C tian s and Jew s, N ational “D” Club, Des Moines C enter of Science and In d u s try , executive board of Tall Corn Council Boy Scouts of A m erica and Polk County H eart Association. Mr. C lark is also a m em ber of several com m ittees of th e G reater Des Moines Cham ber of Commerce. He is also chairm an of th e 1970 D rake Relays w hich w ill be held at D rake U niver sity nex t spring. Mr. Q uerrey has been w ith C entral N ational B ank for th e last eight and one-half years in the in stallm en t loan d ep artm en t and has purchased an autom obile agency in Osceola, Iowa. * * * P rom otions for Brock L. H essing to a ssistan t vice presid en t and Frederick DeVries to credit officer wer e an nounced last m onth by John R. Fitz gibbon, presid en t of th e Iowa-Des Moines N ational Bank. B. L. H E S S IN G F. D e V R I E S <Mr. H essing w as elected an assistan t cashier in Jan u ary , 1967, and joined th e correspondent b an k d ep artm en t in Jan u ary , 1968, and w ill rem ain in th a t departm ent. Mr. DeVries joined th e b an k in De cem ber, 1968, and set up th e b an k ’s credit d ep artm en t for th e M aster Charge program . He w as w ith M ont V < gom ery W ard and Com pany for seven y ears p rio r to joining th e Iowa-Des -VM oines N ational. * * * Robert M. Kreamer, 28, has been elected a tru s t officer of th e F irs t F ed eral State B ank in Des Moines, it w as announced last m onth by David Tay- 85 * ' > ►- -# We keep bankers hours. >V ►> -V ~>r ‘' f ► 1—» * w |. V * ^ ♦a r* > Today it takes hard work to provide the services we want to provide our correspondent banks. And long hours. If that means our men have to put in extra hours, travel extra miles, then that’s what they do. Gladly. Otherwise they wouldn’t be around long. And, neither would you. If that’s the kind of service you want from a correspondent bank, call. Then we’ll call on you. Day or night. > ►i w > \bu dorrt need us. We need you! ■*r r ■*• Central National Bank & Trust Company LOCUST AT SIXTH AVENUE, DOWNTOWN DES MOINES, PHONE 243-8181 t https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER F.D.I.C. Northwestern Banker, August, 1969 86 Iowa News wr-4 S T R E E T L E V E L view a t le f t o f new F i r s t F e d e ra l S ta te B a n k b u ild in g show s how b a n k w ill a p p e a r fro m 24th S tre e t w h ere i t in te rs e c ts w ith U n iv e rs ity . O v e rh ea d view a t rig h t, fro m sam e an g le show s la y o u t o f g a rd e n s, a n e n tra n c e b rid g e, a n d p a rk in g a re a in lo t a t rig h t. lor, president. Mr. T aylor said the election of a full-tim e tru s t officer to the staff is a sig nificant e x p a n sion of service provided for cus tom ers of th e 58year-old bank. M r. K r e a m e r had been associted w ith th e law firm of Gamble, Riepe, M artin and W ebster p rio r to R. M . K R E A M E R joining th e bank. He is a g rad u ate of th e U niv ersity of Iowa Law School and is c u rre n tly serving as a state re p resen tativ e from Polk C ounty in the Iow a legislature. Mr. K ream er is w ell-know n in Iowa sport circles. He w as grad u ated in 1959 from R oosevelt High School, w here he placed on th e All-State first team football team in 1958 and also w on a place on th e high school All A m erican team th a t sam e year. He w as th e 220-yard dash cham pion for Iow a in 1959 in his senior year. At the U n iv ersity of Iowa, he lettered in both tra c k and football. P lans for th e construction of a new ban k in g facility for the F irs t F ederal State B ank, Des Moines, w ere an nounced last m onth by Morris Steph ens, chairm an of the board. The new 14,000-square-foot building will be constructed ju st w est of the site of the presen t bank building at T w enty-fourth S treet and U niversity A venue. Upon com pletion, expected nex t spring, the old building w ill be razed and replaced by a p ark plaza and su n k en garden. Mr. Stephens said th a t dem olition of the Odd Fellow s building on Twentyfifth S treet has started. This area, w hich w as recently purchased by the bank, w ill accom m odate a new walkup, drive-up facility w hich w ill have five stations for custom er service. The facility w ill have pneum atic-tube service u n its and w ill be connected w ith th e new m ain bank by a security Jasper County Savings Bank NEWTON, IOWA At the Close of Business June 30. 1969 RESOURCES Loans and Discounts Bonds and Securities ........... ................................. ................................. Stock in Federal Reserve Bank ...................................................................................... Banking House and Fixtures _______________________ ___ Cash and Exchange Due from Other Banks _______________________________ O verdrafts ...................................................................................... Accrued Interest and Other Assets ............................. ...... ................ C apital ............................................... Surplus Undivided Profits (net) Reserve Accounts Reserve for Loan Losses Interest Collected, Not Earned Deposits Accrued Taxes and Other Expenses LIABILITIES 500,000.00 1,000,000.00 1,214,104.75 122,981.45 576,224.23 532,915.61 25,164,706.21 308,153.10 R . E . V A N C E , C h a irm a n o f th e B o a rd A. E . P E T E R S , P re s id e n t C . R . B A IL E Y , E x e c . V i c e - P r e s . C O L L IN W . F R I T Z , S e n i o r V ic e - P r e s . & T r u s t O ffic e r M A RK E . SC 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 i c e - P r e s i d 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 J O H N C. E IC H H O R N , T r u s t O ffic e r Northwestern Banker, August, 7969 $29,419,085.35 $ O F F IC E R S https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $17,574,326 32 6,387,705.56 45,000.00 939,121.56 4,013,214.48 1,750.08 457,966.85 $29,419,085.35 M A R K C. E M M A C K , A s s t . C a s h . & L o a n O ffic e r L O W E L L L . G A U S E . A s s t . C a s h & L o a n O ffic e r B E R N A D IN E R . H O W E L L , A s s t . T r u s t O ffic e r L A R R Y M . H U T C H IN S O N , A s s t . C a s h i e 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 i e r RO SEM A RY S H U T T S , A s s t. C a s h ie r D E N I S G . W IL C O X , A s s t . C a s h & L o a n O ffic e r J . B IL L W IL L IA M S , L o a n O ffic e r tunnel. E n tran ce for autom obiles will be from T w enty-fourth Street. The p resen t drive-up facility w ill be razed to enlarge the b a n k ’s p arking area to acom m odate up to 40 autom o biles. Mr. Stephens said the cost of the project w ill be “in excess of threeq u arters of a m illion dollars.” He added th a t “the b ank is pleased to m ake th is com m itm ent to th e D rake U niversity com m unity, and it is hoped th a t this w ill sp ark a priv ate renew al program for the area.” The bank, w hich has been in opera tion since 1911, w as purchased by Mr. Stephens seven years ago. Since th a t tim e, the b ank has grow n over tw o and one-half tim es in assets and has opened offices at 8550 H ickm an Road in Clive and at 100 W est U niversity Avenue in the R iver Hills area. The new building, w hich w as de signed by W ilkins and B ussard, Des Moines arch itectu ral firm, w ill be of d ark n eu tral brick w ith grey plaster, D rake blue trim , gray glass and ex posed aggregate concrete paving. E n trance w ill be by a bridge from T w en ty-fourth Street, spanning the low er garden. The m ain banking floor w ill contain tellers’ stations, th e in stallm en t loan and tru s t dep artm en ts and offices. The low er floor w ill have clerical offices, a board room and em ployees’ lounge and th e b a n k ’s v au lt and safe deposit facility. G eneral contractor is A rth u r H. N eum ann and B rothers, Inc. M echan ical co ntractor is W aldinger Corpo ration, and th e electrical contractor is B ierm an n ’s U niversity E lectric Com pany. 1 * 6» «—- \ ~ VI <' A tten d G overn ors D ay Officers of th e Iowa B ankers Asso ciation and m em bers of the IBA leg islative com m ittee attended the an nual G overnors Day Conference at Clear Lake A ugust 1-3. "T'T 87 >* > W - > >► >r - r V«► PSSSTHDÜJ’D YULI LJWE fl GDDD PUNCH INTHE CARD? \> ♦* — *a All you have to do is say the word. ’Cause I’m a rough, tough IBM system 3 6 0 /4 0 computer. And I can take on any kind of banking assignment you give me. Like proof and transit, demand deposit accounting, direct on-line savings, and auto matic compounding of time certificates of deposit. And a whole lot more, too. Just ask the National Bank of Waterloo about their computer service for other area banks and cus tomers. After all, a good punch in the card never hurt anybody. National Bank of Waterloo, 110 East Park Ave., 315 East 5th St. and at the Crossroads Shopping Center • Waterloo, Iowa 50704 Member F.D.I.C. • The Go Bank -4 -* https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, August, 1969 Iowa News ¡humo Lin»/,'s A liow lio .7 Y ears . . . (C ontinued from page 37) m anagem ent and appraisal, w hich w ere our first services, are still m ajor p a rts of th e com pany. It is th e p a r en t division from w hich oth er divi sions have been developed. “E a rly in th e life of th e com pany, Mr. Doane and his associates realized th a t m uch of th e inform ation used by th e com pany farm m anagers w ould be valuable to o th er ag ric u ltu ra l people —farm ers as w ell as business m en as sociated w ith agricu ltu re. “E ach farm m an ag er supervised the operations on 20 to 30 farm s, trav eled to experim en t statio n s to get in fo rm a tion on production, m et w ith econo m ists to get ideas on w hen to sell com m odities and to help m ake m a r k etin g decisions. W ith a w ide re p re sen tatio n at th e grass roots of agricu l tu re, and several tra in e d econom ists on the staff, DOANE w as a logical source of ag ric u ltu ra l m ark etin g in fo r m ation.” ag ribusiness people alike, m odern m ethods of business m anagem ent and decision-m aking have become a g reat er p a rt of all reports. S hortly a fter W orld W ar II, the rate of developm ent and change jum ped to a pace n ever before seen in agricul tu re. As a w ider dem and developed for farm business and production in form ation, com m ercial firms, and p a r ticu larly bankers, began looking for w ays of passing reliable, up-to-date m an agem ent inform ation on to th eir farm custom ers. To satisfy th is need, th e DOANE editors developed a specialized new s le tte r to serve th e public relations needs of ag ricu ltu rally oriented banks. It was, and is still called, “F arm in g for Profit.” The dem and has grow n and now over 750 a g ricu ltu ral ban k ers send th e le tte r to th e ir custom ers and friends each m onth. First Publication T he first publication of DOANE Agcu ltu ral Service w as know n as th e D O AN E A gricu ltu ra l D igest and later w as ren am ed as D O A N E ’S A g ricu ltu r al Report. W ith th e ever-increasing “need-to-know” and to p ro tect th e g reater financial stak e of farm ers and Marketing Research Begun The changes th a t have tak en place in ag ricu ltu re and th e m oves to sa t isfy the new ly developed needs can probably be seen m ost clearly in the m ark etin g research division. I t ’s a pro d u ct of to day’s industrialized ag ri culture. I t w as sta rte d only 10 y ears ago and w as set up to satisfy th e needs CENTRAL TRUST AND SAVINGS BANK ELDRIDGE, IO W A ASSETS _ , . June 3 0 , 1 9 6 9 C a s h in V a u l t a n d d u e o f B a n k s U . S , G o v e r n m e n t S e c u r i t ie s .................................................................................................. ¥ 6 9 2 ,8 4 9 .2 9 Io w a a n d I l l i n o i s Mmuunni cicipipaal l s S eeccuurriittiieess ' .................................................................................... ................................................................................. 1 ,, 0 4 6 ,, 2 3 2 . 5 2 1072976.25 **e a l K E s ta t e M o r tg a g e s ^ t 's F C u s to m e r O v e r d r a fts A f f il ia t e F ix t u r e s A s s e ts . TOTAL D em and S a v in g s S a v in g s S S if t '. S c o tt C o u n tv $ 2 ,8 1 2 ,0 5 8 .0 6 ::; 6 5 3 ,9 7 1 .9 6 ........................................................................................................................................................................2 3 1 . 4 8 B u fl<d in g LO| o m p î n y 1|; o < ik 9 . ! ! ! ! ! J ! ! F u r n it u r e , O th e r in 81 andSco°t‘ie W n s ' ! : i : : : : : ; : : : : : and .................................................................. _ M a c h in e s ' . ' . ' . ' . ' .'.' .'.' .' .' .' ’; ; S 6 4 S 1 3 3 6 .3 6 3 2 ’l 3 0 S 2 $ 2 0 5 ,8 4 0 .5 2 ............................................................................................................................................................................................................................... 1 8 5 . 2 1 ........................................................................................................................................... $ 9 ,4 6 9 ,4 2 0 .1 5 D e p o s its ............................. L IA B IL IT IE S D e p o s its ................................... ! i ................................................................................................. ^ I n f i s s s n « C e r t if ic a t e s ...................................................................... ! ! ! 1 ! ! ! ! ! ! ! ! ! ! ! ! ! ¡ ¡ “ H iffS .O O 1 ‘L T <c — > :$ U n d iv id e d U P r o f it s ' * ! ! I ! I ! ! I .* ! 1 . * ............................................................................................ S p e c ia l R e s e rv e s ............................................................................ 1 1 I '. ! '. ! ! ! U n e a rn e d 1 5 0 OOO OO D is c o u n t TOTAL 2 0 0 ,0 0 0 .0 0 * 8 ' 5 3 0 2 2 4 '9 5 i ? 2 ’? 2 ? '2 2 s l ’. i l i : ! ! ..................................................................................................................................... $ ............................................................... 8 7 7 ’ l3 3 '7 6 $ 9 ,4 6 9 ,4 2 0 .1 5 O F F IC E R S R O ^ R T T T SC^ A ^ T ? K p ? J iÎ A o S ? a i r m a n RODNEY L. BURNETT, A s s is t a n t V i c e t a m ? 5 T p J ' m A ^ ? K T rJL ^ ? f'd e n t\r* „ .. . B E R N IC E F . S L O A N , A s s i s t a n t J A M E S R . T A N K , E x e c u t i v e V ic e P r e s i d e n t D O N A L D H . H A M A N N , C a s h ie r K E N N E T H L . O E T Z M A N N , A s s is ta n t C a s h ie r M e m b e r F e d e ra l G U dJhe C o r p o r a t io n GENERAL UNIT E D L IF E INSURANCE -Jlome op (Credit 2015 GRAND AVENUE Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D e p o s it In s u r a n c e V ic e • COMPANY P re s id e n t P re s id e n t of agribusiness firms supplying farm ers. T hey needed to know m ore about th e opinions and th e buying in ten tions of farm ers. As a result, a division w as developed A to research th e farm m ark et. One of th e first m oves w as th e establishm ent - + of a countryw ide farm panel to get V* first-hand inform ation about farm er attitu d es and buying intentions. u The farm panel is com posed of some 9,000 com m ercial farm ers and ra n c h i ers from across th e country. Q uestion naires sent to th is panel are geared to 4 < fit th e needs of specific clients. ■*•-<And Now Computers The DOANE com puter center and data processing system w as set up, in a large p art, to handle m ark etin g re search studies. In addition, how ever, com puters are used for analyzing spe cific problem s for farm s u n d er m an agem ent. The com puter has also m ade pos sible a m odern farm accounting sys tem know n as Electro-Count. This is a unique en terp rise accounting sys tem w hereby inform ation is coded by en terp rise and fed into th e com puter. This can th e n be analyzed in detail by en terp rise and can be used for both long- and short-range farm plan ning. In addition to th e inform ation g ath ered for reg u lar m ark et studies by the m ark etin g research division, co n tin u ing rep o rts are m ade for clients on such things as th e use of fertilizer, crop insecticides, herbicides, feed and anim al h ealth products. •4Lr r* *4 t ir wv A> « Add Real Estate Service * V\ E ven though th e com pany has Ai, changed radically du rin g its 50 y ears of service, it w asn ’t u n til 1962 th a t a real estate program w as set up. This addition w as m ade to round out the group of services offered to farm m an agem ent clients, farm investors and th e a g ricu ltu ral com m unity. W ith the know ledge of th e com m u n ity and the su p p o rt of a train ed ap r M praisal section, it w as felt th a t such m en in th e com pany w ere in an ideal Vposition to serve th e client as a real ■VAm.I estate agent. Now th e real estate and in v estm en t division provides a p ro gram of land inv estm en t research for buyers, as w ell as a national real es tate sales service for ru ra l property. insurance DES MOINES, IOWA 50312 4- Preparing Farm Forecast Changes in agriculture, and in Iowa News DOANE, have been rap id in th e past few y e a rs and th e ra te seem s to be increasing. To be in a b e tte r position to take ad v antage of th ese changes, a stu d y w as m ade d u rin g th e 50th y ear .to project som e of th e basic develop m ents com ing in ag ric u ltu re over th e n ex t several years. A four-part series in th e B usiness Issue (m agazine) of th e D O AN E’S A g ricu ltu re R eport is c u rre n tly being p u b l i s h e d , w hich points o u t and discusses these fore m asts. I t ’s im p o rta n t th a t clients as w ell as th e DOANE o rganization know th e env iro n m en t in w hich th e y w ill be doing business in th e fu tu re. F o r if change is to b rin g p rogress ra th e r th a n calam ity, th e re is an ever-increas ing need-to-know by all those w ho .h a v e a financial stak e in th e business of agricu ltu re. The ab ility of th e skilled and expe rienced agricu ltu re-o rien ted p ersonnel of th e DOANE firm to co n trib u te tech nically and effectively to th is needed know-how of fu tu re farm in g is sub stan tia te d by th e rem ark ab ly signifi cant perform ance record of its first 50 y ears of service to ag ricu ltu re.—End. J o in s Storm L ake B ank Citizens F irs t N ational B ank of S torm L ake h as announced th e addi. tion to its staff of Ron B ottin, a grad u ate of B uena V ista College. He also has a m aster of b u siness ad m in istratio n degree from th e U n iv er sity of South Dakota. Since th a t tim e, he has ta u g h t ac counting at K ansas State T eachers College for one y ear and has been on th e staff of Iow a State U n iv ersity as an in stru c to r in accounting for the p ast th re e years. He is a m em ber of A lpha K appa Psi, professional busi ness society. B ottin w ill be em ployed by the ban k in th e capacity of tr u s t officer and auditor. f * A tten d s H arvard S em in a r L u in B. Cox, executive vice presi, den t of th e F irs t State B ank of Bel> m ond w as one of 27 b an k executives ~ 4 from 32 states w ho successfully com pleted th e te n th a n n u al sem inar for ^»"Senor b an k officers sponsored by the In d ep en d en t B an k ers A ssociation of *+ n A m erica at th e H arv ard G raduate School of B usiness A d m in istratio n in r * Boston, Mass., Ju ly 6 to 12. The sem in ar offered an inten siv e i w eek lectu res on practical b anking ^ subjects and group analysis of actual j case h isto ries of b an k m anagem ent. D irected by C harles M. W illiam s, W professor of com m ercial banking, the r sem inar is th e only A m erican bank^ ing school planned p rim arily for th e executive officers of banks. tv https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 89 HAWKEYE BANCORPORATION A company formed by professional bankers, managing excellent Iowa banks in growing communities. A company pooling banking skills and facil ities to provide better "Full Service Banking" beyond the capacity of any individual bank. EXPANDING TO SERVE IOWA’S GROWING REQUIREMENTS MEMBER BANKS (June 30, 1969 Assets) Burlington Bank & Trust Company, Burlington First National Bank, Clinton --------------Pella National Bank, Pella Houghton State Bank, Red Oak Lyon County State Bank, Rock Rapids $27,878,762 $30,734,113 $¡6,348,267 $19,499,1 10 $ 6,271,017 APPLICATION FILED WITH FEDERAL RESERVE BOARD Mills County State Bank, Glenwood $ 2,170,069 PROPOSED MEMBER BANKS (Subject to prior approval of the Board of Governors, Federal Reserve System) Kellogg Savings Bank, Kellogg Jasper County Savings Bank, Newton Clay County National Bank, Spencer $ 8,389,791 $29,419,085 $13,645,580 TOTAL ASSETS OF MEMBER BANKS AND PROPOSED MEMBER BANKS FEBRUARY, 1966 JANUARY, 1968 JANUARY, 1969 JULY, 1969 $ 5,000,000 $ 23,000,000 $114,000,000 $155,000,000 HAWKEYE BANCORPORATION A Registered Bank Holding Company 116 Coolbaugh S treet Red Oak, Iowa 51566 Northwestern Banker, August, 1969 Iowa News 90 W estern ttoldim j tir imp Completes t nrehnse V in E S T E R N H olding C orporation, Des Moines based p a re n t of in surance, financing and oth er com panies, announced J u ly 24 it has com pleted its agreem ent, th ro u g h a subsidiary, to acquire 94 p er cent of th e stock of F irs t N ational B ank of W est Des Moines. W estern H olding’s P residen t, J. D. K ent, Jr., announced earlier th a t his firm had reached te n tative agreem en t w ith F irs t N atio n al’s shareholders, b u t th a t d o c u m e n t s needed to be com pleted and certain approvals obtained. Mr. K ent and F irs t N ational’s P re s ident, Roy M. M esserschm idt, an nounced th a t all approvals have been obtained and th a t all docum ents have been executed. Effective date of the takeover w as A ugust 1, b u t sh ares w ill be held in escrow u n til final tax clearance. The 94 per cen t in te re st in F irs t N a tional is p resen tly held by Roy M. M esserschm idt and fam ily w ho ac quired th e b an k in 1939. Since then, th e M esserschm idts have increased th e b a n k ’s capital, su rp lu s and u n divided profits from $35,000 to n early $1,000,000. It is an ticipated th a t th e rem ain in g 6 p er cent of F irs t N a tio n al’s stock m ay be acquired before th e end of th e year. Roy M. M esserschm idt w ill continue as presid en t and a directo r of the b ank u n til J a n u a ry 1, 1970, w h en he w ill become c h airm an of th e board. Roy W. M esserschm idt, his son, w ill continue as a directo r and w ill be come th e b a n k ’s p resid en t on J a n u a ry 1, 1970. The oth er th re e b ank W d irectors (m ajority) w ill be Mr. Kent, H arold C. N eum ann (of A rth u r H. N eum ann & Bros., Inc.) and W illiam C. K napp (head of Iow a R ealty). Roy M M esserschm idt is to be elected to W estern H olding’s board. Mr. K ent states th a t th e acquisition is an exchange of shares b u t th a t th e re w ill be no dilution to W estern H olding’s stock. The acquisition w ill be m ade by W estern H olding’s sub sidiary, C ontinental W estern In s u r ance Company, th ro u g h outstanding sh ares owned by th e subsidiary. The sh ares of W estern H olding owned by C ontinental W estern w ere acquired by the subsidiary prim arily through th e recen t successful ten d er offer by W estern H olding to th e shareholders of C ontinental W estern Life. Mr. K ent indicates th a t W estern H olding’s m anagem ent now feels it has com pleted a basic objective of offering com plete insurance and finan cial services to the public. Subsidiaries now include a fire and casualty in su rer, life in su rer, bank, finance com pany, m u tu al fund dealer and u n d e r w rite r, a p rin te r and a leasing opera tion. In connection w ith th e leasing operation, Mr. K ent also announced th e recen t form ation of W estern L eas ing, Inc., w hich leases autom obiles and o th er perso n alty to its affiliate com panies, and w hich expects to com m ence leasing to th e public in th e n e a r futu re. W estern H olding’s 14,000,000 out stan d in g shares are owned by approxi m ately 160,000 shareholders, 100,000 of th em in Iowa. G rand J u n c tio n E x p a n sio n The Peoples T ru st and Savings B ank in G rand Ju n ctio n has p u r chased th e form er B robst Cafe build- <1— ing from Jacob Delp. P lans call for extensive rem odelling. ** * Since th e p resen t bank building joins th e new ly purchased one th ey w ill be * * joined into one. P riv ate office room s w ill be b u ilt in th e east side, as w ell as tw o booths + + for use of p atro n s w ho have ren tal safety deposit boxes. P lans include a*"* larg er posting room. . The en tran ce w ill be m oved fa rth e r ’ " east. d. P r o m o te d in W aterloo << Donald L. P orchet, a lifetim e resi den t of W aterloo, has been nam ed an assistan t vice p resid en t of Peoples B ank and T ru st Com pany by the board of directors. i ' Mr. P orchet, 32, has been a fu ll tim e em ploye of Peoples B ank since * A pril, 1957. Previously, w hile a stu den t a t W aterloo W est H igh School, from w hich he w as g raduated in 1955, id and at th e State U n iv ersity of Iowa he w as for th ree y ears a part-tim e and sum m er employe. A fter serving as paying and receiv ing teller, he w as appointed head teller in charge of all indoor and drive-in w indow s, th e n w as prom oted to d rafts and collection teller and n ex t to note teller, a position he held r for tw o and a half y ears u n til his prom otion in July, 1963, to m anager of th e real estate m ortgage loan de p artm e n t and a ssistan t m anager of the installm en t loan departm ent, posi tions he continues to hold. R etires at B o o n e 4 The b anking staff of The Citizens N ational B ank in Boone m et at th e Im perial In n for d in n er last m onth, honoring Clarence Clausen, w ho re Condensed State m en t of tired from active b anking service on Ju n e 30. Mr. C lausen w as assistan t vice p resid en t at the tim e of his re Marshalltown, Iowa with Office a t Laurel < June 30, 1969 tirem ent. RESOURCES Mr. C lausen’s banking years began LIABILITIES Cash and Due from B a n k s ___ $ 3,124,431.04 Capital Stock ................................ $ 600,000.00 in Ogden approxim ately 50 years ago U. S. G o ve rn m e n t.......................... 6,594.652.68 1 Y e a r ............$2,667,270.80 Surplus .............................................. 700,000.00 w hen he w as first em ployed in his * W 2-5 Y e a r s ... 2,827,658.75 Undivided Profits and Reserve . 1,516,641.55 uncle’s b ank as a bookeeper. In 1930 6-7 Years . . . 1,099,723.13 Municipal Bonds ............................ 3,370,719.63 O ther Liabilities ............................ 87,119.00 he m oved to Boone in th e em ploy of ¥ Federal Reserve Bank S t o c k __ 39,000.00 Loans and Discount ................... 18,025,117.79 Deposits ............................................ 29,978,419.12 th e old City T ru st and Savings B ank Federal Funds Sold _____ 1,200,000.00 Demand -------$11,893,910.45 w here he served as a teller and assist Overdrafts ....................................... 2,132.63 Bank Premises .................... 449,976.89 Time ............ 17,567.049.42 a n t cashier. Furniture and F ix tu re s ................. 67,522.33 U. S. G o v ... 517,459.25 At th e tim e The Citizens N ational Other Assets ................................... 8,626.68 B ank w as organized in October, 1933, Total ................................ $32,882,179.67 Total ................................. $32,882,179.67 Mr. C lausen becam e one of the origi OFFICERS W IL L A . L A N E , C h a ir m a n o f t h e B o a rd nal ban k staff and has continued w ith R . M . W IL S O N , P r e s i d e n t W . A . L A N E , J R . E x . V i c e P r e s i d e n t & T r u s t O ff. the bank since th a t tim e except for F L E T C H E R B A R N E S , A s s is ta n t C a s h ie r W E N D E L L S T A N L E Y , V ic e P r e s i d e n t a n d C a s h i e r S A M W . N E I L L , V ic e P r e s i d e n t & M gfr. F a r m D e p t. DONALD G. H A R M A N , A g ric u ltu r a l R e p re s e n ta tiv e approxim ately a year, from 1938 to G O R D O N G . L E T H , V ic e P r e s i d e n t D E N N I S E . R O B E R S O N , T r u s t O ffic e r W . H . P F E IF E R , A u d ito r 1939, w hen he w as engaged in the gen M e m b e r F ed eral D eposit In s u ra n c e C o rp o ratio n and F ed eral Reserve S ystem eral in su ran ce business in Ogden, THE SECURITY SAVING S B A N K No rthwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 91 V *■ > ' * TH E PHONE CO >* V. When Tim Granzeau talks municipal bonds, Iowa buyers listen. Iowa is Tim ’s territory. It’s his business to know Iowa customers. What they need—what they want. That’s how he can offer the best selection of municipal bonds, U. S. securities and agencies. Tim is backed by the Phone Corps at The First. So he’s ready with com puterized facts before he calls. And he can get details instantly. But there’s no need to wait for Tim’s call: phone him collect. (312) 7328364. And ask him about our new portfolio evaluation service. You’ll want to listen when he starts talking. The First National Bank of Chi https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Bond Depa 1 No rthwestern Banker, August, 1969 92 Iowa News Haivliei/e Hanearparation W ill Have A ssets o f Over .7.7. of Ja sp e r c o u n ty proval of the board of governors to Savings B ank at N ew ton by acquire th e stock of Jasp er C ounty H aw keye B ancorporation (announced Savings B ank a t N ewton. In connec in an earlier w eekly issue of th e tion w ith th is acquisition, H aw keye N o rth w estern B anker) w ill, if ap w ill issue 5% p er cent convertible se proved, give H aw keye B ancorporation cured notes for th e to tal purchase total assets of m em ber b an k s of $155,- price, convertible into Class A com 000,000. A pproval of th e B oard of m on stock of H aw keye B ancorpora G overnors of th e F ed eral R eserve Sys tion a t $11 p er share. The M aytag and B ailey fam ilies, w ho w ere the tem is being sought for purchase of the N ew ton bank, w ith assets of $29,419,- larg est stockholders, have disposed of 085; th e Clay C ounty N ational B ank at th e ir stock in th e banks in a tran sac Spencer, w hich has assets of $13,645,- tion w h ereb y th e y acquired rig h ts to 580, and th e Kellogg Savings B ank of an in te re st in H aw keye B ancorpora tion. Kellogg w ith assets of $8,389,791. Mr. D unlap said he anticipates no H aw keye’s board of directo rs last changes involving b ank officers or di m onth approved plans to acquire the recto rsh ips of th e N ew ton bank, other controlling in te re st in th e capital stock of Jasp e r C ounty Savings B ank and th a n adding him self and Mr. W eil to an option to acquire co n trolling inter- th e board. Mr. D unlap added th a t all ets in capital stock of th e Kellogg stockholders of both banks are being ten d ered th e sam e offer for th e ir stock. Bank. Mr. D unlap and Mr. W eil have A cting as individuals, H aw keye P resid e n t P au l D. D unlap and E x ecu g ran ted H aw keye an option to p u r tive Vice P re sid e n t M yron W eil ac chase th e Kellogg b ank for up to five y ears at th e ir cost. T hey w ill g u ar q u ired in te re sts in both b an k s w ith th e consent of H aw keye’s board of di antee th e to tal capital accounts w ill rectors, and offered the stock to Hawk- n o t be less th a n th e am ount show n eye at th e ir cost. The to tal offering Ju n e 30, 1969. Ju n e 30 total capital accounts of the price for th e tw o b an k s exceeds $4 million. T he sale to H aw keye is sub Ja sp e r County Savings B ank w ere ject to th e p rio r approval of th e B oard $2,837,086 plus reserves for loan losses of G overnors of th e F ed eral R eserve of $576,224. T otal deposits w ere $25,System , W ashington, D. C. An appli 164,706, w ith $11,971,618 dem and de cation m u st be filed and th e decision posits and $13,193,088 tim e deposits. Loans exceeded $171/£ m illion. on th e application w ill norm ally tak e C apital accounts in the Kellogg Sav several m onths. T his is the p rim a ry reason th e p u rch ase is a two-step a r ings B ank as of Ju n e 30 w ere $688,643. ran g em en t w hereb y Mr. D unlap and R eserved for loan losses w as $116,654. Mr. W eil first acquire th e b ank in te r D eposits w ere in excess of $ 7 ^ m il est and th e n re-sell to H aw keye Ban- lion. Loans totaled $3,924,656. H aw keye, a reg istered b ank holding corporation. H aw keye first in ten d s to seek ap com pany, is h ead q u artered in Red A c q u is it io n F IR S T M T I Ü M L B A M OF M Ü S C Ä T IM MUSCATINE. IOWA Statem en t of Condition June 30, 1969 Oak, Iowa. Its p resen t five-memberbanks, w ith Ju n e 30 to tal assets of o v e r $100,000,000, are B urlin g to n B ank and T ru st Company, B u rlin g to n .;^ F irs t N ational Bank, Clinton; H ough ton State Bank, Red Oak; Lyon County* 4 State Bank, Rock Rapids; and Pella N ational Bank, Pella. H aw keye cur-p re n tly has pending an application w ith th e B oard of G overnors of th e F ed eral * R eserve System for perm ission to ac quire controlling in te re st in the Mills" y C ounty State B ank at Glenwood. ^ The Clay County N ational B ank of Spencer is p resen tly owned by certain <— stockholders of H aw keye B ancorpora tion, and th e y have g ran ted th e hold- * ' ing com pany an option to acquire th is ^ ban k at any tim e. I t is anticipated "1 th a t an application w ill be filed in thq*^ n ear fu tu re to b rin g th is ban k into H aw keye B ancorporation. In the event all nine banks becom e m em bers of H aw keye B ancorporation, * the total assets of th e holding com pa ny of m ore th a n $150,000,000 w ould*’'’ m ake H aw keye one of th e la rg e st,^ b anking com panies in Iowa. «♦ Set S alaries fo r B an k in g S u p er in ten d e n t ■f* The annual salary for Collin W. F ritz, Iow a su p erin ten d en t of b an k ing, has been set by th e state execu-"*“" tive council at $22,000. Salary for Holm es F o ster, d ep u ty su p e rin te n dent, w ould be continued at $17,900. ^ In itial discussions betw een th e gov e rn o r’s office and Mr. F ritz indicated ’*T an annual salary of $25,000 for Mr. F ritz, as w ell as an increase for Mr. F oster. State A uditor Lloyd Sm ith and S ecretary of State M elvin D. S ynhorst opposed th e h ig h er figure for S uper in ten d en t F ritz. T hey w ere also con cerned th a t if th e y increased the^ salary for Mr. F oster, he w ould be m aking m ore th a n th ey are m aking at $19,000. ASSETS Cash and Due from Banks .......................................................................................................... $ 3 ,8 9 8 ,9 6 0 .6 7 United States Government Securities ........................................................................................ 4 ,3 7 7 ,7 0 7 .0 6 State, County and Other Municipal Obligations .................................................................. 5 ,5 1 0 ,0 5 3 .5 0 Federal Reserve Bank Stock ........................................................................................................ 6 0 ,0 0 0 .0 0 Loans ............................................................................................................................................. 2 1 ,9 2 3 ,4 8 6 .3 4 Bank, Parking Lot Office and Fixtures ..................................................................................... 3 6 5 ,8 4 7 .3 8 Other Assets ..................................................................................................................................... 6 6 6 .3 4 Income Earned but N ot Collected ................................................................................................. 2 3 5 ,5 9 4 .1 8 LIA B ILITIES Capital ............................................................................................. Surplus ............................................................................................ Reserves and Undivided Profits ............................................. Reserve for Loan L o s s e s ............................................................. Expenses Accrued and Unpaid ............................................. Income Collected but Not E a r n e d .......................................... Dividends Payable ........................................................................ B ills Payable .................................................................................. Deposits ............................................................................................ O FFICE R S C. D. OBERWORTMAN Chairman of the Board R. A. SHULTZ Vice President & Cashier S. D. HERZBERG Assistant Vice President and Mgr. Installment Loan Dept. Member Federal Reserve System $ 1 ,000,000.00 1,000,000.00 5 1 8 ,5 3 4 .7 5 3 8 6 ,9 3 6 .0 1 1 8 4 ,9 6 8 .8 8 3 7 8 ,8 6 8 .3 1 6 0 ,0 0 0 .0 0 7 9 8 ,1 5 8 .9 0 3 2 ,0 4 4 ,8 4 8 .6 2 $ 3 6 ,3 7 2 ,3 1 5 .4 7 GEORGE A. SHEPLEY H. E. LEMKAU President Executive Vice President MARGARET MATHES MYLES BEITZ Assistant Vice President Assistant Vice President and Assistant Trust Officer and Farm Representative L. G. SULZBERGER JAMES V. PULLIAM Auditor Assistant Cashier M ember Federal Deposit Insurance Corporation Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $ 3 6 ,3 7 2 ,3 1 5 .4 7 N am ed A ssistan t C ashier The board of directors of th e City State Bank, C entral City announces * *4 the prom otion of E. Dolores E rb es to a ssistan t cashier. A v eteran of tw enty**“ y ears in the banking business, Mrs. k E rbes w ill be in charge of th e book keeping d ep artm en t of th e bank. W illiam H otz D ie s W illiam Hotz, Sr., 82, died early ^ last m onth after a long illness. He w as a n ative of Lone Tree, la., and -H* w as vice presid en t (inactive) of the F a rm e rs and M erchants Savings B ank of Lone T ree at th e tim e of his death. ^ 93 S i n c e 1 8 7 2 o u r d e d ic a tio n lias lieen to p ro v id in g c o m p le te fa c il itie s a n d in d iv id u a liz e d b a n k in g service. C a n we be o f serv ice to y o u ? >•* V alley B a n k a n d I rust C o m p a n y DES MOINES M e m b e r F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a t io n yr https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, August, 1969 94 Iowa News Federal Reserve Hua vd A mends SCei/ulat ians M0 and 1} H E B oard of G overnors of the F ed eral R eserve System on Ju ly 24 am ended its ru les governing m em ber b ank reserv es (R egulation D) to lim it certain tran sactio n s involving m em ber banks and foreign bran ch es th a t have resu lted in w h a t th e board considers an u n w a rra n te d reduction in req u ired reserves. The action, th e outgrow th of fu rth e r consideration of a proposal published May 29, becam e effective Ju ly 31, 1969. The am ended ru les w ill req u ire m em ber b anks to include in deposits used to com pute reserv e req u irem en ts all so-called “L ondon checks” and “bills payable checks” used in settlin g tran sactio n s i n v o l v i n g f o r e i g n branches. Such checks have been used to effect rep ay m en ts of E uro-dollar borrow ings and to settle tran sactio n s am ong for eign bran ch es of different m em ber banks. A n u m b er of b anks have is sued checks w ith o u t including them in gross dem and deposits, as is req u ired for officers’ (e.g., cash iers’) checks. A t th e sam e tim e, b anks receiving such checks are allow ed to deduct th e am oun t from dem and deposits used to com pute reserv e req u irem en ts. Use of these “check” devices has resu lted in reduced reserv es for th e one day th e check is in th e collection process, and afforded som e m em ber b an k s spe cial advantage in u sing Euro-dollars T for a d ju stm en t to dom estic credit re stra in t. Amendment to I> and Q The B oard of G overnors of th e F ed eral R eserve System adopted on the sam e date an earlier published pro posal to lim it th e types of prom issory notes w hich are exem pt from rules g o verning m e m b e r b ank reserves (R egulation D) and th e pay m en t of in te re st on deposits (R egulation Q). The action am ends those regulations to n a rro w th e scope of a m em ber b a n k ’s liabilities u n d er rep urchase ag reem ents (those involving sales of in stru m e n ts w ith an agreem ent for sub seq u ent rep u rchase) w hich are ex em pt from R egulations D and Q. P resen tly, th e exem ption from those reg u latio ns perm its a m em ber b an k to exclude from deposits any indebted ness arisin g from a tra n sfe r of any assets u n d er a rep u rch ase agreem ent. U nder th e am endm ent adopted re cen tly th e follow ing changes w ill be m ade in w h a t co n stitu tes a deposit: 1. B eginning A ugust 28, 1969, every b an k liability on a rep u rchase ag reem ent entered into on or aft er J u ly 25, 1969, w ith a person o th er th a n a bank, involving any assets other th a n direct obliga tions of th e U nited States or its agencies (and obligations fully g u aran teed by them ) w ill be a de- NATIONAL BANK Clinton, Iowa June 30, 1969 ASSETS Cash and Due from Banks ............................................................... Investment Securities U. S. Treasury ................. $4,083,773.25 U. S. Government Agencies and C orporations ............ 151,026.50 States and Political Subdivisions ..................................... 4,916,691.66 Other Securities ...................................................................... 115,108.75 Loans .......................................................................................................... ...................... Bank Premises, Furniture and Fixtures .............................................. Other Assets ............................................................................................ $ 4,787,294.35 9,266,600.16 15,941,920.65 482,051.91 256,245.65 $30,734,112.72 LIABILITIES AND CAPITAL C apital Accounts C apital ................................................................................ $ 600 000.00 Surplus ........................................................................................ 900,000.00 Undivided Profits ..................................................................... 1,012,218.13 Reserve for Contingencies .................................................... 50,514.45 Reserve for Loan Losses ....................................................................... Other Liabilities ...................................................................................... Deposits ..................................................................................................... 2,562,732.58 387,647.19 746,716.73 27,037,016.22 $30,734,112.72 n ? Hawkeye Bancorporation — Member Bank Northwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis posit liability subject to R egula t i o n s D and Q; and 2. B eginning A ugust 28, 1969, every b ank liability on a repu rch ase agreem ent entered into on or after Ju ly 25, 1969, w ith a person,, o th er th a n a bank, w ith respect to a p a rt in te re st in any obliga- # tion or obligations (including U. S. G overnm ent obligations) w ill ( be a deposit liability subject to R egulations D and Q. L iabilities on any rep u rchase agreem ent w ith a b ank w ill rem ain exem pt from classification as a deposit. The board said lim iting th e exem p tion appears necessary because of recent and contem plated use by some banks of rep u rch ase agreem ents to v avoid reserv e req u irem en ts and th e rules governing pay m en t of interest*4 * on deposits. G overnor M itchell dissented on the grounds th a t rep u rch ase agreem ents « entered into by banks to achieve liq u id ity in a period of m o n etary re-*'» stra in t w ere no m ore inap p ro p riate to m o n etary objectives th a n a sale ofr/t b ank assets. In eith er case, in his opinion, re s tra in t is not dissipated 4 b u t m erely shifted in p a rt from th e b an k and b an k custom ers to m ark et p articip an ts. M oreover, in his view to add th is action to th e o ther am end m en t to R egulation D announced re -’ cently w ould ru n th e risk of un d u ly severe p ressu res on some sectors of th e b anking system . S p o n so r B a ll G am e T rip Clear Lake B ank & T ru st Com pany of Clear Lake has sponsored for th e ** seventh consectLtive y ear a “K n o t-^ hole G ang” trip by y o u th fu l baseball en th u siasts to M inneapolis to see the M innesota T w ins baseball club in ac tion. 4 Jam es G ilruth, vice president, said boys p articip atin g in Clear L ak e’s * sum m er baseball program w ere sched uled to see th e T w ins play th e B alti m ore Orioles at M etropolitan Stadium in B loom ington, Minn. The b an k pays adm ission for th e boys and th e ir chaperones and provides m oney for tre a ts d u rin g th e game. M oves to B ritt B an k ik J e rry H ickok has resigned as a vice * presid en t at th e A ltoona State B ank, Altoona, to become vice p resid en t of th e F irs t State B ank of B ritt. Mr. H ickok joined th e A ltoona b an k in October, 1961. He w as elected a s s i s t - ^ a n t cashier in M arch, 1962, m oved u p to cashier in Ja n u a ry , 1964, and w as elected vice p resid en t in A ugust, 1965. Before m oving to Altoona, he w orked for banks in Avoca and Coun cil Bluffs. Yfr 95 How Multi ors View • . . (C ontinued from page 31) stories should be b rief and to the point. ‘A d v ertisin g ’ in th e ed itorial colum ns should be elim inated.” North Dakota editor: “Local b an k s seem to lack consciousness of th e new s value of th e im portance of th e ir activities to th is com m unity of * * 2,700.” W yom ing publisher: “W e suggest th a t b an k s nam e one p erson to be v responsible for th e new s.” Minnesota editor: “M uch of th e ini- A^r tiativ e m u st belong w ith th e n ew spa per, alth o u g h periodic rep o rts, such as statem e n ts of condition and new p ro gram s, can b est be rep o rted w ith b ank cooperation.” Minnesota publisher: “Our b anks v> fail to advise us far enough in ad_ _ . vance.” Describe a specific banking feature that you have published that you found to be of special interest to your readers. Minnesota editor: “A su rv ey of area banks w hich found th e y still are being able to service livestock loans at 7% p er cent at a tim e w h en city b anks ^ have set th e prim e ra te a t 8 % p er cent.” Iowa publisher: “F e a tu rin g Ju n e D airy M onth alw ays gives us additional readership. Illinois editor: “W e p ublished an ex p lanatio n of th e new truth-in-lending laws, su b m itted b y an official of th e F ed eral R eserve B an k .” Montana editor: “W e find p erso n al ity sketches and success stories about leading b a n k e rs to be of in te re st.” Minnesota publisher: “A rticles on b an k charge cards, increased in te re st on savings, and in stallatio n of sur*** veillance cam eras have been of special in te re st.” W yom ing editor: “An in te rp re ta tio n of th e increase in th e prim e in te re st ra te .” Colorado editor: “I can ’t th in k of any rig h t now!” Have you discussed with your area banker the new s reporting cooperation ** - you would like to have in the event of a holdup or burglary? Illinois editor: “No, w e have not— b u t it is an excellent idea.” North Dakota editor: “No, w e w ould have to depend on local law officers, ra th e r th a n th e b an k .” M innesota editor: “No, b u t it is a d a rn good idea.” Montana publisher: “The only dis cussion I have had on the subject w as w ith a b an k er w ho w as irate w hen w e rep o rted five police cars converged on his b an k w hen a teller trip p ed an alarm . I explained th a t it w as b e tte r to tell th e public th e tru th th a n to have th em th in k a robber w as m aking a hau l.” H ow do you assess the w illingness and ability of your local bankers as a background source for financial infor mation on news of the general econ omy? Colorado publisher: “Excellent. We call th em from tim e to tim e in our city of 66,000.” M innesota editor: “N ot too good, and our tow n has over 12,000 popula tio n .” North Dakota editor: “Our ban k ers are re lu c ta n t at tim es to express any opinion or to d irect inform ation.” Minnesota editor: “Our b an k ers are extrem ely w ell qualified in our tow n of 10,500.” Montana publisher: “It m ay be th a t we h av en ’t trie d enough. On a con fidential basis, th ey w ill tell you dam n n e a r anything. F o r publication, th ey are m ostly optim istic or quiet.” Illinois editor: “W e publish in both u rb an and ru ra l areas. B ankers serv ing both are re lu c ta n t m ore often th a n not.” Minnesoto editor: “B ankers in our city of about 15,000 are w illing—b u t n ot public relations orien ted.” Nebraska editor: “A lthough we do n o t publish a local financial new s col um n, we are confident th a t our area b an k ers w ould cooperate in furn ish in g us any in form ation desired.” Do you feel that your local bankers provide leadership on community proj ects, as w ell as through lending money to help the growth and well-being of the area? Montana editor: “Our banks pro vide m ost of it. T hey assign b rig h t young m en to do th e w ork. Our city of 80,000 has excellent bankers, both REPORT OF THE CONDITION OF THE Peoples Bank and Trust Co. WATERLOO, IOWA MAIN OFFICE OFFICE W. 4th and Washington 2325 Kimball Ave. (OFFICE ALSO AT DUNKERTON, IOWA) AT CLOSE OF BUSINESS JUNE 30, 1969 RESOURCES Cash and Due from Banks ................... -........ — ........... — -..... $2,230,946.76 U. S. Governm ent Bonds and Securities ................... ..... 4,163,225.87 100,000.00 Governm ent A g en cy Securities ........................................-...... State and M unicipal Bonds and Securities ------- ------- -------- 3,985,201.06 Loans W h olly or Partially Guaranteed by U. S. Governm ent.... Real Estate M ortgage Funds Advanced ..................................-............ (Loans in process for Life Insurance Com panies) O th e r Loans and Discounts Including Overdrafts ....... ......... Banking House, Furniture and Fixtures ............. ...... ........................ Accrued Interest Receivable .................................................................... O th e r Assets ........... ......................................................................................... $10,479,373.69 204,503.10 743,647.94 13,460,430.38 295,156.01 235,065.43 36,801.32 $25,454,977.87 LIABILITIES AND NET WORTH Deposits .............................................................................. -....... $23,072,066.66 Reserve for Interest, Taxes, Etc....... .......................... — 140,497.15 Income Collected but not Earned .................... ......... 32,343.37 O th e r Liabilities .........— .......................................................-.......611.54 T O T A L LIA B ILITIES C a pital ..........................— Surplus .........................— Undivided Profits .......... Evaluation Reserves NET W O R T H $23,245,518.72 $ 500,000.00 500,000.00 904,415.92 305,043.23 2,209,459.15 $25,454,977.87 Member Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, August, 1969 96 Iowa News WANT ADS Rates 25 cents per word per insertion. Minimum: 12 words. NORTHWESTERN BANKER 306 15th St., Des Moines, Iowa POSITION AVAILABLE Bank president wanted for a rap idly growing midwestern bank with resources of approximately $15 million. Offers an unusual op portunity for a well-rounded bank er. Commercial lending experience necessary. We are looking for a man of ability who wants the chal lenge and opportunity to grow with us. Salary is in the $20,000 to $30,000 range with fringe bene fits. Send resume and salary re quirements to Box ITJ, NORTH WESTERN BANKER, 306 F if teenth Street, Des Moines, Iowa 50309. 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. from public service and grow th stan d po in t.” Colorado editor: “Yes, th e y all seem in terested in helping in ev ery w ay possible. M any of our b an k ers take leading roles in civic organizations.” Minnesota publisher: “Our ban k ers are active in C ham ber of Commerce, th e U nited F u n d and o th er com m unity organizations. All w ork h and in hand to create a b e tte r com m unity.” North Dakota editor: “Yes, w e have excellent particip atio n on all levels in our local banks, service clubs and v et eran s o rganizations.” Minnesota editor: “B ankers in our com m unity of 12,000 plus stan d out as com m unity leaders. T hey are gen er ally alw ays ahead in donations to w o rth y causes.” Illinois editor: “No, w e are not prog ressin g in our com m unity of about 7,000.” Iowa editor: “We have found th a t in our com m unity of about 10,000 m any local b usinessm en p refer to do th e ir b an k in g elsew here because of high service charges and unw illingness to lend funds for local business.” Minnesota editor: “Our an sw er is I N D E X OF ADVERTISERS H a w k e y e B a n c o r p o r a t io n .............................. H e lle r , W a l t e r E ., & C o .................................... H u m m e r , W a y n e , & C o .................................... I .r J a sp e r C o u n ty S a v in g s B a n k — N e w to n . 11 B a n k B u i l d i n g a n d E q u ip m e n t C orp . .1 1 -1 2 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 ................................................... 27 C 1) F. E. DAVENPORT & CO . OMAHA D a v e n p o r t , F . E ., & C o ................................ 72, D e L u x e C h e c k P r i n t e r s I n c ........................... D e n v e r U . S. N a t i o n a l B a n k ....................... D r o v e r s N a t i o n a l B a n k .................................... D u c k s U n lim it e d ................................................... 65 85 88 19 29 30 68 7 15 96 21 62 83 41 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 s t e m s M a r k e t s D i v i s i o n ....................... F ACORN Registers "Accepted Sale Registers by Bank Clerks Everywhere" For information write THE ACORN PRINTING CO. Oakland, Iowa Northwestern Banker, August, 1969 9 F ed eral H om e L oan B ank o f D e s M o in e s ..................................................... 10 F i r s t N a t io n a l B a n k — B u r l i n g t o n .......... 97 F i r s t N a t i o n a l B a n k — C h ic a g o .............. 2 3 ,9 1 F i r s t N a t io n a l B a n k — C lin t o n .................. 94 F i r s t N a t io n a l B a n k — M in n e a p o l is . . . . 53 F i r s t N a t i o n a l B a n k — M u s c a t i n e ............. 92 F i r s t N a t i o n a l B a n k — O m a h a .................... 73 F i r s t N a t i o n a l B a n k — S io u x C it y .......... 81 F ir s t N a tio n a l B a n k a n d T r u st C o m p a n y — L in c o ln ......................................... 75 F r a n k l i n N a t i o n a l B a n k ................................. 18 G G e n e r a l U n it e d L i f e I n s u r a n c e C o............ 88 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 89 45 48 I o w a - D e s M o in e s N a t io n a l B a n k .............. 100 I o w a L e g a l B la n k & P r i n t i n g C o .............. 96 I r v i n g T r u s t C o m p a n y .................................... 14 A c o r n P r in tin g - C o m p a n y ............................... 96 A m e r ic a n 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 — C h ic a g o ......................................... 47 A m e r ic a n T r u s t a n d S a v i n g s B a n k — D u b u q u e .................................................................. 79 C e n tr a l B a n k a n d T r u st C o m p a n y — D enver .................................................................... 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 — D e s M o in e s ................................. C e n tr a l T r u s t a n d S a v in g s B a n k — E l d r i d g e .................................................................. C h a s e M a n h a t t a n B a n k .................................... C h e m ic a l B a n k ........................................................ C h ic a g o M e r c a n t i le E x c h a n g e .................... C h ile s & C o m p a n y ................................................ C om m erce T ru st C om pan y— K a n s a s C i t y .......................................................... C o n tin e n ta l I llin o is N a tio n a l B a n k a n d T r u s t C o m p a n y ...................................... 95 H A YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS Conclusion It is evident from th e com m ents m ade by these area new spaper m en th a t m ost ban k ers are becom ing m ore public relatio n s conscious. Still, as * * th e editor from Iow a suggested, bankers could do a lot b e tte r job th a n th ey have been doing. L ooking back to th e , com m ent from th e p u blisher from M ontana, p erhaps a h app y m edium m ight be found. You w ill recall th a t he said th a t “in confidence, th ey w ill tell you dam n n e a r anything. F o r publication, th e y are m ostly optimis- ' ” tic or quiet.”—End. ^ G r o s s , K ir k , C o ......................................................... AUGUST, 19¿9 LEGAL FORMS Any form you need we stock, or will print. Special forms then stocked for prompt shipment on reorders. IOWA LEGAL BLANK & PRINTING CO., Box 238, Webster City, Iowa dependent on th e individual. We have both types of ban k ers — progressive and restrictiv e. Most fall in th e pro gressive category w hen it comes to key com m unity m atters.” Illinois editor: “Yes, b an k ers in our tow n of 50,000 ren d er free advice, p a r ticipate in organizations, and w o rk on redevelopm ent, churches, etc.” Minnesota editor: “Our b an k ers pro vide leadership, b u t th ey should sp ark the renew al of a retail shopping area, and it h a sn ’t happened yet. Most A * com m unities need it.” 86 K K o o k e r , E . F ., A s s o c i a t e s .............................. 96 I, L a S a lle N a t i o n a l B a n k ................................... 49 L a w r e n c e W a r e h o u s e C o m p a n y ............... 38 L e F e b u r e C o r p o r a t io n ...................................... 17 ill M e r c h a n t s N a t io n a l B a n k — C e d a r R a p id s ..................................................... M id la n d N a t i o n a l B a n k — M i n n e a p o l i s . . M in n e s o t a C o m m e r c ia l M e n ’s A s s n . . . . M organ G u a r a n ty T r u st C om p an y . . . . N N a t io n a l B a n k o f C o m m e r c e ....................... N a t io n a l B a n k o f W a t e r lo o ......................... N a t io n a l B o u le v a r d B a n k ............................ N e w Y o r k T e r m i n a l W a r e h o u s e C o r p ... N o r t h C e n t r a l C o m p a n ie s .............................. N o r t h e r n T r u s t C o m p a n y .............................. N o r t h w e s t e r n N a t io n a l B a n k — M in n e a p o l is .......................................................... N o r t h w e s t e r n N a t io n a l B a n k — • S a in t P a u l ............................................................. 2 55 26 24 71 87 13 99 43 3 51 57 O O m a h a N a t i o n a l B a n k ...................................... 69 O m a h a P r i n t i n g C o m p a n y .............................. 72 P P e o p l e s B a n k & T r u s t C o.— W a t e r l o o . . 95 S S c a r b o r o u g h & C o m p a n y .............................. 4 S e c u r it y S a v i n g s B a n k — M a r s h a ll t o w n . 90 S e c u r it y T r u s t & S a v i n g s B a n k — B i l l i n g s .................................................................... 60 S t u d le y , S h u p e r t T r u s t I n v e s t m e n t C o u n c il .................................................................... 6 T T e n s io n E n v e lo p e C o r p o r a t io n .................. 6 U U n io n B a n k a n d T r u s t C o m p a n y — O ttu m w a ............................................................... U n it e d S t a t e s C h e c k B o o k C o m p a n y . . U . S. N a t i o n a l B a n k — O m a h a .................... V V a lle y B a n k a n d T r u st C om p an y— D e s M o in e s .......................................................... V a l l e y N a t i o n a l B a n k o f A r iz o n a .......... V a n H o r n e I n v e s t m e n t s , I n c ........................... 82 70 66 93 25 74 •V Y*r 97 1953. H e served in the auditing and in stallm en t loan d ep artm en ts p rio r to joining the com m ercial loan area in 1948, w here he has since been located. Mr. B row n has been v ery active in com m unity affairs and h as served as an officer of a n u m ber of organiza tions. N ew D o n n e lls o n D ir e cto r Jo h n Howes, ch airm an of th e board, Citizens S tate Bank, D onnellson, an nounces th e election of Ju d so n Seeley to th e C itizens State B ank board of directors. Mr. Seeley is a pro m in en t farm er of th e D onnellson area. H e is a g ran d son of a form er ow ner of th is b an k and a son of B. E. Seeley w ho also w as in terested in th is b an k in th e p ast and is now a director of the H en ry C ounty Savings B ank of Mt. P leasant. R etires fr o m F ayette B an k R ussell Sw artz has resigned from th e State B ank of F ay ette afte r 41 y ears service as cashier and tru s t of ficer. H e w as p resen ted an engraved w atch as a token of appreciation. Donald B. Melby, M azeppa, Minn., is now vice-president and w ill be m ov ing to F ay ette as soon as he can get suitable housing. RIGG ED a n d re a d y fo r sea, th e “ W h ite M is t” a w a its Mr. and Mrs. Jam es R. Brow n in F lo rid a w a te rs fo r le isu re ly sa ilin g in C a rib b e a n w a te rs. i t a n k e r C h a n g e s O c c u p a tio n s N JU LY 31, Jam es R. B row n trad ed in his n am eplate as vice p resid en t O of th e Iowa-Des M oines N ational B ank for th e cap of a y ach t captain. Mr. B row n re tire d in line w ith th e b a n k ’s re tire m e n t policy. Mr. and Mrs. B row n, w ho have b oth piloted th e ir ow n p l a n e for m any years, searched for th re e y ears u n til th e y finally located ex actly w h a t th e y w an ted last September — the j. r . b r o w n “W hite M ist — a 46-foot, all steel, diesel-pow ered m otor sailer. T hey left Des M oines Ju ly 31 for th e east coast of F lo rid a w here th ey plan to get m ore th o ro u g h ly ac qu ain ted w ith th e “W hite M ist” on a series of shakedow n cruises for two or th re e m onths. A fter th a t, th e y plan to live on board for one to th re e years, tra v e lin g am ong th e C aribbean Islands. T hey ^ . p l a n to have guests aboard for periodic trip s The “W hite M ist” is all elec*T https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis trie in in tern al operation, has TV, air conditioning, tw o and one-half b aths and sleeps six persons. Mr. B row n joined th e b ank in 1930 as a bookkeeper, w as elected to assist a n t cashier in 1948, a ssistan t vice p res id en t in 1951 and vice presid en t in N am ed to C olleg e Board R ichard M. Ackley, s e n i o r vice presid en t and tru s t officer, U nion B ank & T ru st Co., O ttum w a, h as been nam ed vice p resid en t of th e O ttum w a H eights College F oundation. One of th e purposes of th e F ou n d a tion is to increase enrollm ent, w hile m ain tain in g excellence in scholastic stan d in g for stu d en ts atten d in g th e ju n io r college. The college presen tly has about 390 students. FIRST N A T I O N A L B A N K BURLINGTON, IOWA Statement of Condition June 30, 1969 LIABILITIES ASSETS Cash and Due from B an ks------ $ U. S. Government S e c u ritie s .. State, County and Municipal Bonds .......................................... Other Bonds ..............................Loans and Discounts ........... Federal Funds S o l d ................... Stock in Federal Reserve Bank Bank Building, Furniture and F ix tu re s ..................................... O ther Real E s t a t e __________ O ther Assets .............................. 4,146,075.63 5,232,470.63 3,314,520.37 637,895.00 17,222,151.13 2,500,000.00 60,000.00 167,325.44 109,190.61 4,126.16 C ap ital Stock Surplus ____________________ _______ _____ .$ .............. 485,971.59 ................ 1,104,711.05 ....................................... 29,426,943.02 Undivided Profits Loan Reserves 376,129.31 .. Unearned Discount Deposits 600,000.00 1,400,000.00 $33,393,754.97 $33,393,754.97 OFFICERS W A L T E R F U N C K , A s s i s t a n t C a s h ie r M . L . P E A R S O N , A s s i s t a n t C a s h ie r JO H N F . O ’N E IL L , V ic e P r e s d e n t a n d T r u s t O fficer J A M E S E . P E A R R E , A s s s t a n t T r u s t O fficer DO R O TH Y M. E A S T I N , A s s i s t a n t T r u s t O fficer W . C. S T E E L E , V ic e P r e s id e n t T . D . L E F F L E R , A s s i s t a n t C a s h ie r J . C. M A N N IN G , A s s i s t a n t C a s h ie r R . D . W R IG H T , A s s i s t a n t C a s h ie r D O N A L D K E L L A R , A u d ito r M em b er Fe d e ra l D ep o sit In s u ra n c e C o rp o ratio n JO H N H . W IT T E , J R ., C h a ir m a n o f t h e B o a r d V. P . CULLEN , P r e sd e n t D A L E K E L L E Y , E x e c u t iv e V ic e P r e s id e n t F R A N C IS W . K A M M A N , V ic e P r e s id e n t R . K . P E A R S O N , V ic e P r e s id e n t E . L . H A U S K N E C H T , V ic e P r e s i d e n t a n d C a s h ie r F R A N C E S F L Y N N , A s s i s t a n t V ic e P r e s id e n t P A U L A . A B E L , A s s t . V ic e P r e s , a n d F a r m R e p . E . E . W IS C H M E IE R , A s s i s t a n t C a s h ie r Northwestern Banker, August, 1969 98 Rules of Order After the Fact W hy do so m any m eetings s ta rt at 8 p.m. sh arp and end a t 11 p.m. dull? A little boy w hose dog had ju st de livered a litte r changed th e p e t’s nam e from “B en” to “B en H u r.” From Samuel Pepys Diary I find th a t tw o days neglect of b u si ness gives m ore disco n ten t in m ind th a n 10 tim es th e pleasu re thereof can re p a ir again, be it w h a t it w ill. A Likely Story Mazie, w ith a little artfu l dodging, had m ade it to th e other side of th e * * street, and w as greeted by a police m an w ho proceeded to baw l h er outxnr for jayw alking. She told him , “Sure, I can read tht**" ‘don’t w alk ’ signs, b u t I th o u g h t t h e y ^ w ere an ad v ertisem en t for th e bus com pany.” y A Relevant Pun W ith all th e new airlin e cred it plans, w e are fa st becom ing a debt-propelled nation. Oneupman ship An ESSO service statio n displays th is sign: “W e p u t a tig er in y o u r gas ta n k .” Two blocks dow n th e stre e t the sign on an o th e r gas station reads: “W e filter th e tig er h a irs from yo u r gas ta n k .” C O N V E N T IO N S A ug. 3-15—B ank A d m in istra tio n I n stitu te ’s School fo r B ank A d m in istratio n , U n iv ersity of W iscon sin, M adison. Aug. 10-16—A BA 7th N atio n al M ort gage School, O hio State U n iv e r sity, C olum bus, O hio. Aug. 11-22—A BA 10th N a tio n a l T ru st School, N o rth w e stern U niversity, E vanston, 111. Aug. 24-26— B ank PR M A W orkshop on B ank M arketing an d A dvertis ing, M ark H o p k in s H otel, San Francisco. Sept. 1-12— Illin o is B ankers A ssocia tion, Illin o is B ankers School, S o u th ern Illin o is U niversity, Carb ondale. Sept. 3-4—Iow a B ankers A ssociation, In sta llm en t L ending C onference, H o tel Savery, Des M oines. Sept. 7-13— ABA N a tio n a l A utom a tio n School, P u rd u e U niversity, L afayette, Ind. Sept. 9— South D akota B ankers As sociation, T ru st W orkshop, K in g ’s In n , P ie rre. S eptem ber 10-11—Iow a G ro u p M eet ing, N a tio n a l A ssociation of B ank W om en, R oosevelt H o tel, C edar R apids. Sept. 17-18—Illin o is B ankers A ssocia tio n , 23rd A n n u al Ag C re d it C on ference, U n iv ersity of Illin o is, U rbana. No rthwestern Banker, August, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Rainbow Romance “I don’t b elieve w e ’ll be able to cash a check on the F ir st B ank o f M ars ju st yet, sir.” Sept. 18— South D akota B ankers As sociation, P u b lic R elatio n s and M arketing C onference, H oliday In n , M itchell. Sept. 21-25—N a tio n a l Assn, of B ank W om en, Inc., 47th A n n u al C on vention, St. F ran cis H otel, San F rancisco. Sept. 24-25—A ssn, of R eg istered B ank H o ld in g C om panies, D irectors M eeting, St. F ran cis H otel, San F rancisco. Sept. 28 - Oct. 1 — A m erican B ankers A ssociation, 95th A n n u al C onven tio n , H o n o lu lu . Oct. 1-4— F in a n cia l E xecutives In s ti tute, 38th A n n u a l In te rn a tio n a l C onference, P a lm e r H ouse, C hi cago. Oct. 7-16—N eb rask a B ankers A ssocia tio n , A n n u al G roup M eetings. Oct. 13-17— South D akota B ankers As sociation, A n n u a l G roup M eet ings. Oct. 19-22—Iow a B ankers A ssociation, 83rd A nnual C onvention, H otel F o rt Des M oines, Des M oines. Oct. 19-23— C onsum er B ankers A sso ciation, 49th A n n u al C onvention, G ran d H otel, P o in t C lear, Ala. Oct. 20-22—A BA N atio n al C redit C ard C onference, S tatler H ilto n H otel, D allas. Oct. 20-22—M ortgage B ankers A sso c ia tio n of A m erica, 56th A nnual C onvention, A m ericana and New Y o rk H ilto n H otels, New Y ork. Wife: “W ill you love me w hen mj*, h a ir tu rn s g ray?” H usband: “W hy not? H av en ’t I. stuck w ith you th ro u g h brow n, black, red and p u rp le?” "" Oct. 22-24— N atio n al C o m m e r c i a l F in a n ce C onference, 25th A nnual C onvention, W ald o rf A storia H o tel, New Y ork. Oct. 25-29— R o b e rt M orris Associates, 55th A n n u al F a ll C onference, San Ju a n , P u e rto Rico. Oct. 26-29— B ank A d m in istra tio n In stitute, 45th A nnual C onvention, S h erato n C leveland H otel, C leve land. Nov. 2-7— B ank PR M A , 54th A nnual C onvention, A m e r i c a n a H otel, Bal H a rb o u r, Fla. Nov. 5-6— Illin o is B ankers A ssocia tion, B ank M anagem ent C onfer ence, U niversity of Illin o is, U rbana. Nov. 9-12—ABA , A nnual N ational P e rso n n e l C onference, D enver H ilto n H otel, D enver. Nov. 9-21— A BA N atio n al C om m ercial L ending School, U niversity of O klahom a, N orm an. Nov. 13-14—ABA , M eeting of O rgan iza tio n C om m ittee, ABA State V ice P re sid e n ts, and Officers of State B an k ers A ssociations, Biltm o re H otel, New Y ork. Nov. 16-18—ABA 18th N ational Ag C re d it C onference, H o te l F o rt Des M oines, Des M oines. Nov. 16-19—B ank A d m in istra tio n I n stitute, S m aller B ank P resid en ts F o ru m . Nov. 24-25— Iow a B ankers A ssocia tio n , T ax School, H o te l F o rt Des M oines, Des M oines. a i Who says there’s a difference in field warehouse service? We do. IT’S EASY TO SEE WHY LEADING BANKS PREFER NEW YORK TERMINAL FIELD WAREHOUSING AND INVENTORY ACCOUNTING SERVICES: • Warehouse controls and the issuance of warehouse receipts centered in regional offices strategi cally located throughout the United States. • Monthly Stock and Value reports that give an exact accounting of day-to-day inventory activity and permit a precise evaluation of collateral, including aging, at all times. • Inventories physically checked 10 to 12 times a year and written reports made of findings. • A unique record of unquestioned Bailment. IN SUPPLYING THIS EXCEPTIONAL SERVICE WE PROVIDE THE SECURITY NEEDED TO ALLOW YOU MORE FLEXIBILITY IN MAKING INVENTORY LOANS-YET NEW YORK TERMINAL SERVICE COSTS YOUR CUSTOMER NO MORE. Specify "PROTECTIO N" insist on NYICO NEW YORK TERMINAL WAREHOUSE COMPANY 25 SOUTH W ILLIAM STREET, NEW YORK, N.Y. 10004 O P E R A T I N G https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O F F I C E S I N P R I N C I P A L C I T I Bob B uenneke Assistant Vice President ues We think you'll find our Credit Department a little bit faster. And a little bit better in analyzing those facts to provide you with a really valuable basis for making vitallyimportant credit decisions. Call Bob Buenneke or any of our officers any time you want any kind of correspondent service . . . that's always a little bit better. IOWA-DES MOINES NATIONAL BANK Sixth and Walnut. Des Moines 5 0 3 0 4 » 284 -86 86 Mem ber Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NOW IN OUR SECOND CENTURY, OF BANKING
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