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Iowa Independents Meet at Lake Okoboji
• Banks tune into video training
• 1RS plague continues
• How one bank sells IRAs
P rogram s:


• Montana Bankers Association
• Minnesota Independents
• North Dakota Independents
Federal Reserve Bank of St. Louis

MNB Senior Vice President
on “The importance
of creative
thinking in

"The challenge of developing more ef­
ficient methods in correspondent
banking is greater than ever. That's
why at Merchants National Bank, we
encourage our correspondent bankers
to develop new and better ways of
handling Overlines and Liquidity
Loans. That's why we offer time­
saving services like the 24-Hour
Transit Service and more efficient ap­
proaches to Federal Funds Purchase
and Sales and Bond Purchasing and
"At MNB, we expect originality and
we encourage innovation. In cor­

respondent banking, as in any
dynamic business, creative thinking
blends vision with experience for a
better product. And by aggressively
seeking new perspectives, we believe
we'll find the best ways to serve our
respondent banks and their
Talk to one of MNB's creative corre­
spondent bankers, soon. Call John E.
Mangold, Terry M. Martin, Stan R.
Farmer, or Jerry N. Trudo. Just dial
( 319) 398-4313 or call, toll free,




1- 800- 332- 5991.

Merchants National Bank

Member F.D.I.C.
Federal Reserve Bank of St. Louis

en it comes to custom er preference*,
ther travelers cheques don’t stack up.
In fact, they d on’t even
me close. In a recent national
qpy, a majority of travelers
eque users said they want
m erican Express® the next
e they buy travelers cheques.
W h ich isn’t surprising
you consider that only
Federal Reserve Bank of St. Louis

A m erican Express offers five spe­
cial services to help protect your
customers’ vacation if their trav­
elers cheques are lost or stolen.
We can help cancel lost credit
cards, issue a temporary ID, and
cash a personal check for up to
$200. We even have a 24'H our

Travel Service Hotline if your
customer needs help changing
travel plans. A nd an Emergency
Message Service if they w ant to
send a message home.
Com bine all that w ith our
60,000 refund locations and
nearly 1000 worldwide Travel

Service Offices and you’ll see why
most travelers cheque users feel
A m erican Express is the best brand.
So don’t settle for less. A
majority of travelers cheque users
w ant A m erican Express. A nd if
you don’t have them , they may start
asking around.
h m



AUGUST 1982 • 89th Year • No. 1427

Lake Okoboji provided an ideal setting for the annual convention of the Iowa In­
dependent Bankers annual convention last month. A report with pictures begins
on page 72.



Banks tune into video training

Expedites training for new services, new employes


IRS plague continues

S ta te C o nventio n s & S chools

Peat, Marwick authors review confusing rules


Sept. 15-18—Colorado Independent Ban®
ers Association Annual Meeting and
Convention, The Lodge at Vail, Vail.

Broader mortgage choice

MGIC survey shows customer needs and concerns


How one bank sells IRAs

Unified campaign brings customers to Iowa bank

34 Minnesota Independents
Meet August 19-22
37 North Dakota Independents
Meet September 15-16

41 Montana Convention Program
42 You Will See Them at the
79th Montana Convention
72 Iowa Independents Report

Bank Promotions
Corporate News
Twin Cities
South Dakota
North Dakota


Des Moines
Index of Advertisers

Publisher & E ditor
Ben Haller, Jr.

A ssociate Publisher
Steve Burch

Phone (515) 244-8163

A ssociate E ditor
Becky McBurney

Malcolm K. Freeland

No. 1427Northwestern Banker (USPS 397-620) is published monthly by the Northwestern
Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscription $1.50 per
copy. $15 per year. Second Class postage paid at Des Moines, Iowa and at additional
mailing office. POSTMASTER: Send all address changes to Northwestern Banker, 306
Fifteenth Street, Des Moines, Iowa 50309.

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

Sept. 19-21 — IBA Annual Convention,
Marriott Hotel, Des Moines.

North Dakota:
Sept. 15-17 — Independent Com m unilÄ
Banks of North Dakota Convention, Horn
day Inn, Jamestown.
Sept. 27—NDBA Northeast Group Mtg.
Sept. 28—NDBA Northwest Group Mtg.
Sept. 29—NDBA Soutwest Group Mtg.
Sept. 30—NDBA Southeast Group Mtg. a
Oct. 26-27—NDBA Bank Women’s Con­
ference, Jamestown.
Nov. 17-18— NDBA Consumer Credit Con­
ference, Mandan.

305 15th Street, Des Moines, Iowa 50309

Sept. 15-16—IBA Ag Credit Conference
Ramada Inn, Champaign.
Sept. 29-Oct. 1—AMBI Retail Banking Con­
ference, Indian Lakes Resort, Bloomingdale.
Oct. 5-6—IBA Trust Conference, Radisson,
St. Louis.
Nov. 14-18—AMBI Commercial Lending I®
stitute, Univ. of Illinois, Champaign.

Sept. 13-14—NBA Ag Credit Symposium,
Lincoln Hilton, Lincoln.


N a tio n a l C onventio n s & S ch o ols
Sept. 19-21 —IBAA Commodity Marketing
Seminar, Chicago, III.
Sept. 19-22—NABW 6th Annual Conven­
tion, Los Angeles Bonaventure, Los
Angeles, Calif.
Sept. 19-Oct. 1—ABA National Instalment
Credit Schools, Univ. of O klahom #
Oct. 10-15—IBAA Bank Executive Develop­
ment Seminar, Muncie, Ind.
Oct. 16-20—ABA Annual Convention, At­
Oct. 24-27—BMA 67th Annual Conventio®
Phoenix Civic Plaza, Phoenix, Ariz.
Oct. 31-Nov. 3—RMA 68th Annual Fall Con­
ference, Sheraton, Bal Harbour, Fla.
Oct. 31-Nov. 3—IBAA Seminar Workshop on
the One-Bank Holding Company, New
Orleans, La.
Nov. 14-17—BAI 58th National Convention,
Hyatt Regency, Houston, Tex.
Nov. 15-16—IBAA Spread Analysis and
Asset/LiabiIity Management Workshop,
Dallas, Tex.
Nov. 15-19—BMA Essentials of B a r^
Marketing School, Univ. of New Hamp­
shire, Durham.

South Dakota:
Oct. 7-8—SDBA Instalment Credit & Retaff
Banking Conference, Sheraton, Yankton.
Oct. 27-28—SDBA Economics Seminar for
Young Adults, Holiday Inn, Mitchell.
Nov. 12-13—WBA Chief Executive Officers
Conference, Ramada Inn, Casper.

Would the real Portfolio Advisor
please stand up?



Is that portfolio advisor
giving you advice? Or pushing
bonds for your portfolio? Some
banks send out people who keep
you guessing.
At Continental w e don’t
believe in guessing games. We
offer our correspondents a portfolio
advisor who really is an advisor.
This consultant has no axe to
grind. Because he’s not paid on the
basis of bond commissions. H e’s
paid by you, for totally objective
advice. And he’s got the freedom
to give it.
What does this portfolio
professional do? Well, he or she will
take a long hard look at your
unique situation. Your assets.
Your liabilities. Your tax
management. And then he’ll
help you develop strategies that
maximize your bottom line.
It’s like hiring a part-time
employee with full-time money
center experience. Of course, he’ll
analyze opportunities with you.
And make recommendations.
But you make the final decisions.
If you just want to hear
a sales pitch, wait for the
salesman to call on you. If you
want to hear sound advice,
call Robert C. Vasko at (312)
828-4046. H e’ll put you in touch with
a portfolio advisor who lives up to
the name.

C ontinental Illinois National B an k and Trust C om pany of
Chicago, 231 South LaSalle Street, Chicago, Illinois 60693
A tla n ta • C h ic a g o • C le v elan d • D a lla s • D e n v e r • D e tro it
H o u s to n • L os A n g e le s • M in n eap o lis • N e w York
S an F ra n c is c o • S e attle • W h ite P la in s.
Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1982


NABW Meets Sept. 19-22 in Los Angeles
H E them e for the 60th annual
convention of the N ational A sso­
ciation of B ank Women, scheduled
Septem ber 19-22 a t the Bona ven­
tu re Hotel in Los Angeles, is “ Fron­
tiers in Finance: Directions for a
New A ge.”
The NABW E ducational Founda­
tion has scheduled a two-day sem­
inar to augm ent convention pro­
gram m ing. Titled “ M anagem ent of
Conflict and C hange,” it will be of­
fered Septem ber 17 and 18 as a pre­
convention option.
A full day of leadership training
for incoming NABW officers will be
offered on Sunday, Septem ber 19.
G uest speaker for the Educational
Foundation dinner th a t evening will
be Virginia Privateer Corsi, former
associate director of executive sem­
inars a t the Aspen In stitu te and
p artn er in the executive search firm
of Bentley & Evans.
NABW President Linda Arnold
will introduce keynote speaker John
N aisbitt a t the opening session
M onday m orning. Mr. N aisbitt,
publisher of The Trend Report, will
speak on “ Y esterday Is O ver.” His
predictions will provide a framework
for a discussion m oderated by H ank

Koehn, vice president and head of
futures research a t Security Pacific
N ational Bank, Los Angeles. O ther
m orning speakers include William
Ford, president, Federal Reserve
Bank, A tlanta; Alex “ P e te ” H art,
executive vice president, F irst In­
te rsta te Bancorp, and Jam es Benham, president, Capital P reserva­
tion Fund.
W orkshops on M onday afternoon
will investigate specific strategies in
product developm ent, m arketing,
delivery and hum an resource m an­
agem ent.
Tuesday m orning sessions will
prepare women bankers for new
roles in a dynam ic industry. A fter­
noon workshops will be devoted to
technical/professional career op­
tions, new m anagem ent skills, pre­
retirem ent planning, com m unica­
tions and survival during m ergers
and acquisitions.
On W ednesday m orning Irving
Leveson of the H udson In stitu te
will look a t the future of the finan­
cial services industry, and Dr. Jack
H olland of the In stitu te of H um an
G row th and A w areness will speak
on “ Developing a Positive Fram e of
M ind,” to close the meeting.

First Banks of St. Joseph
Plan 26th Market Day

M arket D ay will conclude w ith a
social hour and steak dinner a t 6:00


John E. Karn, chairm an of F irst
Stock Yards Bank, St. Joseph, Mo.,
has announced plans for the 26th
A nnual M arket Day, co-sponsored
by F irst Stock Y ards B ank and
F irst N ational B ank of St. Joseph.
B oth banks are m em bers of F irst
M idw est Bancorp, Inc. The date for
M arket D ay will be Septem ber 8.
R egistration will begin a t 9:00
a.m. in the lobby of the F irst Stock
Yards Bank, followed by a tour of
M issouri Valley W alnut Company.
C hartered buses will tran sp o rt the
group. Luncheon, as usual, will be
served a t the Hoof and H orn Steak
House a block from F irst Stock
Y ards Bank.
The afternoon session again will
be conducted a t St. Joseph C ountry
Club. The speaker will be Frank S.
Hough, professor of economics,
Graceland College, Lamoni, la.,
whose topic will be, “ Self W orth vs
N et W orth.” A panel discussion on
various agricultural commodities
and price trends is scheduled for
3:00 p.m.

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

Dodge Elected President
Robert Morris Associates
Douglas W. Dodge, executive vice
president, M ercantile-Safe Deposit
& T ru st Company, Baltim ore, was
elected president of R obert M orris
A ssociates, the national association
of bank loan and credit officers, in
the association’s annual election on
A ugust 6, 1982.
Jack R. Crigger, executive vice
president, Am erican N ational B ank
& T ru st Company, C hattanooga,
was elected first vice president.
Glenhall E. Taylor, Jr., executive
vice president, Wells Fargo Bank,
N.A., San Francisco, was elected se­
cond vice president. All term s are
for one year.
In addition, four new directors
were elected to the RMA board for
three-year term s. They are G erard J.
Alifano, senior vice president, P itts ­
burgh N ational Bank; Robert H.
Cooke, senior vice president, Lloyds
B ank California, Los Angeles; Rob-

ert L. Kropf, senior vice p re sid e n t#
Colorado N ational Bank, Denver,
and Kevin F. W alsh, first vice presi­
dent, N ational B ank of D etroit.
Also, E dgar M. M orsm an, Jr.,
vice president, N orthw est B a n c o r#
poration, M inneapolis, was elected
to fill an unexpired two-year term on
the board.

MABSCO Ag Services, Inc. *
Board of Directors Named
MABSCO A gricultural Services,
Inc., which was activ ated last
m onth by the 13 sta te banker asso ®
ciations which co nstitute MABSCO,
has announced the nam es of bankers
serving on its board of directors. A
detailed review of M A SI was pub­
lished in last m o n th ’s issue of the®
N o r t h w e s t e r n B a n k e r . The M ASI
directors are:
C h a irm a n —W illiam C raw ford,
president, F irst N ational B ank & 0
T ru st Co. Frederick, Okla.
Vice C hairm an—H arry Argue, ex­
ecutive director, N o rth D akota
Bankers Assn., Bismarck, N.D.
Sec./Treas.—Leslie W. Peterson,0
president, Farm ers S tate Bank, Trim ont, Minn.
P re sid e n t—E dw ard L. T ubbs,
chairm an, M aquoketa S tate Bank,
M aquoketa, la.
Greg LeGare, ag. repr., B ank of
Osseo, Osseo, Wis.
Bill Cook, Jr., president, Beatrice
N ational Bank, Beatrice, Nebr.
W aldo F. M ottaz, president, S ta te #
B ank of Hallsville, Hallsville, Mo.
Lonnie Farm er, chairm an & presi­
dent, F irst S tate Bank, Davidson,
Neil Milner, exec, v.p., Io w a #
Bankers Association, Des Moines,
A. Edw in Baur, vice president,
The F irst N ational B ank & T rust co.
of M ichigan, Kalamzaoo, Mich, or^
Farm ers & M erchants S tate Bank,
Sebewaing, Mich.
Lonnie G. Doan, sr. vice presi­
dent, Olney T ru st & B anking Com­
pany, Olney, 111.
M arlin D. Jackson, chairm an and
president, Security Bank, Paragould, Ark.
Jam es Birkbeck (advisory), presi­
dent, Denison S tate Bank, Holton,
Jim E atherly, (advisory), presi­
dent, F irst N ational Bank, Tonkawa, Okla.
H.D. Hockenberg, (counsel), Des
Moines, la.


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Northwestern Banker , August ,


Imagine getting only bare walls
when, for the sam e price,
you could have had a
beautifully built, elegantly
furnished bank.
“ It just about happened to us,”
says Henry Kinberger, president of
Security 1st National Bank, in
Alexandria, Louisiana.
“ We listened to not one, but a
number of proposals for an important
building project for our bank. One
from an architect, another from a
leading plan-design-build firm. Both
would have offered us far less than
the solution we got from HBE.”

“A lot more value for
the dollar.”
“ Instead of remodeling our old
building, HBE showed us how we
could build a brand-new building
that would be much more functional,
for about the same cost, on the same
site, without any interruption of
business. And the HBE price included
a spectacularly beautiful, finished
interior, not just bare walls.”

“Other bankers couldn’t
believe how much we got
for the price.”
“ When many of our banker
friends visited us, they were amazed.
One of them said, ‘I came here
expecting to be disappointed. I can’t
believe my eyes.’ ”
“ What they saw were things like
floor-to-ceiling solid-oak doors,
marble floors, really nice furniture
and the like. All included at the
square-foot price they thought would
have been bare walls only.”

“They didn’t try to
boss us around.”
“We enjoyed an excellent working
relationship throughout the project.
HBE listened to our thoughts and
responded to what we wanted to do.
There was never any attempt to
impose formulas or rigid sets of ideas
on us. And we liked that.”

“Everything about it works
better for us.”
“ We have such nice touches as
an exceptionally fine heating and air
Federal Reserve Bank of St. Louis

conditioning system with a lot of
zone controls and real energy savings.
Better departmental and work flow
arrangements. And an employees’
patio on our drive-in roof. All the site
work was included, too. So was
demolition of our old building. Even
vault and security equipment. Plus
new sidewalks, fountains, and so on.
And throughout, HBE stayed with us,
directing all phases and weeding out
anything that proved inefficient.”

Practically no work
change orders.
Security 1st was so satisfied that
work change orders amounted to only
a tiny fraction of the industry average.
Better planning, closer personal
attention, and a more careful, more
concerned, more thoroughly pro­
fessional approach throughout made
the difference. A difference we feel
you can see in every HBE project,
whether bank, savings and loan or
credit union.
Stories like this are not just
once-in-a while happenings at HBE.
We make them happen all the time.
It’s our specialty, our point of difference,
our pride. We’d like to start making
things happen for you. Find out more.
Call or write me, Dave Specht, right
now at 314-567-9000. HBE Bank
Facilities, 717 Office Parkway,
St. Louis, Missouri, 63141.

g* HBE Bank

You can’t
afford not to
look at HBE.

“We achieved everything we wanted
and a lot more by working with HBE.’
Henry Kinberger, president of Security 1st
National Bank, is shown here in the lobby of their
beautiful new facility planned, designed, and built
Federal Reserve Bank of St. Louis


Bank Prom otions
ROM OTIONS and other an­
nouncem ents have been made
by the following banks:
Centerre Bank, St. Louis: William
K. Jones has been appointed presi­
dent of the m idw est chapter, For­
eign Exchange Traders Association.
He is a vice president in the invest­
m ent banking departm ent a t Cen­
terre Bank. The chapter is m ade up
of 120 individuals engaged in either
foreign exchange and/or Euro-cur­
rency trad in g a t 54 m ajor banks
throughout the midwest.
Paul E. Rigby was advanced to
vice president of Centerre Bank, and
Dennis J. Sullivan, form erly staff
vice president a t Citicorp, has joined
Centerre as vice president.



Newly elected a ssista n t vice pres­
idents are: Penelope A. Bogacki, for­
m erly retail banking officer; D or­
othy M. Feigl, form erly investm ent
operations officer, and Richard C.
M essey, previously bond invest­
m ent officer.
Commerce Bank of Kansas City:
Jo n a th a n Kem per has been nam ed
vice president in the m etropolitan
division of the commercial banking
departm ent. For the p a st three
years he has been a commercial
banking officer for Citicorp (U.S.A.),
located in Chicago. He m anaged the
accounts of m ajor national and m ul­
ti-national corporations based in the
north central U nited S tates. D uring
the first two years he worked in the
agribusiness unit w ith prim ary em­
phasis in the cattle and beef in­
dustry. For the last year he was
assigned to the commercial and in­
dustrial lending unit.
Prior to joining Citicorp, Mr.
K em per’s work experience included
work w ith the Federal Reserve Bank
of New York, and Second D istrict
Securities, a New York securities
firm. In 1978 he participated in the
Digitized Northwestern
for FRASER Banker, August, 1982
Federal Reserve Bank of St. Louis

sum m er intern program of The
N orthern T ru st Company of Chi­
cago. He received his BA degree,
cum laude, in general studies from
H arvard College and an M BA from
H arvard G raduate School of B us­
iness A dm inistration.
Continental Bank, Chicago: Three
newly elected vice presidents are
Chris A. Bowers, U.S. banking ser­
vices; Frank C. Reid, financial ser­
vices departm ent, and William C.
Ruffin, Jr., general banking ser­
The following were nam ed second
vice presidents:
Financial services d epartm ent—
Yona S. Binder, Douglas Kelner,
Fred S. W ayland and B arbara A.
O perations and m anagem ent ser­
vices—Michael L. DeRuntz, Leon­
ard Lewicki, D avid G. Mekemson,
Susan J. M ontgom ery, Jerom e V.
R asnak and Addie T. Ruey.
P e rso n a l b a n k in g s e rv ic e s —
E duardo M onteagudo and Paul C.
Personnel—Michael C. Clement.
C orporate financial s e r v ic e s Christopher Kwiecinski and M ark J.

proved dividend reinvestm ent pit®
for stockholders th a t perm its them
to reinvest dividends in additional
stock purchased a t 95% of m arket
Harris Bank, Chicago: John C.
Spooner has been elected a ssista n t
vice president. He is head of the
b an k ’s hum an relations office, re­
sponsible for planning and monito®
ing the b a n k ’s equal opportunity
em ploym ent practices, E EO tra in ­
ing and developm ent and m anage­
m ent consulting. He joined the bank
as a college trainee and was g r a #
uated in 1973 from E lm hurst Col­

National Boulevard Bank of
Chicago: Three new a ssista n t v i(^
presidents have been named, it w e ts
announced recently.
B reck Swanq u ist w as a p ­
p o in te d a s s i s ­
ta n t vice presi­
d e n t, d iv is io n
m anager of the
sm all b u sin e ss
g ro u p in th e
B ank F or the
New Downtown.
He received his
BA degree from
W heaton College in 1976. B efor^
joining N ational Boulevard B ank in
1981 as a ssista n t cashier in the ex­
ecutive loan division, he worked a t
First National Charter Corpora­ A urora N ational Bank.
tion, Kansas City, Mo.: Stock­
holders a t their June 24 annual
m eeting voted to change the name of
the corporation to CharterCorp.
Chairm an Gordon E. Wells an­
nounced the election of W illiam A.
Hall and Michael G. F itt to fill va­
cancies on the board of directors.
Mr. Hall is a ssista n t to the presi­
dent of H allm ark Cards, Inc., and
president of H allm ark Educational
Foundation. Mr. F itt is chairman,
R obert Jelen and Carl Jansen
president and chief executive officer both joined the bank as a ssista n t
of ERC M anagem ent Corporation. vice presidents. Mr. Jelen received
B oth were elected Class I directors his BA in Economics degree from
and will serve until the 1984 annual Bradley U niversity, Peoria, in 1 9 7 ^
m eeting. Mr. Hall also has been elec­ where he was an Illinois S tate
ted a director of F irst N ational B ank Scholar for four years. In 1978 he
of K ansas City, the holding com­ received his J.D . from Illinois In ­
p a n y ’s largest affiliate, and Mr. F itt stitu te of Technology/Chicago Col­
already serves on the bank board.
lege of Law. Before joining N a tio n a l
Stockholders authorized the cor­ Boulevard he was a closing attorney
poration to issue up to 1,000,000 for Tallm an Home Federal S&L
shares of preferred stock, and ap­ since 1978, and prior to th a t was
proved an incentive stock option employed by F irst Chicago Realtw
plan for key employes.
Services Corp from 1976-78.
Mr. Wells also announced an im ­
Mr. Jan sen received his BS in In-

W hen a customer needs more
than your lending limit or lease capacity
look to Bankof America.

W hen your bank’s customers decide to additional assistance you might need.
With nearly 1100 offices around the
expand or replace major equipm ent,
they’ll probably turn to you for additional globe, Bank of America can provide a
world of correspondent banking serv­
financing. And even if they ask for m ore
than your lending limit or leasing capacity, ices—including lease participations. So
the next tim e you need a correspondent
you may still b e able to honor their
bank, look to Bank of America.
requests. Because Bank of America can
Call us in San Francisco at (415) 622help you with overline or lease assistance.
We can also put the skills of our account 6909. In Los Angeles, at (213) 228-3288.
officers to work for you. They have
decision-making capabilities and direct
access to BankAmeriLease® Group for any L o o k to t h e L e a d e r "

Bank of America NT&SA • Member FDIC
© Bank of America NT&SA 1982
Federal Reserve Bank of St. Louis

C o rresp o n d e n t Banking Services


d u stria l R elations degree from
R ockhurst College, K ansas City. He
spent two years w ith Chicago Title
and T rust Company, sta rtin g in
1968, and for the p a st 10 years was
employed by B aird & W arner, Inc.,
Chicago real e state firm.

Henry Kissinger and Paul Harvey to
Speak at ABA Convention in Atlanta

ORM ER U.S. Secretary of S tate
H enry Kissinger, who a ttrac ted
a standing-room only crowd of 9,600
Northern Trust Company, Chi­ to a session of the Am erican B ank­
cago: D irectors have announced the ers A ssociation annual convention
in 1979, will m ake a retu rn appear­
following promotions:
Jam es J. M itchell to senior vice ance this year when ABA m eets in
A tlanta, October 16-20. In New Or­
president in the tru s t departm ent.
leans three years ago, Mr. K issinger
Elected vice presidents were:
Building depart­ drew the largest audience ever for an
m e n t—K e n n e th ABA opening general session, sub­
L. Lay and Jo ­ stantially surpassing the 7,700 who
sep h W. Nel- heard Reverend Billy G raham a t the
1974 ABA convention.
C o m m e r c ia l
banking depart­
m e n t—K e n n e th
R. Harder, Jon
C. H unt, J. Scott
Lafferty, Jr., and
F. Dean Long.
T rust d ep artm en t—Thom as E.
Cooper, William E. Pom eroy and
William J. Sm ith. From outside the
bank, Scott M organ and Phillip W.
Oilman were nam ed vice presidents.
Also addressing the ABA conven­
Newly-elected second vice pres­
tion this year will be the worldidents are:
C o m m ercial b a n k in g d e p a r t­ reknowned newsm an Paul H arvey,
m en t—Genevieve J. Guimond, L. who is carried by 897 radio stations,
H am ilton Kerr I II and M erlon J. 100 television stations and 300
President Ronald Reagan has
Financial m anagem ent d e p a rt­
invited to speak live from the
m en t—Charles E. Ricker.
O perating d ep artm en t—R obert J. W hite House, via teleconferencing.
Like last year, ABA will use a giant
H am m ond and F. Alan Schmitz.
Personal banking d ep artm ent—
Paul R. Spivey and W alter C. division, reporting to Charles B a rt­
ling, vice president.
T ru st—Eileen D. M cIntosh.

Jim Rubenstein Will
Head Editorial Staff
The B ank M arketing A ssociation
has announced the appointm ent of
Jam es R ubenstein as the A ssocia­
tio n ’s director of editorial services
a t Chicago headquarters. Mr. R u­
benstein m ost recently served as
m anaging editor of the B ank L e tte r
new sletter, a publication of In s titu ­
tional Investor Inc., and previously
was m idw est bureau chief of the
A m erican B anker new spaper in
Mr. Rubenstein, 42, will become
editor of B ank M arketing, the
association’s m onthly periodical ser­
ving the industry, and also will edit
other association new sletters and
publications in the com m unications

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis



screen above the stage during g e n ^
eral sessions so th a t everyone can be
assured of having the equivalent of a
front row seat.
A new feature in A tlan ta will be a
comprehensive forum on m ic ro c o n y
puters for com m unity bankers. Fol­
lowing a plenary session for every­
body, attendees will break up into
small workshops so th a t bankers
m ay have a “ hands on ” o p p o r tu n ity
to learn how m icrocom puters can
revolutionize their operations.
Special interest sessions in A tlan­
ta will focus on coping in difficult
tim es, w ith em phasis on first-hanc^
accounts of banker success stories.
The exhibit area this year will be
the largest in the history of the
ABA convention. More th an 370
booths already have been sold. D u y
to popular dem and there will again
be prize draw ings in the exhibit hall.
All program s, exhibits, m eetings
and registration will be held a t the
Georgia W orld Congress Center. L o #
cated w ithin short shuttle distance
of all ABA hotels, the center is one
of the w orld’s largest and m ost
m odern convention facilities.
Convention registration m aterials®
are available from Convention Reg­
istration, Am erican Bankers A sso­
ciation, 1120 Connecticut Avenue,
NW, W ashington, D.C. 20036. The
telephone num ber is (202) 467-6329. •

Bank, said, “ we are especially de­
lighted to be able to conclude our
125th anniversary by serving as a
principal u n d e rw riter for w h a t^
should be the m ost significant ex­
Continental to Fund 1983
hibition of a rt ever to be shown in
Vatican Art Exhibit
The A rt In stitu te of Chicago and
The Vatican Collections: The^
Continental B ank have announced Papacy and A r t will be comprised o ^
th a t Continental will provide the objects in a variety of media ranging
m ajor funding for the Chicago show­ from Classical and E gyptian a n ti­
ing of The Vatican Collections: The quity through the tw entieth cen­
P apacy and A rt. C o n tin e n ta l’s tury. O utstanding works by R apha-^
$500,000 g ran t is the m ost signifi­ el, Bernini, Leonardo da V inci/
cant corporate contribution the A rt Caravaggio, Poussin, Fra Angelico,
In stitu te has ever received.
and m odern m asters such as M a­
The exhibition, which will open at tisse, Derain, and Ben Shahn will be
the A rt In stitu te on Ju ly 16, 1983, included.
and continue through October 16,
The V atican exhibit will begin its
will include some 200 works from three-city Am erican tour a t The
the m useum s of the Vatican, the M etropolitan M useum of A rt in
V atican Library, and St. P e te r’s New York in F ebruary of 1983.
A fter closing in Chicago it w ill^
Roger E. Anderson, chairm an and travel to the Fine A rts M useum s of
chief executive officer of Continental San Francisco.


R apid transit.
Speed. It’s the essential ingredient of intelligent
movement of money. It’s also why more correspondents choose
the rapid transit system at Commerce.
Our day starts with
balance reporting at 5:00 A.M.
By 9:00, we’re on the phone
with customers, advising them
of how much money is immedi­
ately available for investment
and how much is deferred. Same
day available balance reporting coupled with timely information
on previous day’s ending ledger balance enables correspondents
to manage their funds position accurately and maximize profits.
What’s more, we handle exception items, exceptionally fast.
Other banks take weeks to get return items back to you. Our
unique post office box and special zip code allow us to handle these
items quicker. Fast turnaround on return items means less float as
well as minimal risk of embarrassment and loss.
In addition, we have a special problem-solving team for cash
letter adjustments. Our Special Adjustment Staff (S.A.S.) pays quick
attention to your problems. If an error has been made in the checks
sent to us for clearing, this special team quickly catches the error
and adjusts the correspondent for the proper amount. Large dollar
adjustments receive immediate priority.
Rapid transit at Commerce adds up to the best availability
schedule around. If you’d like to plug into our rapid transit system,

a f c c?rTonw
dentBanker# Commerce Bank

No one knows the value of
time better than Commerce.
Federal Reserve Bank of St. Louis

® Kansas City

(816) 234-2000 • 10th & Walnut • Kansas City, MO 64141
Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

ight in the middle of
inancing market.
You will generate new profits
with Homeseller: Insured Seller Financing.
Over 60% of all homes sold today involve some
form of seller financing. It is estimated that these
sales will soar from $80 billion in 1982 to $120
billion by 1986.

A new lender profit opportunity.
The trend to seller financing has kept many
buyers and sellers out of your institution. M G lCs
Homeseller is designed to bring them back and
give you the opportunity to:
• Increase your origination and
servicing income
• Refinance short-term seller financed
• Cross-sell your other financial services
• Strengthen your Realtor relationships
• Maintain your image as an innovative,
progressive financial institution
And Homeseller is being offered exclusively
through our traditional customers, the
professional mortgage lenders.

Great appeal for seller financers.
In their eagerness to make a sale, many home
sellers provide their buyers with financing without
considering the risks and paperwork involved.
Until now, they have been unable to get
insurance protection against default and few
seller financers understand the complexities of
originating and servicing a home loan.

Homeseller is a perfect answer to these problems.
With promotional assistance from MGIC, you can
attract seller financers by offering these
Homeseller benefits:
• MGIC's Homeseller mortgage guaranty
• Your professional loan origination and servicing,
including: buyer credit checks, underwriting,
document preparation, monthly collections and
disbursements, and foreclosure, if necessary.

Advantages for Realtors and
buyers, too.
Your services combined with Homeseller
insurance will stimulate Realtor sales. Buyers get
their homes at more affordable rates — plus the
com fort of knowing that everything was handled
properly and legally by a mortgage professional.

Homeseller" sales assistance.
MGIC can provide you with a complete
promotional program to help you attract Realtors
and home sellers. For information and marketing
assistance, contact your MGIC Account Executive
or call 800-558-9900 (800-242-9275 in Wisconsin).


Working hard to earn your business
Federal Reserve Bank of St. Louis




ROM OTIONS and other an­
nouncem ents have been made
by the following firms:


B a r c la y s A m e r ic a n /B u sin e ss
Credit, Inc., Minneapolis: D aryl
H agstrom and H arold P. W einacht
have been nam ed loan analysts and
Joel R. Palesh has been prom oted to
associate loan officer in the M in­
neapolis region office.
Mr. H agstrom is responsible for
analyzing the financial position of
clients throughout the com pany’s
M inneapolis region. He joined the
firm in 1978 as a collection officer
and was nam ed loan analyst trainee
in 1981.
Mr. W einacht will be reponsible
for perform ing in-depth collateral
evaluations and financial analysis of
present and prospective clients loca­
ted in M innesota, Iowa, Nebraska,
South D akota, N orth D akota and
northw est p a rts of W isconsin and Il­
linois. A resident of M inneapolis, he
has 11 years of business lending ex­
perience, m ost recently as M inneap­

olis office service m anager for a com­
mercial finance company.
Mr. Palesh will be responsible for
assisting the m anager of the loan ad­
m inistration departm ent and loan
officers in m onitoring and analyzing
the loan portfolio. He joined the
com pany in 1981 as a loan analyst
Audrey A. Pengelly has been pro­
m oted to credit m anager of the cen­
tra l division, w ith responsibility for
assisting the division m anager in
m onitoring all loan adm inistration
activities w ithin the division. The
central division is located in Brook­
field, Wis., and the regional offices
reporting to it are in Chicago, Mil­
waukee and M inneapolis. She joined
the firm in 1978 after receiving a BA
degree in accounting from Concordia
College. Previously, she was senior
loan analyst in the m idw est service
Brandt, Inc., Watertown, Wis.:

Our engineers will custom design
a display to enhance the architec­
ture of your building. Color draw­
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Hull, Iowa
Custom designed

Elmhurst, Illinois
Attached display
Warrensburg, Missouri
Attached display

Eagle Grove, Iowa
Custom market report



Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

Bremer Service Company, Inc.,
St. Paul: Ken J. Timboe has been
elected credit officer. He has held#
the position of examiner, senior ex­
am iner and credit analyst since join­
ing Bremer in 1978. He is a graduate
of the U niversity of N orth D akota.
Christmas Club a Corporation,
Easton, Pa.: President Jack G uinan
has announced the prom otion of Al­
bert C. W iniarski to executive vice
president. Mr. W iniarski will t a k ^
over day-to-day operations, enabling
Mr. G uinan to investigate the new
business opportunities. He joined
C hristm as Club in 1976 and previ­
ously was w ith two banks in Nev®


P.O. Box 128 Brookings, SD 57006
(605)692-6145 Toll Free 800/843-9879 (exc. AK, HI & SD)
Telex 29-5013 DAKTRONCS BKNG

B arry M. Pressm an has joined th e ^
currency system s division as direc­
tor of m arketing, it was announced
by John P. Dullighan, vice pres­
ident and gen­
e ra l m a n a g e r.
H e a d q u a r te r e d
a t B e n s a le m ,
Pa., th a t office
p ro d u ce s
a ll
B r a n d t e q u ip ­
m ent for coun­
t in g c u rr e n c y
and other paper
item s, as well as com puterized c a sh #
settlem ent system s used in daily op­
erations a t banks and other large
money volume locations.
Mr. Pressm an was m anager of
business planning for Process M a n #
agem ent System s Division of H on­
eywell, Inc., the p a st two years. He
had four years of prior experience
w ith a Rochester, N.Y., m anufac­
tu rer of power m easurem ent and®
control instrum ents.


Dain Bosworth Inc., Minneapolis:
Recent expansion of its retail sales
adm inistration staff and the p ro m o #
tion of several key executives in its
municipal finance operations has
been announced.
Ron T schetter, senior vice presi­
dent in charge of institutional bone#
sales, has moved to retail sales ad­
m inistration as a senior vice presi­
dent, where he will supervise various
retail sales offices. He joined Dain
Bosw orth in 1973, having w orkec#
earlier a t B lythe E astm an Dillon.
Paul G ubrud will assum e respon­
sibilities as senior vice president in
charge of in stitutional bond sales.
Mr. Gubrud, who is president of t h ^
M innesota In stitu te of Finance, has


% worked in Dain B osw orth’s muncipal area for 11 years.
Jim Dlugosch takes over for Mr.
G ubrud as vice president responsi­
ble for bond originations. Mr. Dlu•g o s c h , former M innesota Finance
Agency executive director who went
to work for Dain B osw orth in 1979,
will help m ake the M inneapolisbased securities firm a greater in•flu e n c e in real e sta te financing, ac­
cording to Robert M artin, Dain Bos­
w orth executive vice president. The
com pany recently com pleted a $20
million financing venture for hous­
i n g and office space adjacent to Or­
chestra Hall in downtown M inne­
Deluxe Check Printers, Inc., St.
—Paul: Ronell Keen and Steven J e n ­
sen have been appointed to vice pres­
ident statu s. Mr. Keen, present na­
tional production m anager, sta rte d
his career w ith Deluxe in the K ansas
^ C ity plant. He moved to Chicago as
superintendent in 1963 and in 1977
transferred to St. Paul.
Mr. Jensen, director of inform a­
tion services, began his career in St.
^ P a u l in 1963. He was assigned to
various production positions in the
St. Paul plant and in 1966 he tra n s­
ferred to the adm inistration staff.
He will be responsible for all com^ p a n y d a ta processing.
Joseph L. Rose, a m em ber of the
board of directors since 1948, has
announced his retirem ent as a direc­
tor. Mr. Rose served as chief exec0 u tiv e officer from 1962 to 1977 and
as chairm an of the board since 1976.
Eugene R. Olson, chief executive
officer of the com pany since 1977,
was elected to the additional posi­
t i o n of chairm an of the board.
E. Robert Kinney, president and
chief executive officer of Investors
Group of Companies, Inc., was elec­
ted to the board of directors.
® Financial Shares Corporation,
Chicago: Dr. Peter R. Newell has
been nam ed a senior consultant and
Steven D. Crandall has been ap_ p o in ted a ssista n t vice president in
^ t h e training services division. Dr.
Newell, previously in private prac­
tice in Seattle, is a program designer
and consultant to m anagem ent in



"Accepted Sale Registers by Bank
Clerks Everywhere"
Tor in fo rm atio n w rit e

O akland, Iowa
Federal Reserve Bank of St. Louis

organizational behavior, problem ­
solving, conflict-m anagem ent and
other areas. Mr. Crandall previously
was w ith Old K ent B ank and T rust
Company, G rand Rapids, Mich.
Lease Northwest, Inc., Minne­
apolis: Daniel A. Leclerc, president,
has been nam ed to a two-year term
on the regional coordinating com­
m ittee of the Am erican A ssociation
of E quipm ent Lessors.
M r. L e c le rc
has announced
the appointm ent
of S te v e n B.
Cozzens to lease
m arketing offi­
cer and m anager
of the regional
office in Billings,
M ont. Mr. Coz­
jo in e d
L e a s e N o r th S.B. COZZENS
w est last m onth after extensive ex­
perience in the leasing industry. He
was m ost recently area m anager for
U.S. Bancorp Financial in Boise,
Idaho. He has an MS degree in bus­
iness adm inistration from Boise
S tate U niversity.

and was elected director in 1981. Mr.
Carr joined the firm in 1976 and was
nam ed a ssista n t vice president, ac­
counting, earlier this year.
Eugene B. Currie, who joined the
com pany in 1970 after 23 years w ith
the p arent company, M utual of Om­
aha, retired as executive vice presi­
dent, adm inistration.

Travelers Express Company, Inc.,
Minneapolis: C.A.E. Anderson, Jr.,
president and chief executive officer,
has announced
the election of
Jam es K. Bill as
vice p resid en treg io n a d m in i­
stration. Before
jo in in g T ra v ­
elers E xpress in
1968, Mr. Bill
w a s a n O hio
t h r i f t a s s o c ia ­
tion officer. He
has since held various company
m anagem ent assignm ents with Trav­
elers Express. His new responsibil­
ities include adm inistration of the
northcentral, m idw est and n orth­
east regions for the company.
Travelers Express, a G reyhound
MorAmerica Financial Corpora­ subsidiary, is one of the natio n ’s
tion, Cedar Rapids, la.: Thom as J. largest money order companies.
Berthel has been nam ed president of
Cole-Taylor Group
F in a n c ia l S e r­
Top Awards
vices, Inc., a new
aylor F in a n cia l G roup
division of the
aw ards a t the Chicago
C ed ar R apidsFinancial A dvertisers’ recent 14th
based M orA m er­
A nnual Eagle A w ards Dinner. Coleic a F i n a n c i a l
Taylor won the coveted “ B est of
Corporation. He
Show’’ Double Eagle Aw ard for its
will assum e the
:60 radio commercial “ T h a t’s Good/
post im m ediate­
T h a t’s B ad.’’ The ad, one of a series
ly as the division
of hum orous radio spots created by
prepares to offer
complete financial planning and Chicago agency W ardrop, M urtaugh,
m anagem ent services to custom ers Temple and Frank also received the
located th ro u g h o u t the U nited top honor — an Eagle A w ard — in
the Radio Category.
Only two Double Eagle A w ards
Mr. Berthel previously lived in
M aquoketa, Iowa, where he owned are given each year, one for “ B est of
Insurance Planning Services Corpor­ Show’’ and one for entries in the
ation and was affiliated with M utual Open Class Category (m arketing
and public affairs campaigns). The
Benefit Financial Services Co.
Eagle A w ard winner in each cate­
Omaha Financial Life Insurance gory was eligible to win the Double
Co., Minneapolis: G erald G. Lund- Eagle for “ B est of Show.’’
C ole-T aylor F in a n cia l G roup
wall has been nam ed executive vice
president and secretary, and M. owns Drovers B ank of Chicago, 47th
Jam es Carr has been appointed tre a ­ and Ashland, and M ain Bank of Chi­
surer and controller. Mr. Lundwall cago, 1965 Milwaukee Ave., and re­
has 13 years of insurance exper­ cently received approval from the
ience. He joined Om aha Financial in Federal Reserve S ystem ’s Board of
1974, has been vice president, Governors for the acquisition of
treasurer and controller since 1980 B ank of Yorktown in Lombard.
Northwestern Banker, August, 1982


How TheFirstTkmmakesFirstChicago
When you need the support of a money-center bank,
think first of First Chicago. Why? Because we’ll
provide wide-ranging services and fast decisive
responses. Because we offer you a true partnership
that supports instead of supplants. And because we
give you the services of The First Team to deliver
all our resources when and where you need them.
Tom King. Vice President explains: “ Every
member of The First Team, from your relationship
manager to the specialist in key financial areas,
respects your position in the marketplace.
We make it our business to back up your relation­
ships w ith strong, state-of-the-art
products and services.”

Jack Clark, Vice President: “ First Chicago has
created a new area called Credit Marketing Services
which helps our relationship managers provide a
streamlined credit process and fast response.
Anytime!’ Adds Don Boreman, Assistant Vice
President: “ Our relationship managers know your
region thoroughly. Being based in Chicago, they
provide the vital link that brings the expertise of
all other members of The First Team directly to you
and your customers.”
Get The First Team working with you in
Kankakee, Kansas City, Kalamazoo, wherever you
are. Call Tom, Jack, or Don at (312) 732-4100.

The First National Bank of Chicago


©1982 The First National Bank of Chicago • Member FD.I.C.

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis


1 1 1 IT H the difference betw een banks and other fiV V nancial institutions becoming increasingly blurred
by degregulation, m any banks across the nation are
turn in g in increasing num bers to an em phasis on tra m ­
m ing and sales m arketing skills. In keeping w ith rapid
advances in technology, they are using videotape and
television to tra in and inform their employees so they
can do a b e tte r job of selling bank products and ser­
vices. Obviously, the goal of all this effort is to increase
m profitability, as well as m arket share.
The rapid developm ent of new products and services
by innovative bankers requires a constant upgrading
of this training, m aking the use of m odern technology
a boon companion for quick training.
A recent e n tra n t into this field of developing and
m arketing video training films for banks is Bankers
Video Service. I t is an offshoot of Videa, Inc., founded
in Cedar Rapids in 1975. The p arent firm has been in
the business of developing and producing training and
0 m arketing films for business and in dustry for seven
y ears—doing TV spots for advertising agencies and
working directly w ith custom ers on m arketing and
training films.
W ith the proliferation of new bank products in the
d)iindustry’s efforts to offer com petitive instrum ents
w ith non-financial firms which have been offering
interest-free alternatives to bank custom ers, Videa
spun off its section dealing w ith the banking industry
and six m onths ago formed B ankers Video Service.
• Michael Kaldenberg, who had joined Videa in 1980,
was nam ed president of the company, and headquar­
ters in Iow a’s capital city.
B ankers Video works directly w ith banks, operating
independently from Videa, which does all the produc• tion work for program s generated by and required by
B ankers Video and its bank custom ers.
“ Our goal,” says Mr. Kaldenberg, “is to develop
m arketing and training m aterials to aid banks in com­
peting for their m arket share. For example, we offer a
• series of teller training video films, such as cross­
selling, training and IRA s. O ther films m ight be direc­
ted to officers for selling commercial accounts. Some
are aim ed a t bank supervisory and m anagem ent skills,
sales skills and calling skills.
“ To assist us in identifying those areas of g reatest
im portance to bankers on a tim ely basis so they can
Federal Reserve Bank of St. Louis

m eet com petition head-on, we have formed a Bankers
A dvisory Board. These owner-executives are in the
forefront of the com petitive race and can tell us exactly
w hat is needed for their banks to innovate and lead, or
to react w ith products if necessary.”
Bankers Video personnel offer the unique com bina­
tion of bank experience as well as video production ex­
perience. “ Our personnel,” Mr. Kaldenberg notes,
“ have a combined to ta l of more th an 100 years of pro­
fessional banking experience, as well as their m arket­
ing and educational sales training experience. W hen
custom er banks or the Bankers A dvisory Board m eet
w ith our staff they don’t have to stop and ‘rebuild the
wheel’ so far as m aking sure we understand banking
term inology and procedures—our staff has already
been there, so we can cut rig h t to the heart of the bank­
ing problem or new product they wish to discuss.”
Bankers Video will assist any bank in obtaining the
right kind of equipm ent for showing of the training
films. I t has the availability for obtaining Panasonic’s
basic system , which consists of a recorder/player and
H itachi color m onitor, or a more advanced Panasonic
record/player and a higher model H itachi color
m onitor.
“ The m ain po in t,” Mr. K aldenberg notes, “is th a t
employes a t any level have the ability, through video,
to experience a hands-on operating procedure or sales
technique. Ideally, these training sessions will be con­
ducted in a smaller group of no more th an a half-dozen.
Some can be used on a one-to-one basis. The m ain point
is th a t through professionally produced video training
films based on the specifications of bankers who know
w hat the m arket place requires, personal training can
be given by the m ost m odern of techniques to every
concerned employee in a bank. Bottom-line profits de­
pend on each m em ber of the bank producing to the best
of his or her ability. To the extent th a t this video tra in ­
ing can increase th a t productivity and profit, banks
will find an im provem ent in their profit by utilizing
this m odern m ethod.”
From its s ta rt in Cedar Rapids and Des Moines,
Bankers Video now has established m arketing offices
in M inneapolis, Cedar Rapids and Des Moines and
plans to open other m ajor city offices soon, Mr. Kal­
denberg said.


'w ’ Northwestern Banker, August, 1982


1RS plague continues
for one-bank holding
company debt

Randall A. Hamilton, P artn er
Leslie N. Heimsoth, M anager
Peat, Marwick, M itchell & Co.
Des Moines, la.

N December of 1980, the N o r t h ­
w estern
B anker

N e w sle tte r
reported on a bizarre IR S a tta ck on

one bank holding com pany form a­
tions. This article follows up on the
IR S ’ position and discusses subse­
quent developm ents as well as a
general background on the income
tax aspects of form ing one bank
holding companies. Generally, for­
m ation of a one bank holding com­
pany involves the following cir­
cum stances. A group of people own
the stock of a bank. Some of the
stock is pledged as collateral on
loans used to acquire the stock. The
bank stock is transferred to a newly
formed holding company in ex­
change for stock and/or securities of
th e holding com pany and th e
holding com pany assum es some or
all of the debt against the bank
In determ ining the tax treatm ent
of such a transaction, it appears th a t
two sections of the Internal Revenue
Code could be applied w ith conflict­
ing results. Generally, the transfer
of property to a corporation con­
trolled by the transferors in ex­
change for stock is tax free p ursuant
to Section 351. The exchange re­

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

m ains tax free even if the transferee
corporation assum es debt of the
transferors provided, generally, th a t
the debt does not exceed the tax
basis of the transferred property
and th a t a business purpose exists
for the debt assum ption. These rules
would seem to allow a person or
group of persons who own the stock
of a bank to transfer th a t stock to a
newly formed holding company in
exchange for stock controlling the
holding com pany w ithout a taxable
event, even if the holding company
assum es debt incurred to buy the
stock of the bank.
N otw ith stan d in g the rule de­
scribed above, another provision,
Section 304, m ay be read as also ap­
plying to the transaction w ith the
result th a t the debt assum ption or
the later liquidation of the debt by
the holding company, m ay be tre a t­
ed as a dividend to the individual
shareholders of the holding com­
1RS Ruling Inconsistent
The Internal Revenue Service rul­
ing position on w hether such a tra n ­
saction would fall under Section 351
or Section 304 has been inconsis-

tent. A t tim es an informal “ no rul-*
in g ’’ policy has been in effect. The
refusal of the IR S to rule on a p ar­
ticular transaction does not, of
course, establish th a t Section 351
does not apply, or even th a t the IRS*
believes th a t Section 351 does not
apply. Nevertheless, a refusal to rule
does serve to p u t a taxpayer on no­
tice th a t the ta x effect of the tra n ­
saction m ight be challenged upon*
exam ination. Revenue Procedure
80-34, issued Septem ber 8, 1980,
sta te s the IR S ’ position a t th a t tim e
to be th a t they will no longer rule on
the tax result of form ing a one bank
holding com pany unless the ta x ­
payers: (1) can satisfy the IR S th a t
the liabilities assum ed by the
holding com pany were incurred b y .
the individual shareholders of the
holding com pany as mere in ter­
m ediary a g e n ts for the newly
created one bank holding company;
(2) m ust subm it to the Internal {
Revenue Service docum ented evi­
dence, composed a t the tim e the
liability was incurred, which in­
dicates th a t the unrelated lender
had agreed to release the transferor- <
borrowers from any and all obliga­
tions on the liability in favor of the
holding company; and (3) m ust
show, or represent, to the Internal
Revenue Service th a t the transfer (
and assum ption of debt by the hold­
ing com pany actually occurred or
will actually occur w ithin twelve
m onths of the date the debt was in­
IRS Opts for Strictness
A pparently, the IR S N ational Of­
fice policy will be to in terp ret the
Revenue Procedure m ost strictly in
deciding w hether or not to issue a <
ruling. However, Dunlap vs Comm.,
74 T.C. No. 104, 9/24/80, recognized
an agency relationship between a
holding com pany and certain of its
shareholders in circum stances where i
3 years had transpired between the
purchase of the banks stock and ac­
tual transfer of the stock to the
holding company. Thus, taxpayers
who previously formed one bank <
holding companies, or would like to
do so, w ithout a favorable advance
ruling, should reassess their posi­
tion. I t m ay be possible to establish
an agency relationship betw een the (
holding com pany and its share­
holders w ith respect to acquisition
of the bank. If th a t is not possible, a
review of the application of Sections
351 and 304 to the form ation of the *
holding com pany is in order.


“Thus, taxpayers who previously formed one bank holding companies, or
would like to do so, without advance ruling, should reassess their position.”
I There is split of au th o rity be­
tween the Sixth Circuit on one hand
and the E ig h th and N inth Circuits
on the other hand on the question of
w hether Section 351 or Section 304
^ h a s precedence. The Sixth Circuit
holds th a t Section 351 has pre­
cedence, while the E ig h th (which in­
cludes Iowa) and N inth Circuits hold
th a t Section 304 has precedence.
)The M aher case, F2d 225 (CA-8,
1973), involved the assum ption of
debt as to which the shareholder re­
m ained secondarily liable in connec­
tion w ith the transfer of one corpora­
t io n to the other. The E ig h th Circuit
held th a t the corporation’s paym ent
of principal and in terest on the
assum ed debt was a distribution
tax a b le as a dividend to the
^shareholder. In Coates Trust, 480
F2d 468 (CA-9, 1973), issuance of in­
stallm ent notes by one corporation
to the shareholders of th a t corpora­
tion in exchange for the stock of
lanother corporation constituted a
distribution taxable as a dividend to
the exchanging shareholders. In
Fehrs Finance Company, 58 TC 174
(1972), aff'd, 73-2 USTC 9767 (8th
►Cir), the m easure of the dividend
was specifically lim ited to the earn­
ings and profits of the acquiring cor­
poration which was newly formed
and had no earnings and profits.
^ The Fehrs case suggests th a t the
potential application of Section 304
to the form ation of a holding com­
pany can be m itigated by carefully
stru ctu rin g the transaction. If Sec­
t i o n 304 applies, the M aher case
holds th a t the transferring share­
holders will be deemed to receive a
distribution taxable as a dividend as
and when the holding company pays
*in terest or liquidates principal on
the indebtedness as to which they
rem ain secondarily liable. On the
other hand, the Coates T rust case
.s u g g e s ts th a t the distribution is
* deemed to occur when the holding
com pany assum es the indebtedness
if the transferring shareholders re­
tain no liability. The Fehrs case
I establishes th a t a distribution, if
any results from the transaction, is
treated as a dividend to the extent of
the earnings and profits of the hold­
ing company.
Significance of Timing
The significance of the tim e a t
Federal Reserve Bank of St. Louis

which the distribution is deemed to
occur is th a t Section 304 provides
(and Fehrs confirm s) th a t th e
distribution is deemed to come
“ solely” from the acquiring (holding
co m p an y ) c o rp o ra tio n . If th e
holding com pany has no earnings
and profits, the distribution should
not be treated as a dividend, but
rather, as a retu rn of capital dis­
tribution which should have no
negative ta x im pact on the incor­
porators of the holding company. If
a consolidated retu rn is filed, the
earnings and profits of the subsid­
iary bank will be deemed to create
earnings and profits in the holding
com pany. H ow ever, if a con­
solidated retu rn is not filed and if
the holding com pany has no other
income, the holding com pany should
have no earnings and profits from
which to pay a dividend. Therefore,
if the transferring shareholders do
not rem ain secondarily liable on the
debt, so th a t the distribution (if any)
is deemed to occur in a separate re­
tu rn filed for the year the holding
company is formed, such d istribu­
tion should be treated as a retu rn of
capital distribution. U nder this view
of the law, the holding com pany and
the bank should be able to file con­
solidated retu rn s in the future w ith

“Neither of these two
new IRS theories have
any merit as a matter of
bank dividends to the holding com­
pany being used to liquidate prin­
cipal and interest on the debt of the
holding company w ithout a dividend
to the shareholders being deemed to
have occurred.
U nfortunately, the difficulties do
not end here since the IR S was con­
sidering issuing a Revenue Ruling
before the end of 1980. Presum ably
under this proposed Revenue Ruling
a bank was purchased a num ber of
years ago by a group of individuals
w ith funds borrowed from a third
p a r t y b a n k (“ a c q u is itio n in ­
debtedness” ). In order to expand its
banking business a new corporation
(“ holding com pany”) was created
and the individuals transferred the
bank stock to the holding company

in exchange for all of the holding
company stock and the assum ption
by the holding company of the ac­
quisition of the indebtedness. Subse­
quently, over a num ber of years, the
holding company was to repay the
loan w ith dividends from the bank
or other earnings of the holding com­
pany. The proposed ruling was to
have concluded th a t the share­
holders received a dividend as a
resu lt of the holding com pany
a s s u m p tio n of a c q u is itio n in ­
debtedness. The am ount of the divi­
dend was to be m easured by the
earnings and profits of the bank.
The purported theory for this con­
clusion is th a t Section 304 of the In­
ternal Revenue Code applies to the
transaction and the earnings and
profits of both the bank and the
holding company were to be used to
com pute the dividend. An alternate
theory was th a t the holding com­
pany assum ption of the indebt­
edness is tan tam o u n t to a cash
distribution from the bank under a
theory of agency.
N either of these two new IRS
theories have any m erit as a m atter
of law. This issue arises only
because persons who buy banks,
unlike buyers of nonregulated com­
panies, can seldom structure the
transaction so th a t the acquisition
can be m ade directly by the holding
company. Clear and substantial au­
th o rity supports a favorable result
of a properly structured transaction.
No abuse of the stru ctu re or the in­
te n t of ta x law results from an inter­
pretation th a t is favorable to this
transaction. Rather, such an inter­
p reta tio n would facilitate valid
business transactions of consid­
erable im portance to the banking
com m unity, and, therefore, the
economy of the U nited States.
Various organizations, including
the Am erican B ankers A ssociation
and the Independent Bankers A sso­
ciation of America have asked the
IR S to reconsider the m atter, or, a t
least, to m ake the application of the
proposed ruling effective only for fu­
tu re tran sactio n s. C ontem poran­
eously, Senators G arn and Tower
and other m em bers of the U.S. ConIRS PLAGUE ...
(Turn to page 66, please)
Northwestern Banker, August, 1982


MGIC survey reports:

Regional mortgage lenders will
offer consumers broader choices

O T EN TIA L hom ebuyers in ten
N orthern Central sta te s will
see a shift in the types of m ortgage
instrum ents being offered to them in
the m onths ahead. By mid-1982,
m ortgage lend­
in g p r o g r a m s
w ill be m o re
closely aligned
w ith o n -g o in g
co n su m er co n ­
cerns and the
general m arket
outlook, accord­
ing to a recent
survey by M ort­
gage G u aran ty
Insurance Corporation, Milwaukee.
The survey of N orth Central
m ortgage lenders was conducted as
p a rt of a nationwide study designed
to track changes in the m ortgage
lending environm ent. Conducted in
late 1981, M G IC ’s survey identifies
changing p a tte rn s in m ortgage pro­
gram s throughout the country and
projects the future mix of m ortgage
instrum ents likely to be offered in
the m onths ahead. The N orth Cen­
tral geographic survey region in­
volved lenders from Illinois, W iscon­
sin, Ohio, Michigan, Indiana, M in­
nesota, Iowa, Nebraska, N orth and
South Dakota.
“ The m ajor findings indicate th a t
lenders feel it is necessary to balance
some of the consum er risks typically
associated w ith ad ju stab le rate
m ortgage instrum ents (ARMS),”
said Jam es W. Reichert, senior vice
president and N orth C entral divi­
sion m anager of M GIC. “ While the
original adjustable m ortgage pro­
gram s were aim ed to m eet lender
rat her th an borrower — concerns,
priorities are now shifting to reflect
to d ay ’s b uyers’ m ark et.”
87% to Offer ARMs
In the N orth C entral region, 87%
of all lenders say they will be offer­
ing some type of adjustable m ort­
gage program by June, 1982, an in­
crease of 25 percentage points as of
late 1981.

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

The results reflect projected na­
tional activity which indicates an
overall increase to an 86% utiliza­
tion of adjustable rate m ortgage in­
stru m en ts. Furtherm ore, lenders
project a greater reliance on m ulti­
ple m ortgage plans th an in the past.
The num ber of lending institutions
offering a single m ortgage plan is
expected to decline 24% by mid 1982, down from alm ost half offer­
ing single plans last fall. Of those
planning to employ m ultiple plans,
31% indicated a preference for a
com bination of the adjustable rate
m ortgage (ARM), fixed rate m ort­
gage and balloon m ortgage.
Mr. Reichert noted th a t currently,
regional lenders appear to be in the
m idst of revising balloon m ortgage
plans, m aking them rate sensitive
instrum ents and guaranteeing their
renewal. Developm ent of balloons
shows m ovem ent tow ard lengthier
m ortgages w ith an increased utiliza­
tion of indexing. More im portantly,
while close to one-fifth of all lenders
currently offer a policy to guarantee
refinancing, more th an one-half plan
to offer such a guarantee on balloons
by mid-1982.
Fixed Rate Mortgages
D espite these changes, the fixed
rate m ortgage is expected to retain a
significant portion of to tal m ortgage
activity. Responses indicate th a t
43% of lenders plan to continue of­
fering fixed rate m ortgages through
June, 1982, com pared to 55% na­
tionwide. Only 3% of these regional
lenders, however, will offer the fixed
rate m ortgage as a single plan.
“ Obviously, no single m ortgage
instrum ent will dom inate m arket ac­
tiv ity in the near term ,” Mr.
Reichert said. “ While the fixed rate
m ortgage will play a key role, ad­
ju stab le rate m ortgage program s
are expected to comprise 37% of the
to tal loan origination volume com­
pared w ith 42% of volume for the
traditional fixed rate. Balloon m ort­
gages will m ake up the rem aining
21 % .”

“ The survey suggests th a t th e#
m arketplace is settling som ew hat as
lenders strive to balance their needs
w ith w hat local area consum ers will
accept,” Mr. Reichert explained.
“ C haracteristics of lending p r o #
gram s are changing as lenders pay
greater atten tio n to borrower con­
cerns and costs in designing new
m ortgage in stru m e n ts.”
L ast spring, short-term volatility#
a n d f l u c t u a t i o n in m o n th ly
paym ents under ARM plans were
the m ajor custom er concerns seen
by 30% of the natio n ’s lenders. A t
th a t time, the m ajority of l e n d e r ^
preferred semi-annual and annual
paym ent rate adjustm ents.
1981-82 Comparison
The first chart details use of fixed
rate mortgages by lenders in north
central states and nationally, with
fourth quarter 1981 compared to se­
cond quarter 1982. The second chart
details use of Adjustable Rate Mort­
gages (ARMs) in the same areas and
the same periods.
Fixed Rate Mortgages

North Central

4th Qtr.

2nd Qtr.

Adjustable Rate Mortgages

North Central

4th Qtr.

2nd Qtr.

By late 1981, lenders identified^
consum er ability to handle paym ent
increases and uncertainty of pay­
m ent changes as the m ajor concerns
of ARM lending. Lenders now prefer
annual rate and paym ent a d ju s t #
m ents to coordinate w ith the m ost
common tim ing of household com­
pensation changes. And, only 32%
intend to allow negative am ortiza­
tion in ARM program s by m id-1982#
The more stable Federal Home Loan
Bank board average m ortgage con­
tra c t rate is now the m ost typical in­
dex used for those adjustm ents.
“ The forces of supply and dem and#
and com petition in the m arketplace
are working to help lenders m eet the
a v a ila b ility of funds challenge
w ithout com prom ising the affor­
dability of home loans for con-®
sum ers,” Mr. Reichert concluded.
The M GIC survey of 500 lenders
nationwide included 250 savings
and loans, 125 commercial banks, 75
m ortgage banks and 50 savings®

Lee McNichols, v.p.,
and the “ vintage
teller” pose (left) for
the ad at lower right.

Unified cam paign


se lls IRAs

DOUBLE B E N E F IT accrued to the account of
Iowa S tate Savings B ank in Creston, la., when it
ran a two and one-half m onth successful cam paign to
©sell Individual R etirem ent A ccounts in the local com­
m unity. Chuck Ehm , senior vice president, pointed to
the “ great custom er response,” while Mike Evans,
cashier and director of the m arketing effort, not only
confirmed the deposit success b u t added, “ The m ain
(©thing was th a t a very favorable image of our bank was
well received by area people.”
The effective campaign, incorporating both light
hum or and specific product inform ation, blended
new spaper and radio advertising in a unified presenta­
t i o n . I t was conceived and produced by LaGrave/Klipfel, Inc., Des Moines advertising agency.
E ach of the seven 9 ” x 16” new spaper ads features a
large picture of a bank employe and “ the vintage
teller,” portrayed by character actor Jack B ottorf. In
©each ad “ the vintage teller” is quoted in a banner
headline like the one pictured in the inset above, or “ In
my tim e bread was a nickel, land was $40 an acre, bu t
we did n ’t plan for retirem en t,” or, “ Good old fash­
ioned, friendly help w ith a new-fangled idea...planned
• r e tire m e n t.”
A t the bottom of each ad the featured employe is
Federal Reserve Bank of St. Louis

m a*

shown in a close-up picture discussing the benefits of
an Iowa S tate Savings B ank IRA. Also shown in the
ad is the “ Ask me about IR A s” lapel b u tto n which all
bank employes wore during the campaign.
The seven 60-second radio commercials utilize Jack
B o tto rf’s talen t in a light, homey approach by combin­
ing the reasonably hardsell copy in the p rin t ad, and
the same bank employe is featured in the radio com­
mercial who is being portrayed in the print ad th a t
week. An interesting sidelight is th a t Jack B ottorf,
now a Des Moines resident, had formerly lived in
C reston for 10 years.
The p rin t ads are used in the Creston News A dver­
tiser and Creston Shopper, while the radio commercials
are used on K SIB and M ITR-FM when the cam paign
is in progress.
Mr. E vans said, “ This is the first tim e our bank ever
em barked on such a regular cam paign,” and noted th a t
the bank plans to re-run the cam paign again later in
1982 when the public will again be more conscious of
the value of IRAs.
Mr. E hm m ade a good point to the staff when he
said, “ These very unique ads are g ettin g lots of talk in
our m arket — the rest is sim ply up to us. ’’
Northwestern Banker, August, 1982


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way to process cash letters.

Maybe you’ve been processing
all your checks through the Fed
to save operating costs. You
may be able to save more
money by processing those
checks through us. We have the
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well worth your while:
p rofession al s ta ff — over 77
years of accumulated banking
experience to assure you of
competent, efficient service,
proxim ity — w e’re probably
closer than the Fed. And our
messenger will visit your bank
daily . . . accommodating your
work schedule . . . and ours.
price — our pricing schedule is
competitive with the Fed’s. And
we give you something extra of
real value: someone you know
— on a personal basis — on the
other end of the phone whenever
there’s a problem or question.
Call and ask for our brochure.
And ask us to make a free
evaluation of your operation.
Let us show you how we can
deliver service th at’s as good as
(or better than) the Fed’s.

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

Needless to say,
the Fedless Connection
is the peerless way to
process your cash letters.



the Human
Interest bank

Commercial National
Bank of Peoria


PHONE: (309) 655-5225
WATS LINE 1-800-322-2212

D.R. Lovett, chmn. & pres., Dixon
W. J . Hocter, exec. v . p . , Chicago

IBA and AMBI Begin Joint Discussions
■ y H E O F FIC E R S of the Illinois
® | B ankers A ssociation and the of­
ficers of the A ssociation for M odern
B anking in Illinois m et June 17 to
discuss a m ethod by which negotia­
t i o n s could be undertaken to unify
® the two associations. Following are
the highlights of the agreem ent
reached a t the meeting, as announced
by W illiam C. H arris, Illinois com­
m i s s i o n e r of banks and tru s t com­
All present agreed th a t a sincere
effort should be undertaken to re­
unify the banking in dustry under a
^ f u ll service banking trad e associa­
tion. In order to accom plish this,
each association agreed to be repre­
sented by a negotiating team of five
individuals which would be con­
s t r u c t e d along the following guide­
1. One individual would be se­
lected from each of five holding com­
pany regions.
2. Two of the five people would
come from banks under $100 million
in to ta l assets, two from banks in ex­
cess of $100 million in to tal assets,
and the fifth individual unrestricted
0 a s to bank size.
3. The negotiating team would not
include any current officers of either
4. E ach group would cause to be
• appointed one alternate mem ber
who would a tte n d m eetings and be
available in the event of the inability
of any of the five to serve. The alter­
nate would be u nrestricted as to
• bank size.
I t is agreed th a t the negotiating
group would begin m eeting in the
very near future a t the call of W il­
liam C. H arris, Com m issioner of
• B anks as a non-voting convener of
th e com m ittee. The n eg o tiatin g
groups would be given a targ e t dead­
line to retu rn recom m endations to
the leadership of both associations
• no later th an Septem ber 15, 1982.
The expense of this reunification
Federal Reserve Bank of St. Louis

group shall be borne equally by both
D uring the tim e the group is con­
ducting its deliberations, no public
or ind u stry announcem ents will be
m ade prior to the- g roup’s subm is­
sion of its final report to the leader­
ship of both associations on Septem ­
ber 15, 1982.
Once the report is approved by
the leadership of both associations,
it will be reviewed by the governing
body of each and a t their option the
m em bership of their respective asso­

Americorp Financial, Inc.
Holding Company Formed
D avid W. Knapp, president and
chief executive officer of Am erican
N ational B ank and T ru st Co., Rock­
ford, has announced the form ation
of Am ericorp Financial, Inc., to
operate as a m ulti-bank holding
A greem ents in principle have
been reached w ith the boards of
Am erican N ational B ank and T ru st
Co. and Colonial B ank of Rockford

for reorganizations whereby both
banks would become wholly owned
subsidiaries of the p arent company.
U nder the proposed reorganiza­
tions, the stockholders of Am erican
N ational would be entitled to receive
35 shares of Am ericorp Financial,
Inc., common stock for each share of
the b an k ’s capital stock, and the
stockholders of Colonial B ank of
Rockford would be entitled to re­
ceive 4.5 shares of Am ericorp F inan­
cial, Inc., common stock for each
share of Colonial B ank’s capital
The proposed reorganizations are
subject to the execution of definitive
agreem ents, approval by the share­
holders, and approval by the appro­
priate banking and regulatory au­
N egotiations are underw ay for
Am ericorp Financial, Inc.’s acquisi­
tion by The F irst N ational B ank of
W oodstock and Carpentersville Sav­
ings Bank.

Lewistown Bank Closed,
Then Sold and Reopened
The Farm ers S ta te B ank of
Lewistown was closed June 25 by
the Illinois comm issioner of banks
and tru s t companies, reportedly be­
cause of loan problems. The FD IC
was appointed receiver and negoti­
ated a sale of the bank to Coyn V.
Richardson and Thom as W. Faller of
Mr. Richardson and Mr. Faller
have interests in Schuyler S tate
Bank in Rushville, Farm ers and
Traders S tate B ank of Meredosia,
and The B ank of Gorham.

Chicago Bank Ribbon Cutting Held

CHICAGO Bank of Commerce recently celebrated the opening of its new 225 North Mich­
igan Ave. Banking office in Boulevard Towers North with a ribbon cutting ceremony. At­
tending the celebration were (I to r): Terence Redmond, financial mgr., Standard Oil Co.,
Ind.; William Johnson, chmn. & c.e.o., 1C industries, Inc.; Robert G. Williams, chmn. & c.e.o.,
Chicago Bk. of Commerce; Samuel M. Budwig, Jr., v.p., Metropolitan Structures; Richard A.
Mayer, pres., Chicago Bk. of Commerce, and Simon Zunamon, financial mgr., Pritzker and
Northwestern Banker, August, 1982



1; , ^ 1


>/*• t V

J r t * V . ' ' ‘4 V < “

i‘‘ * *‘ V '>*u

n •■










W h en th e b a n k g u a ra n te e d th a t you
w ould only d e a l w ith o n e p erso n , *
you did n ’t know th ey m e a n t o n e a fte r another.

Perhaps it’s happened to you.
Just when you had built up a
working relationship with your
correspondent banker, the
bank moved him up the corporate
ladder and off your business.
All too often, a large bank
can be insensitive to the needs of
small respondent banks. Yet
smaller banks that can give you
plenty of personal attention can’t
always give you the expertise
and the clout you need. And
you’re caught in the middle.
You do, however, have an
alternative: Midland National

Bank. We’re big enough to
handle any of your correspondent
banking needs. But we’re still
small enough to respond to your
individual concerns.
We’ve deliberately kept
our Correspondent Division
small, so that you can deal

M idland National^
BANK Of Minneapolis
M a in B a n k ‘ 401 2 n d A ve . S .
G o v ’t C e n te r O ff ic e -3 rd A ve . S . a t 6 th S t.
S t. L o u is P a rk B ra n ch * 3 6 0 1 P a rk C e n te r B iv d .
Member Federal Deposit Insurance Corporation

directly with a decision maker.
Each of our correspondent
bankers has from 12 to 25 years
of experience in the business,
so they thoroughly understand
the needs of respondent banks.
They take the time to personally
call on both the respondent bank
and the respondent’s customers.
If you’re tired of banks
that are too large or too small,
come to Midland Bank.
You’ll develop a close working
relationship with one of our
correspondent bankers. Not one
after another.

We’re big enough to know how and small enough to know you.
Federal Reserve Bank of St. Louis

' •' ’ - ■>!

stalm ent loan m anager and P atricia
J. Crowley and Sidney D. F itch as
a ssista n t cashiers.
Ms. Jan es has been w ith the bank
since 1979, working w ith the in stal­
m ent loan departm ent. Ms. Crowley
joined the bank in 1980 and will be
responsible for instalm ent and agri­
cultural lending, along w ith m arket­
ing services. Mr. Fitch, who joined
in 1980, has been responsible for all
the operations in the bank.

Owatonna President Named

President and CEO Named
At Fergus Falls Bank

The board of directors of F irst
—B ank O w atonna has elected L uther
N. M agelssen president and m anag­
ing officer, effec­
tive A ugust 1.
M r. M agelssen
^ su c c e e d s A llan
C. Chaffee, who
has accepted a
position w ith the
B ank of Breck­
i n r i d g e , C olo­
M r. M a g e ls­
sen h a s been
associated w ith F irst B ank System
• s in c e 1956 in various operational
and lending responsibilities. He
joined F irst B ank Hopkins in 1973
as vice president-com m ercial lend­
ing, was appointed senior lending of• f ic e r in 1976 and was elected to his
m ost recent position as senior vice
president of credit adm inistration in

Charles L. K retchm an has been
nam ed president and chief executive
officer of N orthw estern N ational
Bank, Fergus Falls, an affiliate of
N orthw est Bancorporation, effective
Septem ber 1,1982. He succeeds Rob­
ert D. Phillips who recently was
named president of another Banco af­
filiate, F irst N ational B ank of Moor­
head, Minn.
Mr. K retchm an currently is vice
president of B anco’s banking bus­
iness group - w estern division. He
has been w ith the Banco organiza­
tion since 1958, sta rtin g as a trainee
a t the F irst N ational B ank of A ber­
deen, South D akota, and later serv­
ing in its Redfield and B ritton
branches. He was president of
N orthw estern S tate B ank of Daw­
son when he joined the Banco cor­
porate staff in May, 1980.

•A u stin President Elected

First Bank Luverne has announced
the election of Lois A. Jan es as in-

Robert L. Bue has been elected
president and chief executive officer
of N orthw estern
— S ta te B ank of
A ustin. Mr. Bue,
who has been
serving as presi­
dent of N orth­
- w e s t e r n S ta te
B ank in Jordan,
succeeds A llyn
C. M a rtin s o n ,
who recently reR.L. BUE
— s ig n e d to b e ­
come president of U nited Central
B ank in Estherville, Iowa.
Mr. Bue joined Banco in July
1968 as a loan interview er a t North— w estern N ational Bank Southw est
in Bloom ington. He was vice presi­
dent and m anager of the real estate
loans departm ent a t the Bloom ing­
ton bank when he was elected presi• dent of the Jo rd an bank in M arch,
Federal Reserve Bank of St. Louis

Three Elected in Luverne

Rosemount President Named
David D. Gross has been nam ed
president of Rosem ount N ational
Bank, Rosem ount. He previously
had been serving
as senior vice
president, F irst
D akota N ational
Bank, Yankton,
S o u th D ak o ta,
w here he has
se rv e d
s in c e
1975. Mr. Gross
is th e second
F ir s t D a k o ta
N ational officer
in five years to accept a position as
president w ith another bank.

30-Year Career to End
Leonard E. Griffith, senior vice
president-public affairs for F irst N a­
tional B ank of D uluth, will be leav­
ing the bank December 31, 1982, to
pursue other interests. Mr. Griffith,

Minnesota Chapter Officers Elected

AT THE annual meeting of the Minnesota Chapter of the Bank Marketing Association the
following people pictured above (I to r) were elected as 1982-83 officers: Seer. Julia Reitan,
mktg. off., Western State Bk.; 1st V.P. Lucille Stoffels, mktg. off., 1st Bk. Grand; Dir. Cyn­
thia R. Darling Beer, asst, v.p., Park Natl. Bk. of St. Louis Park; Pres. Robert J. Koenke, v.p.,
Natl. City Bk.; Leonard Huck, Natl. BMA pres, in Phoenix, Ariz.; 2nd V.P. Michael W. Riley,
v.p. and cash., Signal Hills Bk., and Treas. Mark Jeter, v.p., Northwest Bancorporation.
Northwestern Banker, August, 1982


Minnesota News

who has been w ith the bank 30 years
as of December, joined F irst N ation­
al in 1952 as purchasing agent and
advertising assistan t. He is present­
ly responsible for the b a n k ’s public
affairs and governm ent relations.

Rochester Promotions Told
N orthw estern N ational B ank of
Rochester recently announced the
prom otion of six officers and the
election of three new officers, accor­
ding to John R. Cochran, president.
D ean Ih rk e
has been p ro ­
moted to execu­
tive vice presi­
dent, commercial
banking. Mr. Ihr­
ke joined the real
e s ta t e d e p a r t ­
m ent in 1967,
serving m ost re­
cently as senior
vice president.
Prom oted to senior vice president
were: Steve Coleman, real estate
loans; John Ryan, retail services,
and Bruce Thompson, operations.
Mr. Coleman transferred to Roches­
ter in 1980 from F ifth N orthw estern

S tate B ank of Danube; Zappco In c .,#
St. Cloud, to acquire Financom p
Inc., St. Cloud; McLeod Bancshares,
Inc., Glencoe, to acquire F irst N a­
tional B ank of Glencoe; Financial
Services of W inger, Inc., W inger, t o #
acquire Farm ers S tate B ank of W in­
ger; F irst Rushm ore Bancshares,
Inc., Rushm ore, to acquire F irst
S tate B ank of Rushmore; Trim ont
B ancorporation, Inc., to a c q u ire #
Trium ph S ta te Bank, Trim ont, and
N ational B ank of M inneapolis. Since St. Joseph Bancshares, Inc., St.
July, 1981, he has been vice presi­ Joseph, to acquire the F irst S tate
dent, commercial real estate. Mr. B ank of St. Joseph.
R yan joined the Rochester bank in
1977 as vice president, m arketing.
Mr. Thompson, who joined the bank
in 1979, has been serving as vice Joins Hastings Bank Staff
president in operations.
Allen M. Jensen recently jo in ed ^
Karl Aaro has been prom oted to
the staff of the N orthw estern N a­
vice president and m anager, finan­
tional B ank of
cial services. Also prom oted as vice
H a s tin g s . M r.
president were: Elaine Eickhoff, hu­
Jensen, who was
m an resources, and Carla Kilpatrick,
graduated from
residential real estate.
M oorhead S tate
John N ovotny was elected comU n i v e r s i ty in
m ercial/agricultural lending officer
1980 w ith a BS
and B etty Beck has been elected
in finance, began
m arketing officer.
h is c a re e r in
1978 w ith an af­
Acquisitions Approved
filiate bank in
The Federal Reserve B ank of M in­ M oorhead as a
neapolis has announced its approval m essenger. A fter graduating, he
of the applications by Am ericana was nam ed compliance analyst and<
Bancorporation of Danube, Inc., soon became a compliance officer,
Edina, to acquire the Am ericana working in the credit departm ent.

Burnsville Ribbon Cutting Held




Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

RIBBON cutting ceremonies were held last month for the “ full service” Burnsville Office of
the Richfield Bk. & Tr. Co. The new facility offers safe deposit boxes, a full range of finan­
cial and investment services, loans, five drive-up lanes and soon to be installed 24-hour
automated teller service. Participating in the ribbon cutting ceremony were (I to r): Marty
Chorzempa, pres., Richfield B&T; Paul Scheunemann, Mayor of Burnsville; Diane Over-A
cashier, Miss Burnsville; Bill Kirchner, chmn., Richfield B&T; Kirk Detlefsen, pres., Burns­
ville Chamber of Commerce, and Frank Hlavka, mgr. of Burnsville office.


N orthw est Bancorporation has an^ n o u n c e d th a t Pierce R. Smith has
been named senior vice president and
treasurer of the corporation. Also an­
nounced was the election of Harold S.
Webster as vice president, corporate
^ communications. He succeeds Josie
Corning, who has resigned to return
to her home state of Texas.


derstad to vice president and senior
credit officer. Mr. G oderstad will
also serve as m anager of the com­
mercial lending departm ent. Pre­
viously he had held the position of
a ssista n t vice president of credit
Mr. G oderstad has been employed
w ith various F irst B ank System af­
filiates since 1970. He has been in­
volved w ith commercial lending
since 1975 and was nam ed m anager
of the commercial lending dep art­
m ent for F irst B ank H opkins in
1977. Prior to transferring to F irst
B ank M erchants in 1981, he was em ­
ployed a t F irst B ank M innehaha.
* * *


Mr. Sm ith has been w ith Mellon
N atio n al C orporation, b ased in
P ittsb u rg h , since July, 1980, as vice
president, treasury. He previously
was w ith Commercial Credit Com• pany, Baltim ore, for seven years,
m ost recently as vice president in
the corporation’s broker dealer sub­
sidiary. His responsibilities will
cover funds m anagem ent, including
0 the long and short-term funding
needs of the p arent com pany and its
subsidiaries, investor relations and
risk adm inistration.
Mr. W ebster, a senior vice presi• dent, joined N orthw estern N ational
B ank in 1978. He previously was a
vice president and senior account ex­
ecutive w ith Padilla and Speer, a
M inneapolis-based public relations
® consulting firm. Prior to th a t he was
director of corporate comm unica­
tions a t DA TA 100 Corporation,
M innetonka, and a ssista n t m anager
of shareholder relations a t Investors
® D iversified Services, Inc.
* * *

Terry M. Cummings has been
elected president, chief executive of­
ficer and director of Brem er Service
Company, Inc., and Kenneth P. Nel­
son and S.W. (Sy) Foss have been
elected to the board.
Mr. Cum m ings joined the organi­
zation as controller in 1976 and was
elected senior vice president/controller in April, 1981. Before joining
Brem er he was controller of the
Am erican N ational B ank & T ru st
Company of St. Paul.
Mr. Nelson is president of D ro­
vers S tate Bank, South St. Paul, and
will be serving his first term . Mr.
Foss, president of the B ank of Willm ar, joined the board in February,
1981, to complete an unexpired term
and has been re-elected.
* * *


David Waddington, president of

0 F irst B ank M erchants, has an­
nounced the prom otion of Lee Go
Federal Reserve Bank of St. Louis



The board of directors of F irst
B ank System , Inc., has elected John
W. Gridley, Jr., vice president and
controller, and Lisa Lebedoff, assis­
ta n t vice president in governm ental
Mr. Gridley has m ost recently
served as vice president and cor­
porate controller of M cQuay-Perfex,
Inc., M inneapolis.
Ms. Lebedoff previously was as­
sociated w ith General Mills, Inc.,
where she served as m anager of pub­
lic issues in the public affairs dep art­
m ent.
In a related move, William B.
Naryka has been apppointed vice
president of accounting, responsible
for budgeting and profit planning, a
new position reporting to Mr. Gridley. Mr. N aryka has been associated
w ith FB S since 1978.

N orthw est Bancorporation has re­
ported th a t the property m anage­
m ent departm ent of N orthw estern
N ational B ank of M inneapolis, B an­
co’s largest bank, will m erge w ith
Banco Properties, Inc., a whollyowned Banco subsidiary, “ for the
purpose of creating an expanded real
e sta te service com pany to m eet the
corporation’s extensive real proper­
ty needs.’’
The b a n k ’s property m anagem ent
departm ent operates several facil­
ities in the Twin Cities area. Banco
Properties provides a variety of real
estate services for Banco and its af­
filiates throughout a seven-state
David Jarvis, Banco executive
vice president and chief financial of­
ficer and chairm an of Banco Proper­
ties, said the move, effective Ju ly 1,
“is intended to provide strategic di­
rection for our real estate portfolio
and improve operating efficiencies
of both organizations.’’ The com­
bined com pany will be headquar­
tered in M idland Square, a jo int ven­
ture of Banco Properties and KrausAnderson Company, which is nearNorthwestern Banker, August, 1982

Changing economic
conditions require the ability
to anticipate change,
instead ol reacting to it

First Bank Saint Paul's
financial model helps you
forecast current and future
trends for effective bank
In today's competitive market place, high
performance depends on effective
management of both assets and liabilities.
At First Bank Saint Paul we have a tool to
make this job easier.
It is a financial model that allows you to
forecast changing profit levels under
varying circumstances. In other words,
what will happen to net income if interest
rates go up or down? How will a change in
the mix of assets and liabilities affect

Federal Reserve Bank of St. Louis

income? O ur model not only forecasts a
complete balance sheet and income
statement, but also provides a detailed
summary of rate sensitivity and gap. It is a
planning tool that helps you prepare for
changing conditions.
To find out how our financial model can
help you manage your bank, call our
Investment Services G roup at (612)

First Bank Saint Paul
Member First Bank System

Investment Services Group
332 Minnesota Street
Saint Paul, Minnesota 55101

(Left to right) Investment Services Bankers,
Bob Peroutka and Dick Swanberg of First Bank Saint Paul,
discuss output of the Asset Liability management model with
Eastern Heights State Bank President, Bob Hubbell and
Vice President Jim Schmitz.
Federal Reserve Bank of St. Louis


Minnesota News

ing completion in downtown M inne­
Mr. Ja rv is announced th a t John
H. Beal will continue as president
and chief executive officer of Banco
Properties. John Greenman, senior
vice president in charge of N orth­
w estern ’s P ro p erty M anagem ent
D epartm ent, has been elected to the
board of directors and appointed ex­
ecutive vice president of Banco Pro­
perties, where he will continue his
present duties and have expanded
responsibilities in the new opera­

Mr. Beal said Banco Properties
has been restru ctu red to accommo­
date the m erger and carry out a
recently adopted real estate m an­
agem ent policy resulting in several
new assignm ents, including the
Robert F. Seegar, a ssista n t vice
president a t the b an k ’s property
m anagem ent departm ent, appointed
vice president and head of space
planning and design a t Banco Pro­
perties; Thomas J. Parish, vice
president a t the property m anage­
m ent departm ent, nam ed vice presi-

We are pleased to announce the
formation of

An advisor serving corporate clients, banks and
other financial institutions in the areas o f interest
rate risk management, fixed rate commercial loans
and asset-liability management.

James H. Hearon III

Walter E. Meadley, Jr.
Executive Vice President

dent for property developm ent a t £
Banco Properties; Bruce G. Koberstein, currently w ith Banco Proper­
ties, nam ed vice president, project
planning and design, and Robert R.
Glasgow, currently w ith Banco P ro -^
perties, nam ed vice president, p o rt­
folio m anagem ent.
O ther key officers in the new or­
ganization are Harold Richey, tre a ­
surer and controller, and Walter W .£
Klus, vice president, disposition and
land purchase.
* * *
Phillip L. Nones has joined F ir s t0
B ank M inneapolis as an a ssista n t
vice president in charge of the cor­
porate m arketing division of the
m arketing servi­
ces departm ent.
M r.
N ones
began his bank­
in g c a re e r in
1978 as a com­
mercial m ark et­
ing analyst a t
N orthwestern
N ational Bank.
Prior to joining
F irst B ank MinPL- N0NES
neapolis, he had been a ssista n t vice
president and commercial products
m anager for Commerce Union Bank,
* *
Lome A. LePoudre, N ational City
B ank of M inneapolis, has been ap­
pointed vice president and will
assum e the m anagem ent responsi- •
bilities of the downtown personal
banking departm ent. He previously
served as a ssista n t vice president.

Ronald E. Bole
Vice President

Stephen M. Smith
Vice President

Thomas J. Freed

A wholly owned subsidiary of

75 South Fifth Street
Minneapolis, Minnesota 55402
612-340-3167 or 612-340-3178

John F. Crinklaw, senior vice
president, has been elected to the
board of the M innesota C hapter of
Robert M orris A ssociates. As a
board member, he will be involved in #
form ulating policy for the M inne­
sota Chapter, organizing training
and m eetings and appraising new
* * *

Banker, August, 1982
Federal Reserve Bank of St. Louis



Look for us in
A lexandria

Jim Reagan

Dave Hyduke

Bob Sipple

Tom Resch

Don Johnson

Jana Kirkeby

M innesota Independent Bankers
Association Convention
August 19-22
We look forward to seeing our banker friends at the
Minnesota Independent Bankers Association Convention.
We hope to see you there and to talk with you about how our
full line of correspondent services can benefit your bank.

Federal Reserve Bank of St. Louis

B A N K *


Northwestern Banker, August, 1982


Minnesota News

IBM Meet Aug. 19-22 at Arrowwood

AIB Award Recognizes
American National—St. Paul

H E 2 1 st A nnual Convention of the Independent B ankers of M innesota
is scheduled to be held A ugust 19-22 a t Arrowwood Lodge, Alexandria.
The complete program schedule follows:


Thursday, August 19
Noon Registration/inform ation/m essage center desk opens, m ain lobby.
2:00 Executive council m eeting and com m ittee conference.
5:00 E xhibit Hall officially opens.
5:30 Cocktails and hors d ’oeuvres, E xhibit Hall.
6:45 Welcome night dinner/dance, ballroom featuring Clem Brau and his
famous “ Jolly L um berjacks.”
Friday, August 20
7:00 R egistration/inform ation/m essage center desk opens, m ain lobby.
7:15 B reakfast served, Convention Hall. Ladies breakfast, restau ran t.
8:15 Call to order.
Invocation; Convention preview; G reetings from the President.
8:30 «K eynote speaker—Michael Edw ards, president of the Conference of
S tate B anking Supervisors—“ Dual B anking Will Survive if Banking
D epartm ents are S trong and Well R un.”
9:00 F irst report of the nom inating comm ittee.
9:05 The legal report on banking m a tte rs—K eith Libbey, association
council and p artn er in the law firm of Fredrikson, Byron, Colborn,
Bisbee and Hansen.
9:30 T reasurers annual rep o rt—Tom Grinnell, association treasurer and
president of the S tate B ank of Loretto.
9:45 Federal land banks of M innesota.
1 0:00 R efreshm ent break.
10:15 A professional evaluation of micro com puter need - on-line
capabilities and software.
•M ike Miller, partner, M cGladrey H endrickson & Co., M inneapolis.
•D ave W aldron, Financial System s Inc., Omaha, N ebraska.
11:00 F irst report, resolutions comm ittee.
11:15 The association report.
11:45 Break.
Noon Luncheon.
1:30 M en’s annual golf tournam ent and m ixed tennis tournam ent.
5:30 Cocktails and hors d ’oeuvres party, E xhibit Hall. D inner and even­
ing “ open” —no scheduled program .
Saturday, August 21
7:00 R egistration/inform ation/m essage center desk opens.
7:15 B reakfast, Convention Hall. Ladies breakfast.
8:15 Call or order.
8:20 The M innesota Independent B anker and Who He is in W ashington,
•R obert L. McCormick, president, Independent B ankers A ssociation
of America.
9:15 Second report of the resolutions comm ittee.
9:30 Election of officers.
9:45 R efreshm ent break.
10:00 Farm sector economy panel.
10:45 One bank holding companies.
11:30 M ergers/acquisitions/joint activities—the M innesota picture.
12:15 Luncheon, (the passing of the gavel). Your afternoon is free.
5:30 Cocktail and hors d ’oeuvres party, E xhibit Hall.
6:30 Dinner/dance, w ith music by Oren Budke and his Tempo Kings.
Sunday, August 22
8:30 Ecum enical church service.
9:00 Ranch style cook-out breakfast.

Banker, August, 1982
Federal Reserve Bank of St. Louis

THE AMERICAN Institute of Banking
recently recognized American Natl. Bk. of
St. Paul for its participation and support of
AIB at its 80th annual banquet. Admiring
the AIB award are William Krammer (left),
AIB representative, and James Reagan
(right), pres, and c.e.o. of American Natl.

Am erican N ational B ank and
T ru st Company, St. Paul, has an­
nounced th a t Donna R. Cole has
joined the bank as an accounting of­
ficer. Ms. Cole has m ost recently
been a staff accountant w ith Touche
Ross & Co. She received her under­
graduate degree in accounting from
M ankato S ta te U niversity.
* * *

Honorary Consul Named

James W. Johnson (left), exec. v.p. of the in­
ternati. bkg. gr. at Northwestern Natl. Bk.
of Mpls., was installed as Honorary Consul
of Belgium for the Upper Midwest at cere­
monies held last month. Jacques Laurent,
Consul General of Belgium, presided at the
installation held at Northwestern Bk. As
Consul for Minn., North and South Dakota,
Mr. Johnson will serve both Belgian citizens
living in the area and Americans planning
travel or other contacts with Belgium.

Several prom otions and additions
have been announced by Banco Fi­
nancial Corporation.
Samuel Bassett was promoted to
a ssista n t vice president/field ex­
am ination departm ent. He was first

0 employed

by Banco Financial in
1980 as an analyst.
Robert P. Desannoy recently
transferred to Banco Financial from
the N orthw estern N ational Bank
0 branch office, where he was assis­
ta n t vice president.



THE new Northwestern Natl. Bk of Mpls. branch at Ridgedale is situated on 4.2 acres in a
park-like setting on the south side of the Ridgedale Shopping Center in Minnetonka. It of­
fers full-service banking including a 24-hour drive-in Instant Cash Banking Center.

Ridgedale Branch Grand Opening Held
O B ERT L. Rasm ussen, execu­
tive m anager of the Ridgedale
Branch of N orthw estern N ational
Bank of Minneapolis, has announced
the prize winners in the recent grand
opening celebration.
Recipient of the grand prize of one
week’s interest on a million dollars
was Jinnea Z arate of Golden Valley.
Ms. Z arate received a check for
$2,478.30. Five prizes of $355, a
d a y ’s interest on a million dollars,


Jay Peterson and Roger Beckel
have joined the Corporation as field
• analysts. Mr. Peterson came from
Fox and Company, where he was a
staff auditor. Mr. Beckel formerly
was w ith W alter E. Heller, Inc., as
an external auditor.

were aw arded to K rish K van of
W ayzata, M rs. Abe W ilensky of St.
Louis Park, B onita S. Lee of Ply­
m outh, John Crow of C rystal and
H.R. Youngm an of St. Louis Park.
Several hundred persons visited
the Ridgedale branch during the
three-day celebration which was
held June 10-12. The new facility,
located a t 12501 Ridgedale Drive in
M innetonka, is the newest N orth­
w estern Branch.
bank in 1969 while attending N orth­
ern S tate College. Ms. Rydberg
joined the b an k ’s staff 15 years ago
and has been serving as proof and
bookkeeping supervisor. Mr. Goetz
sta rte d in the ag lending area of the

Application Approved




Promoted in Huron
Ted R isty has been prom oted to
a ssista n t vice president of the F irst
B ank of South D akota, Huron, ac­
cording to John Vanderboom, vice
president and m anager.
Mr. R isty joined the bank in 1979
as the agricultural loan officer. He
previously was employed by the
Farm ers Home A dm inistration for
nine years.

Aberdeen Advances Three

F irst N ational B ank of Aberdeen,
downtown branch, has announced
the advancem ent of Alan Chapm an
to a ssista n t vice president in the
Federal Reserve Bank of St. Louis

commercial loan departm ent, Carol
Rydberg to operations officer and
Tom Goetz to agricultural loan of­
Mr. Chapm an sta rte d w ith the

The Federal Reserve B ank of M in­
neapolis has announced its approval
of the application by H opkins Finan­
cial Corporation to acquire Day
County Bank, W ebster.

South D akota Group M eetings

Septem ber
Septem ber
Septem ber
Septem ber
Septem ber




M innehaha C ountry Club, Sioux Falls
H oliday Inn, M itchell
B avarian Inn, Custer
Moose Lodge, M obridge
Sheraton, Aberdeen
Northwestern Banker, August, 1982

did n ’t w ant the bank logo or name 0
im printed on the bear. T h a t’s why
we chose the tags.
“ We feel the program is well
w orth the investm ent in short-term
as well as long-range benefits.”

NDBA School of Banking
Graduates Announced
Bank Makes Hospitals More
“ Bear-able” for Youngsters
A B ism arck bank is m aking
hospital stay s for preschoolers much
more “ bear-able.”
The “ M ake H ospitals Bear-A ble”
program sta rte d w ith Bism arck
S tate B ank giving hospitalized pre­
schoolers a small, colorful bear. The
gesture is growing into the b a n k ’s
m ost successful com m unity re ­
lations program yet.
Young children can be terrified by
the new, strange surroundings of a
hospital. For parents, there are few
tim es as stressful and em otionally
draining as the occasions when their
young child m ust be hospitalized for
illness, surgery or accident. Any
genuine act of kindness, such as pro­
viding hospitalized preschoolers
w ith a cheerful toy, has a powerful,
lasting im pact on this em otional en­
vironm ent.
“ This was the perfect opportunity
for our bank to display its peopleoriented philosophy. A fter all, bank­
ing is a people business,” says M y­
ron Pfeifle, president of Bism arck
S tate Bank.
Joseph Hauer, a bank director
and a lay m em ber of one hospital
board, discovered the idea. A work­
able program was devised and
presented to both hospitals.
Initially, one hospital com m unity
relations director was reluctant to
discuss pediatrics enrollm ent a t her
hospital. However, after seeing the
bears and the program itself, she
became very receptive to the idea.
Deb Albrecht, pediatrics activity
coordinator a t St. Alexius H ospital,
also has only positive com m ents
about the program .
“ The children love the b ears,” she
says. “ We hear real positive com­
m ents from parents, too.”
Mr. Pfeifle says, “ N ot only does
the program create good will w ith
parents, it has also created good will
between our bank and the staffs at
both hospitals. The response has
been very positive from the children,

Banker, August, 1982
Federal Reserve Bank of St. Louis

Twenty-one individuals have suecessfully concluded their second
their parents and the people who year of studies a t the N orth D akota
work a t the hospitals. W e’re more B ankers A ssociation-sponsored and
th an pleased w ith the program ’s operated N orth D akota School of
B anking a t the U niversity of N orth
D akota in G rand Forks.
Those receiving certificates of
graduation from ND BA Executive
Councilman Neil Fedje, Citizens
S tate B ank of Pem bina County,
Cavalier, and Terry Zeltinger, chair­
m an of the school’s subcom m ittee
from the F irst N ational B ank in
G rand Forks were:
G aylon W. A nderson, Northw estern State B ank - Hillsboro; Jon
Duncan, Citizens State Bank of Pem­
bina County - Neche; Terry Dunsek,
F irst National Bank - Milnor; Rod­
J. Ebertowski, Com m unity NaAnissa Johnson 11/2, finds the hospital
tional Bank - G rand Forks; Lillian W.
much more “ bearable” with her Lemon
Ege, F irst National Bank in Grand
Bear Friend.
Forks; Alice J. Fuchs, F irst W estern
The bears are given to the child­ Bank - Minot; Sharon Grendahl,
ren by H ospital staff m em bers. To Bank of N orth D akota - Bismarck;
insure the bank receives proper Karen Mae H ausm ann, Ram sey N a­
recognition a small, perm anent ta g tional B ank & T ru st Co. - Devils
is sewn into the bear along w ith the Lake; Kelly Hintz, S tate Bank of
m anufacturer’s label. Also, a special Oliver County - Center; Brian L.
hang tag, easily rem oved and con­ Houkom, F irst National Bank of
taining a “get well soon” m essage W ahpeton; Paul R. Jans, Kulm State
from the bank, is attached.
Bank; Terry J. Jorde, Towner Coun­
Tags are attached a t the factory ty S tate Bank - Cando; M ardelle K.
in M inneapolis, M innesota. The N aastad, Farm ers & M erchants Na­
bears are high-quality stuffed toys, tional Bank - H atton; M ary Ann Norsafe, machine washable-dryable and daby, Bismarck State Bank; Michael
completely hygienic, a m ajor con­ O ’Connell, American S tate Bank of
cern for the hospitals.
Dickinson; Harlee N. Olafson, N orth­
“ W e’re avoiding any overt com­ w estern National Bank - Valley City;
m ercialism ,” Mr. Pfeifle says. “ We Delton Steele, F irst Bank of N orth

1982 N orth D akota Group M eetings
Septem ber 27
Septem ber 28
Septem ber 29

N ortheast
N orthw est
Southw est

Legion Club, G rafton
Eagles Club, H arvey
Golden W est Shopping
Center, New Salem

Septem ber 30


Redwood Room Student
Union, N.D. S tate School of
Science, D inner a t the Elks
Club, W ahpeton










North Dakota News


D akota - Jam estow n; Douglas Tay­
lor, Citizens State Bank of Pembina
County - Pembina; Charles V. Wells,
N D E P E N D E N T Banking: A Finger in the D ike” will be the them e
Security S tate Bank - Robinson; Lin­
I when the Independent Com m unity B anks of N orth D akota hold their
da L. Wolf, M erchants Bank - Rug0 by, and Larry Ziegler, American A nnual Convention a t the Holiday Inn, Jam estow n, on Septem ber 15-16.
R egistration will be from 5:00 a.m. to 9:00 p.m. on Tuesday, Septem ber 14.
S tate Bank of Dickinson.
The program schedule follows:
Promoted in Minot
Wednesday, September 15
Am erican B ank and T rust Com­
8:30 R egistration.
pany, M inot, has announced the pro­ 10:15 Call to order by ICBND President Duane Anderson, executive vice
m otion of J. B ernard Fiedler to the
president, L iberty N ational B ank & T rust, Dickinson.
position of a ssista n t tru s t officer.
10:20 W elcome—M ayor Jam es T. Lusk.
Mr. Fiedler, a graduate of M inot 10:30 Speaker: N orbert M cCrady, executive vice president, Independent
S tate College and Southw estern Ok­
Bankers of M innesota, M inneapolis.
lahom a S tate U niversity, joined P.M.
Am erican in Novem ber of 1981. Pre­ 12:00 Lunch on your own.
1:30 A N ational Perspective—Session Chairm an Ken Meier, president,
viously, he held the position of ac­
F irst N ational Bank, Linton.
count executive w ith Dean W itter
“ Survival for the Com m unity B an k ” —Raoul D. Edw ards, senior
Reynolds, Inc.
editor, United S ta tes B anker magazine, Falls Church, Va.
2:30 “ IB A A W ashington R eport” —Jam es D. H errington, first vice presi­
dent, Independent B ankers A ssociation of America.
3:15 Coke and coffee break.
BMA Nominating Committee 3:30 Report - B ank of N orth D akota - H erb Thorndal, president; Bob
• Selects 1982-83 Nominees
Caudel, senior vice president.
3:45 ICBND business session—Duane Anderson, president, presiding.
A nom inating com m ittee headed
Officer and com m ittee reports.
by Ronald E. Hale, executive vice
5:00 Recess.
president, F irst City N ational Bank
6:30 “ H appy D ay s” social hour—Jam estow n Civic Center.
^ of Bryan, Tex., has selected 10 indi7:15 A rnold’s D rive-In Buffet.
9 viduals as nominees for election as
9:00 50’s and 60’s Sock Hop (with D J Charlie Fox).
officers and directors for the 1982-83
term of B ank M arketing A ssocia­ A.M.
Thursday, September 16
8:00 C ontinental breakfast. (Poolside)
N om inated for president is Rich­
8:30 R egistration.
ard M. Rosenberg, vice chairm an,
9:00 The Perspective in Specifics—Session Chairman Arlo Maag, vice presi­
Wells Fargo Bank, N.A., San F ran ­
dent, F irst State Bank, Munich. Com m ents—Lee M. Stenehjem, Jr.,
cisco; first vice president, B arry I.
commissioner, Dept, of Banking and Financial Institutions.
D eutsch, senior vice president, Mel9:30 “ Stop the World, I W ant to Get Off” —Bruce Thom as, chairm an and
^ Ion Bank, N.A., P ittsburgh; second
chief executive officer, V E R E X Corporation, and vice president, The
vice president, Sm ith W. B rookhart,
G reyhound Corporation.
III, president, Centerre Bank, B ran­ 10:30 Coke and coffee break.
son, Mo.; and treasurer, K enneth J. 10:45 “ B ankers’ Bank, AARM , and R elated Topics” —Noel Busch, presi­
Pennebaker, executive vice president, IN D E X (Independent Bankservices Exchange), M inneapolis.
0 dent, Twin City Bank, N orth L ittle
11:30 ICBND business session—Duane Anderson, president, presiding.
Rock, Ark.
N om inated for three-year term s 12:00 Cocktails. (Poolside)
on the board of directors are Jam es 12:30 Luncheon—Jim Jorgenson, ICBND president-elect, presiding.
J. Allhusen, senior vice president,
1:45 A S ta te ’s Perspective—Session Chairm an Ken Keller, president,
0 bank card and electronic paym ent
W illiston Basin S tate Bank, W illiston.
system s division, BancOhio N ation­
Speaker: Joseph E. Jones, vice president, director of public affairs,
al Bank, Columbus; Alice L. DeSouand executive secretary, Conference of S tate B ank Supervisors.
za, vice president, B ank of New
2:15 “ 40 Years of Independent B anking“ —Lee M. Stenehjem , president,
H am pshire, N.A., M anchester, and
F irst International Bank, W atford City.
0 Lanny Kim brough, president, H igh­
2:45 “ Legal/Legislative Review” —A1 Wolf, general counsel and lobbyist,
land Park B ank and T rust, Topeka,
ICBND, Bism arck.
3:15 Coke and coffee break.
Also nom inated for directors are
3:30 ICBND business session—Duane Anderson, president, presiding.
A rth u r J. Lucey, senior vice presiElection of officers, adoption of resolutions, adoption of by-laws.
0 dent, F irst N ational Bank, Denver;
4:00 Inform ational m eeting re: B arclay’s/V ISA travelers cheques.
George M. M orvis, president, Finan­
4:30 A djourn.
cial Shares Corp., Chicago, and
5:00 Social hour. (Poolside)
Brenda L. Schneider, second vice
6:30 Convention banquet.
president and director of consumer
7:30 Speaker: Louis Nye, actor-comic.
• and urban affairs, M anufacturers
8:30 Presentations - installation of officers.
N ational Corp., D etroit.


Sept. 15-16 — ICBND Convention Dates
Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis
Federal Reserve Bank of St. Louis


Vice Pres.


Exec. V.P.

7 9 th Annual

Montana Bankers
Association Convention
A ugu st 2 5 -2 7
B anff, A lb e rta , Canada
Past Pres.


ONTANA Bankers will once again retu rn to
Banff, Canada, for the 79th A nnual M ontana
B ankers A ssociation Convention being held on A ugust



Robert L. Reiquam, M BA President and president
of F irst N ational B ank of Miles City, will preside a t the
convention. Scheduled to succeed him as president for
1982-83 is Erie C. Gross, M BA vice president and pres­
ident, L ittle H orn S tate Bank, H ardin. Also assisting
Mr. Reiquam this p a st year has been M BA Treasurer
Robert Sizemore, president, W estern B ank of Chinook,
and E xecutive Vice President John T. Cadby.
M en’s and women’s golf tournam ents are scheduled
along with a num ber of other activities and events lined
up for spouses attending the convention. The program
Tuesday, August 24


Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

7:30 Executive com m ittee breakfast,
noon R egistration.
Board of directors m eeting.
6:30 Board of directors reception/dinner.
Wednesday, August 25
7:30 M en’s golf tournam ent.
8:00 R egistration, tours and inform ation.
9:00 M ixed doubles tournam ent.
10:00 Ladies p u ttin g tournam ent.
12:30 Ladies golf tournam ent.
3:00 N om inating com m ittee m eeting.
7:00 M A P buffet dinner.
Evening open for private receptions.

The n am e com es from a S pan ish w o rd m eaning
"m o u n ta in o u s." It's the fourth largest state in the U .S ., w ith
the Rockies covering tw o-fifths of its total area.
Join Peter G illette, C hairm an; Jim A rm strong, President;
Dick Schneider, Executive Vice President; D on P ederson,
Senior Vice P resident a n d their associates from the l
C o rre sp o n d e n t D ep artm en t for the state bankers
convention, A u g u st 24 a n d 27 in Banff, C anada.

Q northwestern
m National Bank
Of Minneapolis

An AMiUateof Northwest Bancorporatton
Member FDIC
Federal Reserve Bank of St. Louis



Montana News

Thursday, August 26



M AP buffet breakfast.
25 year club breakfast.
R egistration, tours and inform ation.
Business session.
•Invocation—Erie Gross, M BA vice president,
president L ittle H orn S tate Bank, Hardin.
•W elcome—Robert L. Reiquam, M BA presi­
dent, president, F irst B ank Miles City.
»Speaker—M artin M ayer, author and mem ber
of presid en t’s commission on Housing, New
York, New York.
Panel on economic and cultural sim ilarities and
differences of A lberta and M ontana.
•A1 M cDonald, D eputy M inister, D epartm ent
of Tourism and Small Business, Edm onton,
A lberta, Canada.
•A .F. Collins, D eputy Provincial Treasurer, E d ­
monton, A lberta, Canada.
A Canadian banker yet to be determined.
Coffee break.
»Speaker—M ark Willes, executive vice presi­
dent, General Mills, Inc., M inneapolis, Minn.
»Speaker—Dr. A nthony J. A lessandra, La Jolla,

1:30 Special interest session.
•D r. A nthony J. A lessandra, m anagem ent con­
sultant, La Jolla, California.
6:30 Reception.
7:30 “ B avarian N ig h t.’’
9:00 Dancing.

Friday, August 27
7:00 M AP buffet breakfast.
7:30 P ast presidents breakfast.
8:45 Business session.
•P residing—Robert Sizemore, M BA treasurer,
president, W estern B ank of Chinook.
9:00 «Speaker—The Honorable R.T. M cNamar, Dep­
u ty Secretary of the Treasury, W ashington,
9:45 »Speaker—John Fisher, senior vice president,
Banc One Corporation, Columbus, Oh.
10:30 Coffee break.
1 1:00 »Speaker—Lee G underson, im m ediate p a st
president ABA, president, B ank of Osceola,
11:45 ABA annual m em bership meeting,
noon M ens’ and ladies’ aw ards luncheon.
•S p e a k e r—E. G erald C orrigan, p resid e n t,
Federal Reserve B ank of M inneapolis.
2:00 A nnual m em bership m eeting.
•P residing—Robert L. Reiquam, M BA presi­
dent, president, F irst B ank Miles City.
2:00 Special interest session.
• “ The Romance of the Long B order” —Dr.
G rant M acEwan, Calgary.
3:00 Special interest session.
• “ H istory of Banff Tow nsite” —P arks Canada
4:00 “ Tea and C rum pets.”
6:30 A ssociates reception.
7:30 Presidents banquet.
9:00 Dancing.







You Will See Them at the 79th Annual
Montana Bankers Association Convention

First National Bank: Jerom e B.
W agner.
HE following m etropolitan bank­ Homer Scott, Jr., chairm an, and
ers and service and equipm ent Tom Scott, president.
First National Bank: Charles
dealers have indicated they will be a t­
Security Bank, N.A.: Richard Green, executive vice president; Bob
tending the M ontana Bankers Asso­ Kjoss, president; Jerom e B. Woods, McRae, senior vice president; H arry
ciation Convention, A ugust 24-27, in executive vice president; William G. J. Devereaux and Ja n M urray, vice
Banff, Canada:
W ilson, senior vice p re s id e n t; presidents; Hal Fireman.
Eugene E. Coombs, vice president,
United Bank of Denver: Donald
and Paul Wold, assistan t vice presi­ W. Robotham, senior vice president;
Security Banks of Montana: dent.
Robert H. Dressel, senior vice presi­
dent; Vernon L. Hendrickson, vice
100 Years of Continuous
president, and John C. Lyng, assis­
ta n t vice president.
Service in Southeastern Montana
First Bank: D.H. Ankeny, chairm an of the board; Dennis Evans,
president; Kenneth A. Wales, senior
vice president; Michael E. Boncher,
Member First Bank System
Member F.D.I.C.
vice president; Rick Kuntz and Ed
Whelan, assistan t vice presidents;
Our very best wishes to Erie Gross as he starts his year as
Lenny Kiskis, correspondent bank­
President of the MBA. Erie began his banking career at First
ing officer.
National Bank in Miles City in 1960.
Marquette National Bank: Bill A d­
dington, vice president; Dick Holmes
and Jim Kammerer, assistant vice


« il First Bank Miles City
W orking T ogether

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis







L ook for us in B a n ff

Dave Hyduke

Bob Jacobson

Bob Sipple

Craig Redalen

Dan Walen

M ontana Bankers Association
August 25 - 28
We look forward to seeing our banker friends at the Montana
Bankers Association Convention.
We hope to see you there and to talk with you about how our
full line of correspondent services can benefit your bank.

Federal Reserve Bank of St. Louis

B A N K *


Northwestern Banker, August, 1982


Montana News


C orrespondent
B anking, T w o
WOrds Say It All
S ecu rity B ank
We offer complete correspondent banking services.
Trust Services including pension and profit
sharing plans
Investment Services including computerized
investment portfolio
Rapid Clearing of Cash Letters
Wire Transfers
Participations and Overlines
Bank Stock Loans
Complete Data Processing including teleprocessing
Coin and Currency Shipments
Fed Funds Transactions
At Security Bank vve understand the needs and
problems of banking in today's economic
environm ent And we've got the experience and
the reputation that assures you we know how to
help. Let Gene Coombs or Paul W old tell you more.

Northwestern National Bank: E. f
Peter Gillette, Jr., chairman; W.
Jam es A rm strong, president; Rich­
ard D. Schneider, executive vice pres­
ident; Donald G. Pederson, senior
vice president; Richard C. Storlie, f|ii
vice president; Kenneth J. Vegors,
assistan t vice president, and John
H u sto n , co rre sp o n d en t b an k in g
St. Paul
American National Bank: Robert
E. Sipple, senior vice president—
commercial; Robert W. Jacobson,
vice president—correspondent bank- #
ing; Craig E. Redalen, correspondent
bank officer, and Daniel F. Walen, in­
vestm ent officer.
First National Bank: Dale S. Han- _
son, vice president—group head, ^
Wholesale Banking II; Donald R.
Lindeman and Richard E. Pringle,
assistan t vice presidents; Richard M.
Carey, correspondent bank officer. ^
Seattle-First National Bank: John
S. M adison, vice president, and E d­
ward R. Campbell, assistan t vice #
Bank Equipment and Other Firms
Deluxe Check Printers, St. Paul:
Chuck Froehle, sales representative. ^
Mosler Safer Company, Ham­
ilton, Ohio: Charlie Ryan, regional
sales m anager; R alph Crosgrove and
Duane D em ars, account executives.
North Central Life Insurance •
Companies, St. Paul: Roger J. Pulkrabek, vice president, and Bob Gor­
don, financial agency supervisor.

Butte Officer Promoted

Gene Coombs

Paul Wold

We look forward to seeing you at the Montana BanKers Association
Convention in Banff August 24-27.



29TH & 3RD AVE. N. • (406) 657-3600 • BILLINGS, MONTANA

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis


W.R. Tait, president of The F irst
National Bank, Butte, has announced
the prom otion of Jo h n R. G oldberg
to installm ent loan officer.
Mr. G oldberg has worked in the ^
B u tte office of The F irst N ational
B ank since June, 1979. H is duties
will continue as installm ent loan of­
ficer and he will also be in charge of ^
credit cards.

Two Named in Billings
Kevin P. Clark has been nam ed
loan review and compliance o ffic er#
and D an M. Jordahl, director of in­
form ation processing for M ontana
B ancsystem , Inc., Billings.
Mr. Clark form erly was w ith the
Com ptroller of the Currency for fiv e #
years as associate national bank ex-

* M ontana
• People.

Hard working people. Taking the world of tomorrow
into the hands of today. With the help of Montana bankers.
We salute you.
We look forward to seeing you in Banff, August 25-27,
at the Montana Bankers Association Convention.

First Bank Minneapolis

Correspondent Banking Department.
First Bank Place, Minneapolis, MN 55480 (612) 370-4762
Federal Reserve Bank of St. Louis


Montana News

aminer. Mr. Jordahl previously was
m arketing m anager for Burroughs
Corporation in Billings, where he
has been since 1966.

Bank of Montana System
Executive Officer Named
A new executive officer has been
nam ed for B ank of M ontana Sys­
tem, G reat Falls, according to
Stephen Adam s, W ayzata, M in­
nesota, president and chairman.
Sam uel
N o e l, f o r m e r
vice p re s id e n t
and m anager of
th e c o rre sp o n ­
dent bank de­
p a rtm e n t
Seattle F irst N a­
tional Bank will
becom e e x e cu ­
tive vice presi„ „
dent of BMS.
S' R' N0EL
Mr. Noel, 44, a native of M issoula,
began his banking career in 1956 as
a trainee w ith the F irst N ational
M ontana B ank in M issoula. In 1961
he joined Rainier N ational B ank in
instalm ent loan adm inistration and
three years later became a commer-

Since 1898 M o n ta n a
b a n k s have re lie d
u p o n us fo r e ffic ie n t,
p ro fe s s io n a l
c o r r e s p o n d e n t services.

The reasoning behind th is change,
cial lending officer a t the V an­
couver, W ashington branch. He approved a t the sum m er board
joined Seattle F irst in 1966 and has m eeting, is to allow for a more m od­
ern description of the range of topics
rem ained there until the present.
addressed by th is group, noted
Council Chairm an D avid Thibodeau, #
senior vice president, Third N ational
Two Promoted in Glasgow
Bank, Nashville.
Lynn D. Grobel, president of F irst
N ational Bank, Glasgow, recently
announced the prom otion of Tim
BancNorthwest Opens
Newton, instalm ent loan officer, to
a ssista n t vice president and M ark
The Ju ly 1 opening of a new B al­
Hall to instalm ent loan officer.
tim ore office of B ancN orthw est, a
division of the bond group of N orth­
w estern N ational B ank of M inn-’
eapolis, was announced by Robert C.
Brown, executive vice president and
m anager.
Michael S. Post, form erly w ith
Baker, W a tts & Co., Baltim ore, is
the investm ent representative in the
new office located a t 8422 Bellona
Lane, Suite 302, Baltim ore, MD.
B ancN orthw est, through its Min-^
neapolis and Chicago offices, deals
Mr. New ton sta rte d w ith the bank in governm ent and federal agency
in 1972 and has been serving as in­
securities, money m arket in stru ­
stalm ent loan officer. Mr. Hall s ta r t­
m ents and m unicipal bonds. D uring
ed in 1978 and has worked since th a t
1981, N orthw estern’s bond group, ¡
tim e as a collector in the instalm ent including B ancN orthw est, bought
loan departm ent.
and sold a to tal of approxim ately
$27 billion of securities.
The new Baltim ore office will be
BMA Announces EFTS
serving clients in M aryland, West<
Council Name Change
Virginia, Virginia, N orth and South
The Electronic B anking Council is Carolina and the D istrict of Colum­
the new nam e for B ank M arketing bia, dealing principally in govern­
A s s o c ia tio n ^ E F T S M a rk e tin g m ents and money m arket in stru ­
m ents.
Our congratulations to President Bob Reiquam, the MBA Officers and
Staff for planning an interesting and informative convention program!

Be Seeing You at Banff . . .

Let us e x p la in h o w
w e can a ssist y o u r ban k.
Ed Jasmin, President
Frank Shaw,
Senior Vice President
Paul Eve,
Vice President, Administration
Del Barnekoff,
Asst. Vice President



O f H elena
An Affiliate of Northwest Bancorporation

Helena, Montana 59624
Member FDIC


(406) 442 -5 0 5 0

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

t y o j fU h f,


A.R. Koeneke, c h m n . & près., Rifle
D. A . C h ildears, exec. m g r . , Denver

MINIBANK® System Now in Service
INIBANK® Switch Network, routes transactions originating at
Inc., Colorado’s newest s ta te ­ the ATM of one financial in stitu tio n
wide system of 156 A utom ated Tel­ to the card-issuing financial in stitu ­
ler M achines, began serving custom ­ tion. As a result, Mr. M adigan said,
ers Tuesday, Ju ly 6 , according to a cardholder of one participating fi­
D avid R. M adigan, the netw ork’s nancial in stitu tio n m ay use an ATM
of another participant, and the
# executive director in Denver.
“ Final testin g has been comple­ Switch will route the transaction to
ted, and the netw ork is certified for the card-issuing in stitu tio n for au­
consum er u se,” Mr. M adigan said. thorization. The authorization is
“ The way is now clear for the card- then routed back to the ATM being
• holders of the p articipating financial used—in a span of a few seconds—
in stitu tio n s to enjoy m uch greater and the banking transaction is com­
and expanded banking convenience pleted.
A T M s s u p p o rte d in M IN Ithroughout Colorado.”
BANK® Switch N etwork include
those m anufactured by Docutel,
IBM , NCR, TRW and Diebold.
Five additional financial in stitu ­
tions have executed a letter of intent
to join M INIBANK® Switch N et­
M INIBANK® Switch Netw ork work as participants, w ith imple­
combines the 3 present ATM sys­ m entation dates beginning as soon
tem s of the owners (Columbia Sav­ as this m onth.
Mr. M adigan added th a t future
ings & Loan, W illiam Teller; U nited
^ B ank of Denver, M iniBank, and The program enhancem ents are planned
9 F irst N ational B ank of Denver, to include Point of Sale as well as
TransAction) along with other partici­ Home Terminals.
pating financial institutions A TM ’s
u n d e r a co m m o n id e n tif ie r — United Bank Appoints Six
^ M INIBANK® —which can now be
Six U nited B ank of D enver
accessed by 750,000 cardholders.
employes were appointed officers
A to ta l of 74 Colorado financial in­ last m onth, according to Richard A.
stitu tio n s, w ith combined resources Kirk, president and chairman.
exceeding $10.5 billion, com prising
B e v e r ly
^ 69 banks and 5 savings and loan H a d d o n
associations w ith 103 branches are been appointed
p articipating in the netw ork th a t senior vice presi­
presently has ATM S in 33 cities. By dent and m an­
year-end, the netw ork is projected to ager of the per­
so n a l b a n k in g
^ increase to 175 ATMs.
The broad range of banking ser­ group. Ms. H ad­
vices available th ro u g h M IN I- don, who h as
BANK® Sw itch Netw ork includes b e e n in t h e
checking and savings deposits and U nited B anks of
£ w ith d ra w a ls, tra n s fe rs betw een C o lo rad o S y s ­
checking and savings accounts, cash tem since 1963, has responsibility
advances on credit cards and bal­ for U nited B ank of D enver’s retail
banking activities. She m ost recent­
ance inquiries.
Mr. M adigan described M IN I- ly served as vice president and direc­
% BANK® Sw itch N etwork as a card- tor of m arketing for U nited Banks
activated system th a t electronically of Colorado, Inc.

Federal Reserve Bank of St. Louis

H arold C. Goldback has been
nam ed executive banking officer. He
joined the bank in 1981 and pre­
viously worked extensively in the
banking field in California.
Joyce R. Michaels, appointed
commercial banking officer, has
been w ith the bank since 1980.
M anager of research and inform a­
tion services, John R. Schinn was
nam ed a m arketing officer along
w ith Diane D. Simpson. Ms. Simp­
son recently transferred to UBD
from U nited B ank of Colorado. She
heads the b a n k ’s com m unications
departm ent.
Jam es M. Wolf joined the bank in
July, 1980, and has been nam ed a
commercial banking officer.

Conifer Executive Named
M ountain Valley B ank of Conifer
re c e n tly
nounced the elec­
tion of Leonard
Snyder as ex­
e c u ti v e
v ic e
president of the
M r. S n y d e r
previously was
vice president of
the B ank of Park
County in Bailey
and is a recent graduate of the New
Mexico School of Banking.

Aurora Bank President Named
Ja m e s F. M arsico has been
elected president of Colorado N a­
tional Bank, Aurora.
Mr. M arsico is a well known Col­
orado banker w ith 16 years exper­
ience prim arily w ith A rvada S tate
Bank, where he sta rte d in 1966 as a
file clerk. He m ost recently served
as executive vice president.

Promoted in Denver
John A. Gianakos, a ssista n t con­
troller of F irst N ational Bancorporation, Inc., Denver, since 1979, has
been nam ed vice president and con­
Mr. Gianakos joined F irst N a­
tional Bancorporation in 1970 as an
accounting officer.
O ther prom otions announced by
Bancorporation were Jack O. Grace,
a ssista n t vice president; Tom J a e ­
ger, form erly w ith G ulfstream s
Banks of Florida, a ssista n t vice
president and a ssista n t controller,
and A nn H enderson, financial plan­
ning officer.
Northwestern Banker, August, 1982


Colorado News

Staff Changes Told
Tonya Eaton, operations officer
a t F irst N ational B ank of A urora
since 1980, has been nam ed m anager
of F irst of A u ro ra’s new Conve­
nience Center and drive-through

Boulder Bank V.P. Named
D avid R. M eyers has been ap­
p o i n te d
v ic e
president in the
commercial loan
d e p a rtm e n t of
F ir s t N a tio n a l
B ank in Boulder.
M r. M e y e rs
served as vice
p r e s id e n t a n d
commercial loan
officer a t MichD.R. MEYERS

ig a n N a tio n a l

B ank,

L iv o n ia,

has opened the first new tru s t de- #
partm en t in a national association
Colorado commercial bank in alm ost
Bailey Bank Elects One
10 years, Roger D. K night, III,
The board of directors of The chairm an and president, has an­
Bank of P ark County a t Bailey has nounced. Approval of M etrobank’s ©
announced th e
application for tru s t powers was re­
recent election of
ceived from the Com ptroller of the
R ic h a rd
Currency Ju n e 1 0 .
Swanson as ex­
e c u ti v e
v ic e
Paul C. Gilman joined M etrobank©
as an executive vice president in
Mr. Swanson
conjunction w ith the application for
previously was
tru s t powers. He has had 20 years of
associated with
Colorado tru s t banking experience
the F irst B ank
and previously was head of the tru s t©
of W hite Bear
departm ent and a m em ber of the
L ake and th e
senior m anagem ent com m ittee of
F irst N ational B ank of St. Paul, F irst N ational B ank of Boulder.
both in M innesota.
R eporting directly to Mr. Gilman
be Neil M. Severinson, vice©
Metro National Opens
president and tru s t officer, who
New Trust Department
adds nearly a decade to the new de­
M etro N ational Bank, Denver, p a rtm e n t’s to tal tru s t experience.

WBA “ Back to Basics” —Sept. 23-24
£ £ Q ACK to B asics” is the them e
D for the Consumer Credit Con­
ference being held Septem ber 23-24
by the W yom ing B ankers Associ­
ation. The conference will be held at
the H itching Post Inn, Cheyenne.
The program schedule follows:
A.M. Thursday, Septem ber 23
10:00 Registration.
12:45 Introduction and opening ad­
dress. H enry Hitch, W BA
1:00 Lending Panel discusses docu­
m entation, compliance and
loan judgem ents.
4:30 Adjourn.
6:00 H ospitality hour.
7:00 Dinner.
A.M. Friday, Septem ber 24
8:30 Variable R ates—Richard D.
Perry, senior vice president,
Bank of America, San F ran­
cisco, Calif.
10:00 M arketing Consumer Loans—

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

R obert Joselyn, president,
FSE M anagem ent Systems,
Boulder, Colo.
11:00 F E P U pdate—pending legis­
12:15 Lunch. G uest speaker—Dr.
B arry Asmus, economics pro­
fessor, Boise State University,
2:00 Collection P anel—clinic on
b a n k ru p tc y , rep o ssessio n s,
liquidations, workouts, tax
levies, ect.
4:15 Question and answer period.
6:00 H ospitality hour.
7:00 D in n e r. G u e s t s p e a k e r Frank Abagnale, lecturer on
white collar crime and its pre­
vention. Drawing for door

First Wyoming Banks’ GreenUp Campaign to be Repeated
F irst W yom ing B anks of Chey­
enne’s recent p lan t giveaway, de-

signed to prom ote local spending
and to involve all three banks w ith
the com m unity, was so successful
th a t plans for the 1983 “ Green-Up
C am paign” are already beginning. £
This y e a r’s cam paign saw 5,500
geranium s, petunias, straw berry
and tom ato plants given away, free
to the public, in the lobbies of all
F irst W yoming Banks of Cheyenne. 0
The plants were cultivated by senior
citizens and disabled people a t the
Cheyenne Com m unity Solar Green­
In addition to the plant giveaway, <H
every custom er m aking a deposit to
a new or existing savings account
was given “ green-bucks” —certif­
icates redeemable a t Cheyenne nur­
series and florists for trees, sh rubs,©
flowers, garden equipm ent and other
According to bank officials, all
three banks were delighted w ith the
results of the campaign, which ©
brought a num ber of new deposits
and accounts to the banks. Also the
m erchants in Cheyenne were pleased
w ith the “ green-bucks,” which made
shopping locally a bargain.

Elected to the Board
Carl J. Occhipinti was elected to
the board of directors of the E quali­
ty S tate Bank, Cheyenne, according ©
to Thom as J. Carroll, chairm an.
Mr. Occhipinti is general m anager
of W YNECO Com m unications, Inc.,
including KYCU TV of Cheyenne, ^
K STF TV of Scottsbluff, N ebraska, ®
and KTVS TV of Sterling, Colorado.

services, quickly... as opposed to just promising
them, quickly. It’s a reputation in which we take
pride. A reputation we intend to continue.
Next time you’re pressed for fast turnaround
on any correspondent banking situation, call
(303) 893-1862.
And watch how fast we respond.

Colorado National Bank correspondent bankers
react. Quickly. Responding to your request with­
out delay... or excuses.
This high degree of responsiveness has
earned us a reputation among our progressive
and profitable respondent banks throughout the area ... a reputation for delivering
the full range of correspondent banking

¡P nrnrr £




Federal Reserve Bank of St. Louis

We make big ideas happen.

Member FDIC

"J a
Northwestern Banker, August, 1982

Jim Flodine, Fred Kuehl, Don Ostrand, Ralph Peterson, Charles Leffler.

Trust yo u r c o rre sp o n d e n t
b a n k in g to o u r e ffic ie n c y e x p e rts. *
These superb professionaIs are dedicated
to meeting all your m
individual corres- ■
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first n a t io n a l b a n k

of omaha
Federal Reserve Bank of St. Louis

In Nebraska call us toll free at 800-642-9907. Outside Nebraska call us toll free at
800-228-9533. Member FDIC





Hastings Employee Honored
Reuben Adam s, traffic control
m anager of the F irst N ational B ank
in H astings, was honored by the
B ank on Tuesday, June 15th, in re­
cognition of his 80th birthday and
his more th an 15 years of service to
the bank.
Mr. Reuben sta rte d w ith the bank
in 1967 after retiring w ith 20 years
service to the H astings Police De­
partm ent.

U niversity of N ebraska, Lincoln,
studying accounting and foreign
language. He has also worked parttim e in the m aintenance departm ent
a t F irst N ational B ank W est.

CBCT Branch Approved
Om aha N ational B ank has re­
ceived approval from the Comp­
troller of the Currency to estalish a
CBCT branch a t 7424 Dodge Street,

• Scholarship Recipient Named Promoted in Loup City
W illiam D avid O ltean has been
aw arded a scholarship from the
N orthw est B ancorporation Scholar^ ship Program . He is the son of Bren­
da Oltean, a teller a t F irst N ational
B ank W est, H astings, a Banco af­
Mr. O ltean plans to use his scho^ larship this fall when he atten d s the

Sherm an County Bank, Loup Ci­
ty, has announced the prom otion of
Richard S. P eters from cashier to
a ssista n t vice president, and the
recent addition of Je rry W ortm an as
cashier and security officer.
Mr. W ortm an has been serving
the p a st seven years as an exam iner
for FDIC.

W hen Om aha repairs block street —

( First National Opens Drive-in in 4 Days!
IR ST N ational B ank of Omaha p u t in place a three drive-in tem por­
proved to its custom ers last ary facility on the block across the
m onth how quickly the industry can street north from the bank—a block
move to m eet an emergency, and a t north of Dodge S tre e t—to ease the
the same tim e proved again the old traffic situation and accom m odate
adage “ N ecessity is the M other of custom ers.
Bill H enry, m arketing vice presi­
The City of Om aha began tearing dent, said all business firm s knew
up Dodge S tre e t—the m ain thor- six m onths ago th a t repair work
oughfare from the M issouri River a t would be done to Dodge S treet dur­
the east end of the city completely ing the summer, b u t the m agnitude
through to the w est end of the c i t y - of it overwhelmed everyone when it
in June. In the process, th a t project became evident how m any streets
aim ed a t installing badly needed and lanes of traffic would be closed
sewer and other utility replace­ a t one time. A fter noting the drastic
m ents, ju s t plain fouled up the tra f­ drop in drive-in service for cus­
fic p a tte rn for F irst N ational B an k ’s tom ers, an emergency m eeting was
headquarters drive-in bank, which called on M onday, June 21. Tom
feeds off Dodge Street. The one lane Haller, second vice president for
of w estbound traffic left to accom­ retail bank operations, contacted
m odate w hat used to be five lanes of Tom Sternberg, president of General
B ank E quipm ent & System s, Inc.,
traffic ju s t w asn ’t enough.
Responding to the emergency, in Om aha to explain the situation
which saw business a t the drive-in and said, “ Can you help!”
The answ er from Mr. Sternberg
bank fall off 18% the first week and
25% the second week, F irst N ational was an im m ediate, “ Y es.” He had





Federal Reserve Bank of St. Louis

two 8 ' x 8 ' portable, tem porary bank
office buildings, and could have one
more brought in a t once. T hat was
still M onday, June 2 1 .
On Saturday, Ju n e 26, ju s t four
working days later, F irst N ational
had its tem porary facility w ith three
drive-up teller windows, telephone
com m unications w ith the m ain bank
and all teller facilities completely on­
line w ith the m ain bank across the
street. By Ju ly 1, the fourth day of
full business operation a t the tem ­
porary facility, authorized by the
Com ptroller of the Currency office in
K ansas City as an emergency facili­
ty, the three statio n drive-in was ser­
ving 262 cars in one day!
To alert custom ers to the avail­
ability of the new site, F irst N a­
tional d istributed flyers to custom ­
ers at the m ain bank drive-in, which
continues to operate under the same
try in g conditions, and also used
radio and television commercials ex­
tensively. A large “used car lo t”
type neon sign, as Mr. H enry de­
scribes it, and a strin g of color pen­
nants tell the public the tem porary
facility is “ O pen”—bu t it works, he
“ It took a lot of work by m any
people to m ake this happen on such
short notice,” Mr. H enry recalls,
“ bu t it was needed to provide the
service our custom ers are entitled
to, and they have appreciated it.”
Mr. H enry doesn’t know until he
reads this how much work was really
involved for General B ank E quip­
m ent & System s!
Tom Sternberg disclosed th a t the
two trailer u nits he had shipped in
im m ediately from Colorado were in­
volved in a highway wreck and de­
stroyed. He got th a t news on T hurs­
day, June 24. U ndaunted, he and his
staff went to work. By Saturday,
after day and night work, the third
unit needed was completely built
from new m aterials and placed on­
site for F irst National Bank. When
asked why he didn’t tell the bank
this yeoman effort, Mr. Sternberg
said, “ It was our problem, not
theirs. Our job was to get the units
on site for them th a t day (Saturday),
so we did w hat was necessay to com­
plete the jo b .”
He did complete the job and F irst
N ational has three drive-up u nits all
on-line w ith the m ain bank, all airconditioned, and one w ith a safe,
ready to serve custom ers through­
out the rest of the street repair
Northwestern Banker, August, 1982

Roger V. Voorhees, vice president of #
the N orth Side Bank, Omaha. Wil­
liam H. Keeffe, vice president of The
Am erican N ational B ank of Om aha
and im m ediate p a st chairm an of the
M idlands Group, will serve as an ex ®
officio board member.
* * *

Ronald E. Schneider, senior vice
president and m anager of corporate
banking for the U.S. N ational Bank,
has been elected chairm an of the
M idlands group of Robert M orris
Lawrence Co­
mine, Jr., vice
p re s id e n t
banking a t Om­
a h a N a tio n a l
Bank, was elec­
ted vice chair­
man. James A.
K ru ger, ex ecu tiv e vice president

of the G atew ay B ank & T rust
Company of Lincoln, was nam ed
Elected directors of the M idlands
Group were: Patrick J. Brady, senior
vice president of the N orthw estern
N ational Bank, Omaha; David C.
Koenigsman, senior vice president
of the Center Bank, Omaha; Brad
Korell, vice president of the N a­
tional B ank of Commerce, Lincoln;
Gordon V. Kuhn, president of the
Havelock Bank, Lincoln; Duane F.
Schainost, vice president of the
F irst N ational Bank, Lincoln, and

Several officer appointm ents were _
recently announced by John D. ^
Woods, board chairm an and chief
executive officer of Om aha N ational
Bank. Prom oted to vice president
were John W.
B la ck eter, J o ­
seph E. Glover,
Ronald K. Hill
a n d Gene W.
Mr. B lacketer
joined the bank
in 1971 as a sys­
tem s analyst. He
was prom oted to
second vice pres­
ident in 1979 and has held his pre­
sent position as m anager of infor­
m ation resources since 1980.
Mr. Glover joined the b an k ’s es- £
ta te and tru s t division in 1968 as a
ta x accountant. Prom oted the fol­
lowing year to senior tax accountant
and later to tax m anager, he was

We h ave b een
p rovid in g b an k s
w ith ad vice on
tax-free in vestm en ts
for m ore than
40 years.
We are specialists in tax exempt
investments and we re proud of our
reputation for service. Why not give us a
chance to show what the Schweser team
can do for you?

Talk to the Professionals
in tax-free investments.

Schweser Company
0 (IB So.
Q n 19th
1 Q th St. O
r r iA h a N
o h r RHir>9
(402) 344-4611

Investment Bankers



In Nebraska call toll free (800) 642-8438
Member of the Securities Investor Protection Corporation


Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis


Nebraska News

nam ed a second vice president in
Mr. Hill, who came to Om aha N a­
tional in 1969 as a program m er, was
prom oted to a system s officer in
1974 and second vice president in
1977. He assum ed his present posi­
tion as m anager of system s and pro­
gram m ing in 1979.
Mr. Selk joined the bank in 1975
as a credit analyst and was nam ed a
correspondent loan officer in 1977.
He was nam ed a second vice presi­
dent in 1978 and currently is a sen­
ior correspondent and agricultural
loan officer.
Prom oted to second vice presi­
dent were Gregory K. Blow, Richard
D. Nelson and John F. Wear. Mr.
Blow joined the e sta te and tru s t di­
vision in 1979 as tru s t adm inistrator
a t the W yom ing T ru st and M anage­
m ent Company in Gillette, W yom ­
ing. Mr. Nelson, who joined Om aha
N ational B ank in 1979, was nam ed a
check collections officer th a t year
and currently is m anager of check
collections. Mr. W ear joined the
bank in 1961 as a service a ssista n t
in d a ta processing, later was nam ed
a d a ta processing m arketing officer
and has been a correspondent and
agricultural loan officer since 1977.
O ther officer prom otions include:
Judd F. Wagner, tru s t officer; Mark
O. Burns and Gerald J. Cook, assis­
ta n t loan officers; Ronald L. Gilbride, a ssista n t tru s t officer; Doug­
las C. Grieb, a ssista n t personnel of, ficer, and Bruce W. Stacy, a ssista n t
leasing officer.
* * *
Debbie Kraft, operations officer
a t U nited S tates N ational Bank,
was installed recently as chairm an
of the NABW M id Plains Group,
w hich includes
banks from the
O m ah a-C o u n cil
Bluffs area. She
a n d o th e r o f­
ficers were in­
s ta lle d a t a
m eeting a t Oakh ills C o u n tr y
Club in Om aha
Frakes, NABW
sta te council chairm an, who is vice
president and cashier a t N ebraska
O ther officers installed are: Vice
C hairm an—Joann Hagerty, assis­
ta n t vice president, R alston Bank;
S ecretary—Jackie Boryca, Packers
Federal Reserve Bank of St. Louis

N ational Bank, and T reasurer—
Alice Roy, a ssista n t loan officer,
Southw est B ank of Omaha.
A fter graduation from the Uni­
versity of Nebraska-Om aha, Ms.
K raft joined the U nited S tates N a­
tional B ank staff in July, 1974. She


is currently m anager of the cash
m anagem ent departm ent. Ms. K raft
has been active in NABW since 1980
and also is presently treasurer for
(Turn to page 54, please)

Steve Sutton
For Complete
Credit Insurance
Service . . .
Call Toll Free in Nebraska 800-742-7335
or call collect 402-475-4061

Steve W. Sutton

Bank Programs for
Group*lndividual Life*Accident & Sickness

Vice President



W here B E N E F IT is m ore
than a m id d le n am e
Lincoln, Nebraska 68508


Tom Grove

Don Dworak

Vice President

Vice President

Greg Laviti

Karen Lee

Virgil Wiesner

Bond Investment

Bond Investment
O fficer

Bond Investment
O fficer




packers national bank
402- 731-4900

Or TOLL FREE In Nebraska
800- 642-9980
4710 South 23rd Street

Omaha, Nebraska 68107
Northwestern Banker, August, 1982

loan division in 1978. Ms. Shupe®
joined in 1975 and had been serving
as a ssista n t m anager of the P ark ­
way facility until last m onth, when
she was appointed m anager.

(Continued from page 53)
the B ank A dm inistration In stitu te
chapter in Omaha.
* * *
Keith L. Morphew, chairm an and £
president of Realbanc, Inc., has an­
nounced the prom otion of Harriet
The board of directors of N ational has been serving as m ortgage loan Johnson to officer sta tu s and Judy
B ank of Commerce recently an­ division head since 1978. Mr. Stem p­ Zaiman-Gotsdiner to officer and as­
nounced the prom otion of Lyle er joined in 1977 as an auditor and sista n t secretary.
Davis to senior vice president and assum ed a position in the m ortgage
Ms. Johnson joined Realbanc in
Dave Stemper to
1977 as an accounting clerk. She is
a s s i s t a n t vice
presently in charge of the finance
president. In the
and accounting section. Ms. Zaiman
same announce­
recently joined the firm as resident £
m ent Rita Shupe
attorney after serving as a ssista n t
was elected fa­
general attorney for Om aha N ation­
cility operations
al B ank since 1977.
* * *
M r. D a v is ,
Lisa M. Koenigsman and Law­
who joined the
rence J. Mitera have been awarded
bank in 1971,
scholarships from the N orthw est
B ancorporation Scholarship P ro ­
gram . Lisa is the daughter of David
C. Koenigsman, senior vice presi­
dent of Center Bank, and Lawrence
is the son of Theresa Mitera, per­
sonal banker a t Center Bank.
Seventy-five scholarships cover­
ing tuition and academic fees for
• Municipal Bonds
full-time, post-high school education
• Corporate Bonds
program s were aw arded by Banco
this year. A pplicants were m easured
• Government Agency Bonds
on their educational perform ance
• Listed and Unlisted Securities
and leadership ability.
• Fiscal Agents
* * *
Jill A. Pryor has been appointed
For complete investment service you can rely on...
regional m arketing coordinator for
the N ebraska Banco Banks, accor­
The Midwest’s Investment Professionals
ding to James R.
Campbell, chair­
m an of the Ne­
b ra sk a B anco
Banks executive
Member New York Stock Exchange, Chicago Mercantile Exchange
com m ittee and
and other Principal Stock and Commodity Exchanges.
president of the
Municipal B o n d Department, 100 Continental Building
U n ite d S ta te s
O m a h a , Nebraska 68102 / (402) 444-1900
N atio n al B ank
of Omaha.
M s.
P ry o r
joined U.S. N a­
Linco ln, Omaha, G rand Island, H astings, C olum bus, Shelby, Nebraska.
tional B ank of Om aha in 1977
Des Moines, A tla n tic, C edar Rapids, Fort Dodge, M a rshallto w n, Iowa.
following six years banking ex­
Kansas C ity, M issouri • W ichita, Kansas • C hicag o, Illin o is • H ouston, Texas
perience w ith the Iowa-Des Moines
N ational Bank, Des Moines, Iowa.



First in Service to the Midwest.


Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis


Specialists in
fulfilling your every
correspondent need...



Vice President & Manager
Correspondent Bank Division

Vice President



Correspondent Bank Officer

Correspondent Bank Officer


Correspondent Bank Officer

13th & M Sts. • P.O. Box 81008 • Lincoln, NE 68501
Phone: (800) 742-7462
Member, f .d .i .c .
Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1982


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Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

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board; R.W. B uxton, president;
Jan es Davies, vice president; T.J.
Nicholls, secretary, and Dean Phil­
lips, treasurer. The board of direc­
tors of the new corporation is the
same as the board of directors of
Peoples Bank.

Elected in Council Bluffs
Ames First National
Staff Announcements Told

Joseph C. Picken, Jr., senior vice
president and a director of F irst N a­
tional Bank, Ames, recently retired
from his position a t the bank and
from his position as vice president
• a n d secretary of the Ames N ational
M r. P ic k e n
joined the bank
in 1 9 6 8 a n d
• m o s t r e c e n tly
served as senior
vice p resid en ta d m in is tra tio n .
He directed the
^ c o n s tru c tio n of
both the m ain
bank, b u ilt in
1971, and the U niversity office built
in 1979.
® Also a t the bank, Frances M. Rob­
inson, a ssista n t vice president, was
nam ed m anager of the U niversity of­
fice a t 2330 Lincoln W ay and Rebecca H o stetter, senior teller, has been
® prom oted to a ssista n t cashier.
E dw ard C. Jacobson, vice presi­
dent, was elected vice president and
treasurer of the Am es N ational Cor^ p o ra tio n . Daniel L. Krieger, senior
^ v ic e president, tru s t officer and
secretary of the board of F irst N a­
tional, was elected secretary of the
Am es N ational Corporation. Terrill
^ L . Wycoff, vice president and cash­
ier, has been elected to the board of
directors of both F irst N ational and
the Am es N ational Corporation.

career as a N orthw est Bancorporation m anagem ent trainee a t F irst
N ational in M ason City in 1977. He
previously had been serving as com­
mercial loan officer, a position he
has held since 1979.

Newly Formed PT&S Bancorp
Now Owner of Peoples Bank
An ice cream social and inform a­
tion m eeting was held Ju n e 29 a t
Peoples T ru st & Savings Bank, Indianola, for the shareholders of the
newly formed PT&S Bancorp.
PT&S Bancorp, which is owned
by over 300 local stockholders all of
whom had previously owned stock
in Peoples Bank, in tu rn owns 95%
of Peoples Bank. Through this re­
stru ctu re of ownership, the bank
will achieve greater flexibility for
m eeting the future needs of the com­
m unity while continuing to be com­
m unity owned. The board of direc­
tors, m anagem ent and staff of Peo­
ples B ank will continue to be the
same as before the restructure.
The officers of PT&S Bancorp are
W illiam B uxton III, chairm an of the

The F irst N ational B ank of Coun­
cil Bluffs has elected Phyllis O tto,
a ssista n t vice president and K ath ­
ryn W arren, a ssista n t operations of­
Ms. O tto will
m anage the per­
so n a l b a n k in g
areas of all four
banking offices.
She first joined
the bank in 1952.
Ms. W arrren be­
gan her banking
c a re e r in th e
custom er service
departm ent in 1979 and served as
operations supervisor prior to her

Two Join Hills Bank
Sandra Buchanan and W ayne
Beck have recently joined the staff of
the Hills Bank and T rust Company,
Hills. Both are trained for positions
in the loan departm ent.
Ms. Buchanan has been employed
since 1973 at Home Federal Savings
and Loan Association in Algona. Mr.
Beck is a recent graduate of Iowa
S tate University, where he m ajored
in agricultural business.

Treynor State Breaks Ground

•Two Elected in Mason City
The board of directors of F irst N a­
tional B ank of M ason City recently
announced the election of Calvin D.
H ubregtse and Terry N. Vorbrich as
^assistant vice presidents.
Mr. H ubregtse sta rte d his career
in 1976 a t F irst Am erican Bank,
Fairview, South D akota. He joined
F irst N ational in M ason City in
*1980 as agricultural loan officer.
Mr. Vorbrich sta rte d his banking
Federal Reserve Bank of St. Louis

IF ALL goes according to schedule, next spring Treynor State Bank will celebrate the
bank’s 60th anniversary and the grand opening of its new building simultaneously. Ground
was broke and construction began on the new 8,500 sq. ft. building that will provide 5,500
sq. ft. of space for bank operations and 3,000 sq. ft. to be rented to professionals. The brick­
faced building was designed around the “ professional center concept” of one-stop finan­
cial services. Capped by a 16-ft. naturally-lighted atrium, the bank lobby will be fully ac­
cessible to the handicapped and feature oak trim with brass accents. The extra space will
allow for additional safety deposit boxes, a two-lane drive-up facility on the east side, night
depository, off street parking and customer conference and board rooms, with the latest
electronic security equipment being installed.
Northwestern Banker, August, 1982


Iowa News

Russian Ag O fficial Dr. Lishchenko
To Address Iowa Bankers Convention
U SSIA N purchases of midwestern grain are back in the news
again and Iowa bankers will have an
opportunity to hear first-hand at
their annual convention in Des
Moines next m onth from the R us­
sian official who heads th a t n atio n ’s
food and agricultural departm ent.
The 96th annual IB A convention
will be held a t the M arriott H otel in
downtown Des Moines, Septem ber
The R ussian ag expert who will
present a picture of his n atio n ’s food
needs and potential is Dr. Victor F.
Lishchenko, who heads the food and
agriculture departm ent, the In stitu te
of the USA and Canada, and the
Academ y of Science of the USSR.
Dr. Lishchenko, a well educated sci­
e n tist in his mid-40s, is a personal
friend of John Chrystal, president of
the Iowa Savings Bank, Coon R ap­
ids, who has been a guest of Dr. Lish­
chenko and the Academy a num ber
of times. W hen the IBA asked Mr.
Chrystal to invite a knowledgeable
Russian ag official, his invitation
went to to Dr. and Mrs. Lishchenko.
In describing the office held by
Dr. Lishchenko, Mr. C hrystal said,
“ The Academy is used as a tool to
aid the governm ent. I t sta rte d out
as a m eans of transferring tech­
niques throughout the Union and
advise the governm ent on actions it
should tak e .’’
In describing Dr. Lishchenko him ­
self, Mr. C hrystal said, “ Victor was
born in the famous Odessa Region
near the Black Sea. He is a v eter­
inarian and has a doctorate in ag
economics. He is especially in ter­
ested in protein for farm anim als. He
was an ag attach e to the U nited
S tates in the early 1970s, and th a t is
when I m et him. Since then, he has
been back here a couple of tim es to
Iowa and has visited a t our place
and o th ers.’’
Mr. C hrystal said Dr. Lishchenko’s wife is a biologist by pro­
fession and “ she is the only R ussian
housewife I have known who doesn’t
w ork.’’
Dr. and Mrs. Lishchenko have a
daughter who ju s t graduated from
college and a son who recently com­
pleted high school.
A fter Mr. C hrystal became ac­

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

quainted w ith Dr. Lishchenko, he
was invited to Russia as a guest of
the M inister of A griculture and the
Academy of Science a dozen times.
He describes Dr. Lishchenko as “ a
very nice man; a full-fledged Com­
m unist, b u t not a politician, and a
m an who is genuinely interested in
increasing ag production.’’

Dr. Victor F. Lishchenko (left) is shown con­
ducting Iowa banker John Chrystal on a
tour of a Russian farm.

The invitations to Mr. C hrystal
were based on his extensive exper­
ience in agriculture and as an ag
banker, as well as his association
w ith G arst Farm s. It was the late
Bob G arst who personally invited
and hosted N ikita K hrushchev to
visit Coon Rapids for a look a t the
G arst Farm s, noted for their seed
corn business and cattle experim en­
Com m enting on his trip s to R us­
sia, Mr. C hrystal said, “ The Acad­
emy asked me to go out and take a
look a t Soviet agriculture, then
come back to Moscow to critique
and suggest b etter ways to do the
job. The last time, for example, I
m et w ith the M inister of A griculture
and the Politburo m em ber in charge
of agriculture and m ade a report to
them .
“ O ut in the country I would go
state-to -state, m eeting w ith the
M inister of A griculture in each of
them , and they took me on tours of
farm s. On my retu rn to Moscow we
would generally m eet w ith up to 100
people. I would speak and they
would then ask questions. All of

this, of course, was done through in-®
terpreters. My principal suggestion
to them was for a b etter organiza­
tion of their agricultural industry.
For example, they have no repair in­
d u stry off-farm, there is no separate®
protein industry, no ability to ven­
ture and fail.”
While m any people criticize the
Russians and their seem ing in a b ility ^
to generate enough food supply in a
nation w ith such v a st geographic
boundaries, Mr. C hrystal notes,
“ Compared to where they sta rte d
from a t the end of W orld W ar II £
they have actually done well. Their
entire country was devastated. To
begin with, they have to endure a
poor w eather clim ate for their crops.
Then, beginning w ith 1945 they h a d 0
poor education and poor m echaniza­
tion, plus an overlay of bureaucracy.
They can overcome all of these con­
ditions except the w eather, so I be­
lieve it is not realistic to say they are 0
The appearance of Dr. Lishchenko
on the IBA convention program will
give Iowa bankers an opportunity to
hear first-hand about the progress of®
R ussian agricultural development.
The 96th convention them e is
“ P artners Progressing T ogether.”
Some other headliners for the
general sessions will be G. Gordon ®
Liddy, Capt. Gerald Coffee, U.S.N.,
and Dr. Paul Nadler.
Gordon Liddy is rem em bered as
the W atergate m asterm ind, later im- £
prisoned for four years, and now a
novelist and lecturer whose book
“ W ill” has been a best seller.
Capt. Coffee is a truly extraor­
dinary m an who joined the N avy in 0
1957. D uring his seven years of im ­
prisonm ent in N orth Viet Nam after
being shot down on a N avy flying
mission, he exhibited the sterling
qualities th a t m ade survival possi- 0
ble for him self and those around
him. His experience in this phase of
life is recounted in his gripping
book, “ Faith: The Key to Survival
and T rium ph.” Capt. Coffee current- 0
ly is Fleet Air O perations Officer a t
U.S. Pacific Fleet H eadquarters.
Dr. Nadler is well-known to Iowa
audiences through his previous ap­
pearances a t banker conventions, as ®
well as his position as professor of
business adm inistration a t R utgers
U niversity. His topic will be “ The
Dollar and You.”
Headlining the entertainm ent will
be noted ballad singer Burl Ives. □


L e t’s a ll g et to g e th e r
a t th is y e a r’s
Io w a B a n k e rs C o n v en tio n .

Deborah Wilson

Ed Kennedy

Hubert and his team of Harris Bankers for Iowa
look forward to greeting their old friends and
meeting new ones. We’ll see you at the Iowa
Bankers Association Convention in Des Moines
from September 19th through 21st.

flu l

Harris Trust and Savings Bank, 111 W. Monroe St., Chicago, IL 60603. Member F.D.I.C., Federal Reserve System.
Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1982


Iowa News

24-Hour Convenience Center Opens

Bank, Alta, as assistant cashier. H e #
had been employed with Farm ers
Savings Bank, Shelby.

Promoted in Jefferson


Roger Rinderknecht, president of
Brenton S tate Bank, Jefferson, has
announced the
p r o m o tio n of
Michael H unter
to senior vice
M r. H u n te r
joined the bank
in 1979 as vice
p re s id e n t
charge of com­
mercial loans. He
previously had
CITY Bank and Chamber officials recently attended the ribbon cutting activities for Securi­ been associated with the B renton®
ty National Bank’s, Sioux City, new 24-Hour Convenience Center, located at the Sunset
State Bank of Dallas Center and
Plaza. It it the first free-standing off-premise automated teller machine in the Sioux City
as m anager of its Woodward
area, and the first of a network of future Security Bank Units. Deposits, withdrawals, trans­
fers and balance inquiries can be performed 24 hours a day, seven days a week at the new office.
Center with an electronic banking card from Security Bank or any other participating bank.

Joins Milford Bank
D avid D. A w try has joined
Dickinson County Savings Bank,
Milford, as cashier, according to
Jam es W. Craven, president. He was
form erly vice president a t U nited

C entral B ank

of Spencer, N.A.,

Russell E. C urtis has been nam ed
vice president, tru s t officer and
Joins Alta Officer Staff
m anager of the tru s t departm ent of #
Terry Zetterlund has joined the of­ Toy N ational Bank, Sioux City, ac­
ficer staff of F irst T rust and Savings cording to L.H. Olson, president.
Mr. Curtis has
been associated
w ith a b a n k
tru s t d e p a rt­
m e n t in D es
Moines for the
last eight years.
He is an a tto r­
ney and a grad ­
uate of the U ni­
versity of Iowa
Law School.
Dean A. Krenz, publisher of the #
Sioux City Journal, has been ap­
pointed as a director of Toy N a­
The bank also recently honored
ten high school seniors a t the second •
annual Toy N ational B ank “ A th ­
letes of the Y ear" aw ard ceremony.
The program is designed to honor
seniors from each high school in
Sioux City and South Sioux City ®
who h a v e show n o u ts ta n d in g
achievem ent in a specific sport. W in­
ners of this y e a r’s aw ards were:
D arin Hildahl and Sue Cortilet from
E ast; Tyron Sm ith and M elissa ®
Barnes from W est; Lisa Kallhoff
and Jeff M ounts from N orth; M ark
Casey and Dynelle Cantrell from
South Sioux City H igh School, and —
Carey Calvert and Joe Berger from ®

Committed to
making your
bank stand
apart from the

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

Sioux City V.P. Named


/hat do you have
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Working Together
Member, Cole-Taylor Financial Group—Independent Banks
Member Federal Reserve System and F.D.I.C.
Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1982


Iowa News

Construction in Dysart Begins

CONSTRUCTION began in July on the new Dysart facility of First Natl. Bk. of Tama County
in Clutier. The former Hansen Motors Garage located on Main St. will be completely
renovated to provide full service banking in Dysart for the first time in history. The new
facility, scheduled for completion in Dec., will include over 5,100 sq. ft. on the main level
plus storage space in the lower level. The interior will contain two offices, large conference
room, space for future office expansion, three teller windows, a sit down new accounts sta­
tion and bookkeeping department, totally enclosed drive-up window and night deposit
system and a fireplace in the customer waiting area. Kirk Gross Company is in charge of
the project and will utilize local trades where practical.

Hawkeye Proposes Four
Iowa Bank Acquisitions

exchange for Hawkeye Bancorpora­
tio n ’s common stock. All four are
Paul D. Dunlap, president of subject to various regulatory ap­
H aw k ey e B a n c o rp o ra tio n , D es provals.
Moines, Iowa based bank holding
The acquisition of the S tate Bank
company, has announced four pro­ of Vinton, w ith assets of $50 million,
posed bank acquisitions in diverse will be in exchange for H aw keye’s
Iowa locations. The proposed acqui­ common stock. Vinton, located in
sitions represent total new assets in east central Iowa is the county seat
excess of $110 million. This is in ad­ of Benton County. S tate Bank of
dition to $ 1 0 2 million in new bank as­ Vinton is the largest of the 13 banks
sets previously announced in the located in the Benton County bank­
first half of 1982. Term s of the pro­ ing m arket and accounts for over
posed transactions were not an­ 20% of county wide deposits. Vin­
nounced. However, two of the acqui­ ton, w ith a population of over 5 ,0 0 0
sitions will be for cash and two are in has a variety of light industry as

Ground Broken for “ Westside O ffice”

well as serving as the trade center
for a rich agricultural area.
F irst N ational Bank in Lenox,
with assets of $35 million is located
in Taylor County in southw est Iowa.
The proposed acquisition is for cash.
The F irst N ational B ank serves a di­
versified agricultural area. The bank
is the largest of the three banks in
the banking m arket com prising over
41% of county wide deposits.
Also announced was the proposed
merger of the Farm ers Savings Bank
of Stratford into the Citizens Na­
tional Bank of Boone, a Hawkeye
subsidiary bank. Stratford, located
in Ham ilton County, is approxim ate­
ly 20 road miles from Boone. The
lending capacity of the combined
banks, it was stated, will be in excess
of $500,000 to any one individual.
Farm ers Savings Bank has assets of
approxim ately $11 million and Citi­
zens National has assets in excess of
$60 million resulting in combined
assets of over $70 million for the
bank. The combined banks will be
nam ed Citizens N ational Bank,
It was also announced th a t Sey­
m our S tate B ank in W ayne County
in southeast Iowa will be acquired
by m erger into Centerville N ational
Bank, also a subsidiary of Hawkeye.
The acquisition will be in exchange
for H aw keye’s common stock. Sey­
mour S tate B ank has assets of ap­
proxim ately $15 million. Centerville
National B ank has assets of over
$54 million which will result in com­
bined bank assets of nearly $70
million. Seymour is approxim ately
15 miles from Centerville. I t is an­
ticipated th a t the two banks will
change their name to Hawkeye ^
Bank & Trust, Centerville-Seymour.
H aw keye B an corporation cu r­
rently has 30 subsidiary banks. An
application for the 31st bank, the
S tate B ank of Allison, is pending £
with the Federal Reserve. W hen the
current four banks are approved,
Hawkeye Bancorporation will have
33 subsidiary banks w ith 85 loca­
tions across the sta te of Iowa.

Iowa City Officer Named
FIRST National Bank, Cedar Falls, recently broke ground for its new “ Westside Office” to
be located at the corner of Hudson Rd. and Second St. and scheduled to open late summer.
The new facility, which is the bank’s second detached office, will provide all banking ser­
vices including loans and a drive-in ATM. Present for the ground breaking were (I to r):
Robert Lehman, Cardinal Construction; Hoyt Messerer, dir.; B. Wylie Anderson, dir.; Joan
Poe, dir.; Dean R. Beneke, pres.; Doug Sharp, Cedar Falls Mayor; Virgil Becker, dir., and
Sam Scherf, Cedar Falls Chamber of Commerce.

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis


F irst National Bank, Iowa City,
has announced the promotion of Ste­
phen M. Kensinger to tru s t invest­
m ent officer. Mr. Kensinger has been
with F irst National since June, 1980, ®
as an investm ent analyst.


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Northwestern Banker, August, 1982


Iowa News

A Picture Report From NABW State Conference
“ Accent on Management” Held May 12-14

SCHOLARSHIP winners pictured left to right: Kay Stoterau, cust.
serv. off., Northwestern Natl., Sioux City, and convention vice
chm./prog. chmn.; Marquerite Stole, v.p., Citizens Bk., Anamosa;
Carol Higgins, secy., commercial loans area, First Natl., Burl­
ington, and Norma Harmison, a.v.p., Warren County Brenton Bk.,

ATTENDING the conference were: Speaker Jerry Simmons, pres.,®
Jerry Simmons & Assoc.; Marilyn Damman, v.p. & cash., Melvin
Sav. Bk., and NW Iowa Gr. chmn.; Donna Carlson, a.c., Sanborn
Sav. Bk, and convention treas./finance; Jean Rentel, a.v.p., Toy
Natl., Sioux City, and convention arrangements chmn., and
Speaker Tom Nolan, pres., Nolan Financial Corp., Mequon, Wis.

LEFT~Speaking on “ Leadership Styles...Theirs, Yours” was Gloria O’Hayre, NABWEF consultant, O’Hayre Enterprises, Lakewood, Colo.'
CENTER—Conducting a marketing workshop was Bill Balak, v.p./marketing, U.S. Natl., Omaha. RIGHT—Ruth Willits, incoming state
council chmn., presently regional chmn. of educ. & training, and v.p. Northwest B&T, Davenport, and Carol Stone, incoming natl. awards &
scholar, chmn., presently regional dir., and trust off., UCB of Des Moines, N.A.

p p r o x im a t e l y



A ers from around the sta te a t­
tended the 1982 NABW S tate Con­
ference held M ay 12-14 a t the M a­
rin a In n , S o u th S io u x C ity ,
Elected as new sta te council chair­
m an was R uth W illits, vice presi­
dent, N orthw est Bank & T rust,
D avenport. Four mem bers serve
under her on the executive com m it­

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

tee. They are: A w ards & Scholar­
ships Chairm an W ilma Weeks, cor­
respondent bank operations officer,
Security N ational Bank, Sioux City;
E ducation & Training Chairm an N a­
dine Wax, vice president, M erchants
National, Cedar Rapids; M embership
Chairm an A rliss W illyard, a ssista n t
vice president, W aukon S tate Bank,
and Public Affairs Chairm an Joyce
Chapman, vice president & cashier,

W est Des Moines S tate Bank.
Serving as regional aw ards and
scholarships chairm an th is year will
be Norm a Harm ison, a ssista n t vice
president, W arren County Brenton
Bank. H olding the position of na­
tional aw ards and scholarships
chairm an for 1982-83 is Carol Stone,
tru s t officer, U nited C entral B ank of
Des Moines, N.A.


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Iowa News

1st Sioux City Holds Open House

th e a s s is ta n c e o f k n o w ­
led g eab le a d v iso rs, and
(2 ) P u rsu e e ffo rts to co n v in ce th e
1 R S to ta k e a fa v o r a b le
p o sitio n or to seek c o rre ctin g
le g isla tio n b y c o n ta c tin g th e ir
re p re s e n ta tiv e s , sin ce som e
tim e is a v a ila b le to e ffe c t a
fa v o ra b le re su lt.

Toy Natl. Sponsors Seminar

MORE THAN 10,000 people attended the several open house celeb ration s hosted by the
First N ational Bank in Sioux C ity s ta ff to show o ff the ir new bank building. The four-story
structure was featured in a special a rticle in last m o n th ’s issue (page 88). A pp roxim ately
750 business people toured the building early in the week of the open house affairs, then in
excess of 500 area bankers and wives were guests for a special tou r and bu ffe t reception
on Friday evening. The public open house on S aturday and Sunday a ttracted about 9,500
people. Greeting guests at the bankers’ open house on Friday evening were the above three
men, from left: F. Forbes Olberg, chmn., Banks of Iowa, Inc., Cedar Rapids; Holm es Foster,
pres. & c.e.o., Banks of Iowa, Des Moines, and Richard C. Taylor, pres., First Natl., Sioux C i­
ty, an a ffilia te of Banks of Iowa.

1RS plague strikes H.C.’s ...
(continu ed from p ag e 2 1 )
g re ss w orked to a tta c h an am end ­
m e n t to p en d in g le g isla tio n to p re­
v e n t issu a n ce o f th e ru ling. U n fo r­
tu n a te ly , th e am en d m en t in tro d u ced
b y S e n a to r G a rn w as a tta c h e d to th e
co n tin u in g sp en d in g re so lu tio n and
did n o t su rv iv e th e clo sin g m o m en ts
o f c o n g r e s s io n a l a c t i v i t y . T h e
a u th o rs u n d e rstan d th a t th e I R S
h a s w ritte n a le tte r to v ario u s co n ­
g ressm e n in d ica tin g th a t th e y h ave
no p lan for i m m e d i a t e p u b lica tio n of
th e ru ling.
S in ce th e issu a n ce o f R ev en u e
P ro ced u re 8 0 -3 4 , th a t would allow
ta x p a y e r s who w ere a c tin g as a c ­
q u irin g a g e n ts for a hold ing co m ­
p an y u nder very narrow fa c ts as p ro ­
vided in th is proced u re for o b ta in in g
a form al p riv a te ru ling, th e I R S h as
ta k e n sev eral co u rses o f actio n .
A round th e fir s t o f M a rch of 1981
th e I R S decided to in fo rm ally a b a n ­
don issu a n ce of ad v an ce ru lin g s th a t
S e c tio n 351 applied to th e tr a n s a c ­

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

tio n if th e f a c ts w ere sim ila r or id en ­
tic a l to th e p a ra m e te rs s e t fo rth in
R ev en u e P ro ced u re 8 0 -3 4 . S u b s e ­
q u en tly , on M a rch 3 0 , 1 9 8 1 , th e I R S
fo rm ally in d ica ted in R ev en u e P ro ­
ced ure 8 1 -1 0 th a t it w ould n o t o r­
d in arily ru le on th e t a x a s p e c ts of
th e a ssu m p tio n o f in d eb ted n ess,
th u s, lim itin g th e e ffe c t o f R ev en u e
P ro ced u re 8 0 -3 4 . F in a lly , on N ov em ­
b er 30, 1 9 8 1 , th e I R S sim p ly and fo r­
m ally s ta te d in R ev en u e P ro ced u re
81-61 th a t it w ould n o t ru le on th is
issu e u n til it had resolv ed an e x te n ­
siv e stu d y c u rre n tly u nd erw ay.
P re su m a b ly th is stu d y will re su lt in
th e issu a n ce of new ru les b y th e I R S
in th e fu tu re.
T h u s, u n til th e I R S stu d y is co m ­
p leted , th e a u th o rs en co u rag e all
b a n k ers fo rm in g or co m te m p la tin g
th e u se of a one b a n k h old ing co m ­
p an y to:
(1) T re a d ca u tio u sly th ro u g h de­
lib e ra te , p lan n ed a ctio n s w ith

T h e tr u s t d ep a rtm e n t o f T o y N a ­
tio n a l B a n k , S io u x C ity , and D e ­
fe rre d
C o m p e n s a tio n
m in is tr a to rs In c ., o f M in n eap o lis,
M in n ., an a ctu a r ia l and m a n a g e­
m e n t co n s u ltin g firm th a t h an d les
th e a n n u al a d m in istra tio n o f th e
T o y N a tio n a l B a n k re tire m e n t plan,
co sp o n so red an em ployee b e n e fit
sem in a r for a c c o u n ta n ts and a t ­
to rn e y s o f S io u x C ity , J u n e 29. T h e
s u b je c ts co v ered in clu d ed qu alified
re tire m e n t p lan s; defined b e n e fits
v s. d efined co n trib u tio n ; se lf funded
h e a lth in su ra n ce p la n s; 4 0 1 (k)
p lan s, and cu rre n t b e n e fit tren d s.
B e s id e s a rea a tto rn e y s and a c ­
co u n ta n ts , th e b o ard o f d irecto rs,
v ario u s co rresp o n d en t b a n k e rs and
som e p re se n t tr u s t cu sto m e rs w ere
also in v ited .
L e s O lson, p re sid e n t o f T o y N a ­
tio n a l, re c e n tly w as k e y n o te sp eak er
a t th e Io w a P ro fe s s io n a l D ev elo p ers
B a n q u e t held J u n e 2 4 in A tla n tic C i­
ty . S ix t y people w ere in a tte n d a n ce .

UCB, Estherville Elects
Martinson as President
A lly n M a rtin so n re cen tly w as
elected a s presid en t, ch ief ex ecu tiv e
o fficer and a d irecto r o f U n ited C en­
tr a l B a n k & T ru s t C om pany o f E s t ­
M r. M a rtin so n
has been em ­
ployed b y N o rth ­
w e ste rn S t a t e
B a n k of A u stin ,
M in n .,
s in c e
1977, fir s t as
v ic e p r e s id e n t,
co m m ercial lend­
in g and loan adm in is tr a tio n ,
th en as sen ior v ice p resid en t and
since O ctob er, 1 9 80, a s p resid en t and
ch ief ex e cu tiv e officer. P rev io u sly, he
served as an o fficer o f th e N o rth ­
w estern N a tio n al B a n k o f F erg u s
F a lls , M inn., and a s an o fficer and
m an ag em en t tra in ee of th e N o rth ­
w estern N a tio n a l B a n k o f Sio u x
F a lls , S o u th D a k o ta .



Correspondent Banking


Vice President
Correspondent Banking

Account Manager
Banks of Iowa Computer Services (BICS)

We can show you how...with Instant Access!
For an initial investment of ap­
proximately $50,000, your cus­
tomers can have access to their
accounts 24 hours a day at 350
locations in Iowa, Nebraska and
South Dakota.

account deposits are prohibited
by law between states.)

You, too can become the domi­
nant EFT financial institution in
your community by establishing
terminal locations and issuing
your own Instant Access cards.
With Instant Access, your cus­
Let Gary, Joe and Mark show
tomers can access their ac­
you how the Instant Access
counts at hundreds of locations
system can be implemented in
— banks, hospitals, grocery
your bank. Give them a call at
stores or shopping malls — in
the three-state area. It takes just (712) 277-0618 for additional
seconds for deposits, withdrawals, information.
transfers and balance inquiries
These banks are recognized leaders
to be routed through the Iowa
in electronic banking in their com­
Transfer System (ITS), confirmed munities, and you can be too:
with BICS and sent back to the
Steele State Bank
originating ATM or POS. (Only
Cherokee, IA

Valley Bank of Union County
Elk Point, SD
First National Bank
Le Mars, IA
Valley Exchange Bank
Lennox, SD
Pioneer Valley Bank
Sergeant Bluff, IA
Citizens State Bank
Sheldon, IA
First National Bank
Sioux City, IA
Valley National Bank
Sioux Falls, SD
Dakota County State Bank
South Sioux City, NE
Valley State Bank
Yankton, SD

First National Bank
Member FDIC • PO. Box 3248, Sioux City, Iowa 51102 • A BANKS OF IOWA’ BANK
Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1982

eye B a n co rp o ra tio n , he w as s e n io r ®
v ice p re sid e n t, sen io r tr u s t o fficer
and d ire cto r o f U n ite d S t a t e B a n k ,
C ed ar R a p id s, a H aw k ey e a ffilia te d
ban k .




Kenneth W. Hall, sen ior cu sto m e r
serv ices o ffic e r o f U n ite d C en tra l
B a n k o f D es M o in es, N .A ., h a s re ­
tire d a fte r 42 y e a rs o f serv ice.
M r. H a ll jo in e d U n ite d C en tra l
B a n k (th en C e n tra l N a tio n a l B a n k )
in 1 9 4 0 as a m e ssen g er and h a s held
v a rio u s p o sitio n s in b o o kk eep in g ,
c re d it and n o te d e p a rtm e n ts a s w ell #
a s o th e r a re a s o f th e b a n k . In 1 9 7 3
M r. H a ll w as nam ed m a n a g er o f th e
M o to r B a n k and in 1 9 7 4 tra n s fe rre d
to th e M a in O ffice to a ssu m e th e
d u ties o f cu sto m e r serv ices o fficer. •
OBERT G. Millen, p re sid e n t
and ch ie f e x e cu tiv e o ffic e r o f
U n ite d C en tra l B a n k o f D es M o in es,
N .A ., h as annou nced th e follow ing
ch a n g es in th e re ta il b a n k in g d iv i­
Dale L. Klauss, v ice p re sid e n t in
com m ercial services, h as been nam ed
m a n a g er o f m e tro re ta il b a n k in g and
w ill be re sp o n sib le for su p erv isio n of
cu sto m e r serv ice re p re se n ta tiv e s,
M a s te r Card/Visa and cle rica l su p ­
p o rt in th e m ain b an k . M r. K la u ss
will also be re sp o n sib le for co o rd in a­
tio n o f co m m ercial and in sta llm e n t
lo an s a t U C B ’s th re e b ra n c h o ffices.
H e jo in e d th e b a n k in 1 9 7 0 a s a co m ­
m ercial loan o fficer.
Sharon Moon h a s been p ro m o ted
to cu sto m e r serv ice re p re se n ta tiv e
I I I . In ad d itio n to h er cu sto m e r s e r­
v ice re sp o n sib ilitie s, M rs. M oon will
also a s s is t in re ta il a d m in istra tio n
m a tte rs. Sh e h as held variou s p o si­
tio n s w ithin th e b an k since she beg an
a s a se c re ta ry in th e in v e stm e n t de­
p a rtm e n t in 1 9 6 4 . S h e w as p ro m o ted
to cu sto m e r se rv ice re p re se n ta tiv e
in 1 9 78.
* * *

S e p te m b e r 1 . M r. W a lth a ll cu rre n tly
is p re sid e n t o f S t a t e B a n k & T r u s t
in C ou ncil B lu ffs , a m em b er b a n k of
H aw k ey e B a n co rp o ra tio n . Larry L.
Wenzl, who h a s been p re sid e n t of
H aw k ey e-C a p ita l sin ce J a n u a r y of
1 9 8 1 , will rem a in a s ch a irm a n of th e
bo ard and also as a re la tio n s o fficer,
su p erv isin g o th e r b a n k s for H aw keye B a n co rp o ra tio n .
M r. W a lth a ll m oved to C ou ncil
B lu ffs from D es M o in es to b eco m e
p re sid e n t o f S t a t e B a n k & T r u s t in
M ay , 1 9 7 7 . H e p rev io u sly w as em ­
p loyed b y H a w k ey e-W est B a n k &
T r u s t as sen io r v ice p re sid e n t and
p rior to th a t w as a ffilia te d w ith th e
Io w a-D es M o in es N a tio n a l B a n k .
M r. W a lth a ll is p re se n tly serv in g as
ch a irm a n o f G rou p V o f th e Iow a
B a n k e rs A s s o c ia tio n and is a m em ­
b er of th e ir b o ard o f d ire cto rs. H e is
also a m em b er o f th e Y o u n g P r e s i­
d en ts O rg a n iz a tio n s.
James “ Mike” Early w as elected
p re sid e n t, ch ie f e x e cu tiv e o fficer and
d ire cto r of H a w k ey e-W est B a n k &
T ru s t, e ffe c tiv e
J u l y 1. M r. E a rle y
su cceed s

H aw k ey e-C ap ital B a n k & T r u s t
h a s annou nced th a t David N. Wal­
thall, 36, w ill ta k e on th e d u ties o f
p re sid e n t o f th e b a n k on or befo re

Charles Gustaveson, who h a s re ­




Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

sign ed to p u rsu e
o th e r in te re s ts .
M r.
E a r le y
h as b een serv in g
a s v ic e p r e s i­
d e n t-tru sts of
H aw keye B an EARLEY
co rp o ra tio n for th e p a s t y ear. In
th a t p o sitio n , he w as re sp o n sib le for
sta te w id e tr u s t serv ices o f H aw k ey e
a ffilia te b a n k s and p ro d u ct d evelop­
m ent.
B e fo re jo in in g th e s t a f f o f H aw k-

Io w a D es-M o in es N a tio n a l B a n k
re c e n tly an n o u n ced th e follow in g
p ro m o tio n s follow in g th e m e e tin g o f #
th e b a n k ’s b o ard o f d ire cto rs.
James A . Hanisch h as been nam ed
v ice p re sid e n t, b a n k s y s te m s . M r.
H a n isch jo in e d th e m a n a g em e n t de­
v elo p m en t p ro g ra m in 1 9 7 5 and h a s #
held v a rio u s p o sitio n s in clu d in g
v a u lt m a n a g er, e le c tro n ic b a n k in g
o fficer and m a n a g er o f b a n k s y s ­
te m s and serv ices.
P ro m o ted to secon d v ice p r e s -#
id en t w ere: Colleen K. Monahan in
ite m p ro c e ssin g and Mitchell A .
Christensen in d ep o sit serv ices. M r.
M o n a h a n jo in e d th e b a n k in 1 9 7 4
and h a s held v a rio u s p o sitio n s in - #
elu d in g w ire tr a n s fe r and lo ck b o x
su p erv iso r, cu sto m e r se rv ice m a n ­
ager, m a n a g er o f d a y -item p ro c e s s ­
in g and m a n a g er o f ch e ck p ro cess-







Eddie A. Wolf
Sr. Vice President

William B . Greaves
Vice President

Cyrus D. Kirk
Vice President

September is almost here, and
September 19-21 brings with it a big event
— the 96th Annual Iowa Bankers
Association Convention. And we’ll be there!
Though you may see our faces often,
we want you to meet some of the people at
United Central Bank who are involved in
providing you with the best banking
services available. Whatever your needs may

be — Lending...Cash Management...
Investments ... Farm... TYust... Data
Processing, we have the experienced people
who can answer those needs in a
knowledgeable, professional manner.
And if you’re not one of our
respondent banks, it’s time we met. See you
in September!



Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1982


Iowa News

First National
h a s a new
source of funds
for cattle and
grain loans.
agricultural credit corporation that is
a wholly owned, non-banking sub­
sidiary of First Midwest Bancorp., Inc.
First Agcorp is another of the
many correspondent services available
through the First National Bank of
St. Joseph. Just call John Kam,


gor W h e re y o u r
su ccess is a
tra d itio n .



ing. M r. C h risten sen , who jo in e d th e
b a n k in 1 9 7 7 , h a s serv ed a s c u s ­
to m e r a c c o u n tin g s u p e r v is o r ,
m a n a g er o f ele c tro n ic b a n k in g s e r v #
cies and m a n a g er o f d ep o sit s e r­
v ices.
N am ed to o fficer s ta tu s w ere: Iris
L. Swanson, sen io r o p era tio n s o ffi­
cer; Robert L. Stoner, sm all business®
b a n k in g o fficer, and Ann M. Brandel, h um an re so u rces o fficer.
M s. S w a n so n jo in e d th e b a n k in
1 9 6 0 , serv in g a s en co d in g and re co n ­
cilin g su p erv iso r and ch eck p r o c e s s #
in g su p erv iso r. M r. S to n e r s ta rte d in
1977 and h as served in p erson al
ban k in g , card serv ices and sm all b u s­
in ess ban k in g . M s. B ra n d el jo in ed as
hum an resou rces a d m in istra to r i i #



R e c e n t re cip ie n ts o f sch o la rsh ip s
from N o rth w e st B a n c o rp o ra tio n ’^
S ch o la rsh ip P ro g ra m w ere: Nancy
and Kathie Kersey and Steven Sikkink. Steven Haley, la s t y e a r ’s re c i­
p ien t, w as also aw ard ed a second
y e a r sch o la rsh ip .
Nancy and Kathie Kersey are th e
d a u g h te rs o f Bernard H. Kersey,
v ice p re sid e n t and m a n a g er, fin a n ­
cia l in s titu tio n s , Io w a-D es M o in es
N a tio n a l B a n k . Steven Sikkink i ^
th e son o f John Sikkink, ex ecu tiv e
vice presid en t, o p eratio n s and ad ­
m in is tra tio n d ivision .

Schleswig Addition Told

First National
St. Joseph, Missouri 64502

Call: (816) 279-2721
A ffiliate of First Midwest Bancorp., Inc.

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

Member F.D.I.C.

D a v id M . Su n d erm a n h a s jo in e d
th e F a rm e rs S t a t e B a n k o f S c h le s ­
w ig as o p eratio n s officer. M r. S u n ­
derm an prev iou sly served in th e d a ta #
p ro cessin g d ep artm en t o f th e S e ­
cu rity N a tio n a l B a n k o f Sio u x C ity.

Two Promoted in Dubuque •
E ile e n S ch illin g and B e t t y H eyin g
w ere prom oted second vice p resi­
d en ts d uring a re cen t m eetin g o f th e
board of d irecto rs of th e A m e r ic a r ^
T ru s t & S a v in g s B a n k , D ubuque.
M s. S ch illin g jo in ed th e b an k in

Iowa News

^ 1 9 5 1 and h as served a t A m erican
T r u s t on K en n ed y R oad since it
opened in 1 969, cu rre n tly a s m an ­
ager. M s. H ey in g jo in ed th e ban k
s ta ff in 1 9 6 6 and is cu rre n tly in
• ch a rg e of th e sav in g s d ep artm en t.

1st National, Sibley, Names
John Jorgensen President

J o h n P. Jo r g e n s e n h a s b een e lec­
te d ch a irm an , p re sid e n t and ch ief
e x e cu tiv e o fficer o f th e F ir s t N a­
tio n a l B a n k in
^ S ib le y . M r. J o r ­
g en sen resig n ed
as e x e cu tiv e v ice
p r e s id e n t
H a w k e y e - C a p i^ ta l
T ru s t,
D es
M o in es, to a c ­
ce p t th is new a p ­
p o in tm en t. B o th
0 b a n k s are m em ­
b e rs o f th e H aw k ey e B a n co rp o ra tio n .
M r. Jo r g e n s e n su cceed s L eo E .
C arlso n , J r . , w ho re sig n ed to pu rsu e
0 o th e r in te re s ts .
M r. Jo r g e n s e n jo in e d th e H aw keye o rg a n iz a tio n in O cto b e r, 1978,
a s e x e cu tiv e v ice p re sid e n t of C om ­
m e rcia l S t a t e B a n k in M a rsh a ll­
t o w n . H e tra n sfe rre d to H aw keyeC a p ita l B a n k & T r u s t in M ay , 1981
in th e sam e ca p a city .
A fte r g ra d u a tio n from th e U n i­
v e r s ity of N e b ra sk a -L in co ln in 1 9 6 8
• w it h a B A d egree in P o litic a l S c i­
ence, M r. Jo r g e n s e n w ent to w ork
for B a n k o f A m e rica, S a n F ra n c isc o ,
w here he serv ed in fou r sep a ra te
b ra n c h e s. D u rin g his em p lo y m en t
• t h e r e he w as called in to m ilita ry se r­
v ice for th re e y e a rs. H e le ft B a n k o f
A m e ric a in F e b ru a ry , 1 9 7 4 , to jo in
C o m m ercial N a tio n a l B a n k in G ran d
Is la n d , N ebr. H e re sig n ed from th a t
• b a n k a s v ice p re sid e n t in ch a rg e o f
co m m e rcial len d in g in O cto b e r, 1 9 7 8
to jo in H aw keye.
M r. Jo r g e n s e n w as g rad u ated
fro m th e C olorad o S ch o o l o f B a n k • i n g in 1 9 7 8 an d earlier a tte n d e d th e
A B A C o m m ercial L en d in g S ch o o l a t
th e U n iv e rs ity o f O klah om a, N o r­
m an, in 1 9 7 5 .


With today’s rapid changes in
banking technology, data
processing is becoming an even
more important management tool.
That’s where I come in. • •
Ken Roeder
Correspondent Bank Officer
Security National Bank

W hen Ken Roeder talks about how the advances in
the field of data processing can affect your operations,
he’s speaking from experience— 15 years’ experience as
a data processing specialist.
Ken knows data processing. More important, he
knows how to put it to work for the individual needs of
his correspondents. As a Security correspondent bank
officer, Ken is also equipped to provide you with the
best in ag lending and overline services.
Today, your continued profitability is as important
to Security National as it is to you. Through experts like
Ken Roeder, w e’re determined to help you protect it.


Sioux City, Iowa 51101 (712) 277-6554

© 1982 Security National Bank
Federal Reserve Bank of St. Louis

Member FDIC

Northwestern Banker, August, 1982


Iowa News

p o ssib ly m ore will b e new. I t is im ^
p o rta n t to w ork w ith th o se who are
new, esp ecia lly th o se new to b a n k ­
in g le g is la tio n .”

MB o ffic ia ls , from left: Richard W. Berglund, exec, v.p.; Diane Gibbs, MB exec, dir., both Des
Moines; Donald W. Heineking, new IIB pres., and pres, of S ecurity State, Hubbard, and Fred
W. Hagemann, retiring IIB pres., and pres, of State Bank of Waverly. A rnold Schultz, pres.,
Grundy Natl., Grundy Center (pictured in another photo) is new IIB v.p., and Bill W ilson,
pres., Oelwein State (also in another picture), is new IIB treas.

Don Heineking Named IIB President
E d ito r


O O D w eath er com bined w ith
an e x c e lle n t p ro g ram to b rin g
a b o u t 5 0 0 r e g is tr a n ts to th e 1 1 th a n ­
n ual Iow a In d ep en d en t B a n k e rs
co n v en tio n a t L a k e O k o b o ji la te la s t
m o n th . T h e re w ere 2 0 0 b a n k e rs, 187
sp ou ses, and 104 ch ild ren under ag e
18 re g iste re d in ad v an ce, plu s som e
la te re g is tra n ts .
D on W . H ein ek in g , p re sid e n t of
S e c u rity S t a t e B a n k , H u b b ard , w as
elected p re sid e n t to su cceed F red W .
H ag em an n , p re sid e n t, S t a t e B a n k of
W a v erly . T h e new v ice p re sid e n t is
A rn old S ch u ltz , p re sid e n t o f T h e
G ru n d y N a tio n a l B a n k , G ru nd y
C en ter. A t th e e x e cu tiv e co m m itte e
m e etin g follow ing th e co n v en tio n ,
W illiam P. W ilso n , p re sid e n t of O el­
w ein S t a t e B a n k , w as electe d as
trea su rer.
New I I B d ire cto rs are: J o h n
C h ry sta l, p resid en t, Iow a S a v in g s
B a n k , Coon R ap id s; L a rry G rim s te d , e x e c u tiv e v ic e p r e s id e n t,
S e c u rity B a n k & T r u s t Co., D e co r­
ah; W .G . H e rb re ch tsm e y e r, p re si­
d en t, F ir s t S e c u rity B a n k & T r u s t
Co., C h arles C ity ; J o h n W . H op k in s,
p re s id e n t, A lb e r t C ity S a v in g s
B a n k ; P au l H. Jo h n s o n , p resid en t,
Iow a S t a te B a n k , A lg o n a; R ich ard
E . M iller, p resid en t, C itizen s S t a te
B a n k , Iow a F a lls ; J o c k D. S te v e n ­
son, ex e cu tiv e vice p resid en t, F ir s t
T ru s t & S a v in g s B a n k , C ed ar R a p ­


Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis

A s s o c ia te E d ito r

ids, and R o b e rt C. W ede, p resid en t,
G a te w a y S t a t e B a n k , C lin ton .
M r. H a g em a n n rem in d ed h is a u d i­
ence th a t w hile S F 2 3 0 0 w as p re­
cluded b y a m e n d m e n ts from allow ­
in g sta te w id e b ra n c h in g and an in ­
crea se in th e 8 % of to ta l d ep o sits in
th e s t a te th a t a h old ing co m p an y
m ay own, ‘‘th e 8 % ce ilin g a tt a c k will
rear its head a g ain , p erh ap s v ery
q u ic k ly ...W e reco gn ize ch a n g es will
com e. H ow we re a c t to ch a n g es will
d eterm in e w here we g o .”
M r. H ein ek in g , in his a cc e p ta n ce
re m a rk s, n o ted th a t ” 2 5 % to 3 0 % of
our s ta te le g is la to rs w ill be new due
to re tire m e n ts from th e le g isla tu re .
A t le a s t 40 of th e 1 5 0 le g is la to rs and

Jerry Howard, sr. v.p., H um boldt T&S, ac­
cepts 1982 cham pionship g o lf trophy from
Bernie M iller, v.p., Am erican T&S, Dubuque,
whose bank makes the award annually.

I I B E x e c u tiv e V ice P re sid e n t
R ich a rd W . B e rg lu n d review ed s e v ^
eral im p o rta n t le g is la tiv e m a tte r s of
cu rre n t in te re s t.
M a lco lm S . F o rb e s , J r ., p re sid e n t
o f F o rb e s , In c ., and sen io r ed ito r of
F o r b e s m ag azin e, New Y o rk , d eliv®
ered a v ery w ell receiv ed ta lk on
‘‘T h e E c o n o m y .” I t w as review ed in
th e A u g u st 2 W e e k l y N e w s l e t t e r .
M a ry E . C u rtin , a M in n eap o lis a t ­
to rn e y , g a v e tw o e x c e lle n t te c h n ic a P
ta lk s —one on ‘‘D ea lin g w ith R e g u ­
la to ry P ro b le m s ,” th e o th er on
E S O P p lan s. S h e ad v ised b a n k ers to
g e t an y s ta te m e n t from e x a m in e r ^
or re g u la to rs in w ritin g b efo re re ly ­
in g on oral co n v e rsa tio n or p ro m ises
to s u b s ta n tia te an a ctio n . H er
E S O P p r e s e n ta tio n drew m a n y
q u estio n s and she o ffered to send a r ^
t id e co p ies sh e h a s a v a ila b le a t h en
S ila s K eeh n , p re sid e n t o f th e F e d ­
eral R e se rv e B a n k of C h icag o , g av e
a sch o la rly review of th e p r o c e s s e ^
th ro u g h w hich th e F ed g oes to a r­
riv e a t it s m on ey su pply fig u res and
p re d ictio n s. S t a tin g th a t he feels
th o se p ro cesse s are well th o u g h t o u t
and well m o n ito red , M r. K eeh n s a i(^
m o n eta ry p o licy h a s done its a n ­
nounced jo b in b rin g in g in fla tio n
down from double d ig its to a b o u t
5% to 7 % , and co n tin u in g down.
F ro m th is p o in t on, he s ta te d , b rin g ^
in g down in te re s t ra te s and b u d g et
d e fic its is th e re sp o n sib ility o f fisc a l
m a n a g e m e n t—i.e., th e C o n g ress and
A d m in istra tio n .
J a c k S m ith , A B C n etw ork c o rr e s ^
p o n d en t from W a sh in g to n , D .C .,
g av e a low -key, b u t v ery in sig h tfu l,
look a t w orld e v e n ts, and how som e
o f th o se e v e n ts h av e been covered
and rep o rted .
A t th e fin al lu n ch eon m eetin g ,
I B A A P re sid e n t R o b e rt L . M cC o r­
m ick , J r ., p re sid e n t of th e S tillw a te r
N a tio n a l B a n k & T r u s t Co., S t ill­
w ater, O kla., g av e a re p o rt 01#
I B A A ’s fed eral le g is la tiv e effo rts.
H e p o in ted o u t th a t on th e S e n a te
v o tin g ov er th e w ith h old in g a t
so u rce o f ta x on in te re s t and
d iv id en d s (w hich ca rrie d 5 0 -4 7 )#
Iow a Sen . C h arles G ra s s le y v o ted
for th e m o tio n , w hile S e n a to r R o g er
Je p s e n g a v e one o f th e im p o rta n t
ta lk s o p p o sin g th e bill.
M r. M cC o rm ick a ttr ib u te s thd®
la ck o f fa v o ra b le a ctio n b y th e

Iowa News

Fred Hagemann, pres., State Bank of W averly; Keith Campbell,
pres., C itizens State, Sheldon; Jan Skola, pres., Farmers Sav.,
Kallona, and Jerry Howard, sr. v.p., Hum boldt T&S.

Dw ight W illard, pres., Famers T&S. Spence-; Neil M ilner, exec,
v.p., Iowa Bankers Assn., Des Moines; Peter DeRosier, v.p., Natl.
Blvd. Bank, Chicago, and Tom Dunlap, pres., South Story B&T,


Dan Doyle, pres., W ellm an Sav.; Bill W ilson, pres., Oelwein State;
B ill Rickert, sr. v.p., Natl. Bank of W aterloo, and Bill Kennedy,
pres., Farmers & Traders Sav., Bancroft.

Mike Bauer, corr. bk. off., Davenport B&T; Steve Jacobson, exec,
v.p., Iowa State, M orning Sun; Dick Buenneke, pres., Citizens
State, Belle Plaine, and Al Luett, pres., M iles Sav.

Al Lynes, exec, v.p., Kerndt Bros. Sav., Lansing; Harold Godbersen,
chmn., Ida County State, Ida Grove; Jim Brown, v.p., Hardin County
Sav., Eldora, and Bob Ackley, pres., South O ttum w a Sav.

Don Erusha, pres., Solon State, chats w ith speaker M alcolm
Forbes, Jr., relating how he served w ith M alcolm Forbes, Sr., in
the same in fa ntry com pany in Europe in WWII.

and Ben Eilders, v.p., Bankers Trust, Des Moines.

Jim Ryan, m idw est sales mgr., B arclay’s Bank Travelers Cheque
div., Chicago, w ith Joyce and Ed Baker, reg. mgr., Inform ation
Mgmt. Internal., Kansas City. Both men m oderated special ses­
sions tw o days during the convention.
Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1982


Iowa News

Larry Pope, Republican candidate for Lt. Governor in th is fa ll’s
election, and m ajority leader in the last legislature where he was
d ire ctly involved w ith banking legislation, met w ith several
bankers during the 11B convention. From left are: A rnold Schultz,
new v.p. of 11B and pres., Grundy Natl., Grundy Center; Herman
Kilpper, pres., Bankers Trust, Des Moines, and state finance
chmn. for Mr. Pope’s cam paign; Larry Pope; Tom Huston, pres.,

Herman Richter, pres, of University of O koboji and mgr. of The
Three Sons clo th in g store in M ilford, presents award to a
delighted M alcolm S. Forbes, Jr.

Heading out to quench the th irs t of go lfers on a hot day were
M ichelle Kout (left) and Peggy Fetner. M ich elle’s father, Don
Kout, is pres., F&M Sav., Lone Tree. Peggy’s father is Scott
Fetner, pres., Natl. Bank of W aterloo.

K itty Cam pbell, whose father, Keith Cam pbell, is pres, of Citizens
State in Sheldon, is pictured w ith Pat Kane, whose father, Leo
Kane, is exec. v.p. of Am erican T&S, Dubuque.

Colum bus Jun ction State, and Joe Knock, pres., Iowa State Sav.,

D ID C to th ree th in g s: 1. In te r e s t s a le s m a n a g e r for B a r c la y s in
ra te m a rg in s a t S & L s and b a n k s C hicago.
would be end angered , a cco rd in g to
G o lf to u rn a m e n ts, lad ies lu n ch ­
F ed C h airm an P au l V o lck er. 2. T h e eons, a g re a t w in e -ta stin g p a rty th e
F D IC h as sched uled th e clo sin g o f fir s t n ig h t, th e tra d itio n a l B a n k e rs
one m u tu al sa v in g s b a n k each F r i­ T r u s t C om p an y o f D es M o in es re ­
d ay for th e rem ain d er o f th is y ear. 3. ce p tio n th e second n ig h t, and a la k e ­
T h e re is clea rly a b ia s a g a in s t b a n k ­ side b arb ecu e d in n er th e th ird n ig h t
in g w ith in th e A d m in istra tio n , due added th e rig h t m e a su re of r e la x a ­
to th e p resen ce o f so m an y se c u ritie s tio n and fun to th e o u ts ta n d in g
in d u stry people in it. M r. M cC o r­ b u sin e ss m e etin g s.
m ick said he sees th is A d m in istra ­
tio n a s u ltim a te ly tr y in g to m erge
th e th r if t and b a n k in g in d u stries.
S p e cia l in te r e s t se ssio n s on tw o
d ays g av e r e g is tr a n ts on o p p o rtu n i­
ty to h ear p re se n ta tio n s on “ U se of
M icro -C o m p u ters in B a n k in g ,” by
E d B a k e r, reg io n al m an ag er, In fo r­
m a tio n M a n a g e m en t In te rn a tio n a l,
K a n s a s C ity ; I N D E X , b y N oel
B u s c h , p resid en t o f IN D E X , M in n e­
a p o lis , a n d B a r c la y s / A m e r ic a n
T ra v e le rs C heque p ro g ram w ith
IB A A , by J a m e s R y a n , m id w est

Northwestern Banker, August, 1982
Federal Reserve Bank of St. Louis


Acorn Printing ...................................................................... 17
American Express Travelers C heques.............................. 3
American National Bank & Trust, St. P a u l.................. 33, 43
Bank of A m erica.................................................................... 11
Bankers Trust Co., Des Moines ......................................... 56
Bankers Video Service Corp................................................ 7
Colorado National Bank, D e n v e r....................................... 49
Commerce Bank of Kansas C ity ..........................................13
Commercial National Bank, P e o ria ................................... 24
Continental Bank, C hicago................................................ 5

Daktronics, Inc....................................................................... 16
Drovers Bank of Chicago..................................................... 61

Mid-America ................................................................54
National Bank, C h ic a g o ............................................ 18
National Bank, Glendive............................................ 46
National Bank, L in c o ln .............................................. 55
National Bank, Miles C ity .......................................... 42
National Bank,, M inn e a po lis.................................... 45
National Bank, O m a h a .............................................. 50
National Bank, St. J o s e p h ........................................ 70
National Bank, St. P a u l........................................ 30-31
National Bank, Sioux City ........................................67

Gross, Kirk Co., W a te rlo o ................................................... 63
FIBE Bank F a c ilitie s ......................................................... 8-9
Harris Bank, Chicago............................................................59
Iowa Bankers Insurance & Services................................... 65
lowa-Des Moines National Bank ....................................... 76
Kooker, E.F. & A ssociates................................................... 71
Lincoln Benefit Life Co......................................................... 53
Merchants National Bank, Cedar R a p id s ........................ 2
Midland National Bank, Minneapolis ............................... 26
Mortgage Guaranty Insurance Corp...............................14-15
National Bank of Commerce, L in c o ln ............................... 75
National City Bank, M in n e a p o lis....................................... 32
Northwestern National Bank, H e le n a ............................... 46
Northwestern National Bank, M inneapolis....................... 41
Office Concepts, W a te rlo o ................................................. 60
Omaha National Bank ................................................... 38-39
Packers National Bank, O m a h a ......................................... 53
Schweser, Robert E. Co........................................................ 52
Security Bank, Billings ....................................................... 44
Security National Bank, Sioux C it y ................................... 71
United Central Bank, N.A., Des M o in e s............................. 69

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5 1 5 -2 4 5 -3 2 4 8
6 1 2 -372-9622
4 0 2 -5 3 6 -2 4 7 8

A Division of the lowa-Des Moines National Bank
Seventh & Walnut • Des Moines, Iowa 50304