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Des Moines, Iowa

August 2,1982

Money Supply Measure Needs Revision

income or budgets. The past shows
no success on the part of anyone in
HEN summarizing his address in course and philosophy. Going c o rre c tly fo re c a s tin g b u d g e t
before the 11 th annual conven­ through such a period is always dif­ deficits. It is not as important to
tion of the Iowa Independent Bank­ ficult and the historian is left to know the budget deficit, but how
ers at Lake Okoboji July 23, Mal­ judge. The key to it now is the next you go about reducing it.
Two years ago when we had a bal­
colm S. Forbes, Jr., president and 12 months. The focus has been on
budget, interest rates soared.
chief operating
the budget the past eight to twelve
officer of Forbes,
months and I feel that has been bad­ It doesn’t necessarily follow that in­
Inc., and senior
ly misplaced. Congress’ current so­ terest rates must be high, but the
editor of Forbes
lution to raise more taxes by $100 fact is that increased taxes caused
Magazine, New
billion will make the problem worse. this, and it’s what Congress is doing
York, stated:
The fact is that high unemployment now—raising taxes at the wrong
“ We are in
is due to the recession, not the time. The full impact of the tax cuts
one of the most
budget deficit. One could drop won’t be felt until 1984. They should
fruitful periods
$75-$90 billion off the deficit if we have been put in full force in 1981
in 30 years in
had only 6-7% unemployment. Each and we would have benefitted by
scientific devel­
percentage of unemployment ac­ now.
Money Control. What should be
opm ent-m icro- M.S. FORBES, JR.
counts for about $15 billion deficit.
computers, for example. The 1980s High interest rates and unemploy­ our top priority now, if not the bud­
could turn out to be one of our most ment combined account for three- get? Money control! The Fed has no
guide, no compass to know if it’s
productive periods.”
fourths of the budget deficit.
Before arriving at that conclu­
The Budget. Deficits are the re­printing enough money or too much.
sion, Mr. Forbes, the third genera­ sult of recession, not the cause of it. The real question to the Fed is, “Are
tion of his family to hold the post of
Budget projections for the next your current tools to gauge the
editor of the magazine founded in few years are not worth the paper economy the right ones?” The ques­
1917 by his grandfather, gave his they are printed on; a perfect exam­ tion also is how we put into practice
analysis of the current economy, the ple of computer language-“garbage the old saw—too much money chas­
federal budget, the Fed’s money con­ in, garbage out.” The assumptions ing too few goods.
The Fed has no reliable measure
trol efforts and the fundamental used are based on false presump­
flaw he perceives, the cure for poor tions that the future will be like the of money. The one it uses doesn 't in­
monetary control, a look at the past. The fact is that if you build in clude the $200 billion in Money
FDIC future, and observations for inflation in your projections, you Market Mutual Funds and ignores
can balance the budget because the trillion dollar Euro-dollar
The Economy. What we’re go­inflation gives the government market. A revolution in money in
ing through today will rival the era windfall profits. If you decide to MONEY SUPPLY ...
of FDR. It is a fundamental change fight inflation, you cannot predict (Turn to page 4, please)


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Eddie A. Wolf, Sr. Vice President
Federal Reserve Bank of St. Louis

pany and Capital City State Bank in
Des Moines before joining Iowa-Des
Moines National two years ago.


om e to us we’re first in Iowa
because we put
Iowa first.

M ark Conway



m N A T IO N A L B A N K

An Affiliate of Northwest Bancorporation
Member FD ic

Iowa News
Officers elected by the Iowa Inde­
pendent Bankers at the 11 th annual
convention at Lake Okoboji July 23
are: Pres.—Don W. Heineking, pres­
ident, Security State Bank, Hub­
bard; Vice Pres.—Arnold Schultz,
president, Grundy National Bank,
Grundy Center; Treas.—William P.
Wilson, president, Oelwein State
Bank; Immed. Past. Pres.—Fred W.
Hagemann, president, State Bank of
Waverly. Also, Richard Berglund,
Des Moines, continues as executive
vice president.
BOOJVE: Benjamin R. Guenther and
Jeffrey A. Jungman have joined the
Boone State Bank & Trust Com­
pany as vice president and assistant
vice president, respectfully. Mr.




Call (515) 245-3131 or toll-free (800) 362-2514

Guenther was previously with the
Mahaska State Bank in Oskaloosa
and the United Central Bank of
Spencer. Mr. Jungman was formerly
employed as an examiner with the
Iowa Department of Banking.
Kabourek has been named president
of State Bank and Trust. He suc­
ceeds David N. Walthall, who ac­
cepted a similar post at HawkeyeCapital Bank and Trust in Des
Moines. Mr. Kabourek has been ser­
ving as senior vice president of
Security National Bank in Sioux Ci­
ty, in charge of lending. Previous to
that he was with Omaha National
Bank for five years.
DES MOINES: Bill Dodgen, ex­
ecutive vice president of Hawkeye
Bank and Trust of Humboldt, has
accepted a position as vice president
with Hawkeye West Bank and
Trust, effective August 2. Mr.
Dodgen has served as an officer with
the Humboldt bank since 1972.

DES MOINES: Mrs. Gerald O.
(Elaine) Nelson died July 21 in a
Duluth, Minn., hospital following an
extended illness. Burial services
were held in Des Moines last week. #
Mr. Nelson retired several years ago
as vice president and head of the cor­
respondent bank department at
Iowa-Des Moines National Bank.
Since their retirement, they have #
lived in Lutsen, Minn, 55612.
DES MOINES: Northwest Bancor­
poration has received Federal
Reserve Board approval to purchase
Dial Corp. of Des Moines. Banco will
purchase 4.5 million shares at $56
each for a total of $252 million. Pay­
ment will be made August 31 in Des
Moines at Banco’s affiliate, IowaDes Moines National Bank. Dial has
$1 billion in assets and 466 con­
sumer finance offices in 37 states.
Banco has $15 billion in assets, 87
banks, five trust companies and 11
service companies in seven states.
Banco will have to divest five Dial
offices in Iowa. They are in Des
Moines (2), Ft. Dodge, Mason City
and Ottumwa, cities in which Banco
has bank affiliates.

Toll free
1- 800- 332-5991


National Bank 151


Federal Reserve Bank of St. Louis




FONDA: Tom Awtry has been elec­
ted president of First National
Bank. He was formerly executive #
vice president and director. He re­
places Gary Hermann, who resigned
recently to become vice president
DES MOINES: G. Kurt Wayne, and manager of a new Des Moines
vice president in metropolitan bank­ office for Banco Financial Corp. An #
ing of the commercial banking divi­ agreement to purchase First Na­
sion at Iowa-Des Moines National tional by a group of Fonda residents
Bank, is resigning to accept a posi­ and Walter Clark, Omaha, awaits
tion as commercial loan officer at regulatory approval.
First Interstate Bank of Phoenix.
He will move to Arizona to start his WINTERSET: Richard D. Ervin of
new duties at the headquarters bank Shenandoah has joined the Union
effective August 16. Mr. Wayne State Bank. He was formerly man­
previously had extensive banking ager of Associated Financial Serexperience with Bankers Trust Com­

to make MNB
work for you.

Member F.D.I.C.



Carleton D . Beh Company
Investment Bankers / financial Consultants
1300 Des Moines Building / Des Moines, lowa 50309
5 1 5 /2 8 8 -2 15 2



We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion:

Electric Revenue Put Option Bonds
Series 1982

June 1,1982



Both principal and semiannual interest (April 1 and October 1; first coupon due October 1,1982) payable at the
office of the City Treasurer, City of Harlan, lowa.

October 1,2002*

Put Option
October 1, 1985


‘ Callable on October 1, 1992 at par plus accrued interest.
“ Par payment at bondholders option (term bonds): October 1, 1985.

The City of Harlan, the county seat of Shelby County, is located in Western lowa, approximately 100 miles west of Des Moines and 45 miles
northeast of Omaha. Harlan enjoys a unique position in western lowa being the only community in this county approximately ten times as
large as the next sized community. Because of its size and geographic location Harlan has served as the commercial center of Shelby County
and the surrounding territory for many years. Although Harlan is a commercial and trading center, industrial development includes Jacobs
Tool Company (hammermills and trenchers); Western lowa Pork (slaughtering and processing pork); Charter Data Service (data processing);
Agri Land-FS (steel buildings, farm accessories) and Harlan Manufacturing Company (food processing equipment). Transportation is furn­
ished by U.S. Highway No. 59, U.S. Interstate 80 and lowa primary roads. Air transportation is available in Omaha 45 miles away. There are
two commercial banks with total deposits of $84,947,000 as of December 31,1981. In addition to its commercial banks, there are two savings
and loan associations with combined assets of $281,000,000. The 1980 population was estimated at 5,357.
The Series 1982 Bonds are being issued to refund outstanding Electric Revenue Bonds, Series 1979, Electric Revenue Pledge Orders, and
Electric Revenue Pledge Orders, Series 1981, heretofore issued to defray the cost of necessary improvements and extensions to the
Municipal Electric Light and Power Plant and System of the City.

Pro Forma
Total Gross Revenue
Total Operating Expenses
Net Revenue
$ 727,000
$ 812,000
Net Service Coverage
*Debt service coverage related to maximum future principal and interest payments of $799,050 on outstanding
bonds and the Series 1982 Revenue Bonds.

The information contained herein is not guaranteed, but is derived from sources we deem reliable and is that on which our purchase of these bonds are based.
Bonds of a particular maturity may or may not still be available or may now be available at a price or yield different from that indicated above.

Division of
Federal Reserve Bank of St. Louis


& Company Inc.


recover slowly, with a faltering in
1983, then we will get economists
and politicians looking at what they
are doing and perhaps revise their
approaches to the way they should
Ken Boeder
Today, your con­
be doing things. Interest rates will
Bank Officer
tinued profitability is Correspondent
be down slightly, but not enough un­
Security National Bank
as important to
til we get monetary reform.
Security National
W estern
Iow a’s
Bank as it is to you.
In the past, if you could make it
through a recession the inflation
would bail you out. So, in coming
months we will see more failures. As
Sioux City, Iowa 51101 (712) 277-6554 Member FDIC
independent banks, you hear many
what brought about the Big Depres­ people say the future belongs to
sion. After World War II we put in money center banks, American Ex­
(Continued from page 1)
the Bretton Woods Agreement be­ press, etc. This is not true. If you
the past decade has made money cause that was known for years as survive this trauma, it may be dif­
measures obsolete. For example, if what was needed. It began to un­ ficult but you will be prosperous.
There will be more fee income for
sweep accounts are used, how will ravel in the late 1960s and then Viet
they be counted? So, the current Nam destroyed the agreement be­ banks; for example, fees for placing
money measure is out of date. It tween 1968 and 1971, and President investments through a vendor. Most
always needs to be revised, so I con­ Carter made it worse by shirking his customers prefer to deal with some­
one in town and I feel they are more
sider this a fundamental flaw.
responsibility for defense.
Another point is that there is no
In the late 1960s we applied the likely to want to deal with you as a
reliable relationship between money wrong lessons. The top thinkers banker, instead of a Sears finance of­
supply growth and inflation. Ger­ thought their new approaches would fice. Maybe you will have less from
many and Japan had higher money serve better, but actually they de­ your spread on loans, but you will
growths, but less inflation. Ger­ stroyed things. It used to take $2 of earn more from fees.
If one surveys the landscape to­
many had a very high inflation in debt to achieve $1 of growth; now, it
the early 1920s but no money! When takes $10 of debt to achieve $1 of day, it is easy to be pessimistic, but
its inflation crashed, the money sup­ growth. We have destroyed the that is not right. Look at what is be­
ply grew by several hundred per­ Bretton Woods Agreement, shirked ing done on tax changes, for exam­
our defense responsibilities and ple, those things that really change
our future. People are realizing more
The fact is, the Fed is flying blind tinkered with trade regulations.
and many of them there don’t know
Today, we are trying to right the and more that all our problems can’t
it! They think it’s dark all the time! military balance. Secretary of State be solved in Washington.
We are in one of our most fruitful
4. The Cure. How do we cure the Shultz will have to put out a lot of
fact that our central bank has no fires to avoid another Smoot- periods in 30 years in scientific
reliable guide? Go back to the sound Hawley trade war. He played a key development, such as micro-com­
monetary principles of the 1950s role in demolishing Bretton Woods puters. We beat Japan and Germany
and 60s. There was no inflation, we 10 years ago and now will have a and they rebuilt their industry com­
had steady growth. It was the result chance to undo what he did—to be­ pletely new, using all new proced­
of the Bretton Woods Agreement. come a repentant sinner. The Eur­ ures and equipment. The energy
Foreign currency was tied to the opeans are totally against the way crisis is doing the same for us, forc­
ing us to revise our thinking, our
dollar and the dollar was tied to we are handling our money policy.
gold. The red flag was this. If your As we look at the next few months, procedures, policies and technology.
money came under attack you had one of our questions must be, “Will Secretary Shultz may become our
we address the question of whether dominant policy maker.
to change your ways.
The 1980s could turn out to be
For example, after the election of central bankers will realize they
President John F. Kennedy, who aren’t using accurate measures of one of our most fruitful productive
was known as a liberal, the dollar the money supply and do something periods.
came under attack. He put in a con­ about it?’’ We see a substantial re­
Nebraska News
servative Secretary of the Treasury duction coming in marginal tax
and in stitu te d productive tax rates and a radical difference in the BELLEVUE: Bob Hawley has ac­
breaks that reversed things. The way we look at budget formation. cepted a position as assistant to the
Reagan tax breaks are a carbon copy Right now, Congress makes no dis­ president at the Bank of Bellevue.
of that, and Democratic criticisms of tinction between spending and long­ He previously had been serving as
President Reagan are the same as term capital spending. Off-line vice president and manager of the
Republican objections then. Even if spending comes to over $100 billion First National Bank at Bristol, a
someone told Teddy this and ex­ and is not in the budget. This will be branch of First National Bank of
plained it he wouldn’t understand it! changed.
I believe President Reagan will go
5. The FDIC. The way it’s run
back to the Bretton Woods Agree­ now is that good and bad banks pay OMAHA: First National Bank of
ment. The question is, why did we the same rates. This will change. Omaha has announced the appoint­
get off of it? Policymakers of the Congress will rule that those banks ment of Kenneth R. Nimmo as vice
late 1960s lost track of it, of what which pursue way-out loans will president, head of data processing.
made the 1950s and 60s a success. have to pay whopping premiums.
Mr. Nimmo recently joined the bank
June of this year.

^ W ith today’s rapid changes in banking
technology, data processing is becoming
an even more important management
tool. That’s where I come i n .f f
Federal Reserve Bank of St. Louis













Minnesota News
JORDAN: Richard D. Hofer has
been elected president and chief ex­
ecutive officer of Northwestern
State Bank of Jordan. He succeeds
Robert L. Bue, who accepted a posi­
tion recently as president of a bank
in Austin. Mr. Hofer has been serv­
ing as vice president at First North­
western National Bank in Denison,
also a Banco affiliate.

Speakers are small computer agri­
cultural and banking experts from
throughout the midwest. For more
information, contact AMBI head­ I W I I r «
r r Robert Scott,
I ■ % ¡ 9 0 0 0 Correspondent Banker
quarters, Suite 110, 217 E. Monroe
Street, Springfield 62701; telephone:
* * *
A letter of intent was recently ex­
ecuted providing for Firstbank of Il­
linois Co., the holding company for
The First National Bank of SpringMINNEAPOLIS: Kathleen C. Scan­ field, to also become the parent
lon has been promoted from assis­ holding company of First Trust and
tant vice president to vice president Savings Bank of Taylorville, an­
in the trust securities and control nounced chief executive officers ofoperations division of First Bank the two banks.
The definitive agreement must be
by directors of Firstbank
North Dakota News
MINNEAPOLIS: C. Roger Lund- and First Trust,
by the shareholders
beck has joined Midland National
BISMARCK: Bank of North Dako­
# Bank as vice president and trust in­ of First Trust and by various bank ta has announced the appointment
vestment officer, according to Harry
of Thomas Tudor, general counsel,
C. Benson, president and chief ex­ are expected by the end of this year. to vice president and general coun­
ecutive officer. Mr. Lundbeck had FREEBURG: Karl E. Gerhard has sel, and Dale Eberle, assistant vice
been with Northwestern National joined the First National Bank as president, to vice president. Mr.
9 Bank of Minneapolis since 1969, cashier. He was formerly cashier at Tudor has been acting general coun­
most recently as a portfolio man­ the First Bank & Trust Co. in Green­ sel since 1980. Mr. Eberle joined the
bank’s audit department in 1974.
ST. PAUL: Duane H. Wille has joined
HALLIDAY: James W alth has
South Dakota News
^ First Bank Saint Paul as vice presibeen
elected president of The Union
^ dent, loan administration and re­ RAPID CITY: The First National Bank. He succeeds Gerald Bogers,
view. His former position was senior
who recently resigned. In related ac­
national bank examiner in the Min­ shuffled management personnel at tion, Gordon Hoffner has been elec­
neapolis office of the Comptroller of three bank branches. James B. ted senior vice president. Mr. Walth
^ the Currency, where he worked for Johnson, assistant vice president began his banking career at the
and manager of the main office in­
^ 22 years.
stalment loan department, has been Valley Bank & Trust Co. of Grand
named vice president and manager Forks in 1964. In 1973 he purchased
Illinois News
of the Deadwood branch. To fill his an interest in the Union Bank, serv­
The Association for Modern vacancy, Arlo Grass, manager in ing most recently as senior vice
Banking in Illinois will sponsor a Spearfish, has been moved up as president.
two-day banking-agricultural micro vice president of loan administra­ JAMESTOWN: The board of direc­
and mini computer seminar and tion. Myles Kennedy will transfer to tors of First Bank Jamestown has
trade show August 31-September 1 Spearfish as vice president and man­ elected Densel M. Mason president
in Springfield. The site will the the ager from his position as vice presi­ and managing officer, and H.F. Bue•
Holiday Inn East, with registration dent of marketing in the Rapid City gel chairman of the board, effective
now being taken.
August 1. Mr. Mason is currently

Call our
Getting it done for you.


Tom Steffens
Vice President

John Henderson
Vice President



Tony Paugoulatos Jim McLaughlin
Asst. Vice Pres ¡dent Asst. Vice President

Dave Witten born
Bond O fficer


Rick Patton
Bond Representative




Commerce Bank o f K ansas City
Federal Reserve Bank of St. Louis


,„ ,h

w a .™ ,

(816) 234-2000


associated with First Bank Langdon, where he has served as presi­
dent and managing officer since
1979. Mr. Buegel has been asso­
ciated with First Bank System since
1949, and has served as president of
First Bank Jamestown since 1966.
Montana News
BILLINGS: A.E. Omdahl, chair­
man and chief executive officer of
First Bank-West Billings, has an­
nounced the election of Jo Strever to
vice president in charge of bank
operations. Mrs. Strever began her
banking career in 1965 at First Bank
Billings, transferring to First BankWest in 1977 as assistant vice presi­
BILLINGS: Kenneth D. Carson has
been promoted to vice president and
manager of agricultural loans at
First Northwestern National Bank
of Billings. Mr. Carson joined the
bank in 1980 as assistant vice presi­
Rates are $5.00 per line per insertion.
Add $3.00 for file letters per insertion.
Identity of file letter advertisers
cannot be revealed.
Northwestern Banker
306 - 15th Street
Des Moines, Iowa 50309
Phone 515/244-8163
AGRI OFFICER—Immediate opening, experienced ag.
loan officer to head department in $23 million bank
located in resort area. Excellent benefits. Submit resume
and salary requirements to First National Bank, Pine City,
MN 55063.
_______________________________ (PA)
OPERATIONS OFFICER—$23 million bank in lake area
has opening for operations person. Knowledge of com­
pliance and other bank regulations helpful. Excellent
benefits. Send resume and salary requirements to file
QBL, c/o Northwestern Banker.
LEASING MANAGER—3 to 5 years in leasing business.
Degreed. Banking experience a plus. Send resume to: File
OBM, c/o Northwestern Banker.
Opening for OPERATIONS OFFICER with two-three years
experience and desire to handle ag loans. Excellent oppor­
tunity in $9 million expanding north central Iowa bank. Send
resume and salary requirements to file QBO, c/o North­
western Banker.
AGRICULTURAL LOAN OFFICER—2-3 years banking ex­
perience. College grad. $60 million central Iowa bank.
Write file QBN, 6/o Northwestern Banker.

• Steel Tubular Frame
• Pole Optional
• Remolt Control

j§ § )

P.O . Box 263
Grand Island, Nebraska 68801

Three-Bedroom and Two-Bedroom, two bath
townhomes available for sale or rent. Most have
covered hot tubs on the deck. Prices range from
$114,000.00 to $128,000.00. Financing available.

Paradise Properties, P.O. Box S
Dillon, Colorado 80435
Phone: 303/468-5846



□ I would like to sell my
majority bank stock.
□ I would like to buy majority bank stock.
Please Contact: J. Mason Henry

Charles E. Walters C o., Inc.


39 Ginger Woods Road, Valley, Nebraska 68064
Phone: (402)553-6400

Senior Ag Lender, age 35, ISU grad., currently number two
man in $50 million community bank, seeks growth situa­
tion in progressive bank. File 202
Number Two Person, age 36, currently senior vice president in charge of $28 million loan portfolio in community
bank. Ready to move up. File 303
Operations Person with real estate loan and student loan
exp., former examiner. Age 28. Seeks new opportunity
under $26,000
Ag Lender with ISU degree and PCA experience. Farm
background. $16,000
Ag Lender with ISU degree and three years experience
seeks job in central Iowa. Salary $25,000
CEO with outstanding track record in small community
bank seeks new situation at under $35,000. Handles in­
vestments and ag loans.
Installment Lender with solid bank experience, now
employed, wants to join a progressive community bank.
Salary range $24,000
Marketing Executive with extensive experience. Salary
Write or call Malcolm Freeland, Freeland Financial Services,
Inc., 1032 Carriers Bldg., Des Moines, Iowa 50309. Phone
515/282-6462. Employer pays a reasonable fee.__________





Commercial Lender for Colorado ski area bank Salary open.
Instalment Lender with some commercial loan experience
in community bank for bank in Colorado...............$23,000
Leasing Manager to start and head up new leasing depart­
ment for major midwest ba nk.........................Salary open.
Ag Lender with two or more years experience with bank or
Fed agency for southern Iowa ba n k.................To $23,000
Ag Lender with two or more years experience for north­
west Iowa b a nk................................................ To $24,000
Commercial Lender for major bank in northern Io w a .......
....................................................................... Salary open.
CEO position for $200 million Upper Midwest b a nk.........
....................................................................... Salary open.
Insurance Agent with bank experience for Nebraska bank.
.......................................................................Salary open.
Real Estate Lender for eastern Iowa bank .. .Salary open.
Write or call Malcolm Freeland, Freeland Financial Ser­
vice, Inc., 1032 Carriers Bldg., Des Moines, Iowa 50309.
Phone 515/282-6462. Employer pays a reasonable fee.

Thinking about
selling your bank?
Consult with

Homer Jensen
Dick Buenneke
Over 50 years’ banking
No fee to seller
1031 Carriers Building
Des Moines, Iowa 50309
Phone: 515-243-7434

Do you have a dress code problem in
your bank? Call us today to find out
how only $1.00 per day per employee
will correct it.

N . Main S t., Carroll, la ., 51401 712-792-2748 |

When It conies to agriculture, banking and
personnel. . . go to the specialists — go to
AGRIcareers, Inc.
Progressive bankers pay us to find the people
they need.

Ag. Loans/lns.....................SD. .$17-20,000
Ag. Lend. Off........................ IL. .$16-20,000
Ag. Lend. Off.......................Wl. .$16-20,000
2nd. Man (2)........................IA. .$20-25,000
Loan Offs........................... IA. .$15-20,000
Cred. Sprv...........................MD. .$22-26,500
Ask the ag banking specialists what’s
available without cost or obligation.
N EW H A M P TO N . IA 50659 M AS SEN A. IA 50853
I (515) 394-3145
(712) 779-3744

Banking,Financial & Business Personnel
Iowa and Nationwide

714 Central National Bldg. 515-283-2545
Des Moines, Iowa 50309

AGRI LOAN—$25MM bank with majority of portfolio in
agri credits. Prefer 5 yrs. or more bank experience and ag
related degree.
COMMERCIAL LOAN—supervise lending function in
$75MM bank. Opportunity to assume #2 spot. Knowledge
of ag credits a plus.
OPERATIONS—desire 5 yrs. experience in community
bank of $30MM or more. Excellent opportunity for career
advancement. Degree preferred.
CASHIER—position is second officer in $25MM suburban
bank. Any experience with lending helpful.
INSURANCE AGENT—well established agency with good
earnings record. Manage insurance function and assist with
some real estate credits. Nebraska licenses a plus. $ Open
REAL ESTATE LOAN—commercial real estate and con­
struction lending experience required for position in
INSTALLMENT LOAN—handle installment loans and
assist with agri credits for $40MM Rocky Mountain area
SENIOR COMMERCIAL LOAN—supervision of all lending
activities in $80MM community bank. Prefer 7-10 yrs. ex­
perience in large bank.




Additional positions available in midwestern states. All in­
quiries confidential. A resume' and salary history requested.

of Kansas City
2024 Swift - Box 12346
North Kansas City, MO 641 16
“Serving the Banking Industry Since 1970”

Vol. 11 No. 15 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306
Fifteenth Street, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $15.00 per year. Second class postage paid at
Des Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579), manuscripts, mail items to above address.
Federal Reserve Bank of St. Louis