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August 23,1982

Des Moines, Iowa

Vol. 11 No. 18
C SBS President Says:

States Are Better at Banking Reform
I N H IS President’s Page message
_ in a recent issue of The Super­
visor, Michael D. Edwards, presi­
dent of the Conference of State Bank
Supervisors and supervisor of banks
in the State of Washington, makes
some interesting points.
F ir s t,
quotes Dr. Car­
ter Golembe, a
very knowledge­
able, astute ob­
server of the
banking scene
for the past two
decades, refer­
ring to a recent
address by Dr.
G o lem b e
which the point wasmade that
McFadden and Glass-Steagall Acts
“will still be on the books 100 years
from now, but the regulators will
have cut the hearts out of them.”
Dr. Golembe traces this subtle
emasculation to gradualchanges
made by federal regulators since the
late 1950s, laying the groundwork
for continuing regulatory changes
that will eventually by-pass those
two Acts.
Mr. Edwards then states, “Dr.
Golembe, however, misses one ma­
jor point in his provocative address.
Where he sees the federal regulators
as the primary focus of change, the

record shows that it has been the
states which have led the way. The
facts are clear. The states have ac­
cepted the challenge of change, even
where the federal government—in­
cluding regulators—have not.” He
credits some federal regulators with
fostering change, but points to
DIDC as anything but a hot bed of
Mr. Edwards states further, “The
dynamic interaction between states,
and within states between various
industries, is leading us to reform of
the system far more rapidly than
Congressional action—or inaction—
might suggest possible. Why is this
occurring? And why is this, in my
view, the best approach? I offer
three points to consider:
“ 1. The states are more flexible
and can move a great deal faster. We
are bound, as is the national legis­
lature, to consider the needs and
desires of all our constituencies, but
on the state level these are more
homogeneous, smaller, easier to
bring together for a common pur­
pose. Moreover the layers of bur­
eaucracy, which constitute the fed­
eral government and Congress alike,
are fewer at the state level. We can,
in emergency, move from concept to
legislation with great speed—wit­
ness the recent eight-day period in
which Minnesota moved from idea

to legislation, permitting the merger
of that state’s failing savings bank
under new authority.
“ 2. The states can and do pay at­
tention to local needs, local desires,
local economies. We can and do
handcraft systems which fit our
local patterns of life, our local
capabilities. The needs of Maine dif­
fer from my home state of Washing­
to n ...L e g is la tio n developed in
Washington, D.C., on the other
hand, must fit all states within the
same Procrustian bed—often to the
discomfort of all of us.
“ 3. The states provide what I call
the ‘laboratory principle.’ That is, a
new concept, a new idea, can be test­
ed in one or more states, then if it is
good, it proliferates around the
country. Congressional action—even
is they consider it a ‘laboratory
te st’—usually applies to everyone.
Thus, the bad idea captures every­
one, whereas with state action only
our citizens suffer.
“What I would urge is a national
recognition of the massive role the
states can play in revitalization of
the financial services structure, and
our willingness to act, demonstrated
in state after state. Eliminate fed­
eral interference—on both the regu­
latory and legislative sides...
“Dr. Golembe is right when he
says action is coming regardless of
the current shape of national law.
But the vehicle for change is in place
right now—the states. What we

to make MNB work for you.
Toll free: 1-800-332-5991

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

is i


Team w ork:
One of the
reasons we’re
first in Iowa.

Bob Buenneke

Terri Stearn
Note Departm ent

An Affiliate o f Northwest Bancorporation D A N u l^
M em ber

f d ic

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

need is a new charter for the states, Inc., insurance subsidiary in Mil­
one which accepts us as partners, waukee for the past one and one-half
and which gives us what partners years.
deserve—the right to act in the best
EA RLY: With the approval of the
interests of our own citizens. ’’
Federal Reserve Bank of Chicago,
Early Bankshares, Inc., recently
Iowa News
completed the purchase of over 93%
ALLISON: The Federal Reserve of the common stock of the Early
Board has approved Hawkeye Ban- Savings Bank. There will be no
corporation’s bid for the State Bank changes in bank management. Prin­
of Allison, with completion of the ac­ cipal stockholders of Early Bankquisition expected by the end of Sep­ shares, Inc. are Donald W. Kelley,
tember. Terms of the acquisition, Carol Ann Kelley, Frank L. Scott
which is in exchange for Hawkeye’s and Ruth Ann Scott.
common stock, were not disclosed.
State Bank of Allison has assets of NEWTON: Jerome L. Ballard has
more than $22 million and becomes been named vice president of sales, a
Hawkeye’s 32nd bank.
new position, and Judy A. McCarville has joined Jasper County Sav­
D ES M OINES: Lyle W. Hulke,
ings Bank as vice president and
George Montgomery and Jam es E.
Fletcher have recently joined West
Des Moines State Bank as vice pres­ OTTUMWA: A new, two-story addi­
idents. Mr. Hulke, who formerly was tion to the South Ottumwa Savings
a vice president at Bankers Trust in Bank was officially opened last
Des Moines, joins W est Bank from weekend with open house observan­
First Westside Bank, Omaha, Neb. ces for area bankers and for the
Mr. Fletcher previously was a vice general public. The addition pro­
president at Brenton National vides more office space and lobby
Bank, Des Moines. Mr. Montgom­ area on the first floor, and a con­
ery formerly was a vice president ference room and a large expansion
and member of the board of First area on the second floor.
Federal State Bank of Des Moines.
D E S M OINES: Timothy E . Bird Reserve Bank of Chicago has an­
has been named president of Bren­ nounced approval of the application
ton Insurance Services, Inc., a whol­ of Union-Calhoun Investm ents,
ly owned subsidiary of Brenton Ltd., Rockwell City, to become a
Bank, Inc. Mr. Bird has managed bank holding company through the
the Wisconsin office of a Teledyne, acquisition of Union State Bank.

Single System Banking
Availability of funds. . . availability of people. . .
responsive to your needs.

National Bank of Waterloo
Waterloo, Iowa 50704 Member FDIC
Federal Reserve Bank of St. Louis

P h o n e M ilt H e n n ic k
a t 1 - 8 0 0 -7 7 2 -2 4 1 1 .

SIO U X CITY: Robert A. Peterson
has been named senior vice presi­
dent in charge of asset management
of Security National Bank. In this
newly created position, Mr. Peter­
son will be responsible for the com­
mercial banking, correspondent
banking and investment divisions.
In other changes, William O. Wogstad has been promoted to head of
the investment division. Stephen
Hatz will continue to be responsible
for the correspondent bank division
and Robert Krumwiede will continue to head the commercial banking

Nebraska News
The National Association of Bank
Women, Mid Plains Group, will host
it ’s annual membership meeting at
the Merry-Go-Round Lounge, Ramada Inn - Airport, Omaha, on
Tuesday, August 24.
Guests and prospective members
will enjoy a social hour of wine and
cheese at 5:30 p.m., followed by an
introduction to the NABW, it’s purpose and goals for the coming year.
* * *
The Nebraska Bankers Associa­
tion’s Agricultural Credit Conference scheduled for September 9-10
will be held at the Villager Motor
Inn, Lincoln. The conference sche­
dule follows:








A.M. Thursday, September 9
11:00 Registration Round-Up.
Noon Lunch/speaker—Tom O s­
borne, Lincoln.


P .M .


1:30 “ Predictions for the Ag
Econom y’’—M ark Drabenstott, Federal Reserve Bank,
Kansas City, Mo.
2:30 “Market to Market’’—Chet
Randolph, Des Moines, la.
3:30 “E state Planning for Ag Cus­
tomers”—Jim Hewitt, moder­
5:00 Round-Up barbeque and reception.
7:30 State Fair concert by “Ala­
A.M. Friday, September 10
8:30 “What Producers Look for
from Their Banker”—Marlin
Jackson, moderator.
9:30 “ A sset/Liability M anage­
ment for Ag Banks under a
D e re g u la te d
E n v iro n ment”—Jam es Brickley, ex­
ecutive vice president, Inter­
national First Bank, Dallas,
10:30 “MABSCO Ag Credit Cor-






where com m on transactions are handled uncomm only well.
13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C.





poration Update”—Bill Cook,
president, Beatrice National,
“ M icrocom puter A pplica­
tions for Ag Finance”—Neil
Stadlman, vice president, Sac
City State Bank, Sac City, la.
Noon Lunch/speaker—Marlin Jackson, Paragould, Ark.
1:30 W o rk sh o p s —“ M icro co m ­
puter Applications for Ag
B a n k s ,”
“ C o m p lian ce
Forum” and “Open Forum.”
2:35 Repeat above workshops.
3:35 Adjourn.

the successor bank and the main of­
fice will remain at 4930 - 34th Ave.
in South Minneapolis. It will operate
two full-service branches at the
main office site of Summit Bank and
at Minneapolis-St. Paul Internation­
al Airport main terminal building.

GENEVA: Fillmore County Bank
will be celebrating the completion of
the remodeling and expansion of its
15 year old banking facility, with an
open house August 23-28 during
regular banking hours. A drawing
will take place daily and a grand
prize will be drawn for Saturday,
Aug. 28. The new facility contains
7,200 sq. ft. all on one level.

Illinois News

Minnesota News




D ETRO IT LA K ES: Stewart Turing
has joined First National Bank of
Detroit Lakes as vice president in
charge of lending. He previously
was president and managing officer
of First State Bank of West Fargo,
M INNEAPOLIS: Clarence E . Hill,
95, retired chairman and director of
Northwestern National Bank, died
Monday, August 9. Mr. Hill was em­
ployed by Northwestern National
Bank for 42 years, serving as chair­
man from 1946 to 1951 and on Northwestern’s board from 1923 to 1933
and from 1944 to 1955. He also
served on the board of the Federal
Reserve Bank of Minneapolis.

MINNEAPOLIS: Commissioner of
Banks Michael J . Pint has announced
his approval for the merger between
Metropolitan State Bank and Sum­
mit Bank of Bloomington (now Met— ropolitan Bank Bloomington). Met™ ropolitan State Bank was chartered
in 1959, with assets of $32,586,000
as of June 30. Summit Bank was
chartered in 1971, with assets of
$31,052,000 and two offices as of
June 30. Metropolitan State will be
Federal Reserve Bank of St. Louis

M IN N EA PO LIS: Mark Sheffert
has been elected president of First
System Agencies, Inc., the insur­
ance services subsidiary of First
Bank System, Inc., effective Sep­
tember 7. He succeeds Lee R. Mielke, who recently was elected pres­
ident and managing officer of First
Bank Brainerd.
ROCK CITY: Funeral services were
recently held for Charles Roger
(Rod) Doty, 72, a director and for­
mer vice president of the Rock City
Bank. Mr. Doty joined the bank in
1948 as a director, was appointed
vice president in 1958 and served in
that capacity unil 1971. Up until the
time of his death, Mr. Doty contin­
ued on as an active director of the
bank and a leader in the community.

North Dakota News
A change in speakers has been
made in the program schedule for
the Independent Community Banks
of North Dakota annual convention
September 15-16.
Presenting the 1:45 talk on Sep­
tember 16 will be Michael D. Ed­
wards, president and chairman, Con­
ference of State Bank Supervisors,
and Supervisor of Banking for the
State of Washington. He replaces
Joseph E . Jones.



The Federal Reserve Bank of Min­
neapolis has announced its approval
of the application by State Bank of
Bottineau Holding Company to be­
come a bank holding company
through the acquisition of the State
Bank of Bottineau, and Farmers &
Merchants Bancshares, Inc., Beach
to acquire the Farmers & Merchants
Bank, Beach.
FARGO: Richard H. Solberg has
been elected president and chief ex­
ecutive officer of State Bank of Far­
go. Mr. Solberg started his banking
career with the First National Bank

in Grand Forks. In 1970 he started
work at the Citizens State Bank of
Finley, becoming president of that
bank in 1978.

Montana News
Terry Bancshares, Inc., Terry,
has received approval from the
Board of Governors of the Federal
Reserve System to become a bank
holding company through the acqui­
sition of the State Bank of Terry.
* * *
September 8-10 are the dates
scheduled for the Montana Bankers
Association 1982 Consumer Lend­
ing Conference, to be held at the
Sheraton Hotel in Billings. The com­
mittee has put together a compre­
hensive and instructive program
designed to increase the instalment
lender’s expertise. It follows:
P.M. Wednesday, September 8
1:00 G olf, Pryor Creek G olf
3:00 Registration until 7:30.
7:00 Reception. Dinner on own.
A.M. Thursday, September 9
8:00 Registration.
9:00 Welcome and opening re­
m arks—Erie Gross, M BA
9:20 “Bankruptcy”—Sid Thomas,
Trustee in Bankruptcy.
10:30 Coffee Break.
11:30 Lunch.
1:00 “Financial Statements: What
Do They Really Say?”—M.L.
Hanson, manager of loan
analysis, United Bank of Den­
ver, Colo.
2:45 Breakout Sessions.
6:00 Reception. Dinner on own.
A.M. Friday, September 10
7:00 Continental breakfast.
8:30 Highlights & comments from
breakout sessions.
9:15 “Productivity—Is there real­
ly anything new?”—Lyle Sorum, vice president, training,
First Bank System.
10:00 Coffee Break.
10:15 “Effectively Understanding
Yourself and Your Clients”—
Pat Powers, president, Man­
agement Technologies.
11:45 Closing remarks.
12:00 Adjourn.


Rates are $5.00 per line per insertion. Add
$3.00 for file letters per insertion. Identity
of file letter advertisers cannot be revealed.
306-15th Street
Des Moines, Iowa 50309
Phone 515/244-8163 ________



CEO Positions for two Upper Midwest com m unity banks .
............................................................................... To $45,000.

Six (6) used Brandt sorter/counters, w ith double coin count
meter system. Please call or w rite John McGrath, Miners &
Merchants Bank, P.O. Box 896, Lead, South Dakota 57754.
Phone: 605/584-2622.
_____________________ (WTB)
WANTED—Small night depository and chest. Contact Ray
H artley, C itizens State Bank, Corydon, IA. Phone

Immediate opening for manager of bank insurance agency
along w ith part-time banking. Located In west central Min­
nesota near Wlllmar. Contact Don Collins, First State
Bank, Murdock, Minnesota 56271. Phone 612/875-2431.(PA)
FARM AQ LENDER—7-10 years experience. Age 35 or
older. Locate as senior ag loan officer. Town In Northern
Iowa. Salary open. All replies confidential. W rite file QBR,
c/o Northwestern Banker.

Insurance Agent w ith bank experience for Nebraska bank
.............................................................................. Salary open.
Ag Lender for major bank in Iowa college to w n ..................
.............................................................................. Salary open.
Ag Lender for southern Iowa bank. Should have two or
more years w ith commercial bank or Fed a g e n c y ..............
.............................................................................. Salary open.

What does your employees’ appear­
ance tell your customers about your
bank? “We want to please you” or
“We don’t really care?” Call us for the
look of “Service” and “Success.”

Ag Lenders needed by numerous other banks In a variety
of locations and salary ra n g e s ........................ Salary open.
Senior Internal Auditor for major banking organization in
midwest. Should have CPA degree and at least tw o years
e x p e rie n c e ......................................................... Salary open.


Comptroller for bank over $150 m illio n ..........Salary open.
Trust Officer for bank over $100 m illion . Salary to $30,000.

523 N. Main St., Carroll, la., 51401 712-792-2748 |

Write or call Malcolm Freeland, Freeland Financial Ser­
vice, Inc., 1000 Carriers Bldg., Des Moines, Iowa 50309.
Phone 515/282-6462. Employer pays fee.


Three-Bedroom and Two-Bedroom, tw o 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.

Leasing Manager for major midwest bank . . . .To $23,000.

Ag Lender for major South Dakota b a n k ........ Salary open.

Immediate opening in south central Nebraska. $25 m illion
bank. Applicant w ill manage Installment loan department,
and be responsible for compliance. W ill have opportunity
to work Into commercial and agricultural loans. Send
salary history w ith resume. W rite file QBQ, c/o North­
western Banker.

Cashier for larger com m unity bank inIowa .. .To $30,000.

Modular bank, 1000 square feet, fu lly equipped w ith bank
equipment and furniture. Ready for immediate delivery.
Contact: Financial Products, Inc., Box 1035, Eau Claire, Wl
54702. Phone: 715/835-8160 or Des Moines 515/277-5505.
(FS or L)

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

Banking,Financial & Business Personnel
Iowa and Nationwide

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

CEO w ith solid references and outstanding performance
record at com m unity bank le v e l.................. Salary $40,000.


Senior Ag Lender, age 35, Iowa State Grad., number two man
In $50 m illion bank, seeks growth situation Salary $35,000.

All positions are in Missouri, Arkansas, Kansas or Oklahoma.
Commercial Loan Officer, $70mm bank. $55,000 package.
President, small rural bank.
Correspondent, Commercial Lender.
Commercial Loan Officer, $30mm bank.

Ag Lender, small bank.
President, $10mm bank.
To $40,000
President, $80mm bank.
T o $70,000
Controller, EVP, $70mm bank.
To $50,000
Ag Lender, $60mm bank.
To $30,000
Commercial & Ag Lender, #2 Man, $50mm bank. To $35,000
President, CEO, $20mm bank.
Operations, some lending, $40mm bank.
To $35,000
Commercial Loan Officer, $25mm bank.
To $35,000
Eighteen years of banking serving as President of both
rural and metropolitan banks enables me to find the right
banking environment for you. I assure your confidentiality.
Phone or send resume to: Don W. Schooler & Associates,
901 A. West Jackson, Ozark, Missouri 65721. Phone (417)
485-6020 (9am - 5pm). (417) 883-3713 (Evenings).


Number Two Officer, age 36, currently sr. vice president in
$45 m illion bank, handles ag and commercial lo a n s ..........
Salary $35,000

To $30,000
To $35,000
To $35,000

Operations Officer w ith realestate and instalm ent loan
background. Former examiner. Age 28. .. .Salary $24,000.
Instalment Lender, age 24, currently branch mgr. of finance
firm, wants bank position. Farm background Salary $18,000.
(2) MCR Model 775-2100 proof machines w ith 16 pockets
each. Best o ffe r. C on ta ct Dennis M cC orm ick at

Steel vault 84" x 37" x 32" w ith tw o movement timelocks,
w ith or w ithout Interior teller lockers. Contact: Financial
Products, Inc., Box 1035, Eau Claire, Wl 54702. Phone:
715/835-8160 or in Des Moines 515/277-5505._________ (FS)
1 Diebold Walk-Up Window. 1 Burroughs S-500 Proof
Machine - 2 years old. 1 Burroughs S-100 Proof Machine.
Contact: Okey-Vernon First National Bank, Corning, Iowa
50841. Phone: 515/322-3101.____________
Burroughs TC-735 On-Line Terminal. Burroughs TC-1555
On-Line Terminal. Both in very good condition. Contact
Linda Bodenhofer, Jackson State Bank, Maquoketa, la.
Phone 319/652-2487.

Ag Lender with Iowa State degree and four years experience
w ith PCA and com m unity b a n k ................................... Salary $20,000
Ag Lender w ith Iowa State degree and PCA experience . . .
............................................................................ Salary $16,000
Cashier of $40 million bank, age 31, over 8 years experience
......................................................................... Salary $26,000.
Branch Mgr. of eastern Iowa bank seeks new situation . . .
..................................................................................... $23,000
Write or call Malcolm Freeland, Freeland Financial Service,
Inc., 1000 Carriers Bldg., Des Moines, IA 50309. Phone
515/282-6462. Emolover Davs reasonable fee.

AGRI LOAN - $20MM rural bank seeks Ag officer w ith 3-5
yrs. experience. Advancement possible.


"Successful Banking is Quality Personnel"

(f? )

Estate Appraisals
Purchase of
Sale of Rare Coins
Reliable and respected service
for over 20 years
Used by bankers
throughout the midwest

Ben E . Marlenee
913 L ocust
D es M oines Iowa 50309


COMMERCIAL LOAN - seasoned lender w ith emphasis on
commercial credits to supervise lending in $40MM Rocky
Mountain area bank.
COMMERCIAL LOAN HEAD - $100MM com m unity bank
w ith some Agri credits. Supervise all lenders and report
directly to President.
OPERATIONS/LENDING - $30MM rural bank w ith excellent
earnings record. Handle all operations and reports, plus
some Ag credits.
TRUST OFFICER - country bank w ith small but active
department. Bank experience and new business develop­
ment skills preferred.
INSURANCE - full line agency associated w ith medium
size rural bank. Adm inistrative experience as important as
sales ability.
To Inquire about a career change, forward resume' and
salary requirements.

of Kansas City
2024 Sw ift - Box 12346
North Kansas City, MO 64116
“Serving the Banking Industry Since 1970”

Vol 11 No. 18 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