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m Des Moines, Iowa Vol. 11 No. 19 Regulators Argue Repo Definition _ 0 0 0 ^ ® ™ o n f l i c t i n g opinions on the true definition of a retail repur chase agreement have cast a cloud over $18 billion in repos outstanding at mid-year. The FDIC generally has considered repos to be loans to the bank by individual customers who have been given a secured interest in a U.S. government or agency security owned by the bank. The FDIC says repos are not deposits and, therefore, unin sured. Banks do not represent repos as being insured by FDIC. Now, FDIC lawyers are trying to determine if the repo contracts issued by Mount Pleasant Bank & Trust Co. in Mount Pleasant, la., give the repo holders a security in terest that is perfected under Iowa law. The amount in question ranges from $350,000 to $450,000 accor ding to two estimates of repos in the bank at the time it was closed. How ever, the ruling on repo contracts could have wide repercussions. Mount Pleasant Bank & Trust was declared insolvent on August 5 and a new state-chartered bank was opened in its place August 9. On a second front, the Federal Reserve Board and two primary deal ers in government securities which trade directly with the Fed (Salomon Brothers and Goldman, Sachs & C Co.), are petitioning U.S. Bankrupt cy Judge Edward J. Ryan in New York to consider repurchase agree ments as purchase and sale tran sactions, not secured loans. Their petition is involved in the bank ruptcy case of Lombard-Wall Inc., New York. The latter firm says its creditors may not sell the securities they are holding because repos represent a secured loan and the August 30,1982 ply had not been received at press time. In other action on the repo front, the Fed has voted to remove restric tions against automatic renewals of repos. The FDIC took the same ac tion a week earlier, and the Federal Home Loan Bank Board had already taken such action. Automatic roll overs make it easier for “ sweep” arrangements, a Fed spokesman stated. The Fed staff wanted to im pose reserves on sweeps tied to re tail repos, but the Fed Board vetoed that. Repos of under $100,000 will be exempt from Reg Q, it was stated. * * * On another regulatory matter, the FDIC board has adopted a policy, after inquiry from the Securities E x change Commission, that says statechartered, non-member banks may form securities subsidiaries. This would make it permissible for such a subsidiary to offer a money market mutual fund. Comptroller C.T. Con over, who sits on the FDIC board, reportedly wants a number of minor securities that Lombard put up with changes. The FHLBB already has them as collateral are assets of the approved such subsidiaries for sav firm; therefore, creditors may not ings and loans. The Fed and Comp sell assets of the debtor without troller also were asked by SEC for court approval, according to the fed an opinion. The Investment Com pany Institute opposes the action. eral bankruptcy code. The N orthwestern B anker quer However, the SEC says if the finan ied the FDIC late last week but a re cial regulators reply favorably, it Don't gam ble when choosing o correspondent bonk. Come to the professionals. For any correspondent bonking need . . . overline assistance, data processing services, investment counseling . . . just give us a coll. We're the professionals who put the response in correspondent bonking. ucb CENTRAL OF DES MOINES, N.A. • MEMBER FDIC • TOLL FREE NUMBER (800)362-1615 AFFILIATED W ITH UNITED CENTRAL BANCSHARES, INC. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W illiam D. Greaves, Vice President 2 Teamwork: One of the SFf reasons we re first in Iowa. IOWA . G a iy M cC lim en nesjMomes A m NATIONAL BANK Nordbrock, chairman of the bank, and Gerald Anderson, president of the Exchange State Bank, Adair, signed guarantees pledging their personal assets to repay the loan, as did other members of the invest ment group. B em ie Kersey An Affiliate of Northwest Bancorporation Mem ber FD ic dANCO Call (515) 245-3131 or toll-free (800) 362-2514 will speed up the registration pro cess for about two dozen such ap plications. * * * quarter percent rate advantage over banks. The interest rate ceiling on the instrument will be elmininated May 1,1983. □ Also, the Federal Reserve Board has ruled that the new seven to 31-day CDs that banks and thrifts can offer September 1 under the June 29 DIDC action will be con sidered time deposits; thus, they will have no reserve required for person al deposits and a 3% reserve if the CD is owned by a business or a mu nicipality. The 60-day comment on the ruling runs to mid-October. The Fed said it took the action to make the new instrument more competitive with MMMFs. It re quires a $20,000 minimum deposit, with the rate tied to the 91-day T-Bill rate. Thrifts will have a one- Iowa News A SK JO HN M A N G O LD to make MNB work for you. Toll free 1- 800 - 332-5991 M erchants National Bank Member F.D.I.C. A 151 A 'BANKS OF IOWA' BANK https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DES MOINES: Michael Austin has joined United Central Bank as vice president in the Iowa commercial services division. Mr. Austin was formerly employed with the First National Bank of Denver as vice president. DONNELLSON: Bankers Trust Company of Des Moines has taken over the stock of Citizens State Bank owned by American Home In vestors Company, a holding com pany, due to inability of the holding company to make stock loan pay ments to Bankers Trust. Herman C. Kilpper, president o f Bankers Trust, has been elected to the board of Citizens State Bank. Jerry Harkins, Jr., chairman, has resigned. Mr. Kilpper said Citizens State is an ex cellent bank and announced that President Doug VanDyke and all other officers will continue in their present positions. LISBON: Dave Blakely has been ap pointed ag loan officer at Lisbon Bank & Trust Co. He was graduated from Iowa State University last De cember and joined Lisbon B&T in January. MT. PLEASANT: Bankers Trust Company of Des Moines has filed suit against eight partners in the group that owned Mount Pleasant Bank & Trust Company. The bank failed recently, as reported earlier, due to more than $2 million in loan losses of two years ago from which the bank never recovered. After the bank was declared insolvent, FDIC negotiated sale of deposits to Hawkeye Bancorporation, which opened Hawkeye Bank and Trust on Au gust 9 here. The lawsuit says Bank ers T ru st loa n ed the grou p $2,916,933 at prime, which then was 19.5%. The suit says that Gerald RIVERTON: James T. Weaver, president, Nishna Valley State Bank, announced recently the bank has converted to a national charter under the name of Valley National Bank of Fremont County. Also, he said, the charter is being moved into Hamburg, and an office will be re tained in Riverton. Ground was to be broken this week on a 3900square feet building that should be ready for occupancy about the first of next year, Mr. Weaver stated. Nebraska News LINCOLN: First National Bank will host its 22nd Annual Correspondent Bank Conference at Lincoln Hilton Hotel September 10-11, concluding Saturday noon so all registrants may adjourn to the nearby Universi ty of Nebraska football stadium for the game between Nebraska and University of Iowa. Registration opens Friday at 1:00 p.m. at the hotel and a social hour runs through the afternoon until 6:00 p.m. in the Riverside Room. A cocktail-buffet For the following Purposes:® • Estate Tax 1 • Employee Stock . Ownership Trusts [ • Litigation involving Breach of Fiduciary Duty ’ • Transactions Between trustee, Employer, and Trust j • Divorce Settlements | • Buy-Sell Agreements • Acquisitions and Sales i * * f-"""s' , $5 Philip Schneider & Associates, Inc. . Suite 101 [ i603-22nd street west Des Moines, IA 50265 | (515)225-0000 I ff 1 £ ^ 0 • ^ reception will be held in the mean ballrom from 6:30-8:30. The Saturday program has break fast at 7:30 a.m., followed by the traditional A g Panel discussion. Moderator again is Dr. Irving T. Omtvedt, chairman, department of animal sciences at U o f N-Lincoln. Panel members include Robert Cartmill, president, Lincoln Grain Co., Inc.; Jack Maddux, rancher-live stock producer, Wauneta, and Dale C. Tinstman, co-chairman, Iowa Beef Processors, Dakota City, all repeat panelists, and Carson Rogers, swine producer, Ord. After a refresh ment hour and buffet luncheon in the First National Bank Building the conference adjourns for the game. OM AH A: A t First Northwestern Trust Company o f Nebraska, Ron ald G. Weber has been elected senior vice president and Harry P. Yosten and Richard H. Sieling have been named vice presidents. Minnesota News # • # % Johnson and Mr. Bentdahl are con trolling shareholders in the Amer icana State Bank of Alden, which they acquired in 1979. ROCHESTER: Norbert J. Conzemius has been elected president and managing officer, effective September 1, of First Bank Roches ter. He succeeds Paul W. Olander, who resigned recently to establish a bank consulting firm. Mr. Conzemius is currently senior vice president and group executive, North Dakota and South Dakota Group, of First Bank System, Inc. "O p p o rtu n ity C o lls..." Leo Kone, Correspondent Danker American Trust & Savings Dank The Dank of Opportunity Town Clock Plazo, Dubuque, low o CALL 319-582-1841, COLLECT Illinois News CHICAGO: Henry G. MacMorran has joined the Sears Bank and Trust Company as an executive vice presi dent. He succeeds John C. Maulding, who has retired as senior ex ecutive vice president and chief credit officer of the bank. He was formerly senior vice president and senior lending officer of the Lakeview Trust and Savings Bank in Chicago. H AY W ARD : Controlling interest in North Dakota News the Farmers State Bank o f Hayward and 100% interest in the C.J. KatzThe North Dakota Bankers A sso enmeyer Insurance Agency has been ciation and the State Committee of purchased by Bill Johnson, Alden, the American Institute of Banking and Ray Bentdahl, Edina, from C.J. are sponsoring a one-day seminar en Katzenmeyer o f Hayward. A t a spe titled “ Compliance Update.’ ’ cial board of directors meeting in the The seminar will be offered at two end of July Bill Johnson, Ray Bent locations on consecutive days: Mon dahl and Paul Wichmann were elec day, September 20, at the Double ted to the bank’s board, following wood Inn, Fargo; and Tuesday, Sep Mr. Katzenmeyer’s resignation as a tember 21, at the Kirkwood Motor director and president. Paul Wich Inn, Bismarck, from 9:30 a.m. to mann, currently a vice president of 4:00 p.m. both days. Americana State Bank o f Alden and Timothy D. Marrinan, associate manager of the bank’s Albert Lea of- general counsel, First Bank System, fice, will become the Hayward Inc., Minneapolis, will be the in bank’s chief executive officer. Mr. structor. Montana News The Montana Bankers Associa tion and the American Institute of Banking Education Committee has announced a unique series of Team Marketing Seminars that represent a history making step forward in educational programs for the bank ing industry in Montana. The series of seminars, consisting of three Tuesday evening sessions, will be conducted simultaneously in ten Montana cities using the latest in teleconference and audio-visual presentations. The ten seminar loca tions will be linked electronically to allow participants to interact with one another. Dates for the seminars are: Sep tember 14, 21, and 28. Telecon ference sites will be located in Kalispell, Havre, W olf Point, Glen dive, Miles City, Billings, Bozeman, Butte, Missoula and Great Falls. For more information contact: Gretchen Tea, director of education, M ontana Bankers A ssociation , phone (406) 443-4121. MESSINA, LASSITER AND SCOTT Getting it done for you. i ^ ^ i John M essina 234-2486 Jan Lassiter 234-2481 D avid Scott 234-2480 Com m erce Bank of K ansas C ity https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M E M B E R FD IC Telephone (816) 234-2000 " POSITION AVAILABLE B A N K E R S A V A IL A B L E Commercial Lender with over 10 years of big bank lending experience. Graduate of Univ. of Iowa and Grad. Commer cial Lending S chool....................................Salary $38,000 Immediate opening for manager of bank insurance agency along with part-time banking. Located in west central Min nesota near Willmar. Contact Don Collins, First State Bank, Murdock, Minnesota 56271. Phone 612/875-2431.(PA) Number Two man in small western Iowa community bank. Four years experience, and all insurance licenses........... .....................................................................Salary $25,000 FARM AG LENDER—7-10 years experience. Age 35 or older. Locate as senior ag loan officer. Town in Northern Iowa. Salary open. All replies confidential. Write file QBR, c/o Northwestern Banker. (PA) Executive in $15 million bank with 20 years exp. and col lege degree. Licensed for all lin e s .................Salary open President of smaller Illinois community bank seeks new situation in southern Iowa, Missouri or central Illinois . . . . ........................ ................................... .. Salary $32,000 Operations V.P., currently in $30 million bank in Illinois . . . ....................................... ............................. Salary $30,000 Strong Second Man in smaller Iowa community bank . . . . ....... ............. ........................ ................ Salary $32,000 Commercial Lender in larger community bank. Has been examiner.......................................................Salary $33,000 FOR SALE (2) NCR Model 775-2100 proof machines with 16 pockets each. Best offer. Contact Dennis McCormick at 612/227-8047. (FS) Steel vault 84" x 37" x 32" with two movement timelocks, with or without 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. (FS) One Burroughs L-7000 General Ledger Posting Machine. Best Offer. Contact James W. Anderlik. Phone 515/964-8800. (FS) WANTED TO BUY Six (6) used Brandt sorter/counters, with double coin count meter system. Please call or write John McGrath, Miners & Merchants Bank, P.O. Box 896, Lead, South Dakota 57754. Phone: 605/584-2622. (WTB) Computer Specialist and data processing marketing ex pert ..............................................................Salary $40,000 Modular bank, 1000 square feet, fully equipped with 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) Does the appearance of your em ployees reflect the success of your bank? If not, call us today and find how only $ 1 .0 0 per day per teller will help. JU M y w e k CAREER APPAREL SERVING PROFESSIONALLY I 5 2 3 N . M a in S t., C a r r o ll, la ., 5 1 4 0 1 7 1 2 -7 9 2 -2 7 4 8 | Banking,Financial & Business Personnel Iowa and Nationwide CAPITAL PERSONNEL SERVICE 714 Central National Bldg. 515-283-2545 Des Moines, Iowa 50309 SEE THE SUMMIT!!! 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. Contact: Insurance Agent wants to sell his agency and join bank agency ..........................................................Salary open Top Administrative Officer, age 36, MBA degree and heavy experience.................................................. Salary $50,000 Loan and Investment Officer with major Iowa bank seeks change........................................................Salary $40,000 Installment Officer with 12 years experience..................... .....................................................................Salary $25,000 CEO of community bank, age 32, excellent background in ag loans and investments. Seeking future growth situa tion.............................................................. Salary $35,000 Write or call Malcolm Freeland, Freeland Financial Ser vice, Inc., 1032 Carriers Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays reasonable fee. □ I would like to sell my majority bank stock. □ I would like to buy ma jority bank stock. Please Contact: J. Mason Henry BUYING OR SELLING DEAL WITH PROFESSIONALS □ My majority bank stock is for sale. □ Want to purchase majority stock. Will represent buyers or sellers. Extensive bank management and auditing experience. ELLIS JONES REALTY 2992 Oak Street Lakewood, CO 80215 Phone 303/232-1189 D W A Y N E S M IT H POSITIONS A V A IL A B L E Paradise Properties, P.O. Box S Dillon, Colorado 80435 Phone: 303/468-5846 Commercial Lender for eastern Iowa bank. Requires 5 years or more experience and college degree, good family background......... ................................Salary to $36,000 Ag Rep for major bank in excellent South Dakota com munity. Requires four or more years ag lending background............................................ Salary to $25,000 Charles E. Walters Co., Inc. 39 Ginger Woods Road, Valley, Nebraska 68064 Phone: (402) 553-6400 VICE-PRESID EN T, #2 PO SITION Responsible for loan portfolio. Must have con siderable ag & commercial loan experience. Must be knowledgeable in all facets of banking in cluding asset/liability management, leasing, spread analysis, operations, etc. Minimum of 5 years experience. Aggressive, self-starter, and be able to accept responsibility. Compensation com mensurate with qualifications. Send resume and salary history to: F.J. Palmersheim, President, Siouxland National Bank, Box 987, South Sioux City, NE 68776. E.O.E. (PA) PO SITION S A V A IL A B L E COMMERCIAL LOAN—senior position available with $100MM plus suburban bank. Excellent fringe benefit Strong Second Man for western Iowa community bank. package. $45,000 Must beag-oriented................................................ Salary$32,000 AGRI LOAN—middle management position with advance Ag Rep for larger bank located in Iowa college community. ment opportunities. Prefer Ag degree and 2-3 yrs. bank ex Must have current experience with bank or govt, agency .. perience. $23,000 .....................................................................Sal ary $22,000 CASHIER—#3 position in$30MMrural bank. Supervise Number Two Person for major bank in outstate Nebraska. operations and assist with Ag loans. $25,000 Requires solid experience in administration and lending . AGRI LOAN—responsibility for all Ag credits in $25MM ..................................................................... Salary $40,000 rural bank. Should be civic minded and business develop Ag Rep for largernorthern Iowa bank. Requires 5 or more ment oriented. $26,000 years of heavy ag lending and college degree.................. TRUST OFFICER—head small but growing department in ............................................................... Salary to $30,000 rural bank. Prefer Law degree and some bank experience. Number Two person for smaller eastern Nebraska com $24,000 munity b a nk.......................................... Salary to $25,000 SENIOR LENDER—supervise Commercial and Ag port Cashier for larger eastern Iowa bank. Requires 5 or more folio in $100MM community bank. Some administrative ex years of solid operations experience and data processing perience required. $38,000 knowledge.................... ........ ........... . Salary to $28,000 Inquiries held in confidence. Resume' and salary re Ag Rep for southern Iowa bank. Requires two or more quirements requested. years of ag lending with bank or govt, agency................... • • • .......................................................... Salary to $24,000 TOM H A G A N & A S SO C IA T E S Office Manager for southern Iowa community bank. In of Kansas City surance a p lu s .......................................Salary to $25,000 2024 Swift - Box 12346 North Kansas City, MO 64116 Write or call in confidence to Malcolm Freeland, Freeland 816/474-6874 Financial Service, Inc., 1032 Carriers Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays fee. “ Serving the Banking Industry Since 1970” Auditor/CPA for major western Iowa ba nk___Salary open When it conies to agriculture, banking and pe rson n e l. . . 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.......................W l. .$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. NEW HAMPTON. IA 50659 MASSENA. IA 50853 I 1515) 394 3145 (712) 779-3744 . SOD G4REERS, IN C . —4 THE O R IG IN A L A G R IC U LT U R A L R E C R U IT E R Vol. 11 No. 19 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. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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