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Vol. 10 No. 19 Des Moines, Iowa Scramble Starts for A ll Savers $s M AD RUSH is underway to A gather in deposit dollars through high-interest retail repurchase agree carried repo interest above the 20% mark, with 25 % now offered in many cities. The offers generally state the high interest will be forfeited if the funds are not rolled into the All Savers certificate. In California, Home Federal ments so those deposits will be in hand when the All Savers certificates be come legal on October 1. Quoted rates of interest on repos last week from New York to California were ranging generally to 25 % , with one Chicago S&L offering 28 % , and a California S&L reportedly offering 34 % . These institutions calculate the extra interest paid until October 1 at a high rate will add only a fraction to the cost of the All Saver interest after October 1. The new certificates were OKd by Congress with HR 4242 and signed into law by President Reagan. They V et.Fkw N *6oralBnkofOninw jp ayyou25% pernunindO ctoberV ifyouthentnm fcrjourm on eytoan ew Eire authorized only for a 15-month period. The certificates will be insured by FDIC and FSLIC. The repos Eire not insured. Institutions accepting All Savers must roll back 75% of those funds into housing or ag loans, or 75% of the net growth of their retail deposits. The A B A labeled the entire regulation a nightmare and objected firstnational bank of omaha. m ^ strenuously to the credit allocation nature of the regulation. Enterprising S&L executives made Savings of San Diego, third largest in an early bid for the All Savers money the state with $5 billion assets, said it by offering interim repos until would pay one-quarter percentage October 1. The bidding game soon point more than any other big 1AHREE ACCOUNT! August 31,1981 California S&L. Minimum is $500 investment. Other S&Ls are involved in the rate war, and one similar S&L reportedly was offering 34% . Most are clustered at the 25% mark. In New York, four of the biggest savings banks—Dime, Bowery, A n chor and Brooklyn—have intense ad campaigns to lure depositors with high rates and gifts of merchandise and cash. In Omaha, First National Bank jumped into the fray August 20, Emnouncing in a full page ad its rate of 25% . Omaha National responded with a similar rate August 25. Banco banks are at 20% . S&L rates on August 25 were: 1st Federal of Lincoln—24 % ; Commercial, 1st Federal and American Savings, all Omaha—25% ; American Charter of Lincoln—24% . In Lincoln, the only bank known to have announced an offering as of last week was suburban Union Bank, with 24% interest. On Sunday and Tuesday, August 23 and 25, the other suburban banks ran newspaper ads panning the 24 % rate being paid by the thrift institutions. In Des Moines, Valley National announced a 20% rate August 21, with a $500 minimum, and a lid of $10,000 and $20,000 for singles and couples “ to protect the consumer from over-investing.” Iowa-Des Moines National and Bankers Trust Don't gam ble w hen choosing a correspondent bonk. Com e to the professionals. For any correspondent bonking need . . . overline assistance, d a ta processing services, investm ent counseling . . . just g ive us a call. W e're the professionals w h o p ut 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 Eddie A. Wolf, Sr. Vice President Bemie Kersey ^ o m e to u s we’re first in Iowa b ecau se we put Iowa first IOWA . nesjvioines M m NATIONAL BANK Member FDIC both announced a 20% repo rate, with $500 minimum, for money deposited to roll over October 1 into an All Savers certificate. In Chicago, S&Ls primarily were the only contestants. After Lyons S&L, a smaller suburban institution, «announced the highest rate of 25 % , Unity Savings, another small institution, said it would pay 1.5 percentage points more than any other area S&Ls. Lyons responded it would pay 3 points above anybody else’s offer. The only Loop bank to join the race last week was National Boulevard Bank, which is surrounded by S&Ls on north Michigan Boulevard. It offers 25% with a $5,000 minimum. In Minneapolis, the Midwest Federal S&L is at 20% , while First IflB *» '•Ü ASK DALE FROEHLICH to make MNB work for you. Toll free 1- 800- 332-5991 Merchants ^ National Bank 151 Member F.D.I.C. A BANKS OF IOWA BANK An Affiliate of Northwest Bancorppration Banco Call (515) 245-3131 or toll-free (800) 362-2514 Banks announced a 25% rate. Other major banks had not announced thenplans, if any, by August 25. Bob Sinkey, vice president and manager of marketing at First National Bank of Lincoln, pointed out that there Eire actually no regulations yet governing All Savers certificates, nor has the IRS given out its regulations on how the tax-free deduction is to be taken. He noted that regulators have not said, for example, if interest may be compounded or if it is to be simple interest. First National Bank of Lincoln had an ad scheduled this past weekend in the local newspaper listing all the known facts and the unknowns about the All Savers, emphasizing that the certificate “ is not for everybody.” Mr. Sinkey said, “ some people are going to come out on the short end of the stick,” who get into the All Savers in the interest of saving taxes. He noted also that “ if the DIDC should vote no penalty except loss of the tax exemption for those who withdraw funds early, then people who shouldn’t be in the All Savers could remove their money and still get the higher rate! ” □ BANK PLACEMENT SPECIALISTS (Our33rd year) Call experienced professionals to locate the right candidate for your vacancy . . . or the right “ move-up” for yourself. CORPORATE RECRUITERS MIDWEST BANKING DIVISION 525 Commercial Tower 402/393-5515 Omaha, Nebraska 68124 week that the IB A board had voted at its August 21 meeting to defer until after the annual meeting September 20 any decision on whether to proceed with the proposed purchase of the American Republic Plaza Building at 5th & Keo in Des Moines. The 657 member banks of IB A (100% membership in the state) were asked to respond with their mail ballots on the issue by August 21. About half the banks answered by that date, with a vote of 200 “ Yes” and 80 “ N o.” Mr. Tubbs, who is chairman of Maquoketa State Bank, said, “ in the meantime we will seek responses from those banks which have not yet replied. The vote is overwhelmingly in favor, but still there is a substantial number of those opposed and we want to give everyone an opportunity to be heard.” Mr. Tubbs also announced that the dues drafts will not be sent out September 1 as usual, but instead will be held until after the annual meeting. ALBION: The Iowa banking board recently made its final decision to allow Fidelity Brenton Bank & Trust Company of Marshalltown to open an office here. Albion, a town of about 800 population 10 miles northwest of Marshalltown, does not have a banking office at this time. Security Savings Bank of Marshalltown also had applied for an office in Albion. The contested case went to the Supreme Court, which remanded it finally to the Iowa superintendent of Iowa News Ed Tubbs, president of the Iowa banking for a re-hearing. The Bankers Association, stated last banking board recently recommended he approve the Fidelity Brenton Bank application. " O p p o r t u n it y Talks..." Robert Scott, Correspondent Banker DES MOINES: United Central Bank of Des Moines, N .A ., has announced that Harry A . Wilmer, senior vice president-commercial lending, has been appointed senior lending officer. Mr. Wilmer joined the bank in 1979 and was elected senior vice president this spring. I BANKERS PARTICIPATING (jEasePlan.Inc. 545 - 31st Street Des Moines. Iowa 50312 R. L. “DICK” SELLON https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Supplement to Northwestern Banker Newsletter 8-31-81 Carleton D . Beh Company Investment Bankers / Financial Consultants 1300 Des Moines Building / Des Moines, Iowa 50309 5 1 5 /2 8 8 -2 1 5 2 NEW ISSUE SALE DATE: $255,000 WEST BRANCH COMMUNITY SCHOOL DISTRICT, IOWA August 24,1981 MOODY’S: A General Obligation School Building Bonds Dated: Septem b e r1 ,1981 Denomination: $5,000 Both principal and semiannual interest (June 1 and December 1, first coupon due on June 1,1982) payable at the office of the School Treasurer, West Branch, Iowa. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXATION AND ALL PROPERTY TAXATION IN THE STATE OF IOWA. MATURITIES $10,000 10,000 10,000 15,000 15,000 15,000 20,000 15,000 20,000 20,000 11.50% June 1, 1983 June 1, 1984 June 1, 1985 June 1, 1986 June 1, 1987 June 1, 1988 June 1, 1989 June 1, 1990 June 1, 1991 11.15% June 1, 1992 $15,000 9.25 9.50 9.75 10.00 10.20 10.40 10.60 10.80 11.00 15,000 15,000 11.30% June 1, 1993 11.45% June 1, 1994 11.60% June 1, 1995 11.30 11.45 11.60 11 75% 15,000 15,000 15,000 15,000 11.15 June 1, 1996 11.90% June 1, 1997 12.00% June 1, 1998 June 1, 1999 11.75 11.90 12.00 12.00 LEGALITY TO BE APPROVED BY CHAPMAN AND CUTLER, ATTORNEYS, CHICAGO, ILLINOIS The West Branch Community School District is located in Cedar and Johnson Counties in east central Iowa. The District includes within its 125 square miles the City of West Branch, birthplace of President Herbert Hoover. Hoover died on October 20,1974, and was buried on a hillside overlooking his birthplace in West Branch. Points of interest which are now part of the Herbert Hoover National Historic Site include: Birthplace Cottage; Herbert Hoover Presidential Library-Museum; Blacksmith Shop; Schoolhouse; Friends Meetinghouse; and the gravesite. Transportation facilities are provided the District by the Milwaukee Road, U.S. Interstate 80, and an excellent network of paved county roads. Commercial airline service is available in nearby Cedar Rapids (40 miles) or the Quad Cities Metropolitan area (55 miles). Banking deposits within the District at year end 1980 were $21,987,000, supporting taxable retail sales activity of $4,895,609. The City of West Branch continues to be a major retail center for the prosperous surrounding agricultural area. These bonds are being issued under the provisions of Chapter 296, Code of Iowa, 1981, as amended, to defray the costs of constructing a new Senior High School. In the opinion of counsel, these bonds are legal and binding general obligations of the West Branch Community School District, Iowa, and all taxable property located therein is subject to the levy of sufficient taxes to pay the principal of and interest on the bonds without limit as to rate or amount. FINANCIAL STATEMENT Actual value of taxable property, 1980 Assessed value of taxable property, 1980 Direct debt, including this issue Total direct, overlapping and underlying debt Population, 1981 estimate: 4,500 $96,706,638 86,106,848 2,195,000 2,326,684 Direct debt per capita: $487.78 Total debt per capita: 517.04 Area: 80,000 acres Direct debt per acre: 27.44 Total debt per acre: 29.08 Tax collections have approximated 100.68% of taxes levied for the past six years. We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion: 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 s till be available or may now be available at a price or yield different from that indicated above. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Division of Hutton & Company Inc. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CALL ON THE “PERFORM ANCE TEA M ” where com m on transactions are handled uncommonly well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. ESTHERVILLE: United Central Bancshares, Inc. has announced the appointment of Gene L. Johnson as president of United Central Bank & Trust Company here. Mr. Johnson succeeds George H. Shadle, who has resigned to pursue other interests. Mr. Johnson was formerly president of the UCB in Kalona, a position he has held since 1972. KALONA: Allen R. Kloess has been appointed president of the United Centred Bank & Trust Company here, it has been announced by United Central Bancshares, Inc. Mr. Kloess succeeds Gene Johnson, who has been transferred to UCB of Estherville. Mr. Kloess was formerly vice president, cashier and secretary of the board of UCB of Marengo, a position he has held since 1978. NEWTON: Alan Mason has been promoted to assistant vice president of the First Newton National Bank. He joined the bank as assistant cashier in 1977. Nebraska News ORD: Bruce Krueeger has joined the Nebraska State Bank as vice president. He was most recently cashier of the First National Bank in Ordway, Colo. SWANTON: Tom Bass has been promoted to executive vice president of the Bank of Swanton. Minnesota News Peter Carlson, president of the Argyle State Bank, has been elected president of the Independent Bankers of Minnesota. Mr. Carlson, who has served as 1st vice president, was elected to the association’s top post during its 20th annual convention held recently in Alexandria. Call our Bond Department For up-to-the-minute, accurate information 450* ALBERT LEA: First Bank-Albert Lea has elected James C. Neuroth senior vice president and second officer. Mr. Neuroth has been with First Bank since 1977 as senior ag officer. Yorga to resources. president-human ST. PAUL: James G. Lethert has been promoted to vice presidentconsumer banking at Northwestern National Bank. He joined the bank as BLOOMING P RAIRIE: First Na a trust officer in 1972. tional Bank has announced the Montana News promotion of Kenneth Trom to senior vice president and cashier, and the The Montana Bankers Association addition of Gary Hoehn as vice is sponsoring a one-day seminar president and ag representative. covering IRA and Keogh plans and how they have changed in the past M APLE GROVE: Thomas W . Klick year. The seminars will be presented has been elected vice presidentby Collin Fritz, a banking consultant commercial lending of Northwestern from Iowa. Dates are September 29 Bank Northwest. He joined the bank at the Sheraton in Billings, and in 1978 as a loan officer. September 30 at the Village Red Lion M INNEAPOLIS: First Bank Sys in Missoula. Registration is $65, tem, Inc., has announced that George which includes breakfast, luncheon H. Dixon, president, has been and all handout materials. designated chief executive officer. He succeeds Donald R. Grangaard who North Dakota News will continue as chairman of the M AN D AN : James Drege has been board. promoted to vice president and M INNEAPOLIS: Bonita M. Deters manager of the commercial loan has been named vice president- department of First Northwestern operations at Marquette National Bank. He joined the bank in 1975. Bank. Ms. Deters joined the bank in 1965 and was promoted to assistant W ILLISTON: A t Williston Basin State Bank, Thomas J. Lavik has vice president in 1976. been promoted from cashier to vice M INNEAPOLIS: Central North president and cashier. Mr. Lavik western National Bank has named joined the bank in 1980, and has six William Solberg chief executive years of experience from the Farm officer. He will remain president. State Bank of Elgin. Also announced were the promotions UPDATE YOUR ALARMS of David Wehrman to vice presidentcommercial lending and Deborah Special on 35mm auto cameras. Check with us first BEFORE making a purchase. Insurance for Financial Institutions Automated Systems of Iowa, Inc. 301 N. Ankeny Blvd., Suite 220 Ankeny, la 50021 515-964-1358 Des Moines, IA 50316 Jim McLaughlin John Henderson Tony Paugoulatos Vice President Vice President Asst. Vice President Asst.Vice President Bond Officer Bond Representative 234-2462 234-2463 234-2647 234-2691 234-2673 Rusty Reese 3920 Delaware [515]265-1161 Tom Steffens 234-2674 Commerce Bank o f Kansas a ty ,0*^ «.,1,^ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis vice Member FDIC / Dave Wittenborn (816) 234-2000 Bank for Sale $24,000,000 high performing bank located in Upper Northwest. Prosperous service area. Principals only. Cash or terms. Ellis Jones, Broker 205 S. Eaton St. Lakewood, Colo. 80226 Tel. (303) 232-1189 W A N T ADS 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 FOR SALE OR LEASE Twenty (20) NCR 152-70 teller machines. Four(4) NCR 775 single pocket proof machines. Three (3) NCR 775 twelve (12) pocket proof machines. Call 515/250-0794 for more information._____________________(FSorL) POSITION AVAILABLE AG LOAN OFFICER for $42 m illion northwest Iowa bank. Must have loan experience to handle $12 million loan department. Excellent opportunity. Send resume and salary requirements to file NBY, c /o Northwestern Banker._______________________ (PA) Immediate opening in $11 m illion bank situated in northeastern part of Nebraska. Loan officer for 2nd position. Send resume to File OBB, c /o Northwestern Banker.___________________________________ (PA) BANK TRUST DEPARTMENT - Individual to head $50 m illion trust. Four to eight years experience with promotional and technical ability. Write file OBE, c /o Northwestern Banker. (PA) BANK TRUST DEPARTMENT - Individual to serve as trust officer. One to three years experience with promotional and technical ability. Write file OBF, c /o Northwestern Banker._______________________ (PA) WE NEED aggressive, high performance BANK PRESIDENTS. Send resume to BSC, Inc., 2121 North Webb Road#200, Grand island, Nebraska68801. (PA) Portable Modular Bank Building POSITIONS AVAILABLE Commercial Loan Officer for large Texas bank $35,000 EVP - 12 yrs exp, hvy operations. $30,000 Marketing Officers needed by major banks in eastern and central Io w a .................................................. Salary open.TRUST OFFICER - JD, 5 yrs trust exp. $28,000 Ag Lenders with tw o or more years experience needed SR LOAN OFFICER - BA in finance, well rounded by several Iowa community b a n k s ...........Salary open. lending exp. $26,000 Commercial Loan Officer fo r Central Iowa bank........... BRANCH MGR - 4 yrs hvy exp in installment lending. ............................................... Salary$open. 20,000 Ag Lender for South Dakota bank, located on INSTALLMENT LENDER - 2Va yrs lending exp, some Minnesota b o rd e r..................................Salary $23,000 supv. $18,000 Data Processing Officer for western Iowa bank Salary TRUST -12 yrs exp, hvy operations. $28,000 ...........................................................................$18,000 Write or phone Malcolm Freeland, c /o Freeland Financial Service, Inc., 246 - Insurance Exchange Bldg., Des Moines, Iowa 515/282-6462. Employer pays fee. Operations Officer with lending and marketing exp. seeks second man p o s itio n .............................. $27,000 Lease* Rent* Buy SR COMMC’ L LENDER -1 0 yrs exp, exposure to ag. $30,000 TRUST OFFICER - Need Generalist bkgd. Salary nego #2 MAN - Must have hvy ag bkgd. $25,000 Iowa State Grad, with basic banking exp. seeks position in GreaterTwin Cities a re a .................$17,000 COMMC’L LENDER-2 yrs commc’l lending in Ig bank. $26,000 Second Person in major Wyoming bank wants position leading to CEO in Mountain states . .$30,000 Ag Lender with farm Agency; Univ. of Nebr. grad in ag business; wants position with community bank in Nebraska............................................................$17,500 Write or phone Malcolm Freeland, Freeland Financial Service, Inc., 246 Insurance Exchange Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays fee. ALL FEES COMPANY PAID. FOR FURTHER INFORMATION RESPOND IN CONFIDENCE TO: FOR SALE Burroughs S-1000 12 pocket proof machine. Purchased new 1978. $5,500.00. Towner County State Bank, Cando, North Dakota. Phone701-968-4421 ,(FS) MUST SELL IN 3b DAYS. NCR posting machine, Diebold vault door, and 6-unit teller counter with LeFebure undercounter equipment. Call (308) 632-4158._________________________________ (FS) Mosler 31/2” stainless steel vault door-new condition. Mosler modular four position teller counter (oak finish) new condition. Contact Brenton 1st Natl. Bank, Davenport, IA. Phone319-326-4001.______(FS) Burroughs S-1300 proof machine, 12 pockets. Contact M.G. Nelson, Western State Bank, St. Paul, Minn. (612) 224-1371._____________________________ (FS) Used Diebold night depository. Manning Trust & Savings Bank. Phone (712) 653-3541.___________(FS) One S3000 Burroughs 12 pocket proof machine. Purchased New Nov, 79. One L9000 Burroughs with feeder stacker and auto reader. New Nov, 78. One L9000 Burroughs. New May, 79. Contact Second State Bank of Sebeka, Minnesota. Phone 218-837-5171.______________________________ (FS) Four NCR 400 posting machines, one Pitney Bowes model 1830 folding machine and one Pitney Bowes Model T8 collator. Contact: Jim Braafhart, Vermeer Manufacturing Company, P.O. Box 200, Pella, Iowa 50219. Phone(515) 628-3141,_________________ (FS) tty of lowa, Inc. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 CAPITAL PERSONNEL SERVICE 714 Central National Bldg. 515-283-2545 Des Moines, lowa 50309 WANT TO BÜY Individual wants to acquire lowa or Neb. bank. Contact in confidence: Mike Keim, 9916 Fieldcrest Drive, Omaha, NE 68114, phone 402/393-8160. [WTB] A community minded banker would like to purchase an lowa bank on contract. All replies w ill be held in strict confidence. Write file OBD, c /o Northwestern Banker._________________________________ (WTB) POSITIONS AVAILABLE PRESIDENT - suburban bank of $30MM. Require ments include solid commercial loan experience and proven ability to generate new business. $45,000 SENIOR LOAN OFFICER-supervise loan portfolio for $20MM bank located in western state. Must have commercial and ag lending expertise. $28,000 CONTROLLER - $60MM bank in western Kansas desires operations officer with accounting degree. Future advancement possible. $25,000 OPERATIONS OFFICER - medium size southern Missouri bank close to several resort areas. Prefer degree and 4-6 yrs. experience w ith bank of $50MM or more. $27,000 COMMERCIAL LOAN OFFICER - $50MM bank in nice lowa community. Minimum 3 yrs. commercial experience with some exposure to ag credits. $25,000 MANAGEMENT TRAINEE - small rural area bank seeks recent college grad who is interested in a lending position. $12,000 Many additional opportunities for experienced bankers available. Your inquiry is held in confidence. Salary history and resume’ requested. Ask the ag banking specialists what’s available without cost or obligation. NEW HAMPTON. IA 50659 MASSENA. IA 50853 I (515)394-3145 (712) 779-3744 Ban CAREERS, INC. j M SERVING PROFESSIONALLY Banking, Financial & Business Personnel lowa and Nationwide EXEC. VICE PRESIDENT - suburban area bank of $40MM seeks second officer with commercial loan experience. Opportunity to assume president’s position in 3 yrs. $33,000 Ag Loan O fficer................. IA . $15-20,000 Sales & Mktg. Rep . . . F L /G A . $20-25,000 C E O ............................... K S . $30-35,000 Ag Loan O ffic e r............. MN . $15-20,000 Ag Loan O fficer/ Insurance IA . $15-20,000 2 Ag Loan O ffic e rs ............IA . $16-23,000 THE ORIGINAL AGRICULTURAL RECRUITER Bank Division ROBERT HALF ALL FEES COMPANY PAID Progressive bankers pay us to find the people they need. RR 45, Box 115 Hiway 73,3 V%Miles North of Int. 680 Omaha, Nebraska 68152 (402)453-3000 AG LENDER - Come in as #3 man. $25,000 Installment Loan Officer with nine yrs. exp. Mgr. of $16 m illion facility for four years.......................$22,000 When it comet to agriculture, banking and perso n nel. . . go to the specialists — go to AGRIcaroors, Inc. Systems, Inc. PARTIAL LIST OF AVAILABLE POSITIONS INSTALLMENT -3 yrs banking exp preferred. $17,000 POSITIONS WANTED L g Banking Specialists . , SINCE 1968 General Bank Equipment: & PARTIAL LIST OF AVAILABLE APPLICANTS i TOM HAGAN & ASSOCIATES of Kansas City P.O. Box 12346,2024 Swift North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” Vol. 10 No. 19 Northwestern Banker Newsletter [USPS 873-300] is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, lowa 50309. Subscriptions $1.00 per copy, $15.00 per year. Second class postage paid at Des Moines, lowa. 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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