Full text of The Northwestern Banker : August 7, 1967, No. 1048

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Oldest Financial Journal W est o f the Mississippi
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Des Moines, lowa

No, 1043

August 7,1367

Bank Credit Plans Near Billion Mark
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Bank credit card and checkcredit plans now account for about
one-fifth o f the estimated total of
$5 billion outstanding for all types
of consumer credit card plans,
according to tabulations of the
Federal Reserve Board, the Comp
troller of the Currency and the
Federal Deposit Insurance Corp.
At the end of April, 627 banks
reported holding more than $800 mil
lion under bank credit card and
check-credit plans. The 627 banks
represent only those holding credit
card receivables. Not included
are several hundred additional
banks which are operating as local
agents o f their large city corre
spondent banks.
The data was obtained from
a specia l question in the April
Call Report of the three bank
supervisory agencies on the dol
lar volume of credit outstanding
under these plans. The purpose
was to gauge this growing s e g
ment of bank consumer credit.
The information also w ill be
used by a specia l task group set
up by the Fed earlier this year to
study developments in such plans.
Of the 627 banks reporting
credit card or check-credit plans,
372 were national banks, 90 were
state member banks and 165 were
FDIC-insured non-member banks.
These banks were located in

all section s of the country. More
banks were involved, however, in
the East and West Coasts than in
most other parts o f the country.
The exception was the Chicago
area. In the Chicago Federal Re
serve District, 138 banks reported
credit card operations —the largest
number in any district.
In terms o f dollar volume, the
largest amount o f such credit
outstanding was reported in the
San Francisco Fed District. Sev
eral large branch banking systems
are operating extensive credit
card plans in that area.
The information revealed that
most of the credit card and checkcredit plans are now operated by
medium to large s iz e banks. Of the
627 reporting, 228 had total de
posits o f more than $100 million,
while 201 had deposits of between
$25 and $100 million.
However, a number of smaller
banks reported such plans. Of
these, 85 had deposits o f less
than $10 million,- and -27 had de
posits of le ss than $5 million.

NATIONAL NEWS
NEW YORK: Joseph J. Devine has
been elected vice president and
named head of Bankers Trust Com
pany’ s public relations and adver
tising department. Mr. Devine, who
has been assistant v ice president

MONTANA NEWS
BILLINGS: Robert H. Waller has
been elected vice president in the
commercial loan department at the
Midland National Bank of B illings.
Mr. Waller has been associated
with the State Bank of LaCrosse,
W isconsin, for seven years.

COLORADO NEWS
BOULDER: The annual Colorado
School o f Banking began August 6
and will continue through August
18 on the campus o f the University
of Colorado in Boulder.
COLORADO SPRINGS: Announce
ment has been made o f the e le c
tion of J. D. Ackerman to chair
man o f the board and ch ief execu
tive officer of The Exchange Na
tional Bank. Mr. Ackerman was
formerly president of the bank.
Promoted from senior v ice pres
ident to president of the bank was
O. Donald Olson.
DENVER: N eil F . Roberts, pres
ident of Denver U. S. National
Bank, was recently elected a
trustee o f the A ssociated C olleges
of Colorado.

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and advertising manager, joined
the Public National Bank in 1935
and Bankers Trust in 1955, when
the two banks merged.

Bernle Kersey

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IOWA NEWS
CASCADE: A. P. R essler has
been elected vice president by
the Cascade State Bank. John
Sullivan has been named to the
board of directors.
CHARITON: Howard Swainey has
been
advanced
from assistant
cashier to cashier of the National
Bank & Trust Company. Mrs. Iris
Vanderpol has been elected a s
sistant
cashier of the bank.
CORALVILLE: Gordon Hall, pres
ident of the Coralville Bank and
Trust
Company,
was recently
elected president of the Johnson
County Bankers A ssociation . E lec
ted v ice president was Elmer
Drake, assistant cashier o f the
H ills Bank and Trust Company;
secretary, Donald Kout, cashier
at the Farmers and Merchants
Savings Bank of Lone Tree, and
treasurer, Mark J. Thompson, as
sistant cashier at the First Na
tional Bank in Iowa City.
DAVENPORT: Stockholders of the
Northwest Bank have voted to sell
937 shares to present stockholders.
Robert T. Knapp, president of the
bank, noted a 16% increase in

Call
Jay Bordewick
for
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earnings, to $26.79 per share.
Northwest Bank stockholders also
voted the issuance of an addi
tional $1 million in capital notes
by the board.

of the application, for the bank,
which would have been located at
120th Street and West Center Road
in the Bel-Air P laza Shopping
center.

DES MOINES: State funds invested
in Iowa bank certificates o f de
posit during August will earn
4.6%, compared with 4.2% for the
month o f July. The rate was set
by a committee composed o f State
Treasurer Paul Franzenburg, Bank
ing Superintendent John Chrystal
and Insurance Commissioner Lome
Worthington.

OMAHA: The public relations com
mittee of the Nebraska Bankers
A ssociation has secured time on
four Nebraska radio stations for
the ten-game Nebraska football
schedule. The stations are KOWH,
Omaha; KNOP, North Platte; KNLV,
Ord, and KMIB, Kimball. C ost of
coverage on the four stations will
be $8,500. The NBA public rela
tions committee has suggested the
following voluntary contributions
to pay for the radio time: banks up
to $1.5 million deposits, $25; from
$1.5 million to $3 million deposits,
$50; from $3 million to $7 million
deposits, $ 7 5 ,.and over $7 million
deposits, $100. This schedule
does not include Lincoln or Omaha
banks.

DES MOINES: Thelowagroup meet
ing of the National A ssociation
of Bank Women has been scheduled
for September 13th and 14th at the
Kirkwood Hotel in Des Moines.
Complete details will appear in the
September Northwestern Banker.
EMMETSBURG: William Degnan,
president o f the Palo Alto Coun
ty State Bank, was recently hon
ored on the 25th anniversary of
his association with the Brenton
banks.

NEBRASKA NEWS
OMAHA: An application by Bel-Air
Plaza, Inc., for a state banking
charter has been rejected by the
Ne braska Banking Department. No
reason was d isclosed for rejection

Municipal / j / f

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SCHUYLER: Newly elected of
ficers of the East Central Nebraska
chapter of NAB AC are: president,
Gustav P. Fayman, assistant cash
ier at the First National Bank o f
Schuyler; v ice president, Robert H.
Kline, assistant cashier of the
First National Bank & Trust Com
pany o f Columbus; secretary, Gener D ocekal, cashier o f the Bank of
Brainard, and treasurer, Lee D.
Snell, vice president and cashier

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SCOTTSBLUFF: The third annual
Western Golf Tournament spon
sored by the Nebraska Bankers
A ssociation w ill be held Thurs
day, August 10, at the Scottsbluff
Country Club. The day will include
a noon luncheon, the 18-hole tour
nament at 1:00 p.m., a s o cia l hour
at 5:30 p.m., and dinner at 6:30p.m.
Registration fee is $15, and should
be sent to William H. Osterberg,
secretary of the NBA.
VALENTINE: In confirming the
report published in last week’ s
issue that Willard Lynch had
resigned as a senior officer in
the Abbott chain of banks, it was
learned that this story was in
correct. Mr. Lynch has resigned
as executive vice president of
the Bank o f Valentine. However,
he continues as president of the
Farmers State Bank at Winner,
S. D., and also as a director of
the Bank of Valentine and direc
tor of the Guardian State Bank
at A lliance, Nebr. Mr. Lynch is
presently on vacation but was
contadted to confirm the corrected
story printed here.

Benson, will lead the delegation
of speakers and officers to the
meetings, which are scheduled as
follow s:
September 5, Kahler Hotel,
Rochester; September 6, Turner
Hall, New Ulm; Septem ber?, Coun
try Club, Montevideo; September 11,
F-M Hotel, Moorhead, Septem
ber 12, Rainbow Ballroom, Grand
Rapids; September 13, Germain
Hotel, St. Cloud; September 14,
Radisson Hotel, Minneapolis.
BLOOMING PRAIRIE: Allan C.
Peterson has purchased control
ling interest in the First National
Bank from Raymond A. Peterson
and Norman R. Peterson. Mr. Peter
son, who has been cashier of the
bank sin ce 1960, now becomes
president and chairman, a position
his father, C. A. Peterson, held
with the bank until his death in
1942. N ewly-elected as vice pres
ident and cashier of the bank is
Donald E. Morrison. Mr. Morrison
has been the executive officer of
the State Banks of Eyota, Elgin
and Dover.

MINNESOTA NEWS

CHASKA: Open house will be
conducted by the First National
Bank of Chaska Saturday, August
19, in the new building recently
occupied by the bank.

The 1967 district meetings of
the Minnesota Bankers A s s o c i
ation will be conducted at seven
locations throughout the state.
Paul Gandrud, MBA president and
president of the SwiftCounty Bank,

CLEARBROOK: Dr. R. F. Ander
son, who has been president of
the First State Bank for 12 years
and a director for 25 years, re
cently resigned from the bank’ s
presidency. Succeeding him will

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be Orin Bagaason, who has been
cashier and director of the bank
sin ce 1963.
CYRUS: The State Bank of Cyrus
recently declared a 100% stock
dividend to its present stock
holders.
FOLEY: Larry Klimstra, assistant
cashier at the Farmers State Bank
of Lakefield, has resigned to be
come assistant cashier of the
State Bank of F oley, beginning
September 1.
HASTINGS: Palmer Hoffland has
been elected assistant cashier at
the Northwestern National Bank
of Hastings. Mr. Hoffland has been
with the bank since 1964.
INTERNATIONAL FALLS: Dennis
Vance was recently elected a s
sistant cashier of the International
State Bank in the installment loan
department. Mr. Vance joined the
bank a year ago.

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12th & N Street • LINCOLN, N E B R A S K A • Member: F.D.I.C.

LEWISTON: Open house was held
August. 4 and 5 at the new quarters
o f the Security State Bank. Webster
A. Fischer is president of the
bank.
MINNEAPOLIS: Vincent H. Olson,
formerly assistant cashier, has
been advanced to assistant vice
president of the First Bloomington
Lake National Bank.
MINNEAPOLIS: Arthur J. Burke
has been elected vice president
of the Northwestern National Bank
of Minneapolis. Mr. Burke joined
the bank in I960. H. James Leskee,
formerly assistant controller, and
William W. Lohman, formerly a s
sistant cashier, were elected a s
sistant vice presidents. Newlyelected assistant cashiers are
James R. Campbell, Gerald R.
N elson, Lee H. Rickard and Den
nis W. Troff.
MINNEAPOLIS: Franklin L. Par
sons has announced his retire
ment from the Federal Reserve
Bank of Minneapolis effective
August 1. Mr. Parsons joined the
bank in 1944, became director of
research in 1954, and was elected
v ice president in 1961.
NORTHFIELD: Fred Moors has
resigned as president of the North
western
State Bank, effective
September 1, to take a position
with Northwestern Bancorporation
as assistant secretary for person
nel. E lected to succeed Mr. Moors
is Larry Karbo, now v ice president
of the First National Bank and
Trust Company of B illings, Mont
ana. Mr. Karbo has been a banker
since 1937, and joined Billings
State Bank in 1964, which merged
with the First National Bank and
Trust Company last year.

ROCHESTER: Rex Horlocker has
been named vice president in
charge of bank operations by the
Northwestern National Bank. He
su cceeds Gerald Kanne, who has
assumed other duties in the bank.
Mr. Horlocker has been assistant
vice president in charge of the
bank’ s computer center.
ST. PAUL: Dale Morrill has been
elected executive vice president
of the Summit National Bank.
Prior to joining the bank in 1965,
Mr. Morrill was vice president of
the Drovers S tate Bank o f South
St. Paul. E lected assistant cash
iers were Ted Brahmhall, Mildred
Mills and Ron Van Guilder.
ST. PAUL: C. Edward Johnson,
formerly president and chairman
of the Empire National Bank,
died July 29 at the age of 79.
The Empire National is now North
western National Bank of St. Paul.
WACONIA: C. H. Ortlip, executive
v ice president and cashier at the
First National Bank, died suddenly
while vacationing recently. Mr.
Ortlip, who was 64, had been in
banking sin ce 1922.

NORTH DAKOTA NEWS
FAIRMOUNT: Harris J. Sorenson,
former agricultural representative
and assistant cashier at the Mer
chants National Bank and Trust
Company o f Fargo, has been named
president o f the First National
Bank of Fairmount.
GRAND FORKS: Dallen Welch and
Sidney Batemen have been pro
moted to assistant cashiers of the
First National Bank. Mr. Welch
joined the bank in 1963 and Mr.
Batemen joined the bank in 1962.

your capital city correspondent gives you

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SOUTH DAKOTA NEWS
FREDERICK: Robert Keith Camp
bell, 59, died recently in Aberdeen
following an extended illness.
Mr. Campbell had been president
and chairman o f the First National
Bank of Frederick.

MADISON: Norbert J. Sebade has
joined the Northwestern National
Bank as auditor and controller.
Mr. Sebade recently graduated from
Black H ills State C ollege.

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Minimum:
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NORTHWESTERN BANKER
306 15th St., Des Moines, Iowa

POSITION WANTED
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Write F ile MRO, in care of the
NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309.
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No. 1048 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des
Moines, Iowa 50309. Subscriptions 50^ per copy, $6 per year. Second c la ss postage paid at Des Moines, Iowa. Address all mail
subscriptions, changes o f address (Forms 3579), manuscripts, mail items to above address.

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Full text of The Northwestern Banker : August 7, 1967, No. 1048

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