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,* ! Vol. 8 No. 33 Des M oines, Iowa December 10,1979 New Challenge for 1980s g Editor's Note: The following re marks are excerpted from an ad dress delivered at the noon luncheon of the 21st Annual Iowa Business Trends Conference hosted last week in Des Moines by the Iowa-Des Moines National Bank. The speaker was R. Heath Larry, president of the National Association of Manu facturers, Washington, D.C. H IN K with me about how the decade of the 80s will be pre senting different challenges than any we have ever faced in the 200 year h isto ry o f ou r n a tio n . E v e n ts n ow are coalescing to af fect our free mar ket system and d e m o c r a c y in ways we’ve never seen or experienced before. Right now we are facing an attack on this system from two directions. External— Never before have we seen so many nations turn toward what I might call a socialist dicta torship. Nicaragua, Iran, up and down the shoreline and in tern al parts of Africa. They have all done this in the name of and for the peo ple. The trouble is they have adopt ed a society in which they do not recognize property rights— in in T *• A /"♦S*- vestments, ideas or patents. You and I, in a society which is based on those rights, are going to have great d iffic u lty in d ealin g around the world with nations that don’t. Internal— W e have forces at work that challenge our society at home and these are energy and inflation. W e ’re told by some that we’re going to get by. But the question is how? Just barely, I think, and really not until w e’ve had a radical change in attitu d e tow ard nuclear en ergy, toward coal mining, toward trans p orta tio n , tow ard a n yth in g else. W e ’re not going to have enough energy to power this nation toward growth until we make the invest ment in new energy sources. W e will have to pay out money for energy; for repair to the environment, for capital replacement we’ve failed to make in the past two decades with a re su ltin g m iserable p ro d u c tiv ity rate. W e ’ve had people prophesy the demise o f the free market system for as long as I can remember. These prophecies have failed because their sponsors never found an acceptable substitute system. Our system for many years produced a 2, 3, 4 per cent growth so long as it could pro duce growth in the real income of the workers. Now we cannot have that growth with energy and inflation problem s assailin g us and the question is, “ Can we survive this period o f no growth?” I think we can, but it’s time to have some realism. W e can’t have a b e tte r tom orrow u n til we s ta rt working for that better tomorrow. W e ’ve been doing some things right. Earlier this year the report of the President’s Council of Economic Advisors and the President’s own economic message both recognized the need for more profitability and reconstituting the base of American industry. Later, Senator Benson’s joint economic committee gave a re port that for the first time in 19 years turned its back on the K e y nesian theory. Other favorable signs followed, just as they had under Dr. Paul McCracken, who was chairman of the Council of Economic Advisors under President Nixon. More re cently, Fed Chairman Paul Volcker took a decisive step, which we all applauded. Then, like now, the real ization that unemployment would follow such a restraining policy, no matter how worthwhile, faced the reality of a campaign six months before election so they all said let’s fo r g e t about all those stu rdy promises. T h e speed o f change is qu ite evident when you look at the history of how our national budget has accelerated in recent years. The debt has tripled since 1961. The share of revenues g o in g to a ll kinds o f government has gone from 10% in NEW CH ALLENG E . . . (Turn to page 4, please) * CALL ON THE “PERFORM ANCE TEA M ” ~*r —-■4 where com m on transactions are handled uncomm only well. ■mHin 1 FIRST NATIO NAL LINCOLN -r- A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. 2 House Again Seeks to Set Fed Chairman’s Term The U.S. House on November 13 passed H R 5037, which would per mit the President of the United States to appoint a new Federal Re serve Board chairman to a four-year term one year after taking office. Sponsored by Rep. Parren Mitchell (D -M d.), the bill would specify that current Chairm an Paul V o lck er would serve his full term, which ex pires August 6,1983. I f he should be reappointed, his term then would run to January 31, 1986. Also, if a chairman does not complete his full term, his successor could be ap pointed only to fill the unexpired portion of that term. The chairman must come from among the board of directors of the Fed. Iowa News A K R O N : The Akron Savings Bank will host an afternoon event cele brating the grand opening of their expanded and n ew ly-rem odeled b an kin g fa c ility on Saturday, December 15. A M E S : Funeral services for Dean A . Knudson, 62, were held Decem ber 7. Mr. Knudson died last week of injuries sustained in an automobile accident in A m es. W ell-k n ow n throughout the state, he had served as chairman of University Bank & Trust Co. here until two years ago when he sold the family banking in- _ Don Carm ody: BANKER Come Crow WithUs Bankers Thist Single System Banking N ow National Bank o f W aterloo Waterloo, Iowa 50704 Member FDIC Five banking services prepared on one monthly banking statement under one account number, also to include NOW account when legalized. Phone Milt Hennick, Dick Jung, Bill Rickert or Max Cory at 1-800-772-2411. terest. Mr. Knudson was also a founder and the first president of the Iowa Independent Bankers. Most recently he owned and operated an Ames travel agency. O M A H A : Donal-Deen Lewis has joined the Ames Bank as vice presi dent and cashier. She was formerly an assistant vice president at the Omaha State Bank. C E D A R F A L L S : Henry F. Dion will join the First National Bank here as vice president-loan admin istration effective January 2. He is currently a vice president at the First National Bank in Mason City. O M A H A : P ro m o ted recen tly at First Westroads Bank were Pete Zandbergen from assistan t vice president to vice president; Dane Erichsen from assistant vice presi dent to cashier, and Susan Hoefer and Robert Auerbach to assistant cashier. DES M O IN E S : Harriette Allison, presiden t o f Bankers Personnel Search, Inc., has announced her re tirement effective December 31. The firm, which is operating from P.O. Box 184, Indianola, will discontinue operation on that date. Mrs. Allison has been in the personnel business for many years, and has had her own firm for the last 10 years. She and her husband plan to m ove to Hannibal, M o., after the first of the year. D E S M O IN E S : V a lle y N a tio n a l Bank has discontinued operation of its Park Fair office located at 100 E . Euclid A ve. here. L IM E S PR IN G S : The Exchange State Bank has received consent from the F D IC to change the loca tion of its main office from 217 C enter St. to M ain and G rant Streets here. O M A H A : H . Glenn D ick ey has been appointed vice president at the F irs t N a tio n a l Bank o f Omaha. Formerly of Cleveland, Ohio, he will serve as the bank’s director of data processing and systems. O M A H A : Th ree prom otion s an nounced recen tly at the Omaha State Bank include P. Michael Pate to assistan t v ic e p residen t and cashier; Ute M . Anderson to assistN EB RASKA NEW S . . . (Turn to page 4, please) When it com es to • total service, you’ll get a lot of help for your money. SPE N C E R : Thomas McMahan has been promoted from vice president and cashier to senior vice president and cashier of the Clay County N a tional Bank here. He has been with the bank since 1971. f - J VM D es M oines, Iow a 5 0 3 0 4 Nebraska News https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis McCOOK: The First National Bank of McCook has received consent from the regional administrator of national banks to locate CBCT units at 501 W . Fifth and W est Fifth & D Streets here. nesMoines A M NATIONAL RANK M e m b e r A n A fftlla te o f N o rth w e s t.B a n ç o rp p ra tip n v Ba n c o - 3 Carleton D. Beh Co. In ve stm e n t Bankers/Financial C onsultants NEW ISSUE $885,000 CITY OF STILLWATER, MINNESOTA MOODY’S: A General Obligation Improvement Bonds of 1980 Dated: January 1,1980 Denomination: $5,000 Both principal and semiannual interest (February 1 and August 1, first coupon due August 1,1980) payable at a bank to be designated. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES. MATURITIES 6.40% 6.40% $55,000 February 1,1982 6.40 $ 55,000 February 1,1989 6.40 55,000 February 1,1983 6.40 55,000 February 1,1990* 6.40 55,000 February 1,1984 6.40 6.45% 55,000 February 1,1985 6.40 55,000 February 1,1991 * 6.45 55,000 February 1,1986 6.40 6.50% 55,000 February 1,1987 6.40 335,000 February 1,1992* 6.50 55,000 February 1,1988 6.40 ‘ Optional in inverse order beginning February 1, 1990 at 100%. $300,000 CITY OF STILLWATER, MINNESOTA MOODY’S: A General Obligation Corporate Purpose Bonds of 1980 Dated: January 1,1980 Denomination: $5,000 Both principal and semiannual interest (February 1 and August 1, first coupon due August 1,1980) payable at a bank to be designated. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES. MATURITIES 6.40% 6.40% $10,000 February 1,1982 6.40 $70,000 February 1,1985 6.40 35,000 February 1,1983 6.40 70,000 February 1,1986 6.40 40,000 February 1,1984 6.40 75,000 February 1,1987 6.40 LEGALITY TO BE APPROVED BY DORSEY, WINDHORST, HANNAFORD, WHITNEY AND HALLADAY, ATTORNEYS, SAINT PAUL, MINNESOTA The C ity of S tillw ater, Minnesota, the County Seat of W ashington County, is situated on the St. Croix River approximately 20 m iles east of M inneapolis/S t. Paul’s m etropolitan area. Commercial and industrial valuation in the C ity com prise about 20% of the C ity’s tax base, w ith some of the major employers in the area as fo llo w s: Anderson Corporation (windows, em ploys 3,305); Kroy Industries (audio visual production, em ploys 800); Minnesota State Prison (prison, em ploys 457); St. Croix Manufacturing (furniture, employs 150); and various other manufacturers. There are three banks w ith in the C ity w ith deposits as of December 31, 1978 in excess of $88,360,300. These bonds are being issued pursuant to Chapter 475, Minnesota Statutes, fo r the purpose of providing financing for various projects w ithin the City. In the opinion of counsel, both o f these issues are legal and binding general obligations of S tillwater, Minnesota, and all taxable property located therein is subject to the levy of su fficie n t taxes to pay the principal and interest on the bonds w ithout lim it as to rate or amount. B S S filic L l . ■ ^ FINANCIAL STATEMENT Actual market valuation, 1978 Assessed valuation, 1978 $167,835,568 36^500,219 Direct debt, including these issues Net direct debt, excluding self-supporting Total direct and overlapping debt 6.455.000 1.300.000 3,128,440 Population, 1979 estimate: 13,020 Direct debt per capita: $495.78 Net direct debt per capita: 99.85 Total debt per capita: 240.28 Tax collections have approximated 98.8% of taxes levied for the past four 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 was based. Offered subject to prior sale and change in price. Des Moines Building • Des Moines, Iowa 50309 • 515-288-2152 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 607 Marquette Ave. • Minneapolis, Minnesota 55402 • 612-332-8825 NEW CH ALLENG E . . . (Continued from front page) 1929 to 40% now and three-fourths of that has happened since 1961. W e ’ve lost 60% of the value of the dollar. I t was after 1960 that most of our troubles started and it really has been confiscation without compen sation and regulation without repre sentation. They didn’t pay much attention to our claims in W ashing ton for they didn’t have to face the voter on them. A s a result I would say that in the last 20 years we have spent the past and mortgaged the future. W e can’t blame anybody else but ourselves. W e sent them there with our votes. W e did or didn’t raise money for political purposes and did or didn’t get involved and now we have a tremendous need to turn it around. Can we do it? Look at the numbers of our trans fer payments. They sire three-fifths of our budget today. They are more than all the military budget plans plus all private capital spending put together. Have you looked at the number o f ta xp a yers versus ta x dependents? There are 70 million p riv a te ta x p a yers. Th ere are 80 million tax dependents— military payroll, Washington payroll, state government payrolls, Social Secur ity, welfare, etc. That ought to give some idea of the problem we face in turning it around in a situation where we o b v io u s ly know w e ’ re spending too much money on the wrong things. But who’s going to do it again? Certainly not those who are on the payroll. Is it going to be the consumerists, the Sierra Society, Ralph Nader, Tom Hayden or Jane? Don’t count on it. Is it going to be labor? No way. Is it going to be the liberal coa litio n o f academ ia and the media? I have yet to see any indi cation that it might be. W ill it be Congress of its own motion? No, it is not going to happen any where unless it is people like you who form what might be called the middle plus. I t is not going to be the very rich, the very poor, the very r ---------------------------------------------------------------------- 1 i i □ I would like to sell my majority bank stock. □ I would like to buy ma jority bank stock. i I I Please Contact: J. Mason Henry l i I Charles E. Walters Co., Inc. i I P.O. Box1313, Omaha, Nebraska68101 IFRASER Phone:(402)553-6400 i i I, Digitized for I___ :______________________________ I https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis young or the very old. It's going to be middle America, middle income, middle management, middle o f the road, plus or minus 10% on either side, who have n ever y e t re a lly gotten involved in the political pro cess. W e have a long way to go. W e ’ve got to get busy and do it before somebody decides we can’t do it. Do it! And don’t have the excuse that you’re just a minority. George Meany in all these years has repre sented only one out of five workers. Management represents one out of five people. Think o f your leadership responsibility in three dimensions: The economic leadership which is in v o lv e d in you r business, the p o litic a l leadership which is in volved in your total environment, the ethical and moral leadership that should be the central core of business. There is no reason for cynicism, no reason for abandonment of hope, no reason fo r acceptance o f pessimism. W e still have it within our opportunity to change anything we want to change if we don’t turn our back on the situation as it really is. □ N E B R ASKA NEW S . . . (Continued from page 2) ant vice president, and Othel (Bo) L. Goodwin to assistant cashier. O M A H A : The First National Bank of Omaha has received consent from the Comptroller of the Currency to relocate its office at 13483 W . Center Road to 2605 S. 133rd Plaza. Minnesota News The maximum lawful interest rate fo r con ven tion al home m o rtga ge loans for the month of December is 13.5% , accordin g to M ich ael J. Pint, commissioner of banks. This is up three-quarters percent from the ra te set fo r N o vem b er at 12.75%. A telephone survey of lending in stitutions by the banking division indicated home loans are still avail able, particularly in some areas out-. side the T w in C ities; how ever, applications received are reported down in number. Interest rates vrhere loans are available are currently averaging 12-12.75% w ith som a discount points required. Prospective bor rowers will often find loans limited in dollar maximum or given only to present customers. A L E X A N D R IA : The state com merce commission has approved a savings and loan charter for the V ik in g S avin gs A s s o c ia tio n o f Alexandria. This is the first state charter approved for a savings and loan since 1958. E D I N A : N a tio n a l C ity Bank o f Minneapolis has received consent from the Comptroller of the Cur rency to relocate its office here from 6700 France A ve. South to 3905 W . 69th St. E M M O N S: A n application by the First National Bank of Emmons to convert to a state chartered bank has been approved by the state com merce commission. The bank has held a national charter since 1903 and is affiliated by common owner ship with the Security State Bank of Albert Lea. Herbert A . Lund is the bank’s president, and Clifford C. Cavanaugh is executive officer. M I N N E A P O L I S : The p rin cipal shareholders of M id America Bancorporation, Inc., members of the W . T. Richards family, have agreed to sell their shares in the holding company to Minneapolis business man Irwin Jacobs. M id America owns and operates six banks in the Twin Cities area and one in Hutch inson. No major operational changes are planned. M IN N E A P O L IS : Jo Ann R. Krue ger has joined Marquette National B^nk of Minneapolis as an invest ment consultant in the securities dealer department. She was former ly a ffilia te d w ith M e rrill Lyn ch Pierce Fenner & Smith, Inc. Illinois News E U R E K A : First Bank of Eureka has received consent from the F D IC to establish a facility at Route 3Lakeview here. F R A N K F O R T : A permit to organ ize has been issued to the Liberty S ta te Bank o f F ra n k fo rt. The bankas total capitalization o f $1.8 million would consist of $720,000 in capital stock, $720,000 surplus and $360,000 reserve for o p era tin g expense. M E C H A N IC S B U R G : A permit to organize has been issued to the Mechanicsburg Citizens Bank. The state bank’s total capitalization of $750,000 would consist of $300,000 •y - * V IT A <*r F ü A i lt it t r c * 1$ m r c i F s Is This W hat You Are Looking For? |6SS 10 ° reep ,eed y ° u r CalV6S and s u p p le m e n t ,eed y p u r c p w =. th a n yo u I 2. A se lf-fe d p ro g ra m th a t w ill c o m p lim e n t every acre o f s u m m e r p a stu re and th e ro u g h a g e fie ld s in fa ll and w in te r g ra d ^ a^d°ie d °m e a t0y ie ld C3ttle ° n 9r3SS 3 " d r0U 9hage th a t sh o rte n s th e and c o s t to fin is h c a ttle to desired 4 ' creep^feeding 9 e tt' " 9 th a t ®Xtr3 StrGtCh 3 " d 9 r° Wth d e v e lo p in g th a t e xtra red m eat and n o t th e fa t in o rd in a ry c a lf 5 ' a n ^ r o u g h a g e s a t an T r f y ~ ,U nC ,i0ni" 9 ° " a " ' ° Ur S ,0m achs’ and d eve,oped ,0 p rp p e r|V u tiliz e grasses 6. U p to 35% re d u c tio n in y o u r hay and su p p le m e n t co sts fo r th e year. o f w e a th e r-van e p ro te c te d feeders th a t need fillin g o n ly every 10 to 14 d ays w ith 1. 8 - h n p o d a n f v ^ ta m i^ ^ e n z ^ e s ^ n d ^ i n e r a 'i s . 9 6 ttin p 6<W° ° u n its °< - e r y d a y a lo n g w ith a d d itio n a lly 9. G re a te r retu rn s th ru m ore e ffic ie n t ga in s than th e o ld p ro te in b lo c k o r c u b e fee d in g . 10. F ew er p ro b le m s th ru im p ro ve d n u tritio n , then e xa m in e the in fo rm a tio n b e lo w and m ake th e m ove t o ___ V IT A FERM C O W C A LF 5 INGREDIENTS: Dried Aspergillus Oryzae Fermentation Extract, Wheat Bran, Wheat Middlings, Soybean Meal, Yeast Culture, Dried Kelp! Vitamin A Acetate, D-Activated Plant Sterol (source of Vitamin D-2), D-Activated Animal Sterol (source of Vitamin D-3), Riboflavin Supplement, Niacin, Calcium Pantothenate, Choline Cloride, Vitamin B-12 Supplement, Thiamine Hydro chloride, Iron Oxide, Di/monocalcium Phosphate, Salt Cal cium Carbonate, Magnesium Oxide, Linseed Meal, Meat and Bone Meal, Folic Acid, Natural and Artificial Flavors, Sulfur, Bentonite, Dried Cane Molasses, Dehydrated Paunch Prod uct, Corn Oil, dl-Alpha-Tocopherol Acetate, Ethylenediamine Dihydriodide, Steamed Bone Meal, Potassium Iodide, Milo Distiller’s Dried Solubles, and Polysac charide Complexes of: (Zinc, Iron, Manganese, Copper and Cobalt), and Active Dry Feed Yeast. GUARANTEED ANALYSIS: Crude Protein, Not Less Than . ........................ 16.0% Crude Fat, Not Less T h a n ......... . ! ! . ! ! ! . . ! ! . . 1.2% Crude Fiber, Not More T h a n ......... . ! ! ! ! . ! ! ! .......... 4.4% Calcium (CA), Not More Than.............! . ! ............... 5.5% Calcium (CA), Not Less T h a n ........... ! ! ! ! ................ 5.0% Phosphorus (P), Not Less T h a n ........... ! ’ 5.0% Salt (NaCI), Not More T h a n .................. 20.5% Salt (NaCI), Not Less Than...............! ! ! . ! . ! ! ! ! ! ! . ! 18.5% Iodine (I), N ot Less Than ............................. 0.018% Magnesium (Mg), Not Less Than . . ! ! . . ! ! ! . ! ! ! ! ! ! . 2. 1% Ash Content, Not More T h a n ........................... 45.0% Bentonite, Not More Than ........... 0.15% , ___________ B IQ -Z Y M E E N T E R P R IS E S , IN C . TOLL FREE 1-800-821-3070 https://fraser.stlouisfed.org 1231 ALABAMA Federal Reserve Bank of St. Louis IN MISSOURI CALL COLLECT (816) 238-3326 ST. JOSEPH, MISSOURI 64504 EACH POUND CONTAINS NOT LESS THAN: Vitamin A ...................... Vitamin D - 3 .................. R iboflavin...................... . N ia c in ............................. D-Pantothenic A c id ....... Choline C h lo rid e ........... Thiamine Hydrochloride Vitamin E ........................ 240,000 USP Units 5,800 USP Units 6.5 Mgs. 58 Mgs. 10 Mgs. 275 Mgs. 1.5 Mgs. 11 USP Units BEEF FEEDING DIRECTIONS Self Feed Vita Ferm Cow Calf 5 in weather-vane type feeders. Locate feeders near water source or where cows and calves congregate. If consumption is more than 'A pound per head per day, add additional salt and/or mineral. If consumption is under 'A pound per head per day, add additional straight Vita Ferm or old process soybean meal. Where possible provide 1 feeder and face oiler for every 20 cows and 20 calves or one feeder and face oiler in the center of every 20 acres. DAIRY FEEDING DIRECTIONS Provide one free choice feeding space for every 30 head Normal consumption should be 'A pound per head per day when fed on a free choice basis. After an adjustment period, the supplemental protein level should be regulated to achieve the desired consistency in the droppings. FOR BEST RESULTS: 1) Always supply a continuous source of green or dry roughages and fresh clean water. 2) Fulfill deficient mineral levels by supplying free choice mineral and salt before feeding Vita Ferm products. Healthy Cattle Loans Depend On — The Health of the Cattle! Experienced Cattlemen Say — 85% of Cattle Problems (except price) Relate to Malnutrition! Do Your Customers Have Problems With New Cattle? Don’t Let Them Become A Debit — Positive Feed Them! POSITIVE FEEDING IS A NEW DIMENSION IN CATTLE MANAGE MENT. YOU’VE GOT TO RE-CHARGE THE “ SYSTEM” AFTER THE STRESS OF SHIPPING. “ BOVINE BREW” IS THE INITIAL STEP IN THE VITA FERM SYSTEM. QUICK NUTRITION FOR QUICK ENERGY CHALLENGES STRESS! — — — — — — — Gives Quick Energy Supplies Critical Nutrition Needs Starts Most Chewing Their Cud Speeds Up Slow Eaters Gives All Animals Equal Start Requires No Needles or Drugs Compliments Most Treatments BIO-ZYME ENTERPRISES, INC. 1231 Alabama St. Joseph, Missouri 64504 Advise Your Customers — Toll Free: FOR MORE INFORMATION CALL THE 1 (800) 821-3070 In Missouri, Call Collect: “BOVINE BREW MAN https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ” (816) 238-3326 Supplement To Northwestern Banker Newsletter 12-10-79 ~à in capital stock, $300,000 surplus and $150,000 reserve for operating expense. W te Committed. For ag overlines, data processing, investment ser vices and all your correspondent banking needs, think of your Security Banker. We’re committed to helping you! M O U N T C A R M E L : Security Bank and Trust Company has received consent from the FD IC to establish a facility at 1611 College Drive here. N O R T H B R O O K : N ew officers appointed recently at Northbrook Trust & Savings Bank include R. Kennedy Alger, senior vice presi dent; C. Richard McCabe, vice pres ident and trust officer, and Vernon J. W iggen h au ser, assistan t vice president, operations. R ob ert L . Rosin was recently named an officer and assistan t con troller. P ro m o tions include E. D. Gourley J r., vice president, marketing, and Charles F. Smith, loan officer. North Dakota News E N D E R L IN : Peoples & Enderlin State Bank has increased its capital stock from $120,000 to $240,000 by a stock dividend. M A N D A N : Kevin W . Perrizo has joined First Northwestern National Bank of Mandan as vice president and cashier. He formerly served as con troller at the F irs t N a tio n a l Bank & Trust Co. of Fargo. M I C H IG A N : L a m b ’ s Bank o f Michigan City here has increased its cap ital stock from $150,000 to $300,000 by a stock dividend. For availability of funds, knowledgeable people and professional service, call our correspondent bank department. TOLL FREE 1 - 800 - 362-1615 “ C ” C entral National Bank & Trust Com pany LOCUST A T 6TH/DES MOINES, IA 50309 MEMBER FDIC 4 | AFFILIATED WITH CENTRAL NATIONAL BANCSHARES. INC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Jim Hongslo/Vice President Correspondent Banking 712/277-6625 SECURITY N ATIO N AL B A N K SIOUX CITY, IOWA 51101 MEMBER ED.I.C. © 1979 W A H P E T O N : Bruce Heysse has, been promoted to commercial loan o ffic e r at F irs t Bank o f N o rth Dakota-Wahpeton. John Eckhoff has been named instalment loan representative. Denver, has been named to the additional post of vice president and trust officer for First National Bancorporation, Inc., of which First of Denver is the lead bank. South Dakota News Montana News S IO U X F A L L S : Th e N a tio n a l Bank o f South Dakota has increased its capital stock and surplus from $25 million to $30 million through a stock dividend, according to Nels E. Tu rn qu ist, presiden t and ch ief executive officer. The bank’s total capital base including retained earn ings now exceeds $37 million. H E L E N A : Stephen C. Louttit has joined First Bank-Helena as an in stalment lending trainee. He was formerly a state bank examiner with the Montana State Department of Business Regulation. S IO U X F A L L S : United National Bank has received consent from the Comptroller of the Currency to open a branch at Second Street and W al nut in Yankton. M IS S O U L A : Carol W illis has been promoted from instalment assitant to instalment loan officer at First Bank (N.A.)-Southside Missoula. She joined the bank in 1977. Wyoming News G I L L E T T E : M a x S. Beebe has joined the Stockmens Bank & Trust Company here as vice president, personnel. H e form erly held the same position at the First National Bank in Fort Collins, Colo. Colorado News CO LO RAD O S PR IN G S : Joseph A . W ap les Jr. has been appointed cashier at Exchange National Bank here. He was formerly vice president and cashier at the Republic National Bank of Pueblo. Roger B. Cavendar and Henry T. McIntosh have been named assistant vice president. D E N V E R : Richard B. Doby, vice president at United Bank of Denver, has been named to head the bank’s recen tly-created le g is la tiv e re la tions department. Alan D. Linton, vice president, has been named to head the bank’s leasing market. D E N V E R : E ugene F. M cG u ire, senior v ice presiden t and tru st officer of the First National Bank of ASK DALE FROEHLICH to make MNB work for you. Toll free 1- 800- 332-5991 Merchants A National Bank 151 Member F.D.I.C. A BANKS OF IOWA BANK 5 W ANT ADS Rates 50 cents per word per insertion. Ad $2 for file numbers. Identity of file number advertisers cannot be revealed. Payment in advance, please. ~ NORTHWESTERN BANKER 306-15th St., Des Moines, Iowa 50309 Commercial Loan Officer, with 3-5 years experience, wanted by large eastern Iowa bank. Write file IBM, c /o Northwestern Banker.______________________ (PA) Commercial Banking Officer for medium size Twin City bank. Qualifications should include some lend ing background as commercial credit analyst and good communications skills along with fam iliarity with loan operations. An equal opportunity employer. Write file IBP, c /o Northwestern Banker._______(PA) Operations Officer— Need person with one to three years experience in bank operations. Excellent oppor tunity for advancement. Our cashier is retiring at the end of the year. Salary dependent upon experience. Send complete resume and first letter or contact Don Heineking or Jim W illmore at Security State Bank, Hubbard, la. 50122. (515)864-2244.____________ (PA) C.E.O. opening in $7 m illion bank in northeast Iowa. Must have strong agricultural background and would prefer insurance license. Excellent opportunity for right person. Salary open. Send resume to file IBJ, c /o Northwestern Banker._______________________(PA) Branch Manager and Marketing Representative for suburban Des Moines bank. Individual should be ambitious and marketing oriented. Experience in con sumer lending and business development preferred. W ritefilelB K , c /o Northwestern Banker._______ (PA) C.E.O. opening in $23 million bank in northwestern Illinois. Must have good administrative and lending background with strong leadership. Send resume and salary requirements to file IBH, c /o Northwestern Banker.________________________________ (PA) Aggressive metropolitan Des Moines bank is seeking an individual experienced in all areas of consumer lending, including dealer contacts, to head up our in stallment loan department. Excellent opportunity for right person. Salary open. Write file IBE, c /o Northwestern Banker._________ (PA) Trust Investment Officer, with 3-5 years experience, wanted by major bank in Iowa. Contact Malcolm Freeland, c /o Northwestern Banker._______________(PA) Auditor, with CBA degree and some experience, wanted by major Iowa bank. Contact Malcolm Freeland, c /o Northwestern Banker._______________(PA) Senior Loan Administrator fo r $75 million bank in upper midwest city of 15,000. No age restrictions. C ontact M alcolm Freeland, c /o N orthw estern Banker. (PA) FREE JOB LISTING Get your FREE lis tin g of banking, other credit, a g ri-b u s in e s s and fa rm re la te d p o s itio n s em ployers are paying us to fill nationw ide. A lso, fo r em ployers a FREE lis tin g of screened candidates currently available. Since 1968 . . . now 14 recruiters. Call or w rite Linda, our banking and credit s pe cia list, fo r your FREE lis tin g of w hat’s available. sari CAREERS, INC. m J AGRICULTURAL (515)394-3145 PERSONNEL RECRUITERS New H am pton, IA 50659 czH oCcLex and cdf-iiocLatzi Bank Consultants PARTIAL LIST OF AVAILABLE POSITIONS Specializing in Bank Acquisitions OPERATIONS— Des M oines bank needs branch cashier. $16,000 515-232-0814 P.O. Box 450 405 Main Ames, Iowa 50010 LENDING— Responsibility in all areas fo r Illinois bank. $14,000 D onald E. H o l d e r , Principal TRUST OFFICER— New department in South Dakota bank. $21,000 SER VIN G PR O FESSIO N A LLY LEN D IN G — Rural Iow a bank needs a g e n e ra list. $19,000 Banking, Financial & Business Personnel iowa and Nationwide AG OFFICER—Ag experience needed for Nebraska bank. $18,000 CAPITAL PER SO N N EL SERVICE CASHIER— N o rth w e st Iowa bank is ce n tra liz in g operations. $17,000 814 Central National Bldg. 515-283-2545 Des Moines, Iowa 50309 INSTALLMENT—W ill advance to officer in charge and learn other areas of bank. $15,000 P O S IT IO N W A N T E D C.E.O., with excellent administrative and commercial lending background, seeks new opportunity in upper midwest. Contact Malcolm Freeland, c /o Northwestern Banker._______________________________ (PW) A.Â.S. degree with some experience in most facets of banking wants opportunity to work hard for rural bank. OPERATIONS & LOANS: Western Wyoming bank of $5MM deposits. Salary $15-18M CEO: For eastern Nebraska bank of $30MM deposits. Salary open. CEO: $50MM Iowa bank. Must have good administra tive and loan ability. Salary open. COMMERCIAL LOAN OFFICER: Missouri bank of $100MM deposits. Excellent salary and good benefits. AG LOAN OFFICER: Need experienced ag lending officer. Denver area bank. Salary low to mid 20’s. COMMERCIAL LOAN OFFICER: For southeast Texas bank. Salary open. Above are some current listings. Fee paid by employ er. If interested, forward your resume in strict confi dence to FINANCIAL PLACEMENTS, P.O. Box13786, Kansas City, Mo. 64199. Phone (816)421-7941. Tom Cannon, Bank Consultant-Tom Chenoweth, Manager Errors & Ommissions Coverage 1. Directors & Officers Liability 2. Trust Errors & Omissions 3. Data Processing Errors & Ommis sions 4. Mortgage Errors & Ommissions 5. “All Risk” Liability Package flUTDfTlATEO SVSTEfTlS □F m jfijn c . 301 N. Ankeny Blvd., Suite 220 Ankeny, la 50021 515-964-1358 C.E.O.—Total responsibility for$23MM South Dakota bank. $25,000 VP COMMERCIAL—Strong experience needed to direct other officers. $28,000 LOAN OFFICER— #3 person fo r M ontana bank. $22,000 MANAGEMENT—Operations and lending experience needed for #2 person. $20,000 ALL FEES PAID BY MANAGEMENT FOR FURTHER INFORMATION AVAILABLE POSITIONS AGRI LOAN— Medium-size Iowa bank seeks addition to staff. Prefer agri degree and 1-3 years bank experience....................$16,000 CHIEF FINANCIAL OFFICER—Accounting de gree and CPA experience preferred. Openings in several midwest states. . $35,000 LOAN OFFICER— Rural bank close to metro area. Ag experience not necessary. Could be#2 position. ......................... $18,000 AUDITOR—100MM suburban bank. Account ing degree and 2-3 years auditor experi ence. ..................................................... $20,000 TRUST INVESTMENT—Sen ior analyst for large Missouri bank......................................... $22,000 INSTALLMENT LOAN—25MM rural bank. Insuranceand ag background helpful. . $18,000 INSURANCE AGENT—Suburban bank ¡n up per midwest state needs agency man ager. No bank duties included......... OPEN OPERATIONS OFFICER—20MM growing bank in central midwest. Primary duties in clude all regs and internal operations. Same lending.......................................... $18,000 To inquire about a position sendsalary history and resume to: TOM HAGAN & ASSOCIATES Linda Blue Smith, President P.O. Box 12346 / 2024 Swift North Kansas City, Missouri 64116 (816) 474-6874 Vol. 8 No. 33 Northwestern Banker Newsletter [USPS 873-300] is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25 cents per copy, $8.00 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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