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Ninth District Survey Shows— A g Debt Repayment Is Strong HE DEMAND for agricultural loans in Minnesota, the Dako tas, Montana, northwestern W is consin, and the upper Peninsula of Michigan remained somewhat be low normal in the third quarter, and it should at best get back to normal in the fourth quarter, according to the latest A gricu ltu ral Credit Conditions Survey published by the Federal Reserve Bank of Minneapo lis. However, agricultural income and debt repayments were surpri singly strong in the third quarter and are expected to continue to be strong in the fourth quarter. In the Bank’s July survey of agricultural lenders in the Ninth District, bankers said they expected interest rates to decline in the third quarter, but not enough to drive the demand for ag loans higher than normal. Their expectations were realized. Interest rates on district agricultural loans did move down toward national money market rates, reducing their spread over the federal funds rate from 6 percentage points in June to 3lA points in mid-September. Interest rates were still at historically high levels, averaging 14% on short-term ag loans in the third quarter. A g Loan Demand Down Partly because of the high T i* /* V interest rates, ag loan demand in the third quarter was below normal. Many of the 125 bankers who responded to the survey agreed with the North Dakota banker who observed that farmers were “ not in a buying m ood.” High interest rates along with large outstanding debts have apparently persuaded many farmers to hold off a bit longer on buying capital items such as machinery or breeding stock. Thus, few bankers in the October survey reported high loan-to-deposit ratios or unusually high rates of loan refusals, loan referrals, or funds shortages. A majority of the surveyed bankers expected the demand for ag loans, both short- and long-term, to return to normal in the fourth quarter. The expected strengthen ing in demand did not appear to be related to interest rates nor to be caused by higher earnings and renewed investment. High livestock feed costs and poor crops in some areas probably account for most of the expected increase in the demand for ag loans, particularly short term operating loans. Although ag loan demand was low , farm incom e has been surprisingly strong. Slightly more than half of the surveyed bankers reported that farm earnings in the third quarter were the same as or higher than they were a year ago, despite the fact that an overwhelm ing majority had expected earnings to be lower. The higher earnings can be attributed to the rebound in agricultural prices that followed the nationwide crop and animal losses of July and August. Existing Debts Reduced Higher farm earnings could Repayments & Debt Position October October July 1980 1980 1979 (percent of banks reporting) Current rate of farm debt repayment slow usual rapid 46 52 2 62 36 3 32 59 9 Bankers expecting an adverse change in farmers' ability to repay debt 35 69 29 Number of farmers at debt limit compared with a year ago fewer about the same more 8 64 28 1 46 53 5 69 26 Chart prepared by the Research Department of the Federal Reserve Bank of Minneapolis. ASK JERRY TRUDO to make MNB work for you. Toll free: 1-800-332-5991 Merchants National Bank m Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A 'BANKS OF IOWA’ BANK Carleton D. Beh Co. Supplement to Northwestern Banker Newsletter 12-15-80 Investment Bankers/Financial Consultants * 'M « NEW ISSUE SALE DATE: December 9,1980 MOODY’S: Aaa S&P: AAA $12,585,000 MINNEAPOLIS, MINNESOTA ¥ * I r * û éf General Obligation Redevelopment Bonds Dated: January 1,1981 Denomination: $5,000 Both principal and semiannual interest (January 1 and July 1, first coupon due on July 1, 1981) payable at the Fiscal Agency of the City of New York City, New York, or at the City Comptroller-Treasurer’s Office, or at the Fiscal Agency of the City in Minneapolis, Minnesota. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES. MATURITIES $1,850,000 700,000 3,250,000 1,350,000 8.60% July 1, July 1, July 1, 8.70% July 1, 1982 1983 1984 8.00 8.10 8.15 1985 8.20 $1,200,000 1,050,000 1,185,000 800,000 1,200,000 8.70% July 1, July 1, July 1, July 1, July 1, 1986 1987 1988 1989 1990 8.25 8.30 8.35 8.40 8.45 $16,400,000 MINNEAPOLIS, MINNESOTA General O bligation Public Improvement Bonds (Development District No. 54) MATURITY $16,400,000 8.60% January 1,1984 to yield 8.15 LEGALITY TO BE APPROVED BY FAEGRE & BENSON, ATTORNEYS, MINNEAPOLIS, MINNESOTA The City of Minneapolis is a political subdivision of the State, incorporated in 1867. The corporate lim its of the City encompass approximately 58.7 square miles. The Minneapolis-St. Paul seven-county metropolitan area consists of Hennepin, Anoka, Carver, Dakota, Ramsey, Scott and Washington Counties. There are more than 1,100 manufacturing firms in the City. Major manufacturing categories include electronics and instruments, food processing, textiles and apparel, computers, graphic arts, machinery and metal fabricating. The ten largest manufacturing firms in the City are: Bemis Company; Electric Machinery Manufacturing Co.; Graco, Inc.; Honeywell, Inc.; International Multifoods Corporation; LandO’Lakes, Inc.; Munsingwear, Inc.; Northrup King Co.; Peavey Company; and Pillsbury Co. The University of Minnesota is primarily located in the City and has an enrollment of approximately 50,000 and an annual payroll of over $50,000,000. Air service is provided for residents of the City at the Minneapolis-St. Paul International Airport. Freight service is provided to and from the City by five national railways and one state railway, by 11 barge companies (on the Mississippi River) and by numerous motor freight carriers. These bonds are being issued under the provisions of Chapters 458 and 475 of the Minnesota Statutes and the Minneapolis City Charter, to finance various public redevelopment costs incurred by the Minneapolis Housing and Redevelopment Authority with respect to various renewal projects within the City and to finance the acquisition and construction of public improvements within the Centre Village Development District. In the opinion of counsel, these bonds are legal and binding general obligations of the City of Minneapolis, Minnesota, 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 lim it as to rate or amount. FINANCIAL STATEMENT $8,295,675,480 2,084,603,717 97,015,258 155,529,747 Net direct debt per capita: $262.14 Total debt per capita: 420.25 Tax collections have approximated 98.71% of taxes levied for the past five years. Market val ue taxable property, 1980 Assessed value taxable property, 1980 Net direct debt including this issue Total direct and overlapping debt Population, 1980 estimate: 370,091 ►¥ 4 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 stil I 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 Des Moines Building • Des Moines, Iowa 50309 • 515-288-2152 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 CALL ON THE “PERFO RM ANCE TEA M ” w here com m on transactions are handled uncom monly well. FIRST NATIONAL LINCOLN ___________ , , _____ . • . ■ were recently held for Dr. J.H . Atkinson, 63, one of the original directors and chairman of the board of the Community State Bank. Dr. Leo Schmall has been elected as chairman of the board and Richard W. Ermer has been elected director to fill the vacancy. RUTHVEN: The Federal Reserve Bank of Chicago announced approv al of the application of Ruthven Investment, L td., to become a bank holding company by acquiring Ruthven State Bank. Nebraska News BEATRICE: Kenneth Cain, vice president and cashier at Beatrice National Bank & Trust Co., has been elected a district director of the board of Bank Administration Institute, a national research and educational association for banking. DAKOTA CITY: The Dakota County Bank has announced plans to construct a bank building on Broadway Street. GRAND ISLAND: Melvin H. Gosda, president of Kriz-Davis Co., was elected to the board of directors of Overland National Bank. REMINDER! 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. Minnesota News A D A : G. Howard Spaeth, chairman of the board of the First State Bank, has announced that John W. Johnson has been promoted to the position of cashier. Mr. Johnson has had about 25 years of hanking experience, part of that time as cashier of the Norman County State Bank at Hendrum. EDINA: J. Peter Meyers, president of Americana State Bank, announc ed the appointment of a new execu tive vice president and the promo tion of two officers. Gerald F. Marick has been appointed executive vice president and member of the bank’s board of directors. He will become the bank’s chief lending of ficer. Sally A. Robson has been promoted from assistant cashier to assistant vice president and is responsible for the bank’s market ing function. Joe H. Arends has been promoted from assistant cashier to cashier. Mr. Arends began his career at Americana Bank after graduation from Willmar Community College in 1976. NEW ULM: John Campe, execu tive vice president of Klossner State Bank, has been appointed chairman REMINDER! IBAA CONVENTION TRAVEL AND TOUR OFFERED BY MARQUETTE-SEDARD In connection with IBAA’s March 22-26 Convention in Las Vegas. Departs Minneapolis for Jamaica March 14. Tour Includes— Round trip charter air to Montego Bay; Round Trip Transfers; 7 Nights Accommodations at the Mallards Beach-Hyatt on the beach at Ocho Rios; Baggage Handling: Overnight at Registry Hotel, Minneapolis on evening of March 21; Round Trip Transfers in Minneapolis; Round Trip Charter Air to Las Vegas, and Round Trip Transfers in Las Vegas. Arrangements are open to your friends and relatives. For more information or for reservations, write or call: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Richard E. Holmes Marquette National Bank 777 Marquette Avenue Minneapolis, Minnesota 55480 [612] 370-2222 of Gov. A1 Quie’s appointments advisory committee. NORTHFIELD: Wilmer C. Brosz, president of Northwestern Bank, announced the addition of Gary J. Perkings to its staff. Mr. Perkins will be assistant to the vice president. South Dakota News ARTESIAN: The Live Stock State Bank marked the completion of 50 years of service in the Sanborn and Miner County areas with a free brunch. Ten $100 time certificates were given away during the observance. North Dakota News V A L L E Y C IT Y : Stanley O. Johnson was elected assistant vice president of the Northwestern National Bank. He has been with the bank over 11 years. He graduated from North Dakota State University. Montana News DILLON: George Henry has been moved to the Dillon Nursing Home in Dillon, Mont. 59725. Mr. Henry retired as a vice president at First SERVING PROFESSIONALLY Banking,Financial & Business Personnel Iowa and Nationwide CAPITAL PERSONNEL SERVICE 714 Central National Bldg. 515-283-2545 Des Moines, Iowa 50309 BANKING CAREERS TOM HAGAN & ASSOCIATES OF MINNESOTA are bank personnel specialists. If you need assistance in assessing your current value and future goals, our company has openings in entry level to senior management in a six state area. Contact us in confidence. A ll positions are employer paid. TOM HAGAN & ASSOCIATES of Minnesota National Bank, Minneapolis, sever al years ago and has since been affiliated with State Bank & Trust Co. here. Wyoming News EVANSTON: First Wyoming Bank has announced the promotion of Karen Byrd to real estate loan officer. She has been serving the bank as head teller and more recently as real estate loan assistant. BANKERS PARTICIPATING LeasePtan.Inc. 545 - 31st Street Des Moines. Iow a 50312 R. L. “ DICK” SELLON 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 POSITION WANTED BANKERS AVAILABLE CEO with ag lending background................... $35,000 Operations Officer with ag lending .............. $25,000 Instalment Loan Officer ............................... $22,000 W rite or call Malcolm Freeland, Freeland Financial Service, Inc., 306 - 15th Street, Des Moines, IA 50309. Phone (515) 244-8163. Employer pays fee._____ (PW) FOR SALE 12’x40’ mobile home converted for use as temporary banking facility. Night drop and drive-up window installed; good teller counter; furnace with central air; available immediately. ALSO, 6’x9’ remote drive-up building with heat and air conditioning. Cali (319) 291 -5429 or (319) 291 -5468.__________________ (FS) 4901 W. 77th St. Edina, MN. 55435 Phone (612) 835-4121 FOR SALE Four Remington Rand “ Chekveyer” Power Files, Model 4386-10 (rated capacity (each) - 4,000 accounts). Phone(816) 556-7050._____________ (FS) POSITION AVAILABLE AG LOAN OFFICER— Experienced college graduate preferred. Excellent benefits. Send resume and salary requirement to file LBT, c /o Northwestern Banker _____________________________________________ (PA) AG LOAN OFFICER—3-5 years ag loan experience. Degree preferred. Salary com m ensurate w ith experience. Excellent benefits, bonus program. Phone Billings, Montana, (406)248-1860._______ (PA) OPENING FOR CASHIER. Must have experience in accounting, regulations, and operations. Some loan experience helpful. Salary open. Write Farmers & Merchants Bank & Trust, Burlington, Iowa52601. (PA) Bank Agency in northern Iowa has immediate opening for fully licenced agent to manage a well established agency. File LBQ, c /o Northwestern Banker. (PA) TRUST ADMINISTRATOR for growing $45 million central Iowa trust department. W ill report to department head. Excellent career opportunity. Salary commensurate with education and experience. Send resume to : File LBR c /o Northwestern Banker. (PA) LOAN OFFICER with consumer and ag lending experience wanted for position leading to manager of community bank office in prime Iowa farm area. Excellent opportunity for growth oriented person. Salary commensurate with banking experience and ed u ca tio n . Send resume to : F ile LBS c /o Northwestern Banker_______________________(PA) LOAN OFFICER with experience in farm loans, instalment loans and general banking work. Salary open. Polk City Savings Bank, Polk City, IA 50226 (PA) Illinois bank near Mississippi River needs officer with farm background and general banking experience. Send resume to Howard Grigsby, Bank of Stronghurst, Stronghurst, Illin o is61480._______(PA) Commercial Loan Person, with minimum three years experience, for major Iowa bank. $23,000-$25,000 Operations Officer, with 3-5 years experience, for $30 m illion Iowa bank. $22,000 Second Person for community bank in Iowa. Must have all-around banking experience. $25,000 + Marketing Officer with bank background to head department for $60 million bank. $23,000-$25,000 Ag Representative $22,000-$25,000 Write or call Malcolm Freeland, Freeland Financial Service, Inc., 306- 15th Street, Des Moines, IA 50309. Phone (515) 244-8163. Employer pays fee.______ (PA) My majority bank stock is for sale. | □ I want to purchase majority stock in a bank. Please contact Ellis Jones, Broker I I JONES REALTY 205 South Eaton St. Lakewood, Colorado 80226 Phone: (303) 232-1189 I t We can save you money on MICROFILM LAMPS. We soli cit your inquiries. SITLER’S SUPPLIES, INC. BoxIO-Z 702 E. Washington St. Washington, Iowa52353 Phone 319-653-2123 In Iowa Call 800-272-6459 VEHICLES REPOSSESSED NORTH CAROLINA STATEWIDE SERVICE Since 1922-Field Divisions “Wanted Vehicle-Missing Persons Bulletin” HOME DETECTIVE COMPANY, INC. P.O. Box 11431, Greensboro 27409 (919)299-1641 PARTIAL LIST OF AVAILABLE POSITIONS LENDING— Rural Iowa bank seeking individuat with heavy experience in Agricultural loans. Needs someone that does not need training. $26,000. ASST VP—5 years experience in commercial lending w ith large bank. Keen business judgment is the key. $28,000. LENDER—At least 2 years of experience in handling installment loans, student loans, mastercharge, direct & indirect loans. $17,000. TRUST OFFICER—Some experience in trust dept, or legal firm . W ill eventually take on full responsibility of the tru s t de pt. E xce lle n t o p p o rtu n itie s fo r advancement. $20,000 VICE-PRES— Iowa bank seeking #2 person with heavy experience in operations and lending. Position open due to promotion. $35,000. LENDING— Rural bank seeks individual with 2 years of ag lending experience. ALL FEES COMPANY PAID. FOR FURTHER INFORMATION RESPOND IN CONFIDENCE TO: T T T I Bank Division •ft ROBERT HALF I TT 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 of iowa, tnc A L L FE E S COMPANY PAID AG BANKING CAREERS AG LENDING OFFICER. . .Iowa ............$20-26,000 AG LOAN & OPERATIONS OFFICER. . .Iowa. . . .....................................$ 20- $ 28,000 PROFESSIONAL FARM MANAGER. . .Illinois. . . ................................. $ 20 - 22,000 CEO. . . io w a ....................................... . . • ■ $30-35,000 AG LENDING REP. . .Io w a ..............................$20,000 Since 1968, banks and other ag related employers have been paying us to find the personnel they need. For more information, give Linda (our banking special ist) a call today. B C in G4REERS, IN C m J AGRICULTURAL (515) 394-3145 PERSONNEL RECRUITERS New Hampton, IA 50659 c d r o [d z x a n d c d r iio c L a tz s . Bank Consultants Specializing in Bank Acquisitions P.O. Box 450 515-232-0814 405 Main Ames, Iowa 50010 D onald E. Holder, Principal POSITIONS AVAILABLE TRUST HEAD—100MM metro area bank with growing trust dept. Must be proven administrator w ith good marketing skills. Prefer law degree .............. $35,000 MARKETING OFFICER— Management position with progressive 75MM bank. Responsibility for deposit services and retail banking. Bank experience re quired ............................................................. $25,000 SECOND OFFICER—Good opportunity for lender with commercial and installment loan experience. Bank is35MM and located in Western state. $28,000 JUNIOR COMMERCIAL LOAN— Prefer degree and formal credit analysis experience. Several openings in major metro areas of M idwestern states. $18-20,000 INSTALLMENT LOAN HEAD— Position requires 5 years of consumer lending experience including dealer c o n tra c ts . D epartm ent is 10MM and growing............................................................ $25,000 COMMERCIAL LOAN—80MM suburban bank located in large Missouri city. Minimum 3 years commercial loan experience in large bank..........................$28,000 Additional opportunities available for junior and senior officers. Please forward resume and salary history. TOM HAGAN & ASSOCIATES OF KANSAS CITY 2024 S w ift/P.O . Box 12346 North Kansas City, Missouri 64116 Phone (816)-474-6874_____________ Voi. 9 No. 34 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 a sf'
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