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* No. 1008 i i -i Y/ Des Moines, Iowa The Supreme Court ruled that state limitations on branch bank ing by state-chartered banks are fully applicable to national banks. This decision will be o f par ticular interest to Montana bank ers who are currently watching a pending merger between a Butte bank and the bank in Anaconda. Details can be found on the back page of this Bulletin. The court said national banks and Federal agencies that regulate them must observe state laws that allow state banks to open branches only by taking over existing banks. The case involved two national banks in Utah, First Security Bank in Ogden and First National Bank of Logan, that wanted to establish new branch o ffice s despite a Utah law restricting branch banking. The High Court ruled unani mously that Federal law requires national banks to adhere to what ever limitations are placed on state banks by state law. The decision was a defeat for James Saxon, who as Comptroller of the Currency was chief Federal regu lator of national banks. The con troversial Mr. Saxon, who left o ffice last month, tried in many ways to increase competition among banks. r 4 December 19,1966 He argued, in the Utah branch banking ca se, that “ Federal policy strongly favors competition among banks” but that the Utah law and similar state statutes are anti competitive. Underwriting Decision Pending at Press Time A d ecision was expected at press time from U.S. District Judge Alexander H oltzoff as to whether national banks may under write revenue bonds. Such author ization was granted to banks by former Comptroller James J. Saxon, but the Federal Reserve Board of Governors opposes this position, stating that the law prohibits the national and state member banks from underwriting any bonds ex cept general obligations. The suit was joined by 100 investment firms filso opposed to revenue un derwriting by banks. WESTERN, NEBR.: Chester Rhynalds, 68, president of the Nebras ka State Bank, died last week. MAQUOKETA, IOWA: Jerry S. Ma ples has been named assistant vice president and trust officer of the Jackson State Savings Bank. He has been with Eastman Kodak Company and the Continental Ill inois National Bank, Chicago. MINNEAPOLIS: The Minnesota League o f Credit Unions will ask legislature to change the name of the State Banking Department to Financial Institutions Department. B ULLETINS... OMAHA: A decree reversing a State Banking Department order grant ing a charter to the Southroads Bank of Omaha was issued last week by a Lancaster County D is trict Judge. The ruling resulted STURGIS, S.D.: Fred C. Barth, vice president and manager of the Bear Butte Valley Branch of the American National Bank and Trust Company, Rapid City, died last week. The funeral was held last Friday. T h e m yriad tools of m odern banking . . and men who know how to use them . G o o d re a s o n s w hy o v e r half the b a n k s in Iow a are — M N B c o rre sp o n d e n ts V .P . Jim V an D ine D ata P r o c e s s in g M&iduutti Mdiotmi CEO AR R A P ID S MEMBER F D I C THE FULL SERVICE BANK FOR THE BANKS OF IOW A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis from a contention filed by the Bank o f Bellevue that the Southroads Bank had not met require ments o f law to be eligible for a charter. The Judge held that the appli cant for the Southroads charter was not a corporation nor a de facto corporation and had not filed the necessary statements for the char ter. Charter was granted by Henry E. Ley, former banking director. FU LL* ICE BANK '1 $25,000 to new stock. KEEP US IN MIND WE’RE EASY TO FIND 283-242 1 BANKERS TR U ST C O M PA N Y Member Federal Deposit Insurance Corporation GORDON DODGE Largest Locally-Owned Bank in Des Moines IOWA NEWS CLEAR LAKE: E ffective January 1, Lawrence L. B less will be a s s o c i ated with the Clear Lake Bank and Trust Company. He has been with the Ventura State Bank for. the past 56 years, being cashier and ch ief operating officer for over 30 years. COLESBURG: J. C. Bolsinger, president of the Farmers Savings Bank, has retired at the age of 87. He has served on the bank’ s board of directors 44 years. Succeeding Mr. Bolsinger is F. C. Grimes, who has been chair man o f the board for the past year. A party honoring Mr. Bolsinger was held last week. DENVER: The Denver Savings Bank has announced plans for a new building. Bids will be received in mid-January. Bank and retired as president in 1950. In 1947-48, Mr. B lasier served as president of the Iowa Bankers A ssociation. He joined the bank in 1910 as cashier and became president in 1919. KEOKUK: E. A. Ebersole, wellknown southeastern Iowa banker, recently announced that he will retire after more than 45 years association with the State Central Savings Bank. He was vice pres ident, cashier and a director. He will continue, to serve on the board. Mr. Ebersole is also a past president of the Iowa Bankers A s sociation serving in that capacity in 1938-39. NEW HAMPTON: First Bank has moved into its completed new building years in its previous HOPKINTON: Citizens State Bank has opened for business in its new building. Featured is the only drive-up facility in Delaware Coun ty. JESUP: William Walter B lasier, 85, died last week. He was chairman of the board of the Farmers State National recently after 90 location. NEBRASKA NEWS CLEARWATER: Remodeling of the Citizens State Bank has been com pleted and open house was held last Saturday (December 17). GRAFTON: Stephen H. Rasmussen has purchased the controlling in terest in the Grafton State Bank. He has been elected president pf the bank. Herbert O. Rasmussen has also been elected to the board of directors. MINNESOTA NEWS TRUST IN VESTM EN T C O UNC IL BELLINGHAM: The State Bank of Bellingham has increased the amount of capital stock from 860 SUBURBAN STATION BLDG. • PH I LA.. PA. 19103 BIG BIG $33,000, by sale of EDINA: Roland M. Holt has been promoted from assistant cashier of the First Southdale National Bank to cashier and secretary of the board. Newly created positions were assigned to W. Bryan Jensen, manager o f the credit department; Robert M. C ross, manager of the personnel department; and James R. Bowe, operations assistant. HAWLEY: The-State Bank of Haw ley has been authorized to increase the amount o f capital stock from $100,000 to $150,000 by sale of new stock. KENYON: Security State Bank of Kenyon has completed a new ad dition to the bank. Open house was held late last week. MARSHALL: Arien O. Krugerud, assistant cashier of the Western State Bank, has been promoted to assistant vice president. He joined the bank in 1962. MINNEAPOLIS: C. Paul Lindholm, vice president of the Northwestern National Bank, has been named to head the correspondent bank depart ment, succeeding Keith M. Barnett who died October 26. A ssisting Mr. Lindholm will be Robert G. Zeimer, vice president, and Donald M. And erson, assistant v ice president. Mr. Lindholm joined the bank in 1948 as a teller, and moved into the correspondent bank department in 1951. Moving up the officer lad der in succeeding years, he was named v ice president in 1964. MOUND: Dallas Olson has been named assistant cashier at the State Bank of Mound. He previously worked for seven years in the con troller’s department at the North western National Bank in Minne apolis and was a trust auditor when he resigned. ST. PAUL: The North Central Com panies has purchased an eightstory building in the downtown area as the site of its new home o ffice building. The Companies will occupy the building December 30. things are happening at C EN TRA L N A TIO N A L... things that mean even better service to Iowa banks. CEN TRAL N A T IO N A L B A N K AND TRUST COM PAN Y M e m be r Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis k/Rk Çross Co BANK PLANNING Waterloo, Iowa Iv H Ë R E M ... parley, beans, 8 a iW to g s ... m Lew !Holland ST. PAUL: At the First National Bank of St. Paul, four officers have been promoted and 10 staff mem bers have been advanced to officer status. Promotions include Perrie C. Boliou, from assistant vice pres ident to vice president, and James T. Gowan, Dale S. Hanson and Donald G. Sampson, from assistant cashiers to assistant v ice pres idents . New officers are Herbert Alberg, Roger Berg, David Hyduke, George Janssen, William Mandel, Patrick McGraw, John Palmer, RobertPeterson, Louis Spies, and Edward Wollerman. All were elected assistant cashiers with the exception o f Mr. Palmer, who was named real estate officer. VIRGINIA: Joseph T. Behl, cashier of the Northern State Bank o f Vir ginia, has been given the added responsibility of vice president. WANAMINGO: Everett A. Ohr, cash ier of the Security State Bank, has been named to the bank’ s board of directors. SOUTH D AKO TA NEWS IET A KERN EL” SIOUX FALLS: C, A. Lovre, pres ident of the Northwestern National Bank, has been elected president of the Sioux Falls Chamber of Commerce. PONDENT WYOMING NEWS 1/ldE! "ea rs" are |) to the ground ntpximum Inli service with [and personal every correla. j us for fast hen you have [problems; or Is of overtine [prevent your |r larger loan 'stalking’ year problems new! 1-1850 CASPER: Willard E. Matz, a ss is t ant v ice president in the mortgage loan department of the First Na tional Bank, took his life recently. He had been with the bank since 1950, and was promoted to his present position in 1965. COLORADO NEWS ALAMOSA: LeRoy Swari, cashier of the First National Bank, has been elected a vice president of the Colorado A ssociation of Com merce and Industry. J H nÉ ì * JOHN DIEFENDORF and GENE HAGEN Represent ■ ¿j ***'"■ V- Jr - '' L I . I Service in S iou x City *""1’ SECURITY NATIONAL BANK Sixth and Pierce Sioux City, Iowa Zelazny, FDIC liquidator. This amount is being paid on claims against the bank for business ex penses, plus claims of those who had certificates of deposit in ex ce s s o f $10,000. Still pending in U. S. District Court at Denver is a suit brought by the FDIC against the Hartford A ccident and Indemnity Company to pay off on $1,125,000 in surety bonds it had issued on the Brighton National. If the FDIC i s ' awarded its claim against Hartford, it is hoped creditors of the Brighton National eventually will receive about 75% of their claims. L oss to the FDIC would then approximate $1.5 mil lion. DENVER: The American National Bank has purchased land adjoining the bank’ s property to provide space for expansion of the bank’ s facilities. ERIE: The Bank of Erie has asked the Colorado Bank Commissioner for an extension until June 30 of the bank board’ s order to move the Erie bank to the V illa Italia Shopping Center. Shortly after ap proval for the move was granted in January, 1966, the 17th Street National Bank announced that it had received permission to move Member FDIC to the shopping center, and is operating there as the V illa Na tional Bank. FRUITA: Majority stock holdings in the Fruita State Bank have been purchased by Leo Van Dittie of Palm Springs, California. Mr. Van Dittie was formerly vice president of the Central Bank and Trust Company o f Denver. A ssociated with him in the purchase o f the Fruita bank is Rip C. Underwood, Amarillo, Texas, oilman. Both men will become directors of the bank and D. Earle Brumbaugh, now ex ecutive vice president, is reportedly scheduled to become president. VAIL: Application for a national charter for the proposed Gore V al ley National Bank at Vail has been turned down by the Comptroller of the Currency. MONTANA NEWS GREAT FALLS: John M. Davis will join the Great F alls National Bank as v ice president in charge of agricultural lending January 1. He has been executive v ice president of the Bank of Glacier County at Cut Bank. He will also be involved in the commercial lending activities of the Great F alls Bank. CHILES & COMPANY Member, Midwest Stock Exchange M U N IC IP A L A N D C O R P O R A T E B O N D S LISTED, U N L IST E D A N D L O C A L ST O C K S 412 Farm Credit Building, Omaha, Nebraska 68102 Phone 346-6677 Always the First to Serve You! First National Bank o f Omaha 16TH & FARNAM • OMAHA, NEBRASKA ]c« C%rp. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis '1 T h e B ank fo r P ersonal BRIGHTON: A 30% disbursement is scheduled to be paid creditors of the defunct Brighton National Bank by the Federal Deposit Insurance Corporation, according to Thomas persi Otposlt b M em ber Federal D eposit Insurance Corporation " S E R V IN G BANKS AND BAN KERS S IN C E 1948" Bankers Service C O R P O R A T IO N B A N K ST O C K BRO KER S BA N K PERSO N N EL Call 1301 R & T B L D G . JayBordewick i_ N ATIO N A L NEWS P ersonal Attention to A l l Your Correspondent N eeds CHICAGO: Jack A. Durra has joined La Salle National Bank in commercial loan administration and business development for the metropolitan group. Mr. Durra, who has been with another Chicago bank, will be an assistant vice president. CA LL 402 AREA CODE 341-8765 P H O N E 5 1 5 -2 4 4 -3 1 1 3 D ES M O IN E S , IO W A 5 0 3 0 9 Rational BANK CHICAGO: Roland W. Blaha, ex ecutive vice president of the Ill inois Bankers A ssociation , has been named Illin ois’ first com missioner of state banks and trust companies. M«mb«r Fed irai Deposit Insurance Corporation MONTANA NEWS (Continued from preceding page) HELENA: According to Robert Wal la ce, secretary of the Montana Bankers A ssociation , member banks have voted to “ sustain the action of the executive cou n cil,” to sup port legislation rescinding the controversial statute which permits “ consolidated” banks to “ maintain and operate” o ffice s of both merg ing banks following a consolidation. Action was motivated by an application now pending before the Comptroller of the Currency to allow the Daley National Bank of Anaconda and the First National Bank of Butte to merge and operate divisions in both citie s. As announced in the December issue o f the Northwestern Banker Montana Superintendent of Banks Albert E. Leuthold and two Butte banks have filed suit to prevent the merger. , CHICAGO: Among several promo tions announced by the American National Bank and Trust Company was the promotion of John H. Baldauf to v ice president in the correspondent bank division. In the same division, William J. Davis and Douglas C. Mills were named assistant cashiers. MILWAUKEE: Mr. Sheldon B. Lubar, former vice chairman of the board, has been named president of Mortgage A ssocia tes, Inc. He was formerly president of the Marine National Exchange Bank. PHILADELPHIA: Full Service Bank advertising made its television debut Sunday, December 18 through the Foundation for Commercial Banks’ sponsorship of the color We re here to help you get what you want I0WA-DES MOINES NATIONAL BANK Jerry Nelson animated musical special “ How The Grinch Stole Christmas.” ST. LOUIS: Major B. Einstein, senior vice president of the First National Bank, will retire Decem ber 31. WANT ADS Rates 25 cents per word per insertion. Minimum: 12 words. NORTHWESTERN BANKER 306 15th St., Des Moines, Iowa OFFICER WANTED Experienced loan officer as s e c ond man in a Southern Minnesota $6i/£ million bank. Send resume and references in initial reply. Write F ile SBM, in care o f the NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309. WANTED Used coin counting machine. Secu rity Savings Bank, Box 325, Eagle Grove, Iowa 50533. F & F ACCOUNT HIGH ? Lend-lease bank plan. Put new equipment in your bank - keep it out of your statement. It pays for itself. Call or write Pioneer Leasing Company, Box 467, Nor folk, Nebraska. Phone (area co d e 402) 371-2123. Ask for John Adkins. FOR SALE The Farm Picture and The RanchFarm Picture, modern newsletters that talk money and credit to farmers and ranchers from a bank er’ s point of view. Samples for inspection. Farm B usiness Coun c il, In c., P . O. Box F , Urbana, Illinois 61801. DESIRE CHALLENGE OF NEW BANKING CONNECTION Present employer backs me up with a complete staff of specia lists who know banking from advertising to trust. They have a proven record of providing outstanding service to correspondents in the midwest. They thrive on challenge. A ll I ask is 30 minutes of your time to tell you about this fine group. That’ s all. Call Max Roy at 338-5224 in Iowa C ity. Or phone my boss at La Salle National Bank, 135 South La Salle St., C hicago, 111. 60690. STate 2-5200 (area code 312). Mem ber FDIC. Complete Trust Services. Mem b er F e d e r a l D e p o s i t In s u r a n c e C o r p o r a tio n L IN C O L N ...Experts in Mortgage Loans FIRST NATIONAL BANK &TRUST COMPANY OF LINCOLN • L IN C O L N , N E B R A S K A • Member: F.D .I.C . (subscriptions, changes of address, Forms 3579, manuscripts, mail items) to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis