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https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MAY YOUR HOLIDAYS AND THE NEW YEAR BE BLESSED WITH HAPPINESS AND GOOD HEALTH <A FULL' SERVICE \ BANK / https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Bond Portfolio. Could computer analysis boost your profits? A sk the m en w h o w rote the b o o k . Your bank’s bond portfolio, given the proper care and attention, can provide a significant portion of your bank’s profits. T he Northern Trust’s newly developed Bond Portfolio Analysis Service for evaluating all bonds in your portfolio can help you produce maximum net earnings with m inim um demands on your organization. This new service combines modern management science techniques, computer technology, and our extensive experience with our own bond portfolio. Using these skills, your Northern Trust banker will work closely with you to develop an investment program that suits your precise needs. For further information, contact your Northern Trust banker who will be pleased to discuss this service with you— or call N . Hall Layman, Vice President. Trust N orthern... A ll your m oney matters m atter to us. NORTHERN TRUST COMPANY I ■< sillsm âüB AN K 50 S. LASALLE STREET AT MONROE C H ICA G O 6 0 69 0 • F in an cial 6-5 5 00 • Member F .D .I.C . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, December, 1970 4 Want bigger and better bond buys? Dick Petersen’s selection is one of the largest. Dick Petersen can offer Iowa bond buyers one of the nation's largest in ventories of municipals, U.S. securities and federal agencies. He can do this because The First's Bond Department is well-staffed and large in scope. Also, being a major money market bank, The First is a primary dealer in U.S. Government securities and a ma jor managing underwriter of munic ipal bonds. As a member of The Phone Corps, Dick Petersen can offer you unique services designed to upgrade and in crease the value of your entire port folio. In addition to our large and extensive selection of bonds, we also offer our new Bond Portfolio Analysis, a computer-based, bond-pricing sys tem that operates infinitely faster than the mental processes of a professional bond trader. Call Dick Petersen today. Ask him to bring you up to date on our bigger and better bond buys. Call (312) 732-8364. The First National Bank of Chicago ONE FIRST NATIONAL PLAZA • CHICAGO, ILLINOIS 60670 Corps N orth w estern Banker. December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 D ear E ditor “ Instant Interest” “ Our bank recently converted its savings passbook program to a wallet savings plan which offers ‘instant interest’— interest that is paid daily. One of our customers, after receiving the introductory letter, called the ~ank and said that she was not entirely pleased with the new savings plan. She said that she had a serious case of arthritis and doubted very much that she would be able to get to the bank each day to receive her mterest on her savings account!” " William G. Kruse, Executive Vice President and Secre tary, First National Banlc, ^ Dubuque, Iowa. Oldest Financial Journal Serving The Central and Western States for your DECEMBER, 1970, reading “ Coverage Was Excellent” ' “ Certainly Eleanore and I want to thank you very much for the wonderful issue of the ' s o u t h w e s t e r n B a n k e r which covered our activities and my election as president o f the American Bankers Association. “ We both thought that you did a very fine job and the coverage was most excellent and ¿re appreciate it a great deal. Please extend ~r very real thanks also to Malcolm. “ We also enjoyed seeing you both in iiarni Beach during the convention and were just sorry that we did not have more Opportunity to visit. “ Thank you again so much and let me mow i f there is any way that I can be help ful during this year.” Clifford C. Sommer, Presi dent, American Banlcers A s sociation; President, Securi ty Banlc and Trust Company, Owatonna, Minn. Pre-Convention Trip for Independent Bankers A two-week vacation trip preceding he 1971 Independent Bankers Asso ciation of American annual convention At being spensored by Marquette Na tional Bank of Minneapolis, it was announced recently by Otto H. Preus, ice president of the bank. The conention will be held at the Radisson Totel in Minneapolis on March 29, 30 nd 31. VThe planned tour will depart Minnepolis and New York on Saturday, March 13, and take in Spain, Portugal, Morocco and the Canary Islands, ariving back in Minneapolis on Satury night, March 27. Scheduled stops are listed as Mad id (five days), Las Palmas (three ays), Marrakech (two days), Casa blanca (one day) and Lisbon (three jays). Scheduled tours will take the roup to various noted sightseeing pots from these principal locations. Interested parties may contact Mr. reus at Marquette National Bank in egard to the limited number of re' aining accommodations. 76th Year No. 1263 FEATURE ARTICLES 5 D ear E ditor 6 Bank Prom otions and Changes 12 Corporate News 19 Com pensation and Benefits— K erm it H ansen 24 9-Point P rogram fo r Farm Bank Survival— Thomas R. Sm ith 26 Increase Profits T hrough Home Im provem ent Loans — Louis J. A ste rita 27 Legal Questions and A nsw ers— W endell Gibson 28 A t F irst o f Chicago C onference— P redict F avorable Econom y in ’ 71— M alcolm F reeland 30 A t F irst o f St. Louis Conference— Predict U psw ing in Econom y— M alcolm F reelan d 31 V alley N ational o f Phoenix Plans Spectacular Building STATE BANKING NEWS M innesota N ew s 41 60 W yom in g News Tw in C ity News 42 63 Nebraska News Illinois News 50 64 Omaha News South D akota News 54 70 Lincoln News N orth D akota News 55 75 Iow a News Colorado News 56 82 Des M oines News M ontana News 58 84 Iow a-D es Moines C onference R eport OTHER FEATURES 91 In the D irectors’ Room 91 Index o f A dvertisers N O RTH W ESTERN BANKER 306 15th Street, Des Moines, Iowa 50309. Phone 515— 244-8163 Chairman Publisher Clifford DePuy Malcolm K. Freeland Associate Editor Mildred Savich Field Representative AI Kerbel Ben Haller, Jr. Associate Editor Dexter Sidney Advertising Assistant Editor Richard R. Stumbo Circulation Department Lena Sutphin Bertha Soderquist Field Representative Paul Masters Auditor Field Representative F. L. Berry &io. 1263. Northwestern Banker is published by the Northwestern Banker oCmpany, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscription 5oc per copy, $6 per year. Second class postage paid at Des Moines, Iowa. Address al 1 mail (subscription, change of address, Form 3579, manuscripts, mail items) to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, Decem ber, 1970 6 Bank and former i*rontotionsand Chantieschairman C. Johnson & Son, ROMOTIONS and announcements have been made by the following P banks and groups: A m erican Bankers Association, Washington, D. C.: Benjamin J. Carnes has been named director of data proc essing. He will be responsible for all aspects of ABA’s internal EDP activi ties, including the development and implementation of new automated sys tems to serve the ABA’s needs. Central National Bank, Chicago: James E. Hughes has been promoted to assistant cash ier in the commer cial banking dep a r t m e n t . He started his bank ing career at Cen tral National in 1969 as a credit analyst and was appointed admin istrative assistant early in 1970. He J. E. HUGHES received his B.A. from Westminster College in Fulton, Mo., in 1963 and his M.B.A. from Northwestern University in 1969. Commerce Bank of Kansas City: management se U C0 INC 0F ,'W p a EL|9“ 3 860 Subufba BANKS THAT ARE EMPLOYING THIS SERVICE ENJOY Adequate Liquidity Increased Earnings and Greater Investment Portfolio Effectiveness Perhaps your bank could enjoy these same benefits. Write for our explanatory brochure STUDLEY, SHUPERT & CO., INC., o f P h ila d e lp h ia 860 Suburban Station Bldg. • Phila., Pa. 19103 Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Harry Wuerth, vice chairman since 1966, retired No vember 1 after 40 year s with the b a n k . He has joined the staff of the parent compa ny, C o mm e r ce Banc shares, as consultant on loan and credit matt e r s. The $949 million bank hold H. L. W UERTH ing company has 15 affiliated banks throughout Mis souri. He has retired also as a di rector of both the bank and the hold ing company. Mr. Wuerth was graduated from the University of Missouri with a B.S. de gree in business administration in 1927 and received his MBA from Harvard in 1929. He started his banking career as a comptometer operator with Com merce Bank in 1930. Three years later he became credit department manager. In that year he was granted a leave of absence to fulfill a special appointment with the Reconstruction Finance Corporation in Washington, D. C., as assistant to its head, Jesse Jones. He returned to the bank a year later. He rose progressively through officer ranks in the bank and for the past several years has headed the loan and investment activities. Continental Bank, Chicago: Ray F. Myers, senior vice president, has been named head of the trust department. He succeeds Clair W. Furlong, who re tired at the end of October after 41 years of serv ice at the bank. Mr. Myers, a grad uate of DePauw U n i v e r s i t y and H arvard Law School, j o i n ed Co nt i ne n tal in 1948 as a trust de partment trainee. R. MYERS He became a vice president in the corporate trust divi sion in 1959 and was named head of the division a year later. In 1967 he was named head of administrative services for corporate development, and in November, 1969, was elected senior vice president in the trust de partment. In addition to numerous posts with the Chicago and American Bar Associations, he is also currently president of the Corporate Fiduciaries Association. Federal Reserve Bank of Chicago: Howard M. Packard, director, vice president of S. Inc. (Johnson Wax), Racine, Wis., has been re-elect ed to a three-year term as a Class B. director of the Seventh Federal Re serve Bank. He is also a director of Marshall Field & Company and Kempt, er Insurance Group, Chicago; of Jos. Schlitz Brewing Company, Universal Foods and Wisconsin Telephone, Mil waukee, and of Gorton Machine Corpo ration, Racine. Melvin C. Lockard, president of First National Bank of Mattoon, Ilj* has been re-elected to a three-year term as a Class A director by Seventh District banks. The new terms for both men commence January 1, 1971. * Federal Reserve Bank of Kansas City: C. M. (Mose) Miller, president of the Farmers and Merchants State Bank, Colby, Kan., and Alfred E. Jor dan, vice president-technical service? for Trans World Airlines, Kansas City, have been re-elected to three-year terms on the board of directors of th Tenth Federal Reserve Bank, startin January 1, 1971. Federal Reserve Bank of Minneapo lis: Philip H. Nason, president, First National Bank of St. Paul, has been elected to a three-year term as a Class A director of the Federal Reserve Bank by Ninth District bankers. He succeeds retiring Director Warren F. Vaughan, president, Security Trust and Savings Bank, Billings, Mont. Dale V. Andersen, president and general man ager, Mitchell Packing Company, Inc., Mitchell, S. D., was re-elected to a three-year term as a Class A director by Ninth District banks. Their terms start January 1, 1971. First National Bank of Chicago: Neil McKay, senior vice president and cash ier of First National, has been elected to the board of directors of The Penn Mutual Life In surance Company, P h ilad elph ia Penn Mutual is one of the n*< tion’s largest life companies w i t ft nearly $9 billiop of life insurance in force and ap proxim ately $2.5 billion in assets.' N. McKAY The election of two new vice presidents of First Na* tional has been announced by Chair man Gaylord A. Freeman, Jr. They are: Francis G. Foster, Jr., promoted from assistant vice president and gen eral manager to vice president and general manager, international bank ing section, Brussels branch, and JameJ. Swann, promoted from assistant 7 I f there were som e kind o f cut-and-dried form ula to help a bank assess its perform ance, Som e o f the Continental men serving the M idw est: then serving correspondents would be something a computer could handle. You’d only have to crank in the figures and crank out the answer. But, a bank can’t be accurately evaluated without some idea o f its potential. This is where the right kind o f correspondent service can act as a sounding board for ideas . . . tell you what banks in other communities are doing . . . discuss different performance areas. What is your potential for new business? For financial performance, for portfolio management, or achieving economies on internal operations? At Continental Bank, our correspondent officers can help you evaluate your potential. And then offer a wide range o f expert services to help you reach it. Roger Sherman CONTINENTAL BANK John Davis George Handtmann Continental Illinois National Bank and Trust Com pany o f Chicago, 231 South LaSalle Street, Chicago, Illinois 60690. Member F .D .I.C . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, December, 1970 8 representatives in Argentina, England, Puerto Rico, Spain and Venezuela. Harris Trust and Savings Bank, Chi cago: Theodore H. Roberts, senior vice president and comptroller, has as sumed the duties of general adminis tration executive and secretary of the board of directors. The operations de partment also will report directly to Mr. Roberts. F. G. FOSTER, JR. J. J. SWANN vice president to vice president, exec utive department, audit division. First Wisconsin National Bank of Milwaukee: In a major executive re alignment in the international bank ing division, Eduardo Bemet, senior vice president, will assume new re sponsibilities in senior management as of January 1. He will continue as a member of the bank’s organization and policy committee and will have general supervision over the interna tional banking division. During his eight-year tenure, the division’s loans have increased from $5 million to more than $105 million and the staff has grown from 10 to more than 100. Christoph H. Guenther will become vice president and manager of the in ternational banking division with full responsibility for its operation, includ ing a London branch office, as well as LaSalle National Bank, Chicago: The promotion of John D. Ramey to assist ant vice president has been announced by Milton P. Darr, Jr., chairman, and Frank G. Price, president. Mr. Ramey, a graduate of the University of Illinois, joined LaSalle in March, 1968, and was transferred to the correspondent bank ing division in June, 1970. Manufacturers Hanover Trust Com pany, New York: John F. McGillicud- dy, vice chairman of the board and president-elect of the bank, has been elected a director of Kraftco Corpora tion (formerly National Dairy Prod ucts Corporation). Mr. McGillicuddy is scheduled to become president of Manufacturers Hanover on February 1, 1971. M ercantile Trust Company, St. Louis: The following promotions have been announced by Donald E. Lasater, board chairman: William R. Tracey, accounting officer; Eugene E. Steinkoetter, assistant operations officer; Norbert A. Utz, assistant security trad ing officer, and Terrence Boyer, Joseph P. Eichorn and R. Michael Webb, as sistant data processing officers. Mercantile Trust Company, St. Louis: To expedite delivery of im FRANKLIN NATIONAL BANK N A T IO N A L D IV IS IO N 410 MADISON AVENUE at 48th St. New York, N .Y . 10017 ports and to provide a more conven ient handling of custom details for im porters, Mercantile Trust announced the establishment of Mercantile Cus toms Services, Inc., a wholly-owned subsidiary of the b a n k , following approval of the U. S. Bureau of Customs. T h e new firm will be managed by Wil liam H. Meadows, formerly with L. E. McCullough & Company in St. Louis. W . H. MEADOW S Mercantile Cus toms Services, Inc., will serve as cus tom-house broker for importers in custom matters and will assist them in the clearance of imports through U. S. Customs. National Boulevard Bank of Chica go: James S. Underwood was elected personnel director recently, it was an nounced by chief executive officer Irv ing Seaman, Jr. Mr. Underwood re Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ceived his Bachelor and Master’s de grees in labor and industrial relations from the University of Illinois. The Northern Trust Company, Chi cago: Directors have approved the fol- lowing promotions and new appoint ments in the operating department: r. To vice president—William E. Foley, administrative division; Ronald A. * Palmer, check processing division, and John S. Sutfin, data processing divi sion. To second vice president—Ralph A. O’Meany, international division. To assistant managers—Thomas H. Hough and Catherine E. Munroe, teller* * division; Joseph M. Jarosz, Ronald Parker and Ervin F. Roney, check * processing division, and Donald D. Pe-V terson, data processing division. Security Pacific National Bank, Los *, Angeles: The election of nine senior vice presidents and five vice presidents were announced last month. Pro moted from vice presidents to senior vice presidents were these nine admin- f. istrators: David L. Blanchfield, trust invest-< ment division; Walter R, Clark, head quarters building project; Roy D. Hartmann, central division; George W. Herman, district trust offices division; Everil E. Loyd. Jr., corporate banking . department V; Paul J. O’Brien, real es tate finance department; Charles W. Smith, account administration divi sion; James L. Smith, c o n s u m e r ' finance department, and Joseph U. ^ Streeter, corporate banking depart ment II. The new vice presidents are Alfred G. Cinelli, Robert F. Ehlers and An- " drew C. Gaither, all in San Francisco, and R o b e r t G. Staudenmeir and' George F. Weinwurm, Los Angeles. The appointment of Anthony H. Pace as public relations director for Security Pacific National Bank was an nounced by Robert E. Cody, vice presi- > dent of the bank’s advertising and pub lic affairs department. 4' United California Bank, Los Ange-^. les: The following were elected vice presidents by directors at a recent \ meeting: Michael Donnelly, Los Ange les headquarters news bureau; Lynn*' H. Hodson, Marble Mortgage Company^ division, Pasadena; Robert R. Simpson, Los Angeles headquarters operations^ department, and Henry H. Wieser, spe cial European assignment reporting to ■ > Los Angeles headquarters. Valley National Bank of Arizona, Phoenix: Jo Abbott, senior vice presi dent, retired November 80, closing out a 48-year career in banking. A na-^ tionaliy-recognized authority in con sumer credit and installment loan * financing, Mr. Abbott started in bank-^ 9 G A IL (800)792-1030 AND IF A MAN ANSWERS HANG ON! If The Redcoats He’s one of North Central’s Red Coat Specialists, and he can offer you instant service on unlimited creditor insurance from “ the leaders in insurance through lending institutions.” Every day the demand is fo r larger and larger loans, and with it comes the need for more creditor insurance. That’s why North Central has introduced NO-LIMIT creditor insur ance and the instant service plan to make it workable fo r you. (No use having unlimited creditor insurance available if it take a month or two to have it approved.) Just call the toll-free number and ask for “ The Red Coat Desk.” In most cases you’ll receive immediate approval fo r insur ing the loan. If there are unusual problems, a Man in a Red Coat will find a way to solve your problem within 24 hours. Remember— whatever your problem, call the pioneers in creditor insurance planning to work it out for you— effectively, efficiently and immediately! (And if a girl answers, it’s not a Red Coat Specialist. It’s a Red-Haired switchboard operator.) *This number in Minnesota only. In North Dakota, South Dakota, Nebraska, Iowa and Wisconsin, the toll-free number is (800) 328-1612. The North Central Companies New Directions in Financial Security https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NORTH CENTRAL LIFE INSURANCE CO., ST. PAUL, MINNESOTA MAINE FIDELITY LIFE INSURANCE CO., PORTLAND, MAINE Northwestern Banker, December, 1970 10 ing in San Bernardino, Calif., in 1922 while still attending college. In 1928 he moved to Tucson, Ariz., to join Con solidated National Bank, which be came part of the Valley Bank system in 1935. He has been a senior vice president since 1960. Two prominent Arizona attorneys have been elected to Valley National’s board, according to Walter R. Bimson, chairman. They are Devens Gust and Joseph T. Melczer, Jr. Both are Ari zona natives, both earned law degrees at Stanford University and both have long-established law careers in Phoe nix. Mr. Gust’s father, J. L. Gust, served as a VNB bank director from 1934 to 1949. Ch ri s tntas D al I Come, visit... l$ e W onderful W o rld ^INSTANT J io u sin g ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ * Wells Fargo Bank, N.A., San Fran cisco: Richard M. Rosenberg has been named senior vice president in charge of the marketing a n d advertising division, it was announced l a s t month by Rich ard P. Cooley, p re s i d e n t a n d chief executive of ficer. Mr. Rosen berg joined the bank in the busi ness services de partment in 1962 with two years of previous banking experience. Bob Hamilton Named to New USD A Committee Secretary of Agriculture Clifford M. Hardin has announced the appoint ment of Robert E. Hamilton, vice chairman ofCentral National Bank in Ch ic ago to m em bership on the new National Cattle I nd u st r y Advisory Commit tee to the U. S. D e p ar t me n t of Agriculture. The c o m m i t tee will consider br oad areas of USDA respon si R. E. HAMILTON bility to develop ing long range objectives to maintain an adequate national beef supply at satisfactory prices. Among the areas to be considered are imports, interna tional trade negotiations, activities af fecting domestic consumption, feed ing and other production practices and other developments relating to prices, production and marketing of cattle and beef. Mr. Hamilton was former president of Live Stock National Bank of Chi cago which merged with Central NaNorthwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ■* 35th NATIONAL MOBILE HOME SHOW « KENTUCKY EXPOSITION CENTER ^ Louisville, Kentucky FROM ONE DOLL TO ANOTHER — “ Santa’ s Helper” Pat Test o f Continental Bank, Chicago, complete with festive stock ing cap and jolly smile, displays some o f the 1,800 dolls which bank employees re cently dressed as Christmas gifts. Now on display in the bank, the dolls w ill be given to Chicago area charities next month for distribution to needy children at Christmas. tional in March of 1965. Prior to his a s s o ci a t i on with Live Stock, Mr. Hamilton served as secretary-man ager of the Sandhills Cattle Associa tion in Valentine, Nebraska, and in structor at Veterans Vocational Agri culture school in Brewester. JANUARY 14 ★ See pictures and models o f award- * winning mobile home communities. Pick up helpful literature about every phase o f the subject. Ask questions at our “ Land Development” exhibit. ★ Walk through spacious, livable new models, America’s only low-cost hous ing, offered furnished and equipped by the nation’s leading manufacturers * o f mobile homes. ★ See ‘double-wide row ’— an exhibit o f homes offering over 1200 sq. ft. each. ------------------- -☆ ☆ ☆ —-----------------------, Bank Building Offers Real Estate Services Bank Building Corporation has an nounced the establishment of a new subsidiary, BBC Real Estate Services Corporation. H. Berny Engel has been appointed vice president and general manager of the newly established subsidiary, and will have responibility for all opera tional aspects. The subsidiary will be under the general direction of William E. Wilkinson, group vice president of Bank Building Corporation. Malcolm Marsa has been appointed director of real estate development and Richard Wright has been named manager of construction. Previously, Mr. Marsa was a principal in a real estate brokerage organization, and Mr. Wright was a high-rise project manager for a major construction com pany. This subsidiary will offer complete real estate development services with initial concentration on high-rise office buildings for financial institutions. FIN A N C E FO R U M Thursday, January 14 Sessions on the financing of mobile home developments. Top FHA officials will participate. The Forum fee is $25, pay able in advance (to save standing in line) OR payable on registration. ★ N o admission charge to the Show on January 14 — all day — for you as a ^ Finance Forum participant. \ A Send the coupon below, with your letterhead or card, to pre-register*N OW . Y our badge as a special guest o f the Association, will be waiting for-, you on arrival. I I Mobile H om es M frs. A ssn. I I I I G e n tle m e n : Please have m y S pecial G uest j badge ready, as a fre e pass to y o u r Show, j 4 I e x p e c t to a tte n d th e Fin an ce Forum , Ja n- j u a ry 14. ¡ NAM E _________________________________________ _ I ■ D e p t. NW B-12 6650 N.NorthwestHighway,Chicago, IL 60631 T IT L E -------------------------- | 5 i ^ I I ADDRESS ___________________________ ■— ■ I I ’ ¡ CITY________________ STATE_______ ZIP------------ J ¡________________________________» ^Rigrht now m obile hom es in N a t io n a l MODERN MOBILE HOME DEVELOPMENTS ARE MAKING MONEY FOR INVESTORS AND LENDERS ( Profit of 25% and more on equity is being realized — after debt service < substantial net profit before deprecia Reliable figures, available to you, show tion and taxes but after debt service at current interest rates — the favor able safety factor or ‘cushion’ that every prudent lender looks for when granting a mortgage. ^Housing tennas, recreation areas and underground utilities — are a far cry from the un sightly ‘trailer camps’ set up in the 1940’s. No comparison. QUALITY LIVING Today’s well-engineered residential mo bile home developments are assets to their communities. They provide com fortable living at economical cost for millions of families. And the well-oper ated developments are making money. is available on the homes, including FHA and Savings & Loan Assn. • Today’s mobile homes are spacious, beautiful and livable; are sold deco rated, handsomely furnished and equipped with appliances—for living. • Many of the manufacturers have been in business 15, 20, 25 years or longer; responsible firms, building constantlyimproved products. thousands HOW BI G? DEPENDABLE GUIDANCE Seems inevitable. And everyone con cerned with housing owes it to himself to replace any out-dated opinions with up-dated facts. • 94% of all new one-family homes sell ing for less than $15,000. CONSIDER THESE BASICS: is now available covering all phases of mobile home developments, from feasi bility study through planning, architect ural and engineering steps to efficient— and profitable— operation. • Factory methods produce more house for the money — and the ‘spread’ be tween manufactured and site-built is widening. • Retail prices range from under $5,000 to over $15,000. Long-term financing M.H.M.A. can help you find facts/figures for decision-making. As a first step, send the coupon. Or, you may contact Richard Mitchell, Director, Land De velopment Division, M.H.M.A., 6650 N. Northwest Highway, Chicago, 1L. 60631. MORE ‘TRAILER CAMPS?’ v, WILL THIS TREND CONTINUE? More than 412,000 built in 1969. Mobile homes, right now, account for: • 67% of new homes under $25,000; • • 79% of new homes selling for less than $20,000; BY NO MEANS! Today’s well-landscaped mobile home developments — with curbed streets, community TV an- MOBILE HOMES MANUFACTURERS ASSOCATION 6650 Northwest Highway, Chicago, IL 60631 _____ (A) Gentlemen: --------(C) Please send me the material checked at left; remittance to cover items (B) and/or (C) is enclosed, making it unnecessary to open an account for this one-time transaction. Name ______ __ _____________________________________________ F irm __ Address City-------------------------------------------- - State_____________________Zip. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Dept. NWB-12 January, 1968, and lives in Levittown, Pa. CMI Investment Corporation, Madi son, Wis.: In its first report as a new promotions and an CORPORATE nouncements of special interest to readers of the N orthwestern B anker include the following: American Express Company, New York: John D. Stewart, senior vice president and general manager, has announced the following appointments: William Box, 36, to vice presidentsales of the money order division. He has been vice president-Eastern re gion sales since last January. Narinder Mehta, 32, to regional vice president-sales. He joined the firm in ly-created holding company, the firm reported net earnings for the nine months ended September 30, 1970, reached $794,347, up 6 per cent from the $747,983 of a year ago. Earnings per share were 71 cents compared to 68 cents in 1969. CMI is the parent holding company for Continental Mort gage Insurance and its subsidiaries, Continental Mortgage Insurance and CMI Credit Insurance. standing at $7.55 per share. In the same period, long-term debt decreased 10.5 per cent and net worth went up from $3,150,717 to $3,442,917. Diebold, Incorporated, Canton, Ohio: Earl Wearstler, vice president and general manager of the bank division," has announced the return to Diebold of M. J. Battle and the appointment of Mr. Battle to director of PortaBranch sales. Mr. Battle served pre viously with Die bold from 1952 urn* til M a y , 1969, O. A. Cooper Company, Humboldt, when he joined Nebr.: Sales in the first nine months Nars, Inc., a comincreased by $1,296,601 or 12.8 per cent, puter service com I \ compared with the same period in pany in Orlando; 1969. Income was up 30.9 per cent, Fla., as president. With the growth * of t h e P o r t a Branch division, and Mr. Battle’s close relationship to its development, his appointment will bring experienced management to this important bank service, Mr. Wearstler noted. Within 60 to 90 days, Porta-"* Branch can manufacture, deliver and erect a fully-operational bank building" vault included. It is complete with all employee, bank and utility services. It has constructed and installed 50 such buildings to date. M. J. BATTLE Eastman Kodak Company, N. Y.: Gerald B. Zornow, president, has bee^ named chairman of the Marketing Sci ence Institute of Cambridge, Mass. A+ trustee of the non-profit organization since it was established in 1962, Mr. Zornow served as an executive com mittee member from 1964 through last February. Farmhand, When setting up (or revising) insurance plans for employee families and children, you want an insurance service that can give you the most up-to-date coverages —and the most conscientious follow-up. \\c insure these bankers,too! Financial Insurance Service, Inc. is that kind of company. We are relatively young, but our principals have 150 years of cumulative experience —including current experience as Administrator for Illinois Bankers Association Employee Benefit Plans. We now insure banks in 20 states. Our service includes Bankers Blanket Bond, One Million Dollar Excess Fidelity, Installment Lending Coverages and Directors & Officers Liability. We think we’re a good company to know better. 2200 EAST DEVON AVENUE DigitizedNorthwestern for FRASER Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • S E R V IC E , INC. DES PLAINES, ILLINOIS 60018 Hopkins, Minn.: Walter E. Heller International Cor poration, Chicago: Record profits have^ We’d like to work for you. FINANCIAL IN SU R AN C E Inc., Following the resignation of Donald E .’ Porter as president, C. F. Pierson, chairman of the board, announced the following organizational changes. Rich ard L. McElheny, formerly vice presi dent-marketing, will serve as executive*, vice president, chief operating officer and director. Policy matters have beerr delegated by the board to a newly cre ated executive committee of the board** consisting of Mr. Pierson; Richard. Vaughan, executive vice president of the Northwestern National Bank o f/ Minneapolis, and John S. Randall, president of Kearney & Trecker Cor^ poration, Milwaukee. Mr. Randall will act as chairman of the new executive' committee. James D. Hardy, secretary and treasurer, also will serve as vice president-finance. r • 3 1 2 /2 3 7 -4 6 6 0 been reported for the first nine months of 1970 as well as the third quarter. Norman B. Schreiber, chairman and 13 Now what? “As I say, our Loan Committee can’t see an Equipment Loan for you right now . . . . Another angle of approach would be to get in touch with LeaseAmerica Corporation, in Cedar Rapids. W e ’ve had good experience with them. By leasing, you can get the equipment now with out really touching your working capital.” America Corporation Home Office: 200 American Building Cedar Rapids, Iowa 52401 Free Call https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1-800-772-2051 Northwestern Banker, December, 1970 14 chief executive officer, said net income, before extraordinary income, for the nine months ended September 30 reached $11,512,892, up 15.4 per cent from $9,974,849 in 1969. He reported extraordinary income of $1,143,969, equivalent to 12 cents per common share. Earnings per share in the nine-month period were $1.09 after preferred dividends, compared to the previous 95 cents in 1969 for the pe riod. LeFebure Corporation, Cedar Rap ids, Iowa: Robert F. Beckel has been ap p oi nt e d sales representative for South Dakota and southwestern Min nesota. He will s e l l LeFebure’s banking equip ment and security system s in his new position. He was affiliated for merly with Bur roughs Corpora tion. Mr. Beckel, a graduate of Buena Vista College, lives in Sioux Falls, S. D. The North Central Companies, St. Paul, Minn.: John H. Ederer has been appointed regional manager in north ern Wisconsin. He lives in St. Louis Park, a Minneapolis suburb. His du ties will focus on the coordination of ordinary life and health insurance sales and service through the financial planning agents in the northern Wis consin area. Jay Blatt has joined the sales staff of North Central Life as a financial agency supervisor. In his new posi tion, he is responsible for the sale and service of the company’s creditor in surance products in the state of Iowa. He has had 15 years’ experience in the financial field, most of it with General Motors Acceptance Corporation. Most recently, he served as financial, insur ance and credit manager for the Howlett Chevrolet Company in Des Moines. He makes his home in Des Moines at 2823 Bennett Street. Orland J. Gish has been appointed financial planning agent responsible for the sales and service of North Cen tral’s ordinary life and health insur ance products through the financial in stitutions in and around Mahnomen, Minn. He has been active in the sales field more than 20 years, spending the majority of that time as manager for the Wild Rice Motor Company of Mahomen, where he lives. MorAmeriea Assets Are Up MorAmerica Financial Corporation of Cedar Rapids (formerly The Morris Plan Company of Iowa), declared an increase in its quarterly dividend to 8 cents per share with the dividend payable to stockholders of record on December 8 and payable on December 18, 1970. During 1969-70 fiscal year, the dividends paid quarterly were in the amount of 7 cents per share with a special dividend payable in Septem ber of an additional 4 cents. The fiscal year of MorAmerica Fi nancial Corporation ended October 31, 1970. At a recent board meeting, President Peter F. Bezanson reported to the directors the increases that have taken place during the year. The total assets of this diversified financial s er v i c e s c o m p a n y now amount to $80,278,000 as compared with $68,950,000 on the same date in 1969. Earnings of the company kept pace with the increase in footings with a result of $1.57 per share dur ing 1970 compared with $1.36 per share in 1969. There are 377,178 shares out standing. Mr. Bezanson reported that each di vision of the company contributed to the general growth in footings as well as earnings. These divisions consist of Jackson State Bank and Trust Com pany in Maquoketa, Lease-America Corporation, Iowa Growth Investment Company, the various direct loan offices throughout Iowa and Wiscon sin and the manufacturing and serv ices division. GET THE JUMP AND WIN WITH BOTH TEAMS FIR E & CASUALTY BENCH LIFE BENCH CONTINENTAL WESTERN INS. CO. CONTINENTAL WESTERN LIFE INS. CO. 616 10th Street Des Moines, Iowa 50308 3839 Merle Hay Road Des Moines, Iowa 50310 0 Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O TOP ROW, LEFT TO RIGHT: Bill Dwyer, Art Stake, Les Bjork, Tom King, Hugh Albers, Keith St. Pierre, Tom Harmon, Jack Hallberg CharleyOngena .J e rry Towns, Bob ® " dl®y’ J.®rry . ° MIDDLE ROW, LEFT TO RIGHT: Nevin Bowser, Andy Nielo, Ray Dieball, Bud Cross, Jr., Bill Bennett, Bill Vojta, Les Nlandelbaum, Fred Bowes II, Garth Dunn, Jr., Jim ^ w a rd s , Gil L*ss, A! G over. BOTTOM ROW, LEFT TO RIGHT: Ben Hauenstein, Jud McManigal, Dennis Duffy, Sandy Scott, Rita Pepper, Jackie Everson, Francine Glass, Char Markiano, Dorothy Hines, Robin Barker, Fre a Wells, Barbara Selover. The First National Bank of Chicago https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Nonhwestern Banker, December, 7970 16 Ist N ational, i'hieaffo . Opens Ne MVItiiililiiifj. Starts of The First National OFFICIALS Bank of Chicago last month an nounced the completion of one new building project and commencement of another. The 30-story Two First Na tional Plaza Building, the second ma jor structure in the new First Nation al Plaza development, was opened De cember 1. Completed plans for a $25 million, open landscaped plaza also were announced the same day. The new 418-foot high office build ing, located across Clark Street from the 60-story skyscraper bank building opened in May, 1969, provides nearly 350,000 square feet of space in the cen ter of Chicago’s business district. The dark brown finished steel and bronzed glass exterior of the new building was designed to complement the steel and granite of the main building, One First National Plaza. Bank offices occupy the 10 lower floors, with the upper 17 floors rented for tenant offices. An underground pedestrian mall connects the office building with the bank building, and another will link it to the plaza. The plaza itself will occupy the site of the former First National Bank building. Final clearance of the old structure was being completed last month while work on the plaza had already gotten underway. The five-level development will in clude a small personal banking center on the southwest corner, an arcade of specialty shops, a restaurant, foun tain, trees and flowers, plus a large meeting room, underground parking and additional space for bank activi ties. Located on the south half of the block bounded by Madison, Monroe, Dearborn and Clark Streets, the plaza adjoins the bank’s 60-story skyscraper on the north half of the block. The plaza is scheduled for completion in late 1972. The granite surface of the plaza level will be snow-melted and match the pearl-grey granite of the bank. The entire area will be bordered by more than 50 trees on the street level. The first two levels beneath the plaza will accommodate parking facil ities and a 500-seat meeting room, equipped for color television reception of commercial programs or video tapes from the bank’s television stu dio. The room will be suitable for stockholders’ meetings, seminars, and similar gatherings. Access to the room will be by steps, elevator or escalator from the plaza level. Access to the North western Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ARTIST’S DRAWING- shows new First National Plaza building to left across bank’s sweeping 60-story skyscraper on north and the new 30-story Two First National Plaza development, with the Clark Street. Monroe Street is in fore ground. parking area will be by a ramp south of the Two First National Plaza build ing across Clark Street. The lower two levels will provide additional space for the bank’s vault, clearing and lock box operations. There will be no public access to these areas. A 7,000 square foot personal banking center will be located on the south west corner of the street level. The resaturant, located on the plaza level, will consist of three separate dining facilities offering different price ranges. The 45-foot square fountain will be made up of nine water columns, each six feet square with a maximum height of 18 feet. Underwater lights will il luminate the fountain and the south side of the bank building. A granite clock tower will rise 27 feet from the street level midway be tween Clark and Dearborn Streets. The clock is being built out of the two big three-sided clocks which graced the corners of the old First National Building for 63 years before they were taken down several months ago and saved for the new tower. Chicago Bank Appoints Communications Firm Robert Person, senior vice president of Central National Bank, Chicago, has announced the appointment of a new organization, the COMTROL divi sion of Unimark International, to han dle all of its internal and external com munications. Mr. Person said, “Be cause of our rather unusual communi cations requirements, we were at tracted to the innovative approach* presented by Unimark.” Ralph E. Eckerstrom, president of Unimark, said that a new approach to coordinating and controlling the total communication needs of a business was long overdue. Fie also said that the creation and implementation oj| total communications systems will be of growing importance to business in the 70’s. T. G. Watson, formerly executive*' vice president of N. W. Ayer, was ap pointed executive director of COM TROL. Alden Richman, advertising and pub lic relations director for Central Na* tional Bank, commented that the COMTROL organization impressed management of Central National Bankv as an extremely talented and experi enced creative group. “We sought an organization that was experienced in total communications because ouF~ needs include creation and implemen tation of a corporate identity program, signage, development of collateral and display materials as well as all copy, art and media capability. In COMTROL we have found an organization that will serve to coordinate all of our internal and external communica tions activities.” A Bank Building Corporation Adopts New Logotype ’ A new logotype or corporate sym bol has recently been adopted by Bank' Building Corporation, St. Louis, it was^ announced by William F. Cann, presi-~ dent. The new symbol represents growth and activity with involvement in ex-* panded directions. The symmetrical arrows form a block shape which re £ resents a strong foundation upon Bank Building Corporation which Bank Building Corporation can build. While the new corporate syrm* bol imparts a feeling of security and stableness, it denotes a directed move ment toward new horizons. > For 57 years, Bank Building Corpo ration has been a leader in the field of designing, planning, building and equipping financial institutions. ThU adoption of this new logotype is part of a program for growth and diversifié cation. _ 17 Need one good reason to ¡9m our Finapdal Engineering Club? Take ten ! 4. STATEMENT SPREADING NEW ACQUISITION OR INVESTMENT SEARCH SERVICEFOR YOUR CORPORATE CUSTOMERS COMMERCIAL LOAN PROFITABILITY AND DGETING SYSTEM 7. BANK PLANNING AND CAPITAL EVALUATION SYSTEM NEW COMPARATIVE INDUSTRY ANALYSIS SERVICEFOR YOUR CORPORATE CUSTOMERS 8. INVESTMENT PORTFOLIO PERFORMANCE MEASUREMENT 9. BOND TRADING SYSTEM REVISED FOR THE TAX REFORM ACT 1. COMPREHENSIVE DATA BANK OF FINANCIAL PROFILES 0. MONEY MARKET INFORMATION SERVICE A ll of these co m p u te r program s are on tap fo r you through C itibank’s Financial Engineering Club. Any one of them can become one of your most valuable management and new corporate business developm ent tools—can do the calculations in support of credit investment re search or bank management decisions . . . in a matter of minutes. That’s why banks of all sizes throughout the U.S. have already joined our Financial Engineering Club. Through a simple phone call over an ordinary teletypew riter — by local service anywhere in the U.S.—you can put the com- puter to work for your bank, retrieving required inform a tion or solving problems. To make doubly certain that your bank gets maximum value out of the system, C itibank conducts regular monthly seminars in our New York headquarters. W hether your main interest is in Credit Analysis, Money M arket Information Service—or anything in-between, you should find out all the details and benefits right now. To do so, just speak to your C itibank Representative or w rite Norman R. Prouty, Jr., Assistant Vice President, 399 Park Avenue, New York, N.Y. 10022. FIRST NATIONAL CITY B A N K In n o v a to rs in C o rre s p o n d e n t B a n k in g https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, December, 1970 Ybur bank needs a bank that gives you prize-winning trust investment perform ance. I I Consistently. It’s to o bad there isn’t an award like this. If there were, more people than just the Correspondent Banks we serve would hear about Chemical’s trust investment performance record. How do we do it? Well, it isn’t done with mirrors. It’s all due to astute, quick-thinking investment officers who stay on top o f the national and international situation. T o a sound philosophy o f investment. And to research that provides them with the right information for making the right decisions. Information we’re glad to share with you through six special reports: E con om ic Trends, Investment Forecast, U. S. Banking D evelopm en ts, Industry Studies. Special Reports (topical subjects o f immediate interest), and Market Ratings on some 250 stocks. Our market ratings are up-dated every week and sent to every Chemical Correspondent Bank which subscribes to this service; others are distributed as we develop new information or as market requirements dictate. A nd if these don’t give you enough information to solve a special problem, one o f our senior invest ment officers is available at all times for personal con sultation, to discuss general business con d ition s, particular industries, specific companies and the stock market outlook. So if you’d like to share Chemical’s investing re search and experience, just call Mr. Robert Jennings at (212) 770-1607. You may also want to ask him or your Chemical Bank Representative for a copy o f our new booklet,“ Trust Investment Advisory Service,” which describes all these services in fuller detail. Or write to C hem ical Bank, N ational D ivision, Dept. TIA S , 20 Pine Street, New York, N.Y. 10015. ChEMICAL We do more for your money. Northwestern Banker, December. 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Member FD1C rM H Compensation and Benefits They had better be good—or else! ByKERMIT HANSEN Executive Vice President United States National Bank Omaha, Nebraska A HERE is one basic question that is important that I can’t answer, only you can. The question is—What is my attitude toward or concept of compensation and employee benefits? What is your answer? Is it “Keep them as low as possible?” Or, “Just keep pace with competition.” Or, “ It’s one of the most vital management tools I have to help me achieve profitable results.” If your answer is not some variation of the latter viewpoint, let me try to move you to that approach. One of the major requirements for any manager in banking is to achieve profitable results and to help others to do so. In addition to planning, organizing, and controlling, a manager must develop peopleskills that cause people to perform well; skills that pay attention to group and individ ual needs; skills that exist in training and developing workers’ skills; and skills that provide for succession, replacement, or continuity. Another way of saying it is that a good compensation plan is basic to the job of a manager. Need Blueprints for Compensation But a compensation program must have a foundation to it which is that of good job descriptions. Just as blueprints are essential to a construction project so are “job blue prints” for a manager. They assist him in hiring the right people for the right job and play an important role in the decision on the proper rates of pay. Do you have a policy to maintain written descriptions for salaried jobs from office boy to the president? The latest BAI survey shows that 31 per cent of banks use job descriptions for officer positions and 48 per cent use them for nonofficer positions. You are urged to include this in your management plans. Here’s a simple way to proceed. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 20 “ There are 3 foundation blocks” 1. Have present jobholders write their own descrip tions and then a second party edit or correct. 2. Set a limit of one page to force brevity and clarity. 3. When job duties change, see that these are recorded too. 4. Conduct periodic audits of duties and responsibilities to review variations between the description and the actual job content. 5. Consider adding a statement that any employee can be called upon to perform such miscellanous other duties as are necessary. This may stand you in good stead when compared with limitations that some unions attempt to enforce. (i. Compare your job descriptions with those of other banks. Job Descriptions The use of job descriptions should contribute to the more effective operation of a business enterprise. If they don’t, revise them or improve their administration or throw them out. Job descriptions allow us to compare positions more precisely in a community or an industry. They make comparative wage surveys much more mean ingful. Job Evaluations The next step is to have a sound program of job evalu ations. This is a technique which places jobs in salary grades by measuring the job content and then assigning a value to it. Some managers consider this a cost con trol measure. Others claim it provides better employee relations. Both viewpoints are correct because job evalu ation provides control through reduction of overpay ment and also, should eliminate unfair pay relationships. In the industrial and manufacturing world, more than 75 per cent of major companies use a formal evaluation method. In banking, only 21 per cent evaluate officer positions and 44 evaluate nonofficer positions. This step may benefit from professional help. Performance Appraisal The third step is performance evaluation or appraisal. This is the most difficult to administer because it is highly dependent upon the skill and business maturity of the supervisor. Periodically, there are more bad things said about evaluations or appraisals than there are good. The mortality or discontinuance of appraisals is fairly high, but I feel strongly that it is one of the best personnel techniques available and, therefore, de serves the best efforts in seeing that it meets the objec tives of motivating performance and recognizing achieve ment or nonachievement. An appraisal interview requires careful preparation. It should be oriented to the job, to performance, and less to personality probing or amateurish psychiatry. Try these questions for openers: Is there anything about your job you don’t understand? Is there anything about your job that causes problems for you? Do you have any ques tions about the objectives for your job?—and would you refresh me on what those objectives are? Then you move to any specifics on perform anceguidelines for possible changes in the work to be done. Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis This means you have standards for achievement or for quality. Finally, you close with a question that often causes great reluctance among managers, but is absolutely es sential, and it is, “Is there anything that I can do—or have not done—to make jour job better? So there are the foundation blocks. Job descriptions Job evaluations Performance appraisals All of this may sound complicated to the uninitiated. It is. It takes time. But there are many avenues of help. The ABA Personnel Administration Committee, your own Illinois Bankers Association, the Bank Admin istration Institute, and a score of private consulting firms are available. You can also ask other banks your size to share information back and forth. Your corre spondent bank can often help. Now for Compensation Now we’re ready to talk about compensation—salaries —wages. How much are you going to pay for a job? What are you going to get for that salary in the way of profitable or efficient work? If you have taken the recommended steps of the three foundation blocks, then you can have a sound salary structure. Basic compensation should reflect the value of different jobs within your bank. Each job should be placed in an appropriate grade, with adequate intervals between each grade. For example, in a bank the posi tion of messenger could be the lower rated job at a minimum wage and the salary structure moves from there to that of the top executive officer. The next factor in compensation is to provide for pe riodic pay increases for the various grades. This can be done by a spread from the minimum job should pay up to the maximum. The spread should be wide enough— 40 per cent to 50 per cent to 60 per cent—so that differances in performance on the same job can be reflected in higher or lower pay. Need Regular Review In today’s market, you can’t set these grades and leave them alone for two years or more. They need regular review; otherwise you will either lose people through rigidity or be conducting fire drills with special situa tions. Many bank jobs have national markets—systems analysts, programmers, computer operators, security analysts—and your salary grades must accommodate these. As a manager, you may have to move a critical job to a new grade to compete in the market. And sometimes that can disturb a structure that should be equitable and create good internal relationships. But you have external relationships, too. Are you in step with competition? Do you have starting pay, average pay, and upper limits that meet the market? Salary Surveys Salary surveys can help—but they can also be illusions. 21 “Benefits will g row . . cost m ore.99 > As was said, often you can be misguided if you can’t compare by accurate job descriptions. If you phone an other bank for salary data be as explicit as possible and don’t limit your decision to just one comparison. Use several. You have a helpful survey by the Illinois Bankers Association. You can get help from the BAI biennial survey. Here’s one from N orthwestern B anker: AVERAGE SALARIES OF FOUR HIGHEST PAID OFFICERS - National B asis ( 1968 - U.-posits Numbe Banks Kepo ting 1970 ) 1968 1968 1970 53 433 $13,450 5 -1 0 261 654 $16,170 10 - 17.5 734 567 $19,470 17.5 - 25 389 270 $22,450 25 - 37.5 285 304 $26,585 37.5 - 50 153 147 $30,735 5 0 -7 5 152 175 $34,410 Under 5 1968 1970 NO. 1 64 77 100 & Over 260 268 $58,825 TOTAL 2351 2895 75 -10 0 $16,635 $18,905 $19,195 $21,890 $ 17,152 2 U ,559 2 6 ,2 9 6 U nder $5 m i l l i o n .$5-$20 m i l l i o n O v er $20 m i l l i o n $ 10 ,6 5 0 1 2 ,8 3 0 1 2 ,3 0 0 E x e c u tiv e V ic e P r e s . U n d er $5 m i l l i o n $5-$20 m i l l i o n O v er $20 m i l l i o n $ 1 8 ,0 2 5 1 8 ,5 0 0 20 ,0 20 C a s h ie r U nder $5 m i l l i o n $5-$20 m i l l i o n O ver $20 m i l l i o n $11 , 1*17 1 2 ,6 9 6 I t , 6 16 A s s i s t a n t C a s h ie r U nder $5 m i l l i o n $5-$20 m i l l i o n O ver $20 m i l l i o n $ 7 ,0 8 2 7 ,8 7 8 8 ,6 2 5 S e n io r V ic e P r e s . U nder $5 m i l l i o n $5-$20 m i l l i o n O v e r $20 m i l l i o n $15,975 16,091 19,375 V ic e P r e s id e n t U nder $5 m i l l i o n $5-$20 m i l l i o n O v er $20 m i l l i o n $62,870 $19,670 $22,895 $28,910 Assistant Vice Pres. U n der $5 m i l l i o n $5-$20 m i l l i o n O v e r $20 m i l l i o n $18,065 $20,350 $25,030 $27,700 $32,640 $41,125 $16,180 $18,380 $22,840 $41,500 Presidents $14,535 $17,010 $26,895 $14,115 $16,320 $20,010 $37,680 $40,935 $12,120 $13,025 $15,185 $23,670 $ 9,880 $11,155 $14,055 $17,060 $20,895 $ 8,040 $ 9,385 $ I f,750 $13,070 $18,550 $31,860 $ 7,385 $ 9,485 $14,550 $15,895 $29,850 $34,555 $43,935 1970 $ 6,105 $ 7,290 $11,015 $13,865 1968 $ 6,605 $ 8,895 $12,170 $17,210 $28,530 The f o l l o w i n g f i g u r e s a n d .t h o s e i n t h e a c co m p a n yin g c h a r t a r e b a s e d on r e p l i e s fro m 200 b a n k s o f l e s s th a n $35 m i l l i o n s i n d e p o s i t s i n an 8 - s t a t e a r e a , and a r e f o r a c t i v e o f f i c e r s o n l y . 1970 $ 9,610 $24,090 SALARIES PAID TO ACTIVE BANK OFFICERS By O f f i c e r T i t l e 1968 $ 7,550 $11,565 $20,385 c h ar t 1970 $ 9,225 $13,770 4th Office Average 3rd Officer Average 2nd Offi< er Averag 1st Officer Average Millions Slide 4 Bank Wage — Hoar & Personnel Service $12,263 13,765 i t , 535 And here are state by state comparisons: Now let’s move to employee benefits—sometimes called fringe benefits. Here’s a definition—employee benefits are nonwage modes of compensation which provide real or intangible income to employees. What are they? What do they cost? Take a look at this extract of the U. S. Chamber of Commerce survey of 1969. The five broad categories in 1,115 companies and banks sur veyed equal 27.9 per cent of payroll. Or it amounts to 98.3 per cent hour. On an annual basis, it averages $2,052 per employee. And it is an average—individual companies and industries have greater variances. E m p lo y e e B e n e fits P e r C e n t o f P a y r o ll CHART NO. 2 'SALARIES PAID TO ACTIVE BANK OFFICERS By S ta te and T i t le S ta te and D ep osit S ize C ashier A s s t. Cash V ice P re s. A s s t. V .P . $10,900 18,500 $15,787 15 ,1 11 $ 9,666 11 ,2 9 0 $1 2 ,9 16 15,800 $9,195 8,980 $16,8 28 19 ,9 9 5 18 ,76 0 $15 ,9 7 5 1 6 ,2 9 1 1*),375 $10,350 1*),571 l*t,935 $ 6,700 10,91)1 13,9*10 $1 2 , 5 1 1 13,530 12,01*) $7,755 7,955 8,205 $20,256 19,61)0 28,000 $13,600 114,500 17,300 $ 16,000 20,000 $11,916. 1 *1,622 16,1)33 $10,550 11 ,3 50 13 ,0 00 $11,633 12 ,0 16 13,633 $5,9*40 8,67*4 6,*400 M innesota Under $5 m il lio n $5-$20 m il lio n Over $20 m il lio n $1 6 , 1*56 2*1,550 2 6 , 1)00 $1>),000 18,000 2I) ,000 $ $12,350 15 ,8 33 16,000 *11,1)66 12,1)00 $ 9,9*41 13,1488 17,250 $7,00*4 8 ,188 9,800 South Dakota Under $5 m il lio n $5-$20 m il lio n Ovèr '$20 m il lio n $16 ,650 21,500 25,000 $ 22,000 $ 15.000 18.000 $lH ,8oo 12 ,50 0 $ 11,757 13,500 $11 ,5 6 6 13,1)66 18,000 $8,1)83 8,920 10,666 North Dakota Under $5 m il lio n $5-$20 m il lio n Over $20 m il lio n $16,1466 21,025 $23,500 1 6 , 51*7 $ 13,1450 $11,666 1 1 ,5 1 0 $1*4,700 23,000 $11, *466 10 ,8 10 $7,016 7,11 0 $ $22,200 16 ,70 0 $ 13,1*50 $ 13 ,5 00 $ 13,000 1*4', 6OO 13 ,6 66 $6,2 95 8,385 $ $ $12,500 u ,8 o o 10,200 $ li, l ) 6 o 9,666 $ 8,200 1 1 ,6 7 5 11,0 0 0 $ President,:- E xec. V .P . I llin o is $5-$20 m il lio n Over $20 m il lio n $16,692 27,375 $22,250 lo v a Under $5 m illio n $5-$20 m illio n Over $20 m il lio n $19 ,5 8 7 2U,227 30,000 Nebraska Under $5 m illio n $5-$20 m illio n Over $20 m il lio n Montana Under $5 m il lio n $5-$20 m il lio n Over $20 m il lio n Wyoming Under $5 m il lio n $5-$20 m illio n Over $20 m illio n 36,666 S r. V .P . 25,000 26,000 L e gally Required Social Security Unem ploym ent Compensation W o rk m e n ’s Compensation 6-4 Pension or Other A greed-U pon Paym ents Pension L ife Insurance Medical Expense Insurance D isability Insurance Paid Lunch Periods Paid R est Periods Paid W a sh -U p Time 8.3 2.9 V acations H olidays Sick L eave Pay for Other Time Off Duty Others P rofit-Sharing Plans Savings Plans Tuition R eim bursem ent Christm as or Special Bonuses 8.3 2.0 T otal $13,500 32,175 21 ,0 00 18,000 5,600 7,700 I refer you to the October issue of that fine banking publication. And there are other surveys by bank maga > zines as well as private consultants that can be helpful. And here’s a slide from a study by the Bank WageHour and Personnel Service on average salaries of the highest paid officers in banking. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 27.9 Source: U. S. Chamber of Commerce 1969 F rin ge Benefit Survey. Over the past 20 years, benefits have grow n from 17.9 to 31.7 pier cent of payroll in 146 companies surveyed each year. This is an increase from $547 to $2,498, or about a 450 per cent grow th per employee. Banks average about 23-24 per cent of payroll w ith great variance in w hat is provided. Future Benefits Trend Is there any trend to employee benefits? Yes—more Northwestern Banker, December, 1970 22 ■ TH IS A R T IC L E w as presented by Mr. Hansen a t the Illinois Bankers A sso cia tion's recen t 25th Annual Bank M anage ment C o n ference. Following th at m eet ing, the IBA received many favorable comments about it and numerous re quests for copies of the talk. Because it is a tim ely subject for bank m anage ment, it is presented here alm ost in its entirety. of them and at more cost. A fascinating study was con ducted by the Institute for the Future in 1969, “A Study of Potential Changes in Employee Benefits.” It was summarized in the Harvard Business Review of Janu ary, 1970. This study looks to 1985 and indicates those areas in which changes may be made, when, and under what possible influence. Here is a further condensation of this study in which I have extracted only those bene fits this study feels are most likely to occur. F u tu r e T re n d s in E x i s t in g B e n e fits Benefits regarded as rights by the employee. Use of group purchasing power to obtain favorable insurance rates for employees (em ployees p ay). Longer vacations. Increased flexibility in vacations— splits w ithin and over a year. M ajor medical coverage w ithout employee expense. Inclusion of dental coverage. Inclusion of prophylactic procedures, e.g., annual physical e x am inations. H igher pension incomes for future retirees. Periodic increases to pensioners to reflect cost of living. Pension portability. Source: H arvard Business R eview — Jan u ary-F ebru ary 1970. By 1985, employee benefits may reach 50 per cent of your payroll. Some of the forces they see as providing this growth are organized labor pressure; increased lei sure time; new medical advances; and future social legis lation at state and national levels. How do you, as an employer, benefit from the dollars spent in employee benefits? The concept has been to make employees feel more secure and to enjoy their work more because they are freed of several major worries through benefits. Is this true? One study shows that most benefits are hardly con sidered by younger employees and that only after age 35 or 10 years of employment does the average em ployee really consider them as vital or even highly ap preciated. Why? If we’re spending all of this money and not get ting solid recognition by our people for the benefits, maybe we should cut them out. OK—a few companies still go on a cash-only basis, but if you are going to be successful in obtaining and keeping employees, I contend you’ll have to present a competitive package of those extras. Poor Job of Communicating But another reason they’re not appreciated is because we do a lousy job of communicating their cost or mer chandising their value. Is your handbook appealing and does it really sell your insurance, pension, and profit sharing plans? When employees become eligible, do you or someone from senior management present the story? Do you remind people at least annually of what they have? Not just in dollars—although that’s very im portant—but in ways the benefits have solved problems of need, comfort and security for fellow workers? Use your bank newsletter; write a special memo with the Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis salary advices; have a manager deliver benefit checks to the home; tell the spouse about them. If you aren’t getting full dollar value out of your com pensation and benefit dollars, don’t blame “the times,” “the poor attitude.” Start with yourself. Answer These Basic Questions You—and everyone in your bank—should be able to answer these basic questions: 1. What’s my job? (Job descriptions tell you most of that.) 2. How am I doing? (Appraisals, at least annually.) 3. What’s my pay and my range? (Job evaluations and salary structure tell you this.) 4. How do I get ahead? Or how do I get a promotion? And don’t answer that by saying: “Work hard and keep your nose clean!” Shouldn’t you answer that through the appraisal in a constructive way, as well as give each one a feeling of sharing in realizing the bank’s objectives? Of course! And those answers are positive, helpful, challenging. If you can’t provide answers like those, then your compensation program will not be the motivator it can be. I ^ v * > „ Determine What Motivates Some managers say that money—salary—is not a mo tivator. It’s a satisfier. Unless the amount of salary increase is directly related to job performance, I agree. But it can be more effective, it must be. Try this on your top producers when the next salary increase comes up. “You’re doing a splendid job. You’ve increased your skills and put out extra effort. You’ve met your objec tives. To show you we want you to stay and that your work is appreciated, management is giving you the top increase of 15 per cent—20 per cent—25 per cent—what ever he merits. He’ll be motivated. How about new people? Interest in cash overshadows benefits for young people with families and they also look for growth opportunities, recognition, good manage ment, and competent supervision. Do you sell these (that is, if you are providing them) to your prospects and new employees? If you believe that the profitability and growth of your bank is tied to hiring and holding capable people, then your benefit program will have to keep pace. That’s the main pressure. Sure, unions may apply a bother some prod, but look at the positive incentive of meeting your own goals through people properly compensated rather than a negative prod of shared management through union negotiated scales and benefits. v * * f A Future Compensation Is Up! The future direction of compensation appears to be only one way—up! Predictions range from 5 to 9 per cent annual increases over the next five years. Employee benefits give every indication of being increased at an even greater pace. To repeat, they could be as much as 50 per cent of payroll costs. As managers, control will be a very important function in order to keep employment expenses in line with profitability. But equally vital is the use of your skills and those of all managers to hire, hold, and upgrade the best people. A properly structured and administered compensation program can be of great assistance. An employee benefit system that is competitive is essential But parallel to the system is a requirement to sell, to merchandise these extra elements of compensation so they are understood and appreciated. Are you getting everything you should out of your present compensation plan? If not, why not?—End. -» ^ ^ i * v ^ _ JAMES C. MORRISON 23V5«6?fl^ iE-m5t?B* s C MORRISON SHERIDANDBtVB JAMES C MORRISON _DCH.LA*5. Saas»* E3U5^Ê?aq.: wJvsE^a* JAM ES G MORRISON 1745 SHERIDAN DRIVE 101 M A R Y A . M ORRISON 174S SHERIDAN DRIVB JAMES G MORRISON 174S SHERIDAN DRIVE $ 3U « ¿eudç^ ¿blux^ S-Utt6miL >•: 2 3 1 ,5 -6 7 « S i: '6mA i€ ä l ,5 6 7 fli * GALLERY OF PERSONAL C H E C K B O O K S W HO BUYS DISTINCTIVE CHECKS? Does it surprise you to hear that up to 50% of new checking account customers w ill choose one of our four distinctive pocket check packages of Scenic Americana or Expressive Checks? A recent, nationwide survey indicates this growing pop ularity of our Distinctive Check Program among a substantial segment of the market. If your bank is not capitalizing on this need and offering these checks, we w ill be happy to provide you with our Gallery of Personal Checkbooks catalog and all new, attractive advertising and sales aids to introduce these I checks to your customers. Deluxe https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DELUXE CHECK SALES HDQTRS. PRINTERS, • 3440 N. KEDZIE, CHICAGO, ILL 60618 STRATEGICALLY LOCATED PLANTS FROM COAST TO COAST INC. 24 fP-Point Program for Pom i fíanh barrirai B y THOMAS R. SMITH President The First National Bank Perry, Iowa Delivered at the ABA 19th Ag Credit Conference in Atlanta last month I HAVE the greatest respect for the Farm Credit Administration, more commonly known to those of us here who operate at the grass roots level as the Federal Land Bank—Pro duction Credit Association complex. Like everybody else, I like a winner. One of the criteria for judging suc cess today is growth. I want to re mind you that in the last 10 years among non-real estate lenders, the Production Credit Associations lead the field. P.C.A.’s have grown 233 per cent. Banks— 114 per cent. In short, the Production Credit As sociations have twice as good a growth record as we do. In real estate lending, the Federal Land Banks, likewise, have led the field in growth in the last 10 years. Federal Land Banks—increase 162 per cent. Banks—increase 152 per cent. Life Insurance Companies—increase 104 per cent. Need I remind you that nobody laughs at you on the way up, just on Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the way down; and we’re running a poor last. In our Seventh Federal Reserve District, that area which I choose to call the “Bread basket of agriculture,” a very extensive survey has been con ducted by the Fed among the lenders to agriculture. Some of the results of that survey (which is available to you upon request of the Chicago Fed, incidentally, in their p ub l i c a t i o n “ Farm Borrowing in the Midwest” ) are as follows: 1. P.C.A.’s have increased their lendings 500 per cent during the last 10 years. 2. P.C.A. borrowers are on average younger than bank borrowers. They have larger total assets, higher net worths, larger gross incomes, control more acreages and have a larger por tion of the livestock business than bank borrowers. 3. The average P.C.A. borrower debt was $8,500. The average bank bor rower debt in the Seventh Federal Re serve District was $5,600. Think about that and decide for yourself who has the marbles. Need we be reminded that they have achieved this growth record by charg ing higher prices? Their interest rates are on average higher than the bank interest rates charged to farm bor rowers. Convenience has been been indicated as one of the primary fac tors that people do business where they do. The P.C.A.’s in the Seventh Federal Reserve District have only 300 offices, but there are approximate ly 5,000 banks and offices in this same Seventh Federal Reserve District, so they have done it in the face of less convenience than is offered by banks. Need I say again, then, that I have great respect for the abilities of the Federal Reserve Bank — Production Credit Association complex? They have soundly defeated the banks com petitively in the country despite the customer disadvantage of higher cost and less convenience. Farm Credit Advantages The Farm Credit System has some distinct advantages over the rest of us competitively. 1. Land Banks are exempt from in come taxes and have been so since their inception. Such an income tax exemption may be equal to approxi mately three-fourths per cent on the interest rate. 2. The Federal Land Bank system maintains an exemption from state usury laws, so in several states they are providing farm loans at higher rates than other lenders, who must abide by usury laws, are able to do. 3. The Farm Credit Administration is the only agency issuing credit in struments nationally which does not need approval from the Treasury De partment on its debt offerings. It must report to the Treasury, but does not need approval. Last winter in visting with a Treasury official re garding the new Farm Credit Invest ment Bond, this was very plainly ex plained to us along with the indication that if the Treasury had had the legal authority to approve or disapprove the instrument, it would have denied the propriety. 4. The Farm Credit Administration has a political savvy that is second to none. This, I think, was particularly indicated in its ability to have removed the proposed income tax on Federal Land Banks from the revised income tax law in the face of recommenda tions of the Internal Revenue Service. 5. The Farm Credit Administration had the additional advantage of a co ordinated administration. This might be compared to a branch banking sys tem which is owned by the borrowers. 6. The Farm Credit Administration’s 25 personnel are specialists in farm cred it. It is their only service and they know what they’re doing. It is my observation that the Farm Credit Administration, now free of government capital, is designing in * every legitimate way to invade fur ther the rural domestic financial field, levering over all their advantages. The Advisory Committee, appointed by the new governor, is operating with complete respectability. It con sists of members of the academic com munity who are not necessarily pri vate enterprise oriented—representa tives from the Federal Reserve Bank, representatives from the farm organi zations—including the cattlemen, milk producers and the R.E.A.—and repre sentatives of the press and the U. S. Department of Agriculture. Farm Credit Recommendations It has proposed a number of recom mendations, including the following: 1. The appointment of a Finance Advisory Committee. This commit* tee, incidentally, has been set up and has recommended to the Farm Credit Administration that it offer a single security to improve its competitive position in the capital markets for the funding of the Banks for Co-op’s, the Federal Intermediate Credit Banks and the Federal Land Banks with one document. 2. It has recommended a moderni zation of credit standards, especially increasing its capability to serve young farmers. 3. It has recommended common management housing and territories for the P.C.A.’s and Federal Land Banks. 4. It has recommended a concen trated national education program for directors and members. 5. It has recommended that the sys tem design its services in order to serve farm related businesses. 4 6. It has recommended that the sys tem serve cooperatives with 60 per cent farmer members reducing the present requirements of 90 per cent farmer members in the cooperative. 7. The recommendations include a provision for credit related services Kincluding the Farm Credit Investment Bond which, in my opinion, is an in terest bearing demand deposit and which is already being offered. 8. It has recommended a farm rec ord keeping service, estate planning service, farm management service and Ms considering the feasibility of offer ing its own credit life service. The primary concern, the commit tee recommends, shall be with the benefit to the cooperative members and not remuneration to the system. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis How Banks Can Survive agribusiness, to the larger operators. We, as bankers, have labored his We must be the financial experts in torically under the happy musical the fields of statement analysis, cash strains of “You Need Us and We Need flows, profitability determinations and You.” As time endures, this song debt service determinations of the seems to me to become more and businesses we serve. We should be more somber in its tone. We, as bank looking at record keeping on a com ers, cannot continue to survive labor puterized basis as an additional serv ing under such strenuous competitive ice along with insurance and estate disadvantages. planning, all at a profit. We need to In order then to survive in this in know more about our costs and cer creased competitive climate, what can tainly be proficient at profit planning we banks do? I propose the follow in our own businesses. ing nine-point program: We must command additional We need to get together. W e’ve , outside sources of money. John „ got to forget the banks that R. Brake, at Michigan State Univer won’t move. W e’ve got to organize sity, recently reported that the aver at the state level for joint promotions, age debt per farm will increase three joint training sessions, joint participa to four times by 1980. You may have tion and orientation with the adadem- read that even A.T. & T. considered a is community. We need to be direct, debenture offering through its local candid and honest competitively. We offices. The competitive influences need to go after the business, what for funds in rural areas will continue ever it may be. to increase in geometric proportions. We need to become increasingly We must develop sustained programs; . politically involved with a stren we must be scramblers to obtain the uous effort to equalize the tax and reg funds we need to finance our commu u lat o r y adv an tag es competitvely. nity. There’s no doubt in my mind who has We need to upgrade our people. the most political push locally when # The technicians who will be the you set the banker down beside the loan officers in the country in the fu local P.C.A. or Federal Land Bank ture are going to be more than cow manager. We need to remind our rep boys. They’re going to be financial resentatives in Congress that our cus specialists. They’ll know more about tomers and the people in the rural cash flows, profitability determina areas need competitive services on an tions and debt service capability de enduring basis. terminations for their customers and We need to continue to be, or will be real pros in the field of farm . perhaps become, the direct lend finance. ers to agriculture. We furnish the We need to work, and I guess funds directly or indirectly. On July . the scriptural basis for this is 31, 1970, 5,735 commercial banks re Second Thessalonians, Chapter 3, sponded to the Treasury’s survey of Verses 6 to 13. bond ownership; 170 of these held Finally, we should publicly apBanks for Co-op’s debentures; 748 held . peal to the System to be truly Federal Intermediate Credit Bank de bentures; and 1,060 held Federal Land weaned and step up to the trough vol Bank Bonds. I hope everyone of untarily as tax payers. Our industry those bankers, when they look in the has set a noble example in this area mirror, realize that they are taking of public responsibility by coming the coward’s way out in meeting their forth to be counted on for voluntary agricultural commitments. They are credit restraint, higher taxes in sup financing agriculture indirectly. The port of a balanced budget and even next time you have difficulty placing tight money to curb the inflationary an overline in a correspondent bank, pressures. you might measure the correspondent I recognize that advice is like castor banker by asking him how many in oil. It’s easy enough to give, but direct funds he has invested in agri dreadfully uneasy to take. I think culture in his agency account. it’s time, though, that we faced the We need to develop a coordi- facts in this situation and that we tool • nated, educational program for up to meet the competition of today directors and customers, preferably and tomorrow. Our persistence will through the State Bankers Associa endure. Consider the postage stamp. tion, so that they understand the It’s usefulness lies in its ability to profit system and the advantages of stick to one thing until it gets where doing business with a country bank. it’s going. Our goal-setting processes We, too, need to modernize our will tell us where we’re going and . credit procedures, offering serv our persistence will get us there.— ice at a profit to young farmers, to E n d. I 6 7 3 8 9 4 5 Northwestern Banker, December, 1970 increase Profits Through Home improvement Loans Written Especially for the NORTHW ESTERN BANKER B y LOUIS J. ASTERITA Vice President insured Credit Services, Inc. Chicago, Illinois W HY have installment credit officers in commercial banks ignored home improvement loans? How is it that banks have only 5 per cent of their total outstandings in this class of consumer loan? Is it be cause of laziness and complacency? Is it that we are afraid that dealers and contractors will outmaneuver our staff and cause customer apprehension? Is it because we had a volume operation in another class of consumer credit and didn’t want to be bothered? This is truly sad, but some of it is true. There is no question that many home improvement dealers and contractors are not reliable, trustworthy and competent. Many problems have resulted from the chiselers and fast buck operators. However, there are many, many good dealers and contractors who are proud of their reputation and reliability. Good Business for Banks The ironic part of home improvement financing is that brokers, finance companies and second mortgage lenders are doing a land office business. This is costing the home owner substantial sums of money. If these lenders can develop this business, why cannot the local bank do likewise, and do it much better and at a lower rate and cost to the home owner? There is a home improvement market of over $20 bil lion available for financing over the next five years. Thousands of homes are ready for repairs, improvements, expansion and modernizing. If the commercial banks will try harder, they should obtain a major share of this sound and lucrative market. The automobile financing business has suffered, due to the lag in sales, and currently is not producing sufficient net income to justify the existing volume and further expansion. This is an opportune time to review loan mix and adjust your loan volume to acquire diversifica tion. Management is quite conscious of yields and profits, and unless the installment credit department is competi tive with other departments, lendable funds could be diverted. Higher Returns on Roans Why not look and compare the return on home imNorthwestern Banker, December, 7970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis provement loans with other types of consumer loans. Currently, a 7 to 7% per cent add-on rate is quite com mon on indirect home improvement loans. The average loan is around $1,500 with an average term of 48 months. On a $1 million loan volume at a IV2 per cent add-on rate, with an average of 48 months maturity, we would have gross income of $300,000. Compare this with other loans at 5 V2 per cent net rate—gross income would amount to $220,000—for a difference of $80,000, or an increase of more than 36 per cent. If the installment credit officers will make an honest effort to contact good dealers and contractors in their trading areas and offer a constructive financing program, the results will be profitable, indeed. Now is the time to pick and choose your contractors, dealers, supply houses and bank customers. When your policy is formu lated, do not tolerate any infraction. Act immediately to determine the causes, and unless justified, it would be better for all concerned to terminate relations immedi ately. Do not accept promises unless they are fulfilled. Insurance Coverage Available Another fact to consider is the availability of 100 per cent insurance protection against credit losses. With the drop in new housing starts and higher mort gage rates, remodeling and expansion of present homes' could prove to be a better and more lasting investment. In discussing home improvement loans with top man agement of many commercial banks, it was gratifying to note the interest and desire to diversify and to obtain a more balanced portfolio. Their policies were designed to avoid concentration in any one class of installment credit. Should one type of credit lag, it was felt that an other would pick up the slack. What better opportunity would be offered than to fill a gap in an unbalanced port folio with home improvement loans? As long as there is home ownership, this business is available. Let us be more determined in our efforts to promote, develop and1 service this market more seriously. The market for home improvement would stagger your imagination. It is waiting for you, the local bank, to show a sincere in terest in its development. What are you waiting for?— End. 27 Leyai Que and Answers Board “giving primary consideration to the best practices of local mutual thrift and home-financing institutions in the United States.” The original W endell B. Gibson concept was that of local organizations G en e ra l Counsel, Iow a Bankers A ssociaion. confined to a restricted (50 mile) lend G en e ra l P ra ctice of Law — 26 ye ars. ing area. Since that time, these associ Member — A d viso ry ations have worked steadily toward Com m ittee, Su preme C o u rt of expansion of their lending powers Iowa. and lending areas until at the present Form er S e c re ta ry time their operations are widespread, — Iow a S tate Bar their lending is not confined to home A ssociation loans, they receive “deposits” and pay — N ational C o n fe r ence of Ju d icia l “interest,” and they can make check Councils like payments. So, I guess the answer — Sp ecial Com m it at the present time is that these or tee, Am erican Bar ganizations (the state associat i ons A sso ciatio n on Improving th e have trailed the federal) are neither Adm inistration of flesh nor fowl. They are a part of the Ju stice . national housing program command ing federal funds (250 million dollars Q. What is a savings and loan assomore this year) but they would also ciation anyway? apparently like to operate as banks, A. This form of financial institution but without adequate reserve and had its beginnings in England almost liquidity requirements and with tax two centuries ago where citizens of a concessions. At least, three things town made monthly subscriptions to seem wrong. (1) Banks keep getting y be expended in building houses which blamed for their shortcomings be were then allocated on a lottery basis. cause the c o m m u n i c a t i o n s media Imported to this country, the savings either are ignorant of or will not of members were treated as shares in recognize the difference between these the organization and loans were made housing institutions and a bank. (2) to members to build houses. In the As they vacate the housing field, Con early 20th century—two general types gress will undoubtedly have to re Jfr'of these associations had emerged— place them with a new federal in local and national. The locals con- strumentality to provide the service. fined their business to a small com (3) The Federal Home Loan Bank munity, usually the city or county Board will need to provide adequate wffiere located. The nationals made supervision over these institutions > their loans anywhere and sold their which may well be untrained for r shares to anyone without regard to new responsibilities and this means - residence. In 1932, Congress estab another large and expensive super lished the Federal Home Loan Bank visory force. /■ and these associations were among Q. Do I have to keep a record of my those eligible to become members or "■* non member borrowers. In 1933, Con entertainment expenses to get an in gress provided for the chartering of come tax deduction? A. You would be wise to do so. federal savings and loan associations by the Federal Home Loan Bank The Treasury regulations require that ■ This m aterial is intended for general in form ation. It may or may not ap p ly in *• specific ca se s and your own counsel should be consulted in all instances. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis a taxpayer maintain an account book or diary in which to record the ele ments of the expenditure at the time and supplement these entries with such documentary evidence as item ized receipts. However, a recent case has held that the statute on which the regulation is based does not absolutely require a written record. The statute requires substantiation by “adequate records” or “by sufficient evidence corroborating his own statement.” The federal court of appeals for the second circuit permitted oral testimony in substantiation of claimed entertain ment expenses. Q. Am I presumed to know the law? A. Not exactly. You don’t have the right to determine what the law is. That right is reserved to our courts and sometimes to the legislature if those lawmakers are clear about it. What you are concerned with is that the courts will expect you to know the difference b et w e e n right and wrong in accordance with the moral sentiments of the majority of citizens. This presumption prevails in laws regulating human conduct, matters of criminal law and fair dealing. Be yond this, there are areas where the system won’t work if you do not dis cover that laws are applicable—the income tax and rules of the road for example. Certainly, you will be ex pected to be familiar with the laws relating to your own business, includ ing its customs and usages. Most lawyers are in the position of the man in the process of chopping down a tree who was asked if he knew which way it was going to fall. His answer—“What do you think I am, a prophet?” So don’t get dis couraged when you look at all the text, code, case and regulation books on your lawyer’s shelves. Northwestern Banker, December, 1970 28 Agricultural Credit — Bennett L. Hauenstein, vice president of creditadministration and agricultural finan cing, Division F: “Use of credit by* farmers is expanding at an accelerated i rate. By 1980, farmers may be using, credit totaling $125 billion, which is over twice as much as the $58.3 bil-j lion in 1970. We believe that interest1! rates to farmers will remain high and real estate credit will continue tight.” ' IN D U STR Y OUTLOOKS were presented at First Natl. Bk. o f Chicago’ s annual confer ence. At First of Chicago Conference: P red ict Favorable E conom y in *71 By MALCOLM FREELAND Publisher prevailed last month at OPTIMISM the 24th annual Conference of Bank Correspondents, sponsored by the First National Bank of Chicago for more than 1,200 bankers and guests. Predictions were made that the 1971 Dow Jones averages would range up to the 850-870 level, and 68 per cent of the bankers said that they expected their deposits to increase in the com ing year. One of the few dim pros pects was in the area of farm and live stock prices. Also, the major talk by Gaylord Freeman, Jr., chairman of the host bank, on our deepening balance of payments deficit was given serious consideration. Mr. Freeman warned that “our cur rent inflation has aggravated our per sistent balance of payments deficit to the point where the U. S. cannot meet its current obligations.” He pointed out that we have only about one-quar ter of the gold necessary to meet our short-term obligations. He compared our current situation to a poker game, asking if we are going to be able to provide cash to redeem all of the chips. Paul S. Nadler, professor of Busi ness Administration, Rutgers Univer sity, spoke on “Banking Trends in the 70’s.” He suggested that we will see Regulation Q raised and then elimi nated because we can’t maintain arti ficial restraints. He predicted that 10 years from now there will be little differences between savings and loans and banks. He concluded by saying that the 1970’s will be a decade of cap ital shortage. Professor Nadler ad vised delegates that their number one job will be to build their respective communities—because without a com munity there is no bank left. Outlooks for major areas of business for 1971 were presented by key officers from the various divisions of the bank. Comments which are believed to be of special interest to bankers in the N o r t h w e s t e r n B a n k e r area are as fol lows: Farm Equipment Industry—Robert^ D. Judson, vice president, commercial banking department: “Nineteen sev-,, enty-one will see higher sales of high er horsepower tractors to replace low*] horsepower units. Farm equipment sales will approximate $4.3 billion in, 1971, up 5 per cent from 1970.” Housing — Robert L. Hollis, vice president, commercial banking depart-, ment: “The more optimistic seers fore-, cast the best production since 1950. Estimates vary from 1.6 million up to-j 2 million housing starts. The decline in mortgage rates will be moderated Apartments now account for 43 per cent of all housing starts, requiring frequent participation arrangements. Agricultural Prices and Income John M. Davis, Jr., assistant vice pres-’ ident, business and economic research division: “Nineteen seventy-one is likely to be a difficult year for live stock producers with feeding margins squeezed between level or declining livestock prices and sharply higher feed prices. The bright spot appears*1J to be dairying.” Interest Rates—William J. Korsvik, vice president, business and economic research division: “The over-all out look suggests that we will see a fur- * ther erosion in interest rates. It may be anticipated that the largest decline will occur in long-term rates, between one and one and one-half per cent, _____________________________________ 4 1ST OF CHICAGO . . . (Turn to page 72, please) 24th A N N U A L CONFERENCE sponsored for correspondents featured Paul Nadler (center), prof, o f Business Adm., Rutgers Univ. ^ Shown at left is R. E. Palluck, sr. v.p. of host bank. A t right is L. V . Bjork, v.p., Div. F o f host bank. RIGHT-—Raymond Mack, dir. of Urban Affairs Dept., Northwestern Univ., and William J. Korsvik, v.p., business and economic research at host bank. ^ Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 29 * * V V New York City, Park Avenue. -T Mr ? * Bank of America has a man-on-the-spot, in New\brk. Backed by a staff of nearly 700, he specializes in the more difficult and unusual problems of international banking. Such as financing the helicopter fleet that was the only means of transporting men and materials to construct a 193-mile-long pipeline through the jungles and mountains of Colombia. Or participating with local, national and international agencies to finance a pulp and paper plant in Thailand. Or financing the sale of surplus aircraft by an American airline to an overseas carrier. How does he manage it all? With the world’s largest bank behind you, no job's too big. BANK OF AM ERICA-SAN FRANCISCO, LOS ANGELES, NEW YORK: Over 1000 full-service branches and subsidiaries in California and around the world: Argentina • Austria Barbados • Belgium • Bolivia • Chile • Colombia • Costa Rica • Dominican Republic • Ecuador . England • France • Germany • Greece • Guam • Guatemala • Honduras • Hong Kong • India • Indonesia • Ireland • Italy (Banca d'America e d'ltalia: over 85 offices) • Japan • Korea • Lebanon • Luxembourg • Malaysia • Morocco • The Netherlands Netherlands Antilles . Nicaragua . Nigeria . Okinawa . Pakistan . Panama • Paraguay • Peru . Philippines • Singapore • Switzerland • Taiwan • Thailand . Uruguay . Vietnam U. S. Virgin Islands . West Indies • Affiliates and Correspondents Worldwide . © 1970 Bank of America National Trust and Savings Association • Member F. D. I. C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, December, 1970 30 the best way to arrive at an advertis ing budget is to base your budget on' the job to be done. Factors to consid er, according to Mr. Hemminger, are”*' j competition, market potentials, scope > and nature of services, comparative effectiveness and cost of advertising media available to you. Considerable discussion concernedthe future use of the computer, elec tronic transfer of funds, and offering’ a full line of financial services. IN V E S T M E N T S TO D A Y was the title o f a workshop conducted by investment officers o f St. Louis Union Tr. Co. with Eugene F. Williams, Jr., pres, and tr. off., second from left, as moderator. The panelists were Hubert E. Anderson and Benjamin C. Korschot, v.p.’s, and John V. Davis, a.v.p. At First of St. Louis Conference P red ict Upswing In Econom y B y MALCOLM FREELAND Publisher M O D E R A T E upswing in the A economy during 1971 was pre dicted in a poll of bankers attending the 24th Annual Conference of Bank Correspondents held last month by First National Bank in St. Louis. About 1,100 bankers from 10 states at tended. The poll also indicated that the rate of employment a year from now would be the same or slightly better; stock prices will show improvement, moving above the 850 mark; the Ad ministration will continue to ease eco nomic policy, and the prime rate will be 7 per cent next November. Not all the questions were serious in na ture. When quizzed about their bank’s policy on employees wearing the pant suit, 35 per cent said they allowed it, while another 13 per cent said they were thinking about it. ( Thirty-eight per cent said it had not come up yet, and 12 per cent said they do not allow it.) Workshops Top management served as modera tors of three popular workshops. A workshop on “Building Business for Your Bank” was headed by President Clarence C. Barksdale. A second workshop on “New Horizons in Full Service Banking” was headed by Chairman Edwin S. Jones. A third workshop on “ Investments Today” was headed by Eugene F. Williams, Jr., president, St. Louis Union Trust Company. swered questions from the floor, cov ering his reactions to the Vietnamization program to Spiro Agnew. (He wondered why we couldn’t speed up our pullout from Vietnam, and he thought Vice President Agnew would agree to joining the Hall of Fame with such other well-known leaders as Washington, Jefferson and Lin coln!) Special interest was shown in mar keting presentations by two “country bankers.” Ben Parnell, Jr., president, Peoples Bank & Trust Company, Branson, Mo., described “Bank Growth and Prosperity Through Serving and Promoting the Community.” Gilbert H. Todd, senior vice president, Elliott State Bank, Jacksonville, 111., talked about “Reaching Prospects and Cus tomers Through Community Activi ties.” Mr. Parnell’s presentation will be published in detail in a coming is sue of the N orthwestern B anker. The age-old question on how much your bank should spend on advertising came up in the business building workshop. C. Arthur Hemminger, vice president of the host bank, said Noted Speaker David Brinkley, NBC news corre spondent, was the featured luncheon speaker. Mr. Brinkley described his relationships with presidents, cabinet members and congressmen over the past 30 years in Washington. He anNorthwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis E N T E R T A IN M E N T presented by Chicago Gas Light Club was enjoyed by 1,100 bank ers from 20 states. Shown here are Ben A . Parnell, Jr., pres., Peoples Bank & Tr. Co., Branson, Mo., and Clarence C. Barksdale, pres., First Natl. Bk., St. Louis. Entertainment The Chicago Gaslight Revue was1 the featured attraction at the “Gayf| 90’s” banquet. Edwin S. Jones, chair man of the host bank, presided at the* dinner.—End. Observes 50th Year ,j Salvatore Cirrintano, assistant cash ier, personal loans, recently observed»' 50 years of service with The North ern Trust Bank, Chicago. He became* the sixth employee in the bank’s 81^ year history to mark such an anniver sary. IN RECOGNITION o f 50 years of service,“ Douglas R. Fuller (le ft), pres, o f The Northern Trust Company, Chicago, pre-* sents Salvatore Cirrintano, a.c., with a silver bowl on behalf o f the bank. ^ Mr. Cirrintano’s half century career v with the bank began in 1920 when he joined the staff as a page. Various promotions took him to jobs in many areas of the bank. He currently holds'*^! the position of assistant cashier ijm I the personal loans division of the^1 banking department. Active in bank and community ac tivities, he served as president of the* bank’s Quarter Century Club during 1960. He was also a member of the^ bank’s baseball and bowling teams for many years. Mr. Cirrintano is also an active member of the Knights of^ Columbus and has held many local and state offices in that organization.He currently is treasurer of the Knights of Columbus National Bowl-* ing Association. 31 Brain-sharing: to help your planning perspective. It’s anybody’s guess what whips and turns and speedups and slow downs our economy will face in the next cou p le o f years. T h a t’ s why so m any bankers are Brain-shar ing with the Harris to d e v e lo p j l e x i b l e plans and policies fo r th eir b a n k s. T h is n ew b a n k planning service at the Harris is a three-step process, involving a th or o u g h h i s t o r ic a l analysis; multipleassum ption p ro je c tions o f deposit and loan levels; and finally, in-depth interpretation and evaluation. Computer speed, o f course, enables us to analyze and consider more data, test more alternatives, and project the alternatives with the kind o f flexibility you want. Ultimately, all decisions will be yours, but Brain-sharing with these impartial outside analysts could give you just the perspective you need. Want more information? thats Harris Call David L. Webber at savvy the Harris. 312/461-2813. HARRIS T*X £ BANK 111 West Monroe Street, Chicago, Illinois 60690. Organized as N. W. Harris & Co. 1882. Incorporated 1907. Member F.D.I.C___ Federal Reserve System. Northwestern Banker, December, 7970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 32 Valley N ational Plans Spectacular Building Valley National Bank of Ari T HE zona has completed plans to build than an office building—more than an Arizona landmark — but a structure a 35-story headquarters complex in that would be appropriate for a region downtown Phoenix — its 480-foot al financial center.” height making it tallest in the south Architects are Welton Becket and west sun country and its cluster-of- Associates, world-wide firm headquar towers design making it unique in the tered in Los Angeles. Associate ar nation. chitects are Guirey, Srnka, Arnold and Details of the bank’s construction Sprinkle of Phoenix. plans and the unusual architectural Called “Valley Center,” the project concepts were disclosed at a public will utilize two full city blocks in hearing of the Phoenix Planning Com downtown Phoenix: the area bounded mission. by Central Avenue and Second Street, Earl L. Bimson, Valley National Van Buren and Monroe. president, said the bank had chalOne block will be the site of a cluslenged the arcitects to design “more ter of three towers—31, 33 and 35 MODEL CO M PLEX— Earl L. Bimson (righ t), president of the Valley National Bank of Arizona, previews model o f hank’ s new 35-story building with James E. Patrick, vice chairman o f the board. The building, tallest in Arizona, is part o f a regional financial center which includes an eight-level, 1,800-car parking structure. Encompassing two city blocks in Phoenix, the proposed center is scheduled for completion in mid-1973. Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis floors each—placed around a service "r core and rising above a tree-shaded, „ sunken plaza. The towers will provide nearly 750,--*' 000 square feet of space. Each meas ures 70 by 70 feet. The 37 by 112 foot * service core will house 19 elevators. Curtain wall covering the tower structures will be a reflective glass. “Phoenix is one of the few major cities in the world where this exte- « rior treatment is really appropriate,” according to Lou Naidorf, chief design architect for Welton Becket. “The dynamic exterior walls relate / to the high clear sky of Phoenix—the * magnificent great blue dome over the " cuy, witn me occasional clouds, the few storms and the dramatic sunsets. This is what you will see in the tower structures, and Phoenix is one of the few places in the world where the air is clear enough for such an opportu nity.” Exterior of the service core will be white cement with exposed Salt River aggregate. The second block of Valley Center will be an eight-level parking garage —two levels below ground, six above— to serve some 1,800 cars. Ample land scaping will be incorporated through out the concrete garage and in a series of cantilevered gardens. Construction is to begin first on the parking structure with an estimated one-year completion time. The tower phase is to be begun shortly after the first of next year and should be fin ished around mid-1973. In an effort to achieve the maximum amount of open space at ground level, the architects have designed the office tower as a strong 480-foot vertical ele ment occupying only about 25 per cent of the block’s area. The s h a d e d , brick-paved plaza around the base of the tower, set three feet below street level and sur rounded by a 15-foot wide walled plant ing berm, will provide a human-ori ented environment of personal scale in the city’s heart. The berm’s height of four feet above the sidewalk will separate the inside atmosphere from the automobiles and bustle of city streets. Beneath the plaza will be a con course level covering the entire block which will be “an active urban space” —a center of activity for downtown Phoenix—complete with a full service banking office, a variety of shops, res taurants and a continuing series of public events and exhibits. The center of the concourse will be directly under the tower cluster, lighted by high clerestories which will create an atrium tall enough for fullgrown trees. 33 'V » "That reminds me. D id I tell you about our participation agreement with Talcott? M Most bankers need no reminder at all. They know that, when bank policies or other restrictions keep them from saying “ yes,” Talcott usually turns the trick. Often packaging several assets to create a collateral base. Always inviting the bank to participate up to 50% in the loan. Other advantages are described fully in “ Talcott and Banks.” Write for a copy, or call our nearest office and Talk to the Man from Talcott. ''s Ai JAMES TALCOTT, INC. . FOUNDED 1854 Commercial & Industrial Financing * Factoring .A > 820 Northwestern Bank Building, Minneapolis, Minn. 55402 • (612) 339-7711 Atlanta • Boston • Chicago • Dallas • Detroit • Los Angeles • Miami Minneapolis • Newark • New York • Philadelphia • Puerto Rico • San Francisco https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, December, 7970 34 ’T acoma Teller II ias $ 1 .5 Million Travelers Checks Sw eepstakes E L E N F O S E N , b lu e -e y e d n o te te ll er fo r th e P u g e t S ou n d N a tion a l B a n k in T a co m a , h as b e e n n a m ed g ra n d p riz e w in n e r in B a n k o f A m e r ica T r a v e le r s C h e q u e s’ “ G o A n y w h e r e — D o A n y th in g F r o m A to Z S w eepsta k e s.” H e r e n tr y w a s th e first to b e d ra w n b y a cto r F r e d M a cM u rra y , star o f C B S ’ “ M y T h r e e S o n s” sh o w , and h ea d ed th e list o f 752 w in n e r s in th is y e a r ’s sw eep sta k es. M rs. F o z e n ’s p r iz e is on e o f th e m o st u n u su a l an d e x c it in g v a c a tio n s ev e r offered . She can g o a n y w h e r e in th e w o r ld fo r tw o w e e k s and d o a n y th in g h e r h e a rt desires. A ll sh e h as to d o is n a m e it, an d B a n k o f A m e r ic a T r a v e le rs C h eq u es w ill a rra n g e it. The trip is fo r tw o . c o v e r s w e n t to 200 fo u r th p riz e w in n ers, w h ile th e re m a in in g 500 fifth p riz e w in n e r s r e c e iv e d R C A ca sette ta p e p la y e r s w ith on e tap e in clu d ed . T h ir d p r iz e w in n e r s fr o m N o r t h w e s t e r n B a n k e r states are: C olora d o: Jan e N elson , S ilv e rto n I n d u stria l B a n k , S ilv erton ; H . V . S m ith, State B a n k o f W ile y , W ile y . Illin o is : J o h n F . S tu ck ey , T h e F ir s t N a tion a l B a n k o f D a n v ers, D a n v ers, M rs. L in a G earh a rt, C o m m u n ity N a tio n a l B a n k o f M on m ou th ; D o r o t h y B. T ate, T h e P e o p le s N a tion a l B an k , G ra y v ille ; M. v a n B o x ta ile , F r ie n d ly C u r r e n c y E x c h a n g e , In c., C h ica g o. Io w a : D elos Q uist, F ir s t N a tion a l B a n k o f E sse x . H W ith th e g ra n d p riz e c o m e s a $500 tr a v e l w a r d r o b e fr o m th e sto re o f h er c h o ic e — first cla ss tra n sp o rta tio n , a c co m m o d a tio n s at d e lu x e h otels, m eals, g u id e s e r v ic e s an d all o th e r tra v e l a rra n g e m e n ts, p lu s $1,000 in B a n k o f A m e r ic a T r a v e le r s C h eq u es as sp e n d in g m o n e y . M rs. F o s e n co u ld h a r ly c o n ta in h e r s e lf w h e n n otified o f h e r prize. “ M y m a n a g e r ca lle d m e t o h is desk a n d said h e w a n te d t o d iscu ss s o m e th in g w ith m e. I th o u g h t s o m e th in g w a s w r o n g . . . an d I b e g a n to w o r r y . “ T h e n th e n e x t th in g I k n e w , h ere w a s a m a n w ith a b o u q u e t o f roses (B o f A T r a v e le r s C h eq u es r e p re se n ta tiv e E d w in D a v is) an d ou r p r e s id e n t (A . E . “ A l” S a u n d ers) and th e y ca m e o v e r to co n g ra tu la te m e fo r w in n in g th e g ra n d p rize. “ I d id n ’t k n o w w h a t th e y w e r e ta lk in g a b ou t at first. I w a s s o co n fu s e d . B u t w h e n th e y m e n tio n e d B a n k o f A m e rica , I k n e w it h a d to b e th e tr a v e le rs c h e q u e s s w e e p sta k e s.” T h e se c o n d p rize, a ll a u tom a tic 1971 P o n tia c G ra n d P r ix w e n t to S h aron S tein k e, te lle r an d b o o k k e e p e r w ith th e P io n e e r B a n k in g C o m p a n y in P io n eer, O hio. T h e p etite b ru n e tte , w h o w a s b o r n an d ed u ca ted in n e a r b y M o n tp e lie r, h as b e e n w ith th e b a n k fo r th e p ast five and on e -h a lf y ea rs. S om e on e an d a h a lf m illio n en tries w e r e su b m itte d fo r th is y e a r ’s sw eepstakes, th e se v e n th sin ce B a n k o f A m e r ic a T r a v e le r s C h eq u es b e g a n th e tra d itio n in 1964. P r e v io u s s h o w b u s i n ess p e rs o n a litie s w h o h a v e p a r tic i p a ted in th e d r a w in g in clu d ed : B o b H o p e , th e late W a lt D isn ey , C h a rlton H eston , G len n F o rd , th e ca s t o f B o n anza, an d th e c o m e d y tea m o f R o w a n a n d M artin. Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis GRAND PRIZE W IN N E R in Bank of Am erica’s sweepstakes was Helen Fosen at Puget Sound National Bank, Tacoma. With Mrs. Fosen are A . E. A1 Saunders, pres, of her bank, and Edwin Davis of B o f A. F ift y th ird -p la ce p rize s in th e sw eepsta k es w e r e A m e r ic a n T o u r is te r tw op ie c e m e n o r w o m e n ’ s ca rry -o n b a g s and su itca ses. R C A V ic to r tr a v e l te le s c o p in g c lo c k ra d io s an d lea th erette l p1an New D I R E C T O R Y o f p r o fe s s io n a ls and c o n su lta n ts sp e c ia liz in g in m o b ile h o m e s d e v e lo p m e n t e n g in e e rin g , la n d sca p in g , zo n in g , s e r v ic e s w ill be a v a il ab le J a n u a ry 1, fr o m th e M ob ile H o m e s R e s e a rch F o u n d a tio n , re p o r ts A r th u r J. D ecio, S k y lin e C orp ora tion , fo u n d a tio n p resid en t. T h e d ir e c t o r y is to be d istrib u ted th r o u g h th e lan d d e v e lo p m e n t d iv is io n o f th e M o b ile H o m e s M a n u fa ctu rers A s s o c ia tio n o f C h ica g o an d is fr e e to m o b ile h o m e c o m m u n it y d e v e lo p e r s an d in v e s to rs . T h e n o n -p ro fit M o b ile H o m e s R e sea rch F o u n d a tio n la u n ch e d a series o f n a tio n w id e E n g in e e r in g S em in ars, O cto b e r 15, C h ica g o ’s S h era ton O ’H a re an d th e s e co n d is s ch e d u le d fo r D a l las, D e c e m b e r 3-4, F a ir m o n t H otel. T h e s e sem in a rs o ffe r e d u ca tio n and tr a in in g in th e s p e cia liz e d areas o f m o b ile h o m e d e v e lo p m e n ts , sa id M r. D ecio. T h e C h ica g o se m in a r d re w m o re th a n 80 p r o fe s s io n a ls fr o m th e m id w est. T h e d ir e c t o r y w ill list firm s or in d i v id u a ls o ffe r in g te c h n ic a l s e r v ic e s to m o b ile h o m e d e v e lo p e r s /in v e s to r s , in c lu d in g m a rk e t fe a s ib ility , site a n a l y sis, zo n in g , e n g in e e rin g , la n d sca p in g , etc. T h e sp e cia lists listed in th e M H R F D ir e c to r y m eet th e fo llo w in g q u a lifica tio n s , a c c o r d in g to P r e s id e n t D ecio: a tten d ed on e o f th e M in n esota : J oe S a n db erg , A m e r ic a n State B a n k , E r sk in e ; V e rn a K o p p , F ir s t N a tio n a l B a n k o f H o y t L ak e. N eb ra sk a : M a rily n G arn er, F ir s t N a tio n a l B a n k , Y o r k ; A n n B a n g ert, D o u g las C o u n ty B a n k o f O m aha, m a in office. N orth D ak ota: E lle n T. B je lla , A m e r ic a n State B a n k o f W illis to n , D riv e-U p B ra n ch , W illis to n . W y o m in g : K a th e rin e P r y ic h , F irst S e cu rity B a n k , R o c k S prin gs. Service A 1. H a v e ~r tw o- d a y M H R F s p o n s o r e d E n g in e e r in g S em in ors. 2. H a v e su b m itte d cre d e n tia ls to th e M H R F — e d u ca tion a l, p ro fe s s io n a l, a n d e x p e r ie n c e . 3. T h e firm o r in d iv id u a l w ill h a v e su b m itte d e v id e n c e o f w o r k p e r fo r m e d p e r ta in in g to m o b ile h o u s in g e n v ir o n m e n ts or o th e r h o u s in g d e v e lo p m e n ts . 4. T h e w o r k o f th o se listed w ill b e r e v ie w e d p e r io d ic a lly b y th e M HRF. 5. A n d ea ch firm w ill list s e rv ice s o ffe re d fo r m o b ile h o m e d e v e lo p m en ts an d su b m itte d e v id e n c e o f w o r k p e r fo r m e d in ea ch ca te g o ry . E d w a r d J. N ik le w ic z is M H R F S em in a r D ir e c to r an d is re s p o n s ib le fo r p u b lis h in g a n d u p -d a tin g th e d ir e c t o r y o f p ro fe s s io n a ls , as w e ll as h a n d lin g th e sem in a rs, r e p o r ts P r e s id e n t D ecio. T h e M o b ile H o m e s R e s e a r c h F o u n d a tion is a C h ica g o-b a sed n on -p rofit c o r p o r a tio n lo ca te d at 6650 N. N o r th w e s t H w y ., C h ica g o, 111. 60631. Flying Bankers Convention C arl W a te rm a n , p re s id e n t o f th e In te rn a tio n a l F ly in g B a n k e rs A s s o c ia tion , has a n n o u n c e d th a t th e o rg a n i z a tio n ’ s 1971 c o n v e n t io n w ill be h eld J u ly 18-21 at P h ea s a n t R u n L o d g e in St. C harles, 111. T h is is lo ca te d 50 m iles w e s t o f C h ica g o, a d ja cen t to DuP a g e C o u n ty A ir p o r t. j 35 Call your Commerce-man Fred Coulson Tom Cannon Dick Muir -h e ’s vour representative! For whatever correspondent service you require, call your man in Commerce. Bond needs, trust needs, loan needs, personal needs —we're here to help your bank function better. W ith more correspondents than any other bank in the area, we know how to get things done. And our record proves that we do just that. The oldest and largest bank should be your listening post in Kansas City, headquarters for the 10th Federal District. * !§ k m e https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C o m m e r c e Ba n k Kansas City, Missouri Northwestern Banker, December, 1970 36 F irst National C ity O ffers Financial D ata FD D Bank C O M P U T E R I Z E D in fo r m a tio n s e r v ic e w h ic h fe a tu re s a cce ss to a data b a n k co n ta in in g fin a n cia l in fo r m a tio n on p u b lic ly -o w n e d co m p a n ie s is b e in g o ffe r e d to c o r r e s p o n d e n t b a n k c u s to m e r s b y F ir s t N a tio n a l C ity B an k , N ew Y ork . A se le cte d b o n d s — th e w h o le ra n g e o f m o n e y m a rk e t m ed ia p rin te d in th e m e m b e r ’s office on dem a n d . U se o f th is s e r v ic e re q u ir e s n o tr a in in g and n o e x e c u tiv e tim e; th e o n ly e q u ip m e n t n eed ed is a re n te d te le ty p e w r ite r , th e b a n k said. B a sed on 25 m a n -y ea rs an d on e-h a lf Announce Promotions m illio n d o lla rs o f r e se a rch tim e, th e E le c tio n o f five n e w a ssista n t v ic e n e w s e r v ic e p r o v id e s a c o m p le te ly p re sid e n ts o f T h e F ir s t N a tion a l B a n k a u tom a ted sy ste m fo r c r e d it an d in o f C h ica g o w a s a n n o u n c e d b y C h a ir v e s tm e n t a n a ly sis, fo r e c a s tin g , fin a n m a n G a y lo rd A . F re e m a n , Jr., fo l lo w cia l p la n n in g and n e w b u sin e ss d e v e l in g a b o a rd o f d ir e c t o r s ’ m e e tin g o f op m e n t. F ir s t C h ica g o C o rp o ra tio n , p a re n t M e m b e rsh ip in th e n e w se rv ice , c o m p a n y o f th e ban k . “ T h e F in a n c ia l E n g in e e r in g C lu b ,” is T h e five are: a v a ila b le fo r a m o d e ra te a n n u a l su b J o h n J. C a rleton , p r o m o te d fr o m s c r ip tio n a n d a p r o g r a m s u p p o r t fee. a ssista n t ca sh ie r to assista n t v ic e p re s T h e fo llo w in g s e r v ic e s are p ro v id e d : id en t, b o n d d ep a rtm en t, N e w Y o r k a. In sta lla tio n o f th e p r o g r a m on a c o r r e s p o n d e n t office. c o m p u te r n e tw o r k s e r v in g th e m e m b e r ’s r e g io n v ia lo c a l te le p h o n e dial-in. b. T r a in in g sem in a rs fo r th e m e m b e r ’ s officers c o v e r in g each p r o g r a m p a ck a g e. c. M an u a ls a n d tr a in in g m a teria ls fo r ea ch p ro g ra m . d. P r o m o tio n a l m a teria ls, e. C o n tin u o u s r e se a rch a n d d e v e lo p m e n t p r o v id in g n e w p ro g ra m s. T h e clu b is d iv id e d in to th re e c h a p ters o f m e m b e rs h ip : fin a n cia l an a ly sis, J. J. CARLETON W . G. DEARHAMMER b a n k p la n n in g and in v e s tm e n t m a n a g em en t. E a ch re p re s e n ts a s o ftw a r e W illia m G. D ea rh a m m er, p ro m o te d p a ck a g e th at is a v a ila b le as a sep a ra te fr o m assista n t ca sh ie r to assista n t v ic e e n tity ; m e m b e r s m a y jo in on e, tw o o r p re sid e n t, c o m m e r c ia l b a n k in g d e p a rt a ll th ree. m en t, fin a n cia l s e r v ic e s d iv isio n . T h e k e y to th e n e w s e r v ic e is th e W e r n e r J. S o m m e r ele cte d assista n t data b a n k w h ic h fe a tu re s fin a n cia l v ic e p resid en t, in te rn a tio n a l b a n k in g p ro file s o f c o m p a n ie s w h ic h ca n b e r e se ctio n , E u r o p e , M id d le E a st an d A f tr ie v e d b y m em b ers. F o r ex a m p le , in rica h ea d q u a rters. less th a n 25 m in u tes, a c o m p le te a n al M a rtin J o s e p h W h ite ele cte d assist y s is o f a c o r p o r a tio n fo r e a c h o f th e an t v ic e p re sid e n t, in te rn a tio n a l b a n k p a st s ix y e a rs can b e p r o d u c e d r ig h t in g section , L o n d o n b ra n ch . at th e m e m b e r ’s desk. C u rre n tly , th e re C h a rles W . W o lff ele cte d a ssistan t a re a lm o s t 1,000 c o m p a n y p rofiles a v a il v ic e p re sid e n t, a d m in istra tiv e d e p a rt a b le an d p la n s ca ll fo r su b sta n tia l ad m en t, in fo r m a tio n m a n a g e m e n t s e r v d itio n s in th e data b a n k w ith in a y ea r. ice s d iv isio n . T o aid in b a n k p la n n in g , C itib a n k ’s p r o g r a m s w ill p r o d u c e a c o m p le te fin a n cia l fo r e c a s t a n d ra tio a n a ly sis fo r each o f th e n e x t fiv e m on th s, q u a r te rs o r y ea rs. T h e p r o g r a m s w ill n o t o n ly g e n e ra te a b a la n ce sh eet, in c o m e sta te m e n t an d ra tio a n a ly sis fo r each p e rio d , b u t w ill a lso ca lcu la te th e a m ou n t, tim in g an d m ix o f a n y n e w ca p ita l re q u ir e d to s u p p o r t e x p e c te d g r o w th . F o r in v e s tm e n t m a n a g e m e n t p u r p oses, th e b a n k w ill ea ch d a y p r o v id e c u r r e n t ra tes a n d /o r p r ic e s o f F e d e ra l F u n d s, m o s t a c tiv e T re a s u ry , an d F e d era l a g e n c y secu rities, E u r o d o lla r s and fo r e ig n e x ch a n g e , m u n ic ip a l n o te s and Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Independent Bankers Elect State Directors State d ir e c to r s o f th e In d e p e n d e n t B a n k e rs A s s o c ia tio n o f A m e r ic a h a v e b e e n e le cte d fo r a th re e -y e a r te rm b e g in n in g J a n u a ry 1, 1971, a c c o r d in g to an a n n o u n c e m e n t b y H o w a r d B ell, e x e c u tiv e d ire cto r. T w e n ty -t w o are n e w d ir e c to r s an d 15 are in cu m b e n ts . A ll w ill s e r v e on th e I B A A e x e c u tiv e c o u n c il th r o u g h D e c e m b e r 31, 1973, as a re s u lt o f the trie n n ia l p o ll c o n d u c te d O cto b e r 1 to N o v e m b e r 16. N e w c o u n c il m e m b e r s fr o m th e N o r t h w e s t e r n B a n k e r area are: Illin o is — T h o m a s F. B o lg e r , v ic e p r e s id e n t an d ca sh ier, M c H e n r y State B a n k , M cH e n r y . Io w a — R o b e r t D. D ix o n , p resid en t, R o lfe State B a n k , R o lfe . M on ta n a — J. H . H a n son , p resid en t, S e c u r ity State B a n k , P o iso n . N eb ra sk a — V . E . R o ssite r, Sr., p re s i den t, B a n k o f H a rtin g to n , H a rtin g ton . N o rth D a k ota — E d w a r d L. O lson, e x e c u tiv e v ic e p re sid e n t, F ir s t N a tio n al B a n k , G ran d F o rk s . S ou th D a k ota — R . W . H a b b ersta d , p re sid e n t, F a r m e r s & M erch a n ts State B a n k , Ir o q u o is . W y o m in g — A . E d w a r d K e n d ig , p r e s i d en t, F ir s t N a tion a l B a n k , W h e a tla n d . R e -e le cte d d ir e c to r s in th eir states are: C o lo ra d o — C arl G. B reeze, p resid en t, B a n k o f K re m m lin g , K re m m lin g . M in n esota — R u s s e ll H a n son , b o a rd c h a irm a n and e x e c u tiv e v ic e p resid en t, S w ift C o u n ty B a n k , B en son . Stokes Named to Advisory Group of Foundation T h o m a s C. S tok es, v ic e p r e s id e n t o f U n ited B a n k s o f C olora d o, In c., D en v e r, h as b e e n a p p o in te d to th e A d v e r tis in g A d v is o r y G ro u p o f th e F o u n d a tio n fo r F u ll S e r v ic e B a n k s, F r a n k C. P. M cG lin n , F o u n d a tion a d v e r tis in g c la ir m a n , an n ou n ced. T h e A d v e r t is in g A d v is o r y G r o u p , a c c o r d in g to M r. M cG lin n , w h o is s e n io r v ic e p r e s i d e n t o f T h e F id e l it y B a n k in P h ila d elp h ia , is c o m T. c. STOKES p o s e d o f le a d in g a d v e rtis in g , m a r k e tin g an d p u b lic r e la tion s e x e c u tiv e s o f b a n k s th r o u g h o u t th e c o u n tr y . T h e g r o u p m eets p e r i o d ic a lly d u r in g th e y e a r to r e v ie w p r o p o s e d a d v e rtis in g , p u b lic re la tio n s an d re s e a rch p la n s fo r th e F o u n d a tio n and m a k e re c o m m e n d a tio n s to th e b o a r d o f tru stees. A 1956 g ra d u a te o f th e U n iv e r s ity o f C olora d o, M r. S tok es jo in e d D e n v e r U. S. N a tion a l B a n k as a m a n a g e m e n t **tra in e e in Ju n e, 1956. H e w a s n a m ed to h is p re s e n t p o s itio n w ith th e b a n k ’ s h o ld in g c o m p a n y in J u ly , 1970. M r. S tok es se rv e s on th e m a r k e tin g a n d s a v in g s c o m m itte o f th e A m e r i ca n B a n k e rs A s s o c ia tio n , is d ire cto r an d p ast p r e s id e n t o f M ou n ta in States B a n k ca rd A s s o c ia tio n , an d w a s trea s u r e r o f th e 1968 fa ll c o n fe r e n c e o n m a r k e tin g e d u ca tio n o f th e A m e r ic a n M a rk e tin g A s s o c ia tio n . H e is a m e m b e r o f B a n k M a r k e tin g A s s o c ia tio n an d A m e r ic a n M a n a g em en t A s s o c ia tion . 37 THE SYMBOL OF BETTER CORRESPONDENT BANKING SERVICE National Bank & Trust Company KANSAS CITY, M IS S O U R I https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, December, 1970 38 y ri L overs t'ont innoto Visit T tilso N A TIO N A L B A N K o f Tulsa’s president, Eugene Swearingen, is shown at left explaining one of the 31 pieces o f art that have attracted many visitors at the bank. The executive dining room is shown at the right surrounded by more art works used to com plement the modern decor o f the top three floors of the bank. o f v is ito r s have sh a red th e d e lig h t o f th e ta stefu l, c o m fo r ta b le and c o n te m p o r a r y su r r o u n d in g s o f th e N a tion a l B a n k o f T u ls a ’s top th ree flo o rs sin ce c o m p le t in g its r e m o d e lin g p r o je c t . A u n iq u e fe a tu r e o f th is p r o je c t is th at th e e n tir e d e c o r is in th e c o lo r s o f N a tion a l B a n k o f T u ls a ’s “ P a c e s e tte r ” th em e o f red , w h ite an d b lu e. T h o u s a n d s A n e x te n s iv e a rt c o lle c tio n g a th e re d fr o m a cro ss th e n a tio n is u sed n o t o n ly fo r d e c o r a tiv e p u rp o s e s b u t a lso as an in v e stm e n t, a c c o r d in g to Angling for more and better full service customers for your bank ??? For better results, try “The Pic ture” publications — newsletters professionally created to convey the financial picture to bank cus tomers from a banker’s viewpoint in a friendly, informative way. They help you keep customers, lure new accounts. Send for details of our No-Peril, no-risk guarantee and complimen tary copies of: □ The Living Picture — for busi ness and home □ The Farm Picture and ranch for farm BflliKSERVICES 1300 Hagan Street Champaign, Illinois 61820 Phone 2 1 7 /3 5 6 -1 3 3 9 “First in BA NK VERTISING (T.M.j" Northwestern Banker, Decem ber, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis b a n k P re s id e n t E u g e n e S w ea rin g en . O rig in a l w o r k s o f P ica sso, M atisse, M u ro, V a sa re ly , R o s e n th a l a n d R o sa ti are in clu d e d in th e 31-piece co lle c tio n . On th e 21st flo o r th e e x e c u tiv e d in in g r o o m s are fea tu red . T h e flo o r in g is R o m a n T r a v e r tin e fr o m Italy. T h e tables fo r th e d in in g area are B ra z il ian r o s e w o o d an d ea ch ta b le top , in te r e s tin g ly e n o u g h , is v e n e e r e d w ith 32 sep a ra te p ie ce s o f w o o d , se q u e n ce b o o k e d an d d ia m o n d m a tch ed . A ll fo u r ta b les are v e n e e r e d fr o m th e sam e log. T h e h ig h -cla ss d e c o r is e q u a lly m a tch e d w ith e x c e lle n t fo o d p r o v id e d b y c h e f J o h n V a n D ix fr o m L o n d o n , E n g la n d . W h e n h e w a s 18 he w a s th e y o u n g e s t m a itre d ’h o te l th e D o rch e s te r H o te l e v e r had. T h a t sam e y e a r h e w a s ch o s e n fo r th e h o n o r o f s e r v in g P rin ce s s e s E liz a b e th an d M a r g a ret at a b a n q u e t a rra n g e d b y th e L ord M ayor o f L ondon . T h e n e x t flo o r is ca rp e te d th r o u g h ou t w ith p lu sh , h a n d w o v e n w o o le n ca rp et. T h e w a lls are p a n e le d in E n g lish b r o w n oa k and, again , a ll w o o d m a tch es as it w a s ta k en fr o m on e log. T h e ta b les in th is area a re o f A ra b esca to m a rb le an d th e ch a irs an d sofa s are u p h o ls te r e d in w o o l fa b r ic fr o m M au ritan ia. E v e n th e m e n ’ s an d la d ie s ’ ro o m s are e x q u is ite in th a t th e y are fu r n is h e d w ith A r a b e s c a to m a rb le c o u n te r tops. S tra n g e ly en ou g h , th e fu r n itu r e on a ll th ree floors o f th e ba n k , th o u g h v e r y m o d e r n in d esig n , w a s th e w o r k o f m a n y y e a rs ago. W o o d e n ch a irs in th e e x e c u tiv e d in in g q u a rters w e r e d e sig n e d b y M iles v a n d er R o h e in 1929 w h ile th e ch a irs on th e tw e n ty th ird flo o r w e r e d e sig n e d b y th e fa m ou s S ca n d in a v ia n a r c h ite c t an d fu r n itu re d esig n er, H a n s W e g n e r , in 1945. It is n o t o fte n th at a trip to a b a n k can b e re g a rd e d as c u ltu r a lly sign ifi can t, b u t th is has b e e n th e e x p e r ie n c e o f th ou sa n d s o f v is ito r s to th e N ationalB a n k o f T u lsa .— End. Plan Stock Dividend D ir e c to r s o f N a tion a l B o u le v a rd B a n k o f C h ica g o h a v e v o te d fo r a on e « fo r s ix s to c k d iv id e n d th ro u g h th e iss u a n ce o f 25,000 a d d ition a l sh ares and a tr a n s fe r o f $500,000 fr o m u n d i v id e d p rofits to th e ca p ita l s to c k a c cou n t. T h e a ction , w h ic h is s u b je c t to a p p r o v a l o f th e C o m p tr o lle r o f th e C u rre n cy , w ill b e su b m itte d to the*, b a n k ’s s h a re h o ld e rs at th e an n u al m e e tin g on J a n u a ry 12, 1971. « In a d d ition to th e p r o p o s e d s tock d iv id e n d , th e b o a r d has a lso a p p ro v e d th e tr a n s fe r o f $500,000 fr o m u n d iv id e d p rofits to su rp lu s, to b e a cco m p lish e d w h e n th e s to c k d iv id e n d is is s u e d ., I r v in g S eam an , Jr., c h ie f e x e c u tiv e officer, stated th a t w h e n b o th s t e p s h a v e b e e n co m p le te d , th e b a n k w ill h a v e ca p ita l an d su rp lu s to ta lin g $11,-K 000,000 an d w ill th en b e ab le to len d u p to $1,000,000 to a n y on e b o r r o w e r . * Heads ABA Education Unit J a ck J. E a rly , p re s id e n t o f P feffier*"' C olleg e, M isen h eim er, N. C., has been^ a p p o in te d e x e c u tiv e d ir e c to r o f th e E d u c a tio n G ro u p o f T h e A m e r ic a n B a n k e rs A s s o c ia tio n , it w a s a n n o u n ce d b y W illis W . A le x a n d e r , A .B .A . execu -^ tiv e v ic e p resid en t. D r. E a rly , 45, w ill a ssu m e h is n ew p o s t F e b r u a r y 1. T h e G rou p w h ic h he w ill h ea d is on e o f th e s ix m ajor^ fu n c tio n a l g r o u p s m a k in g u p th e n e w staff s tru ctu re o f th e a ssocia tion . It^ in clu d e s th e A m e r ic a n In stitu te of<. B a n k in g , th e v a r io u s A .B .A . resid en t b a n k e r s c h o o ls a n d all o th e r educa-< tio n a l a ctiv itie s o f th e a ssocia tion . 39 Your retirement watch m aybe beautiful... but if it’s the only financial security your bank offers, you’re both in trouble. Financial independence for retired workers is a very real and human problem faced by bank management today. Many correspondents solve it effectively through skillfully-planned employee benefit programming. And that’s where Manufacturers Hanover comes in. As the leading American bank supplying employee benefit plans to correspondents, we offer a highly-flexible program that not only protects the individuals involved . . . but also has many important side benefits to the participating bank itself. It’s called The Retirement Program for Correspondent Banks. Through it, your bank—regardless of its size—has available the advantages of modern pension plans used by the nation’s largest institutions. Advantages tailored to your individual situation. And presented at the lowest possible cost. Our new 8-page booklet briefly describes the key features of The Retirement Program. A copy is yours for the asking. —| Just mail the coupon. MANUFACTURERS H A N O V E R TR U ST 350 Park Avenue, New York, N. Y. 10022 Employee Benefit Plans Department Gentlemen: Yes, I am interested in learning more about your employee benefit programs for correspondents. Please send me □ We’ll also be happy to send you information on Manufacturers Hanover’s other fringe benefit programs, including our Group Life Insurance Plan, our new Long Term Income Protection Plan, and our new low-cost Group Major Medical Expense Insurance Plan. There isn’t a better time than now to contact us. Your new 8 -page booklet describing T h e R e t i r e m e n t P r o g r a m , a highly-flexible pension plan Also, descriptive inform ation on Manufacturers Hanover's □ □ □ Group Life Insurance Plan Long Term Income Protection Plan Group Major Medical Expense Insurance Plan Name_____ _____________ ______________ __ _____________________ _______ _ Member FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, December, 1970 40 V kO C " »* * * L J t ■ > & » ^ W c# « « « i , , . , * Christmas Greetings from your friends at Northwestern National Bank of Minneapolis! Northwestern Banker, December, 7970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ,c ,r ir * 41 as c r e d it p r o m o tio n manager for Day t o n ’s d e p a rtm e n t store in Minneapolis. Minnesota North Shore State NEWS M. R. CAMPBELL r. L. JEFFERS President Exec. V. P. Crookston Minneapolis 6 0 Years in Banking A ld e n P e a rso n , d ir e c to r o f th e F irst N a tio n a l B a n k o f D e tro it L a k es, r e c e n tly c o m p le te d 60 y e a r s o f s e r v ic e to b a n k in g . H e b e g a n h is b a n k in g c a r e e r w ith th e o ld S e c u r ity State B a n k in D e tro it L a k e s in 1910 a n d in 1926 jo in e d th e th e n n e w F ir s t N a tion a l B a n k . H e re tir e d fr o m a ctiv e s e r v ic e w ith th e b a n k in 1962 b u t re m a in e d .a d ire cto r. Henry J. Zimmerman H e n r y J. Z im m e rm a n , p r e s id e n t o f "th e F ir s t N a tion a l B a n k o f W a se ca , d ie d r e c e n tly in O w a ton n a . B esid es b e in g a b a n k e r, M r. Z im m e r m a n w a s a lso an a ctiv e fa rm e r. H e w a s 80. Open House at Anoka T h e State B a n k o f A n o k a h e ld op e n h o u s e D e c e m b e r 4 an d 5 a fte r h o ld in g a s p e cia l p r e v ie w o p e n h o u s e fo r b u s i n ess a n d b a n k in g a ssocia tes. The b a n k , o p e n e d fo r b u sin e ss in 1892, is m a n a g e d b y J u lia n J. S ch m id t, p r e s i d e n t. T h e b a n k has d is tin c tiv e a r c h ite c tu re th a t is h ig h lig h te d b y m a ssiv e q u a rrie d r o c k on tw o sides, set o ff w ith tall, slim p o r tic o w in d o w s . T h e in te r io r is fu lly ca rp e te d a n d d e co ra te d in w a ln u t. T h e s p a cio u s m a in b a n k in g area fe a tu re s 14 te lle r w in d o w s , in sta llm e n t lo a n area set o ff b y an offi c e r s ’ rail, c u s to m e r s e r v ic e area and th e State In s u r a n c e A g e n c y w h ic h is m a n a g ed b y G len n L a rso n . T h e n e w b u ild in g m o r e th a n d o u b le s th e sq u a re fo o t a g e to o v e r 15,000 sq u a re feet. It o ffe rs fo u r side-by-side d riv e-in lan es, w a lk -u p te lle rs an d a u to m a ted n ig h t d e p o s ito r y , as w e ll as cu s to m e r p a r k in g o n all fo u r sides. In a d d itio n to P r e s id e n t S ch m id t, officers o f State B a n k o f A n o k a are: H e n r y J o h n s o n a n d M ilto n O lberg, v ic e p resid en ts; F r a n c is M eier, c a s h ier; H o w a r d P r ie b a ssista n t ca sh ier, a n d L a r r y B a den , S teve S ch m id t an d D en n is B e ls c h n e r in s ta llm e n t loa n s an d o p e ra tio n s. S tev e S ch m id t, n o w a fo u r th g e n e r a tio n b a n k e r, r e c e n tly jo in e d th e b a n k a fte r b e in g e m p lo y e d N o rth S h ore State Bank of Duluth r e c e n tly e le cte d a n e w officer and pro m o te d tw o oth ers. L a r r y D. Johnson w a s p r o m o te d fr o m cashier to vice p r e s id e n t an d ca sh ier. M rs. D o lo r e s H a rtik k a was promoted fr o m a ssista n t ca s h ie r to assistant vice p resid en t. F r a n k B o lo s , w h o h a s been in bank in g sin ce 1969, w a s elected assistant ca sh ier. Named Cashier A r th u r H a n se n h a s been named ca sh ie r at th e S e c u r ity State Bank of B e a rd sle y . H e s e r v e d as cashier and assista n t v ic e p r e s id e n t at the Security B a n k , R o s ly n , S.D., for eight y e a r s an d fo r th e la st y e a r has been a bank e x a m in e r in S ou th Dakota. Named at Stewartville R o b e r t R . H e s s e v ic k has been named assista n t ca s h ie r and manager of the in s u ra n ce d e p a rtm e n t at the F irst Na tio n a l B a n k o f Stewartville, succeeding H a l A . R a y w h o resigned. New Bank Clock T h e P e o p le s State Bank of Plainv ie w h as in sta lle d a new sign that flashes th e tim e and temperature. It r e p la ce s a c lo c k 80 years old and no lo n g e r rep a ira b le. M ankato Bank E n ters New F a cility H E N a tio n a l B a n k o f C o m m e rce o f M a n k a to r e c e n tly m ad e th e first m o v e in its h is to r y . T h e b a n k has -b e e n at F r o n t an d M ain S treets sin ce it o p e n e d in J u ly , 1934. IA T h e n e w fa cilitie s, lo ca te d at th e c o r n e r o f S e co n d and M u lb e rry , h a v e "been u n d e r c o n s tr u c tio n fo r 15 m on th s T a n d w ill e n co m p a s s 10,000 sq u a re fe e t o f flo o r sp a ce w ith th e e n tir e o p e r a tio n on on e floor. T h e d riv e-u p fa c il it y w ith m u ltip le d riv e-in tellers is c o n n e c te d to th e m a in b a n k b y a tu n nel. T h e a d jo in in g p a r k in g lo t a c c o m m od a tes 35 cars. R ice -S ch m id t Associates were the a rch ite cts for th e new building. The g e n e ra l c o n tr a c to r for the construc tio n w a s th e E r ic A . Carlstrom Con s tr u c tio n C o m p a n y . T h e tota l a ssets of the bank have g r o w n fr o m less than $500,000 in 1934 to o v e r $25,000,000 in 1970. PICTURED AB O V E are the board of directors room and the main lobby of the new building recently completed by the National Bank of Commerce, Mankato, Minn. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o rth w e ste rn B a n k e r, Decem ber, 1970 42 H E 1970-71 ed itio n o f N o r th w e s t ern B a n k s ’ F a m ily S k iin g and S n o w m o b ilin g G u ide is n o w a v a ila b le fr e e o f ch a rg e at a n y N o r th w e s te r n B a n k in th e T w in C ities. T h is y e a r ’s 32-page b o o k le t co n ta in s a lis tin g o f sk i areas th r o u g h o u t th e state o f M in n esota w ith in fo r m a tio n a b o u t each th a t in clu d e s th e n u m b e r an d ty p e s o f to w n s , len g th , d r o p a n d n u m b e r o f ru n s , fa cilitie s, p ro g ra m s, a c c o m m o d a tio n s an d fees. A ce n te r sp rea d m ap a lso sh o w s th e lo c a tio n s o f th ese areas. F o r th e s n o w m o b ile en th u sia st, th ere is a m a p an d in fo r m a tio n a b ou t T w in C ities a n d s u r r o u n d in g area tra ils as w e ll as a lis tin g o f tra ils lo ca te d th r o u g h o u t M in n esota in state pa rk s, fo r e s ts and w ild life m a n a g e m e n t areas. * * * T Robert D. Nichols, formerly vice pres id e n t o f th e A m e r ic a n N a tion a l B a n k and T ru s t C om p a n y , St. P au l, w a s e le c t e d a v ic e p re sid e n t - sp ecia l s e r v i c e s o f the D rovers S ta te B a n k in S ou th St. P au l, at a r e c e n t b o a rd m eetin g . In th is ca p a city , M r. N ich o ls w ill w o r k w ith th e 29 B r e m er b a n k affiliE. D. N IC H O L S ates, Of W h i c h D rovers State B a n k is on e, in th e areas o f o p e ra tion s, p r o c e d u r e s , e le c tr o n ic data p r o c e s s in g a p p lica tio n , a u dit, an d c e n tr a l ized p u rch a sin g . H e w ill m a in ta in o f fices in b o th th e D r o v e r s State B a n k an d O tto B r e m e r C o m p a n y q u a rters in St. P aul. W h ile at th e A m e r ic a n N a tion a l, w h e r e h e w a s a ssocia ted fo r n e a r ly 20 y ea rs, M r. N ic h o ls h e ld p o s itio n s o f co m p tr o lle r , au d itor, an d v ic e p r e s i dent. * * * Robert J. Mullen has b e e n n a m ed a v ic e p r e s id e n t o f th e N o rth w e s te rn N a tion a l B a n k o f St. P aul. F o r m e r ly an a ssista n t v ic e p re s id e n t w ith D ain, K a lm a n & Q uail, In c., M r. M u llen jo in e d th e tru st d e p a rtm e n t o f th e b a n k as in v e s tm e n t officer in O ctober. * * * Carolyn Johnson, a ssista n t v ic e p re sid e n t o f H ig h la n d P a rk State B a n k , St. P au l, w a s n a m ed “ H ig h la n d P a rk P r o fe s s io n a l B u sin es s W o m a n o f th e Y e a r ” b y H ig h la n d P a rk P r o fe s sion a l B u sin ess W o m e n ’s C lub. * * * B a n k o f M in n ea p olis. M r. W a lz jo in e d J F ir s t M in n e a p o lis in 1963 an d h eld v a r io u s in sta llm e n t b a n k in g p o s itio n s ^ p r io r to jo in in g th e p e rso n a l b a n k in g staff in 1968. * * * T h r e e a rt s h o w s, ea ch la stin g on e " w e e k , h a v e b e e n s h o w in g at th e N orth - „ w e s te r n State B a n k o f St. P aul. P a in t in gs, p e n c il d ra w in g s an d art objects^ , cre a te d b y y o u n g s te r s fr o m p r im a r y gra d es th r o u g h th e h ig h s c h o o l le v e l fr o m a p p r o x im a te ly 15 s c h o o ls h a v e b e e n s h o w n . T h e p r o g r a m b eg a n i n " N o v e m b e r w ith th e final s h o w in g b e-,, in g fe a tu re d o n D e ce m b e r 7. * * * « P ip er, J a ffra y & H o p w o o d In c o r p o rated has a p p o in te d tw o re g iste re d re p re s e n ta tiv e s to its M in n e a p o lis of fice, it w a s a n n o u n c e d b y George Fox, 4 p r e s id e n t o f th e M in n ea p olis-b a sed in-A v e s tm e n t b a n k in g firm . Larry P. Ar- J uold and Michael J. Madden are now^ q u alified to sell listed a n d u n listed se- Wayne G. Fadden, c o m p lia n c e and p e r s o n n e l m a n a g e r o f D ain, K a lm a n & Q uail, In c., w a s a p p o in te d a v ic e p r e s i dent. H e is a fo r m e r c it y m a n a g er o f W a y za ta . * * * Alcuin R . W a lz has b e e n n a m ed p e r son a l b a n k in g officer at F irs t N a tion a l L. P. ARNOLD INSTALMENT DEPARTMENT PROFITS More important than ever before! PROTECT THEM S e v e r a l h u n d r e d U p p e r M i d w e s t b a n k s u t i l i z e o u r single interest coverage, w h ic h w e o r i g i n a t e d m a n y y e a rs a g o . N o c h e c k in g f o r p r i m a r y in s u ra n c e . instalment lending protection is our only business. Call or Write: G. D. VAN WAGENEN CO. 1006 N.W. Bank Bldg., Minneapolis 55402 (612) 333-2261 Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M. J. MADDEN cu rities, c o r p o r a t e and municipal^" b o n d s, m u tu a l fu n d s an d all o t t ie n i ty p e s o f in v e s tm e n t se cu ritie s fo r P J H . M r. A r n o ld , a g ra d u a te o f M orn in g side C o lleg e in S io u x C ity, Io w a , and N o r th e r n Illin o is U n iv e r s ity in De-4 K alb, 111., w h e r e h e r e c e iv e d h is m a s te r ’s d eg ree, w a s fo r m e r ly an in s t r u c t ] to r in b u sin e ss a d m in istra tio n at Mid-^ w e s te r n C o lleg e in D en ison , Iow a . M r. M adden , fo r m e r ly a registered^ re p re s e n ta tiv e w ith M e rrill L y n c h , P ie rce , F e n n e r & S m ith, In c., fo r eighFx| y e a rs, r e c e iv e d h is b a c h e lo r ’s d e g re e fr o m th e U n iv e r s ity o f M in n esota . ^ P ip e r, J a ffra y & H o p w o o d In c o r p o - 43 T h e peace and beauty of the season; we hope you enjoy them to the fullest. And carry a good measure of the holiday spirit into the year ahead. Ml HAS AN IDEA FOR YOU Correspondent Bank Division https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis First National Bank of Minneapolis Member FDIC Northwestern Banker, December, 1970 44 Minnesota News Your m an A t th e A m e r ic a n ! ROBERT E. SIPPLE Administrative Vice President B AN K S and B A N K E R S To Our Many Friends in Banking . . . Best Wishes for a Happy Holiday Season "The Largest Independent Full Service Bank In the Upper Midwest '' AMERICAN NATIONAL BANK AND TRUST COMPANY Seventh and Robert S a in t Paul 228-2345 Member Federal Deposit Insurance Corporation • Federal Reserve System Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ra ted o p era tes 27 offices in eig h t m idw e s te r n states an d N e w Y o r k C ity and is ce le b r a tin g its 75th a n n iv e r s a r y th is yea r. * * * T h e b o a r d o f d ire cto rs o f th e M in n esota State B a n k o f S a in t P a u l has a n n o u n ce d th e e le c tio n o f Virgil Drusch as an as sista n t ca sh ier. M r. D ru sch is a g ra d u a te of S le e p y E y e H ig h S c h o o l , an d s e r v e d w ith th e U n ite d S ta tes A rm y in G er m a n y fo r th re e y ea rs. H e b e g a n h is b a n k in g ca v. DRUSCH re e r at G ib b on , M in n ., w h e r e h e s e r v e d fo r five y ea rs, and m o s t r e c e n tly as an officer. H e b e g a n h is e m p lo y m e n t w ith th e M in n esota State B a n k on S ep tem b er 1, 1969, an d h as b e e n a c tiv e in th e b a n k ’s o p e ra tio n s an d in sta llm e n t loa n d ep a rtm en ts. * * * John P. Ebin, v ic e p r e s id e n t an d d i r e c to r o f P ip e r, J a ffra y & H o p w o o d , In c., w a s r e c e n tly n o m in a te d fo r a th re e -y e a r te rm on th e b o a r d o f g o v e r n o r s o f th e M id w e s t S to ck E x ch a n g e. H e is a m e m b e r o f th e T w in C ities B o n d C lu b an d th e T w in C ities T ra d e rs A s s o c ia tio n . Richard L. Howell, v ic e p re s id e n t and d ir e c to r o f W o o d w a r d -E lw o o d & C om p a n y , w a s n o m in a te d fo r a tw oy e a r te rm o n th e b oa rd . M r. H o w e ll w a s a g o v e r n o r o f th e C h ica g o E x ch a n g e th is y e a r. H e is a d ir e c to r o f B io c h e m ic a l C o m p u te r S erv ices, In c., an d s e cre ta ry -tre a su re r and v ic e c h a ir m a n o f th e e x e c u tiv e co m m itte e , M in n esota g r o u p o f th e In v e s tm e n t B a n k ers A s s o c ia tio n o f A m e rica . * * * T h e M a rq u ette N a tion a l B a n k re c e n tly m o v e d its fa cilitie s, th a n k s to 40 m o v e r s and 45 b a n k staffers, to its n e w lo c a tio n o n th e sou th ea st c o r n e r o f 8th an d M a rq u ette in M in n ea p olis. In e x c e s s o f $50 m illio n in ca sh and se cu ritie s w a s m o v e d a cro ss th e street u n d e r th e w a t c h fu l ey e o f 39 a rm ed p o lic e officers a n d eig h t b a n k gu ards. T h e o p e ra tio n to o k 36 h o u rs an d w a s p la n n e d an d e x e c u te d by Frank Fourre, th e b a n k ’s p u r c h a s in g agen t. fo r th e G len s F a lls pany. In s u ra n ce C o m -^ < Mankato Bank Opens ^ S e c u r ity State B a n k o f M a n k a to rec e n tly o p e n e d fo r b u sin ess at 333 R h in e S treet. B a n k P r e s id e n t A1 N o rla n d said th a t an o p e n h o u s e w ill be p la n n ed in th e n ea r fu tu re. T h e b a n k w a s fo r m e r ly lo ca te d at R a p id a n and w a s ca lle d th e F a rm e rs State B a n k o f R a p id a n . ^ New Business Hours y * 4 , T h e T ri-C o u n ty State B a n k o f O rtonv ille has ch a n g e d its b u sin e ss h o u r s 1. * T h e b a n k w ill n o lo n g e r b e o p e n Sat- . u r d a y m o r n in g s , b u t w ill o ffe r m o r e 1 h o u rs o f s e rv ice . F r id a y s th e bank.,^ w ill b e o p e n fr o m 9:00 a.m . to 8:00 p .m . M o n d a y th ro u g h T h u r s d a y th e b a n k w ill b e o p e n fr o m 9:00 a.m . to 3:00 p.m . Moravec Joins MBA Staff , S tev en T. M o ra v e c, 24, o f St. P aul, has b e e n a p p o in te d to th e n e w ly cre -w ated p o st o f c o m m u n ic a tio n s d ir e c to r fo r th e M in n esota B a n k e rs A s s o c ia tion . M r. M o ra v e c co m e s t o th e n e w ^ p o s itio n w ith a b a c k g r o u n d in ad- * v e rtis in g , p u b lic ity , p u b lic re la t i o n s , b ro a d ca s t in g a n d p h o to g - " ra p h y . < H e h o ld s a B.A. S. T. MORAVEC in s p e e c h and* jo u r n a lis m fr o m M a ca lester C o lleg e in St. P a u l and stu d ied b u sin ess a d m in is -4 tra tion at th e U n iv e r s ity o f M in n esota . Ted Kujath Retires _ T h e o d o r e “ T e d ” K u ja th r e c e n tly re tire d fr o m h is p o s itio n as assista n t *. ca sh ie r at th e F ir s t N a tion a l B a n k o f R o c h e s te r a fte r 43 y e a r s o f s e rv ice . H e h ad b een assista n t m a n a g er o f th e T im e p a y d e p a rtm e n t sin ce its in cep - * tio n in th e m id -forties. dr Fertile Bank Stock T h e B a n k in g D iv is io n o f th e M in n e sota D ep a rtm en t o f C o m m e rce h as a p -^ p r o v e d an in cre a se in th e ca p ita l s to ck o f th e F ir s t State B a n k o f F e r tile u fr o m $50,000 to $100,000 b y s to c k d iv i - ^ den d. A Elected Kiwanis President A.C. at Hastings W ill G o h e e n h as b e e n ele cte d assist ant ca sh ie r at th e N o r th w e s te r n N a tio n a l B a n k o f H a stin g s. H e jo in e d th e b a n k last y e a r an d h as b e e n a ssist ant m a n a g e r o f th e in su ra n ce d ep a rt m en t. H e w a s fo r m e r ly state a g en t L e o n a r d E . G riffith, v ic e p resid en t, F ir s t A m e r ic a n N a tion a l B a n k , has A b e e n ele cte d p re sid e n t o f th e D u lu th K iw a n is C lub. T h e b a n k m a r k e tin g e x e c u tiv e p r e v io u s ly s e rv e d as th e K iw a n is Club’s A. first v ic e p r e s id e n t a n d trea su rer. ¿ W e wish you a M erry Christmas, W e wish you a M erry Christmas, W e wish you a M erry Christmas, A n d a Happy N ew Year.V from all of us at Midland National Bank , ,> o f Minneapolis 4 0 1 Second Ave. So.» M in n e a p o lis, M inn. 5 5 4 4 0 • Call 332-0511 Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 46 Minnesota News --------------------------------------------------- Y ou r m a n Evun-Picone D esigns Ensem ble A t th e A m e r ic a n ! ■ I li W OM EN STAFF M EMBERS of Olmsted County Bank in Rochester, Minn., model their new bank wear ensembles for John D. Chisholm, pres, o f the bank. O M E N e m p lo y e e s o f th e O lm sted C o u n ty B a n k o f R o c h e s te r r e c e n t ly b e g a n w e a r in g b a n k attire w ith a n e w d e sig n co n ce p t. A c c o r d in g to J o h n D. C h ish olm , p r e s id en t, “ T h is p a st five y e a rs, a ll o f ou r g irls w e r e ou tfitted in id e n tica l u n i fo r m s an d e x c e p t fo r a u n ifo r m ch a n g e in th e fa ll a n d in th e sp rin g , th e y p r e se n te d a ra th e r d rab, in stitu tio n a liz e d a p p ea ra n ce. C o n se q u e n tly , w e a sk ed a to p a p p a re l d e s ig n e r fo r a v a ria b le , ‘all s e a s o n ’ m ix e d e n se m b le th at w o u ld g iv e th e w e a r e r so m e d a ily c h o ic e o f a ttire and, r e g a rd le ss o f th a t sele ctio n , b e ea sily id en tified as an e m p lo y e e o f OCB. E v a n -P ic o n e , a n a tio n a lly a c c la im e d firm , th a t has cre a te d d esig n s fo r clie n ts th a t in c lu d e Saks F ifth A venue, B e r g d o r f-G o o d m a n , P an A m e r ic a n A ir lin e s a n d fo r th e U n ited N a tion s T o u r G u ides, a cce p te d th e as s ig n m e n t.” T h e firm ’s c r e a tiv e d e sig n e r, F ra n k S m ith, s ty le d e ig h t p ie c e s th a t p r o v id e s ix d iffe re n t e n se m b le s in c o lo r s and sty lin g . T h e ou tfits in c lu d e th ree W ARTHUR A. HAESSIG Vice President B A N K S and B A N K E R S To Our Many Friends in Banking . . . Best Wishes for a Happy Holiday Season 1'The Largest Independent Full Service Bank in the Upper M idw est" b lo u s e s (t w o w h ite an d on e n a v y b lu e ), w ith a sh irtw a ist co lla r th a t ca n be le ft o p e n or b u tton ed . T h e s le e v e s are fu ll, w ith a fo u r-b u tto n cu ff. Two sk irts (o n e red an d on e b lu e ) w ill h a v e tw o o n e-h a lf fr o n t pleats, w ith ela stic w a is t ban ds. T h e e n s e m b le a lso in clu d e s tw o v e sts (o n e r e d an d on e b lu e ), w ith th e O lm sted C o u n ty B a n k in sig n ia (O C B ). T h e v e s ts are lin ed, w ith V -n e ck s ty lin g an d b u tto n -d o w n fro n t. A red ja c k e t, w ith th e b a n k in sig n ia , is c o l la rless a n d is d e s c r ib e d as a c o m p le te ly lin e d b o x -ja ck e t. A ll are m ade fr o m a 100 p e r c e n t rib b e d -k n it p o ly e s te r fa b ric. G irls in n o n -p u b lic areas w ill w e a r a c h ic sh ift-ty p e fr o c k o f v a r io u s c o m p a tib le c o lo r co m b in a tio n s , m a tch in g th e d e c o r o f th e p a rticu la r areas in w h ic h th e y are e m p lo y e d . “ T h e p r o gram , w h e n in itia ted , w a s p la n n ed o n ly to ou tfit w o m e n e m p lo y e e s m e e t in g th e p u b lic ,” said M r. C h ish olm , “ b u t it w a s r e c e iv e d so e n th u s ia stica l ly , w e d e cid e d to in c lu d e a ll g ir ls .” A N Y O N E CAN P RO V I D E D I S A B I L I T Y AND HOSPITALIZATION PROTECTION . . . THE TRICK IS: AMERICAN NATIONAL BANK AND TRUST COMPANY Seventh and Robert Saint Paul 228-2345 To To To GIVE US Do It W ell Pay Claims The Day You G e t Them Keep The Customer Happy! A C HANCE— READ OUR DIRECT MAILINGS TO BANKERS AMERICAN BENEFIT INSURANCE CO. (Formerly MINNESOTA COMMERCIAL MEN'S ASSOCIATION) FOUNDED IN 1905 Member Federal Deposit Insurance Corporation • Federal Reserve System N o rth w e ste rn B a n k e r, D e c e m b e r, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2550 Pîllsbury Ave. S., Mpls. 55404 TA 3-7237 Minnesota News r 47 \ Y ou r m a n A t th e A m e r ic a n ! PICTURED AB O VE are, left to right: James G-. Peterson, chmn. o f Dain, Kalman & Quail, In c.; Howard A . Hansen, v.p. & treas., M id America Bancorporation; David A. Shern, pres, of M id America, and George Fox, pres., Piper, Jaffray & Hopwood, Inc. .ititi A m erica Com pletes Sale Of Stock and W arrants ID A M E R IC A BANCORPORA T IO N has c o m p le te d its o ffe r in g o f 200,000 u n its c o n s is t in g o f c o m m o n s to c k an d w a rra n ts an d r e c e iv e d th e p r o c e e d s fr o m th e u n d e r w r itin g g ro u p h e a d e d b y D ain , K a lm a n & Q uail, In c., an d P ip e r, J a ffra y & H o p w o o d , In c., M in n ea p olis-b a sed in v e s tm e n t firm s. T h e u n its w e r e p r ic e d at $11 an d c o n s is te d o f on e sh a re o f c o m m o n s to c k a n d a w a r r a n t to p u rch a s e oneh a lf sh a re o f c o m m o n s to c k at $11. T h e o ffe r in g w a s fu lly su b scrib ed . M id A m e r ic a B a n c o r p o r a tio n is a b a n k h o ld in g c o m p a n y w h ic h o w n s a ll o f th e o u ts ta n d in g sh a res o f H ig h la n d P a r k State B a n k o f St. P au l; V a l le y N a tion a l B a n k o f E a g a n T o w n s h ip ; P a rk -G ro v e N a tion a l B a n k , C ottage G r o v e a n d S u b u rb a n N a tion a l B a n k o f R o s e v ille , a ll lo ca te d in th e M in n eapolis-S t. P a u l m e tr o p o lita n area. P r o c e e d s fr o m th e sale o f th e u n its a re to b e a p p lie d to re d u c e th e c o r p o r a tio n ’s sh ort-term in d e b te d n e ss w h ic h w a s in c u r r e d in th e in itia l c a p ita liz a tio n o f S u b u rb a n N a tio n a l B a n k , p u r ch a se o f th e V a lle y N a tio n a l B a n k p r o p e r ty , an d c o n tr ib u tio n to th e c a p i ta l o f V a lle y N a tion a l B ank. M Awarded B.A.I. Keys T h e B .A .I. K e y fo r D istin g u ish e d S e r v ic e , th e h ig h e s t a w a rd w h ic h can b e c o n fe r r e d b y th e B a n k A d m in is tr a tio n In stitu te , w a s p r e s e n te d last m o n th to W a lt e r C. M e rce r an d A r th u r P. R in g le r , fo r th e ir m a n y c o n tr ib u tio n s to b a n k in g o v e r th e y ea rs. T h e y b r in g to 27 th e n u m b e r o f B .A .I. K e y s a w a rd e d d u r in g th e In s titu te ’s 46-year h is to ry . T h e p re s e n ta tio n w a s m a d e b y C h a rles A . A g e m ia n , n a tio n a l p r e s i d e n t o f th e In stitu te an d h im s e lf a h o ld e r o f th e B .A .I. K e y , at c e r e m o n ie s d u r in g th e b a n q u e t w h ic h c o n c lu d e d th e In s titu te ’s 46th n a tio n a l c o n v e n tion , m e e tin g at th e W a s h in g to n H il to n H o te l in W a s h in g to n , D. C. M r. M e rce r is a p a st p re s id e n t o f the In stitu te, a n d p r e s id e n t o f th e O h io N a tion a l B a n k , C olu m b u s, w h ile M r. R in g le r is e x e c u tiv e v ic e p r e s i d en t-a d m in istra tion o f the C h em ica l B an k , N e w Y o r k C ity. Bancshares Report C o m m e rce B a n csh a res, In c., K a n sa s C ity-based r e g is te r e d b a n k h o ld in g C om p a n y , re p o r te d c o n s o lid a te d n et in c o m e o f $8,732,000 fo r th e first n in e m o n th s o f 1970 c o m p a r e d w ith $8,118,000 fo r th e co m p a ra b le 1969 p e rio d . I n c o m e b e fo r e g ain s an d losses w a s $8,651,000 or $3.67 p e r sh a re fo r th e first n in e m o n th s o f 1970 co m p a r e d w ith $8,136,000 o r $3.46 p e r sh are ea rn ed in th e first n in e m o n th s o f 1969, a 6.3 p er c e n t in cre a se in ea rn in g s in 1970 o v e r 1969. R e su lts fo r b o th p e rio d s in c lu d e 15 M iss o u ri B a n k s— C o m m e rce B a n k s o f K a n sa s C ity, U n iv e r s ity C ity, St. J o seph , K ir k w o o d , St. C h arles, J op lin , H a n n i b a l , K ir k s v ille , T ip to n an d B r u n s w ic k a n d T h e C itizen s B a n k (S p r in g fie ld ), C olu m b ia N a tion a l B a n k (C o lu m b ia ), M e x ic o S a v in g s B a n k , State B a n k o f L e b a n o n an d M e ch a n ics B a n k an d T r u s t C o m p a n y (M o b e r ly ). T h e resu lts a lso in c lu d e C o m m e rce M o rtg a g e C om p a n y , C a pital fo r B u s i ness, In c., and C o m m e rce P ro p e rtie s . In c. N o t in c lu d e d are tw o p e n d in g a cq u i sition s o f M iss o u ri b a n k s a w a itin g r e g u la to r y a p p ro v a l. T h e y are C o m m e rce B a n k o f B o n n e T e r r e an d State B a n k and T ru s t C o m p a n y in P o p la r B lu ff. JOHN E. B A R R Y Vice President BANKS and B ANK ER S To Our Many Friends in Banking . . . Best Wishes for a Happy Holiday Season " The Largest Independent Full Service Bank In the Upper M idwest" AMERICAN NATIONAL BANK AND TRUST COMPANY Seventh and Robert Sa in t Paul 228-2345 M em ber Federal Deposit Insurance Corporation • Federal Reserve System Northwestern Banker, Decem ber, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis INVEST WITH IOWA BANKERS Associated Bank Corporation ★ OFFERS★ 1 , 0 0 0 , 0 0 0 Shares C om m on Stock at $2.00 per share (A v a ila b le only to legal Iowa R esid en ts) oIj «1# «lo «fo These Successful Iowa Bankers Gordon L. Mennen John A. Walker LeM ars Stanhope https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Donald W . Heineking John R. Martin Hubbard Forest City Victor M. M eyer Charles City Lloyd L. Gibson Shell Rock R. Duane M unter Strawberry Point M . W . Whitlow Dubuque W . F. M iller Tipton James W . Lipton, Jr. Ida Grove John Howes Davenport James G. Whiting M apleton Lyle O. Arp Manning Joe H. Gronstal Carroll Robert E. Sweet Story City Keith W . Richard Osceola One Business 684 BANKS IN IOWA 575 State Chartered 105 National Chartered 4 Private Banks Iowa ranks third in the nation in the number of banks— only Texas and Illinois have more Please Send Coupon fo r Complete Prospectus J. E. King Albia Russell S. Howard, Jr. Del Deischer Marshalltown Oskaloosa . ..Banking James J. K elly Davenport Bankers This is neither an offer to sell nor a solicitation of an offer to buy these securities. The offering is made only by Prospectus. LARRY ANDERSON & ASSOCIATES (underwriter) BOX 508 CARLISLE, IOWA 50047 Please send me Prospectus NAME..................................................................... .................... STREET.......................................... CITY................................... . COUNTY...................................... IOWA................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 50 sen v ille ; C lau de W . Y o u k e r , Jr., o f W h e a to n ; C h arles C. L o o n e y o f L a k e F o re s t; K e n n e th L a rra n ce o f H ig h la n d P ark; W illia m T. G iov a o f E lm h u rst; K e n n e th L . B lo c k o f W in n e tk a ; V e r n o n S. H o e s c h o f N a p e rv ille and H . J. S p aeth o f C ary. Illin o is N E W S F. W. HEITMANN, JR. President Chicago ROBERT C. SCHRIMPLE Exec. V. P. Chicago Advanced Eight Persons T h e h o a rd o f d ir e c to r s o f M e rch a n d ise N a tion a l B a n k o f C h ica g o has p ro m o te d G len R. R e im a n fr o m v ic e p re s id e n t to s e n io r v ic e p resid en t. T h e b o a r d p r o m o te d tw o o th e r officers and ele cte d five n e w officers. M r. R eim a n , w h o h ead s th e b a n k ’s c o m p u te r an d r e se a rch d ep a rtm en t, h as b e e n w ith M e rch a n d ise N a tion a l sin ce 1955. R o n a ld J. B r o u c e k w a s p ro m o te d fr o m a ssista n t ca sh ie r to a ssista n t v ic e p re s id e n t in th e b a n k ’s o p e ra tio n s d e p a rtm en t. R o y H. N elson , m a n a g e r o f th e p r o o f an d e n c o d in g s e c tio n o f th e c o m p u te r an d re s e a rch d ep a rtm en t, w a s p r o m o te d fr o m a ssista n t ca sh ie r to a ssista n t v ic e p resid en t. T h e five staff m e m b e rs n a m ed as sista n t ca sh ie rs are M rs. M a rion A gn er, C arl E. C h ev ed d en , J o s e p h J. L od a , N ich o la s P u llia an d J am es G. Sauer. New Bank For Chicago A ch a rte r has b e e n issu ed to T h e L a w n d a le T ru s t and S a v in g s B an k , Neiv Stegman Appointed V.P. 3333 W e s t 26th S treet, C h ica g o, as a re s u lt o f th e c o n v e r s io n o f th e L a w n dale N a tion a l B a n k o f C h ica g o to a state ban k . T h e ch a rte r w a s p re se n te d at a c e r e m o n y h eld in th e b o a r d o f d ir e c t o r s ’ r o o m o f th e M ich ig a n A v e n u e N a tion a l B a n k in C h ica go. T h e ca p ita l s to c k o f th e b a n k is $1,000,000, d iv id e d in to 100,000 sh ares o f a p a r v a lu e o f $10 each ; su rp lu s o f $1,200,000, an d r e s e r v e fo r o p e ra tin g e x p e n se th e e x is tin g u n d iv id e d p rofits an d r e se rv e s. T h e officers an d d ir e c to r s o f th e b a n k are: M o rto n J. F reed , ch a irm a n o f th e b oa rd ; E d w a r d F. K e n n e d y , p resid en t; U rb a n F . M y ers, e x e c u tiv e v ic e p resid en t; E . J. S ch m itz, ca sh ier; O tto J. N erad, v ic e p re s id e n t and tru st officer; E a rl T. B a rk er, a u d itor, and C h arles A . G reen stein , v ic e p resid en t. Permit Issued A p e r m it to o rg a n iz e has b e e n is su ed to a g r o u p o f a p p lica n ts p r o p o s in g to esta b lish th e F ir s t S e cu rity B a n k o f C a ry-G rov e, C ary. T o ta l ca p ita liza tion is $650,000. O rg a n izers o f th e b a n k are Ja m es J. D iO rio o f B en- Ifaarlers for A t a r e c e n t m e e tin g o f th e b o a r d o f d ir e c to r s o f O ak P a rk T r u s t & S a vin gs B a n k , O ak P a rk , W illia m E . S teg m a n w a s a p p o in te d v ic e p resid en t, co m m u n ity re la tion s-m a rk etin g , an d M ich a el W. E. STEGMAN M. J. McGREAL J. M cG rea l w a s n a m e d assista n t v ic e p re sid e n t, c o m m e r c ia l lo a n d e p a rt m en t, it w a s a n n o u n c e d b y b o a rd ch a rm a n W a llis A u stin . M r. S teg m a n jo in e d th e b a n k fo llo w in g tw o y e a r s w ith th e p u b lic re la tion s d e p a rtm e n t o f F ie ld E n te rp ris e s , In c. B e fo r e th a t h e s e r v e d as a d v e rtis in g d e p a rtm e n t officer fo r a lo c a l ban k . M r. M cG rea l jo in s O ak P a rk T ru s t a fter s ix y e a r s w ith a sou th sid e C h i ca g o b a n k and 10 y e a rs w ith a lo ca l ban k. Four Directors Elected P r e s id e n t R a y m o n d S. J o h n s to n an n o u n c e d th a t fo u r n e w d ir e c to r s h a v e b een e le cte d to its n in e-m a n b o a rd as a re s u lt o f a su b sta n tia l ch a n g e in o w n e r s h ip at th e F ir s t N a tion a l B a n k o f M o u n t P r o s p e c t, M o u n t P ro sp e ct. T h e n e w d ir e c to r s are H. F . B ru n in g , E d w a r d O eh lerk in g , R o b e r t P e te rso n , an d M a lco lm M acC ou n . ARCHITECT’ S SKETCH o f new quarters for Melrose Park National Bank in Melrose Park, 111. T A R T IN G th in g s off w ith a ban g, th e officers an d d ir e c to r s o f th e M e lro s e P a rk N a tion a l B a n k , 16th and L a k e, M eld ose P a rk , r e c e n tly b r o k e g r o u n d fo r th e ir n e w b u ild in g b y set tin g o ff a sm a ll d y n a m ite ch a rg e. T h e n e w str u c tu r e w ill e n c lo s e 30,000 sq u a re fe e t o f th e m o s t m o d e rn , efficien t b a n k in g q u a rters a v a ila b le in th e area. It is d e sig n e d b y th e I lli n o is B a n k B u ild in g C o rp o ra tio n , ac- S Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis c o r d in g to P a u l A b a te, b a n k ch a irm a n , an d D w ig h t W o b it h , p resid en t. T h e y said th e tota l c o s t o f th e s tru ctu re w ill a p p r o x im a te $114 m illio n . T h e b u ild in g w ill b e in an elo n g a te d o v a l or e llip tica l sh ape, an d w ill fe a tu re a u n iq u e th ree-step , m u lti-le v e l c e ilin g to p e r m it a m p le b u t s o ft lig h t in g effects. T h e r e w ill b e a tota l o f th ree flo o rs in th e stru ctu re, s e rv e d b y tw o e lev a tors. M r. B r u n in g resid es in W in n e tk a an d h as b e c o m e th e la rg est sh a re h o ld er o f th e b a n k . H e is w e ll k n o w n in th e area, h a v in g se r v e d as p re sid e n t o f Chas. B r u n in g C o m p a n y u n til its m erger w ith A d d ressog ra p h -M u ltig ra p h C o r p o r a tio n o f C lev ela n d . H e is a m e m b e r o f th e la tter’s b o a r d o f d ire cto rs. M r. O e h le rk in g fo r m e r ly w a s a fa r m e r an d is n o w in v o lv e d in real estate d e v e lo p m e n t. M r. P e te r s o n is tre a su re r an d c o n tr o lle r o f C o m b in e d In su ra n ce C om p a n y o f A m e rica . M r. M a cC o u n is p r e s id e n t o f N o r th w e s t C o m m u n ity H osp ita l. 51 The view from LaSalle & Monroe. You’d be surprised at what Howard Beermann, Wayne Obrecht, Bob Norrish, Alan Meyer and Don Anderson see when they look out of the window. Cornfields, Cattle, Soybeans. Maybe you find it hard to believe that you could find a country banker in a great big city like Chicago. But you will at Central National Bank. For many of our men were bom and raised on farms. Some are still actively associated with farming. They understand Country banking. They understand agriculture. From integrated feedlot operations to capital expenditures for farm equip ment, they understand—and talk—your customers’ language. So talk to Howard, and the rest of our agricultural banking group. They understand your problems and needs, so they’re great guys to exchange views with. W E UNDERSTAND. Central National Bank In Chicago La Salle & Monroe Member F.D.I.C. Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 52 Illinois News New Bank For Arlington Heights A c h a rte r h as been issu ed fo r o r g a n iza tio n o f th e N orth P o in t State B a n k in A r lin g to n H eig h ts. T o ta l ca p ita l is $1,000,000. O fficers o f th e b a n k are H a ro ld C. H a rv e y , p resid en t, an d G e o rg e J. L og a n , ca sh ier. D ir e c tors in clu d e : H a ro ld C. H a r v e y , D es P la in es; F r e d C. G riffiths, P a rk R id g e; C. T. M itch ell, W e s te r n S p rin gs; C h a rles H. G. K im b a ll, C h ica g o; D a v id J. R e g n e r , M o u n t P ro s p e ct, an d J am es R. R u m b a u g h , C h ica g o. DIRECTORS o f tlie newly-organized Highland Community Bank at their first meeting. From left to right: Joseph G. Bertrand, pres.; Charles Pinckard, A . J. O’Malley, Rev. Paul T. Hoban, Herman Roberts and Rev. Vernon Hoffman. M ulti-R acial Raah Opeas H E H ig h la n d C o m m u n ity B an k , C h ica g o, a fu ll s e r v ic e F D IC in su re d c o m m u n it y b a n k , o p e n e d fo r b u sin e ss last m o n th at 7919 S ou th A s h la n d A venue. The o w n e r s h ip , m a n a g em en t, d ir e c to r s an d staff o f th e b a n k re fle ct th e b i-ra cia l c o m p o s itio n o f th e 79th a n d A s h la n d co m m u n ity . A m o n g th e m a n y fe a tu re s w h ic h m a k e it th e b e s t e q u ip p e d n e w b a n k sp e c ia lly o rg a n iz e d to s e r v e a m u lti-ra cia l c o m m u n it y are 16 lo b b y w in d o w s , s ix d riv e -in w in d o w s , a la rg e s a fe ty d e p o s it v a u lt an d e x te n s iv e off-street p a rk in g . T h e o rg a n iz a tio n o f th e H ig h la n d C o m m u n ity B a n k b e g a n on e y e a r a g o w h e n a g r o u p o f b la c k an d w h ite c o m m u n ity lea d ers fr o m lo c a l c iv ic , r e lig io u s, b u sin e ss a n d s o cia l o rg a n iza tio n s s o u g h t to crea te a n e w b a n k to re p la c e th e S ta n d a rd B a n k and T ru s t C o m p a n y w h ic h h a d a n n o u n c e d p lan s to m o v e fr o m 79th and A s h la n d to 95th a n d W e s te r n A v e n u e . T h is g ro u p , w ith th e a ssista n ce o f F in a n c ia l M an a g e m e n t A s s o c ia te s (F M A ), an o r g a n iza tio n w h ic h p r o v id e s a b r o a d ra n g e o f te c h n ic a l an d a d v is o r y se r v ic e s to a n u m b e r o f C h ica g o area b a n k s, filed an a p p lic a tio n fo r a p e r m it to o rg a n ize th e H ig h la n d C o m m u n ity b a n k w ith th e office o f th e C o m m is s io n e r o f B a n k s an d T r u s t C om p a n ies, State o f Illin o is , o n J a n u a ry 26, 1970. T N a m ed assista n t secre ta rie s in th e tru st d e p a rtm e n t w e r e H . J o se p h B o u rn , L o u is G ib lin , W illia m P. H u e n e fe ld , B e r n ic e M a cD on a ld , an d J on A . V e e d e r. Directors’ Seminar N e a rly 50 d ir e c to r s o f w e s t s u b u r ba n b a n k s a ssem b led r e c e n tly in G len E lly n fo r th e first a n n u a l D ir e c to r s ’ S em in a r s p o n s o r e d b y F ir s t O gden C o rp o ra tio n o f N a p e r v ille fo r its c lie n t b a n k s. M e m b e rs o f th e b o a rd s o f d ir e c to r s o f n in e c lie n t b a n k s w e r e p resen t, in c lu d in g th e B a n k o f N a p e rv ille , th e B a n k o f W e s tm o n t, th e B a n k o f L isle, th e B a n k o f H in sd a le, th e B a n k o f E lm h u rs t, th e B a n k o f G len E lly n , th e B a n k o f N o rth A u r o r a , th e B a n k o f L o c k p o r t and th e B a n k o f W o o d Dale. Joins Bank R o b e r t P. H a n so n has jo in e d th e B a n k o f G len E lly n , G len E lly n , in the p o s itio n o f a ssista n t ca sh ier, o p e r ation s, an d p e rso n n e l, a c c o r d in g to , an a n n o u n c e m en t r e c e n tly b y jp B a n k o f G len ElM I ly n P re sid e n t F er• I rin E. W ilso n . y M r. H a n s o n | J c o m e s to th e B a n k 1 of G l e n E l l y n ^ y fr o m 10 y e a r s ’ n ^ s e r v ic e w ith the f l k . O ld S e co n d Nar . p . h a n s o n tio n a l B a n k in A u ro ra , w h e r e h e sta rted as a c o m m e r c ia l teller. He se rv e d in n u m e r o u s p o s itio n s an d w a s assista n t ca s h ie r at th e tim e h e le ft to a cce p t th e p o s itio n w ith th e B a n k o f G len E lly n . M r. H a n s o n is a g ra d u a te o f th e A m e r ic a n In stitu te o f B a n k in g a n d o f th e Illin o is B a n k e rs S c h o o l at C arbondale. H e a lso a tten d ed A u r o r a C ol lege. New Raah Rnildiufj in Galena Appointments Announced T h e e x e c u tiv e c o m m itte e o f T h e N o r th e r n T r u s t C om p a n y , C h ica g o, re c e n tly a n n o u n c e d five p r o m o tio n s and fiv e n e w a p p o in tm e n ts. P r o m o te d to v ic e p re sid e n ts w e r e R o g e r A . A lle n , sy ste m s an d p la n n in g d ep a rtm en t, a n d R o b e r t C. D abagia, tru st d ep a rtm en t. T h r e e se c o n d v ic e p re sid e n ts w e r e n a m ed in th e tru st d ep a rtm en t. T h e y are M. S cott B r o m w e ll, Jr., K u r t A . C arlisle, a n d J o h n M. H la d k y . Northwestern Banker, December, 7970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N E W B U ILD IN G for First National Bank o f Galena, 111. T h e F ir s t N a tion a l B a n k o f G alen a r e c e n tly h e ld an o p e n h o u s e fo r its n e w b a n k b u ild in g , a c c o r d in g to F r a n cis J. O rtsch eid , p re sid e n t. T h e e n tire b a n k area, in c lu d in g th e p a r k in g lot, is 293 fe e t b y 112 feet. F ro n ta g e o f th e str u c tu r e is 120 fe e t b y 52 feet. T h e e x te r io r o f th e b u ild in g is o f O h io re d b r ic k an d th e w in d o w s are o f b r o n z e glass. . 53 For Safekeeping service that offers more than a safe... count on Mercantile Sure, protection o f youi securities is important. But why settle for only that i /hen you can have a valuable new service in addition. Now, at Mercantile, re:ord keeping for your Safe keeping holdings is con puterized. When you wish a securities inventory, you get it quickly. No waiting for tedious manual compilation. Plenty o f time for close personal attention and analysis—time that often means money. For tops in Safekeeping . . . plus this valuable new ser vice feature . . . count on your Man from Mercantile. You can reach him at 314/231-3500. M E R C A N T IL E TRUST COMPANY Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ■\ South Dakota Y ou r m a n NEWS A t th e A m e r ic a n ! L. STEELE President Huron NEIL MILNER L Secretary Huron Approve $1 Million Shift A s h ift o f $1 m illio n in th e ca p ita l a cco u n ts o f th e F ir s t N a tion a l B a n k o f T h e B la ck H ills, R a p id C ity, has b e e n a p p r o v e d b y th e C o m p tr o lle r o f th e C u rre n cy , b a n k P re s id e n t C h arles T. U n d lin a n n ou n ced . H e said the a ction in cre a se d th e b a n k ’s ca p ita l s to c k and su rp lu s to $6 m illion . Elect Simpson Officer J am es M. S im p so n has b een elected loa n officer o f th e W e s te r n B a n k in S io u x F a lls, a c c o r d in g to an a n n o u n c e m e n t o f th e b o a rd o f d ire cto rs. M r. S im p son at ten d ed W a r tb u r g C o lleg e in W a v e r ly, I o w a , a n d s e r v e d s ix y e a rs in th e U n i t e d S tates A r m y R e serve. H e has sp en t th e p a st s ix y e a r s w o r k in g in J. M. SIMPSON th e area o f fin a n ce and b a n k in g , h is last p o s itio n b e in g w ith an Io w a ba n k . H e jo in e d W e s t ern B a n k in J u n e o f th is yea r. ROBERT T. KNOPKE Representative BANKS and BANKERS To Our Many Friends in Banking . . . Best Wishes for a Happy Holiday Season Henry Sen* " The Largest Independent Full Service Bank in the Upper Midwest ” AMERICAN NATIONAL BANK AND TRUST COMPANY Seventh and Robert Saint Paul 228-2345 M em b er Federal Deposit Insurance C o rpo ratio n • Federal Reserve System J Northwestern Banker, December. 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H e n r y S err, p re s id e n t o f th e C iti zen s State B a n k , A r lin g to n , d ied re c e n tly as th e re s u lt o f a se v e re h ea rt attack. H e h a d b e e n p r e s id e n t o f th e b a n k sin ce 1957. A fte r g ra d u a tin g fr o m M a n k a to C o m m e rcia l C o lleg e h e b e g a n w o r k in g at th e S e cu rity B a n k in 1927. Condition of State Banks T h e la test fig u res re lea sed b y th e S u p e rin te n d e n t o f B a n k in g , W a lte r W in tr o d e , an d co m p ile d b y th e D e p a rt m en t o f B a n k in g an d F in a n ce , s h o w th a t th ere are 128 state b a n k s as o f O ctob er 28 as c o m p a r e d to 130 o n O c to b e r 21 o f la st y ea r. L o a n s a n d d is co u n ts fo r 1970 tota led $355,840,650, an in cre a se o f $35,062,902 o v e r last y e a r ’s $320,777,747. T o ta l assets re a ch e d $737,475,849 o v e r th e tota l o f $702,890,706 fo r 1969, an in cre a se o f $34,585,143. T o ta l d e p osits in 1970 w e r e $661,363,490 as c o m p a r e d to $632,488,759 in 1969 fo r a $28,874,730 in crea se. Gunderson Named President R o b e r t G u n d erson , ca sh ie r in th e C itizen s State B a n k , A r lin g to n , fo r a n u m b e r o f y ea rs, has b e e n n a m ed p re s id en t o f th at ba n k , a c c o r d in g to th e ch a irm a n o f th e b o a r d o f d ire cto rs . H e s u cce e d s H e r r y S err w h o r e c e n tly p a ssed aw ay. M r. G u n d e rso n h as b een affiliated w ith th e C itizen s State B a n k fo r 17 y ea rs. Hauge as Assistant Cashier T h e e le c tio n o f A . L. “ A r n ie ” H a u g e as assista n t ca s h ie r at th e R u s h m o r e State B an k , R a p id C ity, w a s a n n o u n ce d r e c e n tly b y J. M. S ch n eid er, e x e c u Natvig Joins National Bank tiv e v ic e p r e s i H a ro ld N a tv ig , Jr., S io u x F a lls, has dent. r e c e n tly jo in e d th e staff o f N a tion a l A s s u m in g r e B a n k o f S ou th D ak ota, a c c o r d in g to an s p o n s i b i l i t i e s in a n n o u n c e m e n t b y D on a ld W . W e stb e e , th e lo a n d e p a rt p resid en t. m e n t o f th e ba n k , P r io r to jo in in g th e N a tion a l B a n k M r. H a u g e ca m e o f S ou th D ak ota, M r. N a tv ig w a s e m to R a p i d C ity p lo y e d b y H a r tfo r d A c c id e n t an d In f r o m B ran d on d e m n ity C om p a n y , N e w Y o rk , an d la w h e r e h e se rv e d A. L. HAUGE ter se rv e d as a c r e d it a n a ly st w ith I r v as assista n t v ic e in g T r u s t C om p a n y , N e w Y ork . p re s id e n t fo r th e U n ited N a tion a l B a n k . W it h a 10-year b a c k g r o u n d in E. H. Peters c r e d it an d fin an ce, M r. H a u g e w a s e m E. H . “ E d ” P eters, 65, a ssocia ted p lo y e d b y th e U n ite d N a tion a l B a n k w ith S e c u r ity B a n k , W e b s te r , fo r al o f V e r m illio n a n d s e r v e d at th e m ain m o s t 45 y e a rs, d ie d r e c e n tly . A t th e office in V e r m illio n as w e ll as at th eir tim e o f h is d eath h e w a s v ic e p r e s i B ra n d o n b r a n c h p r io r to jo in in g R ush d en t an d d ir e c to r o f S e c u r ity B an k . m ore. 55 -----------------------------------N North Dakota Your m an N E W S R. V. WELLS President Robinson W. i. DANER Secretary Bismarck Honor Emil Bloedow E m il B lo e d o w , p r e s id e n t o f th e Se c u r ity N a tio n a l B a n k , E d g e le y , w a s r e c e n tly h o n o r e d w ith a b ir th d a y c o f fe e at th e b a n k o n h is 84th b irth d a y . M r. B lo e d o w b e g a n h is b a n k in g ca i eei w ith th e L o g a n C o u n ty State B a n k in G a ck le in 1907 an d in 1909 o rg a n ize d w ith a n o th e r m a n th e F ir s t State B a n k o f A lfr e d . A ft e r la ter s e llin g h is in te re s t in th e b a n k at A lfr e d an d w o r k in g fo r a tim e at th e F ir s t N a tio n a l B a n k o f E d g e le y , h e an d s e v e ra l o th e rs p u rch a s e d S e c u r ity N a tio n a l m 1925. Russell M. Hougen R u s s e ll M. H o u g e n re tir e d V a lle y C ity b a n k e r, d ie d r e c e n tly at th e age o f 69. M r. H o u g e n sta rted as a b o o k k e e p e r w ith th e A m e r ic a n N a tion a l B a n k in 1922, an d w a s a p p o in te d p i esi d en t o f th e b a n k in 1952. H e re tire d fr o m th e p r e s id e n c y in 1966 an d fr o m th e b o a r d o f d ir e c to r s o f th e A m e r ic a n N a tio n a l B a n k in 1969. Changes at Burleigh Bank A lv in W . B o r n e r , w h o h as b e e n w ith th e State B a n k o f B u r le ig h fo r th ree y e a rs, has b e c o m e a ssista n t v ic e p re s i d en t fo r co m m e r c ia l-a g r ic u ltu r a l loan s. P r e v io u s ly h e h e ld th e sam e p o s itio n in th e in sta llm e n t loa n d ep a rtm en t. M r. B o r n e r w a s fo r m e r ly m a n a g e r o f th e B is m a r c k office o f N o r th w e s t F i n a n ce b e fo r e jo in in g th e State B a n k o f B u r le ig h C ou n ty . H e h a d b e e n w ith N o r th w e s t fo r o v e r 20 y ea rs. It w a s a lso a n n o u n c e d th a t M ilto n H o c h h a lte r , w h o h a d b e e n m a n a g er fo r th e B is m a r c k office o f M u r p h y F in a n c e sin ce 1959, h a s jo in e d th e State B a n k o f B u r le ig h C o u n ty as an in s ta llm e n t loa n officer. H e h a d b e e n w ith M u r p h y sin ce 1952. Kierland Completes 4 0 Years D. C. “ D a v e ” K ie rla n d , B a n k o f N o r th D a k ota , B is m a rck , v ic e p r e s i d e n t fo r o p e ra tio n s, r e c e n tly c o m p le te d h is 40th y e a r o f s e r v ic e w ith th e b a n k . M r. K ie r la n d w o r k e d fo r th e S te rlin g State B a n k o f S te rlin g fr o m 1927 to 1930 a n d jo in e d th e B a n k o f N o r th D a k o ta in 1930. H is c a r e e r w ith th e b a n k h as b e e n in v a r io u s d e p a rtm e n ts A t th e A m e r ic a n ! an d h e w a s a p p o in te d v ic e p re s id e n t in 1970. H e is th e se n io r m e m b e r o f th e b a n k staff in y e a r s o f serv ice. M r. K ie rla n d has b e e n a ctiv e in th e A m e r ic a n In stitu te o f B a n k in g , h a v in g h e lp e d o rg a n iz e th e first ch a p te r in B is m a rck in 1931. Pays Out 10,000th Loan T h e B a n k o f N o rth D akota, B is m a rck , r e c e n tly p a id ou t its 10,000th S tu d en t L o a n . T h e b a n k w a s th e first in th e U n ited States to m a k e a stu d en t loa n u n d e r th e F e d e r a lly In s u re d S tu d en t L o a n p r o g r a m in 1967. S in ce th a t tim e th e B a n k o f N o r th D a k ota has m ad e o v e r $8,000,000 w o r t h o f loans. It w a s to a 40-year-old stu d en t at V a l le y C ity T e a ch e rs C olleg e, m a jo r in g in e le m e n ta ry ed u ca tion . Reappoint James Munn Ja m es H . M u n n , v ic e p resid en t, P e o p les State B a n k in W e s th o p e , h as b e e n r e a p p o in te d v ic e p r e s id e n t o f th e A m e r ic a n B a n k e rs A s s o c ia tio n fo r th e state o f N o r th D akota, a c c o r d in g to C lifford C. S om m er, n e w ly e lected p re s id e n t o f th e A B A an d p r e s id e n t o f th e S e c u r ity B a n k a n d T r u s t C om p a n y , O w a ton n a , M inn. M r. M u n n w ill m a in ta in lia iso n b e tw e e n th e n a tio n a l a sso cia tio n an d in d iv id u a l b a n k s in N o r th D akota. H e w ill a lso b e re s p o n s ib le fo r m e m b e r sh ip a c tiv itie s o n b e h a lf o f th e n a tion a l a ssocia tion . H e is a p a st p re s id e n t o f th e N o rth D a k ota B a n k e rs A s s o c ia tio n and is p r e s e n tly s e r v in g as a m e m b e r o f th e N D B A e x e c u tiv e co u n c il. DONALD H. JOHNSON V ic e P re s id e n t BANKS and BANKERS To Our Many Friends in Banking . . . Best Wishes for a Happy Holiday Season " The Largest Independent Full Service Bank in the Upper Midwest” Christmas Club Is Sold C h ristm a s C lu b A C o rp o ra tio n an d th e L a ro s P r in tin g C o m p a n y h a v e b e e n a c q u ir e d b y th e G o o d R e a d in g C o r p o ra tion , it w a s a n n o u n c e d last m o n th b y H e n r y S. K o s te r, ch a irm a n o f th e b o a r d an d c h ie f e x e c u tiv e officer o f G o o d R ea d in g , lo ca te d in S ta m ford , C onn. C h ristm a s C lu b, lo ca te d in N e w Y o r k C ity an d T ic o n d e r o g a , N. Y ., p io n e e r e d th e C h ristm a s C lu b sa v in g s c o n c e p t fo r b a n k s an d sa v in g s a n d lo a n a sso cia tio n s an d is n a tio n w id e in its c o v erage. T h e C h ristm a s C lu b o rg a n iz a tion , w h ic h is m o r e th a n 60 y e a r s old, h ad b e e n o w n e d b y W a lte r B e in e ck e , Jr., ch a irm a n . AMERICAN NATIONAL BANK AND TRUST COMPANY Seventh and Robert Saint Paul 228-2345 M em ber Federal Deposit Insurance C orporation • Federal Reserve System Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 56 Colorado N ew s C. GALE SELLENS Wheat Ridge President Colorado Bankers Assn. Begin Construction C o n s tr u c tio n o f a n e w b a n k b u ild in g w ill b e sta rted im m e d ia te ly fo r W e s t G r e e le y N a tion a l B a n k , G reeley . It w ill b e o f c o n te m p o r a r y d e sig n and w ill h a v e tw o d riv e-u p w in d o w s . C h arles D r u m m o n d o f th e m a r k e tin g d e p a rtm e n t w a s e le v a te d to a ssistan t v ic e p re sid e n t; F r e d D o u d in b u sin e ss d e v e lo p m e n t w a s e le cte d assistan t ca sh ier, an d D o n D ru m m w a s ele cte d assista n t a u d itor. Begin Youth Club Temporary Quarters Set T h e A m e r ic a n H e rita g e B a n k o f C o lo ra d o S p rin g s h as o p e n e d a “ Y o u n g H e rita g e C lu b ” w h ic h is s o c ia lly o r i en ted w ith s e v e ra l d is c o u n t a d v a n tages. T h e n e w S k y lin e N a tion a l B an k , D en v er, fo r w h ic h p r e lim in a r y a p p r o v a l has b e e n g ra n ted b y th e U. S. C o m p tr o lle r o f th e C u rre n cy , is e x p e c te d to b e o p e n e d in te m p o r a r y q u a rters n ea r 17th an d L a w r e n c e S treets, a c c o r d in g to L e w is G aiter, Jr., w h o is to b e c o m e p resid en t. T h e Y H C is u n d e r th e d ir e c tio n o f R o n L in t, 27, a n d M rs. D ea n n a D y er, w ith th ese t w o s e r v in g as p e rso n a l c o u n s e lo r s fo r all m e m b e rs o f th e clu b . T h e c lu b m e m b e rs h ip d u es o f $3.25 fo r a sin g le m e m b e r an d $4 fo r a m a r r ie d c o u p le m o n th ly w ill a llo w u n lim ite d fr e e ch e c k in g , a $10,000 in s u r a n ce p o lic y fo r th o s e qu a lified , sta n d b y cr e d it th r o u g h th e clu b , an d n u m e r o u s en te rta in m e n t v a lu es. M e m b e rsh ip in th e Y H C is lim ited to th ose b e tw e e n th e ages o f 21 and 35, a c c o r d in g to M r. L in t, w h o stated th is is th e first su ch c lu b in th is re g io n an d on e o f o n ly a b ou t s e v e n in th e c o u n tr y . D is c o u n t ch a rte r fligh ts to v a ca tio n sp ots are b e in g a rra n g e d fo r clu b m em b ers, as are sp e cia l ra tes o n lo ca l p u rch a se s fr o m c lo t h in g t o s p o r t in g e v e n ts. In a d d ition , th e clu b o p en s a sa v in g s a c c o u n t w ith th e “ first b u c k ” fo r a n y n e w b o r n fa m ily m em b er. C a p ita liza tion o f th e b a n k w ill be $700,000 an d it is e x p e c te d to b e g in o p e ra tio n s e a r ly n e x t yea r. Promote Four Officers D ir e c to r s o f th e F ir s t N a tion a l B a n k o f D e n v e r at th e r e g u la r m o n th ly m e e tin g r e c e n tly p r o m o te d fo u r officers an d n a m ed s ix n e w officers to fu n c tio n a l titles. T h e b o a r d h ad p r e v io u s ly v o te d to re v a m p th e officer title s tru ctu re in fa v o r o f u s in g fu n c tio n a l b a n k titles fo r ju n io r officers. J o h n M ason , Jr., w a s a d v a n ce d fr o m tru st officer to v ic e p r e s id e n t and tru st officer. J o s e p h V. L ib o n a ti and J e rre L. W e s t w e r e a d v a n ce d fr o m p e r s o n n e l officers to a ssista n t v ic e p resid en ts, an d A lv in M. K ru ts ch , w h o jo in e d th e b a n k o n S e p te m b e r 8, a lso w a s n a m e d an assista n t v ic e p resid en t. T h e Y H C is lo ca te d a d ja ce n t to th e A m e r ic a n H e rita g e B a n k , 1800 S. N e vada A ven u e. G erald L. W a llis an d R o b e r t C. J o h n son w e r e n a m ed a ssista n t tru st offi cers. R o d n e y W . M cN eill, m a n a g e r o f th e b a n k ’s F itz s im m o n s F a c ility , w a s a d v a n ce d to o p e ra tio n s officer. Elect Senior V.P. F r e d e r ic k D o n L e w is w a s n a m ed b u sin e ss d e v e lo p m e n t officer. R o b e r t D. M iller w a s n a m ed assista n t o p e r a tion s officer. P h ill D. G reen b la tt, a m a n a g e m e n t tra in ee, w a s n a m ed as sista n t in v e s tm e n t officer. E le c tio n o f a s e n io r v ic e p re sid e n t an d p r o m o tio n o f fo u r o th e r officers h ig h lig h te d th e r e g u la r m o n th ly m e e t in g o f th e b o a rd o f d ir e c to r s o f T h e C en tra l B a n k an d T r u s t C om p a n y , D en v er, a c c o r d in g to b o a r d ch a irm a n M a x G. B ro o k s. J osep h R. L in c o ln , th e b a n k ’s re si d e n t c o u n s e l, w a s n a m ed s e n io r v ic e p resid en t; R o n J erm a n , m a n a g e r o f C e n tra l’s B a n k A m e r ic a r d d ep a rtm en t, w as p ro m o te d to v ic e p resid en t; Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D ir e c to r s o f T h e F ir s t N a tion a l B a n k o f D e n v e r a ls o d e cla re d a q u a r te r ly d iv id e n d o f 79 ce n ts p er share. T h e d iv id e n d w ill b e p a y a b le D e c e m b e r 28 to s h a re h o ld e rs o f r e c o r d D e ce m b e r 7, 1970. T h e r e are 750,000 sh a res o f s to c k ou tsta n d in g . New Savings Program B o u ld e r ’s N a tion a l State B a n k has la u n ch e d a n e w sa v in g s in v e s tm e n t p ro g ra m , ca lled “ Im m e d ia te In te r e s t,” th a t p a y s th e $2,500 in te re st in a d v a n ce o n fiv e-y ea r $10,000 certifica tes o f d ep osit. R e in V e e rk a m , th e b a n k ’s p r e s i den t, said p u r c h a s e r s o f th e fiv e-y ea r C D s ca n a c c e p t a 1971 F o r d M a v e r ic k a u to m o b ile o r a v a c a tio n fo r tw o a n y w h e r e in th e w o r ld in stea d o f th e ca sh ie r ’s c h e c k fo r th e $2,500 in terest. B a n k officials sa id d e p o s ito r s w h o d ecid e d to ta k e th e a u to m o b ile w ill a c h ie v e an e x tra gain , s in ce th e reta il v a lu e o f th e ca r is $2,800. T h e au tos w ill b e e q u ip p e d w ith s ix -c y lin d e r e n g in es, a u to m a tic tra n sm issio n s, p o w e r ste e r in g a n d A M ra d io, w ith th e sales ta x p a id b y th e ban k . T h e b a n k sa id it w ill p a y u p to $2,500 o f th e co s t o f a v a c a tio n fo r t w o a rra n g e d th r o u g h th e N a tion a l State B a n k T r a v e l A g e n c y , a n d CD p u rch a s e rs ca n ta k e th e ir trip a n y tim e d u r in g th e c o m in g y e a r to a n y v a c a tio n sp o t th e y ch o o se . N a tion a l State s p o k e s m e n sa id th at as fa r as th e y k n e w th e B o u ld e r b a n k w as th e o n ly fin a n cia l in s titu tio n in th e R o c k y M ou n ta in a rea p a y in g in terest o n C D s in a d v a n ce. O fficials said all CD d e p o s its at th e b a n k are s e cu re d fo r th e life o f th e certifica te w ith g u a ra n teed retu rn . Shopping Center Facility T h e first b a n k in g fa c ilit y to be o p e n e d w ith in a m a ll o f a s h o p p in g ce n te r in th e D e n v e r a rea h as b een o p e n e d in th e C in d erella S h o p p in g C en ter b y R e p u b lic N a tion a l B a n k o f E n g le w o o d . The d e ta ch e d fa c ilit y p r o v id e s th re e te lle r sta tion s, an a fterh o u rs d e p o s ito r y an d office sp a ce, a c c o r d in g to R o b e r t H . C u rrier, R e p u b lic N a tion a l p resid en t. Burke Elected Director E. P a u l B u rk e, p re s id e n t an d c h ie f e x e c u tiv e officer o f F r o n t ie r A ir lin e s , h as b e e n ele cte d a d ir e c to r o f S ecu r it y N a tion a l B a n k . A n officia l o f T ra n s W o r ld A ir lin e s fo r 28 y ea rs, M r. B u r k e jo in e d F r o n t ie r in Ju ne, 1968. Sidwell to Controller J o h n W . S id w ell, an e m p lo y e e o f th e F ir s t N a tio n a l B a n k o f B o u ld e r sin ce 1963, has b een a p p o in te d th e b a n k ’s c o n tr o lle r . H e su c c e e d s C h a rles A . D in w id d ie , w h o has tra n s fe rre d to th e A r a p a h o e N a tion a l, a lso o f B o u ld e r, as v ic e p re s id e n t an d ca sh ier. ■% < < knowing the people who can analyze it. And that's one of the reasons our Correspondent Department occasionally takes our Securities Department to lunch. For a free reprint of our "Analysistomicroscope," suitable for fram ing, give us a call or drop us a line. No obligation. ■si nr ■ si K Don Echtemeyer AND TR U ST CO. CENTRAL PARK • 15TH AND ARAPAHOE STREETS DENVER. COLORADO 80217 « PHONE 303/825-3181 B ill Gossett John Edmis on Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 58 Montana NEWS E. P. FRIZELLE President Butte Security TA S. O N T R O L L IN G in te re st in th e S e c u r ity T r u s t & S a v in g s B a n k o f B illin g s, M on t., has b e e n p u rch a se d fr o m R. M. W a te rs, ch a irm a n ; W a r r e n F . V a u g h a n , p resid en t, an d O. M. J o rg e n s o n , fo r m e r ch a irm a n an d p re s i den t, b y H o m e r A . S cott an d h is fa m ily o f S h e ri dan, W y o . M r. S c o tt’s o ffe r fo r th e p u rch a se o f p r i n c i p a l in te r ests a lso is b e in g m a d e to all oth er s to c k h o ld e r s of th e bank. O fficials o f th e H. A. SCOTT b a n k said the m o s t im p o rta n t fa c to r co n s id e r e d w a s th e r e c o g n itio n th at th e p u rch a se rs w o u ld c o n tin u e to o p era te th e b a n k as a u n it b a n k w ith o u t sig n ifica n t ch a n g e s in th e lon g -esta b lish ed p o li cie s and m a n a g e m e n t p h ilo s o p h ie s o f th e in stitu tion . T h e y a lso stated th e y w a n te d a b u y e r fa m ilia r w ith th e b a c k g r o u n d o f th e b a n k an d th e area it serv es. M r. S cott is a lon g -tim e re sid e n t o f th e area, h a v in g liv e d in S h eridan , W y o ., sin ce 1936 w ith a b ro a d b a c k g r o u n d o f b u sin ess in terests. H e is a v ic e p re sid e n t an d d ir e c to r o f th e P e te r K ie w it S on s C o m p a n y c o n s tr u c tio n firm o f O m aha, N ebr., and is ch a irm a n an d p re s id e n t o f th e B a n k o f C o m m e rce in S h eridan . H e and h is fa m ily a lso h a v e e x te n s iv e r a n c h in g in terests in M on ta n a an d W y o m ing, h e a d q u a rte re d at R a n ch ester, W y o . M r. S cott is a fo r m e r m e m b e r an d ch a irm a n o f th e b o a rd o f th e F e d e ra l R e s e r v e B a n k o f K an sas C ity. M r. S cott w ill s e rv e as ch a irm a n o f th e b oa rd . M r. W a te r s an d M r. J o r g e n s o n h a v e a g reed to c o n tin u e th eir a c tiv e in te re st in th e b a n k b y re m a in in g o n th e b o a rd o f d ir e c to r s an d W a r r e n V a u g h a n w ill co n tin u e as p re sid e n t o f th e ban k . M r. S cott said it is e x p e cte d th e re w ill be n o ch a n g es in b a n k p e r s o n n e l o r its m a n a g em en t p olicie s. C Burke Elected President R o b e r t F . B u rk e w a s r e c e n tly electNorthwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M id w e s t A g r ic u ltu r a l C redit C o u n cil s e r v in g th e N in th F e d e r a l R e s e r v e D is trict. M r. S eth re jo in e d th e a g ricu ltu ra l d e p a rtm e n t o f th e F ir s t N a tion a l a fte r g r a d u a tin g fr o m M on ta n a State U n i v e r s it y in 1969 u p o n o b ta in in g a de g re e in a g r icu ltu ra l bu sin ess. M rs. H a a ser p r e v io u s ly se r v e d as a p a y in g an d r e c e iv in g te lle r and head te lle r b e fo r e jo in in g th e o p e ra tio n s d e p a rtm e n t o f th e ban k . It w a s a lso a n n o u n ce d th at S tu art P. E llis o n has b e e n n a m ed to assista n t v ic e p re s id e n t in th e a g ricu ltu ra l d e p a rtm en t. A M a rin e C orp s v e te ra n an d a ra n g e m a n a g e m e n t gra d u a te o f th e U n iv e r s ity o f M on ta n a , h e ra n ch e d and ta u g h t a g r ic u ltu r e at B ig T im b e r b e fo r e b e in g affiliated w ith th e F a r m ers H o m e A d m in is tr a tio n in J ord a n and H a vre. S . Is SoM ed p re s id e n t o f F ir s t N a tion a l B a n k an d T r u s t in H e le n a b y th e b o a r d o f d ire cto rs. M r. B u r k e su cce e d s H a rold M. O rm seth , w h o s e r e a ssig n m e n t w ith in F ir s t B a n k S y stem org a n iz a tio n w ill be a n n o u n ce d at a la ter date. M r. B u rk e jo in e d th e staff o f F irst N a tion a l B a n k in 1964 as v ic e p r e s i d en t an d w a s e le cte d s e n io r v ic e p r e s i d en t in D e ce m b e r la st y ea r. H e b eg a n h is b a n k in g c a r e e r in M issou la w ith th e W e s te r n M on ta n a N a tion a l B a n k w h e r e h e b e ca m e a ssista n t ca sh ie r in 1960 and v ic e p r e s id e n t in 1963. M r. O rm seth has b e e n w ith th e F irs t N a tion a l B a n k sin ce 1957 w h e n he jo in e d th e staff as v ic e p re s id e n t a fter s e r v in g s ix y e a rs as c h ie f e x a m in e r fo r F ir s t B a n k S to ck C orp o ra tio n . H e w a s e le c te d p r e s id e n t an d d ir e c to r in 1968, s u c c e e d in g N els T u r n q u is t w h o a cce p te d a s e n io r m a n a g e m e n t p o s i tio n w ith F ir s t B a n k S y stem in M in n e a p olis, M in n . Midland Sponsors Conference T h e M id la n d N a tion a l B a n k , B ill in gs, an d A lp h a P si K a p p a , h o n o r a r y b u sin ess fr a te r n ity at E a ste rn M o n tana C olleg e, r e c e n tly co -s p o n s o re d an E c o n o m ic C o n fe r e n c e fo r Y o u n g A d u lts in B illin g s. S p ea k ers on th e p r o g r a m in clu d ed : G eo rg e F o x , p re s id e n t o f P i per, J a ffra y & H o p w o o d , In c., M in n e a p olis-b a sed in v e s tm e n t b a n k in g firm ; L ee E. K n a ck , la b o r re la tio n s d ir e c to r fo r M o rris o n -K n u d s e n C om p a n y , B oise, Id a h o; Dr. L e slie E . C h a lm ers, h ea d o f th e e c o n o m ic s d e p a rtm e n t at E a stern M on ta n a C olleg e, an d D a rrell B o o th , p re sid e n t o f K a m p g r o u n d s o f A m e rica , B illin g s. Promote Three Men T h r e e staff m e m b e rs o f th e F ir s t N a tion a l B an k , G rea t F a lls, h a v e b een p r o m o te d an d a H a v re m an elected assista n t v ic e p resid en t. P r o m o te d are M a lco lm A d a m s to v ic e p resid en t, G a ry S eth re to a g ricu ltu ra l loa n offi cer, an d M rs. A r le n e H a a ser to assist ant o p e ra tio n s officer. M r. A d a m s se rv e d as T o o le C o u n ty e x te n s io n a g e n c y in S h e lb y b e fo r e jo in in g th e b a n k in 1963. H e is c u r r e n tly first v ic e p re s id e n t o f th e U p p er Olympic Committee Benefit B a n k o f A m e r ic a T r a v e le r s C h eq u es has a n n o u n c e d a su b sta n tia l d o n a tio n to th e U. S. O ly m p ic C om m ittee an d a p la n to in cre a se th at an te b y c o m m it tin g a p e r c e n ta g e o f th e co m m is s io n th e b a n k r e c e iv e s fo r e v e r y tra v elers c h e q u e sold. E r n e s t J. Y o u n g , v ic e p resid en t, and e x e c u tiv e h ea d o f B o f A T r a v e le r s ’ C h eq u es, to ld a sp o rts w r ite r s ’ lu n c h eon in M iam i r e c e n tly th a t an in itia l g ift o f $100,000 h ad a lre a d y b e e n d o n a ted to th e O ly m p ic C om m ittee. T h is w ill h e lp m e e t th e c o m m itte e ’s fin an cia l n eed s as it selects, train s, and co a ch e s th e a th letes fo r th e 1972 gam es in M u n ich , G erm a n y , and S a p p oro, Japan. T h en , sta rtin g in A p r il, th e ba n k w ill fo r a p e r io d o f 18 m o n th s co m m it a p e rce n ta g e o f th e c o m m is s io n it re c e iv e s fr o m th e d o m e s tic sales o f B o f A tra v e le rs ch e q u e s . M r. Y o u n g a lso r e v e a le d th at B o f A w o u ld w o r k ou t a p r o g r a m o f p a r tic i p a tio n fo r th o s e b a n k s w h o w a n t to co n tr ib u te an d p a rticip a te o v e r and b e y o n d th e sale o f B o f A T ra v e le rs C h equ es. H e said th e b a n k w ill b a ck its p r o m o tio n a l e ffo rts w ith e x te n s iv e a d v ertis in g . C lifford H. B u ck , p re sid e n t o f the U. S. O ly m p ic C om m ittee, w h o w as p re se n t w h e n th e a n n o u n ce m e n t w as m ade, said th a t B o f A ’s p ro g ra m w o u ld p r o v id e a g re a te r a p p re cia tio n o f th e O ly m p ic G am es and th at it w o u ld e n c o u r a g e m illio n s o f A m e r i cans. T h e U. S. O ly m p ic C om m itte e m u st r e ly fo r its fu n d s e n tir e ly u p o n p u b lic co n tr ib u tio n s , said M r. B u ck , and th ere is n o g o v e r n m e n t fin a n cia l a ssistan ce fo r th e U. S. team s, as th e re is fo r team s o f m o s t c o u n tr ie s th a t p a rtici pate in th e O ly m p ic G am es. That’s the projection for Bank Americard sales nationally this year. A cool three and a quarter billion. Regionally, the 175 Bank Americard banks in Colorado, Wyoming, Montana, New Mexico and western Nebraska are handling retail sales and services in excess of $70,000,000.00 annually. Colorado National Bank’s BankAmericard Center now serves more than 500,000 card holders, processes more than 8,000,000 items per year. Sound like we’re playing the “ numbers game” ? In a sense, we are. Numbers are a bank’s business, and our experience in handling volume is what we offer our Correspondent Banks. Whether your needs are Proof and Transit Service, Investment Advice, Pension and Profit Sharing Plans, Loan Participation or tickets to Denver Rocket games (our toughest assignment), Colorado National Bank can do a better job for you. Because we know how to play the numbers game. Want to sit in with us? Call our number. Iw l m m iim s COLORADO NATIONAL BANK 17th and Champa, Denver, Colorado 80202 Phone: (303) 222-9311 Cable: COLNATBANK Bankwire:SOLO https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 60 W y o m in g N e w s FELIX BUCHENROTH, JR. Jackson President Wyoming Bankers Assn. Expand to Travel Service T h e W y o m in g B a n c o r p o r a tio n has ex p a n d e d its fa c ilitie s to in clu d e a tra v e l s e r v ic e th r o u g h its m e m b e r b a n k s, a c c o r d in g to R . L e e V a n D eren , s e n io r v ic e p re s id e n t o f m a r k e tin g fo r th e o rg a n iza tion . T r a v e l an d e n te rta in m e n t cen ters h a v e b e e n sta rted at F ir s t N a tion a l B a n k o f R a w lin s, F ir s t N a tion a l B a n k o f L a n d er, S to ck m e n s N a tion a l B a n k o f L u s k , S to ck G r o w e r s ’ B a n k o f W h ea tla n d , E a st C h e y e n n e N a tion a l B an k , an d F ir s t C h e y e n n e State B a n k . T h e n e w d e p a rtm e n ts w ill o ffer r e se rv a tio n , tick e tin g , a c c o m m o d a tio n s an d ca r ren ta l s e r v ic e s fo r tr a v e l a n y w h e r e in th e U. S. an d a b ro a d b y b o th in d iv id u a ls an d g ro u p s . T h e d ep a rt m en ts w ill fu n c tio n th r o u g h a d ir e c t re la tio n s h ip w ith C h e y e n n e T r a v e l S erv ice. Qualify for Membership T h e F irst N a tion a l B a n k o f R iv e r to n has q u a lified fo r m e m b e r s h ip in th e S ilv e r C lo v e r C lu b o f th e N a tion a l 4-H F o u n d a tio n . S ilv e r C lo v e r m e m b e rs h ip is a w a rd ed to b a n k s s u b s c r ib in g $100 o r m o r e to th e “ S e rv ice to Y o u t h ” p r o g ra m s o f th e N a tio n a l 4-H F o u n d a tio n . Sutter Joins Staff H a ro ld W a lte rs, p r e s id e n t o f E a st C h e y e n n e N a tion a l B a n k , h as an n o u n c e d th a t R o b e r t L. S u tter has jo in e d th e staff as an assista n t v ic e p re s id e n t an d m a n a g e r o f its in sta ll m e n t loa n d ep a rtm en t. M r. S u tter is a fo r m e r loa n officer at W y o m in g N a tion a l B a n k in C asper w ith w h ic h h e w a s a ssocia ted sin ce M ay, 1968. P r io r t o th a t h e w a s e m p lo y e d b y th e C a sper office o f B a n k ers In v e s tm e n t C o m p a n y , a c o n s u m e r fin a n ce org a n iza tion . Joins Cheyenne Bank H o w a r d A . C h a p in has b e e n n a m ed h ea d o f th e tru st o p e ra tio n s o f C h ey e n n e N a tion a l B a n k , a c c o r d in g t o a jo in t a n n o u n c e m e n t m a d e b y A . H. T ra u tw e in , C N B p r e s id e n t an d ch a ir m a n o f th e b o a rd o f W y o m in g B anc o r p o r a tio n , an d P a u l H o w e s, W B C p resid en t. M r. C hapin, w h o is th e fo r m e r v ic e p re s id e n t an d s e n io r tru st officer o f Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T h e F ir s t N a tion a l B a n k & T ru s t C om p a n y o f L in c o ln N ebr., has b e e n n a m ed s e n io r v ic e p re s id e n t an d tru st officer fo r C h e y e n n e N a tion a l. Announce Blue Cross Plan A . R . A b b e y , p r e s id e n t o f W y o m in g B lu e C ross and B lu e S h ield, an d V e rn E a stm a n , e x e c u tiv e v ic e p re s id e n t o f th e F ir s t N a tion a l B a n k o f T h e rm o p olis, a n n o u n c e d th at e n r o llm e n t in th e B lu e C ross-B lu e S h ield B a n k D e p o s i t o r s ’ P r o g r a m has b e g u n in H o t S p rin g s C ou n ty . T h e B a n k D e p o s ito r s ’ P r o g r a m o f fe r s a n e w ty p e o f e n r o llm e n t to all resid en ts o f th e c o u n t y b y p r o v id in g a m ea n s fo r p a y m e n t o f du es th ro u g h th e F ir s t N a tion a l B an k . P e o p le en r o lle d in th e b a n k d e p o s ito r s ’ p r o g ra m w ill r e c e iv e c o v e r a g e d e sig n e d to c o v e r lo ca l h o sp ita l m e d ica l co sts at a sp e cia l rate. Two Banks Are Proposed A g r o u p o f C h e y e n n e b u s in e s s m e n a n n o u n c e d r e c e n tly th a t th e ir a p p lica tio n to esta b lish a n e w b a n k in Jackson , t o b e k n o w n as th e F ir s t N a tio n al B a n k o f J a ck s o n H o le , has b e e n filed w ith th e U. S. C o m p tr o lle r o f th e C u r r e n c y in W a s h in g to n , D. C. A s a c o u n te r m o v e , a g r o u p o f lo ca l J a ck so n b u s in e s s m e n h a v e a lso filed an a p p lica tio n to e sta b lish a n e w b a n k to b e k n o w n as th e J a ck so n H o le N a tion a l B ank. Named ABA Official R o b e r t F e r r il o f th e W y o m in g B a n k an d T r u s t o m p a n y o f B u ffa lo h as b e e n a p p o in te d v ic e p re s id e n t o f th e A m e r i ca n B a n k e rs A s s o c ia tio n fo r th e state o f W y o m in g . H e w ill m a in ta in lia iso n b e tw e e n th e n a tio n a l a sso cia tio n an d th e in d iv id u a l b a n k s in W y o m in g an d is re s p o n s ib le fo r m e m b e r s h ip a ctiv itie s on b e h a lf o f th e n a tio n a l a ssocia tion . 1st of Chicago Will Enter Merchant Banking Field G a y lo rd A . F re e m a n , Jr., ch a irm a n o f th e b o a rd o f T h e F ir s t N a tion a l B a n k o f C h ica g o, has a n n o u n ce d th e o p e n in g o f a n e w m e rch a n t b a n k in g su b s id ia r y in L o n d o n , E n g la n d . M r. F r e e m a n said th e n e w w h o lly o w n e d su b sid ia r y , F ir s t C h ica g o L im ited, is p r o c e e d in g w ith a p p r o v a l o f B ritish a u th o ritie s an d th e F e d e r a l R e s e r v e B oa rd. W illia m G. C u rran , v ic e p resid en t, has b e e n n a m ed m a n a g in g d ir e c to r o f th e n e w m e r c h a n t ban k . M r. C u rran , w h o r e c e n tly jo in e d F irs t C h ica g o, has b een e n g a g ed in m e rch a n t b a n k in g ac tiv itie s in E u r o p e fo r th e p a st five y ea rs. M r. F r e e m a n said th e n e w v e n tu r e is an im p o r ta n t step in p r o v id in g c o m p le te an d fu lly -in te g ra te d in te rn a tio n a l fin a n cia l s e r v ic e s fo r th e b a n k ’s c u s to m e rs at h o m e and a broad . T h e in c r e a s in g ly la rg e fin a n cia l re q u ire m e n ts o f cu s to m e r s an d th e g r o w in g c o m p le x ity o f in te rn a tio n a l fin a n cia l a rra n g e m e n ts s u g g e s te d th e n eed fo r a m e r c h a n t b a n k in g o p e r a tio n w h ic h c o u ld put t o g e t h e r la rg e a m o u n ts o f ca p ita l an d th e re q u ir e d fin a n cia l an d m a n a g e ria l e x p e rtis e , h e in d ica ted . T h e n e w m e r c h a n t b a n k w ill op e ra te e x c lu s iv e ly a b roa d . S ta rtin g w ith E u r o lo a n s y n d ic a tio n s an d E u r o B o n d u n d e r w r itin g a n d p la cin g , M r. F r e e m a n said, F ir s t C h ica g o L im ite d p la n s o v e r tim e to d e v e lo p a fu ll s p e c tr u m o f fin a n cia l an d rela ted s e rv ice s , su ch as e q u ity u n d e r w r itin g , m e r g e r a n d ac q u is itio n s tr u ctu rin g , c o r p o r a te p la n n in g , p lu s in v e s tm e n t c o u n s e l and m a n a g em en t. New Bank for Denmark A m e r ic a n E x p r e s s In te rn a tio n a l has a n n o u n c e d th at a p p r o v a l to esta b lish th e first fo r e ig n -o w n e d b a n k in S ca n d in a via , to b e k n o w n as A m e r ic a n E x p r e s s B a n k A /S , has b e e n g ra n ted b y th e D a n ish a u th orities. T h e n e w b a n k is sch e d u le d to op e n fo r b u sin e ss in C o p e n h a g e n in th e s p r in g o f 1971. A m e r ic a n E x p r e s s In te rn a tio n a l B a n k in g C o rp o ra tio n , a w h o lly -o w n e d su b s id ia r y o f A m e r ic a n E x p r e s s C o m p a n y p r e s e n tly m a in ta in s a c o m m e r c ia l b a n k in g n e tw o r k o f 48 b ra n ch e s an d su b sid ia ries s p a n n in g 17 c o u n tr ie s o u ts id e th e U n ited States. Opens 2 Foreign Offices A n e w r e p r e s e n ta tiv e office o f I r v in g T ru st C om pany w as open ed N ovem b e r 6 in S in g a p o re b y A r th u r G. B oa rd m a n , Jr., p r e s id e n t-e le ct o f th e $5 b illio n N e w Y o r k B ank. On N o v e m b e r 10, M r. B o a rd m a n a lso p re sid e d at ce r e m o n ie s o p e n in g a n e w re p re s e n ta tiv e office in M elb ou rn e, A u stra lia . E a r lie r th is y e a r th e b a n k esta b lish ed re p re s e n ta tiv e offices in T o k y o an d T a ip ei. It has had re p re se n ta tiv e offices in H o n g K o n g sin ce 1958. 61 Som e banks are more efficient than others. For example, the United Bank of Denver* is more efficient than the Denver U.S. National Bank. The United Bank of Aurora is more efficient than First Bank of Aurora. The United Bank of Boulder is more efficient than Mercantile Bank and Trust Company. The United Bank of Fort Collins* is more efficient than the Poudre Valley National Bank. The United Bank of Greeley is more efficient than Weld County Bank. The United Bank of Lakewood* is more efficient than Villa National Bank. The United Bank of Littleton is more efficient than the Arapahoe Valley Bank. The United Bank of Pueblo is more efficient than the Arkansas Valley Bank. And United Banks of Colorado is much more efficient than Denver U.S. Bancorporation. We just changed our name. And the names of all our member banks. To make our company more efficient. Easier to administrate. More economical to operate. More economical to promote. And more profitable. We’re already the largest financial institution in Colorado. Now, we may just become the most efficient, too. U nited Banks of C olorado Full Service Banks ^National Association Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 62 We w ant the first w ish y o u a H appy E aster! \ The timely thing to do is to wish a Merry Christmas and a Happy New Year to our correspondent bankers and our banking associates everywhere. Consider it done. Also, just as we think ahead about holi days we re always working on ideas to improve our banking services. If you want to be ahead of the game, call our Santa, Jay Bordewick. He’s also the Head Bunny around Easter time! i Ai ( 402) 536-2077 “A ! ★ ★ ★ U.S. N A T IO N A L BANK OM AHA Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 63 p e rso n a lity , w ill b e th e b a n q u e t sp e a k er. N e b r a s k a 50th Anniversary H . L. G erh art, Sr., ch a irm a n o f th e b oa rd , F ir s t N a tion a l B a n k , N e w m a n G ro v e , w a s h o n e r e d r e c e n tly on h is 50th a n n iv e r s a r y in b a n k in g . A n op e n h ou s e w a s h e ld at th e ba n k . M r. G er h a rt is a p ast p r e s id e n t o f th e N e b ra s ka B a n k e rs A s s o cia tio n . N E W S H. L. McKIBBIN President Gering W. H. OSTERBERG Exec. Mgr. Omaha Christm as D olls A re D isplayed N R E C E N T w e e k s m a n y o f th e c u s to m e r s o f th e U n ite d S tates N a tio n a l B a n k o f O m aha h a v e b e e n lin g e r in g a w h ile in th e lo b b y . T h e rea son : A cla ss ic c o lle c tio n o f 135 a n tiq u e d olls, d isp la y e d b y M r. a n d M rs. E d w a r d M o r e a r ty o f O m a ha. M r. M o r e a r ty w o r k s in U. S. N a tio n a l’ s m a ilr o o m . M rs. M o r e a r ty sta rted c o lle c tin g d o lls a b ou t 35 y e a r s ago. A n in terest in a n tiq u es led to th e h o b b y , sh e said, an d sh e c o lle c te d “ b ig d o lls ” at first. She d is p la y e d h e r first c o lle c tio n at U. S. N a tio n a l’s fo r m e r b u ild in g s e v era l y e a r s a g o. E v e n tu a lly , sh e sold th a t c o lle c tio n fo r $20,000 an d b eg a n c o lle c tin g sm a ll d olls, m a d e m o s t ly o f e ith e r c h in a o r “ b is q u e ,” w h ic h is u n g la zed ch in a. T h e d o lls w e r e all m ad e in G e rm a n y a n d F r a n c e at least 65 y e a r s ago. M rs. M o r e a r ty d e c lin e d to estim a te th e tota l v a lu e o f h e r c u r r e n t c o lle c tion , b u t said th e d olls h a v e a p p re cia te d g r e a tly in r e c e n t y e a r s b e ca u se th e m a r k e t fo r th em h as b e e n b o u g h to u t fo r n e a r ly s e v e n y ea rs. “ E v e n th e d ea lers, on th e ir trip s to th e old c o u n tr y , find n o m o r e d o lls ,” sh e said. I B e fo r e th e d o ll m a rk e t w a s dep leted , sh e a cq u ire d d o lls fr o m a n tiq u e d ea l ers in O m aha, fr ie n d s w h o tra v eled , a n d e v e n h er da u gh ter. H e r ra rest d o ll is a “ J u m ea u ,” w o r th a b o u t $250. T h e e ig h t-in ch doll, a c h a r m in g little g ir l d re sse d in la ce and frills , is n a m ed fo r th e F r e n c h m a n w h o sp e cia liz e d in m a k in g th a t ty p e d o ll. “ T h e J u m ea u s w e r e th e b e s t d olls e v e r m a d e b y th e F r e n c h ,” M rs M o r e a r ty said. T h r e e o f h er F r e n c h d olls are o v e r 100 y e a rs old an d w o r t h a b ou t $200 a p iece. P r o b a b ly th e m o s t u n iq u e is a m e c h a n ic a l w in d u p d o ll w h ic h ro lls a lo n g on a m in ia tu re th r e e w h e e le d ca rt, w a v e s h er h a n d k e rch ie f, an d tu rn s h er h ea d fr o m sid e to side. T h e d isp la y in th e U. S. N a tion a l lo b b y m a rk s th e first tim e sh e has s h o w n th e d o lls ou tsid e h e r h om e, w h e r e th e y are k ep t u n d e r glass and illu m in a ted . Convention Taking Shape P la n s fo r th e N eb ra sk a B a n k e rs A s s o cia tio n C o n v e n tio n are u n d e r w a y . T h e c o n v e n t io n w ill be h e ld at th e O m aha H ilto n H o t e l on M a y 2, 3 and 4. M a rily n V a n D erb u r, fo r m e r M iss A m e r ic a an d p r o m in e n t a fter-d in n er Malmkar Promoted R o b e r t M alm k ar, B a n k o f B ru le, B ru le, h as r e c e n tly b e e n p r o m o te d to th e p o s itio n o f a ssista n t o p e ra tio n s officer. Matzke Joins Bank C h arles M a tzk e h as r e c e n tly jo in e d th e b a n k staff at th e J on es N a tion a l B a n k , S ew ard. Mead Named Asst. V.P. R o n a ld D. M ead e has b e e n n a m ed assista n t v ic e p r e s id e n t o f th e F ir s t N a tion a l B a n k , G ra n d Islan d . New Annex for DeLay Bank T h e n e w a n n e x o f th e D e L a y F ir s t N a tio n a l B a n k d riv e -in o p e n e d r e c e n t ly in N o r fo lk . T h e stru ctu re e n la rg es fa cilitie s at th e d riv e-in b y a d d in g fo u r n e w b a n k in g lan es w ith T e l-A ir s e r v ice. G ilb e rt F ish e r, assista n t ca sh ier, is in c h a rg e o f th e d riv e-in ban k s. Springview Bank to Expand W o r k is b e g in n in g o n a n a d d itio n to th e F ir s t N a tio n a l B a n k , S p rin gv ie w . T h e e x p a n s io n w ill p ro v id e m o r e s tora g e sp a ce a n d g en era l office space. Announce Restoration M a rv in K iv e tt, d ir e c to r o f th e N e b ra sk a State H is to r ic a l S ocie ty , has a n n o u n ce d th e r e s to r a tio n o f th e S teele C ity B a n k as th e th ird h is to r i ca l site to be r e s to r e d th ere. M rs. F r a n k K n o c k e o f F a ir b u r y d ire cte d th e restora tion . Donald Perkins D on a ld P e rk in s, b o a r d o f th e T ild e n r e c e n tly at th e age v iv e d b y h is w ife ch a irm a n o f th e B a n k , T ild e n , d ied o f 42. H e is s u r an d five ch ild ren . Farm Finance Center A BIT OF N O STALG IA drew hundreds o f viewers recently to this special display case in the lobby o f the United States National Bank of Omaha where they found dozens of dolls from a by-gone era. Bank Pres. Ed Lyman (center) views the display with its owners, Mr. and Mrs. Ed Morearty. The latter works at the bank. P la n s h a v e b e e n c o m p le te d fo r th e e x p a n s io n o f th e F a r m e r s N a tion a l B a n k , W is n e r , an d d e v e lo p m e n t o f a F a r m F in a n c e C en ter, a c c o r d in g to J im B. C oop er, ch a irm a n o f th e b o a rd o f d ire cto rs. T w e n ty -fiv e h u n d re d sq u a re fe e t o f sp a ce has b e e n p u r ch a sed and p la n s are u n d e r w a y fo r e x te n s iv e r e m o d e lin g . Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 64 H E U n ited S tates N a tion a l B a n k o f O m aha tu rn e d an in su lt in to a c o m p lim e n t fo r h u n d re d s o f O m ahaa rea la w e n fo r c e m e n t officers w h o c a m e t o its “ P ig s Is B e a u tifu l” p a rty r e c e n tly in th e b a n k ’s lu n c h r o o m . T T h a n k s to an en te rta in in g p o r k e r th em e, th e w o r d “ p ig ” u sed in c r e a s in g ly b y ra d ica l g r o u p s a g a in st p o lice, to o k o n p o s itiv e m e a n in g fo r o v e r 350 m e m b e rs o f th e O m aha p o lic e d e p a rtm e n t, D ou g la s C o u n ty s h e r iff’s office, an d N eb ra sk a state p a tro l, w h o a tte n d e d on e o f th e th re e s e ssio n s o f th e p a r ty — at 4 p.m . an d m id n ig h t S a tu rd a y , an d 8 a.m . S u n d a y — as th e y ca m e o ff w o r k -d u ty in sh ifts. P r e s id e n t E d L y m a n , e x e c u tiv e v ic e p re s id e n t Kermit H a n sen , an d m a n y b a n k officers h o ste d th e la w m en . M r. L y m a n , in b r ie fly w e lc im in g th e la w m e n said, “ O ur p u r p o s e to d a y is to s h o w a p p re cia tio n fo r th e w o n d e r fu l jo b all o f y o u d o fo r a ll o f u s in th e c o m m u n it y .” T h e id ea fo r th e p a r ty w a s o r ig i n a ted s e v e ra l m o n th s ea rlie r b y m e m b e rs o f th e M a rk e tin g D iv is io n m a n a g e m e n t tea m an d L lo y d B e r g o f L lo y d A d v e r t is in g A g e n c y . P re sid e n t L y m a n , M a rk e tin g D iv is io n M a n a g er Jim Zimmerman, M a rk e tin g S e rv ice s M a n a g er B o b Satrapa, a n d M r. B e r g settled on th e th em e and w e n t to w ork . O rig in a ly , it w a s h o p e d th e b a n k c o u ld p re s e n t a liv e p ig t o th e p o lic e as a m a scot, b u t a c h e c k o f c ity o rd in a n ce s sh o w e d it w a s ille g a l to k e e p fa rm an im a ls w ith in th e c it y lim its. H a m sa n d w ich e s, p re p a re d b y p o p u lar O m aha re sta u ra n te e r L y le D. M oss (1969 N a tio n a l P o r k C ook -ou t K in g ), a h u n d re d ca ses o f b e e r p lu s o th e r re fre sh m e n ts, an d a b a n jo p la y e r and a c c o r d io n is t fr o m B ill B a ile y ’s B a n jo B a r h e lp e d k e e p g o o d h u m o r an d h ig h sp irits flow in g . On th e w e s t w a ll h u n g a sig n p r o cla im in g , “ I f y o u D o n ’t L ik e th e P o lice , N e x t T im e Y o u ’re in T r o u b le , T r y C a llin g a H ip p ie .” B e n e a th it a p ic tu re o f tw o p ig s n u z z lin g d r e w la u g h s fr o m th e la w m en . E a c h officer r e c e iv e d a p a ck e t c o n ta in in g a b u tto n an d b u m p e r s tick e r s p o r tin g th e “ P ig s Is B e a u tifu l” slo gan , a fla g decal, a U. S. N a tion a l b r o ch u re, an d a certifica te d e sig n a tin g h im a “ C h a rter M e m b e r o f th e I n te r n a tio n a l O rd er o f P ig s .” A g ift o f a p o u n d o f p o r k fo r ea ch m an c a p p e d th e th em e. T h e e x e c u tiv e c o m m itte e o f th e F ir s t N a tion a l B a n k o f O m aha an- <*■: n o u n c e d th e e le c tio n o f J a ck C a n a d a y as a m e m b e r o f th e b o a r d o f d ir e c to r s o f th e ban k . A v e te ra n o f W o r ld W a r II, M r. C a n ad ay r e c e iv e d h is B .A . d e g re e in e c o n o m ic s in 1951 fr o m D r u r y C ol leg e in S prin gfield, M o. A ft e r a tte n d in g th e In te r -A g e n c y E x a m i n e r S c h o o l in W a s h in g to n , D. ► C., h e b e c a m e a bank e x a m in e r ■'*' A. J. CANADAY fo r th e F e d e ra l D e p o sit In s u r a n c e C o rp o ra tio n . In " 1958 h e jo in e d th e B a n k o f In d e p e n d en ce, In d e p e n d e n c e , M o., as v ic e p re s id en t an d ca sh ier. In 1961 h e w a s ele cte d p r e s id e n t o f th e b a n k . In M a rch o f 1967 h e ca m e to th e F ir s t N a tion a l B a n k o f O m aha as v ic e p r e s id en t a n d loa n officer, a n d th e n w a s a p p o in te d d ir e c to r o f o p e ra tio n s in 1969. * * * Harold R. Browning, re tire d v ic e p r e s id e n t o f th e U n ited States N a tio n a l B a n k , d ied r e c e n tly at th e age o f 72. H e w a s a re sid e n t o f R a p id C ity sin ce h is r e tir e m e n t in 1963. Y ea rs o f tr a v e lin g fo r th e U. S. N a tio n a l’s c o r r e s p o n d e n t b a n k d iv is io n m ad e M r. B r o w n in g w id e ly k n o w n th r o u g h o u t th e state an d area. M r. B r o w n in g ca m e to th e U. S. N a tion a l in 1931. In 1933 h e jo in e d th e F ir s t Natio n a l B a n k o f th e B la ck H ills in R apid C ity. H e re s ig n e d as v ic e p re s i d en t o f th a t b a n k to re tu rn to U. S. N a tio n a l’s c o r r e s p o n d e n t d iv is io n in 1954. H e w a s c lo s e ly a ssocia ted w ith th e a g ricu ltu re an d liv e s to c k in d u s tries d u r in g h is lo n g b a n k in g ca re e r. * * * Robert G. Lueder, p re s id e n t o f Lued e r C o n s tr u c tio n C om p a n y , has b een e le cte d a d ir e c to r o f F ir s t S e c u r ity G r o w th F u n d , In c. Dale C. Tinstman, p re s id e n t o f th e O m aha-based m u tu a l fu n d , m a d e th e a n n o u n ce m e n t. * r * * * 1 * J. Peter Jeffrey, p re s id e n t o f th e A W E LL-D ESER VED SA LU TE was given to law officers when United States National Bank o f Omaha honored them at a recent series o f parties. With Ed Lyman (le ft), pres o f the bank, are Lt. George Hauger (center) o f the Omaha Police detective bureau and Patrolman Charles Lausten. W e s t O m aha N a tio n a l B an k , r e p o rte d th e b a n k is e n la r g in g r o u g h ly 50 p er cen t, ta k in g o v e r a n o th e r 3,500 sq u a re fe e t o f th e L a k in B u ild in g at 90th and W e s t D od g e. F o u n d e d D e ce m b e r 2, 1964, th e W e s t O m aha N a tion a l B a n k o p e n e d fo r b u sin e ss in a sp ecia lly b u ilt tra ile r at 90th an d W e s t D o d g e R oa d . On J a n u a ry 15, 1966, th e b a n k m o v e d in to g r o u n d flo o r fa cilitie s in th e n e w ly -b u ilt L i p p o l d B u ild in g (n o w th e L a k in B u ild in g ). D u r in g th e su m m e r o f 1968, W e s t ’ N o rth w estern B anker, D ec em b er, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1970 V * s S -f 65 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, December, 1970 66 Nebraska News Omaha National Bank also opened a drive-in/walk-in facility in the Swan son Building. Current bank deposits are $14.2 million. * * * Denver-based Kirchner, Moore and Company, largest firm specializing solely in tax exempt municipal bonds in the 11 western states and Alaska, has opened offices in Omaha. Making the announcement, company President Ronald L. Moore said expan sion of his company’s services to Ne- R. L. MOORE C. J. V A N A braska is partly the result of the con sistent pattern of industrial and com munity development in the state, and partly the finding of a person with first hand knowledge of the financial needs of Nebraska communities and banks to head the operation here. Manager of Kirchner, Moore in Ne braska is Charles J. Vana, 41, Omaha native and a municipal underwriter in the state for the past eight years. Headquartered in Omaha’s Wood men Tower, Mr. Vana will supervise public financing activities and com mercial bank services, including port folio evaluation and computerized tax- loss trade assistance throughout the state. Mr. Moore pointed out that the company, which has been involved in a billion dollars of tax exempt bonds for western communities either as participants or as direct underwriters, views the Nebraska expansion as a continuing step in the evolution of a total service concept able to meet the demands for public financing in the 70’s. * * * The Omaha investment firm of Burns Potter & Company will merge with Kirkpatrick, Pettis, Smith, Polian Inc., according to Herb Davis, presi dent of Kirkpatrick, Pettis, Smith, Po lian Inc. Bunrs, founded in 1902, will close its offices at 1816 Douglas Street and its nine employees will move into Kirkpatrick’s headquarters in the Omaha Building. Plummer Purdham, president of Burns, will retire after 51 years with the company, the oldest investment banking firm in Nebraska. * * * Edmund G. Jurek has joined the Omaha-based investment b a n k in g firm of Chiles, Heider & Company. Mr. Jurek will work in corporate finance. He formerly was a manager in the accounting firm of Peat, Mar wick, Mitchell & Company. * * * Investors Growth Industries, Inc., an Omaha-based holding company, has announced earnings for the nine months ending September 30 of $759,000, or 40 cents a share. for alert CORRESPONDENT BANK SERVICE, call on tV e s B ow en, our V. P., S p e c ia l PACKERS National Bank 24th & 0 • 402/731-4900 Omaha, Nebr. 68107 Member FDIC Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis In the same period last year, earnings were $612,000, 30 cents a share. The company said it earned $370,000, or 20 cents a share, in the third <t quarter, compared with $360,000, or 18 cents a share in 1969. Investors Growth and its subsidi aries own Pepsi-Cola franchises in Wichita, Lyons and Emporia, Kan.; Tulsa, Okla.; Joplin, Mo., and Harri son, Ark. The company also owns Minnesota Small Loan Company in Minneapolis and controlling interest in the First National Bank in Sioux City, Iowa. * * * An opening celebration held by the North Side Bank, 31st Street and Ames Avenue, was marked by presentation of a special award for business devel opment by the Northwest Commercial Club. Bank President Joseph M. Hart, Jr., who accepted the plaque during the group’s meeting said the bank has been doubled in floor space since groundbreaking in November, 1968. Chief designer Lynn E. Bonge, 12324 Deer Hollow Drive, of Boyer and Biskup architects, pointed out that bank activities continued throughout the construction, which started with the east half. Approximately the same staff — 52 full-time and eight part-time—are now handling an 18 per cent increase in items (debits and deposits) over the middle two quarters of the fiscal year, according to Don Maurer, assistant vice president. About 20,000 items a day are handled, he said. Although savings and loan institu tions have long offered community meeting rooms, Mr. Hart said he be lieves his bank’s new lower-level facil ities, with attached kitchen, are the first in any Omaha full-service bank. The bank traces its roots to the old Bank of Florence. In 1939 the name was changed to North Side Bank and operations began at 4514 N. 30th Street. In 1952 a move was made to the present location, with 10,000 square feet of space on two floors, Mr. Hart said. Deposits have increased from $4.5 million in 1945 to $10 million in 1952 ' ' and approximately $24.5 million this month. Marvin G. Schmid of Omaha, presi dent of the Nebraska Association of Commerce and Industry, has an nounced six appointments to the board of directors. They are J. D. Anderson, president of Guarantee Mutual Life Insurance Company; Edd H. Bailey, president of the Union Pacific Railroad; F. Phillips Giltner, president of the First National Take sometime This Christmas to do a little remembering. Think back over the years to when it was just you and thefolks and the rest of the Kids bustling, nouse filed withthe Christmas. And remember howffgbod it all was. Because that's JJiP th e Kind of Christmas we're wishing for you and yours...,thisyear and tor al I the years to come. nt?ST NATIONAL BANK OF OMAN A M EM BER F P IC Northwestern Banker, December, 7970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 68 Nebraska News Bank of Omaha; Max Kiburz of Co lumbus, general manager of Loup River Public Power District; Henry P. Roose, vice president of the U. S. Na tional Bank of Omaha, and Ed M. Weaver, Jr., of Lincoln, president of Weaver Potato Chip Company. * * 4= Gary D. Ragnow has been made a trust officer of the Douglas County Bank. * * * The city’s 15 commercial banks re ported loans and deposits as of Octo ber 28 in response to a recent call issued by the Comptroller of the Cur rency. The totals for all 15 banks showed that loans have increased nine-tenths of one per cent over the last year, while deposits grew 6.4 per cent. Total deposits for 1970 came to $900,915,348 as compared to $846,390,027 in 1969 resulting in an increase of $54,525,321. Loans totaled $571,666,310 in 1970 compared to $566,228,601 with an increase of $5,437,709. Bacon Announces Resignation Harold Bacon has announced his resignation as president and chairman of the board of directors of the North Platte State Bank, North Platte. L. W. Alford is the newly-elected president of the bank. Hilderbrand Named Cashier Charles Hilderbrand has been named cashier of the First National Bank, Ogallala, according to a recent an nouncement by M. G. Keller, presi dent. Pospisil Celebrates 35th A. L. Pospisil celerbated his 35th anniversary as head of the Wakefield National Bank, Wakefield, recently. Develop Parking Facility The Bank of Wood River, Wood River, has purchased the former li brary site in that town for develop ment of more parking facilities. Expand Community Service D e p o s its 1970 Omaha N a t’l .................... $327,133,435 F irst N a t’ l .......................... 165,770,892 U . S. N a t’l.............. 159,527,363 N orthw estern N a t’l ....... 52,928,523 Center ...................... .......... 31,027,838 1st W estside ............ .......... 29,382,093 N orthside .................. .... . 24,037,287 Douglas C ounty ..... .......... 23,580,946 Southwest ................ .......... 23,392,443 Packers N a t’l ....... .......... 19,817,469 W . Omaha N a t’l ............ 13,980,615 S ecurity N at’l ....... .......... 12,472,462 Am es P laza .............. .......... 9,595,683 4,462,678 1st W estroads ....... ......... Mid C ity .................. .......... 3,805,621 1969 $306,615,147 155,458,614 156,861,172 53,318,902 29,692,787 27,708,221 21,964,356 23,898,288 18,877,725 17,132,578 11,569,702 11,793,299 8,488,310 4,234,242 2,776,684 Totals.................. ......... $900,915,348 $846,390,027 The Farmers National Bank, Pilger, has announced the creation of a new Farm Finance Center to provide ex panded services to the community. Thomas D. Lambert will head the service. New Facility Jot Huckfeldt, president of the Gering National Bank, Gering, disclosed plans for a new detached drive-in fa cility. Construction date has not been set. L oans 1970 Omaha N a t’l .......... ..........$202,078,230 ÎJ. S. N at’l .............. .......... 108,629,545 F irst N a t’l .............. .......... 102,147,638 N orthw estern N a t’l ........ 34,239,701 1st W estside ............ .......... 21,180,007 Center ................... ... .......... 20,680,662 Southwest .............. ......... 16,365,949 N orth Side .............. .......... 15,164,335 D ouglas County ..... .......... 13,121,954 Packers N a t’l .......... ......... 8,957,437 W . Omaha N a t’l .... ......... 8,328,314 Security N a t’l ........ .......... 7,574,933 Am es P laza ............ ......... 6,797,873 1st W estroads .......... ......... 3,663,344 Mid C ity ............................ 2,736,388 1969 $191,567,617 110,914,224 110,522,046 35,045,143 20,939,459 20,970,802 14,256,910 13,008,101 14,155,454 8,832,580 7,482,622 7,012,443 5,710,387 3,589,095 2,141,718 T otals.................. ......... $571,666,310 $566,228,601 Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Form Study Group An American Institute of Banking study group has been formed for per sonnel of three area banks, according to Steve Patrick, assistant vice presi dent and cashier of the Bank of Gering. Stockmans Bank To Remodel The Stockmans National Bank, Har rison, is planning a complete interior remodeling of the bank building and is also preparing to build a drive-in r service. ' * :v ' L r p ' i TiLOi * Morgan Named to Board Gary Morgan, an employee of the First National Bank, Albion, for 12 years, was recently elected to the board of directors. » Remains Executive Director Charles S. Reed was again elected director of the Association of Military Banks at a recent meeting of the American Bankers Association at Miami, Fla. Mr. Reed was the former president of the Bank of Bellevue, Bellevue. f } Meek Attends Seminar Dennis L. Meek, operations trainee, Bank of Bellevue, was one of 86 reg istrants from 23 states at the fourth annual seminar for junior bank offi cers recently at the Ball State Uni versity in Muncie, Ind. Evening Seminars at Bank Citizens State Bank, Decatur, has arranged an evening seminar in bank ing. Bank President Dick Terwillinger, along with other bank personnel, will discuss the different phases of customer services and the inner work ings of the banking system. New Community Room The First State Bank, Gothenburg, has recently begun use of its newly constructed community room. A Way To Say “ Thanks” The banks of Custer County have added a new dimension to their cor respondent bank relationship. Recent ly they were host to representatives from their correspondent banks. Dur ing the afternoon, those that wished went quail and pheasant hunting with moderate success reported. Then that evening, a dinner was served to the 45 bankers in attendance at the Broken Bow Country Club. The pur pose of the dinner meeting was mere ly a means for the Custer County bankers to say “Thank you” to their V « correspondent bank friends for many years of good service and friendship and the hope for many more to come. Hosting were the banks in Ansley, Arnold, Broken Bow, Callaway, Com stock, Mason City, Oconto, and Sar gent. Attending were representatives from the State Department of Bank ing, the First National Bank & Trust «<* Company, and the National Bank of Commerce, all of Lincoln, and the V First National Bank, the Omaha Na 'S tional Bank and the United States National Bank all of Omaha. * 69 NEDHELP? Call Don Thompson in our Installment Loan Department . . . f o r help in m aking y o u r in sta llm e n t loan d e p a r t m e n t m e e t t o d a y ’s c u s t o m e r r e q u ir e m e n t s . . . a n d in s tre a m lin in g it fo r m ore p ro fit a b le o p e ra tio n . Y o u c a n r e a c h h i m .. .or a n y o f th e o t h e r m e m b e r s o f th e full s e r v i c e c o r r e s p o n d e n t b an k te a m p ic tu re d b e lo w ...a t (4 0 2 ) 7 3 4 - 1 2 3 4 . Y o u ’ll g e t k n o w le d g e a b le , e x p e r i e n c e d s e r v i c e ... pronto. Northwestern National Bank Omaha, Nebraska Bill Graves Vice President Omaha, Nebraska 402-734-1234 Ed Probasco Vice President https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Dan Rishel Asst. Vice President Member F.D.I.C. Northwestern Banker, December, 1970 70 G LENN YAUSSI, chairman of the velopment of all this property. We board of the National Bank of will work toward designs for the best Commerce, announced last month thatuse of our properties in downtown NBC had exercised its option to as Lincoln. We have no definite immedi sume control of the Varsity Theatre ate plans, but over the next five to building from Nebraska Theatres 10 years we would expect to have a Corporation of Colorado Springs. An new bank building, including office option was taken on August 6, 1970, space and the possibility of a hotel or for this property high-rise apartments.” and it had to be When the real estate options were exercised by De first revealed, it was reported that the cember 1, 1970. Nebraska Theatres Corporation had NBC will take an option to lease the old Elks Build possession of the ing at 13th and P Street. This option p r o p e r ty some must be exercised by December 10, time after Decem 1970. Larry Starsmore, head of the ber 1, 1971. Nebraska Theatres Corporation, indi The transaction cated an interest in constructing a w ill g iv e NBC new twin theatre on this site to re c o n tr o l of the place the present Varsity operation. G. Y A U S S I * * * north half of the entire block, plus a 75-foot frontage The board of directors of First Na on O Street. It will have a full block tional Bank & Trust Company recent exposure on P Street and 13th Street. ly announced that the fourth quarter “Although we do not get possession dividend for this year will be 45 cents for at least a year, we plan to start per share on the bank’s capital stock. immediately,” Mr. Yaussi said, “with The increased dividend is payable a long-term program of study and de January 4, 1971, to stockholders of rec START THE N E W Y E A R RIGHT! STEVE SUTTON FOR PERSONAL ATTENTION TO Y O U R CREDIT INSURANCE NEEDS. call Group • Individual Life • Accident & Health T.Q.* Service on our WATS Line in Nebraska. Dial your Access Code, then 800-742-7335. ord at the close of business on Decem ber 18, 1970. The board expressed hope that fu ture earnings will permit a continua tion of this increased cash dividend which will be at the rate of $1.80 an nually. The most recent annual divi dend rate has been $1.60 per share. * * * Allen F. Jorgensen, former wellknown vice president of the National Bank of Commerce, died recently at the age of 71. Mr. Jorgensen traveled throughout t h e Nebraska region w ith N a tion a l Bank of Com merce’s c o r r e spondent bank di vision. He entered the banking business in 1919 with the Danneborg State Bank as assistant A. F. JO R G E N S E N cashier. In 1927 he was employed with the State Bank ing Department in the capacity of Sen ior Bank Examiner. He joined NBC in 1947 where he achieved the title of vice president. He retired in 1964. * * * Ralph Tyler, Jr., vice president and manager of the Master Charge center at the National Bank of Commerce announced recently that the bank re ceived 31 per cent return from its mailing to all Master Charge account holders during a recent contest. Over 25,726 entries came from 13 states, ac cording to Mr. Tyler. Prizes for the contest included an expense paid trip to Acapulco or Ha waii for one couple; a color console television set, black and white portable TV sets; four press box tickets to the Nebraska-Oklahoma football game in Lincoln and $5 and $10 cash awards distributed to 195 other winners. Elect McCabe Jim McCabe, vice president of the First National Bank of Exeter, was selected as secretary of the Exeter Chamber of Commerce for 1971. Everett Johnston Everett Johnston, former president of the First National Bank, Imperial and businessman for over 45 years, died recently in Denver, Colo. He re tired from banking in 1968. *Telephone-Quick. Meade To Join 1st National THE LINCOLN C()MP¿-\NT LINCOLN BENEFIT LIFE BUILDING • LINCOLN, NEBRASKA 68508 Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ronald D. Meade, 30, currently of Lincoln, was elected to the board of directors of First National Bank of Grand Island, Grand Island, to be an assistant vice president and commer- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, December, 1970 72 Nebraska News cial loan officer of the bank. In mak ing this announcement, R. E. Spelts, Jr., chairman of the board, said Mr. Meade’s election would be effective immediately and that he would join the bank’s staff on December 1. Mr. Meade is currently associated with The National Bank of Commerce in Lincoln, in that bank’s commercial loan department. Joins Bank Bob Haag is a new employee at the Bank of Indianola, Indianola. He is a graduate of Kearney State College. Potts Joins 1st National Max D. Potts is the new assistant cashier at the First National Bank of Hooper, according to a recent an nouncement by bank President Wil liam C. Hargens. Mr. Potts was for merly affiliated with the Farmers and Merchants Savings Bank, Manchester, Iowa. New Bank Facility The Nebraska State Bank, Oshkosh, has recently completed a new bank facility which joins the former bank building. An open house is sched uled for December 5. Clifton Appointed V.P. Dennis Clifton has been appointed vice president of the Stockgrowers Bank at Wheatland. He has served as cashier for the last four and onehalf years at the Dakota County Bank. Department o f Travel Andrew W. McMaster, president of Stockmans National Bank, Lusk, out lined plans for a department of travel and entertainment to be headed by Mrs. Coreen Bafford. The new depart ment will function in association with Cheyenne Travel Service. Credit Card Usage Jumps Total credit outstanding at National banks under credit cards and other re volving credit plans climbed 11.4 per cent during the first half of 1970 to reach $2.9 billion on June 30, Comp troller of the Currency William B. Camp has reported. The number of banks reporting ler increased from 1,024 at the end of 1969 to 1,086 in mid-1970, while the growth in balances outstanding was more than $300 million. National banks with retail credit card plans totaled 675 on June 30, 1970, and the outstanding balances they reported were more than $2.2 bil lion; those with check credit plans and similar types of revolving credit totaled 655 and reported outstanding balances of $721.5 million. Both types of plans were in operation in 244 banks. “Less benefit from fee income in creases which larger banks are deriv ing from invoiced services as trust + and computer charges. “ Inexorable increases in salaries and benefits. “Little benefit from lower costs of money. “ I do not forecast gloom for moder ate-size banks in 1971, but many will face smaller or even no increases in earnings for the first time in many years.”— End. 1ST OF CHICAGO . . . Investment Men Elect (Continued from page 28) and that further declines in money market rates will be of a smaller mag nitude, perhaps one-half of one per cent. However, it is very likely that all interest rates will bottom out by the end of the first quarter of 1971 and begin a gradual upswing as the year progresses.” Stock Market—Howard E. Hallengren, vice president and manager, in vestment research division. “ It is our feeling that the current economic situ ation and outlook would justify a mar ket advance from present levels, an advance which probably has been de layed by the extraordinary panic of April and May. “We are estimating earnings on the Dow Average of $51 per share for 1970, although I should hedge that by noting that earnings could be some what lower due to the effects of the General Motors strike. We believe that there will be an earnings increase of about 10 per cent in 1971, and ac cordingly estimate Dow earnings of $56 per share.” Arthur F. Stake, vice president, di vision F (correspondent department): “Nineteen seventy-one earnings for major and regional banks will be up 5 to 8 per cent; they will not show the increases of 1970. Loan demand and rates, softer in early quarters, should pick up later. Lowered costs for money will be a continued key positive factor. “Moderate-size banks in 1971 face demanding challenges: credit plan balances to the Comptrol“Less attractive rates for your ex cess reserves. THANK YOU US TO GROW R. Marshall Barnes, chairman of the investment banking firm of Howe, Barnes & Johnson, Inc., Chicago, has been elected chairman of the Mid-Con- < tinental District, Central States Group, of the Investment Bankers Associa tion of America. Elected vice chairman was William L. Ostrander of First Boston Corpora tion. Russell T. Stern, Jr., of Merrill Lynch, Pierce, Fenner & Smith, Inc., was elected secretary-treasurer. Barclays Bank W ill Open Chicago Office Britain’s largest commercial bank, the Barclays Group, recently an nounced the opening of a representa tive office in Chicago headed by David P. Wilson. Mr. Wilson will be dealing with mid- * west companies in an 11-state area which have subsidiaries overseas. He said Barclays has about 300 corporate customers in the midwest. Offices will be at 203 S. LaSalle Street. The Barclays Group has deposits of $12.7 billion and assets totalling $15.1 billion. It operates more than 5,000 branches in 50 countries, including the United Kingdom, the United States, Europe, Africa and the Caribbean area. EATON YALE £ i TOWNE YALE BANKL0CK SERVICE DIVISION F. E. D AVEN PO RT 2066 FARNAM OMAHA, OFFICE ST. NEBRASKA F OR HEL HE L P I NG E A C H YEAR! United States Check Book Company P. O . Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOX 3 644 OMAHA, 68102 YOUR STATE BANKERS ASSOCIATION SPECIALISTS IN SALES AND SERVICE OF SECURITY EQUIPMENT NEBRASKA 68103 > https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orth w estern B anker, D ec em b er, 19 70 74 'warmest holiday greetings to uou anauours from allotus m k e rs (tr u s t "the pacesetter bank” N o rth w estern Banker, D ecem b er, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1970 Bankers Trust co. SIXTH AND LOCUST, DES MOINES 75 window, adding two large private offices, and enlarging the lobby to make the facilities modern and ade quate in every detail. Iow a NEW S J. H. REDMAN President A. E. LINDQUIST, JR. Exec. V. P. Joins Coralville Rank Fort Dodge Des Moines Foster to Leave Post Holmes Foster, deputy superintend ent of banking for the state of Iowa, will leave that post January 1, 1971, to join Banks of Iowa, Inc. He will coordinate and expedite holding com pany applications and operating re lationship w i t h local, state, and Federal bank reg ulatory agencies. A l i f e l o n g Iowan, Mr. Fos ter was reared in Libertyville and graduated f r o m I o w a Wesleyan H. F O S T E R College. His ca reer with the Department of Banking began in 1951 as an assistant bank examiner. In 1955, he was promoted to examiner and three years later, became a senior examiner. He was elevated to assistant to the superin tendent of banking in 1959, and in 1962 became deputy superintendent of banking. Mr. Foster and two other man, Meade Emory and Howard Sokol of the University of Iowa College of Law, drafted the Iowa Banking Act of 1969. This act revised, recodified, and re placed all of the laws of Iowa relating to the organization, operation and su pervision of state banks. Banks of Iowa, Inc., is a bank hold ing company that currently owns all the outstanding stock of The Mer chants National Bank of Cedar Rap ids. In October, 1970, the board of di rectors of the Union Bank and Trust Company, Ottumwa, Iowa, approved a plan for the exchange of shares of Union Bank for shares of Banks of Iowa, Inc. The transaction is subject to approval of the Securities and Ex change Commission, the Federal Re serve Board, and the holders of at least 80 per cent of the shares of Un ion Bank and Trust Company. Remodeling Complete Remodeling at the First National Bank of Riceville is now complete as equipment has been moved into the offices occupied by bank personnel and those of the Riceville Insurance Agency. The remodeling included the space formerly occupied by veterinarians Drs. Calhoun and Nicoll. The wall between the two structures was opened to allow expansion of the lo cal bank facilities. The bank per sonnel occupies the remodeled space while the Riceville Insurance Agency occupy the offices formerly held by the bank officers. Rex Willis is president of the First National Bank and Ronald F. Kocher serves as cashier. Don Carson man ages the Riceville Insurance Agency. New President at Sheldon Richard A. Schneider, vice president and director of the Security State Bank, Sheldon, has been appointed president, succeeding his father, the late C. L. Schneider. Wilbur Vander Tuig, vice president and cashier, was named a trust officer. Joins Life Investors Parnell E. Proctor, vice president, has announced that Eric M. Hender has joined the investment department of Life Investors Insurance Company of America as in v e s t m e n t man ager. Mr. Hender, formerly assistant vice president in the correspondent bank division of The Mer chant s National Bank of Cedar Rapids, will have general re sponsibilities with E. H E N D E R special emphasis on the development of standby com mitments. A graduate of Colorado College, Colorado Springs, Mr. Hender’s experience has included all phases of banking as well as numer ous banking schools and seminars. He has also been active in the Iowa Bankers Association, the Iowa Junior Bankers Association, and the Ameri can Institute of Banking. Randall State Annex C. B. Kinseth, president of the Ran dall State Bank, Randall, announced that the board of directors has decided to annex next door to enlarge the facilities for the bank. The bank is installing a drive-up James M. Bigelow of Coralville, Iowa, has been named assistant vice president by the First Trust and Sav ings Bank of Oxford, Iowa. Mr. Bigelow has been associated with banks at Iowa City, Solon, and Coralville, Iowa, since 1952. Fourth Generation Banker Steven J. Van Dyke, representing the fourth generation of the Toy-Van Dyke family to serve as an officer of the Toy National Bank, Sioux City, has been appointed assistant cashier of the bank, the board of directors has announced. Mr. Van Dyke was born in Sioux City, was gradu ated from Shattuck Sc ho o l in Faribault, Minn., at t ended Clare mont Men’s Col lege of Claremont, S. J. V A N D Y K E C a l i f . , a n d re ceived his bachelor’s degree from the University of Colorado at Boulder. Following service with the Army, he was an officer of the Security Pa cific National Bank in Los Angeles for four years. Siskow Joins Bank Tom Siskow is now associated with First Trust and Union Savings Bank in Sigourney. He comes to Sigourney from First State Bank of Thornton. Begin Construction The Hartford-Carlisle Savings Bank, Carlisle, has started construction of a new drive-in, walk-up facility on the west end of the bank parking lot. It will have a walk-up lobby and bullet proof teller windows. Purchase Deposit Boxes The Dunlap Savings Bank, Dunlap, has purchased 75 new safe deposit boxes from Diebold. The boxes are being installed at the south end of the present safe deposit vault. Kirelincr Named to Board William F. Kirchner has been ap pointed to the board of directors of the Clarence Savings Bank, Clarence. He replaces Robert Elijah, who re signed in October. Mr. Kirchner is president of the Clarence Motor Company Inc., the Ford Automobile agency in Clarence. Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 76 Iowa News E ight P rom oted at Dubuque C A. FIRZLAFF, president of the cently named to manage the bank’s • First National Bank, Dubuque, West Dubuque office, which opened announced the promotion of eight last month. bank officers at a recent board of di Mr. Mallie is manager of the instal rectors’ meeting. lation loan department and serves as William G. Kruse, presently serving the bank’s farm representative. as executive vice president and cash He is a graduate of Iowa State Uni ier, will assume the newly-established versity and started with the bank in title of executive vice president and 1962. secretary. John R. Kane and Thomas W. Buelow, both presently assistant cashiers, will become assistant vice presidents. Mr. Kane has been with the bank since 1957. He will assume opera tional responsibilities at the West Du buque office. Mr. Buelow is a graduate of the School of Bank Marketing and has been associated with the bank since 1967. He is director of marketing and personnel. Dean A. Schartz, who started with W . G. K R U S E R. G. K O E H L E R the bank in 1968, has been named as sistant cashier. Head School Drive J. Gilbert Boat, chairman of the board, Pella National Bank, and Rob ert C. Power, executive vice presi dent, Marion County State Bank, have volunteered to serve as co-chair men of the 1970-71 Pella Central Col lege Sustaining Fund Drive, according to Dr. Kenneth J. Weller, college pres ident. Last year, more than $11,000 was raised for the Pella Central College Sustaining Fund. Named Assistant Head Joseph L. McKlveen, president of J. H. McKlveen & Company, has been named president of the National Lum ber and Building Material Dealers Association. Mr. McKlveen is also president of the First National Bank in Prairie City. Security Celebrates 65th The Security Savings Bank of Scran ton recently held open house to cele brate its 65th anniversary. Present personnel in the bank include T. P. Hunt, executive vice president and cashier; John G. Fey, assistant cash ier; and Larry H. Wright, loan officer. Sioux C ity Dunk Shows A rt J. B. M E R IW E T H E R L. M. M A L L IE D. e . W ELU T. W . B U E L O W Mr. Kruse, who began his career with First National in 1942, is a grad uate of Northwestern University’s School of Bank Marketing and the Graduate School of Banking, Univer sity of Wisconsin. Robert G. Koehler, presently assist ant vice president and comptroller, will become the bank’s vice president and comptroller. J. Bruce Meriwether will move from assistant vice president to vice president and cashier. Mr. Meriwether is a graduate of the School of Bank Marketing and is presently enrolled in the Graduate School of Banking. Daniel E. Welu and Leo M. Mallie will both move from the office of as sistant vice president to the office of vice president. Mr. Welu has been with the bank since 1947. He was re Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LO BBY SCENE at. Security National Bank in Sioux City shows visitors viewing the ‘Oscar Howe Collection” of art. This was part of the city’s month-long art festival. T HE Security National Bank of Dakota in Vermillion. The collection Sioux City recently hosted a public included two paintings which were reception for the famous artist, Oscarfrom his own private collection and Howe, and a collection of approxi one owned by a friend. mately 25 paintings were shown. The The reception was part of the kick reception and show were held in the off activities for the Art Festival and bank’s lobby. Attending the recep was attended by several hundred peo tion, in addition to Mr. Howe and his ple. wife, were Michael Straight, deputy Mr. Howe is “artist laureate” of the director of the President’s Endowment state of South Dakota. He was born for the Arts, and Jack Olds, chairman on the Crow Creek Indian Reservation of Iowa Artists Commission. in South Dakota, a descendant of he Mr. Howe’s paintings are well- reditary chiefs of the Sioux tribe. He known in the Sioux City area since holds a Master of Fine Arts degree he is a Professor of Art and Artist in from the University of Oklahoma. He Residence at the University of South has been painting since he was five. 77 A m e rica n Tru s t and Savings Bank DUBUQUE, IOWA STATEMENT OF CONDITION, OCTOBER 28, 1970 ASSETS $11,219,906.16 C ash........................................ U. S. Government Securities U. S. Public Housing Bonds $10,334,620.46 5,479,706.90 15,814,327.36 4,120,436.18 105,000.00 5,000,000.00 34,429,888.15 29,654.13 1,421,977.56 32,659.28 697,049.95 Municipal Bonds ....................................... Federal Reserve Bank Stock .................. Federal Funds Sold .................................. Loans .......................................................... Overdrafts................ ................................. Bank Premises and Equipment........... ... Customers Liability on Letters of Credit Other A ssets......... .................................... $72,870,898.77 LIABILITIES $1,000,000.00 Capital ................ Surplus .............. Undivided Profits 2,500,000.00 1,049,946.07 4,549,946.07 337,217.89 32,659.28 762,088.28 199,046.57 927,610.71 66,062,329.97 Reserves ..................................................................-......................... Liabilities under Letters of Credit ................................................. Unearned Discount on L oans........................................................... Provision for Taxes, Interest andExpense ..................................... Other Liabilities................................................................................ Deposits............................................................................................... $72,870,898.77 O F F IC E R S D. W. ERNST Chairman of the Board NICHOLAS J. SCHRUP President CHRISTY F. ARMSTRONG Executive Vice President ROY F. GLAB Executive Vice President and Secretary Senior Vice Presidents W. G. BAUMHOVER LEO F KANE ROBERT G. SCOTT JAMES L. RILEY Cashier D. B. CASSAT Honorary Director—American Finance Systems, Inc. PAUL D. DALE President—Thermolyne Corp. D. W. ERNST Chairman of the Board MAURICE A. FRAHER Retired Director—John Deere & Co. C. P. FRÖMMELT Chairman of the Board Frömmelt Industries •ROY F. GLAB Executive Vice Pres, and Secretary W. N. GLAB President—Morrison Bros. Co. TRU ST DEPARTM ENT COURTLAND HILLYARD President—Midland CHARLES J. SCHRUP Laboratories Executive Vice President and Trust Officer •ROBERT G. HOLSCHER Vice President M. L. KAPP BOARD O F D IR EC T O R S Chairman of Board, Interstate Power Company •CHRISTY F. ARMSTRONG W. J. KLAUER Executive Vice President President—Klauer Manufactur •FRANK H. BERTSCH ing Co. President—Flexsteel Ind., Ine. . b r u c e Mc Do n a l d Director & Secretary A. Y. McDonald Mfg. Co. j LOUIS H. PFOHL The Fischer Companies •CHARLES J. SCHRUP Executive Vice President NICHOLAS J. SCHRUP President R. W. STEELE President—Interstate Power Company H. W. WAHLERT President—Dubuque Packing Company CYRIL H. WISSEL President—H & W Motor Express Co. H O N O R A R Y D IR EC TO R S N. J. GRETEMAN Special Consultant C. J. KLEINSCHMIDT Special Consultant OTTO F. HENKER Retired •Member of the Trust Commit tee A m erican Tru st and Savings Bank DUBUQUE, IOWA Member FDIC, Federal Reserve System N o rth w estern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banker, D ecem b er, 19 70 78 Iowa News New ManliHolding Seeks S 2 . WOW.OOO in Stock Issu e T HE offering to Iowans of 1,000,000 from supervisory fees, management shares of stock at $2 per share was fees, dividend income, and credit life announced last month by Associatedinsurance. . . . It is anticipated that Bank Corporation, a bank holding Associated Bank Corporation will fur company organized August 29, 1969. nish an orderly market for the sale of The firm has 21 banker founders who the controlling interest in many Iowa banks that will come up in the next have invested $210,000 in stock. Sale of the stock is being handled several years. In most instances, this by Larry A. Anderson and Associates control has been accumulated by in of Carlisle, Iowa. Proceeds will pro dividuals who have been associated vide Associated Bank Corporation with with their banks since the 1930’s. a minimum $1,800,000 after payment With the large capital gain they have of a maximum underwriting commis in that investment, the amount of money required to buy their interest sion of 10 per cent. The money obtained from the stock would in many cases be difficult to sale, according to the prospectus, “will find in their local community. Our be applied primarily in purchasing organization would enable them to re controlling interest of the outstanding ceive a fair price and be assured of stock of Iowa banks. It will also be continued good management. Our the intent of the corporation to apply company will be prepared to purchase the proceeds to the acquisition, forma a bank for cash, a combination of tion, and development of other oper cash and stock, or a stock trade only, ating entities that would supplement as best suited to the needs of the the primary purpose of the corpora individual seller.” tion. This would include insurance The prospectus also states: “At the agencies, computer equipment, busi present time it is virtually impossible ness forms, etc.” for an individual to buy a bank. The prospectus states further that Taxes have made it difficult to pur the corporation “will obtain its income chase a bank and pay for it out of earnings; and, therefore, a group ef fort bank purchase is necessary. The biggest problems which face a small bank — personnel, overline financing, automation, i n v e s t m e n t portfolios and tax accounting — can best be solved with the group approach to banking.” Founders The 21 founders listed in the pro spectus are (asterisk denotes those 15 men who are directors of the corpo ration): *Joe H. Gronstal, president, Carroll County State Bank, Carroll. ♦Donald W. Heineking, president, Security State Bank, Hubbard. ♦James W. Lipton, Jr., executive vice president and cashier, Ida County State Bank, Ida Grove. ♦John A. Walker, cashier, Farmers State Bank, Stanhope. ♦Gordon L. Mennen, president, LeMars Savings Bank, LeMars. ♦Del Deischer, vice president and cashier, Fidelity Savings Bank, Mar shalltown. *J. E. King, chairman and presi dent, Peoples National Bank, Albia. ♦John R. Martin, president, Forest City Bank & Trust Company, Forest City. ♦Robert E. Sweet, president, Story MERRY CHRISTMAS AND A HAPPY NEW YEAR Every one at Northwestern National Bank would like to wish you and yours a merry Christmas and a prosperous New Year. Your Sioux C ity Correspondent Bank. NORTHW ESTERN NATIONAL BANK OF SIO U X CITY, IOW A w N o rth w estern Banker, D ecem b er, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1970 79 LaSalle gives its correspondents more than a slap on the back! La Salle can save you time during bank examinations Call our Correspondent Banking Depart ment, and we’ll call the Fed or any other Correspondent Bank. We guarantee to have your safekeeping list and statement out of our bank in one day! La Salle helps you get the greatest possible use of your money Need quicker availability on your clear ings? Would an adjustment of your sort pattern reduce analytical charges upon your account? Let La Salle help. It can free more funds to increase your earnings. La Salle’s Teller Referral Guide can help your tellers work more efficiently It’s a handy card that gives your tellers a complete step-by-step procedure for the proper handling of their various opera tions. Yours without charge. Just write or phone. La Salle helps you passthe service charge along to your customer La Salle will be glad to provide a photo copy of each check, front and back, for your customers who deposit non-par items with you. When you have a gripe — La Salle does something about it We aren’t perfect, but we have three men who specialize in correcting our imper fections. If you ever have a problem re garding any area of our Bank, call Tom Roth, Jack Ramey, or Rick Anderson. If they don’t have the answer on the tip of their tongues, they’ll get it for you — FAST! If you’d rather have help than a slap on the back, talk to Cyrus D. Kirk or Max Roy, your La Salle men in Iowa. MAX ROY CYRUS D. KIRK LaSalle National Bank —your fast-moving friend on the financial Main Street of Mid-America LA SALLE BANK BUILDING • 135 SOUTH LA SALLE STREET • CHICAGO • ILLINOIS 60690 • PHONE (312) 443-2774 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o rth w estern B anker, D ecem b er, 1970 80 Iowa News County State Bank, Story City. *M. W. Whitlow, president, East Dubuque Savings Bank, East Du buque, 111.; president, Exchange State Bank Lanark, 111.; chairman and exec utive vice president, First National Bank, Byron, 111.; vice president, Farm ers Savings Bank, Mineral Point, Wis.; chairman and president, First Nation al Bank, Wyanet, 111. *James J. Kelly, chairman, Bank of Silvis, Silvis, 111.; chairman, Bank of Viola, Viola, 111.; director, Citizens State Bank, Donnellson, Iowa; vice president, secretary and director of American Home Investment Compa ny, Davenport, Iowa; president and director of Hynes & Howes Bancorp, Inc., Davenport, Iowa; president and director, SBH Corporation; treasurer and director of V.B.H. Corporation; treasurer and director of Security In vesting Company, Ltd. *Keith W. Richard, executive vice president, Clarke County State Bank, Osceola. ^Victor M. Meyer, vice president, Commercial Trust & Savings Bank, Charles City. *Russel S. Howard, Jr., executive vice president, Mahaska State Bank, Oskaloosa. *Wayne F. Miller, executive vice president, First National Bank, Tipton. Ronald L. Saylor, partner in law firm of Dircks, Berger & Saylor, Dav enport, which is handling legal mat ters for the new corporation. R. Duane Munter, president, Union Bank & Trust Company, Strawberry Point. Lloyd L. Gibson, assistant cashier, Security State Bank, Shell Rock. Lyle O. Arp, president, First Na tional Bank, Manning. James G. Whiting, president, Mapleton Trust & Savings Bank, Mapleton. W. C. Ilstrup, former president of Newton National Bank, Newton, who moved to Viroqua, Wis., last Febru ary. John Howes, Davenport. Officers HERE’S WISHING YOU THE BEST OF EVERYTHING THIS HOLIDAY SEASON (FROM YOUR FRIENDS AT) S IO U X C IT Y , IO W A Mr. Gronstal is president of Asso ciated Bank Corporation, Mr. Heineking is vice president, and Mr. Say lor is secretary-treasurer. Mr. Kelly is listed as being “an agent employed by the corporation to effect the purchase of bank controll ing interest on a commission basis.” No stock will be issued until a min imum of $500,000 capital has been subscribed. The stock will be held in escrow by the Iowa-Des Moines Na tional Bank, Des Moines, which will also issue the stock as transfer agent. The headquarters of Associated Bank Corporation are listed as 1428 Brady Street in Davenport, Iowa.— End. Clara Dawson Honored It was Clara Dawson Day at the Rolfe State Bank, Rolfe, recently in honor of Miss Dawson, teller and as sistant cashier, who has completed 25 years as an employee of the bank. Leonard Novak Leonard Novak, former director of the Chelsea Savings Bank, Chelsea, died recently at the age of 51. Mr. Novak was also an official of the Farm Bureau and an officer of F.H.A. A. W . Liston Services for A. W. Liston, 78, were held recently in Audubon. Mr. Lis ton was in the banking business at Coin before coming to Audubon in 1929. Dr. Lucy W ood Dr. Lucy Wood died recently in Omaha at the age of 99. She was a past president and director of the First National Bank of Logan, Logan. N orth w estern Banker, Decem ber, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 19 70 DROVERS THE DROVERS NATIONAL BANK OF CHICAGO 47th and Ashland Avenue ♦ Chicago, Illinois 60609 *(312) 927-7000 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 82 Des Moines News T HE promotion of two officers of Gary B. Peterson and Verlon U. Central National Bank and Trust Britt, recently promoted to the officer Company was announced by B. C.staff of Bankers Trust Company, were Grangaard, chairman and president, improperly identified in last month’s following a regular monthly board issue of N orthwestern B anker. They meeting. are correctly identified here. D. A. Smith and John T. Waters * * were each promoted to installment Charles D. Arnott has been ap loan officer and assistant manager of pointed a registered representative of the installment loan department. Dain, Kalman Quail, Inc., Minneapo lis, Minn., in the investment banking firm’s office in Des Moines. Mr. Arnott was most recently vice president and branch manager of Sing er, Deane & Schribner, Inc., of Youngs town, Ohio. Prior to that he was an agent for the Federal Bureau of In vestigation. * * * D . A. S M IT H J. T . W A T E R S Mr. Smith joined the installment loan department in 1962 and was pro moted to assistant cashier in 1965 and elected installment loan officer in 1968. He is a life-long resident of Des Moines, a graduate of North High School and attended Drake University. Mr. Waters joined the bank in the installment loan department in 1963. He entered the management training program in 1966 and later worked in the credit department. He returned to the installment loan department in June, 1968, as an installment loan offi cer. Mr. Waters graduated from the Massena High School and attended the State University of Iowa. Mr. Grangaard also announced the bank’s board of directors declared a special dividend of 25 cents a share, payable on December 10,1970, to stock holders of record of December 1, 1970, and a regular quarterly dividend of 25 cents a share, payable on January 4, 1971, to stockholders of record on December 15, 1970. Dividends paid during the year 1970 will total $1.25 a share. N o rth w e ste rn Banker, D e c e m b e r , 1 9 7 0 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Opening ceremonies for the new First Federal State Bank building at 24th and University were held last month, it was announced by Morris Stephens, board chairman of the bank. Dr. Paul F. Sharp, president of Drake University, officiated at the ribbon-cutting dedication of the 17,000 square foot building. Construction of the project began in 1969 with the installation of a newv five-station drive-up, walk-up facility on Twenty-fifth Street. This was fob* lowed by the erection of the basic new building, completed earlier this year. The final phase included the demolition of the old bank building to permit additional parking area and the completion of the ground floor offices of the new building. Construc tion of a lower entrance court and the entrance plans facing Twentyfourth Street was finished this fall. A feature of the entrance plaza is an automatic flag pole, unique in the* Des Moines area, which operates by a light-sensitive photo electric cell to' raise and lower the flag each day^ The new building, which was designed by Wilkins and Bussard, Des Moines architectural firm, is of dark neutral brick with gray plaster, gray glass and exposed aggregate concrete pav ing. The bank, which has been in opera tion since 1911, was purchased by Mr. Stephens eight years ago. Since that < time it has grown three times in as sets and has opened offices at 8550 Hickman Road in Clive and at 100 West University Avenue in the River Hills area. * * A former Des Moines banker, Fred erick M. Dawson, has recently been named president and member of the board of the University State Bank in Green Bay, Wis. In that position he succeeds W. C. Talen who recently joined Bankers Trust Company of Des Moines as executive vice presi dent. Mr. Dawson had served five years DES MOINES NEWS . . . (Turn to page 86, please) CUTTING- THE RIBBON at First Federal State Bank’s new building is Dr. Paul Sharp, president at nearby Drake University, while Morris Stephens, chmn. of bank, looks on. 83 If w e r > “ C Central National Bank 6-Trust Company ’o LOCUST AT SIXTH AVENUE, DOWNTOWN DES MOINES, PHONE 243-8181 Member FD1C. Northwestern Banker, December, 7970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 84 Iowa News B A A L I S T S , left to right: S eated-J. Harold Bragg, gen. mgr Lennox Industries, Marshalltown, Iowa; Norman Robertson, v.p. & econ Mellon Natl B&T S Î Î 2 S S ’ and Fr;tZ H-, COr? / an’ Pres- Pcave^ Co., Minneapolis.’ S ü i g - J o h n K Fitzgibbon, pies., Iowa-Des Moines Natl.; James A . Watson, pres., Gamble-Skogmo, Minneapolis; Harry J. Kane, pres., Georgia-Pacific Corp., Portland, Ore., and Thomas S Nürnberger, pres., Northwestern Bell, Omaha. At Iowa-Des Moines National Conference S 50 H ear tit 7 ! Itasiness Trends M better service from local and state gov ernment bodies. 4. Need to accelerate school re-or ganization to increase efficiency or*' tax dollar allocated to educational needs. 5. Out-migration of young people who have been educated in our school systems, because there aren’t jobs available for them in Iowa. 6. Absence of comparable incentives to encourage more rapid growth of industry in the state. T. S. Nurnberger, president, North western Bell Telephone Company, Omaha: We look for business to pick' up gradually in 1971. Over-all busi ness activity in Iowa, as we measure it, showed unusually strong growth* during most of 1969. Then it began to fall off early this year and has con tinued a slightly erratic slide. We think it will climb to somewhere near the 1969 high during the second half of ’71 and gain about 3 per cent by year’s end. As for our own business, we plan on a little over 4 per cent growth in total telephones during the year. We think our long distance messages will be up the neighborhood of 8-9 per cent. Where feasible, we’ll be doing all we can to stimulate growth even beyond these levels. W e’ll be in the process of renegoti ating a wage contract in 1971. This is extremely important because some 52 r per cent of our expense dollars go to salary expense. And from the size of the increase recently negotiated in other industries we know we’ll face some tough demands. Next, let me say a little about the amounts we plan to put in our con- * struction budget. While we won’t be spending as much on the Des Moines headquarters building in ’71, our 1971 construction expenditures will be around $63 million here in the state, about the same as this year. This in cludes buildings, equipment additions and replacements, new cars, trucks, and literally hundreds of other items, many of which are purchased locally. The total construction bill in our com pany—all five states—will be in the neighborhood of $264 million. Fritz H. Corrigan, president, Peavey ^ Company, Minneapolis: Just so you will know where I stand, let me say that the first priority itm concerning agriculture in this congressional ses sion has to be the Foreign Trade Bill. Had the farm bill not been passed just last week, I womd still not change * the priority. If this nation should choose to follow the course of the new ORE than 550 Des Moines and a slowdown of inflation, this will rep central Iowa businessmen and resent a real growth in sales of ap bankers attended the 12th annual proximately 2 per cent, a complete Iowa Business Trends Conference reversal of this year’s performance. conducted at Hotel Fort Des Moines In 1971 we anticipate retailing in December 7 by the Iowa-Des Moines Iowa will again do better than the National Bank. John R. Fitzgibbon, rest of the United States because: president of the bank, welcomed the 1. Proportionally fewer severe pock overflow crowd and introduced the ets of unemployment (east and west panel speakers. Commencing at 11:00 coasts are worst.) a.m., five of the speakers presented 2. Stable picture of farm income ex their views for 1971 business. Follow pected for next year. ing a luncheon, the guest economist 3. Not too heavy in industries being presented his outlook. Excerpts from the talks prepared by these men fol hard hit by cutbacks in defense spend low (full texts are available from the ing and areospace. bank): The proposed legislation on import James A. Watson, president, Gam quotas could set off a trade war that ble-Skogmo, Inc., Minneapolis: How could be disastrous for large unions, does next year look from where the industry, and the country in general. retailer stands? Nineteen seventy-one The United States is a constant par promises to be substantially better. ticipant in the world market, and Business mix is shifting—an increased trade import quotas will make it im number of young, well educated and possible to compete. well paid heads of families will enter J. Harold Bragg, general manager, the retail market next year. It is Marshalltown division, Lennox In our feeling that unemployment will dustries, Inc., Marshalltown, Iowa: We start to decline sometime in the first are blessed with many things in Iowa quarter. We expect inflation to slow and the midwest. We are also plagued down to a 4 per cent rate. Real per by many past and present problems. sonal income is increasing, and re We are blessed by: duced spending this year means the 1. High agricultural productivity. customers are saving at an increased 2. Industrial growth. rate. There is a strong pent-up de 3. Good educational system. mand, particularly for housing, autos, 4. High productivity per man hour. appliances, furniture and other dur We are plagued by: ables. 1. Decreasing farm population. We feel confident, therefore, that 2. Slow rate increase in total popu retail sales nationally will approach lation. $400 billion, or a 6 per cent gain over 3. Increased tax load on individuals, 1970. In durables this increase will property, business profits, industry approach 7 or even 8 per cent. With profits, as public demands more and IOWA-DES MOINES . . . (Turn to page 88, please) Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 85 ...to a llo t our Correspondent Banking friends. fir s t National Bank ^ J I Member Federal Deposit Insurance Corporation 'b 'Y b O l i i / Fourth at Jackson • Fifth and Pierce Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 86 Iowa News FIRST N A T IO N A L Bank’s new W est Dubuque office features an attractive vertically cut native limestone exterior with a steel facia. _ The interior of the building features modern office equipment in ebony with a community room on the lower level. D ubuque’s New Bunk F u tility T HE West Dubuque office, Kennedy and up to date banking facilities and at Wacker, of the First National equipment. The exterior is done in Bank of Dubuque, under constructionvertically cut native limestone comple since April, 1970, opened its doors for mented with a steel facia. The inte business last month. This new bank rior features modern office furniture ing facility was designed by Durrant, and appointments done in ebony. Deininger, Dommer, Kramer & Gor This exquisite color coordination pre don Architects and Engineers and sents a contemporary, yet prestigious, was constructed by the Willy Con bank effect. The building utilizes a struction Company of Dubuque. great deal of glass which offers a The new bank contains 7,200 square unique design as well as natural light feet and includes the most modern ing. DES MOINES NEWS . . . (Continued from page 82) on the staff of Iowa-Des Moines Na tional Bank. He is a graduate of Drake University where he received his law degree in 1965. * * * At least 250 underprivileged chil dren in Des Moines will receive dolls for Christmas because of the sixth annual “dress-a-doll” program of Cen tral National Bank and Trust Conipany of Des Moines. Many volunteer Record Customers President F. T. Shadle of the Iowa Trust & Savings Bank in Estherville, reported that the Iowa Trust’s new drive-in grand opening held recently set a new record for drive-in custom ers. Utilizing one conventional type window and two LeFebure pneumatic The bank will employ seven full time people including two bank offi cers. The new branch will offer a complete line of commercial bank„ services. The drive-up facilities are Mosler Pneu-Vista units and there w ill' be access to three drive-up lanes. On the lower level of the bank is a seminar room complete with kitchen ? facilities that will be offered for pub lic use. Highlighting this room, as well as the main bank lobby, is a gold leaf metal sculpture featuring a “Dubuqueland” theme. kiosks, nearly 900 cars registered for v prizes in the two-day event. Increase Surplus John Howes, chairman of the board of the Citizens State Bank of Donnellson, recently increased the surplus ac count to $300,000 from $250,000. Friendly Goblins D ecorute Bunk seamstresses donated their time and materials so that each doll could be attractively outfitted in time for Chirstmas and displayed in the lobby of the bank. All of the dolls, includ ing the grand prize winner and the six additional category winners, will be on display in the lobby of Central National Bank and Trust Company through December 11. * * * M. Merl McAninch has been ap pointed a vice president in the com mercial loan department of Bankers Trust Company, according to Rob ert J. Sterling, president. Mr. McAninch, born and raised in Iowa, came to B an ke rs Trust from Washington, D. C., where he w a s associated with the board of M. M . M c A N IN C H governors of the Federal Reserve System since 1968. Prior to that he was associated with the Federal Reserve Banks of New York and Chicago since 1957. N o rth w e s te rn B anker, Decem ber, 7970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A JA C K -O -LAN TER N CONTEST marked the first anniversary of the Euclid office of the Iowa-Des Moines National Bank. Chuck Fox, mgr., and Tom Moore, asst, mgr., are pictured with a few of the artistic entrants brought in by neighborhood children. ’ The youngsters were told in advance that they could get a certificate at the Euclid office for a free pumpkin at a neighboring store. I f they wanted to enter the contest they carved and decorated their pumpkin and returned it to the bank the week of Halloween. More than 250 jack-o-lanterns bedecked the beautiful modern office at East 25th and Euclid and when lit up on beggars’ night they created an aura of eeriness to passing motorists. Gremlins and goblins who came to the bank for “ tricks for treats” received a bottle of V pop. The tellers at the bank got into the spirit by dressing up for the occasion. On Saturday morning Mr. Cox and Mr. Moore awarded the prizes— a TV set, two bikes and six transistor radios. Amid talk from the youngsters stating “ next year I ’m going to do something different,” bank officials realized they have an annual event coming up for the friendly neighborhood goblins. 87 W e ljppe you r Christmas corresponds with ours ■ ( ¿ M E R R Y ! SECURITY NATIONAL BANK more bank for your money! 6 T H A N D P IE R C E SIOUX CITY, IOWA N o rth w e s te rn B anker, D ecem ber, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 88 Iowa News IO W A -D E S MOINES . . . (Continued from page 84) protectionists—if we move back away from free international trade and to ward economic isolationism—our ag ricultural future could be blighted in a way that no domestic farm program could possibly cure. I believe this agriculturally-based midwest should stand strongly in fa vor of the free exchange of commerce to keep us competitive for our over seas markets. All you have to do is look at the economic map, state by state, to see some reasons why. So that I don’t leave you without specific predictions for 1971, let me add a figure or two. Turkeys: Storage stocks are up well above last year’s levels which cou pled with an expected increase in the first half production in 1971, will re sult in prices sliding down from the improved levels of 1970. The only way for the industry to contribute to strengthening prices for 1971 is to again voluntarily cut back in place ments such as that which hiked 1970 prices by about 214 cents a pound over 1969. There are some signs of this cutback looming on the horizon. Hogs: In view of the continuing heavy slaughter (approximately 18 per cent increase during the first quar ter over 1970) prices will still be well below the highs for 1970 of about $28 per hundredweight. We can look for some improvements of prices through August, 1971, and up to about $24 per hundreweight by July from ap proximately $17 per hundredweight in January. Beef Cattle: We have seen beef slaughter running about 3 per cent ahead of one year ago with consumptiton per capita holding about even. Demand for beef will probably con tinue, but will be depressed until the economic situation improves. Prices on live cattle should move somewhat higher due to normal seasonable ef fect for a modest reduction in supply. Harry J. Kane, executive vice presi dent, Georgia-Pacific Corporati on, Portland, Ore.: Let’s look for a mo ment at housing, into which goes some 40 per cent of our basic building ma terials such as plywood. The latest estimate of need shows that, if the nation is to do its job, we must provide adequate new shelter in the 1970’s for 13.5 million new house holds, and we must add 3.5 million new units just to provide a minimum vacancy rate to allow us to improve our surroundings or to move from city to city as we now do by the mil lions each year. We also must replace 2 million units destroyed by fire, freeways, hurricanes and parking lots, 5.3 million dilapi dated units no longer fit for minimal habitation, and an estimated 1.2 mil lion mobile homes. In addition, ma jor rehabilitation is required on one million conventional units that can be salvaged. This adds up to 26.5 million units. With the ground we lost this year and last, we have con siderable catching up to do in addi tion to maintaining that 2.65 million yearly average. With the momentum already evi denced in recent months and acceler ating currently, I feel we can gradu ally escalate the annualized rate to at least 2.0 million units by the end of 1971, meaning a gradual pickup during the year and an actual 1971 to tal of approximately 1.7 million (ex cluding mobiles). Norman Robertson, vice president and chief economist, Mellon National Bank and Trust Company, Pittsburgh: I lean to the view that, despite the present lethargic pattern of retail trade, prospects are favorable for a brisk revival in consumer spending, particularly for hardgoods. The rising trend of after-tax income is likely to be well maintained during the coming 12-month period, although the 1970-71 increase of just under 7 per cent will be less than this year’s estimated gain of 8.5 per cent, which, of course, re flected the elimination of the 10 per cene surcharge. If consumer confi dence begins to improve—as I think it will—chances are also good for a gradual reduction in the present ab normally high savings rate and a greater willingness to take on new debt commitments for the purchase of hardgoods. I look for the savings rate in 19/1 to average about 6.3 per cent as compared with this year’s 7.3 per cent which, on an after-tax income base of more than $730 billion, means the injection of an additional $7 bil lion into the spending stream. The GENERAL UNITED LIFE ÎJlie -Âlome Don Nachtman Eastern Iowa P.O. BOX 1302 N o rth w estern B a n ker, D ecem ber, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • 1970 INSURANCE oj? Corcelit COMPANY in su ra n ce Jim Vande Kamp Western Iowa DES MOINES, IO W A 50305 more expansive mood of consumers* should be particularly evident in sales, of durable goods. After almost two years of sideways movement, I expect* a vigorous upturn in spending for automobiles, appliances, and the like, with outlays for 1971 as a whole esti mated to approach $99 billion for a 9 to 10 per cent gain over this year’s desultory performance. All in all, looking at the much im: proved liquidity position of consumers —net saving reached a seasonally ad justed annual rate of $46 billion in the third quarter as compared with $33' billion and $13 billion in the first six, months of 1970 and 1969, respectively —the steady growth in income, and the growing backlogs of demand, I am optimistic regarding prospects for the" consumer sector in 1971. Even conced ing the probability that sharply rising costs of many essential goods and serv ices will continue to limit the growth of discretionary purchasing power, I believe that 1971 will see a steady im provement in retail business, with sales of department store-type mer chandise (GAF group of retail trade) showing a 9 per cent increase over the rather poor 1970 results. If past experience is any guide, the vigor of the upturn in home building next year will depend largely on the ability of the monetary authorities to promote those policies which will en courage a stable flow of funds into, mortgage lending. With this crucial qualification in mind, there is a good chance that private housing starts next year might approximate 1.7-1.8 million units, which, combined with 400,000 mobile homes, would mean that for the first time in the nation’s his-, tory the supply of new private dwell ing units could exceed the 2 million mark. Strength in the consumer, residen tial building, and state and local gov ernment sectors will be offset, at least in part, by softness in other areas. Capital spending by business is not likely to show much, if any, increase over the $80.6 billion now projected for 1970. For the second year in a row, Fed- eral spending on goods and services is likely to follow a downward path. Since late 1968 the trend of defense contracts has plummeted from a year ly rate of $44 billion to $31 billion— ^ the lowest in five years. At best, I look for the consumer price index in 1971 to average about 4.5 per cent higher than this year, rep- v resenting a deceleration from the 6 per cent rise expected for 1969-70 but still far removed from any concept of ^ reasonable price stability. 89 O * w u r s in c e ß e b e s t c o is b e s p o n b a p p y $ a b o L iö a y s e a s o n VALLEY BANK a n d TRUST C O M P A N Y D es M o i n e s , locua Membeß FedepaL Deposit lösunan ce Coppopafiora Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 90 Iowa News WANT ADS Rates cents per word per 25 insertion. Minimum: 12 words. NORTHWESTERN BANKER 306 15th St., Des Moines, Iowa FOR SALE Two NCR rebuilt Postronic A c counting Machines purchased in November and December of last year. Otoe County National Bank, Nebraska City, Nebraska 68410. Telephone 402— 873-3388. Available fo r employment about January 1 — Agri-Banking gradu ates^ (Vocational). Trained in farm credit, installment lending, insur ance, farm management and gen eral banking. Ages from 20 to 40. Write File VAB, c /o NORTH W E S T E R N BAN K ER, 306 15th Street, Des Moines, Iowa 50309. N E W E S T , MOST EXCITING opening, anniversary, p r e m i u m idea! Have famous Dallas artist Arnie Vail appear, draw his de lightful caricatures of YOUR cus tomers! Caricatures are enter tainment you K E E P ! Let us give you the story today! (Great for conventions, too.) BOB TUCKER ASSO CIATES, Box 1222, Port Arthur, Texas 77640. “ Financial Promotions Since 1959.” ADVERTISING For the agricultural banker— ads, mats, editorials and newsletters that sell full service banking to farmers. Samples available. Farm Business Council, Inc., 1300 Hagan Street, Champaign, Illinois 61820. Lawrence Blomgren A u n iv e r s a r y Lawrence Blomgren, a resident of Winterset for half a century and a prominent banker and public official for many years, died at the age of 76. He came to Winterset about 50 years ago as a bookkeeper at the old Win terset Savings Bank. He advanced to cashier of that bank, and later served as cashier of the Madison County Savings Bank. Purchases Hornick Bank Jack Wilhelmy, president of the C o m m u n i t y State Bank, Whiting, Iowa, has purchased controlling inter est in the State Savings Bank, Hor 25 YE A R S— Morris F. Neighbor (right), nick, Iowa, from Earl Fitzgerald, who pres., Farmers State Bank, Marion, Iowa, has moved to Remsen, Iowa. Mr. Wil was presented a plaque and a watch on the helmy is the new president of the occasion of his recent 25th anniversary with the bank. Presenting the gifts to bank, replacing Mr. Fitzgerald. Mr. him is W . N. Shellenbarger, chmn. of the Fitzgerald will remain on the board bd. Mr. Neighbor started with the bank until after the first of the year. The in October, 1945, when the bank was one bank held open house under the new month old. He has been president since management November 15 upon the July, 1968. completion of remodeling. A. A. Delperdang remains as cash Arnold Koch to Retire ier of the Hornick bank, and Larry Arnold (Dick) Koch will retire from Peterson of Kearney, Neb., has been his post as vice president of the Amer employed to work as a teller at both ican Trust and Savings Bank, Lowthe Whiting and Hornick banks. den, effective January 1, 1971. Mr. The new board at Hornick, in addi Koch began working for the bank in tion to Mr. Fitzgerald, includes Arthur 1922 and has been an active officer * Beem, Les Trefham, Alvin Sulzberger, since that time. Mr. Delperdang, Mr. Wilhelmy, Jean Wilhelmy, and Roy Nelson. Cattle Feeders Banquet In addition to these two banks, Mr. The Council Bluffs Savings Bank, * Wilhelmy is president of the Citizens Council Bluffs, recently hosted its State Bank of Virginia, Nebr., which 28th Annual Cattle Feeders banquet he purchased about two years ago. at the Lakeshore Country Club. James ^ Dornoff from Milwaukee, Wis., spoke Paul W . Bonewitz to those attending on “Your Greatest Paul W. Bonewitz, a director of the Power . . . Enthusiasm.” Farmers & Merchants Bank & Trust, Burlington, since 1957, died last month. Dr. Ramsey Joins Bank Promote Officers at Marion design CONSULTANTS BOX 87 PH. I-7IZ-2621499 SPENCER,IOWA 51301 LEGAL FORMS Any form you need we stock, or will print. Special form s then stocked fo r prompt shipment on re-orders. IOW A LEG AL B LAN K & PRIN TING CO. Box 238, Webster City, Iowa ACORN Registers "A ccepted Sale Register« b y Bank Clerks Everywhere" For information write THE ACORN PRINTING CO. Oakland, Iowa Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Morris F. Neighbor, president of the Farmers State Bank, Marion, has announced the following promotion of officers at the annual stockholders’ and organization meeting: James A. Mollenhauer, vice president; Richard C. Hare, assistant vice president; Mrs. Dora Bohlken, comptroller. The fol lowing directors were elected: Carl W. Stuber, H. H. Blackford, C. H. Myoer, N. F. Sorg, Floyd Emmons, Frank Frederick, Morris F. Neighbor, W. N. Shellenbarger, George Fowler, and Clair J. Lensing. YALE BANKLOCK SERVICE DIVISION F. E. DA V E N PO R T 2066 FARNAM OMAHA, NEBRASKA OFFICE ST. 68102 YOUR STATE BANKERS ASSOCIATION SPECIALISTS IN SALES AND SERVICE OF SECURITY EQUIPMENT Dr. James D. Ramsey has become a member of the Tipton State Bank staff, Tipton, serving as farm repre sentative. He recently retired from veterinary practice after serving the Tipton area for nearly 25 years. Dr. Ramsey has been a director of the bank for seven years and has been very active in community affairs. -< Blahnik Joins Bank Robert L. Blahnik was recently ap pointed to the board of directors of the First Trust and Savings Bank, Cedar Rapids. He is also vice presi dent of the Blahnik Construction Company of Cedar Rapids, Iowa. '■* * Celebrates 25th The Ainsworth State Bank recently held an open house to celebrate its 25th anniversary. The Ainsworth State Bank was organized November 24, 1945. -v i 91 THANKS, IOWA! The a d d itio n o f three key officers, c o m b in in g 20 years o f experience in Iow a b anking, translates in to a better u nd e rstan d in g of yo u r needs . . . better s o lu tio n and more p ro fits fo r you. MARQUETTE'S CORRESPONDENT BANKING DEPARTMENT Avery G. Fick 370-2166 Otto H. Preus 370-2167 B ill Addington 370-2165 B ill Rosacker 370-2164 J . Leonard Erickson 370-2168 can now draw from this extensive reservoir of Iowa banking experience to serve you better. Call your Marquette Correspondent Banker. He'll know how to serve you best. M arquette N ational Bank ' 8th at M arq uette • Phone: 370-2166 d o w n to w n M in n e a p o lis • M e m b e r F.D.I.C . Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the DIRECTORS9 ROOM In \ Cheaper by the Dozen A sailor spotted a greeting card with this verse: “Here’s my heart and soul for the only girl I ever loved.” “Just the card I’m looking for,” he told the sales clerk. “Give me two dozen.” Y ou ’ll Never Replace Man A computer was being installed in the offices of a large manufacturing company. “ This machine,” explained the technician proudly to a secretary, “does the work of 20 men.” “Maybe it does,” sighed the girl, “but for my part, I’ll take the men.” Grave Matter Two members of a London club met in the smoking room. The first looked grave as he shook hands with his friend, who was very deaf. “ I was sorry to hear of the death of your uncle,” he said. “Eh? What’s that?” asked the deaf one. “ I was sorry to hear you’ve buried your uncle.” “But I had to,” came the unex pected reply. “Dead, you know.” IN D E X O F A D V E R T IS E R S D ECEM BER. 1970 v Acorn Printing- Company .............................90 American Benefit Insurance Co....................46 American National Bank and Trust Co. — St. Paul ......................... 44, 46, 47, 54, 55 American Trust and Savings Bank — Dubuque ...................................................... 77 Associated Bank Corporation ..............48-49 B Bankers Trust Company— Des Moines . .74 Bank of America ..............................................29 Bank Services .................................................... 38 C Central Bank & Trust Co.— Denver. . . . 5 7 Central National Bank— Chicago ............51 Central National Bank and Trust Co. — Des Moines ................................................ 83 Chemical Bank ...................................... 18 City National Bank and Trust Company — Kansas City .............................................. 37 Colorado National Bank ............................... 59 Commerce Bank of Kansas C i t y ..............35 Northwestern Banker, December, 1970 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Chivalry A pretty girl entered the subway car. A young man rose to his feet. “Oh, no,” she protested. “Keep your seat. I insist.” “ Insist all you like, Miss,” replied the man. “ I’m getting up—I get off at this station.” W heelsville Definition: The suburbs — where anyplace that can be reached on foot isn’t where your kids are going. Defalcation “I used to know Mr. Smithers who was with your firm. I understand he was a tried and trusted employee—” The banker looked at his questioner coldly. “He was trusted, yes. And he will be tried if we’re fortunate enough to catch him.” Definitions Five o’clock shadow: daylight shav ing time. Calorie: a substance to make you feel refleshed. Mechanical sweeper: sonic broom. Continental Illinois National Bank and Trust Co................................................... 7 Continental Western Insurance Co.......... 14 II DeLuxe Check Printers, Inc..........................23 Drover National Bank ................................... 81 F Farm Business Council ................................. 90 Financial Insurance Service, Inc................12 First National Bank— Chicago ...........4, 15 First National Bank— M in n eapolis.........43 First National Bank— Omaha .................... 67 First National Bank— St. Paul .................. 93 First National Bank— Sioux C i t y ..............85 First National Bank and Trust Co. — Lincoln ........................................................ 71 First National City Bank— New York . .17 Franklin National Bank .............................. 8 g General United Life Insurance Co............. 88 H Harris Trust and Savings B a n k ................ 31 1 Iowa-Des Moines National Bank ..............94 Iowa Legal Blank & Printing Co............... 90 K Kooker, E. F., Associates ............................. 90 J, LaSalle National Bank ................................. 87 LeaseAmerica Corporation ...........................13 Lincoln Benefit Life Company .................. 70 M Manuacturers Hanover Trust .................... 39 Marquette National Bank ............................. 91 A Friendly Drink Two drivers were surveying the damage to their respective cars follow ing a collision. One pulled out a whiskey bottle and offered the other a drink, saying, “ It’ll help calm you down.” “Thanks,” replied the other, taking a swig and returning the bottle. “Are you having one, too?” “Yes,” replied the other, “but I think I’ll wait until after the cops go.” Matched Pairs As they arrived at a party, a man whispered to his wife, “Your stocking seam is crooked.” Quickly she made the adjustments without being noticed in the crowd. Then she whispered to him, “ Is the right one all right?” “ Sure,” he said. “ It’s seamless.” Computerized Executive Someone dropped a rubberband into the computer. Now it makes snap decisions. Famous Last Words Epitaph on the grave of a hypochon driac: “I told you I was sick.” Mercantile Trust C o m p a n y .......................... 53 Merchants National Bank ......................... 2 Midland National Bank— Minneapolis ..45 Mobile Homes Manufacturers Assn. .10-11 N National Bank of Commerce ...................... 73 North Central Companies ............................ 9 Northern Trust Company Bank ............... 3 Northwestern National Bank 40 — Minneapolis ............ Northwestern National Bank— Omaha .. 69 Northwestern National Bank — Sioux City ..................................................78 o Omaha National Bank ................................... 65 P Packers National Bank ................................. 66 S Security National Bank— Sioux City . . . 7 9 Studley, Shupert & Co., Inc......................... 6 T Talcott, James, Inc........................................... 33 Toy National Bank ......................................... 80 U United Banks of Colorado .......................... 61 United States Check Book Co......................72 U. S. National Bank— Omaha ....................62 V Valley Bank and Trust Company — Des Moines ............................................... 89 Van Horne Investments, Inc..........................68 Van Wagenen, G. D., Co.................................. 42 Y Yale Banklock Service Division . . . . 7 2 , 90 DIVISION l-B A N K S AND BANKERS' JOHN E. RAYMOND, Vice President □ DONALD W. BUCKMAN, Vice President; JAMES T. GOWAN, Vice President □ E ROGER CUNNINGHAM Assistant Vice President; LAURENCE R. KENNEDY, Assistant Vice President; HENRY N. SNYDER, Assistant Vice President □ PHILIP M BROOM, Correspondent Bank Officer □ JOHN E. BRANT, Division Assistant □ JOHN F. MULLEN Vice President, Investment Services □ ROBERT . DONLAN Secretary, First Trust Co., Trust Services □ THOMAS T. DWIGHT, Vice President, First Trust Co., Trust Services. , o e v ic ta iy , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Member Federal Deposit Insurance Corporation. With all our best wishes for a happy, prosperous 1971 % ,f> m o , The Yes Bank IOWA-DES MOINES - f https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis r NATIONAL BANK
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