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https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W ish in g you a M erry C hristm as W ith a Happy and Prosperous New \har. John Mangold Senior Vice President James E . Coquillette President Mark Christen Assistant Cashier Peter Bailey Vice President Investm ent Division Terry Martin Vice President Jerry N. Trudo Assistant Vice President International Division John Pothoven Assistant Cashier George Adams Correspondent Banking Representative Blake R. Bales Vice President Operations Division F. Forbes Olberg Executive Vice President Merchants National Bank 1:1 Cedar Rapids, Iowa 52401 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A'BANKS OF IOWA BANK Fite m estm enl O c icer. He found a single source to help improve performance. ¡9 The source: The Northern Trust. W e pro vide three investment services, each of which offers John’ s bank some unique advantages: Bond Service —one phone call brings complete, accurate information on the whole market, because each of our bond experts handles the total market rather than just a segment. And our portfolio management service keeps our customers up-to-date with a monthly analysis that’s a model for the industry. Money Market Service —customers deal directly tell them not why they’re they’re likely with professionals who can only what the rates are, but what they are, and where to go. FOCUS™—our trust investment advi sory service provides all the investment research that our own portfolio managers use daily, plus clear, concise monthly reports, and two yearly management sem inars conducted by the top trust officers of the Northern Trust. With this combination of services working for it, John’ s hank is meeting its own investment goals and the goals of its trust customers across the board. To put all or part of it to work for your bank, get in touch with your Calling Officer at: The Northern Trust Bank, 50 South LaSalle Street, Chicago 60690. Telephone (312) 630-6000. The Northern Trust Bank Bring your financial future to us. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 FDIC Chairman To Leave Public Service in March Frank Wille, chairman of the Fed eral Deposit Insurance Corporation board, has an nounced his in tention of leaving public service at the expiration of his term of office March 16, 1976. Mr. Wille said he had advised the President on O c tober 17, the fif teenth anniversary of his entry into New Y ork service, that he did not wish to be considered for reappointment. Mr. Wille, 44, entered public service in 1960 as assistant counsel to the gov ernor of New York, becoming first as sistant counsel in the spring of 1962. Governor Rockefeller appointed him superintendent of banks for New York in May, 1964, the post in which he was serving when he received a Presiden tial appointment to the FDIC. Mr. Wille was sworn in as a member of the FDIC board and became its chairman on April 1, 1970. /rTijkV * ^ 0 °* Oldest Financial Jou rn al Serving The Central and Western States for your December 1975 reading 82nd Year No. 1347 FEATURE ARTICLES 8 Bank Promotions and Changes 14 Corporate News 19 Report Says 5-State Area Ready for E FT 21 Security National Flies Students to W ashington 22 First National Bank of Chicago Conference Report — Malcolm Freeland 24 Energy, Food Distribution Top Subjects at United Missouri Conference — Ben Haller, Jr. 28 Management Techniques Told by First of St. Fouis — Malcolm Freeland Donald Lasater Acquitted Donald E. Lasater, on leave as chairman and chief executive officer of Mercantile Trust C o., N A, St. Louis, was ordered acquitted recently on all charges of lying to a grand jury investigating income tax returns of former Missouri Governor Warren E. Hearnes. U. S. District Judge John W. Oliver entered the order of acquittal be cause he said, the government failed to prove Mr. Lasater’s testimony was material or pertained to the three - year - old Hearnes investi gation centering on alleged illegal political campaign contributions. Immediately following the court’s decision for acquittal, the boards of directors of Mercantile Baneorporation, Inc., and Mercantile Trust Company reelected Mr. Lasater as chairman and chief executive officer, the posts he had previously held for some years. N orthw estern Banker, D ecem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 29 Iowa Banker Addresses Canadians 32 The Bankers’ Market Place R EG IO NA L B A N K IN G N EW S Illinois News 37 53 Montana News Minnesota News 41 53 Oregon News Twin City News 42 55 Nebraska News South Dakota News 48 56 ( hnaha News North Dakota News 49 Colorado News 50 60 Fincoln News W y om in g News 52 63 Iowa News Washington News 52 70 Des Moines News OTHER FEATURES 74 In the Directors’ Room 74 Index of Advertisers NORTHWESTERN BANKER 3 0 6 15th Street, Des Moines, Io w a 5 0 3 0 9 . Phone 5 1 5 — 2 4 4 -8 1 6 3 Publisher M alcolm K. Freeland Advertising Assistant Sherri Nielsen Field Representative A! Kerbel Editor Ben H a ller. Jr. Circulation Department Dee Timmerman Field Representative Paul Masters Associate Editor Linda L. Rhein Auditor M ildred Barnes Field Representative Glen Hicks N o. 1 347 . Northwestern! Banker is published monthly by the Northwestern Banker Company, 3 0 6 Fifteenth Street, Des Moines), Iowa 5 0 3 0 9 . Subscription $ 1 .0 0 per copy, $ 1 0 per year. Second class postage paid at Des Moines and at additional mailing office. Address all mail (subscriptions, change of address Form 3 5 7 9 , manuscripts, mail items) to above address, 5 Before you look at bonds, look at bond departments. The men who run them can make the difference. At Commerce Bank, we make it our business to do business with experts. Walter E. Knowles, vice president in charge of our Bond Department, has had 17 years of experience in municipal securities, first in Chicago, now in Kansas City. Cecil Denton, our vice president of sales for government and municipal securities, has been a bond department manager since 1967. These men run the kind of bond department you'd expect to find in Kansas City's largest Bank. They know the bond market. So they can help you make intelligent investment decisions. If you or your corporation is interested in investing in government or municipal bonds, or commercial paper and certificates of deposit through our money market center, call the specialists at Commerce Bank. Walter Knowles and Cecil Denton in our Bond Departmentthe men who make the difference » ’Sf» C om m erce Bank NO o f Kansas City 9th & Main • 10th & Walnut (816) 234-2000 Bond Department 234-2458 Money Market Center 234-2219 Cecil G. Denton Walter E. Knowles " ::I ' 9ÈÈSÈË. m https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern B anker, D ecem ber 197S s A ^ n v¡ o c s í B e t t e o r N r t o H r o e P m e e o s p Ä C ic ''V ' 8 0 0 r S f e o Ä 'V f ' ' < « ¿ ÿ . 'v < 4 L-,0C M ' ' a ^ /o ? v https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis l e “ Proven reliability... in my opinion that’s what MGIC is all about.” How long have you been doing business with M G IC? Thomas P. Cronin, Second V.P. and Director of Loan Placement, Advance Mortgage Corp. (a subsidiary of Citicorp), tells how MGIC’s initiative, service, and leader ship pace the entire private mortgage insurance industry. “ We started in 1972, when Advance Mortgage Corp. first began dealing with mortgage insurance com panies. W e were well aware of Max Karl’s founding principles, which now have proven their merit for nearly two decades. Mr. Karl literally created what is today a $34 billion industry.” True, M G IC created the M I industry. What have they done for you lately? “ They never seem to stop coming up with innovations that benefit lenders. Their initiative in establishing a secondary market was a lead for the entire industry. Be cause of its national ‘reach’, M G IC ’s secondary market facility gives lenders far broader marketability of loan portfolios. “ Some investors insist on M GIC insurance before negotiating a deal. This reflects acceptance by the lending industry of the strength and protection offered by M G IC .” “ In my position at one of America’s leading mortgage banking companies, I’m constantly evaluating MI companies. And for my money, Mortgage Guaranty Insurance Corporation is an even better resource today than it was in the beginning.’ What is your reaction to the M A G IC U S system for government loans? “ M GIC provided the catalyst in M AGICUS to help get the new government and special loan programs off the ground. At the outset, there was a lot of confusion about FHLMC, GNM A, and FN M A programs. M G IC ’s individual counseling, M AGICUS seminars, and Loan Processors’ Kits helped strip away the cloak of mystery. It showed every facet of the financial com munity how to efficiently use these new programs. I’d say M AGICUS helped trigger broad lender participation.” Besides innovation, why do you deal with M G IC? “ Broadly speaking, M GIC fulfills their commitments. W e’ve never had a service need that they didn’t meet on-the-double. “ Then there’s M G IC ’s great financial stability. With their outstanding geographical dispersal and customer diversification, M GIC has the greatest spread of risk of any mortgage insurer.” Could you sum up what you feel M G IC offers? “ Certainly. Innovation, integrity, product develop ment, service, and leadership —which add up to proven reliability. Which is why we consider M GIC a prime source for our private mort gage insurance needs.” MGIC Better Homes For More People Mortgage Guaranty Insurance Corporation A Subsidiary of MGIC Investment Corp. MGIC Plaza, Milwaukee, Wl 53201 N orthw estern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banker, Decem ber 1975 8 DAKTRONICS displays IMPACT A Daktronics display is the efficient a d v e rtis in g m edium th a t c re a te s traffic, new business, image and pro vides community service. Daktronics has taken the service ex pense out of time and temperature dis p la y s w ith 100% s o lid s t a t e electronics. Our engineers will custom design a time and temperature display, that will enhance the appearance of your facili ty. Call or write us today! Daktronics will give you the edge over your com petition with 100% solid state displays. 1 MESSAGE CENTERS Daktronics offers entirely solid state message display centers with chang ing and traveling messages, and time and temperature information. D AKTRO N ICS. INC. BOX 299 BROOKINGS, S.D. 57006 PH. 605-692-6145 N orthw estern B an ker, D e ce m b e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 1 3 ROM O TIO N S and other news announcements have been made by the following banks: Bank of America, San Francisco: George A. Skoglund has been ap pointed executive vice president. Mr. Skoglund, 57, heads the bank’s per sonnel administration. He joined the bank in Encinitas in 1946, was named a senior vice president in the California division in 1971, and was named de partment head in 1973. The Bank of New York Company, Inc., New York, N. Y .; J. Carter Bacot, 42, president of The Bank of New York, has been elected vice chairman of the statewide holding company. In his new post, Mr. Bacot will oversee all trust and investment work of the company’s subsidiary banks. He will continue to serve as president of The Bank of New York. The company pro poses to merge seven member banks into The Bank of New Y ork when statewide branch banking is permitted on January 1, 1976. Commerce Bank of Kansas City, N.A., Kansas City, Mo..* Three execu tive vice presidents of the bank have been elected to the bank’s board of di rectors. They are David A . Rismiller, commercial and retail banking and ad ministrative functions; John O. Brown, loans and investments, and John R. Owen, head of the trust division. David J. Miller has joined the bank as senior vice president and manager of the metropolitan division. He pre viously was vice president with Provi dent Bank in Cincinnati, Ohio. A lso joining the bank is H. C. Bauman as assistant vice president in the cor respondent banking division with re sponsibilities in Oklahoma and Ar kansas. He formerly was executive vice president of the Wyandotte Coun ty State Bank. David B. Anderson has been elected trust investment officer in the trust division. He first joined the bank on May 5, 1975, as an invest ment analyst in the trust division. COMPAC Services, Inc., Kansas City, Mo.: an affiliate of Commerce Bancshares, Inc., has announced the promotion o f three officers: Richard Bryan Palmer, vice president and man ager in charge of the data processing division; Alvin L. Hayden, controller; and Phyllis Elaine Eldridge, assistant vice president and manager of systems and programming. Exchange National Bank of Chi cago: Joseph V. Morrison has been promoted to assistant cashier in the commercial banking department. First National Bank of Kansas City, Kansas City, Mo.: Howard L. Bren-^ neman, president and chief operating A officer of Hesston Corporation, Hesston, has been appointed a bank director. First National City Bank, New York, N. Y .: The bank has named the, following vice presidents: Stephen C. Biklen and Barrett Burns, New Y ork *" banking group; Sheridan L. Steinberg, money market division; Neil Alter, world corporation group; Thomas Bo land, national banking group; John Fay, merchant banking group; Michael < A. Levine, attorney, and Glenna Lynn Shostack, operating group. First Union, Incorporated, St. Louis, M o.: William F. Shine, vice president of the First National Bank in St. Louis, has been elected to the ad ditional position of vice president of this St. Louis-based bank holding com - ^ pany of which First National is lead bank. Mr. Shine joined the bank in 1942 and was named a vice president in 1974. Mercantile Trust Company, St. Louis, Mo.: Charles R. Gibson has ^ joined the bank as vice president in charge of the trust tax division. He formerly was w ith Provident National B a n k , Philadelphia, for 25 years and since 1969 had been vice president and C. R. GIBSON manager of that bank’s trust tax department. Mr. Gib son is a graduate of the University of Pennsylvania with a B.S. degree in economics. A lso announced were the following promotions: Dennis E. Bielke and Charles V. Monaghan, assistant vice presidents; Lona L. Friedman, assis tant trust officer; Norman G. Lancas ter. Jr., banking officer, and Carol L. 9 INDIVIDUAL BANKS COMMITTED TO MUTUAL GROWTH T h e C ontinental C orrespondent C om m unity ! Consulting Bank Management • Objectives Investments * Structure • Policy Communications * Systems W here correspondents explore management alternatives C O N T IN E N T A L B A N K CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO 231 S O U T H L A S A L L E S T R E E T . C H I C A G O . I L L I N O I S 60693 N orthw estern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B an ker, Decem ber 1975 10 Rizzie, manager, credit analysis divi sion. Mr. Bielke, who has been with the bank since 1969, will be in the credit administration area of the banking de partment. Mr. Monaghan has been with the bank’s credit card division since 1967 and is a consumer credit officer. In addition, John Pisarkiewicz, vice president, has been re-elected to serve as a class A member o f the national board of trustees of the Leukemia So ciety of America, Inc., for a term of two years. Harris Trust and Savings Bank, Chi cago: William D. Naftzer, trust depart ment, and W. Donald De Moss, L on don office, have been elected vice pres idents. Named assistant vice presidents are Philip J. Baratta and W. Alfred Washington, banking department; Robert M. Weiland, investment de partment, New Y ork; Thomas M. M ocella, corporate and employee rela tions administration, and Robert R. Baran and Bradford J. Miller, opera tions department, Nortrust Corporation, Chicago: Ed ward Byron Smith, chairman of the corporation and its bank subsidiary, y The Northern Trust Company, has an> nounced the election of William G. Mitchell as a director of the holding ^ company and of the bank. Mr. Mitchell currently is executive vice president and chief administrative of- ^ ficer of Beatrice Foods Co. and will become chairman of the company in* June, 1976. He replaces Solomon , Byron Smith, who is withdrawing from The Northern Trust Company board i of directors. Mr. Smith will continue to serve on the Nortrust Corporation 4 board. * Valley National Bank of Arizona, a Phoenix: Funeral services were held recently for Earl H. Brunken, 59, a * senior officer of the bank. Mr. Brunken joined the bank in 1953, was named * cashier and secretary to the board in* 1964, and senior vice president in 1970. He had resigned for health rea-*" sons his cashier and secretary positions ^ in June of 1975 but had continued as a senior officer of the bank. WALT DISNEY IVOfaß • ii ."V-1 \ &i"1 V -, The Boatmen’s National Bank, St.* Louis, Mo.: Donald N. Brandin, chair man and president, announced the^ election o f H. Ely Britton, Jr., to vice ^ president. Mr. Britton, a graduate of New York University, has been assigned to the banking division. Mr. Britton has ' been in banking for over 10 years. ^ iXyW ’i a *Y w ïï L><1 j *; o í r © Walt Disney Productions HILTON INN GATEWAY HIGHWAY 192 KISSIMMEE, FLA. 32741 30 5-8 46-4 400 5 MINUTES TO DISNEY WORLD 360 ROOMS Each w ith 2 Double Beds and Color TV. Swimm ing Pool — Children’s Playground — Res tau ran t — Lounge — Buses to Disney World. Superb MEETING, BANQUET & CON VENTION FACILITIES to serve 20 to 700 people. INQUIRE TODAY ABOUT SPECIAL GOLF AND FAMILY PACKAGE PLANS H ï “ÿCs:,£ r * North Central Companies Report All-Time Records *00 HlLT° N INÑ south " ° S8A. m 0 # FOR RESERVATIONS CALL TOLL FREE: 800-327-1363 i-----------------------------------------------------------------------------------------■) 1 For reservations or additional inform ation w rite, [ HILTON INN SOUTH, 74 00 International Drive, ORLANDO, FLA. 32809 □ VACATIONS □ GROUP MEETINGS NAME • ADDRESS CITY, STATE, ZIP The North Central Companies, Inc., St. Paul, Minnesota-based financial services holding company, recently announced third quarter, 1975 figures which reflect all-time highs in assets and earnings per share for the nine month period. Net profit for The Companies, according to Theodore Sanborn, president, was $696,000 through September 30 o f this year, compared to $707,000 for the equivalent period in 1974. Net profit per share was 95 cents for the first nine months o f this year compared to 85 cents at last year’s third-quarter point. Total income for The Companies in creased to $14,533,000 as of September 30, compared to $14,227,000 for the same period a year ago. Net worth climbed to $10,526,000 compared to the previous year's $9,142,000, and net worth per share jumped to $14.29 from last year’s $ N orthw estern B an ker, Decem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 11. 10. , * • j *' y J U Y m iI ä % ' m l fifth day I % 1 ? f j y * o f the twelfth month in the year o f our Lord, nineteen hundred and seven ty five, we will pause to celebrate a very special day. M a y this Christmas be filled for yo u with the same spirit o f jo y and gladness that was shared on the very first Christmas. M erry Christmas from you r friends at The First National Bank o f Saint Paul. V Correspondent BankDivision FIRST NATIONAL OF SAINT PAUL Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern B an ker, Decem ber 1975 With the investment you've already made in automation, can you afford to go on-line? With EFT, off-premise tellers and at-home banking on the horizon, can you afford not to? Here's how First Chicago Data Corporation is helping banks, $2 0 million to $2 5 0 million in size, go on-line without going haywire. Your bank is growing along just fine; then the competition jumps a mile out ahead and you’re suddenly drowning in a tidal wave of withdrawals. You’re not the only banker having this nightmare. The current rash of news about electronic banking mar vels of the near future is causing rest less nights for a great many in your profession. And here’s the puzzling dilemma. With the money you’ve spent auto mating by yourself or through a data processing servicer, how can you justi fy changing over to an on-line set up? And if you find a way to justify it, how can you be sure it will be right for the future? N orthvrestern Banker, D e tem b er https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ¡975 BASIS EDP Making on-line make sense. That’s where First Chicago Data comes in. It’s a newly formed subsidiary of The First National Bank of Chicago; made possible through an acquisition of a computer operation of a Chicagoland retail banking group. Since 1968, they have been im plementing a complete and integrated on-line system for banks called BASIS® EDP. While the majority of banks are located in the Chicago area, 12 of them are located in Minnesota. They are served by our unique Regional Infor mation Processing Center whose suc cess effectively extends our ability to provide on-line service to all four cor ners of the continental U.S.A. But what’s most impressed us about the system is not its success or inventiveness, but its productivity. A grassroots kind of productivity that makes sophisticated on-line technol ogy affordable, that simplifies rather than complicates communication, and most importantly, provides any bank with an on-line information base en abling it to respond competitively in any direction electronic banking de cides to move. Central in formation file All customer information is gath ered on computer disc files and each customer’s account information is in- 13 The On-Line Dilem ma. (cent.) terrelated. Inquiry, file search, up dating, data collection and calculating are performed by the computer; your staff having input and output access through voice or visual response ter minals. This system automates vir tually every accounting service in your hank. Terminal flexibility The majority of BASIS EDP func tions can be initiated and completed over a 12-button Tbuch-Tbne telephone; the computer responding by voice. This means you can have an interac tive computer terminal where needed at the lowest possible cost. In situa tions where voice response takes too long, or hard-copy is needed, visual display screens or teletypewriter-like terminals are provided. And a printed log is kept of all these transactions including voice. BASIS EDP also offers many out standing day-to-day operational ad vantages. One common name and address file for all banking systems. Automatic funds transfer. Automatic reorder o f MICR documents. Detailed overdraft notices to make pay/retum decisions easier. Plus over 100 on-line functions that handle everything from account opening to account closing. BASIS® EDP Applications 1. Demand Deposit 2. Savings 3. Certificates of Deposit 4. Consumer Loans 5. Check Credit 6. Mortgage Loans 7. Commercial Loans 8. General Ledger 9. Single-Pocket Proof and Transit 10. Safe Deposit Billing and Inventory 11. Payroll 12. Fixed Asset Accounting 13. Bond Portfolio 14. Personnel/Profit Sharing 15. Check Reconciliation 16. Marketing Information and Management Reports to the customer once a month on one piece o f paper. This eliminates the ex pense of multiple mailings. Our com bined statement is also set up so that selective, cross-selling messages can be printed right on the form. Reduced paper costs Since so much information is gathered and available on-line, print ing costs are cut to the bone. We also provide computer output on microfilm that delivers customer records on microfiche for economical storage onor-off-premise. Signature cards are also duplicated on low-cost microfiche; so sets can be made available at mul tiple locations with fast reference provided through the computer. Stabilized unit cost The unit cost of BASIS EDP ser vices over the last 6 years has only increased about 4V2 percent. And you probably cannot point to any other banking service that has held its cost line so well in that period. BASIS'EDP. Sharpening your competitive edge for tomorrow. bank customers from their homes, offices, plants, shopping centers, or merchant locations? The system is already capable of handling direct customer inquiries. Using a simple security code, selected customers can get their checking or savings account balance by phoning our voice-response computer. Once inquiry is mastered, customers can transfer funds from one account to another, make loan payments, or even activate a personal line of credit directly over the telephone. In the future, arrangements could be made for the customer to pay util ities, doctors, or merchants directly through the computer without having to write or mail a check. Imagine what would happen to your growth if you were the first bank in your area to offer these kinds of services. For more information on how and when BASIS EDP can make going on line practical for your bank, contact your correspondent banker at The First National Bank of Chicago or contact First Chicago Data Corpora tion directly. Call Tom Markle or Copeland Schmidt at (312) 881-2327. BASIS EDP systems are designed today to serve as a foundation on which tomorrow will be built. We have already conducted successful pilot operations with offpremise tellers, automatic teller machines, and other magneticallyencoded card reading telephone terminals, including transaction telephones. W ith the advent of proof machines that record MICR data on cassettes, banks on our system will be able to transmit activity directly from cas settes to our computer, eliminating the need to move documents daily to the computer center by surface transportation. Ranking at home? Many BASIS EDP functions can be performed over a Tbuch-Tbne tele phone. If bank employees can do them While many flexibilities have been at various work stations, why not built in, BASIS EDP is designed as a "one best system” in order to maximize economies. BASIS EDP. Making on-line affordable. Combined statement All customer activity is reported Member F D IC © The First National Bank of Chicago. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern B an ker, Decem ber 1975 14 Corporate News T > ROM OTIONS and other news announcements have been made by the following firms: The Central National Insurance Group of Omaha, Omaha, Nebr.: The following four promotions have been announced: Donald R. Eyberg and Ray R. Sakowski, assistant vice presi dents; Thomas M. Olson, assistant vice president, assistant secretary and as sistant general counsel, and William M, Dickson, assistant secretary. C M ! investment Corp., Madison, Wise.: Charles K. McManus has been named executive vice president of CMI Financial Corp., a subsidiary of CMI Investment. He was vice president of real estate for Dues Development Co., Cincinnati, before joining CMI. A lso announced was the appoint ment of Niel F. M oser as assistant vice president and director of claims of * C. K. MCMANUS N. F. MOSER Continental Mortgage Insurance, Inc. He had been manager of the com pa ny’s Fos Angeles regional underwriting office since March o f 1974. In addition, Attorney Thomas E. Anderson has been named vice presi dent and general counsel for CMI In vestment Corp., and Stanley C. Kiefer has been named controller. Mr. Ander son previously was a partner in the Waukesha, Wise., law firm of Hunter & Tikalsy. He is a 1962 graduate of the University of Wisconsin Law School. Mr. Kiefer has been an audit manager in the Milwaukee office of Peat Marwick Mitchell & Co. He joined the firm after graduation from the Marquette University College of Business Administration in 1963. T. E. ANDERSON S. E. KIEFER CMI also announced the naming of David Scott as district sales director for Oregon. Mr. Scott previously was executive vice president for sales and * operations of Universal General Agen cy, Inc., Portland. R. T. Hepworth Company, Schiller Park, 111.: The company has an nounced the relocation of its offices to Suite 107, 9950 West Lawrence A ve nue, Schiller Park, 111. 60176. Lamson Bros. & Co., Chicago: Roger A . Johnson has joined the com pany as a com modity specialist in the Des Moines, la., office, according to Robert H. Jones, branch manager. He will handle grain and lumber hedge ac counts for the securities and com m odi- we’ve got some pretty big shoes to fill! W e're out to prove ourselves. To show we’ re a worthy member of the Mutual of Omaha family — the largest individual and family health insurance com pany in the world. It's a tough reputation to live up to! Because Mutual of Omaha has been known for years for their service. And quality. And strength. And we're determined to make and maintain that same kind of reputation. So we're striving for excellence in quality. To be the best in providing service. Innovative in our products. Creative in our sales tools. And w e’re ready to prove it to you! Let us show you our comprehensive credit insurance program and what it will do for you. W e think you’ll like it. So write us. Or call us. Collect. The shoes are big. But we're growing every day. Just ask any of our 22 new Iowa accounts last year. S t. Poul^T) Hospitdl & OdSUdltysXi^ A Mutuili nl ( )iihih,i ( Umipiimi Full Service Credit Insurance Programs Dodge at 33rd Street • Omaha, NB 68131 • (402) 342-7600. Ext. 2910*H om e Office: P O . Box 1711 • St. Paul, MN 55111 • (612) 854-4515 N orthw estern B a n k e r , D ecem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 9 75 15 Verne S ch w e d e r Kansas City Metropolitan Ja ck Beets Kansas Phil S traight Nebraska-Colorado E. L. Burch Vice President Tom Wood Kansas W e have a tiger in your territory. Don Thom aso n Senior Vice President Our sym bol of strength and solidity is getting us everywhere. People like a leader. And when that leader can also get behind a problem and give it a push toward a practical solu tio n -w e ll, that’s United Mis souri Bank for you. And for you, all the way. We are ready to com e to you Bob W idlund Oklahoma to help you with your credit overlines, to help you design your pension and profit sharing plans, to help you with your municipal and government bond portfolios, and to show you the many ways our expanded agri business department can help you with your farm customers. Call us at 816-221-6800. u n ite d m isso u ri b a n k o f kansas cit Dave Van A ken Kansas t, n. a. N o n e o f th e o th e rs c o m e c lo s e . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern B an ker, D ecem ber 1975 16 ties brokerage firm. Prior to joining Lamson, Mr. Johnson was associated with ContiCommodity Services, Inc., Farmers Cooperative Service Centers, KJemrne, la., and the Klemme C oop Grain Co. Lawrence Systems, San Francisco: John J. Cindric has been promoted to vice president, sales, for the com pany’s midwest region. Mr. Cindric joined Lawrence in July of 1960 as an ex aminer moving to assistant vice presi dent and district manager for Ohio, a position he held for eight years. He now will be responsible for the sales force in the 12 states which comprise the Chicago region. Gerald L. Friedman, formerly execu tive vice president, was elected presi dent and chief operating officer. Leon T. Kendall, formerly vice president, becomes executive vice president and continues as president of Mortgage Guaranty Insurance Corporation. John J. M cCormack, who was financial vice president, was promoted to senior vice president of finance. Mr. Karl had been president since the com pany’s in ception. Mr. Friedman, who joined the company in 1961, was elected execu tive vice president in 1970 and director in 1971. Mr. Kendall was president of LeaseAmerica Corporation, Cedar Rapids, la.: Emmett J. Scherrman, executive vice president, has been elected to the 12-member board of the American Association of Equipment Lessors. He will serve a two-year term. MGIC Investment Corporation, Milwaukee, Wise.: M G IC has realign ed its top management structure pro moting four of its senior officers. Max H. Karl, formerly president, was elected chairman. He continues as chief executive officer and chairman L. T. KENDALL J. J. MCCORMACK the Securities Industry Association be fore joining M G IC in 1974 as vice president and president of Mortgage Guaranty. He has been a director since 1972. Mr. McCormack had been fi nancial vice president since 1971. NY I CO Services, Inc., Des Moines, la.: Richard E. Kelly has joined the staff of this national third party collateral control company. A native of Waverly, la., Mr. Kelly and his wife, Glenda, reside in Boone, la. M . H. KARL G. L. FRIEDMAN of the com pany’s principal subsidiary, Mortgage Guaranty Insurance Cor poration. Henry A. Bubb resigned as chairman but will continue to serve as chairman of the executive committee. Scarborough & Company, Chicago: James R. Keye has been appointed di rector of group and association benefit programs. Mr. Keye, who joined the company last October 28, has 14 years of experience in mass-marketed life and health sales, management and un derwriting. He most recently was an J. R. KEYE L. JOHNSON account executive with Combined In surance Co. Lois Johnson, secretary o f Scarbor ough Associates, will retire December 3 1 after 30 years o f service. Her career with the company began in 1945 when she started as a bank bond under writer. In 1946 Miss Johnson became secretary to the late Henry Scarbor ough, who founded the company in 1919. That same year, Scarborough Associates came into being and she was chosen to become manager of the program which is still providing em ployee benefit plans to financial insti tutions. Security Corporation, Irvine, Calif.: G. J. (Gerry) Cholet has been named sales engineer re sponsible for sales in Iowa and N e braska. A market ing major at St. Louis University’s School of Com merce and Fi nance, Mr. Cholet also studied ar chitectural engi G. J. CHOLET neering at Wash ington University in St. Louis. He pre viously was associated with Mosler Safe Company and also has served as planning commissioner in Papillion, Nebr., and as a graduate instructor of Dale Carnagie sales courses. He and his wife reside in Des Moines, la., where he has established a regional office for Security Corporation. James Talcutt, Inc., New York, N. Y .: Kenneth W. Baldwin, Jr., has LOBBY been elected assistant secretary o f the factors division in the Los Angeles o f fice. John Blattman has been elected an assistant secretary of the business finance division. He is a loan officer with the Minneapolis district office. DIRECTION REQUEST CATALOG ARMENTO BANK DESIGN 1011 MILITARY RD. BUFFALO, N Y 14217 Opens Office in Iran Irving Trust Company, New York, N. Y ., has opened a new representative banking office in Teheran. Iran. Phone 716-875-2423 N o rth w este rn B an ker, D ece m b er https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 17 ANNOUNCING THE NEW FIXED INCOME PORTFOLIO SERVICE FROM THE HARRIS BANK. IT’S THE SOURCE OF CORPORATE BOND INVESTMENT INFORMATION YOU’VE BEEN WANTING. The management of corporate bond investments is no longer the buy-andhold affair it used to be. It’s a complex business. That’s why the Harris Bank created FIPS. A Fixed Income Portfolio Ser vice that will become an indispensable tool for managers of corporate bond investments. FIPS provides regular reports in three main categories: 1. Portfolio strategy. 2. Quality review analyses of working list issuers. 3. Weekly data on yields and spread relationships. With FIPS, you get the full fruits of the research conducted by the Harris Bank on its own behalf. In this respect, FIPS is a companion to our very popular Institutional Investment Service for equity investments. The fee for FIPS is $1500 per year, payable in cash or through charges to a deposit account analysis. For complete information and sample copies of our reports, write or call John Alexander, (312) 461-7515; Jerry Jurs, (312) 461-7612; or Fred Young, (312) 461-7525. H A R R IS BANK. Harris Trust and Savings Bank, 111 West Monroe Street, Chicago, Illinois 60690. Organized as N.W. Harris & Co., 1882. Member F.D.I.C., Federal Reserve System. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern Banker, Decem ber I9 7 S Some of our best customers are other bankers When financial experts need expert financial advice, it’s no coincidence that so many come to Bank of America. Our solidly established pro fessional experience provides outstanding service in every facet of correspondent banking. Service that’s at your disposal around the clock and around the world. We’ll handle all your correspondent banking needs; process your transit quickly; provide a wide variety of securities services; offer advice and counsel; and keep your customers as happy with you as ours are with us. So why not ask another banker about Bank of America? Chances are, he’s already one of our best customers. Then for more details, contact our regional correspondent banking specialists at: Bank of America Center, 555 California St., San Francisco 94137 (415) 622-6142; or Bank of America Tower Bldg., 555 South Flower St., Los Angeles 90071, (213) 683-3288. m BANK of AMERICA IJ J Correspondent Bank Service BANK OF AMERICA • MEMBER FDIC Digitized for NT&SA FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 19 . Ed. N ote: Last spring, the N o r t h w e s t e r n B a n k e r in its April 14 issue of the Weekly Newsletter, announc ed the formation by 10 banks o f an electronic communications service to operate in five states. The basic development and research for the rproject were conducted by Credit System s Incorporated, St. Louis, the Master Charge operating center for the same five-state region. Financial Communication Services was founded M ay 2, 1975, by the 10 sponsoring banks as a not-for-profit corporation to operate the system and it was officially sold by CSI to FCS last July. The same officers and design personnel that developed the Master Charge program are involved in the new system. + FCS is now actively offering under the name BankMate its E F T service *to all banks in the five-state area of Illinois, Iowa, Kansas, western Kentucky and Missouri. Organizing banks were First National Bank, Belleville, III.; Davenport Bank and * Trust Co., Davenport, la.; Commer^cial National Bank, Kansas City, HE electronic financial com Kan.; Central Missouri Trust Co., munications service (BankMate) Jefferson City, M o .; Traders Nation tnat will be introduced in five al Bank and United Missouri Bank, midwestem states next year should Kansas City, M o., and Boatmen's have a high degree of acceptance by National Bank, City Bank, First consumers, merchants and banks, a National Bank and Mercantile Trust market research study has shown. vCo., all of St. Louis, Mo. Results of the study have been Meetings for bankers and merch (disclosed by Financial Communi ants in the five-state area began in > mid-November and were scheduled cation Services, the St. Louisto be conducted through a several based, not-for-p rofit corporation week period to outline the service that will offer a shared electronic funds transfer (EFT) system in and solicit their participation. Missouri, Kansas, Iowa, Illinois, Other electronic networks in the and western Kentucky by the third < organizational stage in the midwest quarter of 1976. at this time include NETS, Inc. Conducted by B o o z-A llen & [Nebraska Electronic Transfer S y s Hamilton, Inc., the opinion research tem], sponsored by member banks of study concluded that there would be the Nebraska Bankers Association, a satisfactory level of acceptance for ■*and IT S [Iowa Transfer System], the system among all three groups: sponsored by member banks of the consumers, merchants, and bankers. Iowa Bankers Association. The study consisted of 1,000 Following is an up-dated report personal interviews conducted in a from Financial Communication Servariety of markets throughout the 1 vices Corporation on the feasibility fiv e-state area. (A ccom panying study conducted for it by a national chart gives specific data.) ^research firm. FCS states that BankMate is an equitable system for all banks, large or small. The initial fee to join the system is based on the total of each bank's personal D D A and savings account balances. There is also a J. basic charge to set up an account and issue a card. On-going costs consist of a transaction charge based on system volume. BankMate is afford- Report Says 5-State Area Ready for EFT T https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 la t e ........ able for all banks, FCS says, regard less of size, location or available technology. Remote Transactions The FCS system will permit remote transactions between partici pating banks and their customers. W hen installed, the electronic network will provide about 1,000 point-of-sale computer terminals at retail outlets and up to 30 Financial Convenience Centers. These FCCs will be free-standing structures with automated banking equipment avail able 24 hours a day, seven days a week. Bank customers will be able to use an FCC to transact such banking business as withdrawing money from checking or savings accounts, ob taining amount of account balances, transferring money from one account to another, making deposits, and even obtaining a cash advance from a bank charge card. At the point-ofsale terminal in a retail store, a N orthw estern Banker, D ecem ber Î97S 20 customer will be able to have his check guaranteed by the bank, or pay for goods by having money transferred automatically from his own bank account to the store’s bank account. “ These services will be performed within seconds over an electronic communications network, offering consumers greater service and con venience than ever before,’ ’ said John G. Regan, executive vice president and general manager of FCS. Consumers’ View More than half of the consumers interviewed are likely to use the service, according to survey results. The primary reasons for this anticipated acceptance are all based on greater convenience, and include: having cash available anywhere and at any time; the ability to get a check cashed anywhere with no “ hassle trips to the bank and waiting in long BANK ACCEPTANCE OF BANKMATE lines would be eliminated; less need to carry cash. Responding favorably to the check guarantee and direct transfer fea tures of the service, consumers reflected a general acceptance of all of the “ purchasing” benefits of the system. More than 65% of the consumers said they would be likely to use the check guarantee and direct transfer features. Consumers likely to use the system also indicated a strong inten tion of using the “ ban k in g-' functions of the system: cash with drawal, deposit of funds, balance inquiry, charge card cash advance, inter-account transfer, etc. Merchants’ View The survey showed that 76% of merchants interviewed would install system terminals immediately on a trial basis, reflecting a general acceptance of the point-of-sale de vices. The check guarantee feature of BANK ATTITUDES TOWARD FINANCIAL COMMITMENT the system was cited as a major ^ benefit by merchants, particularly those who experience moderate-tolarge check losses. Greater speed at check-out sta tions was another benefit mentioned by merchants in the survey. A total of 67% of the merchants felt this was either essential or desirable to their business. The improved flow of funds in retail establishments was also cited by the merchants as the primary advantage of direct transfer of funds at the point-of-sale. Many of the merchants felt that the direct transfer of funds from a customer’s account to the store’s bank account would result in lowering the cost of keeping idle cash on hand, as well as reducing exposure to robberies. Bankers’ View Almost all bankers interviewed expressed a positive reaction to the new concept. They feel their customers want EFT services now, that the new system will assist themin maintaining their retail accounts,, and that the concept of combined point-of-sale terminals and FCCs is an attractive service “ package.” There is some concern that the system may be considered “ futur istic,” and could reduce face-to-face contact with customers, but most banks are generally willing to make the financial commitment necessary to participate in the program.--End , Survey Shows Executives Favor Greater Disclosure RETAILER ACCEPTANCE OF BANKMATE CONSUMER ACCEPTANCE OF BANKMATE Would pay a fee, plus a transaction charge. orth w estern Banker, D ecem ber DigitizedN for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 Corporations should be required to report their “ social involvement” ac tivities and costs to their stockholders, according to 7 3% of 985 executives of financial institutions surveyed by the Harris Bank, Chicago. The survey questionnaire listed five areas of social concern that might be subject, to disclosure. Nearly half of the executives who favored greater corpo rate reporting indicated that it is par ticularly important for businesses to re veal their political activities and con tributions to stockholders. In lesser numbers, the executives al so supported disclosure in the areas of corporate energy saving practices (4 4 % ), pollution problems and control ( 4 0 % ) , community benefit programs ( 3 8 % ) , and corporate employment practices, including affirmative action plans ( 3 1 % ) . 21 VER 700 Sioux City high school, junior high, and elementary school students, accompanied by their teachers and parents, visited the nation’s capitol the week of No vember 17 on a special series of Bi centennial flights sponsored by the Security National Bank of Sioux City. E. C. “ Ted” Thompson, Security National president, said the specially decorated DC -8 aircraft, “ Indepen dence,” made four round-trip flights to Washington beginning Monday and ending Friday. The unusual Bicentennial project was undertaken by Security Nation al Bank to provide a meaningful “ education on location” learning ex perience to Sioux City schoolchildren in grades five through 12. School officials in the public and parochial systems considered the time spent on location as attendance because of the supervised educational activity. Each group of 180 students, teach ers, and parents spent two full days and one night in the capitol, return ing to Sioux City about 3 p.m. the day following their departure from Sioux City’s Municipal Airport. While in Washington, the groups all met with members of Iowa’s Cong ressional contingent, including 6th District Congressman Berkley Be dell and Senator Dick Clark. Histori cal landmarks on the itinerary were Arlington National Cemetery, the Lincoln and Jefferson Memorials, the White House, the Executive Office Building, the U. S. Treasury, the Capitol Building, the Smithson ian, the Washington Monument, Embassy Row, Georgetown, and many historical spots. The student fares made possible by the Security Bank’s sponsorship of the “ affinity group” (students, teachers, and parents) included round trip air fare; overnight lodging in Arlington, Va. (a Washington suburb); all meals; professional guide service; and all ground trans portation. The program allowed a teacher/chaperone to travel all ex penses paid for every 19 students who made the trip. Mr. Thompson expressed tremen dous satisfaction at the overwhelm ing response of Sioux Cityans to the project, and he underlined the real sense of pride the community holds in its young people. “ There is high inspiration to be found in the great ideals that created O https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ON THE COVER—When the first flig h t of Sioux Cityans landed at Dulles International Airport in W ashington, D. C., on November 17, Iowa’s Sixth District Congressman Berkley Bedell (left) was on hand to greet Mr. and Mrs. E. C. “Ted” Thompson, president of the Security National Bank, which sponsored the flig h ts. Rep. Bedell met each of the four flig h ts on the DC-8 “ Independence" during the week. Security Nat’l Flies Students to Washington our country,” he said. “ The phrases that have been worn smooth by use have fresh and urgent meaning for us today . . . ‘government by consent of the governed’ ‘the blessings of liber ty ’ , ‘all men are created equal’ , ‘ a na tion of laws’ . I hope this Bicentennial trip can become a time to celebrate them in the profound sense of renewal and rededication.” Mr. Thompson added that Secur ity National is already considering a repeat of the project next spring based on the outstanding response. In addition to intensive coverage of the trips by Sioux City news papers, radio and television stations, the bank’s first flight on Monday made the front pages of businessfinance sections of Washington papers. It turned out that Security National’s maiden voyage on “ Inde pendence,” a charter flight of Overseas National Airways, had unknowingly “ crashed” a similar, highly publicized landing ceremony staged by Braniff International Air ways at Dulles Airport. The chief guest of Braniff, awaiting arrival of that airline’s Bicentennial decorated aircraft for a formal, swank welcom ing ceremony, was Mrs. Betty Ford, wife of the President, Shortly after Braniff’s plane did a low fly-over of the Dulles field, Security National’s “ Independence” flight, which had just landed, taxied innocently by the amazed onlookers who were looking for Braniff’s “ one-of-a-kind” plane. As photo graphers frantically signalled for “ Independence” to taxi into the waiting Braniff spot, the Overseas Airways pilot slowly taxied on, much to the dismay of the crowd who thought Braniff had blown its ceremony. One upset Braniff official muttered, “ How dare they,” as Washington photographers contin ued their photo coverage of the “ interloper.” The evening Washington papers noted that Braniff had paid artist Alexander Calder $100,000 to design the Bicentennial cover for its plane, then related that Overseas Airways colorful Bicentennial design was the handiwork of one of its stewardesses, who accompanied the first Security National Bank flight. Mike Newhouse, marketing officer for Security National, said the Sioux City bank is the first bank in the nation to sponsor the tour, although others now plan similar tours in 1976.— End N orthwestern Banker, Decem ber 1975 22 “Y es” Card Adds New Dimension To Chicago Conference EFTS PANELISTS included Chauncey E. Schmidt, pres., host bank, and Donald P. Jacobs, dean of the graduate school of management, Northwestern University. By MALCOLM FREELAND Publisher “YES” CARD discussed by Markle, pres., First Chicago and William T. Dwyer, vice charge of Division F for host Thomas V. Data Corp., president in bank. A BLUE plastic card, with the word “ Y es” in red and white lettering on its face, brought a new dimension to the Conference of Bank Correspondents sponsored annually by The First National Bank of Chicago. With more than 750 bankers and guests in attendance at the 29th annual meeting in Chicago last month, the host bank announced plans to offer a wide-ranging pack age of computer-linked services to its customers and those of other banks. The initial step will be the installa tion of a pilot electronic funds transfer system in 12 Chicago-area Jewell Tea Company stores begin ning in January. Due to a legal suit pending at the time of the announce ment over whether EFT machines are branches, the First National use of the Jewell terminals probably will be limited to check cashing verifica tions. The system will employ the special plastic “ Y es” card and a telephone link to its computer correspondents will be offered similar benefits for their customers, according to Chauncey Schmidt, .president of the bank. Plans are underway to tie the BankAmericard into the “ Y es” card network. Freeman Retires Gaylord Freeman, chairman of The First National and one of America’s most prominent bankers, presided at the annual banquet, mentioning his retirement after 40 years in banking. Effective Decem ber 1, he became honorary chairman. He continues as a director and a member of the executive committee. A . Robert Abboud has succeeded Mr. Freeman as chairman and chief executive officer of both the corpora tion and the bank. (See separate article on the change in this issue.) Mr. Abboud presided at the final Rl.Thomas PRESIDENT ¡FIRST CHICAGO CORPORATO TYPICAL PANEL at 29th Annual Conference covered the outlook for banking. N o for rthw estern Banker, D ecem ber Digitized FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 luncheon session, outlining “ The New Challenges in B a n k in g .” Tracing the contributions made by Mr. Freeman to the bank and to the Chicago community, Mr. Abboud said that successor management would heed Mr. Freeman’s admoni tion that “ earnings growth is desirable but soundness is essen tial.” He concluded by describing 10 issues on which bankers should form judgements and speak out. These included inflation, our federal system , urbanization, housing, transportation, utilities and fuel, food and agriculture, communica tions, industrial expansion, and financial markets. Bank Earnings William T. Dwyer, vice president in charge of Division F (correspon dent banking), predicted that the medium and smaller sized banks, as a group, should continue to show improved earnings. He continued by describing one area negatively affecting his prediction in the case of banks whose grasp of costs and account profitability is inadequate. Speaking specifically of the move ment that is underway toward the payment of interest on demand deposits, Mr. Dwyer stated that electronics make it possible now to transfer money from savings to demand balances with relative ease. Banks might challenge this trend, he said, but the mutual savings banks and savings and loans will force banks to go along unless they are content to lose market share. 23 Discussing the economic outlook, Eugene A . Birnbaum, vice president and chief economist for the host bank, predicted a continuation of the economic recovery, but at a moderate rate. A rise in short-term interest rates may occur in the second half of 1976, but we will see further relief from inflationary pressures, at least for the first half of the year, according to Mr. Birn baum. He expressed concern in three areas of uncertainty. One important source of uncer tainty, Mr. Birnbaum said, is the unknown short and long-term impact of New York City’s fiscal problems. A second area of uncertainty in Mr. Birnbaum’s thinking is the seeming paralysis of the Federal government to enact legislation in areas of national importance, such as policies to stimulate domestic energy production, and tax and other programs to encourage business capital formation and employment. A third source of uncertainty concerns world monetary relation ships in Mr. Birnbaum’s view. He feels that because the world’s most important currencies exhibited un predictable gyrations, inflation and unemployment were worse than we might have experienced otherwise. Due to to heavy Treasury funding requirements and corporate borrow ings in the $5 billion to $7 billion range, interest rates will be moving higher during 1976, according to Nicholas J. DeLeonardis, vice presi dent, money market division in the bond department of The First National. Mr. DeLeonardis sees by the end of 1976, 90-day U. S. Treasury bills yielding 8 % to 8 V2 % , 3-month commercial paper 8 V2 % to 9 % , and A A A corporate bonds 9 % to 9 Vi % . Annual Survey Bankers are even more concerned about the threat of inflation this year than they were last year, according to the annual survey taken among those attending the Conference. Nine out of 10 bankers surveyed said current monetary and fiscal policies should combat inflation rather than unemployment, while three out of four answering the same question a year ago felt the same way. The poll also shows an almost even split over the question of federal aid to New York City, with 51% of the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SESSIONS were well attended. Shown in foreground are Robert C. Power, pres., Marion Co. St. Bk., Pella, la., and Gordon L. Mennen, pres., LeMars Sav. Bk., LeMars, la. bankers opposed and 49% in favor. If aid were granted, 71% felt it should be in the form of loan guaran tees, 12% favored revised revenue sharing, while only 3 % favored an ’outright grant and 14% favored some other form of aid. Ninety-seven per cent answering the survey felt inflation will not go about 10% next year, while last year 50% felt inflation would increase. Ninety-seven percent this year also said the growth of real output (Gross National Product minus inflation) would not exceed 6 % . In respect to their own banks, 88 % said earnings will be the same or higher during the next year compared with 72% who answered the same way last year. Missouri Bank Hosts Hunters SIXTY Missouri bankers were guests recently of the correspondent department of United Missouri Bank Hunting Classic. A first for midwestern barkers, the day-long event fea tured a combination of trap and live game shooting which resulted in nearly all of the participants taking at least one bird home with them. Located at Game Hill, a hunting preserve north of Kansas City in Weston, Mo., the day offered competition on two trap ranges including a trip into the “ Walk-Thru Game Bird Trail” which simulated actual upland game bird shooting and most of the hunters agreed that it was the best they had seen. Their day ended with barbeque and social hour which lasted until nearly 10 p.m. N orthwestern B an ker, D ece m b er 1975 24 HERE in the world are we?” was the theme for the Agribusiness Seminar conducted last month by United Missouri Bank of Kansas City. More than 600 bankers and their wives were guests of the bank for a review of three facets of this subject: • Where in the world are we on energy? • Where in the world are we on international trade, exports and the world food situation? • Where in the world are we on major agricultural commodity outlook? Exploring each of these areas were exceptionally well-qualified speakers (pictured on these pages), representing ag business, ag education and govern ment. Keynoter for the seminar was Joseph D. Henderson, vice president of the host bank, whose address is printed with this report. Following his talk, four speakers discussed the Impact of Energy on various phases of agriculture. Otto C. Doering III, ag economist at Purdue University, said 12% of the national energy is used to get food and fiber into American homes, and agricul ture must look at this ag energy input and ask—does it increase production and reduce manpower? Clifford L. Hayden, general manager of transportation planning, Interstate Brands Corp., Kansas City, said much can be done in the manufacturing process, with a possible savings of 20% in the transportation area. John F. Anderson, executive vice president, manufacturing and production, Farmland Industries, Kansas City, stressed the need for conserving natural gas for critical industries, such as agriculture, and substituting other energy sources for less critical needs. Gordon H. Millar, vice president-engineering, Deere & Co., Moline, 111., said the portability of power plants (tractors, for example) demands highly processed fuel and this needs to be reserved first for critical areas like agriculture. All stressed the need for setting regional and national priorities in energy. Luncheon speaker Dr. Brice Meeker, office of the administrator of the Foreign Agricultural Service, United States Department of Agriculture, Washington, D. C., offered two major premises: 1. “A full production-market orientated policy (in the United States) has some reasonable degree of probability of success over the long run . . . I believe demand will continue to increase, especially in world pricing and world global growth, but the supply response will be slower and more difficult than we have experienced in the past . . . over the longer run a full production policy is dependent upon unrestricted export opportunities for the industry.” 2. This humanitarian response (by the United States in meeting emergency food needs by free food transfers) does not change the principle that the developed world should not undertake responsibility for the long-term supply of food to nations whose populations are pressing upon the supplies of indigenously produced foods. These nations must reduce their population growth rates and increase their production and our efforts, as well as the efforts of other nations that are able to help, should be primarily directed to those ends as the only lasting solution, rather than to food aid, which can only be a stop-gap measure.” Dr. D. Gale Johnson, vice president and dean of faculty, University of Chicago, echoed Dr. Meeker’s sentiments in great measure, stating, “I support food aid to meet emergencies due to adverse weather or other natural disasters but except for such emergency food aid there are few real long term benefits to the recipient countries.” Five things that can increase food production in developing countries were listed by Dr. Johnson as ag research, supply of modern farm inputs, peace in the Middle East, ag and food policies in those countries, and reducing population growth rates . . . “ Significant improvements in per capital food supply can only be achieved as birth rates decline and the population growth rate is reduced.” Dr. Robert N. Wiener, extension economist at Iowa State University, Ames, reported “grain supplies should be fully adequate to support a moderate recovery in domestic livestock feeding in the year ahead.” William C. Helming, president of Livestock Business Advisory Services, Inc., Kansas City, looks for cattle and calf inventory to peak during 1976. He projects cattle at $42-$43 for December and January and expects cow slaughter by January to stabilize or decrease, thus tightening supplies and improving f'eedlot prices with $47-$50 for feeder cattle. Glenn A. Grimes, department of ag economics, University of Missouri, Columbia, thinks “hog production is almost sure to be very profitable at least until mid 1976,” and believes there will be a “substantial growth in (pork) demand next year using current dollars.” A good feed grain crop in 1976 should raise the caution flag, he notes, and producers should study the situation very closely during the last half of 1976.—End y W N orthw estern Banker, Decem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 Energy, Food Distribute At United Missou By JO S E P H D. H E N D E R S O N Vice President United Missouri Bank of Kansas City, Mo. W HERE IN TH E W ORLD ARE W E? 1. Given the massiveness and com plexity of this thing called Agriculture--it’s difficult when we under stand it to be a group of related industries that alternately clash and complement. 2 .Given the uniqueness of the U. S. position as the breadbasket of the world and the tremendous efficien cies of our food system and our solid 62 % annual increase in productivity. 3 .Given the depressing information concerning the needs of the underveloped, the strides of the de veloping and the sophistication savvy and expertise of the developed nations. 4. When we recognize that demand for our products changes at a slower rate than our production in the U. S. 5. Given cyclical changes such as have reverberated through the livestock industry. 6. Given the economic drama of recession. 7. Given political maneuvering and the inherent affinity for cheap food. Changes Taking Place Important as these areas seem, there is at the same time, and generally not so apparent and not as well understood, a set of changes taking place in the agriculture that will have even more profound effects on the traditional structure industry. These deal with: 1. Changes in the form of organization. 2. Changes in ownership. 3. Changes of control. 4. The shifting of risks. j ~ *- ^ j j j. 25 op Subjects vg Conference 5. Changes in not only who makes decisions but the very basis on which they are made, as well as the method by which decisions are made. - Importance of Capital For example, as long as labor was the major agricultural input, it was a matter of out-muscling your compe tition. I t ’s something else entirely to match wits with competitors when ■> you may have $1 million in capital in the game along with each worker. This makes most agricultural peoplewhether suppliers, processors, pro ducers or merchandisers--managers of capital. The rewards go to those who use capital most efficiently; thereby, the control of agriculture is > moving to those who control capital. It follows that to be highly suc* cessful in agriculture and to control (though not necessarily own) a sizable am ount of capital - makes it necessary to develop a sound financial strategy--something > that used to be for other industries but is now found throughout the various sub-industries that make up agriculture. Some have learned through hard knocks, and others through fantastic successes, that / such a strategy is a necessary part of any agribusiness. It used to be thought that lenders were followers and that any changes in lending techniques came some time after changes in technology or innovations. With capital playing '■< such a major role, innovations in lending are actually leading the way to new organizational forms and new methods of decision-making. Any time productivity is greater than the cost of money, there is the L urge to bring more dollars into the picture. But is equity capital there and in such form as to service more debt capital? - SPEAKERS at the conference included (l.to r.): Clifford L. Hayden, genl. mgr., transpor tation planning, Interstate Brands Corp., Kansas City; Dr. Otto C. Doering III, dept, of ag economics, Purdue University, West Lafayette, Ind.; John F. Anderson, exec, v.p., mfg. & prod., Farmland Industries, Kansas City, and Joseph D. Henderson, v.p., United Mis souri Bank, who planned the conference and gave the keynote address. Financial Strategy planning starts with a new attitudeTo move ahead safely with the recognition that “ debt is a salable tactics, one needs first to be sure his item” and that credit can and must financial strategy is well thought out be merchandised prudently... that and in place. This strategy deals lenders are buyers of credit and have basically in five areas: many buying opportunities from 1. The first is over-all strategicwhich to select. Therefore, it is planning, including both long-term necessary to tell your lender capital budgeting and short-term continuously what you have done, operational programs. It is most are doing and will be doing--in such necessary to set goals and to put a form as he can record and maintain time schedule on where you want to and analyze the progress of your be and when. business. 2. The second area of financial 4. The fourth is maintenance and planning is cost and budget control. management of financial reserves. This area is highly important as cash These include cash, unused credit, flows (both in and out) reach insurance programs and securities. astounding proportions, making it Not all can be foreseen and a ready necessary that actual expenditures financial “ pillow” can put a company be kept close to realistic projections. back on its feet when it might other Such comparisons may be simple wise have stayed down for the count. and prepared by hand or quite 5. The fifth elem ent--a sound complex and produced with compu financial strateg y --sh o u ld recog ter equipment. In any case, they nize that no funds will bring a higher must be prompt and adequate so return than those spent outlining, that corrective action may be taken maintaining and up-dating a good in time. estate plan. No other one move can 3. The third element of financial be made by management that will do VISITING during the conference were (I. to r.): R. J. Peterson, genl. mgr., John Deere branch, Kansas City; Gordon H. Millar, v.p.-engineering, Deere & Co., Moline, III.; Crosby Kemper, chmn., and Bill Bolt, chmn. of exec, comm., both with United Missouri Bank. N orthw estern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B an ker, D e ce m b er 1975 26 2. W H E R E IN TH E W ORLD ARE W E on international trade, exports and world food situation? 3. W H E R E IN THE W ORLD ARE W E on major agricultural commodity outlook? Must Manage Changes All of these are major outside influences with or against which you must manage. All have major dollars and cents effects upon the structure of your agribusiness and may well cause: 1. A change in your form of ington, D.C., visits with (I. to r.): Wendell Cochran, Kansas City Star; Jerry Scott, pres., organization. and Phil Straight, a.c., both with United Missouri Bank. 2. Changes in ownership or control o f c e r ta in in p u ts , fa c ilit ie s or products. more to assure the availability of We are today to examine three 3. A shifting of the risks. capital for the future of your broad categories of such outside 4. Your decision-making process. agribusiness. High tax rates, new influences that none of us control, We hope you will stop, look and be lending techniques and inflation are but must recognize and reckon with challenged to change as these accelerating the industrialization of because of their effects on our structural changes, without a doubt, agriculture at such a pace that any businesses. W e sincerely hope to make your agribusiness more capital lack in this area of estate planning define, in a way helpful to you and in intensive and call for an improved means a major exodus of capital line with our theme: financial strategy in order that you from that particular business. Most 1. W H E R E IN THE W ORLD know W H E R E IN THE W ORLD simply cannot withstand such an ARE W E on energy? your agribusiness is.--End amputation every generation. Effect of Outside Forces Agriculture is more and more affected by outside forces over which those in industry have little or no control. W e see all of agriculture vulnerable to: 1. Changing technology. 2. Changing habits and desires in the consuming public. 3. The active entry of consumer groups and government at all levels. 4. A changing, deteriorating transportation system. 5. Price risks involving highly fluctuating markets. 6. A return to the cost-price squeeze. 7. Weather risks. 8. Over-production. All, or at least a part, of each of these, along with numerous others are introduced from outside any particular agribusiness. It will be those who manage their agribusiness (and not just those who merely operate) who will be successful, and those who take time to understand the buffeting these outside forces give their business vehicle, who will be the most successful. Interestingly, a torpedo is never really on line to its target but keeps correcting, homing in, until it gets there. N orthw estern Banker. D ecem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 Duwe Asks if Government Policies Are Playing Roulette with U.S. Agriculture O N FL IC TIN G U.S. government ^ policies, including calls for full agricultural production followed by this year’s wheat export embargo, have dangerously multiplied the uncertain ties faced by the nation's farmers, the president of the American Bankers As sociation (A B A ) said recently. “ Are we playing Russian roulette with American agriculture?” J. Rex Duwe asked an audience of more than 1,000 agricultural bankers attending A B A ’s 24th annual National Agricul tural and Rural Affairs Conference. Farm operators normally face a be wildering array of unpredictables, he said, including weather patterns, equipment and fertilizer price changes, commodity market fluctuations, de mand for U.S. exports and U.S. con sumer pressure for lower prices. “ But now, the Federal government has added a new one: the uncertain ty of embargo,” said Mr. Duwe, who also is president and chairman of The Farmers State Bank, Lucas, Kan. “ T o day farmers and their bankers must wonder where the next embargo will be imposed. On corn? Soybeans? Beef? This year? Next year? “ There is no place in the free mar ket for an embargo or moratorium on exports, the Federal government can not cry w olf very often — and that’s what it did, urging farmers to go for full production, and then impairing their ability to market their crop and recoup their investment.” Mr. Duwe said American wheat farmers depend on a strong export market, since the U.S. can consume little more than one-third of a normal wheat crop. “ Farmers who fear this ex port market may be closed will reduce production.” With less supply in the face of con stant or rising demand, the result will be higher costs to the consumer, the A B A president warned. The primary recourse for farmers and ag bankers is to “ make their voices heard in the political process.” Mr. Duwe urged ag bankers to speak out “ in favor of a free market system, with minimal government in terference, that assures a sufficient sup ply of food to meet domestic needs and to satisfy a major part of foreign needs, and that will also ensure the farmer a reasonable return on his investment.” Travel the quiet roads o f Rustic Am ericana. Perhaps long ago, a legend o f history strode this very scene. Perhaps. But m ore likely, those inhabitants o f Rustic A m e r icana were, in truth, the silent heros upon w hom our heritage was nurtured. N ot the framers o f the C o n stitution, but those it served. N o t presiden ts, but electors. A n d in R ustic A m erican a, through the skilled hand o f one o f JAMES C. MORRISON C a lifo r n ia ’s fin e illustrators, we travel in c o m p a n io n with their m em ory, dow n those quiet roads. R ustic A m erican a is the newest in a series o f Distinctive C hecks by D eL u xe. Y o u can offer this package o f 10 pencil sketches rendered in warm brow n tones on a spe cial ivory safety paper in wallet style L H , or a 5-scene version in our top-stub N T style. In a time when custom er satisfaction is both all im portant as well as increasingly difficult, Rustic A m erican a can be another successful aid for you. If you haven’t as yet received the supplemental catalog page fea turing Rustic A m erican a, please ask the D eL uxe representative in your area. W e ’ll be happy to help you and your customers travel the quiet roads o f Rustic A m ericana. CHECK PRINTERS, INC. SALES HDQTRS. • P.O. BOX 3399, ST. PAUL, MN. 55165 STR A T EG ICALLY LOCATED PLANTS FROM COAST TO COAST N orthw estern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banker. D ecem ber 1975 28 negative deviation from planned profit goals. BANK MANAGEMENT was discussed by Clarence “ Cedge'' Barksdale, pres., host bank; Donald Gnuse, pres., Broadway Natl., Quincy, III.; Richard F. Ford, exec, v.p., host bank! and Edwin C. Kane, pres., First Natl., Little Rock, Ark. Management Techniques Told by First of St. Louis By MALCOLM FREELAND Publisher 1%/T A N A G E M E N T by objective received the spotlight at the 29th Annual Conference of Bank Corre spondents held by the First National Bank in St. Louis last month. Over 1,000 bankers learned some of the “ trade secrets” on how the host bank has scored an average annual growth in earnings of 2 0% over the past three years. Clarence “ Cedge” Barksdale, presi dent, reminded bankers that a chief executive must be sales oriented, deter mining markets over both the short ELECTION YEAR OUTLOOK was discussed by Frank K. Spinner, sr. v.p., host bank. N orthwestern B an ker, D e ce m b er https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I97S and long range. He suggested the de velopment of good employee and pub lic attitudes through good communica tions. Following up on President Barks dale’s comments, Richard Ford, execu tive vice president, outlined the First’s four major factors in management planning. He listed: external environ ment, staff members, the bank’s mar ket, and controls. Looking at the exter nal environment, he said the bank keeps close tab on what is going on with regulations; competition in and out of the commercial banking field; social trends; including consumerism, and technological areas (like E F T ). Mr. Ford stated that “ our people are our most important key to success.” He recommended critical examinations — not necessarily based on longevity — so as to get the right people in the right spots. The bank checks people on their technical capability, their abil ity to meet the public, and their per sonal traits. Explaining the bank’s market, Mr. Ford said the First has eight profit cen ters, six of which are lending divisions. Looking at ways to build volume, the First decided it wanted to be a strong lending bank. Concluding his remarks, Mr. Ford said that in the area of controls the First has a decentralized organization with “ an early warning system” for Secretary William Simon Highlight o f the Conference was a talk by William E. Simon, Secretary of the Treasury. His comments were published in the November 17 issue of the N orthwestern Banker News letter. Investments in an election year were discussed by Frank K. Spinner, senior vice president of the host bank, in his customary and unique style. He re minded bankers that the economy might not be as robust as a lot of peo ple think. He sees interest rates moving up throughout 1976 with the prime rate being around 9 % to 9 V i% at year-end. All rates will be up, accord ing to Mr. Spinner, except A rated, 10 year-municipals, which will go from 53A to 5 % . Being a realist, Mr. Spin ner views more inflation ahead. Dr. Murray Widenbaum, Washington University, St. Louis, and Anatol B. Balbach, vice president-economist, Federal Reserve Bank, St. Louis, dis cussed the business outlook and gov ernment policy. Dr. Wiedenbaum sees for 1976 an inflation rate of 7 % , real econom ic growth of 6 % , and unem ployment at about 8 % . He thinks that EARLY BIRD session on agriculture was conducted by Neil F. Bergenthal, v.p., host bank, and Norman M. Coats, dir., econom ic research, Ralston Purina, St. Louis. 1976 will go down in history on the plus side with most companies finding the coming year to be a good one. EFTS Panel Exceptional interest was shown among delegates in a special “ capsule view of EFTS. Panelists discussed CBCTs, shared facilities, the au tomated clearing house, and the legal status of various plans. Warren B. Wiethaupt, vice president in charge of marketing, concluded the session with 29 a slide presentation on new develop ments in EFTS. Early birds were treated to a discus sion on the agricultural outlook by Neil Bergenthal, vice president of the host bank, and Norman Coats, director of econom ic research for Ralston-Purina, St. Louis. Mr. Coats believes that the problems in the cattle market are past, BETWEEN SESSIONS M ke Flier, host bank correspondent off. and Brock Mes sing, v.p., Commercial Natl., Peoria, III., visit. and 1976 will see further improve ment. H og prices should stay at the $50 level during the first half of next year — then drop back to the $40s in the last half of the year. Mr. Coats sees some improvement in the price of beans even though we have one o f the largest backlog o f beans on record, and corn prices should also improve over prices at harvest. Edwin S. Jones, chairman of the board o f the First National Bank in St. Louis, presided at the annual dinner program. Entertainment featured The New Christy Minstrels who presented a varied and patriotic repertoire. End. ABA Co-Sponsors TV Winter Olympics A s part o f its U.S. Bicentennial year advertising efforts, the American Bankers Association will co-sponsor the X II Winter Olympic Games in Innsbruck, Austria, on A B C -T V . A B C coverage of the winter sports classic is scheduled to run 43.5 hours from February 3 to 14. Prime time coverage accounts for 7 0 % o f telecast time or 30.5 hours. Using the theme, “ Y our Bank — Helping Y ou Change Things For The Better,” A B A commercials shown during telecasts of this quadrennial winter sports spectacular illustrate banking’s role in community growth. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Iowa Banker Addresses Canadians R E VIEW of recent agricultural developments in the United States is almost a story o f frustration and extremes, Oliver A. Hansen, chair man of the agricultural bankers division of the Ameri can Bankers Association said recently. Speaking before the Canadian Agricultural Credit Conference in Toronto, he told bankers that neither farming nor banking is simple and both require thor ough planning and the flexibility to cope with change. “ The overly aggressive lenders have paid for some rather expensive lessons in the past two years. The overly cautious one has lost some good business to his competitors,” said Mr. Hansen, who is also presi dent of Liberty Trust and Savings Bank, Durant, la. o. a . Hansen “ Somewhere in between is that area where we must extend credit so our customer can make a profit and progress, our commu nities prosper, our depositors’ funds be used prudently and our stockholders receive a reasonable return on their investment.” Mr. Hansen acknowledged such a course is not easy to follow, noting such variables as weather, markets, human nature, consumerism, govern mental maneuvering, labor union activities and disease problems. Recalling recent problems in the cattle feeder market, he commented, “ It is hard to foresee many investors hurriedly jumping back on the band wagon in view of past, experiences, and new money will have to be found for these ventures. It is clear that others besides farmers think when things are high they’ll go down, and when they are down they’ll never go up!" The Emergency Livestock Credit A ct of 1974, which has provided about $380 million in loans so far, helped to bridge the financing gap for some operations “ which had simply become marginal” due to substantial price drops, Mr. Hansen noted. He predicted that if current conditions con tinue, “ our co w /ca lf men should be headed for a much more stable situa tion than they have recently experienced.” While 1975 has been “ a very good year” for hog producers, continued encouragement from high prices could create over-production with a conse quent drop in prices and profits for hog farmers, he said. “ It has happened many times before, and there is little evidence human nature has changed enough to prevent it happening again.” Mr. Hansen said U.S. grain producers were “ saved by the bell when suddenly foreign countries did not get a crop and needed our surplus,” but he predicted larger carry-overs in grain this year than there were a year ago. Transportation problems also hamper foreign grain sales. Agricultural bankers saw increased loan demand for operating funds in the first half of this year, along with increased renewals o f existing debts and more refinancing of short-term debt into long-term obligations, Mr. Hansen reported. “ It now appears as if we will have a much better farm income due to crops and prices than anticipated, and many of the operating loans we were concerned about in the spring will be made healthy." Mr. Hansen drew the following conclusions from the past several years' erratic agricultural lending scene: * Agricultural bankers should know which customers have the ability and resources to weather difficult economic times. * Bankers should encourage diversification in farming enterprises so that individual operations will have greater resiliency. * Long-term capital improvement loans should be put into long-term debt form, rather than trusting to immediate profits to pay them off. “ It’s the same old adage — anticipation and realization are not the same.” * Security on loans should be closely monitored. “ When income is readily available, debts are readily repaid, but when the shoe gets tight, the character of some individuals becomes a bit altered when the pinch is on.” A — End N orthw estern B a n k e r , D ecem ber 1975 30 Predicts Expanding World Role for Banks S. C O M M E R C IA L banks • play an increasingly important role internationally in the decade ahead, but expansion overseas may be at a somewhat slower pace than during the boom period of the late 1960s, A l fred F. Miossi, executive vice president for international banking at Chicago’s Continental Bank, said recently. “ International expansion in the pe riod ahead may be primarily in the commercial banking field as contrasted with other financial endeavors, al though some of the big banks may con tinue to broaden the financial services that they offer abroad,” Mr. Miossi told a commercial banking seminar sponsored by the Finance Club of Har vard University’s Graduate School of Business Administration. “ Expansion is likely to take place by the opening o f new branches, con centrating on the commercial banking field, as contrasted with further invest ments in merchant banking consortium banks and other fields.” However, the Chicago banker said, dramatic changes which have taken place in the international econom ic en will vironment will alter somewhat the role o f commercial banks in the interna tional field. “ Liability management will become more globally oriented, with an in crease in transactions carried out in nondollar currencies,” Mr. Miossi commented. “ In addition, unless worldwide re cession persists, banks also will experi ence heavy demand for loans, as con tinuous inflation will increase the needs of business for working capital and ris ing labor costs will encourage major cost-cutting capital investment. Mr. Miossi said the newest oppor tunity for U.S. banks to achieve con tinued growth in foreign markets cen ters on the recycling of oil money and in the management of international liquidity. "Although the self-imposed credit restraint program on overseas loans will tend to remain in effect for some time, it seems likely that within a year commercial banks once again may be gin to expand their offshore lending if it has not already begun.” Mr. Miossi predicted that a sub stantial portion of the recycling efforts by banks will continue to be carried on through the Eurocurrency market, despite the reopening of the U. S. fi nancial market in early 1974. “ Commercial banks have done a good job of facilitating a smooth shift of financial services to meet the needs of the international community in the changing economic environment,” he commented. “ The future course of in ternational banking will be greatly in fluenced by the expertise and facilities that American bankers establish to handle new challenges.” Appointed by Comptroller Comptroller o f the Currency James E. Smith has announced the appoint ment of Robert J, Herrmann, formerly deputy regional administrator of na tional banks for Region 7 (C h ica go), as director, domestic group, Office of the Deputy Comptroller for Banking Operations, in the Washington Office. In addition, Mr. Smith announced that Bonnie E. Yates, formerly a na tional bank examiner in Region 7, has been named deputy regional adminis trator, replacing Mr. Herrmann. N O W .. .score at both ends of the court JOIN THE CONTINENTAL WESTERN FIRE - CASUALTY - LIFE PRO TEAM CONTINENTAL WESTERN INSURANCE COMPANY P h o n e (5 1 5 ] 2 7 8 - 3 0 0 0 CONTINENTAL WESTERN LIFE INSURANCE COMPANY Phone (5 1 5 ) 2 7 8 - 3 3 4 5 HOME BUSINESS AUTO .LIFE N ew H om e O ffic e s : 1 1 2 0 1 D ouglas A v en u e (Interstates 3 5 -8 0 ) , Des M oin es, Io w a 5 0 3 2 2 DIVISIONS OF CO NTIN EN TAL WESTERN INDUSTRIES, INC. N o rth w estern B a n k e r, Dec em b er 1975 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3i These Iowa Bankers work with LaSalle in Chicago to build business for Iowa banks ■ Why do LaSalle’s correspondent balances con tinue to climb? Two big reasons are Cy Kirk and Max Roy, two Iowa bankers who work with LaSalle correspondent banks in Iowa. These life-long Hawkeyes know Iowa and Iowa credits. They keep our business growing by helping busi ness grow in the correspondent banks they serve. If you would like to find out what Cy Kirk or Max https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Roy can do for your bank and for Iowa, call them in Chicago at (312) 443-2774. Or call at home; Cy Kirk at (815) 398-9521; Max Roy at (319) 338-5224. © LaSalle ...th e bank on the move LaSalle National Bank, LaSalle Bank Building 135 S. LaSalle Street, Chicago, Illinois 60690 • Phone (312) 443-2774 N orthw estern Banker, D ecem ber 1975 32 Bankers' M arket Place UTO-Banker 12 is a remote trans action system designed for effi ciency, ease of operation and conven ience. Manufactured by the Mosler Safe Company, Hamilton, Ohio, the Auto-Banker 12 walk-up customer unit is made out of molded fiberglass and designed to complement any in terior decor. A The simplicity of Auto-Banker’s op eration minimizes the time required for each transaction. One teller can serve up to four customer stations utilizing a T V /A u d io control module with push button selection for instant video and audio communication. With this multiplexing capability, one teller can handle two or three customer transac tions almost simultaneously. For more information, contact M os ler, Department PR-007, 1561 Grand Boulevard, Hamilton, Ohio 45012. D A N D McNally and Company, Chicago, announces the design and creation of a new coupon pay ment book . . . Hotspot-K3. Hotspot-K3 answers the need for a simple and extremely economical cou pon billing system. Preparation re quires no more than a typewriter or bail-point pen. The standard “ off-the-shelf” book is printed in denominations o f 12, 18, 24, 36 and 60 months. Each page o f this new book has three coupons. The payment informa tion (account number, due date and N orthw estern Banker, Dezem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 payment amount) is typed on the first page only and the special Hotspot car bon carries it throughout the book. A staggered calendar block ensures that the date will be in the correct monthly box on each coupon. Standard books can be imprinted with the organiza tion’s three-line name and address. Hotspot-K3 offers many advantages over other coupon payment books. M ore information appears in a legible format on each coupon (including the customer’s name). N o special equip ment is necessary. Any typewriter can be used when needed. The book can be prepared and handed to a waiting customer on the spot, or it can be mailed at a very minimal cost. Even the 60 month b ook weighs under an ounce. Hotspot-K3 is ideal for multi ple office operations where each office does its own billing. p * 1DEL1TY Bank and Trust of A Dyersville, la., included a commu nity service feature in the identification of its new facilities. The display equip ment, manufactured and installed by Daktronics, Inc., Brookings, S.D., was designed through cooperative efforts of the owner, builder and supplier. The structure stands 19' tall with 16" x 2 0 " brick columns complement ing the bank’s architecture. Backlight ing the identification display during evening hours increases the owner’s public exposure. The time and temperature display switches from time to temperature and back every five seconds. The time is shown in hours and minutes and is ac curate to within 1 /6 0 of a second. A platinum-nickel wire sensor element is wired to the sign and provides temper ature readings from plus 120 degrees Fahrenheit to minus 40 degrees Fahrenheit— within a one degree mar gin. A plus sign appears with tempera tures from one to 19 degrees and a minus sign shows for readings below zero. A lamp warmer provides long life for the bulbs and an automatic lamp dimming circuitry provides maximum readability day or night. E FEBU RE’ s newest direct-vision motor banking system — Tel-Air Nine — ■ is also one of its most e co nomical. Like all previous Tel-Air Sys tems, Tel-Air Nine is carrier-activated — ■ all transactions proceed automatic ally once the carrier has been released by a customer. And this is easier than ever, since a new design feature per- L mits the customer to drop the carrier into the sending port horizontally. In addition, the system has been de signed with a carrier return option for tellers, and kiosk service doors which may be electrically opened or closed from the teller station. The kiosks themselves measure only 42 inches across the front, and their exterior panels may be easily replaced if necessary. In the teller station, carrier receivers are mounted out o f the way under the counter area, and each carrier is de livered in a vertical position. This per mits a convenient sit-down operation which reduces fatigue and increases transaction speed. The sending ports are positioned to provide plenty of work space for the necessary paper work. For additional information about Tel-Air Nine, write: LeFebure C orpo ration, Cedar Rapids, la. 52406. 33 Gaylord Freeman, First National of Chicago, Talks about Banking at His Retirement A Y L O R D Freeman, chairman of First Chicago Corporation and its wholly owned subsidiary The First National Bank of Chicago, has an nounced his retirement and the elec tion of A. Robert Abboud as chairman and chief executive of both the corpo ration and the bank. G G. FREEMAN A. R. ABBOUD Mr. Freeman, 65, will become hon orary chairman and continue as a di rector and member of the executive committee. Early this year he an nounced his decision to retire toward the end of the year, and the board des ignated Mr. A bboud to succeed him at that time. Looking back over his 40 years in banking and the decades during which he has played a leading role in the in dustry’s development, Mr. Freeman contrasted the banking principles of 40 years ago with the changing practices of more recent years and called for re newed emphasis on banking strength and soundness. “ When I was first in banking over 40 years ago,” he said, “ everyone knew four basic principles: “ 1. Deposits should not exceed 10 times capital. “ 2. Loans should not exceed 2 0% of deposits. “ 3. Each bank had to provide its own liquidity (through cash, short term governments and self-liquidating p a p er). “ 4. The goal of bank management was soundness — not profits. “ During the following 40 years those principles were gradually disre garded. Even the average small bank today has deposits well in excess of 10 times capital and the large banks over 20 times. “ Banks have to compete in capital markets,” he said. “ W e are more con scious of that today than ever before. Profits are extremely important, and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis we are working hard to increase them, but our price-earnings ratios are below those of even the railroads. The stock of many of our best banks is selling be low book value. “ Maybe there is a message there,” he reflected. “ Perhaps the market is saying: ‘Yes, we like record profits year after year — but we would be willing to take a little lower rate of gain in exchange for a little greater sound ness. We buy bank stocks not to make a killing but for the greater stability and continuity of moderate growth. . . . Earnings growth is desirable, but soundness is essential!” Am ong Mr. Freeman’s many con tributions to the city have been the de velopment of the First National Plaza and its activities, the co-founding of Chicago United and the Central Area Committee, participation in many simi lar efforts to advance the strength of the city and equality and justice for its people, and his lifelong struggle against inflation and its burden on those who can least afford it. Under his leadership, First Chicago has grown from $6.6 billion to $18.2 billion total assets, and from $51.3 mil lion earnings in 1968 to $104.8 million in 1974. Today with a staff of over 7,000, it has facilities in principal cities throughout the U.S. and around the world. Mr. A bboud, 46, entered the bank directly from Harvard Graduate School o f Business Administration in 1958 and is largely credited with build ing the bank’s international depart ment which now operates in 40 foreign countries. He was named deputy chair man of the board of both the corpora tion and the bank in April of 1974. 2 Investment Firms Plan Merger The directors of Smith, Barney & Co. Incorporated and Harris, Upham & Co. have agreed in principle to a plan that would combine the opera tions and assets o f the two New York investment firms, according to Robert A. Powers, Smith Barney’s chairman and chief executive officer, and Henry U. Harris, Jr., president and chief executive officer of Harris, Upham. The plan, subject to regulatory ap proval and approval by the firms’ shareholders, calls for a consolidation of the two firms at the end o f the year. Under the proposed agreement, the new firm’s name would be Smith Bar ney, Harris Upham & Co. Incorpo rated. Mr. Powers would be chairman and chief executive of the firm. W il liam R. Grant, the president of Smith Barney, would be vice chairman. Mr. Harris would be president. Smith Barney, founded in 1873, is a major international investment bank ing and brokerage firm, with 19 offices in the U. S. and overseas. Its tradition al strengths have been in corporate and municipal financing, institutional brok erage, securities research, block trad ing and asset management. Harris, Upham & Co., founded in 1895, is primarily engaged in securi ties brokerage for individual investors. It operated 65 branch offices in 26 states in the U. S. and one overseas o f fice (Zu rich ). During the past dozen years, the firm has expanded its branch office system, through a number o f ac quisitions. Bloc Plans To Buy Central of Chicago C H IC A G O investor group led by Donald M . Graham, former chairman and chief executive officer of the Continental Illinois National Bank & Trust Co. of Chicago, an nounced recently a plan to take con trol of the Central National Bank & Trust Co., Chicago, and its parent, the Central National Chicago Corp., through a $10 million capital infusion. The holding company has shown mounting losses in the third quarter and in the first nine months of 1975. Under the proposed takeover ar rangement, Mr. Graham and his group A have acquired options from major shareholders to buy $5 million of new ly issued preferred stock and to pur chase themselves or place on the mar ket $5 million of subordinated debt. The options are exercisable by yearend. Coincidental with announcement of the plan, Central National Chicago Corp., announced a consolidated net loss for the nine months ended Sep tember 30, 1975, of $8,470,000, or $7.88 per share, compared to a net loss o f $3,989,000 or $3.59 per share for the same period of 1974. N orthw estern B an ker, Decem ber 1975 34 Over 6 0 0 Attend Trust Conference PRESIDING at the 44th Midcontinent Trust Conference were E. Thomas Welch, sr. v.p., Marquette Natl. Bk., and W. T. Ar nold, v.p., Northwestern Natl. Bk., both of Minneapolis. Mr. Arnold is current pres, of Corp. Fiduciaries Assn, of Minn. Mr. Welch is immed. past pres. i t r p H E time is quickly running out when banks can afford the lux ury of subsidizing unprofitable trust departments.” This was the statement made by Ray F. Myers, executive vice presi dent, Continental Bank, Chicago, and president of the A B A ’s trust division, at the 44th annual Midcontinent Trust Conference held in Minneapolis last month. CAPITAL MARKETS were discussed by James W. Davant, chmn., Paine Webber, Inc., New York. Banks Finance Agriculture A large portion of America’s farm finance continues to be provided by the nation’s banks, a 1975 agricultural credit report bv the American Bankers Association shows. At the end of 1974, America’s banks nationwide had $18.2 billion in farm operating loans outstanding, up 6% from the year before, and $5.9 billion in farm real estate loans out standing, up 9 % from the year before. The figures in the report are com N orthwestern Banker, D ecem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 ECONOMIC OUTLOOK was discussed by Dr. Walter Heller, regent’s prof, of econ., Univ. of Minn, and member of the board, Natl. City Bank, Minneapolis. Mr. Myers outlined a five-point program to help managers plan and implement profitable trust depart ments He stressed the importance of selling. Keynote Speaker Dr. Walter Heller, noted economist from the University of Minnesota, spoke of econom ic recovery and in flation, predicting a 6 % rate of infla tion for 1976 and a 7 % growth in real GNP. He reminded delegates that the phrase, “ sound as a dollar” is still not an inappropriate term. He feels that President Ford will sign a tax bill with the tax reform provisions being split out. Reducing Federal expendi tures will be reviewed again in May, 1976, according to Dr. Heller. James W. Davant, chairman, Paine Webber Incorporated, New York, spoke on the capital crisis, viewing it as one result of government’s failure to provide proper investment incen tives. Attended by about 600 trust offi cers, the Conference featured a series of workshops and panels on timely trust topics. piled by A B A ’s agricultural bankers division from various federal agencies’ reports. By comparison, said Oliver A . Han sen, chairman of A B A ’s agricultural bankers division, life insurance com panies in the U.S. held $6.3 billion in real estate loans, Federal Land Banks $13.4 billion in real estate loans, Pro duction Credit Associations $9.5 bil lion in farm operating loans and the Farmers Home Administration $3.2 billion in real estate loans and $1 hil- lion in farm operating loans. Mr. Hansen, who also is president of Liberty Trust & Savings Bank, Durant, la., noted that banks’ commitment to farm production finance is especially large, totaling $18.2 billion — or more than half — of the $35.2 billion in farm production credit outstanding from all sources at the end of 1974. Farmers’ equity totaled $438.4 bil lion nationwide at year-end 1974, in creasing $36.7 billion from the end of 1973, Mr. Hansen said. Farm ex penses, however, jumped $7.6 billion to $73.4 billion at the end of 1974, with realized net farm income drop ping $1.7 billion to $27.7 billion. However, “ the farm income total for 1974 is still the second highest income level ever recorded,” Mr. Hansen pointed out. Fred D. Cummings Fred D. Cummings, well-known senior vice president of the Drovers Na tional Bank of Chicago, died on N ovem ber 15, 1975. He had just c e le b r a t e d his 63rd birthday on N ovem ber 10, 1975. Mr. Cummings began his bank ing career on June F. D. CUMMINGS 30. 1930, as a messenger with The Drovers Bank and advanced as assistant cashier, assistant vice preident, vice president and on November 20, 1969, was elected a senior vice president. Most of his career was in the correspondent banking divi sion. On June 30, 1975, he had com pleted 45 years o f service with The Drovers Bank. He was a graduate of St. Theodore Grammar School, Lindbloom High School, De Paul University, American institute o f Banking and attended the R.C.A. Radio & Electronics School in New York City and the U.S. Sub marine School in New London, Conn. He served in the U.S. Submarine Navy from January, 1941, until June, 1945, aboard the USS Sturgeon and USS Swordfish. He was a member of the crew which brought back the German Submarine U2-513 to the United States in 1945. He left a widow, Virginia, a daugh ter, Maureen Micek, two brothers and a sister. 35 4 4 TO U re NOT JQTO From Personal Lawsuits Even in the Board Room y Directors ond officers con be sued personally, their life savings end homes put in jeopardy. Wrongful Acts claims against individuals of companies and organizations are increasing. Such things as failure to attend board meetings, or alleged nefficierit administration have resulted in lawsuits against individual company officers. You don't need to take this risk. Employers Mutual Companies of Des Moines writes Directors and Officers Liability Insurance. It will cover claims leveled against individual officers, plus legal expenses and other costs. A deductible applies to each loss, including defense costs, but is tailored to fit each insured. The policy also covers reimbursemer to your compony when it has to pay an officer or director for such personal claims. Protect Yourself W ith Directors and O fficers Liability Insurance from M ■i S 9 Employers Mutual Companies Des Moines, Iowa https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern B anker, Decem ber 1975 36 Worthwhile endeavors always take extra effort Extra effort is the principal ingredient we put into every correspondent banking endeavor. Enterprise of this sort has characterized our service since the first days more than ninety years ago when cattlemen arriving in Chicago made The Drovers their headquarters bank. W e pioneered in crediting their newly-earned cash to banks back home and thus built strong ties o f trust and integrity with banks from the Midwest to the Rockies. In Drovers Country y o u ’ll find experienced help for just about every known correspondent banking need including loans and overlines, clearings and transit services, bond and investment portfolios. W on ’t you call to tell us how we can exert extra effort on your behalf? The N r o v e r s National Bank of Chicago I l l u s t r a t e d a b o v e is F r e d e r i c R e m i n g to n 's “ C u ttin g O u t A S te e r .” A 1 4 x 1 7 -in c h re p ro d u c tio n s u ita b le f o r f r a m i n g is a v a i l a b l e w i t h o u t c o s t o r o b lig a tio n u p o n re q u es t. N orthw estern Banker, D ece m b er https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 47th & Ashland Ave. * Chicago, Illinois 60609 • Phone (312) 927-7000 • M e m b e r F e d e r a l D e p o s it In s u r a n c e C o rp . • M e m b e r F e d e r a l R e s e r v e S y s te m * M e m b e r C h ic a g o C le a r in g H o u s e A s s o c ia tio n 197S 37 Purchase Interest in Bank of Johnston City Illinois News ARTHUR F. BUSBOOM President Rantoui ROBERT C. SCHRIMPLE Exec. V. P. Chicago Rolling Meadows Bank Names President William J. Carroll has been named president of the Plum Grove Bank, Rolling Meadows, according to R ob ert P. Abate, chairman of the executive commit tee. Mr. Carroll for merly was vice president of the Upper Avenue National Bank, W . J. CARROLL Chicago. He also has worked for the American National Bank and Trust Company, Chicago, and Household Finance Corporation. Gibson City Bank Plans New Building The First National Bank of Gibson City has revealed plans for a new bank building across the street from the bank’s current quarters. “ Our current plans call for a twostory building with some 10-14,000 square feet o f customer and office space,” says Wayne A . O ’Neal, chair man and president. “ W e also plan three modern drive-in lanes to accom modate our increased volume of auto/tru ck customer traffic.” The new structure also will set the stage for the expansion of various de partments and services within the bank. Mr. O ’Neal said the current building would probably be retained as a “ personal bank facility” housing the instalment lending department, bookkeeping department and on premise computer the bank plans to install. Commercial National, Peoria Promotions, Retirement Warren M. W ebber has been pro moted to executive vice president of Commercial National Bank of Peoria. Other staff changes include Ralph N. Kent to vice president; Robert B. Andrews to charge card operations of ficer and Patricia J. Mayhew and Martha Snyder to trust administrators. In addition, the board announced the retirement of Ronald E. Jones, executive vice president. Mr. Jones has been with the bank since 1928 and had held various management positions in cluding head o f the correspondent bank department. He will continue as a director and member of the execu tive committee. Mr. Webber joined the bank in 1947. He was named trust officer in 1954, vice president in 1957 and sen ior vice president of the estate and trust division in 1968. Mr. Kent began his association with the bank in 1953. He most recently was head of loan re view and administration in the com mercial banking division. Promoted at Evanston Michael J. McGreal has been named vice president, cashier and secretary of The Evanston Bank, according to John J. Vax, president. Mr. McGreal, who began hîs bank ing career in 1954 at the LaSalle Na tional Bank of Chicago, worked with the Pullman Banking Group for six years serving as officer in charge o f the Îoan documentation section. Prior to joining The Evanston Bank, Mr. M c Greal served as a vice president with Oak Park Trust and Savings Bank, which he joined as a commercial loan officer in 1970. A lso announced were the prom o tions of Donna Manning to teller manager and Sally L. Lewis to as sistant operations officer. Ms. Manning joined the bank in 1971 and Ms. Lewis in 1973. Elected at Lincolnshire Frank L. Baasch has been elected to the board of the First National Bank of Lincolnshire, according to David A. A lford, president. Mr. Baasch is presi dent of Baasch Dental Laboratory, Inc. President O. M. Hudgens has an nounced that a substantial interest in the Bank of Johnston City has been purchased by James M. Jackson and his family of Greenville. Officers, di rectors and personnel will remain the same. Mr. Jackson is a graduate of Mary ville State College, Maryville, M o. He has had 22 years of experience in banking. Since 1963 he has been in Il linois and is presently serving as presi dent and director of First National Bank, Greenville. He will be active in management of Bank of Johnston City. Betty Jackson, his wife, has been serving as assistant cashier and direc tor of the Greenville bank. Michael Jackson, son, is active senior vice pres ident and director of First National, Greenville. He will be an active vice president in the Bank of Johnston City. James M. Jackson, Jr., another son, also will have an interest in the bank. He is presently a financial analyst with Cushman Corporation in Atlanta, Ga. Elected at Oconomowoc R. O. Wierdsma, president of Oliver Construction Co., has been elected to the board of directors of the First Na tional Bank of O conom ow oc, accord ing to George C. Johnson, president. Mr, Wierdsma replaces David Pabst, a director since 1953 who recently moved to Florida. Arthur A. Baer Funeral services were held recently for Arthur A. Baer, chairman of Bev erly Bank, Chica go, Gary-Wheaton Bank, Wheaton, and R iv e r d a le Bank. Serving as a di rector of Beverly Bank since 1929 Mr. Baer succeed ed the late John Casey as presi A. A. BAER dent in 1944. He became chairman in 1960. A t the time of his death he also was chairman of QakBrook Corporation, G -W Corpora tion and Bevdale, Incorporated, bank holding companies, and of Beverly Agency, Inc. Mr. Baer was a past president of the South Side Bankers Association and of the Chicago District of the Illinois Bankers Association, N orthw estern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banker, 9 e re m h e r 197$ 38 Illin o is N e w s cashier. She formerly was banking services officer for a far south side bank. * * * The O ’Hare International Bank has elected Walter B. Taibleson to its board o f directors. Mr. Taibleson is senior vice president, chief financial o f ficer and a director o f National Can Corporation, Chicago. In addition, he serves as a director o f the Sonderling Broadcasting Corporation o f Miami, Fla. * T T ENRY J. Bertoechim has been elected chairman of Lincoln Na tional Bank, ac cording to Her bert A . Dolowy, president. A vet eran banker of 50 years, Mr. Bertocchini re cently celebrated his twenty-fifth anniversary at LNB. Previously H. J. BERTOCCHINi he was executive vice president in charge of the com mercial banking department and also served as acting president in 1974. * * * Michigan Avenue National Bank re cently announced the appointment of Janice Barnay as director of marketing and Nader-Lief, Inc., as the bank’s ad vertising agency, according to Walter F. Mullady, Jr., president. Ms. Barnay joined the bank in Feb ruary, 1975, from Central National Bank where she was assistant director of marketing. * * Barbara B. Renard has been ap pointed assistant vice president of Lakeside Bank, according to John R. Montgomery III, president. Ms. Renard be gan her banking career as a sav ings teller with a major L oop bank. She joined Lake side in 1967 as B. B. RENARD audit clerk and was elected to the post o f auditor in 1973. Also announced is the appointment of Glenda Lee McAlister to assistant N orthw estern Banker, Decem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis f 975 * * Gerald C. Watson has been named marketing officer o f Seaway National Bank o f Chicago, according to Richard Linyard, president. A native of Chicago and a graduate of Babson Institute, Mr. Watson has worked as a marketing intern for Phil lip Morris Co. as well as a retail sale representative for Johnson Products Company. He also has been employed on a retail sales and management level by A & P Food Stores and the Book Mark, Museum of Science and Indus try. * * * George L. Barr has been promoted to executive vice president and director of The Drovers National Bank, ac cording to Philip M. Lewin, president drew) Lee was named assistant cash ier at the Commercial National Bank of Chicago. A graduate of DePaul University, Miss Koterla worked in the personnel area of a large Loop bank prior to this recent appointment. Mr. Lee, a native of Korea, will serve on the personal banking staff, a post similar to the one he held at another North Side bank for more than three years. * if! $ Herbert A . Dolowy, president of Lincoln National Bank, Chicago, re cently was elected to serve a two-year term on the board of governors of the Chicago chapter of Robert Morris A s sociates, a national organization for credit and lending officers. Application Approved State Bank of Virden has received permission to establish a motor facili ty at 405 North Springfield Street. Heads ABA Economic Unit Beryl W. Sprinkel, executive vice president and economist of Harris Bank, has been reappointed chairman o f the Econom ic Advisory Committee of the American Bankers Association by J. Rex Duwe, A B A president. 2200 Attend BMA Las Vegas Convention G. L. BARR E. C. BERRY and chief executive officer. Mr. Barr, formerly senior vice president, joined the bank in August of 1975. Also announced was the election of Edward C. Berry to the bank’s board, Mr. Berry is president and chairman of Dunbar Kapple, Inc., and chairman of Monitor Manufacturing, Inc., both of Batavia, 111. * * * Joseph P. Bohula has been appoint ed assistant auditor o f the Chicago City Bank and Trust Company. * -fi * AnnKoterla has beenappointed personnel officer and Young Ho (An M ore than 2,200 bank marketers and their spouses recently attended the Bank Marketing Association’s 60th an nual convention at the Las Vegas Hil ton and Convention Center. Conventioneers were informed of the latest developments in the field at a host of educational sessions while ex hibitors displayed the newest in bank marketing products and services at the Exhibit Show. A major convention highlight was a keynote address delivered by Ronald Reagan, former governor of California and a candidate in next year’s presi dential contest. Mr. Reagan focused his remarks on the current state of the American economy and the ef fects of inflation on the shrinking U. S. dollar. Ed M cM ahon from the T on igh t S h ow also entertained with a special appearance and remarks on the Budweiser marketing story. Plans are now underway for BM A ’s 1976 convention scheduled for O cto ber 24-27 in Miami. 39 "A m an’s got to get some m ud on his boots before he’s any use out here.” T ^he city is the city. The country is the country. That’s a difference we’ve always appreciated at American National. And so we offer our correspon dents several unusual services specially developed to meet the needs of banks outside the big city. For example, we have an automated bond accounting service that can streamline your investment pricing, and the accounting on your whole investment portfolio. And we can offer you a whole range of management tools, from expense reporting systems to employee benefit programs. W e’ve also staffed our corre spondent department with men who know the country. One of them is Warner Frohman. Before he got into banking, he ran his own farm and cattle operation. And we hope you’ ll call him, the next time you need something from a big-city bank. AND TRUST COMPANY OF CHICAGO LaSalle at Washington/LaSalle at Wacker 60690/Phone (312) 661'5000/Member FD1C https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern Banker, P er e m b er 1975 40 <fl Hofiekv W k ß Lets jdrefeß ßßis season ö Maf^e iß five ßßroogß Spring, S o m m e r , s a ia m iß , pei^ßaps ♦♦ 0 T lV ïï X : | O S <£7 ö a m ore genßfe porpore. Your Full Service Correspondent Bank NORTHWESTERN NATIONAL BANK Of Minneapolis Member FD IC N orthw estern Banker, D ecem ber Ï 9 7 5 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 41 Minnesota News JO H N D. CHISHOLM President Rochester T. L. JEFFERS Exec. V.P. M inneapolis School of Banking Scheduled for June 2 0 -25 v r F HE eleventh session of the Minne-*■ sota School of Banking is sched► uled for June 20-25, 1976, at St. Olaf College in Northfield. It is open to o f ficers or employees of member banks v of the Minnesota Bankers Association (M B A ). The school is sponsored by the M B A to assist Minnesota bankers in developing managerial skills for pres ent and future bank management. Case study methods, small group discussions and seminars are used. The first year curriculum includes: Bank Operational Systems, Bank * Lending, Economics of Money and Banking, Investment Policies and O p portunities, and Bank Law. Second year students are required to complete a between-year project pri or to their second year. The second year concludes with: Public Relations and Marketing, Bank Credit, Bank Management and Management C om puter Gaming. Applicants seeking admission to the Minnesota School of Banking must have a minimum of two years banking experience, and only one student per bank can be in attendance during a session. In addition, those applicants accepted are expected to attend the second year of school, to attend *■ classes, evening seminars, evening study group sessions and complete all projects. The tuition is $175 per year which includes meals, housing, faculty costs and instructional materials during the week-long sessions. Interested applicants are urged to apply now for the 1976 session. Infor mation and applications may be ob tained by writing: Wayne Berthiaume, Minnesota School of Banking Regis trar, at the Minnesota Bankers A sso-* ciation office. Joins Ely Bank -t Warren Wognum has joined the in stalment loan department o f the First https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis National Bank of Ely. He most recent ly was office manager of the Ely office of Queen City Federal Savings and Loan Association. Mr. Wognum also was associated for 15 years with the First National Bank in Dolton, 111., leaving there in 1974 as assistant vice president in the consumer credit de partment. To Head Moorhead Bank Douglas M. Johnson has been elected president of the First National Bank in M oor head to succeed W. R. Amundson who will become president of the Northwestern Na tional Bank of Great Falls, Mont. The changes will take effect Janu ary 1, 1976. D. M. J O H N S O N Mr. Johnson began his banking career with BANCO at Montevideo, Minn., in 1949. He also has served with other corporation banks in St. Cloud and Minneapolis and has held the position o f president of Northwestern National Bank in Fer gus Falls. He is a graduate of Macalester College in St. Paul. Hardwick State Celebrates 50th Year with Open House Harwick State Bank recently cele brated its 50th anniversary with an open house, free coffee and doughnuts and door prizes, according to L. H. Rolfs, president and cashier. Lakeville Bank Sold The First National Bank of Lake ville recently was purchased by a group of local business and profession al men for a price exceeding $1 mil lion. Newly appointed bank president Pat Murphy said the purchasing group in cludes Jerome L. Enggren, Jerry Erickson, Leonard J. Gephart, Victor Kohlnhofer, all businessmen, and R ob ert Ahl, Charles Halberg and Glenn Nord, partners in a Lakeville law firm. Sellers were John Morrison, E ldo rado International, Minneapolis, and Gerald and Donald Helgeson, Jack Frost Farm Foods, Inc., Hopkins. Mr. Murphy announced that within the near future a larger banking facil ity will be established. Mr. Murphy joined the bank as cashier in 1970. Since then he moved from assistant vice president and cash ier to vice president, cashier and direc tor to executive vice president and di rector. Elgin State Plans New Bank Building The Elgin State Bank is planning a new bank building and drive-in facil ity. Land was recently purchased be tween the Elgin Fire Department and the Elgin Oil Company. It measures 185 feet along the North side of Main Street and has a depth of 160 feet. A building on the property will be demol ished. The new structure will have drivein facilities, 24-hour depository, offstreet parking, private offices, and safe deposit box facilities, according to James L. Talen, executive vice presi dent. Expanded banking hours will be instituted when the building is com pleted. The present bank building will be remodeled and used for other business and professional office space. Promoted at Duluth David C. Norgard has been pro moted from assistant vice president to vice president of the mortgage loan department of the F irst N a tio n a l Bank of Duluth, according to Den nis W. Dunne, president. M r. N o rg a rd began his banking career at the Du D. C. NORGARD luth bank in 1954 and was assigned to the real estate mortgage loan department in 1956. He was promoted to assistant cashier in 1961 and assistant vice president in 1964. N orthw estern Banker, D ece m b er 1975 .... ews I N A pioneering step in the electron ic transfer of funds nationwide, First National Bank of Minneapolis has started handling automated pay roll deposits for a group of salaried employees of the Pillsbury Company who are located in the Los Angeles and San Francisco areas. First Minneapolis officials say this is believed to be the first time a bank in one Federal Reserve district has electronically transmitted funds and entries to another bank to be processed through the facilities of an automated clearing house in another Federal Re serve district. The way the new Minneapolis-Cali fornia transfer works is that Pillsbury furnishes to First Minneapolis a mag netic tape showing the pay date and each employee’s name, account num ber, amount, and where that person banks. This information then is sent electronically to Wells Fargo Bank in San Francisco. There, Wells Fargo electronically credits the accounts of those employees who are its customers, and the remainder are similarly pro cessed through the California A uto mated Clearing House Association and its participating banks. The new procedure assures that em ployees’ bank accounts will be credited with their pay on the correct date, rather than having their checks sent through the mail from Minneapolis. The plan is optional for the employee and in no way affects where the per son chooses to bank. Pillsbury salaried employees throughout the Ninth Federal Reserve District have had a similar electronic payroll procedure available through First Minneapolis and the Upper M id west Automated Clearing House A sso ciation (U M A C H A ) since late in 1974. Some 3 5% of Pillsbury’s eligible employees have availed themselves of it. Since U M A C H A became operation N orthwestern Banker, Decem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 al in July, 1974, First Minneapolis has established electronic funds transfer arrangements with over a hundred firms. In the main, these involve pay roll credits, although other types of transactions are included as well. * * * First National Bank of Minneapolis has announced the election of two new officers — Richard L. Guthart, invest- son, head of the bank’s commercial leasing division. Mr. Anderson announced that no changes are contemplated in the firm’s present staff or organizational structure and Harold K. Criswell and Weldon J. Smith, co-founders o f Matrix and majority share holders, will remain as principal operating officer, president and executive vice president respec tively. Headquarters will remain in San Francisco. * R. L. GUTHART G. A. VANDE GARDE ment officer, trust equity research divi sion, and Gerald A. Vande Garde, trust operations officer, trust systems research division. Both joined the bank in 1972. Mr. Guthart is a graduate of Iowa State University, Ames, and the Wharton Graduate Division, University o f Penn sylvania. Mr. Vande Garde also is a graduate of Iowa State and of the Uni versity of Minnesota. * * * First National Bank of Minneapolis has agreed in principle to purchase Matrix Leasing International, Inc., of San Francisco, independent lease un derwriting firm, according to George H. Dixon, chairman and president. The stock of Matrix, a closely held corporation, will be purchased for an undisclosed amount of cash. The acquisition has been approved by the Comptroller of the Currency. Matrix Leasing International will be operated as a wholly owned subsidiary of First Minneapolis and will report to Vice President Dwight W . Ander Craig R. Bollum has been elected assistant vice president, credit training at First Bank Sys tem, Inc. Mr. Bollum be gan his career with First Bank in 1971. He has been with the First Bloomington Lake National Bank of Minneapolis and the First National C. R. BOLLUM Bank of Virginia. Most recently he was personnel officer and served in the commercial loan de partment. H » H » Marie Kavaloski has been elected cashier and Delores Yuker has been elected auditor at the First Merchants State Bank of Saint Paul, according to Dean R. Tollefson, president. * * * Piper, Jaffray & H opw ood Incor porated, Minneapolis-based securities firm, has announced the acquisition of the securities business of Daly & Company, Inc., a New York Stock Ex change member firm with offices in Boise, Idaho. Ron Daly, president of Daly & Co., is manager of the new Piper Jaffray of fice. 43 When it comes to student loan administration, bringthe mountainto First Minneapolis. There are claims to file. Billing of interest and special allowance. Conversion of Interim to Payout. And, collection practices with “ Due Diligence’’ A mountain of work that takes hundreds of hours, qualified people and equipment. In other words, it takes the Student Loan Servicing Center at First Minneapolis. We’re specialists. We’ve got the people, the equipment and the dedication necessary to efficiently handle all your student loan work. Over 325 lenders from 32 states have turned their problems over to us. How about you? Call us collect at (612) 370-4114. The Student Loan Servicing Center. First National Bank of Minneapolis. £ First S » Minneapolis Student Loan Servicing Center • First National Bank of Minneapolis • https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 120 South Sixth St., Minneapolis, Minnesota 55402 • Member FDIC N orthw estern Banker, Decem ber 19 7 5 44 M i n n e s ot a News John P. Knutson, chairman of M id land National Bank, has announced the election of Jeanne Lowe and Glenn Taylor as personal banking officers. Miss Lowe joined the bank in 1960 from the Murray County State Bank in Slayton. Mr. Taylor joined the bank in 1972 and has worked in the credit department and Action Banking Cen ter. J. M . LOWE Opens in New Building G. C. TAYLOR A career you can bank on L o o k in g f o r a c a re e r o r a b e t t e r p o s it io n in b a n k in g ? Look no farther than Bankers Per sonnel. We maintain a substantial file of available banking positions, at all levels of employment. And we know banking and banking people throughout the country. W e’ re the Twin Cities first and only em ployment agency designed, developed, directed and staffed by banking people. C a ll (612) 340-3018 or write: Bankers Personnel, Inc. National City Bank Bldg. 75 South 5th St. • Suite 719 Minneapolis, M N . 55402 A l l i n q u i r ie s s t r i c t l y c o n f i d e n t i a l. CHARLES Russell, pres., Third Northwest ern Bank of Minneapolis, donned the cos tume of his native Scotland, and while playing his bagpipes, led a procession of bank employees into their new bank build ing recently. The parade initiated a weeklong open house at the new bank building that featured employees dressed in cos tumes of their heritage and various ethnic exhibitions and demonstrations. Directiy behind Mr. Russell are (left) Henry Rut ledge, chmn., Northwest Bancorporation, and Al Hofstede, mayor of Minneapolis. Charles W . Walton, president and chief executive officer o f American Bancorporation, Inc., has announced that Gilbert A. Lord has been elected corporate audit coordinator of the cor poration. He will have the responsibili ty of coordinating the restructured audit functions for all affiliates of A B I except the American National Bank where James D. Cook will continue as auditor. Mr. Lord, a graduate o f Denver University, had responsibilities for fi nancial planning at the American Bancorporation, Inc., since 1974. His pre vious experience was with Peat Mar wick Mitchell and Company and as a bank examiner with the Federal R e serve Bank of San Francisco. ❖ * * BLAN M o b ile Homes Autom obiles Trucks ( 2 ton or less) R E C R E A T IO N A L VEH IC LES S n o w m o b i le s Boats a n d M o t o rs T r a v e l Tr ail er s M o to r Homes Household Goods Farm M a c h i n e r y M o t o rc y c l e s PROTECT THESE LOANS AGAINST PHYSICAL DAMAGE LOSSES call or write: G.D. VAN WAGEN EN CO. . 1006 Northwestern Bank Bldg., Minneapolis, Minn. 55402 (612) 333-2261 N orthw estern Banker, D ecem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 Patricia Schulz has been elected op erations officer o f the Marquette Na tional Bank. Ms. Schulz, a native of Minneapolis, w as associated with Investors Di versified Services prior to joining the bookkeeping d e p a rtm e n t o f M a r q u e tte in 1969. In 1971 P . SCHULZ she was promoted to bookkeeping supervisor and in 1975 to assistant manager. 45 ^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.% from all of us at M idland https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis national bank Northwestern Banker, December 197§ 46 M/nnesoío N e w s $1 7 76 Bicentennial Savings Certificate vice president of the First State Bank of Minnesota when he retired in 1970. Joins Red Wing Bank Jerry L. Sibert has been appointed assistant cashier in charge of the in stalment loan de partment of the First Northwest ern Bank of Red Wing. He former ly was assistant cashier and instal ment loan officer of the First Na tional Bank of k 'y - FOR THE American Bicentennial year, First National Bank of Minneapolis has intro duced a special $1,776 Bicentennial Savings Certificate that potentially could make the holders’ great grandchildren multi-millionaires when the Tricentennial occurs. Its value after 100 years at 7.5% interest, assuming no withdrawals and renewal every six years, could be $3,562,871, before taxes. There’s also a 2% year $177.60 Bicentennial Cer tificate earning 6.5% , which, on the same basis, could amount to $129,266 a hundred years hence. Artist Louis Raymer, left, was commissioned by First Minneapolis to do a historical scene embellishing the certificate, which he is shown holding with George H. Dixon, chairman and president of the bank. Behind them is the painting which repre sents a composite of the a rtist’s impressions of Fort Ticonderoga, Valley Forge and other historical locations he visited for the assignment. Directors of the First State Bank of Saint Paul have advanced Otto B. Klett from presi dent to chairman, effective January 1, 1976. Succeed ing Mr. Klett as president at that time will be Her bert J. Wogsland, presently v i c e president and li aison officer in H. J. W OG SLAN D First Bank Sys tem’s banking division. Mr. Wogsland joined First Bank System in 1964 as a loan officer at Red River National Bank & Trust Co. in Grand Forks, N. D., later serving as a vice president at Merchants Na tional Bank & Trust Co. in Fargo from 1971 until taking his present position in Minneapolis headquarters in 1974. Mr. Klett has been with First Bank System since 1937, starting with First National Bank of Saint Paul. He was elected to his current position as pres ident and managing officer o f First State Bank o f Saint Paul in 1968. Elects Chairman, President First Northwestern Bank, Winona, has elected Arnold E. Stoa, chairman, and Curtis H. Holmquist, president, effective January 1, 1976. N orthw estern Banker, D ecem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 A. E. STOA C. H. HOLMQUIST Mr. Stoa began his banking career in 1939 at the Britton office of the First National Bank of Aberdeen, S. D. From 1952-56 he was vice presi dent of this bank. He was vice presi dent of Northwest Bancorporation, Minneapolis, from 1956-60, and presi dent of the Winona bank from 1960 to the present. Mr. Holmquist joined the Winona bank in January of 1973 as vice presi dent for loan administration. Tn 1974 he was promoted to senior vice presi dent and director. He also has been as sociated with Northwestern Bank of Minneapolis as assistant manager of the credit department and assistant vice president at the Lake Street o f fice. Edward M. Amundson Funeral services were held recently for Edward M. Amundson, former bank officer. Mr. Amundson, 69, was J. L. SIBERT Mr. Siebert’s banking experience began in 1970 with the Northwestern State Bank of Tracy. Eden Prairie Bank Names Executive Vice President Alan D. Lyng, 40 of Plymouth, Wise., has been elected executive vice president and a director of the Suburban Nation al Bank (organiz ing), Eden Prai rie. T h e election w as announced by R oy W. Terwilliger, chairman and president of A. D. LYNG the new national bank which plans to open in early 1976 in the new Eden Prairie Center. A native of R ock Rapids, la. and a graduate of St. Olaf College of Northfield, Mr. Lyng served as assistant vice president and manager of the Plymouth branch, Citizens Bank of Sheboygan, Wise., prior to being named to his new position. To Head Burnsville Bank William L. Brummund has been elected chairman and chief executive officer of the First Burnsville State Bank, an affiliate of American Bancor poration, according to Charles W. Walton, president and chief executive officer of American Bancorporation. For the past 13 years Mr. Brum mund has served at the American Na tional Bank of St. Paul, most recently as senior vice president and assistant to the president. He also has been as sociated with the Federal Bureau of Investigation, The First Trust Compa ny, South Bend, Ind., and the Bank of Palm Beach. Fla. 47 **MPL’s Uni-Plan has excellent features, some we’ve never seen in any other insurance coverage ** JOE FINLEY Executive Vice-President Janesville State Bank Here’s what makes MPL’s Uni-Plan so popular with lenders: M Excellent commission arrangements. ■ Easy to write and easy to understand. ■ Coverage up to $1,000,000. f l An ideal, inexpensive plan for loans, mortgages and lines of credit. Write or call Don Mendele today for complete information about the unique coverage offered by UNI-PLAN. Minnesota Protective Life Insurance Company 2800 Wayzata Blvd., Minneapolis, Minn 55405 Phone 612/374-3660 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern B an ker, D e ce m b er 1975 48 South Dakota News TED SCHANZENBACH J, I. MILTON SCHWARTZ President Secretary Selby Huron Elected at Sioux Falls F. James McAdaragh has been elec ted controller of the Western Bank of Sioux Falls. Mr. McAdaragh’s 17 years ex perience include being controller at S ou th D a k o ta State University, controller and di rector o f th e American College Testing Program F. J. McADARAGH and several years as a public accountant. He came to Sioux Falls from Tucson, Ariz., where he has been director of business infor mation for the University of Arizona. Named at ABA Committee C. A. Lovre, chairman and chief executive officer, Northwestern Na tional Bank of Sioux Falls, has been appointed state chairman for South Dakota of the American Bankers A s sociation Savings Bond committee. Name Sohl Controller At Rapid City Bank Lloyd W. Sohl has been named con troller of the First National Bank of The Black Hills, Rapid City, accord ing to President Charles T. Undlin. Mr. Sohl has been acting controller for several months and previously was assistant controller. He joined the bank in 1969 while attending National C ol lege of Business in Rapid City. After graduation Mr. Sohl joined Ernst & Ernst in Denver as an accountant until 1973 when he returned to the bank. He was elected assistant controller in January, 1974. Vance O. Williams will join the First National Bank of the Black Hills, Rapid City, January 1 as senior vice president. He is currently senior vice president and director of the First NaN orthwestern B a n k e r , D ecem ber Open House at Chancellor Chancellor State Bank recently held an open house in its new quarters. Under new management since Janu ary 1, 1974, the bank began its build ing program in September of last year. Merlyn Sommervold is the bank man ager. 1975 Named at Rapid City Michael J. Hale has been named accounting officer in the controller’s department of the First National Bank of the Black Hills, Rapid City. Files Application Application has been filed by SunBank of South Dakota for a branch bank at North Sioux City, S.D. N o ac tion has yet been taken. Opens in Sioux Falls Western State Bank has opened its branch office at 1808 South Cliff A ve nue. Elected at Aberdeen Joe Engelhart has been promoted to assistant vice president and assistant manager of the personal banking department, main office, the First National Bank of Aberdeen. Mr. Engelhart joined the bank in June of 1965 as an officer trainee at the Mobridge , engelhart branch. He was elected assistant cashier in 1969, oper ations officer in 1970 and assistant manager, instalment loan department in 1972. In 1973 he transferred to the main office as personal banking offiicer and assistant manager, personal bank ing department. First Dakota of Yankton Opans New Drive-In Fargo Banker To Join Rapid City Bank https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tional Bank and Trust Company of Fargo. Mr. Williams is a graduate of the University of North Dakota. He began his banking career with the First Na tional Bank of Grand Forks and then joined Northwest Bancorporation working in the Minneapolis headquar ters. In 1960 he moved to Faribault, Minn., where he was vice president of the Security National Bank until 1971 when he joined the Fargo bank. chairman, along with Dr. Duane M athiesen, city commissioner, Mildred Danforth (Mrs. Charles) and Evalyth Danforth (Mrs. Hugh), both widows of former First Dakota presidents, cut the ribbons of each lane of the new drive-ins, activating the kiosks. All customers received small mementoes of the occasion, new savings accounts were awarded and all staff members offered a demonstration of the new equipment. The old auto bank will be added to the main bank building to house the consumer loan department. First Dakota National Bank, Yank ton, recently opened its new four-lane drive-in at the corner of Second and Walnut Streets, the first phase of an extended expansion program. Norman C. Cross, president and To Head NABW Committee V . Eva Parker, assistant vice presi dent, Rainier National Bank, Seattle, has been named chairman of the mem bership committee of the National As sociation of Bank Women. Mrs. Parker served as N A B W ’s vice president for the northwestern region in 1974-75 and is a former regional award and scholarship committee chairman and western group chairman. Two Elected Directors of Ninth District Fed John S. Rouzie and Russell G. Cleary have been elected directors of the Ninth District Federal Reserve Bank in Minneapolis. Mr. Rouzie, president of the First National Bank of Bowman, N. D., suc ceeds David M. Smith, president and chairman, First National Bank of River Falls, Wise. Mr. Cleary is chair man and chief executive officer of G. Heileman Brewing Company, Inc., LaCrosse, Wise. He succeeds David M. Heskett, president of Montana-Dakota Utilities Company, Bismarck, N. D. Both men begin their posts in January. 49 North Dakota News G. C. ANDERSON President Tioga W. j . DÂNER Secretary Bismarck Elected at Bismarck The Industrial Commission and H. L. Thorndal, president of the Bank of N o r t h Dakota, Bismarck, h a v e announced th e addition of R ob ert E. Caudel as vice president of commercial bank ing and a member of the executive, investment a n d operating commit R. E. CAUDEL tees of the bank. Mr. Caudel, a native of Nebraska, has been associated with banks in C olo rado, Wyoming, Michigan and most recently was executive vice president for a Minnesota bank. He also has been a senior supervising liquidator for the Federal Deposit Insurance C orpo ration. The commercial banking department which Mr. Caudel will head consists of three divisions: loans and correspon dent banking, student loans and miner al trust. Williston Bank Appoints Agriculture Representative Tom Martin has been appointed ag ricultural representative of the Am eri can State Bank o f Williston, according to John M. McGinley, president. Mr. Martin, 37, has farmed and ranched in the Trenton area since 1955. He is a member of the advisory council of the North Dakota Stock man’s Association and vice president o f the Williston Cenex Company. Promoted at Valley City Tom Hagan has been promoted to assistant vice president and manager of the instalment loan department of the First National Bank of Valley City, according to Walter Bauer, president and chairman. Mr. Hagan has been in charge of the instalment loan depart ment since coming to Valley City in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NDBA Group Officers New officers of the four groups of the North Dakota Bankers Association were elected at the recent group meet ings held throughout the state. January of 1973 from the Valley State Bank in Billings, Mont. Joins U.S. Check Book Wes Hanson has joined the United States Check Book Company of Oma ha, Nebr., as a representative. He is a graduate of the University of North Dakota in Grand Forks and is living in Grandin, N. D. Mr. Hanson will cover a part of South Dakota and Min nesota and the en tire state of North Dakota. Joins Kenmare Bank Bob Bahl has joined the State Bank of Kenmare as agricultural representa tive and head of the insurance depart ment. He had been an American Fam ily insurance agent in Kenmare since July of 1973. ABA Announces CCL Exam Examinations for the professional designation of Certified Commercial Fender (C C L ) will be held February 2, 1976, the chairman of the American Bankers Association’s (A B A ) com mercial lending division announced re cently. Charles E. W oodruff, who is also vice chairman of the board, Manufac turers Hanover Trust Co., New York, said the C CL examination will be ad ministered simultaneously in Chicago, New York, Norman, Okla., and Atlan ta. Additional sites for the administra tion of the exam will be chosen on an as-needed basis. A special administration of the day long C C L exam has been scheduled for December 5 in Okla., in conjunc tion with the completion of studies by the National Commercial Lending Graduate School’s Fall ’75 graduating class, he added. Northeast Group President— Aron D, Anderson, execu tive vice president, State Bank of Lakota. Vice President— Howard Toso, vice president, The Ramsey National Bank & Trust Co., Devils Lake. Secretary-Treasurer— Ken J. Fish, pres ident, Drayton State Bank. Member State Nominating Committee— John F. Cook, president and trust of ficer, Valley Bank & Trust Co., Grand Forks. Northwest Group President— Ray Sharkey, president, Peo ples State Bank, Westhope. Vice President— Ray Skorheim, vice president, First National Bank, Minot. Secretary-Treasurer— Chet Folkert, ex ecutive vice president and cashier, Peo ples State Bank, Velva. Member State Nominating Committee— Darold Petersen, president, Lakeside State Bank, New Town. Southwest Group President— Gerald Bogers, president, The Union Bank, Halliday. Vice President— Earl Weydahl, president, Bank of Killdeer. Secretary-Treasurer— Paul A. Richter, president, First State Bank, Regent. Member State Nominating Committee— Ken A. Meier, president, First National Bank, Linton. Southeast Group President— -John R. Breitbach, president, First National Bank, Oakes. Vice President— Dennis V. Anderson, executive vice president, Litchville State Bank. Secretary-Treasurer— 'William Dutoit, as sistant vice president and agricultural representative, First National Bank of Jamestown. Member State Nominating Committee— Ross J. Watson, president, First State Bank, New Rockford. The C C L program is designed to improve the commercial lending func tion within America’s banking system by recognizing the professionalism of experienced commercial lenders. A 10member accreditation board, com posed of leading commercial lenders, administers the C C L program. Officers and non-officers o f A B A member banks, as well as qualified em ployees of federal and state agencies, with five years o f commercial lending experience, are eligible to take the CCL examination. For more information, contact Joseph Caramanica, associate director, Commercial Lending Division, Ameri can Bankers Association, 1120 C on necticut Ave., N.W ., Washington, D.C. 20036, (2 0 2 ) 467-4073. N o rth w e ste r« B an ker, D e c e m b e r 19TS 50 He joined Lakewood Bank in 1970 as assistant vice president and cashier. Mr. McCauley joined the bank in 1971, became officer in charge of in stalment loans in 1973, and will now be a vice president in the commercial loan department. Colorado News W . M , WATROUS Pres. Bush G. L. SCARBORO Exec, M g r. D en ver Jefferson Bank & Trust Names Advisory Committee Rocky Mountain ACH Association Formed H P HE formation of the Rocky Mountain Automated Clearing House Association (R M A C H A ) and appointment of its executive director, Jack E. Culver, have been announced by R M A C H A President Ronald C. Harris. Mr. Harris, senior vice president of operations and cashier at The First National Bank of Denver, said R M A CHA, which was initiated and formed through the cooperative effort of a number of banks in the region, “ will have as its initial purpose the creation of a system whereby any employer with an automated payroll can make direct ‘paperless’ deposit entries to employ ees’ checking accounts, regardless of where the employee banks.” R M A C H A , working with the Feder al Reserve Bank, will offer R M A C H A membership to every commercial bank within the Denver Branch zone prior to April, 1976, when the system is scheduled to be operational. The Denver Branch Zone is com prised of Colorado, Wyoming and northern New M exico. “ R M A C H A ’s network eventually will tie-in with compatible automated clearing house associations across the nation, making it possible for a Denver employer to make a direct deposit, by means of magnetic tape, to an em ployee’s account anywhere in the coun try,” Mr. Harris said. “ Once the new deposit system reaches nationwide public acceptance, R M A C H A will be gin developing an automated bill pay ment system. Direct ‘paPeriess’ pay ment of regular recurring monthly bills will be the initial thrust of that sys tem.” Mr. Culver, as executive director, will devote full time to the Associa tion’s development. He most recently was cashier at Continental National Bank o f Englewood. Other officers of R M A C H A are: Vice President-Louis K. G ain, C olo rado National Bank; Secretary-Robert N orthw estern Banker, D e ce m b er https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 W. Graf, First National Bank of Pueblo, and Treasurer-Richard C. Kennedy, American National Bank of Denver. Serving on R M A C H A ’s board of di rectors are: James R. Cameron, C olo rado Springs National Bank; Roger Behler, First Westland National Bank; Bob Noel, Cheyenne National Bank; Ed Hanifen, Aurora National Bank, and Rex Pierson, First National Bank of Montrose. 4 Join Trust Department At First of Denver Four new officers have joined the trust department of the First National Bank, Denver, according to Richard P. Brown, executive vice presidenttrust. Appointment o f one of the four, Donald H. Burkhardt to manager of personal trust administration, had been announced previously. Others elected include Charles H. Belvin, who be comes director o f research and Jan Persson and Todger Anderson, both of whom become senior portfolio managers for employee benefit ac counts. Joins Greeley Bank Clinton L. Culley has joined The First National Bank of Greeley as mortgage loan officer. He formerly was mortgage loan officer with First Den ver Mortgage Company, a whollyowned subsidiary o f The First National Bancorporation, Tnc. Lakewood Colorado Nat’l Announces Promotions Lakewood Colorado National Bank has promoted John L. Guyer to vice president and controller, Ralph W. McCauley to vice president and Joy Prater to assistant vice president and cashier. Mr. Guyer began his banking career in 1959 at Colorado National Bank. Appointment of an advisory board of community leaders has been an nounced by Frank O. Starr, chairman of Jefferson Bank and Trust, Lakewood. Members are: Anthony Braginetz, assistant superintendent, Jefferson County Schools; Lloyd Clements, dis trict manager, Lakewood Public Ser vice Company; Robert Collins, presi dent, CO BE Laboratories; Donald DeDecker, manager, Westland Sears, Roebuck and Company and Lakewood councilman; Richard Hilker, editor and publisher, west zone, Sentinel Newspapers; Edward Northway, presi dent, Hutchinson Homes; Duane Pear sall, president, Statitrol Corporation, Dr. G. Owen Smith, vice president, Red Rocks Campus, Community C ol lege of Denver; Rawlin Smith, presi dent, Special Products Company; State Senator Ruth Stockton; Dr. Frank Traylor, surgeon and member of the State House of Representatives; Ben Veldkamp, president, Veldkamp’s Flowers, and Bill Waugh, president, Casa Bonita Restaurants. United Bank of Denver Announces Promotions United Bank o f Denver has an nounced the following promotions: vice presidents — Malcolm O. Ruxton, manager, personal banking divi sion’s indirect lending area, and A. Bruce Johnson, manager of the agri business market; assistant vice presi dents — Robert H. Dressel and Galen M. Scott, commercial banking, Grant K. Strong, funds management, Lyle D. Proctor, operations, George A. Brown, commercial bank energy market, and Frank C. Sheneman, manager, collec tion department, personal banking. Other promotions include: Linda R. Barker, public affairs officer; Vernon L. Hendrickson, Charles H. Jensen and William R. Eberly, personal bank ing officers; Harry E. Haynes and Gregory S. Reid, corporate trust of ficers; Stephen P. Baltz, commercial banking officer, and Alicia J. Toczek, operations officer. 51 W ork in g fo r y o u , is w o rk in g fo r u s. If you're one of our 300 correspondent bank customers, we want to thank you. Because working for you builds our reputation for good banking service. We know we have you to thank for our success . . . because you provide us the opportunities to show the banking industry just how good correspondent banking service can be. Working for your business is what's working for our business. Don Echtermeyer B illT um elty Larry Matthes Darla Slaby Chris Jeavons Central Bank of Denver 1515 Arapahoe Street https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Denver, C olorado 80202 (303)893-3456 N orthw estern Banker, D ece m b er 1975 52 Wyoming News H. H. WATT President R iverton M . C. MUNDELL S ecretary Laram ie Wyoming National of Casper Elects Vice President Gary N. Boyer has been named a vice president and head o f the real estate loan de partment of the Wyoming Nation al Bank of Cas per, according to R. W. Miracle, president. Mr. Boyer came to Casper l a s t April from Gree ley, Colo., where G. N. BOYER he was manager of the real estate department at the Greeley National Bank. He began his banking career with Minnequa Bank in Pueblo, Colo., where he was active in both bank operations and market ing. He joined the Greeley bank in 1964 and spent over 10 years in its real estate department. Promoted at Rock Springs Gale A . Y ork has been promoted to timeway loan officer of First Securi ty Bank of Rock Springs, according to Jay E. Haskell, executive vice presi dent and office manager. The Laramie native is a graduate of the University of Wyoming where he earned a B.S. degree in agriculture business and economics. He joined the bank in June of 1974 in the manage ment training program. Cheyenne Bank Elects Two New Directors Bernard R. Weber, president of the First National Bank and Trust Com- pany of Wyoming, Cheyenne, has an nounced the election o f two new direc tors. They are M. W. (Red) Davis, president of Western Sheet Metal, Roofing and Air Conditioning Com pany, Inc., and Fred T. Baggs, presi dent of Bon-Baggs Men’s Wear, Cheyenne. Wyoming Bancorporation Names Johnson Treasurer Frank P. Johnson has been ap pointed treasurer of Wyoming Bancor poration, according to Paul L. Howes, president. Mr. Johnson, a certified public ac countant, formerly was associate direc tor for program analysis at Colorado State University. He served as as sistant cashier in the commercial lend ing division of the Central Bank and Trust Company in Denver, was a data automation officer in the Air Force, and a staff C PA with an accounting firm in Montana before joining the university. First National, Cheyenne, Adds 2 to Trust Dept. Bernard R. Weber, president of the First National Bank and Trust Compa ny of Wyoming, Cheyenne, has an nounced the addition of Eric F. Kwiecinski and R. Scott M urdock to the bank’s trust department. Mr. Kwiecinski, a native of Penn sylvania, holds a Bachelor’s degree in economics and was formerly associated with Merrill Lynch. Inc., and E. F. Hutton, Inc., as an account executive for more than five years. Prior to com ing to Cheyenne, Mr. M urdock was a trust officer at the First National Bank in Reno, Nev. He has a Bache lor’s degree from the University of Utah and has done graduate work at the Universities of Utah and Wyoming. Wyoming Bank Report M. W . DAVIS N orthwestern f . T. 3AGGS Banker, D ecem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 197S The 77 banks in Wyoming had total assets on September 30, 1975, of $1,793,963,501, according to a report compiled by Dwight Bonham, state ex aminer for Wyoming. Mr. Bonham’s report shows that the 32 state banks had assets of $536161,413, while the 45 national banks in W yoming had assets of $1,257,802,088. Of these totals, loans ac counted for $283,114,772 in state banks and $649,042,917 in national banks, for a total of $932,157,689 in all 77 banks. Deposits in the state banks were $470,229,128 on the reporting date, while national banks held deposits of $1,086,651,920 for a combined total of $1,556,881,048 in deposits state wide. State banks had a 15.5% in crease in deposits over the October 15, 1974 report, national banks had a 15.2% increase, and all Wyoming banks had an average o f 15.3% deposit gain. Washington News Rainier Bank Promotions Anthony J. LaMarca has been pro moted to executive vice president and manager o f Rainier International Bank, New York, Edge Act subsidiary of Rainier National Bank of Seattle. Mr. LaMarca joined the office in Sep tember of 1974 as vice president in charge o f operations. A lso announced was the appoint ment o f David C. Hutchinson as vice president and manager of the internal consulting department. Application Approved An application by the American Marine Bank of Winslow to establish a branch at Poulsbo has been ap proved. Joins Comptroller Staff Comptroller of the Currency James E. Smith has announced the appoint ment o f William J. Suman as deputy director, Bank Organization and Struc ture Division, in the Washington office. Mr. Suman most recently has served as examiner in charge of the San Diego subregion, Region 14 (California). 53 Oregon News Montana News Ä. F. w i n e GARDNER J. T. CÂDBY P resident S ecretary C. R. BOYLE, JR. Portland President O rego n Bankers Association Billings H elena Application Approved To Construct First National Office Tower LAN S for construction of the First National Bank 14-story office tow er, reported to be the tallest building in Montana, were announced recently by the First National Bank and devel oper, the Rauenhorst Corporation of Minneapolis. The $6 million structure will be lo cated at Second Avenue North and P major occupant and occupy floors six through nine. The building will have an exterior of bronzed solar glass and aluminum. Design features will be incorporated in the building to conserve energy and provide special fire protection. Missoula Banker Named To ABA Committee Robert L. Kenyon, vice president and timepay manager of the Western Montana National Bank of Missoula, has been appointed to the national executive committee, instalment lend ing division, of the American Bankers Association. To Head Great Falls Bank ARCHITECT’S sketch of the proposed new First National Bank building in downtown Billings. 27th Street in downtown Billings. The First National’s parking lot, the M on tana Corporation Building and the for mer Westwood Building now occupy the site. Rauenhorst, an integrated design, construction and development com pa ny, will be the builder and owner. Completion is scheduled for Decem ber, 1976. Bank President A l Winegardner said First National, an affiliate of North west Bancorporation, will occupy the lower level, entire ground floor and second, third and fourth stories. Burlington Northern will be another https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W. R. Amundson has been named president of the Northwestern National Bank of Great F a l l s , effective January 1, 1976. Mr. Amundson, formerly president o f the First Na tional Bank in Moorhead, Minn., began his banking career in 1950 with the First Na W . R. A M U NDSON tional Bank and Trust Company in Fargo, N. D. He has been with the Moorhead bank since 1965, being elected president in 1970. Spokane Banker To Chair NABW Committee Patricia Weninger, vice president, Fidelity Mutual Savings Bank o f Spo kane, Wash., has been named chair man of the newly-formed public affairs committee of the National Association of Bank W omen, Inc., for 1975-76. The committee will examine issues and develop policy and positions on cur rent banking, legislative and other is sues for the organization. First National Bank o f Oregon, Portland, has received permission to establish an office in the central busi ness district of Umatilla. OBA Winter Conference “ A New Beginning” is the theme of the Oregon Bankers Association W in ter Conference at the Portland Shera ton December 14-15. Registration be gins at noon Sunday, Dec. 14. Some of the major topics of discus sion will be: What’s New at the OBA, The Northwest Agricultural Credit School, The Intermediate Banking School, What Y ou Always Wanted to Know A bout ERISA, The Oregon A u tomated Clearing House, A Report from Washington, D. C , The Banking Concerns of the Oregon Consumer League and Bank Image. Included will be a legislative panel discussion. Elected at Portland The election of Jess A. Rogerson, Jr., to senior vice president and senior trust officer in First National Bank of Oregon’s trust division in Portland, has been announced. He succeeds Stetson B. Harman on December 19, when Mr. Harman retires after 42 years in banking. Application Approved An application by Inland Empire Bank to establish a branch at McNary Townsite, Umatilla County, has been approved. Opens New Office United States National Bank of Ore gon, Portland, has opened an office at 1200 S. W. Morrison Street in Port land. Application Approved An application by the Bank of Ore gon, W oodburn, to establish an office in Dundee has been approved. N orthw estern Banker, D etem b er 1975 s We want to be the first to wish you a Happy Easter! 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! Nebraska WATS Number: 800-642-9917 Adjoining States WATS Number: 800-228-9511 US NATIONAL ¡ANK Of Omaha Banker. D ecem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 55 has completed a remodeling program which included installation of smoked glass o f windows and doors and a time and temperature sign. The work was done by Fauss Construction, Inc. Nebraska News NBA Plans two Conferences ROBERT E. BURKLEY R. E. HARRIS President Fairbury Exec. M g r. Lincoln The Nebraska Bankers Association will conduct two conferences in Feb ruary, both of them to be held at the Holiday Inn in Kearney. The Bank Management Conference is scheduled for February 10-11. The Instalment Credit Conference will follow on February 26-27. Details o f both meetings will be an nounced soon. Wes Jones Dies in Omaha Springfield State Bank Construction Completed on Springfield State has been com pleted on the new Springfield State Bank, according to Glen Adair, vice president and cashier. The building provides space for two future kiosks and a bypass lane at the drive-up window as well as space for a future automatic teller unit. Space was left to the north to allow for eight additional parking stalls and a large area to the south was left for bank ex pansion. The brick exterior, the white ex posed aggregate fascia with bronze colored window frames and glass and the raised roof section make the struc ture harmonize with the surrounding environment. T o accommodate late banking cus tomers a vestibule at the northeast corner of the building with a walk-in teller window and package receiver provides easy banking access after reg ular banking hours. o n s t r u c t io n C Warren McClymont, executive vice president, reports that completion is expected about May 1, 1976. Mr. McClymont said the new quar ters are necessitated by a three-fold growth in deposits in First State Bank during the past live years. George Clayton & Associates of Grand Island is the architect. Remodeling Completed on First National, Hooper The First National Bank o f H ooper https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NBA Receives Award The Nebraska Bankers Association was awarded one of the two honorable mentions given by the A B A agricul tural bankers division for meritorious efforts in its public information on be half o f agriculture. The award was presented during the recent A B A Na tional Ag Credit Conference in Hous ton. Harry Argue is public relations director for the NBA. When you need bank supplies . . . Call Ed Batchelder in Omaha, Nebr., one of our experts in bank printing and supplies, o r . . . New Building in Loomis The First State Bank in Loom is is constructing a new building across the street from its present quarters. The new building will have about 4,000 square feet, triple the present space. New features will include a drive-up window, a night depository, a com m u nity room and on-premise parking. I. W . Wes Jones, 65, well-known insurance specialist working with Ne braska bankers, died suddenly at his home in Omaha November 30 o f a heart attack while visiting with friends. Mr. Jones had been a consultant to the Nebraska Bankers Association group insurance program for more than 30 years. Mr. Jones also was in partnership with William H. Osterberg in the firm o f Jones & Osterberg, and also in the firm of Jones & McQuillan, Inc. Cal! US at U.S. OS m United States Check Hook Company P.0. Box 3644 Omaha, Nebraska 68108 (402) 345-3162 N orthw estern Banker, D ece m b er 1975 56 F. Miller, chairman of The M orris Omaha National Bank, has an nounced the following promotions and appointments: John A . Koberg and Judith S. Page to vice presidents; Jerry L. Lair, John R, Markley, John E. Queen to second vice presidents; John W. Laisle, Jr., to marketing officer; Sue J. A. KOBERG J. S. PAGE Morris and Eugene R. Noell to agricul tural loan officers; Richard B. O’Con nell to commercial loan officer; Robert F. Walker to systems officer; and David R. Allen, Daniel C. Burnight, and John H. Orduna, Jr., to assistant op erations officers. Mr. Koberg joined the bank in 1969 as a project manager in systems and programming. He was promoted to systems officer and manager of systems in 1971, to manager o f customer ac counting and control in 1972 and later to second vice president. In 1973 he was moved to the commercial loan area where he has had responsibilities in the correspondent bank area. Mrs. Page joined the bank in 1970. In 1971 she became employment administrator and in 1972 wage and salary adminis trator, personnel department. In 1973 she was made manager of internal op erations in the banking services division and was promoted to second vice presi dent. Mr. Lair was employed as assistant teller manager in 1971 and most re cently has been manager of the Empire Park facility at 108th & M Streets, Mr. Markley has been with Realbanc. Inc., since April, 1974. He recently joined the bank’s banking services division. Mr. Queen joined the bank as a credit analyst in June of 1972 and was pro moted to loan officer in April of 1974. Mr. Laisle started his career at the bank as an executive assistant in retail banking administration in August of 1973. From January of 1974 through July of 1975 he served as an analyst in systems and programming. He was made director of control and planning in the banking services division in Au gust of 1975. Registration Opens for '76 Instalment Credit Schools Applications are now being accepted for the 1976 sessions of the National Instalment Credit School, Alan R. Ettman, associate director of the Ameri can Bankers Association’s (A B A ) in stalment lending division, announced recently. The first session is to be held at the University of Oklahoma, Norman, February 8-20; the second session is scheduled for June 6-18 at the Uni versity of Colorado, Boulder. The curriculum for the two sessions utilizes lectures, casework and seminar discussions to educate both new and experienced employes in instalment lending. The school also supplements in-house bank training programs by exposing students to the experiences and knowledge of their counterparts throughout the country. For more information concerning the school, contact Ms. Barbara Scutt, Registrar, The National Instalment Credit School, American Bankers A s sociation, 1120 Connecticut Ave., N.W ., Washington, D.C. 20036. 10th Fed Statement Total assets of the 823 banks in the 10th Federal Reserve District amount ed to $30,917,581,000 on June 30, 1975, according to the mid-year report just issued by the Federal Reserve Bank of Kansas City. This figure was 8 .4% higher, or $2,398,465,000 great er than the total for the same date in 1974. O f the above amount, total loans accounted for $15,101,087,000, an increase of 2 .1 % over 1974. Total deposits on June 30 were $25,497,766, 000, an increase of 9 .1% or $2,118,973,000 over the mid-year 1974 fig ure. N orth w estern Banker, P ec e m b e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 57 Electronic Funds Transter System (EFTS] with Point of Sale (POS) teleprocessing Direct file inquiry through a cath ode ray tube nor Integrated central information file , - •> iQaccounrs M agnetically c o d e d card Consolidated statement of accounts for individual customers system does itali It's a practical system ready for you to implement. © It identifies total customer relationship. © It's a new marketing tool. For a free brochure on the details, applications and advantages of putting ©system to work In your bank, just send this coupon to: Correspondent Bank Department First National Bank one first national center Omaha, Nebraska 68103 Or in Nebraska call us Toll Free at 800-642-9907. From States adjacent to Nebraska call us Toll Free at 800-228-9533. n a m e _________________________________________________ _____ position----------------------------------------------------------------------------------- — - first n atio n a l bank of omaha bank name ----------------------------------------------------------------------------- -— bank address ------------------------------------------------------------------------ -—.— c ity ________________________ state__________ z ip ------------------------ you're in first national territory https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis m em ber F.D.I.C. #♦» 58 Nebraska News Yaussi, NBC Co. chairman; Paul J. Amen, NBC chairman; Mayor Helen Boosalis; Lincoln City Council Chair man Max Denney; Ms. Uptown, Mari lyn Schriner, and representatives of the business community. Ms. Uptown christened the “ topping out” beam with a magnum of cham pagne just before it was lifted to the top. Mr. Schiermeyer was quoted as saying, “ this building represents NBC’s confidence in Lincoln and Nebraska’s future.” Mr. Schiermeyer went on to say, “ the Center is designed to be a cultural epicenter of downtown Lin coln and an architectural link between the business area and University of Nebraska downtown campus.” The National Bank of Commerce plans to move into the building in De cember. Citicorp Introduces New Message Processing System A new message processing system with a potential for speeding global transmission of data at electronic speeds has been introduced by Citi corp, New York, N .Y. Called CitiSwitch, the system links the head office of Citicorp’s main sub sidiary, First National City Bank, with main branches throughout the world. By year-end, the communications net work will include over 40 locations in New York and 78 overseas. The system, made up of four mini computers including back-up equip ment, automates the paper and laborintensive wire and cable units located at 111 Wall St., where most o f the message traffic for Citicorp was re ceived over teletype machines for in ternal routing via L D X facsimile and messenger service. STANDING (from left to right) on the beam are Glenn Yaussi, NBC Co. chmn.; Helen Boosalis, Lincoln mayor; J. D. (Jerry) Schiermeyer, NBC pres. & c.e.o.; Max Denny, Lincoln city council pres., and Paul J. Amen, NBC chmn. NBC “Tops Out” Its New Building H r HE NBC Center, soon to become the new home of the National Bank of Commerce, recently was “ topped out.” The occasion marked the completion of the external con struction of the budding. The brief ceremony was completed as a precast concrete beam was lifted to the top of the building. The beam is one of 200 such beams used for the twelfth floor roof over the mechanical Northwestern Banker, December 1975 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis area. A ll the beams are 28 feet long, 2 feet wide and eight inches thick and weigh 2500 pounds. The beam being lifted to the top was displayed in the temporary bank building lobby at 13th & “ N” . While on display, people were asked to sign the beam. Thousands responded. On hand for the occasion were J. D. (Jerry) Schiermeyer, NBC presi dent and chief executive officer; Glenn BeLuxe Check Notes Gains Strong gains in both sales and profits for the first nine months of 1975 were registered by DeLuxe Check Printers, Inc., St. Paul, Minn., according to J. L. Rose, president. Sales for 1975 through September totaled $157,615,831, up 2 1.8 % from the $129,457,282 of a year ago. Net earnings for the three quarters were $17,746,050, equal to $1.50 per share as compared to $10,971,031 or 92$i per share in 1974. Both sales and earn ings were favorably affected by 1974 price increases that had an estimated effect o f 17.3% for the nine-month period. 59 H appy } ío lM a y s ! ^ Z c j2 ^ < e . --- ~y 'J^UjL c£ < -J N B C N ational B ank o f Commerce The People P lace Main Bank 13th and N Sts.Lincoln, Nebraska W A T S Line: 800-742-7317 Member FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern B a n k e r , Dec e m b e r 1975 60 Gohde, Lincoln Bank South R OGER president, has announced that the board of directors voted a 33 1/3 % stock dividend to stockholders of rec ord as of November 14, 1975. This makes the third consecutive year in which Lincoln Bank South has issued a stock dividend. The first was in July o f 1973 (2 5 % ) and the second was in July of 1974 (2 0 % ). ❖ * * Joseph (Joe) E. Haller has been named vice president— corporate fi nance, corporate finance d e p a r t ment, First Mid America. The an nouncement was made by Charles J. Burm eister, president of the O m a h a -L in c o ln based investment banking firm. J. E. HALLER Mr. Haller, a native Omahan, presently serves as vice president of the Nebraska Securities Industry Association. He has 17 years of experience in investments. * * * Roger Gohde, president of Lincoln Bank South, has announced the elec tion of Chandler A . Tyrrell to the bank’s board. Mr. Tyrrell is president of Tyrrell’s Flowers, Inc., and also is a board member of Goodwill Indus tries and the Lincoln Executive Club. Morgan Guaranty Makes Transfer System Available Morgan Guaranty Trust Company of New Y ork recently announced that its computerized, on-line stock transfer system will be available through re mote access terminals to other transfer agents, principally banks, and to cor porations that perform their own stock transfer and shareholder record-keep ing functions. Let Me Help You With... Your Credit Insurance Needs Group • Individual Life • Accident & Sickness Telephone-Quick Service on our WATS Line in Nebraska. Dial your Access Code, then 800-742-7335. LINCOLN LIN C OLN , N E B R A SK A N orthwestern Banker, D ecem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 The new service, called Stock Transfer Remote Access Terminal Sys tem (S T R A T S ), is available immedi- r , ately in the New Y ork metropolitan area, Morgan Guaranty said. Eventual ly it will be marketed nationally, ac cording to Thomas W. Stanley, vice president, who heads Morgan Guaran ty’s stock transfer department. “ A transfer agent decides to use T ST R A TS,” Mr. Stanley explained, “ converts all its shareholder records to a master computer file at Morgan’s > data center in New York. We supply the agent with one or more input ter minals that are hooked into our center ^ by telephone lines. The agent records each change in share ownership direct ly on a terminal, which instantly up dates the master file and simultaneous ly produces a new certificate. This is the same service we provide for our own corporate clients.” CSBS Enters Off-Premises Cases as Friend of Court In separate amicus curiae briefs re cently filed with the U. S. appelate courts in Washington, D. C., and Den ver, C olo., the Conference of State Bank Supervisors argued that preser vation o f competitive equality between state and national banks under stan dards of state law must be the deter mining consideration in the courts de cisions on whether off-premises elec tronic facilities of national banks con stitute branches. The ultimate question raised in both Independent Bankers Association of ^ America versus Smith and Bloom ver sus First National Bank of Fort C ol lins is whether off-premises facilities -<■ authorized to national banks by a De cember 12, 1974, ruling of the Com p troller of the Currency are branches under Section 36 o f the National Bank A ct which incorporates state law as the standard for branching by national banks. President James E. Faris empha sized that the conference’s basic pol icy objectives in participating in the 1 appeals are to insure that the doctrine o f competitive equality is recognized and applied as the proper standard for * interpreting Section 36, and that an en vironment is created which will permit an orderly evolution in this important area of banking technology. The results of the litigation could, it was emphasized, have a profound effect on the competitive balance be tween state and national banks. 61 À t FIRST NATIONAL LINCOLN Box 81008 • Lincoln, NE 68501 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern Banker, Decem ber 1975 o ' https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 63 Iowa News D. K. DEKOSTER NEU MILNER President ixee. V.P. W a te rlo o Oes Moines First National, Sioux City, Announces Staff Changes Richard C. Taylor, president of the First National Bank in Sioux City, has announced two officer promotions and an addition to the bank’s staff. Paul A . Chil ders, formerly as sistant vice presi dent and manager of the main office Family Banking Center, has been P. A. CHILDERS promoted to vice president in charge of business devel opment. Donald A . Pinkston, former ly personnel officer, has been elected assistant vice president. Roger D, Pet ersen has joined the bank as assistant native of Greenfield, la., he is a busi ness administration graduate of the University of Iowa, Iowa City, major ing in finance and insurance. Plan Feb. Group Meetings Group I of the Iowa Bankers A sso ciation will hold its annual meeting in Sioux City on Saturday, February 14. Group II of the Iowa Bankers A sso ciation will meet in Burlington on Monday, February 16. The pre-con vention party will be held Sunday eve ning, February 15. Joins Oelwein State Bank Jon M. Hale has joined the trust de partment o f the Oelwein State Bank. He formerly was associated with the First National Bank o f Mason City in its trust department. Mr. Hale is a graduate o f Cornell College in Mt. Vernon in 3971. He was with the U. S. Army stationed in Germany from 1971-74. 435 Attend Annual Cattle Feeders Banquet Lt. Governor George Nigh o f Okla homa recently told cattlemen that peo D. A. PINKSTON ple have to regain their sense o f humor. He was speaking before a rec ord crowd o f 435 at the 33 rd annual Cattle Feeders Banquet sponsored by the Council Bluffs Savings Bank. Mr. Nigh, whose talk consisted mainly of one liners, said in a more serious tone that “ almost everyone is waiting to be offended. He said when people lose their sense of humor they slide just a little further down and the “ nation would be in better shape if it regained its humor.” Another speaker was Shorty Shoe maker, rancher from North Platte, Nebr., who discussed the range condi tions and livestock prices in western Nebraska. Construction Begins on First National, Denison Construction has begun on the $550,000 First National Bank of Deni son, according to Joe Vaage, president. Completion is expected by September 1, 1976. The new bank will have three drivein stations and a walk-up window for after-hours service. Included will be a staff office and an insurance office. The basement will contain the bookkeeping department, employee lounge and a conference room. To Head Melbourne Bank Jim Rhodes has purchased an inter est in the Melbourne Savings Bank and will becom e the bank’s president early next year. Mr. Rhodes, auctioneer and vice president of the First Community Bank and Trust o f Traer, joined the Traer bank in March o f 1968 as an ag ricultural representative. R. D. PETERSEN vice president and commercial loan of ficer in the commercial division. Before joining First National, Mr. Childers served as second vice presi dent and manager of the main bank facility of The Omaha National Bank. He also served in Family Banking, branch office facilities and data pro cessing. Mr. Pinkston also will serve as as sistant manager of the bank’s proposed Morningside office. He previously served the bank as personnel officer and in instalment lending and loan col lections. Mr. Petersen previously served in positions as credit review officer and lending officer with Bank of America, N T & SA in San Francisco, Calif. A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Iowa Bankers 1976 Group Meetings Date Feb. 14 Feb. 16 May 3 May 4 May 5 May 6 May 17 May 18 Group City 1 11 Sioux City Burlington 8 4 2 12 5 6 Davenport Cedar Rapids Fort Dodge Okoboji Council Bluffs Des Moines May 19 7 May 20 3 Waterloo Clear Lake N orthw estern B an ker, Decem ber 1975 64 Iowa N e w s Oskaloosa Bank Opens in New Building Associated Bank Corporation, based in Iowa City, la., owns the majority of stock in six Iowa banks and a leas ing company. Council Bluffs Savings Elects 2 Directors Ed H. Spetman, Jr., president of the Council Bluffs Savings Bank, has an nounced the election o f two new direc tors. They are Herbert E. Andersen, president o f the Andersen Construc- THE IOWA Trust & Savings Bank of Oskaloosa recently held an open house in its new building at 302 South Market, two blocks south of its old home, according to Lyle E. Abrahamson, v.p. The bank has three motor lanes. Its new number is 515/673-8405. Shenandoah Banker Honored Officers and employees of the Secu rity Trust & Savings Bank of Shenan doah recently honored C. W. Fishbaugh at a noon dinner for 50 years with the bank. John Fishbaugh, bank president, presented Mr. Fishbaugh a cash gift and the employees gave him a watch. Gladyce Chiverton Shaffer Funeral services were held recently for Gladyce Chiverton Shaffer, first woman to serve as a director of a Cedar Rapids bank and retired vice president and trust officer of Guaranty Bank & Trust Company. Mrs. Shaffer, then Gladyce Getz, be gan her association with the bank in 1934 when it was chartered. During her career, Mrs. Shaffer was named Woman of the Year in 1969. In 1972 she married Van Vechten Shaffer, first president of Guaranty Bank. She served as a director until her death. Two Holding Companies End Proposed Acquisition Earl W. Nelson, president of A sso ciated Bank Corporation, and Henry T. Rutledge, chairman of Northwest Bancorporation, jointly announced the termination of discussions on the pre viously announced proposed acquisi tion of Associated Bank Corporation by Northwest Bancorporation. Northwest Bancorporation, based in Minneapolis, owns the majority of 81 affiliated banks and a number o f bank related financial service companies. j » prosperous n» y H. E. ANDERSEN R. M. STUART tion Company and Robert M. Stuart, partner in the law firm of Johnson, Stuart, Tinley, Peters and Thorn. Mr. Andersen attended Iowa State and the University of Iowa. He and his brother, John P. Andersen, organized the Andersen Construction Company in 1962. Mr. Stuart received his law degree from Omaha University Law School. He is a member of the Potta wattamie County, Iowa State and American Bar Associations. Charles R. Triplett Funeral services were held recently for Charles R. Triplett, retired Ankeny banker. Mr. Triplett served as presi dent and chairman of the Ankeny Na tional Bank until he retired three years ago. He was a real estate developer and farmer in Ankeny and the former owner o f Triplett Implement Co. of Ankeny and Triplett Coal Co. of Des Moines. Named at Mason City Terry A. Turnure has been elected assistant vice president and auditor of the United Home Bank & Trust Co., Mason City. He succeeds Daniel J. Fliger who has joined Central National Bancshares, Des Moines — based holding company which owns the M a son City bank. Mr. Turnure has been associated with the First National Bank of M a son City for six years and with Midway National Bank, St. Paul, Minn. He is a certified public accountant. N orthwestern B an ker, Decem ber 1 9 7 5 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 65 We Wish You A Merry Christmas And A Happy New Year CHRISTY ARMSTRONG President LEO F. KANE Executive Vice President KEITH DRALLE Assistant Vice President American Trust and Savings Bank DUBUQUE, IOWA Member F.D.I.C., Federal Reserve System https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern Banker, D e ce m ber 1975 66 I o w a N ew s Mineola State Bank Controlling Interest Sold L. F. Kruse has announced sale of controlling interest in the Mineola State Bank to Raymond Maaske of Missouri Valley and Floyd D. Fore man of Council Bluffs. Mr. Kruse, for merly president, was named chairman of the bank. Mr. Foreman was named president. Other officers will remain the same. Mr. Maaske has farming interests in the Missouri Valley area. Mr. Fore man is president of The Oakland Sav ings Bank and general manager of the Oakland Feeding Corporation. Both men have been appointed to the board of directors. In addition, Ormand C. G oos was appointed honorary board member. Security State, Stanton, Holds Open House The Security State Bank o f Stanton recently held an open house to cele brate its 25th anniversary. Lunch was served in the bank’s basement. Each family received a gift, and drawings were held. Mason City Bank Remodels Jack W. Nielsen, president of the First National Bank of Mason City, has announced an extensive remodel ing project at the main bank. The main floor of the bank will be Kirk Gross Co. 110 EAST 7TH ST., WATERLOO, IOWA 50705 PHONE 3 1 9 /2 3 4 -6 6 4 1 DON’T When you need bank supplies . . . Call Harry Francis, in Perry, la., one of our experts in bank printing and sup plies, or . . . Call US at U.S. United States Check Book Company N orthw estern Banker, D ecem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ì 975 j Returns to Sioux Center Bill R oelofs, 37, has joined the American State Bank staff in Sioux ' Center. He returned recently with his family from India where he taught in high school for five years. r On Ottumwa Bank Board Stanley Kerber, manager of George A A. Hormel & Co., has been elected a director of Union Bank and Trust Co., Ottumwa. Loan Officer Trainee Joins Clarion Bank When you set your building budget, we believe you! Our goal is to make your new building efficient yet distinctive while keeping within the budget you establish. That’s why so many financial institutions use the specialized services of the Kirk Gross Company. Omaha, Nebraska 68108 - Clark H. Raney has joined the Palo Alto County State Bank in Emmets- * burg as a loan officer trainee. He for- merly was a commercial loan officer with the University National Bank in * Denver, Colo. ; Design to fit your budget m p .O . Box 3644 remodeled. The exterior also will take on a new look including modern lighting. (402) 345-3162 Ron L. Canfield has joined the First National Bank of Clarion as assistant cashier and auditor. Mr. Canfield formerly was associated with the A ve nue Bank & Trust Company in Oak Park, 111. < * ; Agriculture Needs Strong Banker Interest Strong commitment to agriculture must be a continuing goal of the banking industry if the United States is to maintain its leadership role in food production, Vern R. Olson, chairman of the 24th National Agricultural and Rural Affairs Conference, said recent ly at the conference’s opening session. “ U.S. banks supply more than onehalf o f the operating credit used by farmers,” said Mr. Olson, who is also assistant vice president of agricultural services for Citizens Bank o f Sheboy gan, Wis. “ T o maintain this leadership position in agricultural finance, bankers — including top management — must remain alert to a fluctuating envi ronment and new; farming methods to best meet future credit needs.” Sponsored by the agricultural bankers division of the American < \ ■ " § < ^ I o w a N ew s Bankers Association (A B A ) , sessions of the three-day conference emphasized the political, monetary and social im plications of today’s worldwide agricul tural econom y in a series of workshops and forums. 13 ACHs Operational Thirteen members of the National Automated Clearing House A ssocia tion (N A C H A ) are now operational and are generating about four million payments annually, according to the October issue of the N A C H A Q u a r 67 We try to offer a service that’s there when you need it.” te r ly U pdate. The 13 operational ACHs, listed in the order in which they became opera tional, are: California Automated Clearing House Assn., San Francisco and Los Angeles; Georgia Automated Clearing House Assn., Atlanta; Upper Midwest Automated Clearing House Assn., Minneapolis; New England Automated Clearing House, Boston; Columbus Regional Automated Funds Transfer System, Ohio; M id-America Automated Clearing House Assn., Kansas City, M o.; Mid-Atlantic Automated Clearing House Assn., Baltimore and Washing ton, D. C.; Regional Payments Exchange, Dayton, Ohio; Michigan Automated Clearing House Assn., Detroit; Tri-State Automated Clearing House Assn., Pittsburgh; M id-Am erica Automated Payments System, Cleveland; Iowa Automated Clearing House Assn., Des M oines; Oregon Automated Clearing House Assn., Portland; The latest monthly ACH volume, reoorts N A C H A Q u a rterly U p d a te, is 300-419 items. This figure is a sum o f private debits (6 6 ,6 8 8 ), private cred its (9 9 ,9 9 0 ) and Air Force credits (1 3 3 ,7 4 1 ). The last figure does not include A ir Force entries distributed in areas where ACH s are not presently operational; total September A ir Force volume was 246,421. “We continually upgrade the service we furnish our correspondent banks to find new ways we can help, The biggest area w e’re working on right now is automation, For at least the next five years w e’re going to be deeply involved in more automated services to find better ways to serve all our correspondent banks.” c S ? iQ \. Gene Hagen, Vice President Banks and Bankers Division ACORN Registers MAcc*pt*d Sal* Registers by Bank Clark» Erarywhar»“ For intormaUoa write THE AC O R N PRINTING CO, Oakland, Iowa Security Nationai Bank 6th & Pierce Street, Sioux City, Iowa Phone: 712-277-6517 N orthw estern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banker, D ecem ber 1975 68 Io w a N e w s Retired Businessmen Have Meeting Place O E TIRED businessmen in Columbus Junction, la., have a place to meet, chat and play cards thanks to the Columbus Junction State Bank. In the past, the men did have meetting places — one or another of the businesses in town. However, last N o vember Archie Norris, one of the last “ old-timers,” sold his paint store which had served as a daily gathering place for his retired friends. The men then had no place to go — until Tom Hus ton, president of the Columbus Junc tion State Bank, and now Iowa Super intendent of Banking, came up with the answer. He summoned two retired bank employees to his office and sug gested that the town’s retired business men refurbish an old gas station on the corner of Second and Walnut Streets. The station had often served as a gathering spot until 1971 when Sam Myers closed it and sold it to the bank. Mr. Huston said the group could have the station without charge. Immediately men like J. E. Henson, 78, Sheldon Hawkins, 70, Sam Myers, 83, Archie Norris, 72, Max Vannice, 69, and others, once the backbone of Columbus Junction’s business district, began sweeping the floors, washing the windows, and hauling out the trash. They moved in a coffee urn, television, radio, card tables, and converted the station into a recreation spot. Carpet ing, refrigerator, and telephone also were added. So the bank assumed the responsi bility for providing a meeting place for its long-time clients. “ I suppose we’re doing the same thing Sam Myers did. The same thing Archie Norris did,” Mr. Huston com mented. “ W e’re giving them a place to get together. “ These are the men who always came through when you needed them. They were there when we needed money for the swimming pool. They were there to help with the golf course and when we put up some housing a few years ago, they came through too. " Lee Huston, 76, T om ’s father and chairman of the Columbus Junction State Bank’s board, said the station is on “ either the first or second best corner in town.” For that reason it was suggested that the station might also serve as an information center for the area. Strangers driving into Columbus Junction can walk into the small sta tion and ask for information or join the men in a game of cards. SHOWN at left is an exterior view of the meeting place. Right— Retired businessmen, Lee Huston, chmn., Columbus Junction State Bank, is at far right. N orthwestern B an ker, D e ce m b e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 N o rth w e s te rn https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B anker, D ecem ber 1975 70 Iowa N e w s SHOWN from left to right are Dale Torpey, AIB D. M. chapter pres., Valley N at’l Bank; Bill Greaves, v.p., Central Nat'l Bank, Boss of the year for 1975, and Clancy Dickson, Central N at’l Bank, Boss of the year for 1974. Des Moines News ■FOLLOW IN G a meeting of the •*- board of directors, John R. Fitzgibbon, chairman and chief executive officer o f t h e lowa-Des Moines National B a n k , announced th e promotion and election of the following officers: Janies W. Frost was promoted to vice president, trust department NELSON and Ronald D. White was promoted to electronic banking officer. Mr. White will manage the newly created electronic banking service department. Linda L. Snider, assistant manager of the Fort Des Moines office, Evelyn L. Nelson, assistant manager o f the Urbandale office, and .1. Lanier Little, assistant manager of the Euclid office, have been elected personal banking officers. Patricia A . Bolser has been named computer systems officer; Ronald C, Dickson, marketing officer; Lyndon O. Wells, credit officer; John A. Eickman, real estate loan officer, and Lowell A. Barkley, and Greg R. Scharnberg, com puter services officers. * J. EICKMAN L. BARKLEY * * William B. Greaves recently was named Boss of the Year at the annual Des Moines chapter of the American Institute of Banking (AIB) Manage ment Appreciation Night. Mr. Greaves is vice president of Central National Bank and Trust Company and vice president of Central National Bancshares. Five hundred eighty A IB members from 14 Des Moines area banks at tended the event. Mr. Greaves suc ceeds Clancy Dickson, 1974 Boss of the Year, also from Central National Bank. Mr. Greaves has taught several AIB courses and has served as vice presi dent, treasurer and director of the Des Moines chapter. For five years he was national associate councilman from District X , which covers eight states. He has been a member of the advisory board of the Iowa School of Banking and recently was chairman of the edu cational division of the Iowa Bankers Association. He has been with the bank for 25 years. * J. FROST L. SNIDER Banker. D ecem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 R. WHITE P. BOLSER * Dennis D. McDonald has been elected assistant controller of the Cen tral N a t i o n a l Bank and Trust c o m p a n y a c cording to B. C. Grangaard, chair man and chief executive officer. Mr. McDonald is a graduate of Western Michigan University D. D. MCDONALD where he received his M B A degree in 1971. He is a member of the National Association o f Accountants. * N orthwestern ** * * Bankers Trust Company has an nounced the promotion of three officers and the election of two new officers. Donald D. Halsey, Lyle W . Hulke and Robert A . Schiers have been ad- 71 “ No Santa Claus! T h an k God, he lives, and he lives forever. A thousand years from now, V irgin ia, nay, ten times ten thousand years from now, he will continue to make glad the heart of childhood!’ rheJN ew Y o fkJs!in September 21. 189 7. m reply “C 99 Central National Bank 6- Trust Company DES MOINES (515) 245-7111 MEMBER FDIC LOCUST AT SIXTH/FIFTH & GRAND/35TH & INGERSOLL / WEST DES MOINES «8 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis AFFILIATED W ITH C EN TR AL N A T IO N A L BA NC S HA R ES. N orthw estern Banker, Decem ber 1975 72 vanced from assistant vice president to vice president in the commercial loan department. Louis H. Anderson has been elected vice president in charge of the installment loan department. Ronald Jones has been elected installment loan officer. Mr. H a l s e y j o i n e d Bankers Trust in 1968 in the installment loan department and subsequently worked in the credit department before joining the commercial loan D. D. HALSEY department i n 1970. Mr. Hulke has been in the commer cial loan department since joining the bank in 1969. He received his Bache lor of Science degree from Drake Uni versity and also is a graduate of the National Commercial Lending School. A graduate of the University of Du buque, Mr. Schiers joined Bankers Trust in 1970. Prior to joining Bankers Trust in recent weeks, Mr. Anderson was em ployed by the Associates Investment Company for 15 years. He is a gradu ate of Tulane University where he was a member of the basketball team. Mr. Jones joined the bank in May, 1973, as a member of the installment loan department and worked in collec tions and checking reserve department. Security State, Adams, Plans New Building L. W . HULKE R. A. SCHIERS The Security State Bank of Adams has announced plans for a new build ing. The structure will be masonry with a combination of stucco and brick ex terior. The interior will include a lobby and open office plan. Serving the Midwest... FIRST MID AMERICA INC. • Municipal Bonds • Fiscal Agents • Corporate Bonds • Listed and Unlisted Securities • Government Agency Bonds • Investment Banking M u n icip al Bond D e p a rtm e n t 100 C o n tin en tal Building 19th & D o u glas O m ah a , N e b ra s k a 68 1 0 2 ThoughtfuU^áfe¡l F ifC l 1 “n srrij Mid America and other P rincipal S tock and C om m odity Exchanges C O R PO R AT E A N D M U N I C I P A L B ON DS * G O V E R N M E N T A G E N C IE S STO CK S • C O M M O D IT IE S • O P T IO N S * IN V E S T M E N T B A N K IN G Omaha * Lincoln • Columbus •Grand Island • Hastings •Atlantic Cedar Rapids • Des Moines • Fort Dodge • Sioux City • Kansas City • Chicago N orthwestern B an ker, Decem ber 1975 date is set for early New Bank Director Robert D. Johnson, president of Johnson-Bailey & Associates, Inc., has been elected a director of First Na tional Bank, Cedar Falls. Apply Now for la. Group NABW Scholarships Applications must be received by March 1 for the two scholarships awarded annually by the Iowa Group of the National Association of Bank. Women (N A B W ). The scholarships are for one session at an Iowa Bank ers Association School: The School of Banking, held at the University of Iowa, Iowa City, in June of each year, or The Instalment Lending School held at Drake University, Des Moines, in August of each year. One of the scholarships is awarded to a member of the Iowa group of NABW . The other, known as the Helen L. Rhinehart Award in honor of the first Iowa woman to becom e na tional president of N ABW , goes to a woman employee who is not an officer of her bank. Applications should be sent to J. Elaine Anderson, chairman, Iowa Group education committee, Peoples Bank and Trust Company, P.O. Box 360, W aterloo, la. 50704. Iowa City Bank To Expand Hawkeye State Bank of Iowa City is constructing an addition which will double the size of the bank’s down town headquarters, according to Ralph D. Radcliff, president. The project will add 3,400 square feet to the ground floor and will involve finishing a full basement already in existence. Space will be provided for offices and a new vault. A drive-in facility will be built west of the present structure. I lidi Member New York S tock Exchange , Inc. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Completion spring, 1976. Mapleton Bank Holds Open House on Birthday The Mapleton Trust and Savings Bank recently held an open house in observance of the nation’s bicentennial year and the bank’s 97th birthday. Some feature displays of the open house were antique autos, coin col lections, antique guns and rare local dishs and glassware. A color television was given away. 73 All our computer knows how to do is work. Quickly. Efficiently. But no smile. Bill Rlckert and Ken Young are the ones who smile. Especially when they're showing somebody how our s tra ig h t-fa ce d computer works. Phone Bill or Ken today at 1-800-772-2015. National Bank o f W aterloo 110 E. Park • Waterloo, Iowa N orthw estern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B an ke r. Decem ber 1975 74 A Polite Man A polite man is one who listens with interest to those things he knows all about when they are told to him by a person who knows nothing about them. Hometown Y our hometown is the place where all the folks wonder how you, o f all people, ever got as far as you did. Progress? A returned traveler says the town he visited was so unprogressive they weren’t even tearing anything down. Substitute Grampa A small b oy approached a whitehaired gentleman in a store and asked, “ Are you a grandfather?” “ Y es,” replied the man with a smile. “ Oh, I’m glad,” said the boy, “ be cause my grandfather isn’t here and I need a quarter.” Good Advice Get someone else to blow your horn and the sound will carry twice as far. Popular Employee amount. You have been paying the date.” Think-Killers History? There are four think-killers that must be eliminated before you can cul tivate your creative ability. They are: 1. Lack of confidence; 2. Laziness; 3. One sure sign that you’ve been around a while is when the kids tell about their history lessons, and you remember when it happened. In asking for a raise, the employee hinted that several companies were af ter him. “ What companies?” his boss asked. The man replied, “ The gas com pa ny, electric company, finance com pa ny . . .” Trouble with Bills N orthw estern Banker, Decem ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 First National Bank, Omaha ............................... First National Bank, St. Paul ............................. First National Bank, Sioux City ........................ Flo-Go-Armento .................... G Gross, Kirk Company ........................................... IN D E X OF A D V E R T IS E R S H 57 11 69 16 66 Harris Trust & Savings ......................................... 17 Hilton Inns ............................................................... 10 1 Iowa-Des Moines National Bank ......................... 76 K DECEMBER, A housewife was having difficulty with her gas bills. It seems that every month, after she mailed her check, she was notified that she had either sent too much money or not enough. After a few months of this, it appeared she and the gas company would never agree on how much she owed. The problem was finally solved when one kindly soul in the com pany’s office checked into the payments and sent the customer a little handwritten note which read: “ Please pay the Resistance to change; 4. Fear of criti cism. 1975 A Acorn Printing Company .................................. .. . American National, Chicago ................................ American Trust & Savings B a n k .................. .. B Bankers Personnel, Inc.......................................... Bankers Trust Company ................................ Bank of America .......................................... C 67 39 65 44 62 18 Central Bank of Denver ....................................... Central National Bank, Des Moines ................ Commerce Bank ....................................................... Continental Illinois National Bank . ................... Continental Western Ins. Co.................................. D Daktronics ................................................................ . DeLuxe Check Printers ...................................... Drovers National Bank ....................................... . 51 71 5 9 30 Employers Mutual Companies . . . . . . 35 E First First First First F 8 27 36 Mid America ................................................ 72 National Bank, Chicago .................. .. . 12 - 13 National Lincoln ............................................ 61 National Bank, Minneapolis ..................... 43 Kooker, E. F. Associates ....................................... 66 L LaSalle National Bank ......................... 31 Lincoln Benefit Life ........................................... .. . 60 M Merchants National Bank .................................. . 2 Midland National Bank, Minneapolis ................ 45 Minnesota Protective Life Insurance Co................ 47 Mortgage Guaranty Insurance Corp.......................6-7 N National Bank of Commerce .............................. National Bank of Waterloo .................................. Northern Trust Com panv....................................... Northwestern National Bank, Minneapolis . . . . P Packers National Bank ........................................ S St. Paul Hospital & C a su a lty ........................... , Security National Bank, Sioux City ................ .. 14 67 United United United United 75 15 66 54 U Guaranty Corporation ........................... . Missouri Bank of Kansas C i t y ......... .. States Check Book Company . . . . 55, States National Bank, O m ah a................ V 59 73 3 40 56 Van Horne Investments ...................................... 64 Van Wagenen, G. D. Company ......................... 44 Nice 3uys finish last? Wrong! W e’ve b ecom e the number two insurer for lenders who finance Am erica’s shelter n eed s for on e reason. Service. A lot of service. Granted our size and nationwide coverage are important. But the service United provides is giving us the ed ge. Why? B eca u se it m eans you can count on United people. Our field representatives. Our under writers in 14 offices. They’re able to get you what you need when you need it. It m eans they’re always trying to find better w ays to help you place m ortgage insurance on your loans. By cutting down application turnaround time. Combining steps. Shortening forms. Slicing red tape. Perhaps that’s why so many United people get called “nice gu ys.” But, in the m ortgage insurance industry, the nice guys d on’t finish last. W e’re already number two and moving up. Maybe you ought to be with us. After all, _____ on e nice guy r |L # m sr l U n ite d Guaranty Corporation 826 N. Elm, Box 21567, Greensboro, N.C. 27420 (919) 273-6961 Contact United Guaranty Residential Insurance Company • P.O. Box 778, Bettendorf, Iowa 52722. In Iowa (800) 292-0047. In States bordering Iowa (800) 553-8976. United Guaranty Residential Insurance Company • 300 Morgan Building, Portland, Oregon 97205. In Washington and Idaho (800) 547-1064. In Oregon (800) 452-7697. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Iowa-Des Moines NationalBank MEMBER FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7th & Walnut Des Moines, Iowa 50304 Banco STRIVE FOR EXCELLENCE .A i, .... L ^ s l i t __ LÆ Æ Â k:« ¿.A , ^ , ' J kA.rt-ftwi
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