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Ag Secy. Block
with ABA Ag Leaders

Iowa Bank

• Banks ready to open IRA accounts
• ABA correspondent conference report
• Home banking test starts in Fargo
Federal Reserve Bank of St. Louis



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"Providing our customers with qual­
ity service demands more from us
than simply a surface response. We go
deeper. Take overline and liquidity
loans, for example.
"At MNB, we act decisively on all
overline loan requests. But first, our
qualified experienced loan specialists
study the situation and apply fresh,
innovative thinking in tailoring a loan
package to your bank and your bor­
rower's individual needs."

rower but the respondent bank and
the community it serves. So, the close
working relationship we create and
maintain with each of our respondent
banks and their overline customers
assures continued growth, stability
and quality in their loan portfolios
and ours."
If quality service is important to
you, too, call 319/398-4320, or call, toll
free, 1-800-332-5991 and talk to Jerry or
MNB Correspondent Banker John E.

An opportunity to serve.

Mangold, Stan R. Farmer, Terry M.
Martin or Dale C. Froehlich.

"We believe a loan request is an op­
portunity to serve — not only the bor­

Merchants National Bank
Cedar Rapids, Iowa 52401
Federal Reserve Bank of St. Louis

Member F.D.I.C.


The “Sound of Business”:top econo­
mists’ monthly report on business
conditions, in cassette form.

Every month, some of the nation’s
top business economists gather for
an important and informative semi­
nar. The subject? The very latest
developm ents in econom ics and
business. The team is headed by Dr.
Robert Genetski, Director of Eco­
nomic Research for Harris Bank. The
audience? It can include you
. .. and you never have to get
up from your desk.
The reason is that these
discussions are taped exclusivelyforsubscribersto Harris
Bank’s “ Sound of Business’.’
Each month, they are sent
directly to over a thousand
executives both in the U.S.
and abroad. Executives who
realize the benefit of receivi ng
the thinking and forecasts of

some of the nation’s foremost busi­
ness economists: Dr. Robert Genetski, Dr. Herbert E. Neil Jr., Dr. Robert
Davis, and Nanci N. Rogers. The
panel is moderated by financial com­
mentator Larry Butler.
The “ Sound of Business” is a
freewheeling discussion of current
economic events, with emphasis on
their implications for business in the
future. You can listen whenever you
have even a few minutes’ time, in

your office, on a plane, commuting,
wherever you have a cassette player.
The cost is modest: just $100 for
12 half-hour tapes [about $8 a
month). But the benefits can be much
more than modest, and we’d like to
prove it to you. Simply send in the
coupon, and w e’ll start your sub­
scription with your first cassette.
Listen to it, and if for any reason
you're not satisfied, just write “can­
cel” on your invoiceand return it with­
out payment.
So send in the coupon
today. You may find fhe
“Sound of Business” is music
to your ears.

Harris Trust and Savings Bank
111 W M onroe St , Chicago, IL 60603
M em ber F D I C , Federal Reserve System

Harris Bank
Economic Research Office
111 W. Monroe Street
Chicago, Illinois 60603

N am e


A d d re s s






C ity

S ta te

F irm

T itle

Federal Reserve Bank of St. Louis

Z ip


ABA Develops
Member Ad Kit


M U LTI-M ED IA advertising k #
to aid banks in cross-selling has
been developed by the American

DECEMBER 1981 • 88th Year • No. 1419


When U.S. Secretary of Agriculture John R. Block addressed the 30th Annual Na­
tional Agricultural Bankers Conference in Washington, D.C., last month, he posed
for this exclusive cover picture for the Northwestern Banker. Left to right are:
W.D. (Bud) Wilier, conf. chmn. & exec, v.p., Decorah State Bank, Decorah, la.;
Frank Naylor, Under Secretary for Small Community and Rural Development of
USDA; Secretary Block, and James R. Eatherly, chmn., ABA Ag Bankers Division,
and chmn. & pres., First Natl. Bank, Tonkawa, Okla. Complete story is on page 22.
Also pictured on the front cover is Merchants National Bank of Cedar Rapids,
la., which concluded its 100th anniversary year recently with the last of some
year-long observances. A special story appears on page 28.



Banks will tap IRA market

Marketing, pricing will be key to long-term deposits


A new banking name — Centerre!

First National in St. Louis and affiliates change name


Ag bankers asked for help

Government leaders ask community bankers to make more loans


Opportunities for correspondent banks

ABA conference looks at ways to strengthen the system


Caution urged for 1982

1st of Chicago conference speakers see mid-year turnaround


Home banking test starts

First Bank System initiates pilot program in Fargo


Bank Promotions
Corporate News
South Dakota


North Dakota

Des Moines
Advertisers’ Index


306 15th Street, Des Moines, Iowa 50309

Phone (515) 244-8163

P ublisher

E d ito r

A ssociate Publisher

A ssociate E d ito r

Malcolm K. Freeland

Ben Haller, Jr.

Steve Burch

Louise Ritchhart

A u d ito r

Field R epresentative

Field R epresentative

Debbie Hibbert

Glen Hicks

Paul Masters

N o. 1 4 1 9 N o rth w e stern B a n k e r (U S P S 397-620) is p u b lish e d m o n th ly b y th e N o rth w e ste rn
B a n k e r C om pany, 306 F ifte e n th S tre e t, D es M oines, Iow a 50309. S u b s c rip tio n $1.50 per
copy. $15 p e r y ear. Second C lass p o s ta g e p a id a t D es M oines, Iow a a n d a t a d d itio n al
m ailin g office. P O S T M A S T E R : S end all a d d re s s c h an g e s to N o rth w e ste rn B a n k er, 306
F ifte e n th S tre e t, D es M oines, Iow a 50309.

Digitized Northwestern
for FRASER Banker, December, 1981
Federal Reserve Bank of St. Louis

Bankers Association. W ith the
them e, “ Good Customers Count at
Full Service B an k ,” the new packa
contains print and broadcast m ater­
ials for individual banks to use to
encourage consumers to conduct
m ost or all of their financial activities
at one institution.
Included in the kit are eight
finished newspaper ads containing
artwork, body copy and space for a
bank’s name and lobo. The acLi
highlight specific bank services, sucn
as auto loans, home improvement
loans, NOW accounts or retirem ent
program s, and cross-sell additional
services like checking and s a v i n g
There are also two bonus ads. The
first cites the advantages of banks
compared to money m arket m utual
funds, and the second states th a t
all types of financial institutions;
banks still offer the broadest range of
To complement the newspaper
advertising, the package contain^
three professionally recorded radio
spots, six radio scripts and a set of six
different slides of the Full Service
Bank identification for use in
television comm ercials.
H arry M itiguy, chairman of the
ABA Communications Council and
president of the Howard Bank,
Burlington, V t., explained th a t the
new cross-selling kit was designed t ^
tie banks th a t use it to the national
ABA Full Service Bank program ,
which will include alm ost $6 million in
advertising on network television and
in national magazines. M a te ria l^
were developed based on the results
of a questionnaire sent to 2,500 banks
currently participating in A B A ’s Full
Service Bank Campaign. “ Alm ost
one-half of the ABA membership n o ^
display the Full Service Bank
decals,” Mr. M itiguy added.
ABA members m ay order the Full
Service Bank Cross Selling A dver­
tising K it by sending a check fo £
$42.50 and the catalog number,
295200, to Order Processing, ABA,
1120 Connecticut Avenue, NW,
W ashington, DC, 20036. For addi­
tional inform ation, contact Gwei0
Strickland, (202) 467-4188.

Too often,
commercial overline requests
get put in their place.

They get filed away. Forgotten. Politely ignored.
The correspondent banker, who w as all ears w hen
you w anted to talk non-credit services, suddenly
isn ’t listening.
At Continental Bank, w e ’ll listen to anything.
T hat’s right. Anything. Commercial custom ers m ean
a lot to our correspondents. And our correspondents
m ean a lot to us.
So, we set out to accom m odate. The loan might
not be as w ell-docum ented as many banks would
like. The risk might be higher. The profit, lower. But
if you’re ready to go to the legal limit, you’ve got

every right to expect us to hear you out.
And answ er you quickly. At Continental, you get
the decisiveness you expect. And deserve. Your credit
req u est isn ’t bogged down in redtape. Or held up in
comm ittee. It goes directly to your account m anager
—the officer who can authorize most loans. So, you
get a decision, fast, from the person who m ade it.
Call John Tingleff at (312) 828-2191. Tell him
you w ant to discuss comm ercial overlines. Then,
start talking. You can be sure w e’re listening. It’s
w hat you expect from a top correspondent bank.
At Continental Bank, it’s reality.

Continental Illinois National Bank and Trust Company of Chicago
231 South LaSalle Street, Chicago, Illinois 60693
Federal Reserve Bank of St. Louis


IBAA Initiates $5000 Scholarship Fund
c h o l a r s h ip

funds totaling

S $5,000 will be aw arded senior
high school students nationally who
contribute winning essays describ­
ing independent banking’s role in
com m unity development.
Three cash aw ards are being spon­
sored by the Independent Bankers
A sso c ia tio n of
A m e r ic a
honor the associ­
atio n ’s executive
d irecto r, H ow ­
ard Bell, who re­
tires a t the end
of this year after
25 years of ser­
vice to the na­
tio n al b an k in g
trad e organiza­
tion th a t serves the co u n try ’s com­
m unity banks. The How ard and
K atherine Bell Scholarship Fund
also recognizes the sup p o rt of
H ow ard’s wife, K atherine, through­
out his career.
Local IBA A banks, working w ith
their area high schools, are pro­
m oting the com petition to broaden
public awareness of the com m unity
b a n k s ’ c o n tr ib u tio n s to local
economies. Short essays on indepen­
dent banking will be collected a t the
high schoools and forwarded to a
panel of judges in the Sauk Centre
headquarters of the association.
Deadline for entries is Ja n u ary 15,
A w ards will be announced in
M arch a t the association’s 52nd an­
n u a l c o n v e n tio n in H o n o lu lu ,

First Chicago Expands
Credit Card Business
F irst N ational B ank of Chicago
announced recently it is purchasing
the $600 million credit card portfolio
of Bankers T ru st Company of New
York. The price is believed to be
about $25 million and is expected to
double F irst N ational’s current $750
million of receivables. F irst N ational
has 1.7 million card accounts, while
Bankers T ru st listed 1.1 million ac­
Richard L. Thom as, president of
F irst National, estim ates the m erger
of credit card base and accounts will
m ove F irs t N a tio n a l B ank of
Chicago into the third position in
the nation in the card business, over­
taking Chase M anhattan B ank and
 Banker, December, 1981
Federal Reserve Bank of St. Louis

placing it ju s t behind C itibank and
B ank of America as the two top
The sale was in keeping w ith
Bankers T ru s t’s com m itm ent to
remove itself from the retail banking
business and concentrate entirely on
wholesale and international bank­
ing. I t has now divested itself of its
last 100 branches in u p sta te New
Mr. Thom as said F irst N ational
intends to separate its card business
from its other loan business, w ith a
specific pool of funds for it.

Manufacturers Hanover
Files $100 Million Issue
M anufacturers Hanover Corpora­
tion, New York, has filed w ith the
Securities and Exchange Commis­
sion a registration statem ent for
$100 million of notes due December
1, 1985, w ith w arrants to purchase
$200 million of zero-coupon deben­
tures due November 1, 1989. The
w arrants will expire on October 29,
1982. Proceeds will be used for
general co rp o rate purposes, in­
cluding th e fin an cin g of su b ­
The offering is being m anaged by
Goldman, Sachs & Co.; Merrill
Lynch W hite Weld Capital M arkets
Group and Salomon B rothers Inc.

Heller Reports
Earnings Up Modestly
W alter E. Heller International
Corporation, Chicago, reported earn­
ings from its worldwide financial
services for the third quarter in­
creased 3.1%. E arnings for the nine
m onths ended Septem ber 30, 1981,
were up 1.4%. Per share earnings
rose 2.3% for the third quarter and
0.4% for the nine m onths. E arnings
were a t record levels in both periods,
as were the em ploym ent of funds by


finance units and average loans a n i
deposits a t the Am erican National
B ank su b sid ia ry , according to
Franklin A. Cole, chairm an of the
financial services firm.

Continental Files
$100 Million Offering
Continental Illinois Corporation,
parent of Continental Illinois N ^k
tional B ank and T ru st Company of
Chicago, filed a registration sta te ­
m ent w ith the Securities and E x ­
change Commission last m onth for a
proposed public offering of $10^
million of notes due May 1, 1985 with
w arrants to purchase $200 million of
zero coupon debentures due Nov. 1,
The notes will not be redeem able
prior to m atu rity and will not be en­
titled to any sinking fund. Each
$1,000 note will be issued w ith two
w arrants, each of which will entitle
the holder to purchase a $1,00^
Goldman, Sachs & Co. m anaged
the underw riting group. The net pro­
ceeds from the sale of the proposed
notes w ith w arrants and of arr0
debentures issued upon exercise of
w arrants will be added to the
general funds of the corporation.

Two Reelected to
Chicago Fed Board


Roger E. A nderson and Dennis
W. H unt, current directors of the
Federal Reserve Bank of ChicagdP
have been reelected to serve three
year term s beginning Jan u ary 1,
Mr. Anderson, elected a Class A
(banker) director by large m e m b ^
banks in the Chicago Fed district, is
chairm an of the board of Continen­
tal B ank of Chicago and Continental
Illinois Corporation.
Mr. H unt, elected by small banWr
to serve as a Class B (nonbanker)
director, is president of H unt Truck
Lines, Inc. in Rockwell City, la.

Convention Calendar

ABA—American Bankers Association
AIB—American Institute of Banking
BAI — Bank Administration Institute
BMA— Bank Marketing Association
IBAA — Independent Bankers Association
of America
NABW— National Association of Bank
Women, Inc.
RMA— Robert Morris Associates

N atio n al C o nventions & Schools ®
Feb. 10-12, 1982—ABA Bank Investments,
& Funds Management Conference, Hotel
St. Francis, San Francisco, Cal.
March 14-18, 1982— IBAA 52nd annual
convention, Sheraton Waikiki H o te 0
Honolulu, Hawaii.


A lthough technology h a s changed
th e way you p rocess checks, th e
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rem ain ed u n c h a n g e d .. .until
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In d ep en d en t
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The new est concept developed by
INDEX in cooperation w ith
Federated A d m inistrative
Services, Inc., fills th e m ost
sig n ifican t void in b a n k financial
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A R M (A u to m a tic A sset Reserve
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give your preferred cu stom ers
excep tional yields w ith ch eck in g
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schedules, an d su p p o rts your
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tu rn -k ey ap p roach to keep an d
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IN9ATA offers in d ep en d en t
b a n k e rs in p u t to b a n k data
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INPACt b rin g s you
BANKPROFITS, a survival tool to
identify y our b a n k ’s “pace” an d
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INSICNIA is a com prehensive
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You can m eet th e challenge w ith
AARM an d o th er INDEX services!
For m ore inform ation, fill in th e
coupon or call 1-800-328-4923. In
M innesota, call 612-333-4375.

INFM M is a th ree p a rt
in fo rm ation an d action system to
provide easy access to an d
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F o r m o re in fo rm a tio n , fill in th e c o u p o n o r call 1 -8 0 0 -3 2 8 -4 9 2 3 toll free
M ail to: INDEX, 510 M a rq u e tte Ave., M in n e ap o lis, MN 5 5 4 0 2
N a m e _____________________________________________________ _
T itle .
B ank.


A d d re s s .
C ity ____

S ta te


A R M offers you flexibility in

your m a rk e tin g ap p ro ach , fee
Federal Reserve Bank of St. Louis

lÉ B a a r

.. .the services netw ork of in d ep en d en t banking.


Bank Promotions
ROM OTIONS and other an­
nouncem ents have been made
by the following banks:

h h û



Vernon Center, MN
Free standing.

Thornton, IA
Attached display.

Capron, IL
Custom designed to
match architecture.




Box 128
Brookings, SD 57006
Phone 605-692-6145

 Banker, December, 1981
Federal Reserve Bank of St. Louis

Boatmen’s National Bank of St.
Louis: Donald N. Brandin, chairm an
and chief executive officer, has an­
nounced the election of Eric G.
J o h n s o n to v ic e p r e s i d e n t m etropolitan division. Mr. Johnson
has a BS degree from W estm inister
College, Fulton, Mo. Prior to joining
B oatm en’s, he was chief operating
executive of Stein Diversified, Ltd.,
St. Louis.
Commerce Bank, Kansas City:
Five senior officers have been pro­
m oted in con­
junction w ith a
senior m anage­
m en t re a lig n ­
m ent announced
by J a m e s M.
K e m p e r, J r . ,
c h a irm a n , and
David A. Rismiller, president.
John O. Brown
was elected vice
chairm an, joining P.V. Miller, Jr., in
th a t capacity. Mr. Brown previously
was executive vice president. He
was also nam ed a director of the
bank. He joined Commerce B ank in
David W. Kemper, senior vice
president since 1980, was elected
senior executive vice president. In
addition to present long range plan­
ning and overseeing operations and
adm inistration, Mr. Kemper now
will have the commercial divisions
of the bank reporting through him.
He was also nam ed a mem ber of the
b an k ’s board. He joined the bank in
1978 after three years as a commer­
cial banking officer w ith M organ
G uaranty T rust Co., New York.
W illiam C. Imm ing, Donald H.
Alexander and W alter E. Knowles,
III, have been elected executive vice
Mr. Im m ing began his career in
1957 w ith M anchester B ank in St.
Louis, which later was acquired by
Commerce Bancshares, Inc. He will
continue to head the b an k ’s opera­
tion and d ata processing division.
Mr. A lexander’s prim ary respon­
sibility will continue to be the com-




mercial banking division, which in­
cludes the m etropolitan, internm
tional and M issouri/K ansas depar™
m ents. He joined th Commerce
organization in 1966.
Mr. Knowles has responsibility
for the bond division, of which ha
has been m anager since 1974 when
he joined the bank.
E ight staff mem bers also were
elected officers. They are: Thomas
E. Thomas, assista n t vice p resid e r^
in the M issouri/K ansas departm ent;
Loren J. Duensing, assistan t con­
troller, m anagem ent inform ation
departm ent; R obert W. Brown, Jr.,
tru s t officer in personal tru st; D a v i^
A. Doores, consumer banking oF
ficer, installm ent loans; Leland R.
Johnson, Jr., tru s t officer, corporate
tru st; Linda C. Mozzicato, commer­
cial banking officer, corporate sea^
vices; Joanne C. Snyder, tru s t oF
ficer, and David S. W ittenborn,
bond officer.
C ontinental Illin ois N ational
Bank and Trust Company oT
Chicago: Nine senior vice presidents
were recently elected. They are:
Leonard W. Busse, U.S. banking;
Thom as Dowen, Jr., in te rn a tio n ^
banking; W illiam L. G u n lick ®
special industries departm ent; E d ­
win J. Hlavka, corporate financial
services; Robert D. McKnew, bond
and treasury; Louis H. M e rte ^
operations and m anagem ent s e *

To beat the
big banks
et a bigg«
bank to
back you up.
If the big regional banks are running off with
all the big deals in your territory, you need a partner
with financial muscle.
That’s exactly the idea behind the new Chase Joint
Calling Program. It works out exactly as the name implies.
Our officer and yours work together to help you win new business.
Your knowledge of local markets opens doors, and we back
you up with the capacity, industry expertise, and financial services —
merchant banking, trade finance, asset based lending —that only a major
global bank can offer.
With the Chase on your team, you’re sure to give the big banks a
run for their money.
Now more than ever, time is money. So call Wayne Hansen at
(212) 552-5729. In the race against time, the Chase is on.

© 1981 The Chase Manhattan Bank, N.A./Member F.D.I.C.
Federal Reserve Bank of St. Louis

The Chase is on

vices; Jean-Louis F. L. Recoussine,
international banking; Michael O.
Rigg, bond and treasury, and G arry
J. Scheuring, m ultinational bank­
Mr. McKnew and Mr. H lavka
w ere also elected senior vice
presidents of the b an k ’s parent,
Continental Illinois Corp.
Mr. Busse is head of the eastern
sta te s group in the U.S. banking
departm ent. He joined C ontinental
in 1963 and has spent alm ost all of
his C ontinental career in U.S. bank­
ing. In 1975 he was nam ed head of
its central divisions.
Mr. Dowen is responsible for Con­
tin e n ta l’s worldwide foreign ex­
change activities. He joined the
bank in 1955. A fter extended
foreign du ty he returned to Chicago
in 1975.
Mr. Gunlicks is m anager of the
mining, construction and utilities
group of special industries. He was
previously head of the Africa/M iddle
E a s t division of international bank­
ing departm ent.
Mr. H lavka is auditor for the cor­
poration and bank. He has been w ith
C o n tin e n ta l s in c e 1965. M r.
M cK new h e a d s th e c o rp o ra te
treasury group. He joined the bank

Harris Sound of Business
Harris Bank
PO Box 755
Chicago, Illinois 60690

I would like to subscribe to
Harris Sound of Business for
□ One year $100

□ Two years $180

Nam e____________________________________

T itle _____________________________________

in 1971, and has spent his entire
career in bond and treasury services.
Mr. M ertes is head of the system s
division and has spent his entire
career in this area since joining the
bank in 1970. Mr. Recoussine is bas­
ed in London and heads the E uro­
pean division of international bank­
ing. He joined the bank a t its Paris
branch in 1970 and was elected a
vice president in 1976 and head of
the European division in 1979.
Mr. Rigg heads the securities
trad in g and public finance group in
bond and treasury services. He join­
ed the bank in 1965 as an interna­
tional economist. Mr. Scheuring is
in charge of the Chicago and Toron­
to division of the m ultinational
banking departm ent. He previously
m anaged the w estern sta te s division
for the U.S. banking departm ent. He
joined C ontinental in 1964.
Also a t Continental, Fidel L.
Lopez, co-founder and former direc­
tor of the Latino
In stitu te in Chi­
cago, has been
nam ed director
of th e b a n k ’s
a r e a d e v e lo p ­
m en t division.
Mr. Lopez, who
joined Continen­
t a l in A p r il,
1979, succeeds
Charles F. Willson, vice president, who retired in
Septem ber. Mr. Lopez is a licensed
architect, and was executive direc­
tor of the Chicago Rehab Network
for three years before joining Con­
First Interstate Bank of Arizona,
Phoenix: Edm und G. Zito, 32, has
been nam ed a vice president and will
be resp o n sib le
fo r a ll a u d i t
functions, inclu­
ding the branch
sy stem , o p era­
t i o n s c e n te r ,
loan review, and
a d m in is tr a tiv e
offices. He joins
F irst In te rsta te
from the Office
of the Com ptrol­
ler of the Currency, where he was
chief national bank examiner. He
reports directly to President E d ­
ward M. Carson and the exam ining
com m ittee of the board of directors.

j ^ ^ C i t y _____________________o ia ie _____ Zip.
¿ ip _______

First National Bank of Kansas Ci­
for FRASER Banker, December, 1981
Federal Reserve Bank of St. Louis

ty: Tom Brown has been elected a r ^
a ssista n t vice president at F irst N a­
tional. Mr. Brown is a member of the
b a n k ’s c o rre s p o n d e n t b a n k in g
departm ent, w ith responsibilities in
southern M issouri and A rk a n s a s ^
He was previously a vice president
w ith George K. Baum and Company
of K ansas City and has 12 years of
banking experience. He received a
BSBA from C entral M issouri S t a t ^
U niversity at W arrensburg.
Harris Bank, Chicago: Nancy J.
Miller, vice president, has been
nam ed head of the training ancL
developm ent division, w ith respon­
sibility for career, m anagem ent and
organization development, and col­
lege and clerical training in the
bank. Ms. Miller, who joined H a r r i^
B ank in 1980, is a 1962 graduate o r
St. M ary ’s College, N otre Dame,
Northern Trust Corporation,
Chicago: Thom as P. M arrie, 43, h a P
joined the firm
as treasurer and
ch ief fin a n c ia l
officer, as well as
senior vice presi­
dent and head of
th e fin a n c ia l
m anagem ent de­
p artm ent a t the
N orthern T rust
C om pany. He
moves to N orthern T rust from
A m erican E x p ress InternationaL
Banking Corporation, New York,
where he had been senior vice presi­
dent and chief financial officer since
The following prom otions anciP
new appointm ents were recently
announced: Allen H. B enhart, Frank
A. Cesario and Niels C. Jensen to
vice president-operations; Theodorm
A. Breckel and R obert F. Gross t ®
vice p re s id e n t-tru s t; N ancy L.
Prange and Doris E. Zinn to second
vice president-personal banking and
John C. Greene to second v i c ^
Carol D. Brodie, W ayne A. Olech
and Robert A. Seaborg, Jr. were
newly-appointed officers in auditing.
O ther new appointm ents in clu d es
D orothy E. Nelson to communica­
tions officer-corporate communica­
tions; Pablo Scheffel to assistan t
economist-economic research; Carson R. Yeager to personal b a n k in g
officer, and Nancy P. Felton-Elkins


American Express can help cancel
your customer’s lost credit cards.
If you’ve ever lost a credit card, you
know cancelling it can be pretty timeconsuming. Well, just imagine losing
all your credit cards. W hen you’re on
vacation, far from home.
Unfortunately, it happens. Which
means that instead of spending time
having fun, time is spent on the
phone cancelling credit cards. One
by one.
American Express can help. If your
customers lose their credit cards along

with their American Express®Travelers
Cheques, we’ll help cancel their cards
when they call our refund center to
arrange their travelers cheque refund.
No matter what time it is, one of our
refund representatives will switch them
to someone who will assist in cancel­
ling all their U.S.-issued credit cards.
Not every travelers cheque offers
this service. And no other travelers
cheque offers all the other special
services we do throughout the U .S .,
Canada, the U.S. Virgin Islands and
Puerto Rico: 24-Hour Travel Service
Hotline, Temporary ID, Emergency
Message Service and Check Cashing
up to $200.
So when you sell your customers
American Express Travelers Cheques,
you’re giving them the kind of extra
protection they may need on their
next vacation. And the more you do
for them, the more you do for yourself.
After all, keeping your customers
satisfied is the best way to
keep your customers.

American Express Travelers Cheques
A merican Express Travelers Cheques, American Express Plaza, New York, N. Y. 10004 212-323-3226
Federal Reserve Bank of St. Louis


and Robert W. H olt to tru s t officer.
New appointm ents from outside
th e b a n k include M arily n P.
Helmholz to vice president-trust
and Genevieve J. Guimond to com­
mercial banking officer.
U nited M issouri Bancshares, Inc.,
K ansas City: Ju d ith K. Carm an has
been prom oted to public relations of­
ficer of this 21-bank holding com­
pany. H er responsibilities include
media relations and editing employe
and shareholder publications. Ms.
Carm an joined U nited M issouri in
1979 and has a bachelor of jo u r­
nalism degree from the U niversity
of Missouri-Columbia.
W ells Fargo Bank, N.A., San
Francisco: Dale R. W alker has been
elected a senior vice president of the
bank and deputy head of the b an k ’s
real estate industries group. Mr.
W alker was previously senior vice
president and chief m arketing of­
ficer for Wells Fargo Leasing Cor­
poration. His 13 years previous
banking experience includes 10
years w ith Union Bank, where he
m ost recently was a regional vice
Mr. W alker has a bachelors
degree in m athem atics from W ake
Forest U niversity and an MBA
degree from the U niversity of N orth
Wells Fargo B ank also announced
the election of Allen D. Schuster to
vice president and head of dom estic
in te rn a tio n a l
p ro d u ct
m anagem ent-global cash m anage­
m ent departm ent. He joined the
bank in 1980 as a m anager in
dom estic product m anagem ent. His
previous banking experience in­
cludes four years w ith two m ajor
U.S. banks. Mr. Schuster has a BA
degree in banking and finance from
Brooklyn College.
Jack C. Miklos, 55, former deputy
a ssista n t secretary of state, who
joined the bank earlier this year, has
been elected a vice president in the
country review section of the inter­
national banking group. He was
w ith the U.S. D epartm ent of S tate
for 35 years, serving in m any foreign



"Accepted Sale Registers by Bank
Clerks Everywhere"
Tor information wr i t e

O akland, Iowa

Northwestern Banker, December, 1981
Federal Reserve Bank of St. Louis

EFT Interests Merge, Elect Officers
O BERT P. Barone, vice presi­
dent and general m anager of
A utom atic B an­

The E F T EX PO will begin Sun­
day evening, M ay 16, 1982, a t the
Fairm ont Hotel in Dallas and run n
through W ednesday noon, M ay 19.
Leaders and experts from the
various industries involved in E FT
will be addressing critical issues of
im m ediate im portance to all in- 0
volved or planning to become in­
volved in providing E F T services.
The E xposition will be totally
devoted to E F T services, system s
and equipm ent — w ithout the<p
distractions found a t other financial
autom ation, computer, and opera­
tions trade shows.

king System s at
Diebold, Inc., of
C a n to n , O hio,
has been elected
chairm an of the
board of direc­
tors of the Elec­
tro n ic F u n d s
Transfer Associ­
ation, W ashing­
ton, D.C.
Mr. Barone, who had served last
year as vice chairm an, is the first
vendor representative elected to Wells Fargo Expands Ag
lead the m ulti-industry E F T Associ­
Services in Midwest
ation, which has a m em bership com­
Wells Fargo & Company of San
posed of financial institu tio n s (both
d e p o sito ry and non-depository), Francisco has expanded its agricul­
third-party providers of E F T ser­ tural financing services into the St.
vices, and m anufacturers of E F T Louis area w ith the opening of a i l
regional office of Wells Fargo Ag
system s and equipm ent.
Mr. Barone succeeds How ard Credit, which will offer short-term
M andelbaum, vice president a t M an­ s e c u re d lo a n s to e n ti ti e s in
ufacturers H anover T ru st Company agribusiness production.
W FA C ’s financing services in -#
in New York, N.Y., who served as
elude loans for crop and livestock
chairm an last year.
O ther officers of The E F T Associ­ production, feedlot and dairy loans,
ation elected to serve one-year term s and working capital loans to agricul­
tural businesses and processors.
The St. Louis office will concern#
• Vice Chairm an - Paul Hefner,
te its services to the agricultural
vice president, F irst In te rsta te B an­
com m unities of K entucky, Ten­
corp, Los Angeles, Cal.
• Treasurer - Robert L. Putm an, nessee, M ississippi and Iowa and
m anager, Price W aterhouse & Com­ the southern areas of Illinois, Indiana and Ohio, as well as M isso u ri#
pany, W ashington, D.C.
• President - W illiam R. Moroney, The office also will have the capabili­
chief executive officer of The E F T ty to tra n sa ct business in other
eastern states as well.
Association, W ashington, D.C.
The new office, located a t 77 W est
On October 1, 1981, The E F T
A ssociation and th e E lectronic P ort Plaza, is headed by Vice Presi™
Money Council were merged, form ­ d e n t T hom as W. H arbison, a
ing the single, national trade associ­ M issouri native w ith nine y ears’
ation representing the views of the a g ric u ltu ra l finance experience,
E F T com m unity on national and in­ m ost recently as Denver regional^
ternational issues relating to E F T m anager of Am erican Ag Creditw
legislation, regulation, operations, Corporation.
Wells Fargo Ag Credit is head­
te c h n ic a l s ta n d a r d s , s e c u r ity ,
privacy, m arketing, education, cor­ quartered in Englewood, Colo., a
porate paym ents, and strateg ic Denver suburb, and has regional oLg
policy planning. H eadquarters is fices in Denver, Billings, Mont., ana
located a t Suite 800, 1029 Verm ont Tulsa, Okla. W FAC is p a rt of a fami­
Avenue, N.W. W ashington, D.C. ly of n o n b a n k in g su b sid ia rie s
through which Wells Fargo & Com­
Over 25 hours, evenly divided b e t­ pany has diversified outside o | |
ween inform ative business sessions California w ith offices in 24 states.
Wells Fargo & Company is also
and opportunities to visit exhibits of
parent firm of California’s Wells
the late st E F T services and equip­
m ent, have been scheduled for the Fargo Bank, 11th largest bank in
F irst A nnual Convention and E xpo­ the nation w ith assets of $22. ^
sition of the E F T Association.

W hen You Build
O r Remodel Your Bank,
W ho Really Benefits?
K * o u r Local Excavator

|0^Vour Local Lumber Yard

I0^ibur Local Concrete Supplier |0^Your Local Carpet Store
|0H?bur Local Mason
|0^Your Local Hardware Store
K^Vour Local Electrician
|0H?bur Local Motels
|0^Tour Local Plumber
|0H?our Local Restaurants
K i o u r Local Heating Supplier

| 0 i o u r Local Drapery Shops

IS^four Local Paint Store

IS^four Local Appliance Store

I0^?bur Local Painter

0*Y bur Local Landscaper

K z o u r Local Roofer

JnY our Local Newspaper

I0^?our Local Air Conditioning

The Kirk Gross Company uses local contractors and
suppliers whenever possible. But they’re not the only
people who benefit.

T h e w h o l e to w n b e n e f its . T h a t's w h a t y o u r o p e r a tio n is a ll a b o u t. T h a t’s w h a t o u r o p e r a t i o n is a ll a b o u t.

4015 Alexandra Drive
Waterloo, Iowa 50704
Phone 319-234-6641
Federal Reserve Bank of St. Louis


ROMOTIONS and other a n ­
nouncements have been made by
the following firms:
Associates Commercial Corpora­
tion, Chicago: Russell B. Donahue
has been elected senior executive
vice president and Rocco A. Macri
has been elected executive vice
president of the business loans divi­
sion, according to H arold D. M ar­
shall, president of A ssociates Com­
In his new capacity, Mr. Donahue
will concentration on the long-term
positioning aspects of the business,
while retaining overall responsibili­
ty for the business loans division.
The division provides commercial
financing services to businesses
throughout the U nited States. He
will also assum e broader advisory
responsibilities for other ACC opera­
Mr. Donahue joined A ssociates
Commercial in 1978 as executive
vice president, business loans divi­
sion. Previously, he was w ith Jam es



Talcott, Inc., for 20 years and had
been president of th a t firm ’s busi­
ness finance division.
Mr. M acri will be responsible for
the daily operations of the business
lo an s d ivision. H e jo in s The
A ssociates after 23 years of finan­
cial experience w ith General Electric
Credit Corporation where he was,
m ost recently, president of its auto
leasing company, based in B ar­
rington, 111.
Brandt, Inc., Watertown, Wis.:
Joseph L. Schnorr has been named

Each with 2 Double Beds
— Individually controlled
air-conditioning and heat
— Color TV.

3'/:2M lltS

On U.S. Highway 192, East of
Interstate 4.
Buses to and from Walt Disney
World at front door several
times daily.
Nearby Golf Courses— other sports
attractions - shopping centers.
Special Group Rates and Florida
Tours available.
Visit other "easy-to-reach” Florida
attractions — Kennedy Space
Center, Cypress Gardens, Silver
Springs, Busch Gardens.



Superb Restaurant featur­
ing International Buffets—
Lounge — Gift Shop —
ed Swimming Pool — Chil­
dren’s Playground — Open


Write today for free brochure:
Phone: 305/846-7700
5245 Space Coast Parkway — Kissimmee, Florida 32741





Northwestern Banker, December, 1981
Federal Reserve Bank of St. Louis

sa le s a d m in is ­
tratio n m anager
at B randt, Inc.,
money handling
equipm ent and
system s m anu­
facturer. Accor­
ding to A rthur
W. Engelberth,
director of do­
m estic m a rk e t­ J.L. SCHNORR
ing, Mr. Schnorr
will take responsibility for custom er
relations, sales order processing,
price book m aintenance and sales
data recording. Mr. Schnorr has ten j
years experience in general accoun­
tin g system s, d ata processing and
financial reporting.
Mr. Schnorr formerly was divi­
s io n c o n t r o l l e r fo r R e im a n ^
A s s o c i a t e s , a p u b l i s h e r of
agricultural and rural magazines
based in Greendale, Wis. He re­
ceived a BBA degree in accounting
from W isconsin S tate U niversity. i|
Diebold, Inc., Canton, Ohio:
Alben W. W arf has been appointed
vice p resid en tg e n e ra l m a n a ­
g er-en g in eerin g
for the bank sys­
tem s division of
D ie b o ld , I n c .
Mr. W arf will
have divisional
m anagem ent re­
sponsibility for
the engineering
and research and
developm ent activity and for coor-w
dination of the corporate engineer­
ing functions, according to Earl F.
W e arstle r, p re sid e n t and chief
operating officer.
Mr. W arf has extensive new pro­
duct development, engineering and
engineering m anagem ent creden­
tials in the fields of computer, elec­
tronic and electrical m echanical^
equipm ent and system s. He was
formerly w ith the NCR Corporation
in Dayton, Ohio, where he was
m anager-financial term inal engin­
Mr. W arf completed graduate
studies a t the U niversity of Cincin­
nati School of Engineering and
holds a B SEE degree from W est
Virginia School of Technology.
Associates, Chicago: Jack D. H ub­
bard has joined suburban Chicago
advertising/m arketing firm, accor-^
ding to R obert M. M artindale, presi-

W h at we sell, everybody’s selling!
W h at makes Westcap any better?
T he W estcap Corporation is a
major regional distributor o f cer­
t a in t y p e s o f f i x e d - i n c o m e
securities to prim arily small and
m ed iu m sized fin an cial in stitu ­
tio n s— nationw ide.
A n d s o a r e a lo t o f o th e r
com panies.
W h at m akes W estcap a b e tte r
o p tio n in this kind o f m arket?
In one overused w ord — service.
In a n o th e r oversim plified phrase:
We are able to give o u r custom ers
th e kind o f atten tio n they deserve,
an d quite frankly in the co m p u ter­
ized business w orld, th e kind o f
atte n tio n they crave and appreciate.
There are simple reasons fo r our
U nder one roof
P rim arily it’s because we are a
“o ne ro o f” operatio n . Sales persons,

D. A n n O rr, V ic e P resid en t-T rad in g,
k e e p s an ear to th e g rou n d to know
w h at an d w h ere th e attractive in v e st­
m e n ts are. T h a t’s h er job . “ My ability
to p e r fo rm fo r ou r cu sto m ers,” says
D. A n n , “ is d ir e c tly related to my
k n o w le d g e o f w hat th ey are tryin g to
a c c o m p lis h in th e ir in v estm en t goals.
T h r o u g h o u r sa le s p e o p le , I have
im m ed ia te and co n sta n t a c ce ss to our
c u sto m e r s and can com m u n icate to
th em w hat is a vailab le in the m arket
r e la tiv e to th eir g o a ls at any g iv en
tim e. T h is ‘d ia lo g u e is v ita l’.”

Our sales people sit in the same room
with our traders. They personally know
one another. When you call Westcap you
can reach your contact. He or she will
know your name; you’ll know his or hers.
I t ’s a nice kind o f attention we both
Now let’s talk about size.
We are not the smallest firm o f
o u r kind by any means. We d o n ’t
ra n k am ong the giants either.
We are a m odest sized company,
capable o f p erfo rm in g every service
you’ll need. A nd, though we have no
a rg u m e n t with the giants, we believe
o u r size favorably affects the quality
o f service we offer.
Because we’re not a Goliath, we strive
fo r a better and closer customer relation­
ship. That means putting our personal­
ities up fro n t in an honest effort to serve
our smallest customers as we would our
A nybody can sell securities! We
do it ju st a little closer to o u r cus­
tom ers. They appreciate the difference.

tra d e rs , o p eratio n s and m anage­
m en t enjoy a physical proxim ity at
o u r H o u ston offices.
That means immediate execution over
the phone — buying, selling or trading.
It also m eans everyone’s available
at th e Other end o f your p h o n e— at
one nu m b er.
W hat is th e W estcap advantage? Jim
O g g , F ir s t V ic e P r e s id e n t , S a le s
p o in ts o u t that “ ou r trad in g d esk is on
th e sa le s flo o r . So w h en w e ask a
trad er fo r a b id , w e o ften get it— now
w h ile th e c u sto m e r is s till o n the
p h o n e . In to d a y ’s v o la tile m arket that
k in d o f s e r v ic e m e a n s m ore than
c o n v e n ie n c e — it c o u ld m ean m oney.
T im e is^ m o n e y w h e r e a c u sto m e r
is c o n c e r n e d , w h eth er h e ’s b u y in g or
s e llin g . W e’re very m uch aw are o f
th at, h ere at W estcap .”

A nd, th e person you talk to on
M on d ay will be th e re T h u rsd a y
w hen you call again.
It elim inates the problem o f call­
in g N ew Y o rk fo r o n e service,
C h ic a g o fo r a n o th e r an d n ev er
re a c h in g th e sam e person twice.
Even w hen in the same city, some
firm s a re so fragm ented, you can
b e c o m e d is c o u r a g e d by b e in g
s w itc h e d f r o m d e p a r t m e n t to
d e p a rtm e n t.
N ot so at Westcap!

M o b ley E. C o x , Jr., E x e cu tiv e V ice
P r e s id e n t...............“ T h e ch ore o f m an­
a g e m en t is m ade e a sier w h en your
r e s o u r c e s are c lo s e at h a n d . O ur
r e s o u r c e s are o u r p e o p le . A nd th e y ’re
r ig h t h e r e, sh a rin g a ro o fto p , trading,
b u y in g an d s e llin g togeth er. We are
c lo s e - a t - h a n d p e o p le at W e stca p .
T h a t’s o n e o f th e reason s m anage­
m en t, lik e e v e r y o n e e ls e , is availab le
to y o u w ith a p h o n e c a ll.”

The W estcap Corporation
1300 M a in Street ! Houston, Texas 77002/713:651-1111
Federal Reserve Bank of St. Louis


dent. Mr. H ubbard was m arketing
director in banks in Elgin, Aurora
and Chicago since 1974. He is a 1978
graduate of the Illinois Bankers
School and is an A IB instructor in
LeaseAmerica Corporation, Cedar
Rapids, Iowa: David H arvey has
been appointed
vice p r e s id e n tc re d it by th e
L e a s e A m e r ic a
C o rp o ratio n , a
subsidiary of the
M orAmerica Fi­
nancial Corpora­
M r. H a rv e y
was form erly as­
s is ta n t
v ic e president of the Yegen Air Accep­
tance Corporation in Schaumberg,
111. He earned a BS degree in avia­
tion m anagem ent from Em bryRiddle Aeronautical U niversity in
D a y to n a Beach, Fla. H e held
regional positions w ith commercial
lending firms before joining Yegen
in 1978.
Mr. H arvey’s appointm ent was
announced by Em m et J. Scherrm an,
Lease A m erica’s president. Lease-


America specializes in leasing equip­
m ent and furnishings to users in the
agricultural, industrial and medical
LeFebure, Cedar Rapids, la.:
Ronald J. Covato has been ap­
pointed m anager of the M inneapolis
regional office where he will super­
vise sales for the company in M in­
nesota, N orth D akota, and portions
of Idaho, M ontana and W isconsin.
Prior to this appointm ent, Mr.
Covato was a sales engineer in the
P ittsb u rg h regional office. He joined
the company in 1972 and was in­
d u c te d i n to t h e c o m p a n y ’s
prestigious Million Dollar Club in
1977, signifying personal sales ex­
ceeding one million dollars.

For Installment Loans


• Autom ated
• Manual

V .... ......... .......... J
call or write:

1678 Northwestern Bank Bldg.
Minneapolis, MN 55402
(612) 333-2261

- J

Northwestern Banker, December, 1981
Federal Reserve Bank of St. Louis


The company also announced the
appointm ents of Charles Bonn,
R obert A. Rudh and Richard J.
Shager as sales engineers on Mr.
Covatos M inneapolis regional office
Mr. Bonn will serve the counties
of southern M innesota. Mr. Rudh
will serve northern and w estern
M ontana and a portion of Idaho. Mr.
Shager will serve the counties of
northern M innesota.
Western Electric, New York,
N.Y.: Raym ond E. Ekeblad has been
elected treasurer of W estern Elec­
tric. Mr. Ekeblad is presently direc­
tor of adm inistrative services and
assista n t secretary of the company.
He succeeds Roger L. M cLaughlin,
who has moved to Am erican Tele­
phone & Telegraph Co. as director of
investm ent m anagem ent.

Mr. Ekeblad began his W e ste rly
Electric career in 1940, and has
worked in the com pany’s treasury,
sales, defense projects, m anufactur­
ing, com ptrollers and adm inistra­
tion organizations. He is a graduate®
of Lehigh U niversity in Penn­
sylvania, and holds an M BA from
New York University.

Two Elected to
St. Louis Fed Board
George M. Ryrie of Alton, 111., and
Jesse M. Shaver, Louisville, Ky®
have been elected to three year
term s on the board of directors of
the Federal Reserve Bank of St.
Louis, effective Jan u ary 1, 1982,
Chairm an A rm and C. Stalnaker ar®
Mr. Ryrie, who was elected to a
second term as a director of the St.
Louis Bank, is president and chief
executive officer of F irst Nationa®
Bank and T ru st company, Alton,
and president of F irst Bancshares
Corporation of Illinois.
Mr. Shaver has spent m ost of his
business career w ith Am erican Ai®
Filter Company, Louisville, serving
as president and chairm an of the
board from 1968 to 1980. Since ac­
quisition of Am erican Air Filter by
Allis-Chalmers Corporation in 1978^
he has been serving in senior ex­
ecutive and consulting positions
w ith Allis-Chalmers.

ABA Construction Lending
Workshop Is Jan. 27-29
New sources of long-term finan­
cing, the increased use of p a rtic ip a ^
tions in the construction lending
process and the im pact of rising
costs are ju s t three of the vital sub­
jects th a t will be addressed at an up­
c o m in g C o n s tru c tio n Lending®
W orkshop sponsored by the H ous­
ing and Real E sta te Finance Divi­
sion of the Am erican B ankers
Associaton. The m eeting will be held
Jan u ary 27-29, 1982, a t the Fair®
m ont Hotel in Denver.
Chairing the workshop planning
subcom m ittee is Gregory Brennan,
s e n io r v ice p r e s id e n t, C h a se
M anhattan Bank, New York City. ®
The registration fee is $250 for
A B A m em b e rs an d $315 for
nonmembers. Additional inform a­
tion is available by calling A B A ’s
H ousing and Real E state Finance®
Division, (202) 467-6654.

yourcorrespondent bankingservice
is now
The M onetary Control Act of
1980 is now in place. All of its
ram ifications, its exact impact,
cannot yet be predicted. T here’s
no question th a t major changes
are in the wind. The only ques­
tion is how should you react.
At The N orthern Trust, we
suggest you take a long, hard
look at your present banking
needs. How well are you being
served now? W hat are you get­
ting for w hat you pay? Who is
best equipped to m eet your fu­
tu re requirem ents?
As you go down the list of
services you require — check
collection, wire transfer, w hat­
ever— we’d like you to keep
in m ind the Cost/Benefit equa­
tion. Because this is where
The N orthern Trust earned its
O ur safekeeping and cash
letter services ran k among the
fastest and most accurate avail­
able anywhere. O ur Cashline
Balance Reporting system pro­
vides same day inform ation,
allowing you to m ake the short­
Federal Reserve Bank of St. Louis

term investm ent decisions th a t
are so critical in today’s m arket.
Our prom inent position in p ri­
m ary and secondary bond and
money m arkets provides you and
your custom ers greater selection
and ready liquidity. And our con­
sulting services for short- and
long-term profit planning are
unique among Chicago banks.
W here do we stand on loan
participations? We are actively
seeking both commercial and
agricultural, large and small.
T here’s another, even more
im portant factor you should be
aw are of: we have a deep and
continuing com m itm ent to
the correspondent m arket.
We honor our relationships
and we respect the rela­
tionships th a t you have
so carefully built with
your own customers.

If you’d like more inform a­
tion as to how our speciallytrained officers m ight work in
your behalf, contact C urtis E.
Skinner, Senior Vice President,
The N orthern Trust, 50 South
La Salle Street, Chicago, Illinois
60675. Telephone (312) 630-6000.
M ember F.D.I.C.

The more you want
your bank to do,
the more you need
The Northern.


An extension.
nota replacement,
o f your capabilities.
Wells Faigo Bank
Correspondent Services.

Cooperative C orrespondent Services —that’s what Wells Fargo delivers to banks. That s what we 11deliver to you. To find out what we can do for you and your customers, call Susan Allard at (415) 396-6475.
Offices in: San Francisco ♦ Atlanta ♦ Chicago ♦ Dallas ♦ Los Angeles ♦ New York
Federal Reserve Bank of St. Louis



Banks ready to tap
$40 Billion IRA market
Collin W. Fritz, banking consultant head­
quartered in Des Moines, has conducted
seminars on IRA and Keogh nationwide in
past several weeks.

E ditor
• y y N O PPO R TU N ITY for banks to win long-term
deposits from present and new custom ers is now
a t hand as the financial industry prepares to tap a
potential m arket of an estim ated 40 million new In­
dividual R etirem ent A ccounts on Ja n u ary 1, 1982.
•C ongress authorized Keogh plans for self employed
persons in 1962 and IR A s for individuals then became
available first in 1974.
In 1981 Congress liberalized the law governing IRA
and Keogh plans by enacting a law m aking IRA plans
™ vailable to all employed individuals, regardless of
w hether they are covered under an employer sponsored
retirem ent plan. As a consequence, this opens up a
com pletely new field of IRA account holders to all
fin a n c ia l institutions. In Septem ber the D epository In ­
s t i t u t i o n s D eregulatory Com m ittee ruled th a t effec­
tive December 1, 1981, there would be no ceiling on in­
tere st rates paid on IR A s and Keoghs. In addition,
holders of existing IR A s could roll over their current
ccounts a t no penalty after December 1 into the
igher earning yields.
Because of their serious financial pressures, th rift
in stitu tio n s pressured Congress and m em bers of the
DIDC during November to reverse those Septem ber
ules, restore the previous interest rate ceilings and re­
am the quarter percent differential in favor of thrifts.
On November 19 the DIDC reaffirm ed its com m itm ent
to free the rates on IR A s and Keoghs, b u t reversed
itself on existing accounts and said they could not be
||o lle d over w ithout penalty until expiration of current
m aturities in those accounts.
Based on the projected num ber of 40 million workers
who will now be qualified to open a personal IRA, it
has been estim ated th a t the new dollars deposited in
(jpuch accounts could run from $40 billion to $80 billion
per year.
Federal Reserve Bank of St. Louis

The New Law
The new law, effective Ja n u ary 1, 1982, says:
1. An individual m ay open an IRA, regardless of
w hether th a t individual is covered by his or her
em ployer’s approved pension or profit sharing plan.
The person m ay p u t up to $2,000 per year free of cur­
rent taxes in such account. U nder the old law, an eli­
gible IR A holder could contribute the lesser of $1,500
or 15% of com pensation to the personal IRA. Now, it is
the lesser of $2,000 or 100% of compensation.
2. A spousal account m ay be m aintained. The old
law perm itted an IRA holder to contribute for a non­
working spouse the lesser of 15% of com pensation or
$1,750 to an IRA covering both the worker and the
spouse, w ith contributions split evenly ($875 per
spouse), to receive the full $1,750 deduction. Under the
new law, the spousal IRA lim it has been raised to the
lesser of $2,250 or 100% of income and the am ount
m ay be divided any way desired, provided no more
th an $2,000 is contributed to the account of either
3. All IRA and Keogh deposit accounts m ust have a
m inim um m atu rity of 18 m onths. Time open accounts
m ay accept periodic paym ents w ithout extension of
original m aturity. This is especially appealing to
teachers, governm ent workers, etc., who do not have
annual bonuses or commissions to deposit in a lump
4. E ach institu tio n m ay select its own m ethod for
paym ent of interest to the IRA account holder, but
m ust notify custom ers in advance of opening the ac­
count of the m ethod by which interest will be paid. For
example, if a bank decides it will figure interest on a
floating rate, it m ust announce and disclose this
m ethod in detail to custom ers ahead of time. Such
floating rate m ust be based on a recognized th ird p arty
Northwestern Banker, December, 1981


“The last hurdle . . . how to price IRA accounts.”
index, such as 6 or 12-month T-Bill rates, or a posted
New York rate. F urther, the bank later m ay choose to
change this m ethod, b u t again m ust notify all
custom ers in advance so they m ay exercise an option
to renew or go elsewhere when current instrum ents in
the account m ature. A nother m ethod, for example,
would be to average rates for the duration of a m atu r­
Em ployers m ay set up a Simplified Employee
Pension — Individual. This program , authorized by
Congress in 1979, offers sole proprietors, p artn er­
ships, corporations or individuals a non-qualified
pension plan w ith contributions equal to those avail­
able for self-employed individuals using a Keogh plan.
Under a S E P an employer m akes voluntary contribu­
tions to an em ployee’s IRA for a given year, but is not
obligated to do so. Such contributions are non­
forfeitable and are fully vested to the employee. The
employee m ay w ithdraw the funds at any tim e but is
subject to penalty if such funds are not rolled into his
or her own personal IRA, which the employee also is
entitled to have.
Competitive Race
The race to compete for this big pool of new deposit
money has begun. Any in stitu tio n m ay open an IRA
for a custom er prior to Ja n u ary 1, but no contribution
can be made to the account until Ja n u ary 1, 1982, or
The big question is w hether banks will be able to
garner a m ajor share of this m arket. The indications a t
this tim e are a t best cloudy. Experience w ith NOW ac­
counts showed an unbelievable result for m ost veteran
observers of m arketing am ong depository institutions.
I t was suspected th a t th rifts would have the upper
hand, b u t d ata from the Federal Reserve Board, the
FD IC and FH LBB showed later th a t of the $63.7
billion deposited in the NOW accounts as of June 30,
banks had more th an 85% of the total.
W illiam Carner of Springfield, Mo., publisher of
Bancpen Reports, a m arket-share survey, which re­
leased the analysis of the governm ent reports, said an
im portant lesson learned from NOW account cam ­
paigns was th a t “ consum ers habits are very difficult
to change.’’ Custom ers still think of banks when it
comes to checking accounts. W hat bankers will be
looking for here is a transfer effect of th a t NOW a t­
titude and nationwide they are aggressively sta rtin g
after individual IRAs.
Getting Ready
Collin W. Fritz, a nationally-recognized bank consul­
ta n t from Des Moines, was engaged throughout the
last four m onths of the year to address a series of IRAKeogh sem inars in states across the nation by in­
dividual sta te banker associations. A t each sem inar he
provided every atte n d an t w ith a notebook containing
every governm ent form and every bank form needed to
open, m aintain and report IRA and Keogh accounts.
Mr. F ritz is a veteran commercial banker. A fter g ra­
duating from law school following com bat service as

Northwestern Banker, December, 1987
Federal Reserve Bank of St. Louis

an Air Force navigator in W orld W ar II, he worked foi^
a num ber of years for Ja sp e r County Savings B ank im
Newton, la. He resigned as a senior officer to become
Iowa superintendent of banking. A fter a tour of duty
in th a t post, he joined Central N ational Bank and
T rust Company of Des Moines (now U nited C e n tra ^
Bank) as president. He left th a t position after s e v e ra r
years to form his own consulting firm.
Mr. Fritz assisted m any banker associations and in­
dividual banks in g ettin g ready to handle IRA and
Keogh accounts in earlier years. He wrote and had a p ^
proved by the Internal Revenue Service the docum ents
needed by individual banks, and prepared the necessary
forms for banks to use. W ithin recent weeks, following
his sem inars in states across the nation, indications
are th a t banks are aggressively going after t h i ^
business th a t will tie in custom ers to their banks for
years to come, and will mean new deposit dollars each
year. The volume of orders for various forms coming
into the N o r t h w e s t e r n B a n k e r , which supplies all
the forms made available through Mr. Fritz, points to ar,jp
all out cam paign by m ost commercial banks.
M any th rifts and some banks are not as enthused
about the new accounts because of the long-term,
higher rate cost to the institution.
Marketing the IRAs
Mr. Fritz has advised the banks at his sem inars to
have all bank personnel w ith any public contact to be
thoroughly trained in how to open IR A s or Keoghs, or
at least be conversant enough w ith them and recogniz "
their new business value so th a t such prospective
custom ers are referred to new accounts personnel.
Suggested m ethods of reaching custom ers runs the
gam ut of the usual m arketing strategies — visiting^
w ith small groups a t the bank or a t business places^
schools, hospitals, union halls; television, radio, direct
mail to custom ers in bank mailings, billboards and, of
course, local newspapers. Key to such m arketing plans
is being ready to handle the new accounts w ith o u ^
One of Mr. F ritz ’ suggested forms for custom ers,
“ Projection on Account V alues,’’ shows graphically
the long-term value of an IRA account to an individu­
al. Based on an 8% rate compounded daily (8.327% e f ^
fective annual rate), an IRA holder c o n tr ib u tin g
$ 1,000 per year would have a value a t the end of 10
years of $15,939.34, in 20 years of $51,409.89, and in
30 years a value of $130,344.12.
Those dollars, he points out, are evidence of t h ^
value of the tax-free account to the custom er. The
value to banks also is obvious, he notes, for the
custom er not only brings a constant flow of dollars an­
nually to the deposit account b u t becomes a long-term
custom er who can grow w ith the service offered by h i ^
or her bank as the individual’s career advances.
A fter all their preparations for entering the race for
new IRA and Keogh accounts, bank m anagers this
m onth are facing up to their last hurdle — how to price
the account before advertising and prom oting it to t h ^


RICHARD F. FORD, President


First National in St. Louis becomes Centerre

Associate Publisher

H E F irst N ational B ank in St,
Louis used their 35th Annual
Conference of B ank Correspondents
an opportunity to present their
new name, Centerre, to their cor­
respondent banks. Richard F. Ford,
president and chief operating of­
fic e r, F irst National, explained the
d e te rm in in g factors involved in the
nam e change as being the potential
for sta te branch banking, a new
m arketing focus stru ctu red on an
^ le v e n sta te region and the increas­
ing confusion w ith other financial in­
stitu tio n s using “ F irs t” in their
In his welcoming rem arks, Mr.
¿ford suggested the natio n ’s bank­
ing industry lacks a consensus on
the th re a t presented by savings and
loans and credit unions in the finan­
cial m arketplace. He sta te d th a t
0 iost bankers hope the m any recent
changes in banking will go away,
and challenged th a t the industry is
not prepared for future changes. He
affirm ed th a t banks can compete
H rith other financial institutions
only if the banks are not shackled
Federal Reserve Bank of St. Louis

w ith regulations.
Form er Secretary of A griculture,
C lifford H a rd in a d d re sse d th e
bankers on the im portant role th a t
the U.S. food supply plays in world
politics. He cited th a t as developing
countries continue to become more
affluent, their initial w ants continue
to be for better food and th a t these
countries represent the g reatest
potential for increases in our grain
exports. Mr. H ardin called atten tio n
to the dangers involved w ith the
federal governm ent using 43% of
the total money available for bor­
rowing in this country.
Offering some economic forecasts,
Rachel Balbach, vice president,
F irst National, presented a short­
term outlook consisting of a continu­
ing recession, a lowering in the
prim e rate and decreased inflation.
In response to questioning, she
predicted a 15-15 x/2% prim e rate by
years end, lowering to 12-13% by
June 1982 coupled w ith a 1982 an­
nual inflation rate of 8%.
Clarence Barksdale, chairm an of
the board and chief executive of­

ficer, F irst National, greeted the
bankers during the luncheon and
presented the keynote speaker,
H ugh Sidey, W ashington Con­
trib u tin g Editor, Time Magazine. In
covering the presidential office, Mr.
Sidey referred to th e R eagan
presidency as being the m ost
fascinating event since the New
Deal. He credits President Reagan
w ith a s se m b lin g an e x c e lle n t
cabinet and the ability to delegate
authority. Mr. Sidey cautioned th a t
the nation is in a tim e of peril, and
stated the president is guiding the
country in “unchartered w aters.”
He warned th a t no one in the history
of the presidency has ruled the coun­
try w ith the challenges facing Presi­
dent Reagan. He concluded by sug­
gesting the countries stren g th s are
enormous and th a t we are well
prepared for “ these tim es of adven­
tu re .”
The afternoon session included a
panel discussion on the environm en­
tal challenges of the 1980’s. The con­
ference ended w ith a luxurious buf­
fet and dance.
Northwestern Banker, December, 1981


LEFT—Welcoming remarks were extended by Deri I. Derr, dir., ABA ag bankers div.; Lew Jenkins, pres, of ABA and vice chmn., Manufac­
turers Hanover Trust, New York, and W.D. (Bud) Wilier, conf. chmn. & exec. v.p. of Decorah State, Decorah, la. RIGHT—Members of Ag
Credit Outlook panel were, from left, seated: Ed J. Leahy, pres., Northwestern State, Orange City, la.; Wm. Herr, head, dept, of ag bus.,
Southern Illinois University, Carbondale, and Bruce Otto, sr. v.p., First Farmers State, Minier, III. Standing: Richard L. Bump, a.v.p.,
Delaware Co. Bank, Delaware, Ohio, and Stanley A. Herren, v.p., Deposit Guaranty Bank, Jackson, Jackson, Miss.


ARM problem s look tough for the coming year and
more will be expected from commercial banks in
helping to finance agriculture through this try in g
period, according to m any of the speakers who ad­
dressed the 30th A nnual N ational A gricultural
Bankers Conference conducted in W ashington, D.C.,
last m onth by the Am erican Bankers Association.
The m essages and analyses offered by the 63
speakers all underscored the im portance of this y e a r’s
conference them e—“ Financing A m erica’s Strength:
L e t’s P u t ‘The New S p irit’ in A gricultural B anking.”
M ost of the 16 elected and appointed governm ent of­
ficials who spoke stressed the need for commercial
banks to assum e an even greater role in financing
agriculture. This im portant aspect of the conference
was reviewed in the November 23 edition of the
N orthwestern B anker W eekly New sletter.
The other 47 speakers from banking, academic and
ag business positions looked a t the changing banking
environm ent, the current sta tu s of ag banking and its
new directions, analyses of current m arkets and
outlooks for the coming m onths, and a host of ag-bank

As Farm Problems Worsen—

Ag bankers asked
related topics in a series of 19 workshops and th re e #
general sessions.
The three-day conference was planned purposely to
allow tim e for reg istran ts to visit their individual Con­
gressm en, the Senate, the House and farm com m ittee
hearings. It turned out th a t the House and Senate c o n #
ference com m ittee was m eeting th a t week try in g to
reach agreem ent on the farm bills passed in the Senate
and House. M uch of the com m ent from governm ent
leaders focused on th a t conference comm ittee.
Secretary of A griculture John R. Block was a r #
unscheduled speaker during the second d a y ’s general
session. A lthough invited previously, he was unable to

Taking part in Congressional farm policy panels were, from left: Orion Samuelson, v.p. & farm service dir., WGN Continental Broadcasting,
Chicago; Hon. Wm. C. Wampler (R., Va.), House ag comm.; Hon. Walter D. Huddleston (D., Ky.), Senate ag comm.; Hon. Ed Jones (D., Tenn.),
chmn. House ag comm.; James R. Eatherly, chmn., ABA ag bankers div. & pres., 1st Natl., Tonkawa, Okla., and Hon. James Jeffords ( R #
Vt.), House ag comm.
for FRASERBanker, December, 1981
Federal Reserve Bank of St. Louis


LEFT—Douglas Heppner, v.p. Citizens 1st Natl., Storm Lake, la., makes presentation on Leasing Alternatives, while fellow panelist Ed­
ward W. Miller, Jr., pres., BancOhio Leasing Co., Columbus, looks on. RIGHT—Peter J. Barry, prof, of ag finance, University of Illinois, Urbana, moderated panel on Financial Deregulation and introduced Gordon Eastburn, acting dep. asst. secy, for office of capital markets
policy, U.S. Treasury; Leslie W. Peterson, pres., Farmers State, Trimont, Minn., and Alan R. Tubbs, pres., First Central State, DeWitt, la.

•to give more help
^prom ise an appearance a t the ag bankers conference
due to a planned trip. Since the conference com m ittee
action required his a tten tio n in W ashington, he sent
word he would address the conference. His rem arks are
reviewed in the November 23 N ew sletter noted above.
^ Conference Chairm an was W\D. (Bud) Waller, ex­
ecutive vice president of the Decorah S tate Bank,
Decorah, la., who chaired the planning comm ittee.
Also presiding a t some of the sessions was Jam es R.
E atherly, chairm an of the ABA A g Bankers Division
* nd chairm an and president of the F irst N ational Bank
in Tonkawa, Okla.
A t the opening general session, ABA President

Llewellyn Jenkins, vice chairm an of M anufacturers
H anover T ru st Company, New York, discussed “ The
Changing Banking E nvironm ent.’’ He stressed the
“ persuasive influence of governm ent borrowing on the
credit m ark e ts” and said “ the same governm ent th a t
issues those billions of guaranteed, high-interest
securities every m onth also restricts the activities of
the banks in the credit m ark et.” Mr. Jenkins reviewed
the other financial and non-financial com petitors of to­
day for banks and noted th a t while banks are w aiting
patiently for the prom ised deregulation, there is no
wait for new com petition, which has never been
Mr. Jenkins em phasized the im portance of the
liberalized IRA and Keogh accounts by noting th a t
these can bring in long-term deposits of 20 to 40 years
or more into banks. Also speaking from his position as
a long-time head of the national division of his bank, he
encouraged ag bankers to package their ag lending re­
quirem ents and take them to m ajor banks. “ M aybe we
can work out som ething,” he said.
Deri I. Derr, staff director of the ABA Ag Bankers
(Turn to page 82, please)

LEFT—Long Term Cattle Outlook panelists were Topper Thorpe, genl. mgr., Cattle Fax, Denver, Colo; W.T. (Dub) Berry, exec, v.p., Natl.
Cattlemen’s Assn., Denver, Colo., and Wayne Gibson, v.p., First Security Bank, Bozeman, Mont. RIGHT—Farm Loan Pricing panelists were
^pharles W. Nichols, exec, v.p., Fidelity Brenton B&T, Marshalltown, la.; Peter J. Barry, prof, of ag finance, University of Illinois, Urbana, and
George Sell, sr. v.p., 1st Natl., Lubbock, Tex.
Federal Reserve Bank of St. Louis

Northwestern Banker, December, 1981

LEFT—John S. Clark, dir., ABA correspondent banking division; William Ford, pres., Federal Reserve of Atlanta, and conference chmn.
Wayne G. Hansen, sr. v.p., Chase Manhattan, New York. RIGHT— Panelists from the community banks looking at “ Correspondent Ser­
vices” were, from left: Linn Anderson, pres., 1st Natl., Lawrence, Kan.; Moderator Michael N. Harreld, sr. v.p., Citizens Fidelity B&T,
Louisville, Ky.; A.A. (Bud) Milligan, pres., Bank of A. Levy, Oxnard, Cal., and Marlin D. Jackson, chmn. & pres., Security Bank, Paragould, A rk ^

Correspondent Banker*
E ditor
R IN C IP A L speakers a t the A B A ’s N ational Cor­
respondent B anking Conference in K ansas City
last m onth agreed w ith the conference them e, “ Oppor­
tunities for the E ig h ties,” but warned they will be
accompanied by some traum a and lots of change.
General session speakers painted in their broad
overview of projected or likely changes in the corres­
pondent bank business; then, a series of two dozen or
more workshops, consulting sessions and panels filled
in m ajor sections of the future picture of the correspon­
dent business w ith their extensive looks a t specific
areas of service and products.
More th an 500 reg istran ts attended this ten th an­
nual conference, about 450 of them being senior of­
ficers, departm ent heads and calling officers of city
correspondent banks nationwide. As they have at
previous conferences, they turned out in record
num bers for each session. The early m orning sessions
on M onday and Tuesday a t 7:00 a.m. a ttra c te d more
th an 250 persons each day. Facilities of the H y a tt
Regency H otel were excellent, b u t even regular
m eeting rooms som etim es bulged w ith overflow
John A. Cole, senior vice president of Texas Com­
merce Bank-Houston, will serve as chairm an of the
Correspondent Banking Division executive com m ittee
for 1981-82. He succeeds Thom as P. Rideout, presi­
dent, Savannah B ank and T rust Company, Savannah,
Ga. The conference chairm an this year was W ayne G.
Hansen, senior vice president, The Chase M anhattan
Bank, N.A. He announced th a t the 1982 conference is
scheduled for November 29-December 1 a t the H y a tt
Regency Hotel in Phoenix.
Keynote speaker Thom as G. Labrecque, president,
The Chase M anhattan Bank, N.A., New York, set the
conference tone when he said, “ I believe very strongly
for FRASERBanker, December, 1981
Federal Reserve Bank of St. Louis

th a t change in the financial services industry is as in­
evitable as it is im perative. Our challenge as bankers is
to do w hat we can to affect the m ost promising^
changes and debate them heavily while rem aining fle x ^
ible enough to respond to the changes however they oc­
cur . . . Our compelling, common interests have to be
greater th an our differences. In order to compete effec­
tively in the 1980s, all banks urgently need broadenec^
powers and scope.
“ Together, we can hasten change. If we don’t work
together, we will obstruct change, b u t change will hap­
pen. How the nation resolves this issue will bear
significantly on the future of banks, all users of fin a n ^
cial services and on the ultim ate stren g th of the U .S /
financial system in the world a t large.”
Considerable tim e was spent in panel discussions
and workshops on how to best serve the traditional
and em erging needs of respondent banks so th a t c o m ^
m unity bnaks can be assisted w ith their local needs
and the correspondent system can be strengthened to
compete more fully w ith com petitive forces outside the
industry. Some of the topics th a t drew larger crowds
were loan participations (upstream and downstream) ^
bank stock loans for small banks and small bank
holding companies, changing needs of the com m unity
banker and ag finance.
One of the more interesting panels, a favorite each
year, was the final one featuring three c o m m u n ity
bankers. This year they were Linn Anderson, presi­
dent, F irst N ational Bank, Lawrence, Kan.; A.A. (Bud)
Milligan, president, B ank of A. Levy, Oxnard, Cal.
(former ABA president), and M arlin D. Jackson, chair­
m an and president, Security Bank, Paragould, Ark|j>
They candidly identified services and products they
look for from their correspondent banks. All three
especially expressed concern over the continuous
change of personnel in so m any city correspondent
banks, resulting in the loss of personal contact andfl|
loyalty they felt existed so strongly in previous years.


Mr. Jackson, w ith the concurrence of his fellow
panelists, identified the basic desire of respondent
banks for “ quality, consistency and dependability of
Mr. M illigan decried the “ drop in ” visits unan^ n o u n c ed , sta tin g th a t he m ust schedule his tim e ju s t as
his city counterparts do theirs, and he expects the
courtesy of forward planning on the p a rt of calling of­
ficers by planning their trips w ith scheduled visits,
then having som ething worthwhile to discuss when
^ t h a t visit takes place. He said this was not a criticism
of any calling officers being young, b u t a concern for
lack of direction and professionalism on the p a rt of
Mr. Jackson em phasized his point of “ inconsisten^ c y ” by sta tin g th a t “in the 1966 money crunch the big
banks stood behind us (community banks), then in the
1975-76 credit crunch, big banks had changed. We
can ’t live w ith this inconsistency.” Mr. Jackson

ban k s.” On the m atte r of Fed pricing, he said “ Cor­
respondent banks have check clearing tied up in this
business if they don’t blow it. You are head and
shoulders above the Fed, b u t don’t be com placent!”
All three panelists noted th a t they cross-stream
loans w ith fellow bankers in banks of sim ilar size in
their states, rath er th an upstream ing some loans
because they can get an im m ediate “y es” or “ no”
because the neighboring bank tru s ts their credit ju d g ­
m ent. The same loan request, they note, frequently will
take a considerable tim e to be approved or rejected a t a
city correspondent. N ecessary paperwork, of course,
follows to the neighboring banks ju s t as it would to the
city correspondent.
Lew Jenkins, president of the ABA and vice chair­
m an of M anufacturers H anover T ru st Company, New
York, was unable to address the conference in person
as planned, bu t was patched into the conference by
phone while his picture was projected on screen. He

Look at Opportunities
praised the principal correspondents w ith whom he
does business after carefully selecting his city p a rt­
ners. He referred to one bank th a t sends out periodical­
l y a questionnaire asking the respondent banks to iden­
tify those m atters of m ain concern or interest to them.
Then, he said, th a t bank follows through by try in g to
offer products or improved services to m atch the
resu lts obtained from each bank w ith a personalized
^ p ro g ra m of service for th a t bank.
All three panelists said they would far rath er have a
good city correspondent as their ‘’co n su ltan t” instead
of an outside consulting firm. Mr. M illigan said, “ I
think banks are in a b etter position than the consulting
# firm s . . . We would prefer to send our key people into
your bank to observe for several days and we’re
perfectly willing to pay for this training and advice.
We feel i t ’s much more worthwhile to u s .”
Mr. Jackson agreed, saying “ A lm ost all of the good
# th in g s we have, have come from correspondent

gave a current report directly from the site of the ABA
Leadership Conference which was in progress, com­
m enting on the effort to persuade the DIDC not to
reverse itself on the liberalization of IRA and Keogh
instrum ents.
The first d ay ’s luncheon speaker was William Ford,
president of the Federal Reserve B ank of A tlanta.
W ith a series of 15 charts and an abundance of humor,
Mr. Ford illustrated the superior perform ance and
position of commercial banks in the financial com­
petitive arena, and said he’s placing his bets on all
commercial banks to aggressively perform in the years
ahead. His talk will be reviewed in a later issue.
Speaking a t the second day noon luncheon was
Senator Guy Vander J a g t (R. Mich.), who gave an in­
spirational address soliciting support for President
R eagan’s economic recovery plan.
The entire afternoon of both days was devoted to in­
dividual workshops and 19 round table discussions. □

One of the several workshops was on "Bank Stock Loans for Small Banks and Small Bank Holding Companies.” Moderator Don
Echtermeyer, sr. v.p., Central Bank of Denver, is shown introducing panelists Wm. P. Johnson, a ttyD e n v e r, Colo.; Gary Robben, pres., Gary
Robben Associates, Inc., Merriam, Kan., and E.L. Burch, exec, v.p., United Missouri Bank of Kansas City. RIGHT—Another panel discussed
w Loan Participations. Taking part were Moderator Verne Istock, sr. v.p., Natl. Bank of Detroit; Gary K. Thrasher, sr. v.p., The Omaha Natl.
Bank, and Thomas H. O’Brien, exec, v.p., Pittsburgh Natl.
Federal Reserve Bank of St. Louis

Northwestern Banker, December, 1981


SENIOR executives addressing the First National of Chicago Conference were, from left: George L. Davis, exec. v.p. and head of U.S. B a n k ^
ing Dept.; Barry F. Sullivan, chmn. & c.e.o., and Richard L. Thomas, pres. RIGHT— Hosts for the conference were E. Neal Trogdon, sr. v.p.w
and head, U.S. Financial Instit. Div.; Mr. Davis, and Thomas M. King, v.p. and central states group head in U.S. Financial Instit. Div.

At First National Chicago Conference:

Caution urged for 1982
E ditor
A U TION was the key word
used m ost frequently for the
1982 outlook last m onth when the
F irst N ational B ank of Chicago
hosted more than 550 bankers a t the
b a n k ’s 35th Conference of Bank
D uring the one and one-half day
conference, 22 officers of the host
bank looked a t th e year ahead, the
potential m arket and services th a t
banks can offer to compete. All
agreed on one point — 1982 will be a
year in which to exercise suprem e
m anagerial caution while looking for
an end to the recession about m id­
year, b u t accom panied by softening
loan dem and and a squeeze on m ar­
The conference was hosted by
F irst N ational’s U.S. Financial In ­
stitu tio n s Division, headed by E.
Neal Trogdon, senior vice president,
and Thom as M. King, vice president


and central sta te s group head, who
presided a t the general sessions.
President Richard L. Thom as ex­
tended a welcome a t the first session
and presided a t the noon luncheon
when selected division heads give a
traditional forecast for the coming
year for industries in their divisions.
Chairm an B arry F. Sullivan made
brief rem arks a t the M onday night
b anquet, ex p ressin g a positive
outlook for F irst N ational in his
“ sophom ore” year, as he p u t it. Mr.
Sullivan took over in 1980 as chief
executive officer of F irst N ational
and during the p a st year has com­
plem ented the excellent bank staff
w ith additional professional bank­
ing talent, positioning the bank for
aggressive m arketing in the year
Roy E. Moor, senior vice presi­
dent and chief economist, told his
audience a t the first session th a t he
sees “ turbulent w aters from here
through the end of next y ear.”

G ary P. Brinson, senior vice presid e n t/c h ie f in v e s tm e n t o f f i c e r ,^
predicts corporate profits to be flat
or down through the first half of
1982. All signs, he said, “lead to a
non-bullish look a t the stock m arket.
The volatility of the stock m arket ^
has kept it above the bond m arket
bu t now the bond m arket is volatile
and will outperform stocks.” He
looks for a base rate of inflation a t
7-8% in the coming year and lo n g -^
term bond yields of l l - l l 1/2%.
O ther officers giving reports
sim ilarly urged caution in the
m onths im m ediately ahead, bu t urg­
ed banker guests to position them -1|||
selves to take advantage of the up­
tu rn and increased banking business
after mid-year 1982.
“ The View from W ashington”
was given a t the M onday night ban- 0
quet by George Will, an astu te
W ashington observer who writes for
the W ashington Post and whose col­
um n appears in daily papers nation­
wide. He gave positive m arks t o 0
President R eagan’s efforts to turn
the economy around, reduce govern­
m ent spending and retu rn more of
the money to individual hands.

LEFT—Three members of central states group greeting guests were, from left: David J. Varnerin, Catherine D. Saccany and Peter J. Broc­
colo. RIGHT— Mr. Thomas (center) introduces Outlook panelists first morning, from left: Roy E. Moor, sr. v.p./chief econ.; Edward M. Roob H|]||
sr. v.p., moderator; Mr. Trogdon, and Robert M. Hultgren, v.p., municipal bonds.

Banker, December, 1981
Federal Reserve Bank of St. Louis

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We’ve also developed strong
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The rig h t com bination.
Federal Reserve Bank of St. Louis


Centennial — a celebration!
H IS m onth m arks the conclu­
sion of a year-long observance
of a Centennial year by The M er­
chants N ational B ank of Cedar
Rapids, la., th a t has included an an­
niversary p a rty for 2,500 persons
and installation of two 12-foot by
32-foot MNB signs on the roof of the
b a n k ’s 12-story building.
Some of the highlights of the
100th birthday year were these:
• B irthday parties a t each of the
four branch offices, where custom ers
had th eir p ictu res tak e n w ith
George W ashington and A braham
Lincoln against a seven-foot high
birthday card, then received a copy
of the photo. Refreshm ents were
provided a t these parties.
• The M ay 8 p a rty in the main
lobby which featured a birthday
cake 12 feet long and four feet high,
shaped in the form of the MNB
building and its all-electronic BanQuick Center across the street.
Party-goers consumed more than
100 gallons of punch, 500 cups of
coffee and more than 100 pounds of
mixed nuts. The 2,500 visitors
throughout the day were enter­
tained by several local musical
•A c h a m p a g n e p a r t y fo r
employes the day after the public
• More than 550 invited guests
attended an October evening recep­
tion which m arked M N B ’s 55 th an­
n iv e rsa ry of occupancy of its

12-story building. M ost ten an ts of
the building held sim ultaneous open
house, m any of them in newly refur­
bished offices.
• A 72-page “ H istory of M er­
chants N ational B ank” was re­
searched and w ritten by Calvin
C oquillette, vice p re sid e n t for
m arketing and was published this
m onth. I t was distributed to m ajor
custom ers and 2,000 books were
made available free in the bank lob­
by to custom ers. The book reflects
interesting anecdotes from MNB
records and docum ents the financial
story of Cedar Rapids and Iowa.
• W hen a “ casting call” was
issu e d la s t A p ril by R ich ard
H olthaus, a ssista n t vice president
in m arketing, more than 200 persons
answered, and 105 were selected to

John M. Ely, MNB honorary director, with
Betty Coquillette, wife of the MNB pres. Mr.
Ely, 97, has had a banking relationship with
MNB since 1903.


take p a rt in the b a n k ’s “ Century
One’’ TV commercial. A profes­
sional film director took charge, and
professional m usic prepared i n #
Chicago was used.
In A ugust “ The G reat MNB Bike
R aces’’ a ttra c te d more than 2,200
bikers and the bank gave away 10
black and gold BM X bicycles. A #
“ C elebrity R ace’’ included p er­
sonalities like Jam es E. Coquillette,
MNB president, and Ronnie Lester,
former U niversity of Iowa basket­
ball star, who now plays for t h e #
Chicago Bulls.
• The new sign (front cover) was
designed by Nesper Sign Co. of
special m aterials and installed with
a new model crane produced at Har- ®
nischfeger Corp.’s plant in Cedar
Rapids ju s t two days earlier.
The M erchants N ational Bank,
largest in Cedar Rapids and flagship
bank of B anks of Iowa, Inc., and th e ®
third largest bank in Iowa, opened
for business M ay 9, 1881. The pre­
sent building was occupied October

On location shooting TV commercial.

LEFT—A May 8 party for 2,500 visitors featured giant birthday cake, a replica of MNB’s main bank and the BanQuick Center. RIGHT—The
October 17 evening party featured “ Century One” ice sculpture and buffet.

for FRASERBanker, December, 1981
Federal Reserve Bank of St. Louis

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Clients with considerable working capital may wish
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Decide on a Lease Purchase Contract with a
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Go with a leverage lease or purchase
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Contact Dave Michael in Minneapolis at
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First Bank System Pres. George H. Dixon describes
details of pilot test in Fargo.

Wayne Miller, a.v.p. & project mgr., demonstrates FIRSTHAND
system to be used in FBS home banking test project.

available through a num ber of infor­
m ation providers.
“ Our reason for the initial te st is
to determ ine how our custom ers will
giving them convenient access to use the inform ation and transac®
and control of inform ation to tional capabilities of this service,”
Dixon said. “ We m ust have the flex­
enhance their lives.’’
FBS custom ers in te s t homes will ibility to be responsive to those
have access to FIR ST H A N D ser­ needs by adding or even removing:
vice th rough a local telephone certain characteristics of the s y s te n ^
num ber which activiates operation w hich we a re o fferin g . “ Our
of an in-home term inal or “ decision custom ers are known as the hard
center’’ offering a “ m enu” of selec­ working people of the north, and
w e’re testin g this system to see hasw
Custom ers will choose decision­ we, as their bankers, can help th e rr^
m aking tools such as agribusiness in an era of rapid technological
and bookkeeping system s, weather, change.”
M aclntire explained, “We have
comm odity and financial reports or
dom estic and international news. more than one million custom ers im
They m ay also execute financial the sta te s where we do business. I t ’s^
transactions such as transfer of conceivable th a t as m any as one half
funds between banking accounts, in­ of those custom ers will elect to
quiring for checking or savings have FIR ST H A N D service placed
balances and paym ent of bills. In ad­ in their homes and small busines-^
dition, they m ay select an electronic ses in the future. We see th e ^
video gam e or look a t adver­ FIR ST H A N D service as an invest­
tisem ents of products from p a r­ m ent in future grow th for our
ticipating retailers and place their custom ers and for us as a business.
orders while indicating the m ethod The need and the great hunger fo i^
of delivery and purchase.
timely, convenient, accurate ana
The te st also m arks the first time helpful inform ation grows each day
th a t a banking organization has as we move into the advanced
chosen to establish and operate its technological age. We owe it to our
own full service videotex system , in custom ers to be in the forefront w ith ^
conjunction w ith a broad spectrum inform ation which will help keep
of inform ation providers. F irst Bank them informed and economically
System senior vice president S tu a rt secure.”
“ In to d ay ’s world, banks can ill
C. M aclntire introduced the infor­
m ation providers joining FB S in the afford to live on their reputation a ^
being “ v a u lts” where money is
The M inneapolis S tar/T ribune stored,” Dixon said. “ We want to
will offer news, w eather and other reach out to our custom ers and help
general inform ation. Retail services, improve their quality of life through
c o m m o d ity r e p o r ts a n d o th e r convenient, tim e and energy sav in g ^
agribusiness inform ation will be sy stem s.”

FBS Home Bank Test Project
OME banking will get its first
pilot testin g in the m idw est
this m onth when 15 pilot stations
are a c tiv a te d by F ir s t B a n k
System s in private homes in Fargo,
N.D. Installation of the two-way
videotex system will begin alm ost
im m ediately w ith placem ent of 15
p ilo t te rm in a ls in F irs t B ank
custom er homes and small busines­
ses in Fargo, N orth D akota begin­
ning early December. By m id-1982,
FB S plans to expand its te st base
and have more than 250 term inals in
place in the Fargo, W ahpeton and
Valley City areas of N orth D akota,
as well as in M inneapolis/St. Paul.
“ We selected Fargo for our te st
b e c a u s e i t ’s a n i m p o r t a n t
agricultural area, and agribusiness
has been the pulse of our p ast and
will be the heartbeat of our fu tu re,’’
said FBS president and CEO George
H. Dixon.
The service, entitled F IR S T ­
HAND, is based on the French
v id eo tex technology know n as
Teletel, and m arks its first use in
this country, although it has been
used in France for some time.
Dixon said FB S explored B ritish,
Canadian and em erging American
alternatives before selecting the
French technology. “ We feel the
French em phasis on two-way tra n ­
saction offers the best technology
for m eeting our custom er needs,’’
said Dixon. “ The 80’s are going to
be the era of custom ers as king, and
FIR ST H A N D service will pu t the
com puter to work for our custom ers
for FRASERBanker, December, 1981
Federal Reserve Bank of St. Louis


•Bank of America Announces Winners of
Travelers Cheques Sweepstakes Awards
IT H alm ost $1 million in
prizes and m erchandise ex­
pected to be awarded, 1981’s BankAm erica Travelers Cheques Sweepstakes and Incentive Program ranks
as one of the largest and m ost
® sophisticated seller-incentive oppor­
tunities offered by a traveler cheque
issuer, a com pany spokesm an said.
E ntitled, “ W e’re Going a Long
^ W ay For Y ou,” this y e a r’s contest
was the 18th consecutive one th a t
B ankA m erica’s “ W orld Money® ’’
Travelers Cheques has sponsored.
“ Our em phasis was not only to
# find an exciting and entertaining
way to th an k our sellers for helping
us to m aintain our standing as a
strong leader in travelers cheques
sales,’’ said Jack Palmer, vice presi• dent for m arketing a t BA Cheque
Corporation, “ it was also a way to
find out w hat we could do to help
b o th ourselves and our sellers
becom e b e tte r a t se llin g our
• p ro d u ct.’’
This was accom plished through a
sw eepstakes which operated on two
levels — one for selling institu tio n s
(seller incentive program), the other
^ for tellers (teller sweepstakes).
J u s t prior to the M ay-to-October
period during which the contest ran,
BA Cheque Corporation sent a sales
^ a n d contest kit to each of the ap^ p ro x im a te ly 9,000 qualified finan­
cial in stitutional sellers participa­
tin g in the sweepstakes. The kits
contained the contest rules, specific
^ reco m m en d atio n s on how to te st and
w increase seller product knowledge
and ways to improve custom er sales.
E ach selling in stitu tio n was given
a dollar sales quota, based upon the
^ p re v io u s y e a r’s perform ance w ith a
p ercen tag e added for expected
grow th th is year. P oints were
assigned on the basis of sales and
could later be exchanged for mer^ c h a n d ise . In stitu tio n s could opt to
choose one large item or divide the
to ta l points earned am ong employes
to exchange for smaller individual
item s.
Seller had a choice of nearly 2,000
prizes ranging in value from under
$10 to over $500.
A pproxim ately 4,000 of the 9,000
qualified p articipants in the pro0 gram m et or exceeded their quotas
and will redeem their compiled
Federal Reserve Bank of St. Louis

points for alm ost $1 million in
“We believe th a t people will res­
pond w ith greater effort if offered
the right kind of incentive,’’ said
M r. P alm er. “ O ur p relim in ary
research indicated th a t sellers who
participated in the sw eepstakes ex­
perienced a 20% overall increase in
sales, which com pared very favor­
ably w ith perform ance am ong a te st
group of non-participants.
“We also experienced an extraor­
dinary am ount of contact w ith those
sellers taking p a rt in the co n test,’’
he added. “ We gained a great
am ount of useful inform ation th a t
will allow us to fine-tune our sales
operations and help us to better
serve our sellers in the fu tu re.’’
Under the teller sw eepstakes por­
tion of the contest, as individual
tellers sold B ank America Travelers
Cheques, th ey su b m itte d e n try
forms attached w ith their travelers
cheque rem ittance paperwork. The
more W orld Money they sold, the
greater the num ber of entry forms

the sellers could send in, and the b et­
ter the chances to win one of 1,056
individual prizes. Top prizes and
winners were:
• Grand Prize: K atherine Caldwell
w ith the W ashington M utual Sav­
ings B ank in Seattle, W ash., won a
two-week trip for two, anywhere in
the world, including airfare, hotel,
meals, sightseeing, and $ 1,000 in
BankA m erica Travelers Cheques.
•Second Prize: Em ily R. Young of
the McKenzie Banking Company in
McKenzie, Tenn., received a 1981
Plym outh TC-3 — a sporty, frontwheel drive, two-door, hatchback
•Four Third Prizes: Teresa Spraque, M ichigan N a tio n a l B ank,
W illiam ston, Mich.; Tessy Chard,
The Stockton N ational Bank, Stockton, Kans.; Donna Bakenhus, R an­
dolph B ank of Commerce, N.A.,
U niversal City, Tex., and Diane Bardowehl, Financial Federal Savings
and Loan, Miami, Fla., each won
RCA SelectaVision six-hour, video
cassette recorders.
•Ten portable black and white
TVs were aw arded as 4th prizes; 40
wok sets as 5th prizes, and 1,000
quartz travel alarm clocks as 6th

Committed to
making your
bank stand
apart from the

Northwestern Banker, December, 1981




# 1

^ y


We take the foreign intrigue
out of international banking.
W e’ve simplified international banking
services for our correspondent banks and their
customers. For example, instead of dealing
w ith one person when you open a letter of
credit, and a different person the next day,
you deal w ith one individual. An international
specialist w ho handles your letters of credit
and collections from beginning to end.
Our bankers make every aspect of

international banking easier. T hey untangle
the complexities of trade finance, foreign
paym ents and money transfers, foreign
exchange, and more for you and your
Take the mystery out of international
banking. Call Bob Sherman, Correspondent
Banking Division or Jerry Langley, International
Banking Division at (312) 661-5000.

National Bank
and Trust Company of Chicago
33 N. LaSalle 60690/L a S a lleat W acker/222S. Riverside P laza/(312)661-5000
Branch offices in London and Cayman Islands. International offices in Argentina, Brazil,
Colombia, Germany, Holland, Hong Kong, Mexico. Peru and Singapore.

Member F.D./.C.
Federal Reserve Bank of St. Louis


Name Change Approved


J. A. Fitch, pres., Chicago
W. J. Hocter, exec. v.p., Chicago

EFI Announces System Agreement
lectronic Funds Illinois,
Inc. has announced another
m ajor jo in t netw ork agreem ent. Of­

statew ide electronic funds transfer
system , Electronic Funds Illinois
has accomplished its m ission as the
funds transfer corporation in Il­
linois. He added th a t E F I, Inc. will
be announcing additional servicing
agreem ents w ith financial in stitu ­
tions and local ATM netw orks in Il­
linois w ithin 60 days.
E F I, Inc. is operating a non­
profit, statew ide electronic funds
transfer system as the only approv­
ed funds tra n s fe r c o rp o ra tio n
authorized by William C. H arris,
Commissioner of Banks and T rust

ficials of Electronic Funds Illinois,
Inc. announced th a t the 600-bank
group has entered into an agreem ent
• w i t h the newly-organized EasyA nsw er system in central Illinois,
which in conjunction w ith the E F I,
Inc.-Cash S tation link in northern Il­
linois, provides a statew ide elec­
t r o n i c funds transfer system .
Easy-A nsw er is a fully-shared
electronic banking network, formed
by three system s operating in cen­
tra l Illinois: the Answ er System
•(S p rin g fie ld ); th e E a sy S ystem
(Springfield) and the A nytim e B ank­
ing System (Decatur). The owner­ Joins First Natl.—Skokie
ship of Easy-A nsw er represents an
E dw ard T. Borus has joined the
asset base of over $1.5 billion and a
N ational B ank of Skokie as
^ correspondent banking netw ork of
v ic e
over 350 banks in central Illinois.
tp e r­
W ith 160,000 cardholders and 23
m em ber financial institu tio n s in a so n al b a n k in g
^four-county area, the Easy-A nswer d i v is i o n . M r.
system is the largest fully-shared B o r u s ’ e x p e ri­
electronic banking netw ork in Il­ ence includes the
linois. The Easy-A nsw er Switch also p r e s id e n c y of
F irst City Bank
drives the electronic devices of the
Michigan. He
^A n sw er Network operated by the
H erget N ational B ank in the Pekin/ earned a m asters
degree in econ­
Peoria area.
from the
The new Easy-A nswer arrange­
U niversity of N otre Dame. He also
m en t w ith th e Illinois F u n d s
^ tra n s fe r corporation m arks the se­ gained several years experience in
cond m ajor announcem ent made financial m anagem ent with Allied
recently by Electronic Funds Il­ Chemical, N ational Gypsum and
linois, Inc. As reported in October,
1981 N o r t h w e s t e r n B a n k e r , E F I,
Advanced in Batavia
^ In c . and Cash Station, a shared
ATM netw ork of over 30 financial
A t the F irst N ational Bank of
institu tio n s in northern Illinois, an­ Batavia, Glenn E. A utenrieth has
nounced a sim ilar jo in t netw ork been nam ed senior vice president
agreem ent setting the stage for the
and tru s t officer and Stephen V.
^ la rg e st shared ATM netw ork in the
Foley was named vice president.
Chicago m etropolitan area of over
Mr. A utenrieth was previously
200 financial institutions.
vice president and tru s t officer, and
In m aking the announcem ent, joined the bank in 1976. Mr. Foley
E F I, Inc. President Michael R. has been w ith the bank since 1974,
^¡Miller said th a t w ithin a span of 14 and has served as auditor and con­
m o n th s since im plem enting its
sum er loan officer.
Federal Reserve Bank of St. Louis

Charles C. Wilson, president and
chairm an, has reported th a t the
Com ptroller of the Currency has ap­
proved the b an k ’s name change
from F irst N ational B ank of Rock
Island to F irst N ational B ank of the
Quad Cities. The bank had its
origins in 1852, when it began as the
private banking house of Cook,
Sargent & Parker. It became the
S tate B ank of Rock Island in 1905,
and was granted a national charter
in 1946.

ICBI Appoints Executives
The In d ep e n d e n t C om m unity
Banks in Illinois has announced the
appointm ents of John E. Stafford as
director of governm ental relations
and Sandra Cole McAvoy as assis­
ta n t director of governm ental rela­



Mr. Stafford was formerly assis­
ta n t executive director of the Illinois
Society of Professional Engineers.
In his new position he will represent
the association in the legislative
cham bers and com m ittees in Springfield and W ashington, D.C.
Ms. M cAvoy was formerly ex­
ecutive director of the Illinois E n ­
vironm ental Council. In her new
position she will be particularly
responsible for assisting in the
developm ent of association pro­
gram s dealing with m em bership

Chicago Promotions
Geoffrey A. Penm an was elected
second vice president and Jam es E.
Lynch assista n t cashier at Central
N ational B ank in Chicago. Mr. Pen­
m an joins C entral’s new private
banking and tru s t center after more
th an seven years experience as a per­
sonal banking officer a t H arris Bank.
Mr. Lynch was w ith LaSalle N a­
tional B ank of Chicago three years
before joining the m etropolitan divi­
sion a t C entral N ational Bank.
Northwestern Banker, December, 1981


Illinois News

Crestwood Bank Offers New Account

BANK PRESIDENT Bill Murphy and Joan Dwyer, marketing officer, show promotional
materials for the new account, which is designed to give members a package of free bank­
ing services plus other special values from local merchants.

HE SECOND annual Crestwood
senior citizen luncheon, hosted
by Crestwood Bank, was the kick-off
for the b an k ’s new Gold key ac­
count, a checking program created
especially for the b an k ’s custom ers
age 55 and over.
More th an 150 area residents a t­
te n d e d th e lu n c h e o n a t th e
M idlothian C ountry Club. Patricia
Buckley, R epresentative E d Derw inski’s legislative assistan t, gave a
synopsis of recent innovations in the
financial industry. One attendee
won a $50 savings bond.

Polo Acquisition Progresses
F irst Freeport Corporation, the
holding company which owns F irst
N ational B ank of Free port, has an­
nounced th a t its board has approved
the acquisition of Polo Bancorp,
Inc., the holding company which
owns Polo N ational Bank.
Under the term s of the m erger
transaction, Polo’s shareholders will
receive shares of F irst Freeport and
cash. I t is estim ated the transaction
will have a value of approxim ately
$2.9 million. Polo N ational has
assets of $26 million. The acquisi­
tion will increase F irst F reep o rt’s
assets to over $145 million. The
transaction is subject to federal
regulatory approval and approval
by Polo’s stockholders.
for FRASERBanker, December, 1981
Federal Reserve Bank of St. Louis

New President at O’Hare
Phillip H. Boersm a has been
elected president and chief executive
officer of O ’H are In te rn a tio n a l
B ank N.A. and its parent holding
company, O ’H are Banc Corp. in
Mr. Boersm a formerly was a vice
president — commercial banking, at
The N o rth ern T ru s t Com pany,
Chicago, where he headed the
m idw est division. He is a graduate
of the U niversity of Michigan.

Joins Elmhurst National


Jam es W. Giffin has joined Na­
tional B ank as senior vice president,
responsible for developing a new
operating division to provide bank­
ing services for other institutions. 0
Mr. Giffin will also assum e ad­
m inistrative responsibility for the
corporate banking division and
related holding company activities.
Mr. Giffin began his b a n k in g #
career w ith the F irst N ational Bank
of Chicago in 1969 as a loan officer.
He has since served as vice presi­
dent of F irst Chicago Leasing Com­
pany; vice p re sid e n t / g e n e ra l#
m anager of F irst Chicago’s Los
Angeles regional office and vice
president/division head for midwest
banks and bank holding companies.
In 1980, Mr. Giffin joined L a S a lle #
N ational B ank as head of the
m etropolitan group, and was later
prom oted to senior vice president.
He is a graduate of H arvard School
of Business w ith an MBA in finance.#
He also holds BS and MS degrees in
electrical engineering from M assa­
chusetts In stitu te of Technology.

New ATM in Lockport
The B ank of Lockport will soon
open a 24-hour autom atic teller
machine in front of the b a n k ’s facili-^
ty a t 826 E. N inth Street, according^
to John Soviak, bank president. The
ATM will be called the “ Bank of
Lockport 24-Hour Banking C enter.’’
To obtain a 24-hour banking c a rd ^
from the bank, one m ust be a bank
custom er and complete an applica­
tion form.

Money Network System Now Operating«
tem is now operating in northern
Illinois, w ith 16 ATM s online for
cardholders’ use. An additional 11
m achines are expected to be avail­
able soon, and a to tal of 28 w ithin
the six-county m em bership area by
year end. Rock Valley Network
m em bers have begun m ailing an
estim ated 150,000 plastic Money
Network cards to their custom ers
throughout northern Illinois.
The system is operated on a non­
profit basis, and is comprised of 28
member banks and savings and
loans. The netw ork is a mem ber of
the A ssociation for Shared Elec­
tronic Funds Transfer, which cur­
rently has 28 Chicago area m embers
deploying 17 shared ATMs.

F irst N ational B ank of M alta
recently became a participating
member of the Rock Valley N et­
work, w ith plans to install an ATM
in M alta early next year.
R o ck V a lle y N e tw o rk w as
chartered as a non-profit corpora­
tion, wholly owned by its members,
in May of this year to purchase com -^
puter services and provide adm inis­
trativ e and m arketing support to its
members. The netw ork has con­
tracted w ith ATM Network M an­
agem ent Corp. (SATM) in D ow ners^
Grove for switch facilities. M achines
deployed are m an u fa ctu red by
Diebold, Docutel, NCR and B ur­
roughs, interfaced directly to the
SATM system .




By joining hands we can do a lot better for our
customers and ourselves.
National Boulevard can help augment
your banking operations, expanding the scope
of existing services and implem enting new
ones for your respondent customers.
Our “One-On-One” correspondent bank­
ing professional works closely with his coun­

terpart at your bank. His job: to coordinate
financial resources, facilities and capabilities
for maximum benefit.
At National Boulevard there’s only one
way—the One-On-One way—for us to work
together. And when we do, we make a combi­
nation that’s practically irresistible—and
highly profitable.


The Bank for the New Downtown.
400-410 N. M IC H IG A N AVE., C H IC A G O , IL 60611
ONE ILLINOIS CENTER (111 E. W acker), C H IC A G O , IL 60601
(3 1 2 )8 3 6 -6 5 0 0 * MEMBER FDIC

Federal Reserve Bank of St. Louis


Illinois News

Ceremonies in Rockford Qu
ad Ci,ies App°intment •
F irst N ational Bank of the Quad
Cities has appointed Thomas H.
K ost as a ssista n t cashier, according
to Charles C. Wilson, president and
chairman. Mr. K ost joined the b a n k #
in 1976.

Evanston Promotions Told
F irstB a n k E v a n sto n has an­
nounced the prom otions of K a th le e n #
Ball and Janice Lorenz to tru s t of­
ficers. Ms. Ball joined the bank in
1980 as a tru s t tax adm inistrator.
Mrs. Lorenz has been w ith the bank
since 1976. She is a graduate o f #
E astern Illinois U niversity.

Joins Sears Bank
George W. Vander Vennet, 44, a
native of Iowa, has joined Sears
B ank and T ru st Company as ex­
ecutive vice president and tru s t of­
ficer and head of the tru s t division.
AMERICAN National Bank & Trust Co.’s new office will be a seven story structure.
He succeeds Stanley H. Richards,
executive vice president, who will
r o u n d b r e a k i n g ceremo­ m unity renewal program .
The bank will occupy the lower head the tru s t division’s business
nies were held recently on the
site of Am erican N ational Bank and level and first three floors of the developm ent activities in addition
T rust Co.’s new office a t 7th Street 128,000 square foot, seven-story to his duties as secretary of both
and F ourth Avenue in Rockford. structure. The top four floors will be M idland Bancorp, Inc. and Sears
B ank staff, officers and directors leased. Plans include a landscaped B ank and T ru st Co. Mr. Vander
and city officials attended, and a plaza on 7th S treet where the pre­ Vennet received BA and LLB de­
reception in the bank lobby fol­ sent bank is located. Following oc­ grees from the U niversity of Notre
cupancy of the new facility, the Dame. He joined F irst National
Rockford M ayor John M cNam ara b an k ’s present building will be Bank of Chicago in 1963 and m o st(
noted th a t the 48,000 square feet of razed. Completion of the project is recently was vice president and divi­
sion head in personal tru s t account
rental area included in the project is hoped for fall of 1983.
adm inistration.
a significant p a rt of the c ity ’s com­


AMBI Establishes New Banking School
of a twoy e a r “ E x e c u tiv e G ra d u a te
School of B anking” a t the U niversi­
ty of Illinois, sponsored by the
A ssociation for M odern Banking in
Illinois, has been announced by
W alter R. Lohman, chairm an of
The school, to be held two weeks
each year beginning Ju ly 11-23,
1982, will be open to both member
and non-member banks.
Mr. Lohman, chairman of F irst Na­
tional B ank of Springfield, said,
“ The basic goals of the Executive
G raduate School of Banking will be
to provide co ncentrated, sm all
group, individualized bank m anage­
m ent training for the bank m anager
or those persons who will soon
assum e m anagerial roles.”
Mr. Lohm an added, “ The design
of this school will complement other


s t a b l is h m e n t

for FRASERBanker, December, 1981
Federal Reserve Bank of St. Louis

high quality banking schools by pro­
viding a different classroom ex­
perience and structure w ith a great
deal of individual student participa­
tion. We feel banks will w ant to send
the personnel to our school whom
they are specifically training to be
m ajor departm ent m anagers.”
The concept of the school was
created by the AM BI board of direc­
tors following a statew ide survey of
bank officers which indicated such a
school was needed. The m aster plan
for the school was created by the
AM BI education comm ittee, whose
chairm an is Je rry D. Gummere,
president, Peoples Bank of Bloom­
Mr. Gum m ere said, “ M ajor topics
to be included in the curricula in­
clude m onetary policy, loan m anage­
m ent, asset liability m anagem ent,
personnel m anagem ent, investm ent


concepts, regulation of the banking
structure and a series of special
courses dealing w ith current topics,
such as bank p ro fit planning,*
agricultural and international finan­
cing. Com puterized bank sim ulation
p ro b le m -s o lv in g w ill a ls o be
Adm ission to the school will re­
quire th a t a student be a bank of­
ficer with at least four years bank­
ing experience and possess a college
degree or have equivalent ex-,
perience and present a w ritten1
recom m endation from an imm ediate
chief executive officer.
Bank regulatory officers and bank
directors will also be accepted,^
based upon co m m en su rate ex­
For more inform ation, interested
persons should contact AM BI head­
quarters, 920 F irst National Bankj
Building, Springfield, 111. 62701.

The effortless, painless, “ F ed less”
w ay to process cash letters.

Maybe you’ve been processing
all your checks through the Fed
to save operating costs. You
may be able to save more
money by processing those
checks through us. We have the
advantages that can make it
well worth your while:
professional staff — over 77
years of accumulated banking
experience to assure you of
competent, efficient service,
proximity — we’re probably
closer than the Fed. And our
messenger will visit your bank
daily . . . accommodating your
work schedule . . . and ours.
price — our pricing schedule is
competitive with the Fed’s. And
we give you something extra of
real value: someone you know
— on a personal basis — on the
other end of the phone whenever
there’s a problem or question.
Call and ask for our brochure.
And ask us to make a free
evaluation of your operation.
Let us show you how we can
deliver service that’s as good as
(or better than) the Fed’s.
Federal Reserve Bank of St. Louis

Needless to say,
the Fedless Connection
is the peerless way to
process your cash letters.



the Human
Interest bank

Commercial National
Bank of Peoria


PHONE: (309) 655-5225
WATS LINE 1-800-322-2212

All some businesses need to really shine
is a helping hand from your bank. But sometimes it’s
hard to say '“yes” to a potentially profitable business
loan, whether it’s a present customer or a good
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monitor collateral closely, or a variety of other
reasons may indicate the need for FBS Business
Credit’s asset-based lending capabilities.
We specialize in asset-based revoking
credit and other customized loan packages secured



by accounts receivable, inventory, equipment, or
other assets . Your bank retains all account balances
and other banking business, and participates in the
loan to the degree you wish.
And because our headquarters are here in
your region, we can move fast when you need a
So call FBS Business Credit today. And
find out how your bank can look like a hero to a
growing business.

Working together.

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Member First Bank System

First BankSystem, inc. FBS Business Credit, Inc., 200 Soo Line Building, P. 0. Box 522, Minneapolis, MN 55480, (612) 370-4990
Federal Reserve Bank of St. Louis



New Bloomington Manager





M onroe Stenerson, vice president
of the Richfield B ank & T ru st Co.,
h a s been a p ­
pointed m anager
th e
Bloom ington office and the planned B u rn sv ille
office. Mr. Sten­
erson is current­
ly o ffic e d a t
B lo o m in g to n ,
and will be re­
s p o n s ib l e fo r
overseeing the developm ent of the
proposed Burnsville site which the
bank hopes to open by mid-1982. He
has been w ith Richfield Bank since
1954, serving as auditor cashier,
vice president-instalm ent loans and
v ic e
p re s id e n t-p u b lic
r e la tions/business development.

Morton Bank to Relocate
Michael J. Pint, chairm an of the
0 S tate Commerce Commission, has
announced th a t approval has been
g ranted to the Farm ers S tate Bank
of M orton to relocate to Redwood
Flails, where the bank will be known
£ as the Farm ers S tate Bank of Red­
wood Flails. Mr. P int concurrently
approved retention of a full service
d e ta c h e d f a c ility in M o rto n .
Farm ers S tate B an k ’s chief ex• ecutive officer will continue to be
Carl L. Lokker.

Duluth, according to Dennis W.
Dunne, president.
Mr. George joined the bank in
1969 and will also serve as tru s t of­
ficer. Mr. Kay joined F irst National
in 1967, and will be working in the
commercial loan departm ent.
Mr. George has a degree in
b u s in e s s a d m i n i s t r a t i o n a n d
economics from the U niversity of
M innesota. Mr. Kay holds a degree
in accounting, also from the U niver­
sity of M innesota.

head up a new loan adm inistration
departm ent; Malcolm Langer, assis­
ta n t vice president, to m anager of Ogilvie State Changes Name
the E a st office detached facility, and
The Ogilvie S tate Bank has of­
M arlene Foss, personal banking of­ ficially changed its name to Citizens
ficer, to a ssista n t m anager of the S tate Bank of Milaca-Ogilvie, with
personal banking departm ent.
business to be carried on in Milaca.
It was also announced th a t
Ronald Kibble has been elected to
Elected at Robbinsdale
the b an k ’s board. Mr. Kibble is
Kenneth C. Sheehan, president,
owner of M ankato Im plem ent, the
largest John Deere dealership in the F irst B ank Robbinsdale, has an­
nounced the election of William E.
N inth Federal Reserve D istrict.
Mr. H arrington joined N orth­ Stangler to vice president and senior
w estern Bank in 1974 as a teller. He credit officer and Sil Meade to per­
was prom oted to commercial loan of­ sonal banking officer.
ficer in 1979 and a ssista n t vice
president in January, 1981. He
grad u ated from M ankato S ta te
U niversity w ith a degree in business
adm inistration and economics.

Duluth Promotions told
M urray George and Michael Kay
have been prom oted to a ssista n t
vice presidents a t F irst National

New Message Sign

Mankato Promotions Told
George W. Sugden, president of
N orthw estern Ban of M ankato, has
announced the following promotions:
Norb H arrington to vice presi^ dent- com m ercial loans; N ancy
H ughes, a ssista n t m anager of the
E a s t office, to personal banking of­
ficer, and Richard H azelton to com­
mercial banking officer.
O ther staff changes include:
C urt Zupfer, vice president, will


To Fergus Falls Board

Federal Reserve Bank of St. Louis


Mr. Stangler joined F irst Bank
System at F irst Bank Bloom ington
Lake in 1976 as a commercial loan
officer. He has a BA in economics
from St. Jo h n ’s U niversity and an
MBA in finance from the College of
St. Thomas.
Ms. M eade joined F irst Bank
D uluth in 1975 as instalm ent loan
secretary. She transferred to F irst
Bank Robbinsdale in 1977 and was
prom oted to personal banker in

The Tri-County Bank of Ortonville, has in­
stalled a solid state message center at the
new downtown location. The Olympian 80
system by Daktronics, Inc. of Brookings,
S.D., offers seven day programming and
animated graphic capability. T.H. Ander­
son, president of Tri-County Bank, stated
that the display draws a great deal of atten­
tion to the bank and he has received many
fine comments from people in the Ortonville

Robert D. Phillips, president of
N orthw estern N ational Bank in
Fergus Falls, has announced th a t
Julian Wold has been elected to the
board of directors. Mr. Wold owned
Wold Petroleum and T ransport for
24 years, and is presently involved
in farm ing and transportation. He
was vice president and a director of
Farm ers S tate Bank in Underwood
for 19 years.
Northwestern Banker, December, 1981


Twin Cities

of a new assis­
ta n t vice president and prom o­
tions for 16 employes were an­
nounced recently by F irst Bank
Jack V. Pederson has joined the
bank as an a ssista n t vice president
and head of the business owners sec­
tion in the executive banking divi­
sion of the executive and profes­
sional banking departm ent. Prior to
joining F irst B ank M inneapolis, he
was vice president and m anager of
the commercial banking departm ent
of northw estern S tate B ank in St.
Advanced to a ssista n t vice presi­
dents were:


p p o in t m e n t



Northwestern Banker, December_ 1981
Federal Reserve Bank of St. Louis

Kenneth S. Bezdicek, U.S.A. Canada division.
Wayne S. Chinn, Gerald E. Miller,
Lynn D. Schwie and Patrick T.
Stanchfield in the money m arket
departm ent.
Reginald J. Just and James C.
LaMere in the deposit operations
J u lie L. C o rn eliu s in th e
m arketing departm ent.
Named correspondent banking of­
ficers were Beverly A. Kieffer, M in­
nesota correspondent banking divi­
sion, and Mark B. Landreville,
E ast/W est correspondent banking
James G. Hunt was prom oted to



sales finance officer in the sales
finance division.
Angela E. Woodhouse and Roger
D. Madison were nam ed commercial
banking officers a t the St. A nthony
Falls branch.
Lews R. Coffey was nam ed b o n d ^
William J. Stegora was advanced
to com puter services officer.
Mark M. Midtdahl was nam ed^
real estate officer.
In addition, Mary P. Asselin has
joined F irst B ank M inneapolis as a
tru s t officer in the corporate tru s t
and escrow division of the corporate^
tru s t services departm ent. Previous­
ly, she was an attorney in St. Paul.





First Bank
Federal Reserve Bank of St. Louis


Minnesota News

Break Ground for Ridgedale Office

W isconsin’s fourth largest bank, ^
and is a p a rt of F irst Bank System . ^
* * *
W. Merton Dresser, president of
N orthw estern B ank South, has an­
nounced four prom otions. Mary E. #
Anderson, m ortgage departm ent,
and Paul M. Kraemer, commercial
loans, were elected a ssista n t vice
presidents. Ms. A nderson has been
w ith the bank since 1973, and Mr. ®
Kraem er joined the bank in 1975.
Jessica M. Walker, an employe
since 1973, was nam ed hum an
resources officer.
Jane C. Ohr, who joined the bank •
in 1977, was advanced to consumer
banking officer.
* * *

BREAKING ground for a branch of Northwestern National Bank of Minneapolis at Ridge­
dale adjacent to the Ridgedale Shopping Center in Minnetonka are, from left: E. Peter
Gillette, Jr., chmn. & ceo, Northwestern Natl., Minneapolis; M.A. Mortenson, Jr., pres., M.A.
Mortenson Co. (contractor); Robert L. Rasmussen, comm. bkg. off. & exec, mgr., Ridgedale
office; C. Paul Lindholm, sr. v.p., consumer branch banking group, Northwestern Natl.; Ken­
neth Yaeger, Mayor, City of Minnetonka, and James A. Gossen, v.p., branch adm. dept.,
Northwestern Natl. Construction of the new facility is slated for mid 1982.

Am erican N ational B ank and
T ru st Company of St. Paul has an­
nounced the appointm ent of Thomas
A. Tustison as tru s t officer in charge
of employe benefits adm inistration
and the prom otion of John C.
Lysdahl to commercial banking of­
Prior to joining Am erican N a­
tional, Mr. Tustison m ost recently
was w ith the M idw estern National
Insurance Company as a regional
director. He worked earlier for A et­
na Life and C asualty and for John
Hancock M utual Life. He received
undergraduate and law degrees from
the U niversity of M innesota and has
been a practicing attorney.
Mr. Lysdahl joined Am erican in
1979 as a commercial banking repre­
sentative and was a credit represen­
tativ e w ith W estinghouse Credit
Corp. prior to th at. He is a graduate
of Bethel College w ith a BA in



for FRASERBanker, December, 1981
Federal Reserve Bank of St. Louis

The appointm ent of Stephen M.
Smith as investm ent officer in the
in v estm e n t de­
p artm en t of N a­
tional City Bank
was announced
last m onth by C.
Bernard Jacobs,
c h a ir m a n a n d
chief executive
M r.
S m ith
joined the bank
in October after
serving as com m odity hedging
m anager with Em m er Brothers Com­
pany in M inneapolis. He received
an MA degree in economics from
the U niversity of M ississippi and a
BS degree in business from Indiana
U niversity.
* * *
Two officer elections a t F irst
Bank La Crosse in La Crosse, Wis.,
which is affiliated w ith F irst Bank
S y ste m , w ere a n n o u n c e d la s t
m onth. Rhea A. Griffel was elected
assista n t vice president in the opera­
tions departm ent. Alan C. Thomas
has been elected credit services of­
ficer in the commercial lending divi­
F irst B ank La Crosse is a division
of F irst Bank (N.A.) which, with the
M ilw aukee div isio n , re p re s e n ts

Judy B. Blanchard has joined t h e ^
hum an resources division of F irst
Bank System as group hum an
reso u rc es o ffic er-so u th e rn M in­
nesota. M ost recently, she served a s 0
recruiting m anager and affirm ative
action officer for N ational Computer
System in Edina.
Kay Lillig Cotter has been ap­
pointed hum an resources develop-0
m ent officer and m anager of hum an
resources planning and research.
Previously, she was associated with
I n te r n a tio n a l H a rv e s te r Corp.,
Chicago, where she was p e rso n n el#
research supervisor.
Joel R. Dorn has been appointed
loan participations and allocations
officer for F irst System Services,
Inc., an FB S service subsidiary. H e #
joined F irst System Services as an
assista n t exam iner in 1977.
* * *
The m erger of the Don J. McMur-^
ray Co., a m ortgage banking firm,
into H. & Val J. Rothschild Co., Inc.,
a St. Paul m ortgage banking firm,
was revealed la s t m onth. The
M cM urray firm m aintains opera- 0
tions in K ansas City and Omaha,
w ith a $65 million loan servicing
portfolio specializing in income pro­
perty financing.
R othschild m aintains a $5701|
million loan servicing portfolio, and
has offices in Minneapolis, Florida,
Idaho, Iowa and Nebraska.
* * *
W estern S tate Bank of St. P a u l^
has been granted approval by the
Commissioner of Banks to open a
branch facility in Maplewood to be
called the M cCarrons Lake office.0
G rand opening celebrations are


Business relationships. They’re the core of
banking. Perhaps in no other area of banking
are they as vital as in agricultural financing.
And perhaps in no other area of banking are
they put to the test as often.
As a banker in a rural community, you
sit at the center of a number of growing
business relationships. Your customers—
farmers, ranchers, and agri-businessmen,—
are dependent on your insight and
resources to help them through present and
future opportunities or challenges. Their
business depends on yours, and yours on
But, as a partner in a correspondent
banking relationship you may not find
yourself in as mutually cooperative a
situation. Although your ag business may
rely heavily on the help of your regional
bank, the reverse may not seem to hold true.
And if your regional bank no longer meets
that growing need for help, it’s time to move.
But whether you’re looking for a new
correspondent relationship or merely taking
a critical look at your existing relationship,
there are certain criteria banks can and do
use to evaluate a correspondent bank.

Of course the regional bank must have the
financial resources to meet your ag
financing needs. The bank must have the
capacity that can give you the flexibility to
plan for today and tomorrow.
And large dollar lending limits are not
enough. Capability should also be measured
in terms of human resources—professional
skills and expertise.
The bank’s size is important, because it
certainly affects not only the amount of ag
loans that can be funded, but also the
number of ways in which those loans can be
funded. A "bankers acceptance,” for
example, is one such means of funding.

Solid banking relationships can’t be
transient. Bankers must share the mutual
trust and understanding necessary for long­
term growth.
Unfortunately, many financial institutions
and associations get into the ag lending
market without a long-run commitment to
that market. They "dabble” while times are
good, and somehow disappear when times
are troubled.
Dependability isn’t easily discerned. It’s
a quality proven over time and based on a
bank’s reputation, the risks it’s willing to take,
and its availability when you need help.

For one reason or another, some
correspondent financial institutions and
associations may try to “run” a loan. This
may confuse customers and make local
banks less sensititive to their needs. Even
worse, it indicates poor trust in both the
borrower’s and the local lender’s judgement.
A good regional bank, on the other
hand, listens to the need to stay flexible
enough to let local banks adapt to changing

Using financial tools in new and different
ways can be the lifeblood of a good
correspondent banking relationship. And
because a local bank can never predict the
changing needs of customers years in
advance, it pays to develop a relationship
with a regional bank which not only has
financial tools, but also the expertise, desire,
and commitment to continuously work with
And in a world where interest rates can
rise and fall in a matter of days, the best
regional bank is the one with the talent and
desire to innovate and react thoughtfully and

D edication
First, a country bank must be dedicated to its
own business—ag financing. To do this
effectively its regional bank must recognize
the needs of the local bank’s own
customers, and offer help with needed
services. Services like regional agricultural
economic advice, estate planning, trust
services, or speedy collection of large
deposits. Not all banks can readily offer
Secondly, a regional bank must be
dedicated to the country bank’s welfare in its
ag business market. Correspondent bankers
must be willing to join local bankers out in
the field, to become acquainted with
customers and their problems first-hand,

and, if necessary, to help educate them in
the growing complexities of ag finance. For
example, the process of hedging as a
market tool, and what it means for bankers
and borrowers alike.

Look fo r an exp ert.
Obviously, this isn’t a complete laundry list of
criteria, and it's not really meant to be. What
it is designed to do, however, is to give you a
solid starting point for a realistic evaluation
of your correspondent relationship.
At Northwestern National Bank of
Minneapolis, we know how important an ag
banking correspondent relationship is to you,
and how important your selection of your
regional bank can be to your success. And
of course we like ag loan assets and
recognize the tremendous importance of
agriculture in this region.
That’s why we’re so deeply involved in
that area. From top management on down,
we’ve made a sincere commitment to
servicing the ag needs of local banks and
their customers.
And we can offer local banks the types
of overlines and related banking products
they need to keep their customers growing.
Our commitment, coupled with our
flexibility, our expertise, and our size, has
helped our bank grow rapidly over the past
four years, to now rank 30th in size nationally
in ag loan volume.
When you’re looking for an ag partner,
ask the experts. Ask us. We’ll help you serve
the needs of your most Important
customers—the farmers, ranchers, and agri­
businesses in your community. We’re on
your side.


Correspondent Banking

• Northwestern
National Bank
\jJ Of Minneapolis
Federal Reserve Bank of St. Louis

Telephone (612) 372-8200


If every day is the same routine — a scramble to
meet the daily courier deadline — maybe it’s time
to do something about it. U.S. National can help.
We can provide you the capability to capture data
and sort in-house, transmit it to us for processing,
and have your reports printed back
right in your bank.
Federal Reserve Bank of St. Louis

And, your items never leave the bank.
With this flexibility and in-bank control, you
can forget about transportation, weather and
time problems. Best of all, we can provide this*
full-time computer capability and processing
at a part-time cost.

For complete information about computer capability
designed for your bank by a bank, contact a
Correspondent Banker at U.S. National Bank today.
Then you can pack up your processing problems
(and send your courier packing) last time.
Call toll-free: In Nebraska, 1-800-642-8270; 4in Iowa,
South Dakota & Wyoming, 1-800-228-9225. ,

US National Bank of omaha
Affiliate of Northwest Bancorporation s u )


ó. •f tj:<]

Member FDIC

I 1
Federal Reserve Bank of St. Louis


Minnesota News

Marie Kavaloski g
to vice president 1
and cashier.
Ms. Kavaloski 1
was previously |
s e n io r o p e r a ­
tions officer. She
has been em ­
ployed a t First
Bank M erchants
since 1961. Ms.
Kavaloski is a
member of the Banking A dm inistra­
tion In stitute.

m mm

Heads Silver Bay Bank

Ridgedale State Bank has opened its new Loring office in the Hyatt Regency Hotel at 1300
Nicollet Mall, offering full-service, including safe deposit boxes. Dean Nelson, who has 14
years of banking experience is the manager, it was announced by Frederick Winston, pres.

planned for early 1982. The McCarrons Lake office will be a full service
facility, and is W estern S ta te ’s first
* * *
Am erican N ational Bank of St.
Paul has announced th a t Philip P.
Nelson has join­
ed the bank as
an a ssista n t vice
president - com­
mercial banking.
Prior to joining
A m e ric a n N a ­
tional, Mr. Nel­
son w as w ith
M idland N ation­
al Bank and A et­
na Business Cre­
dit, Inc. He has a BA degree in
business from M etropolitan S tate
* * *
James D. Schmitz has joined
E astern H eights S tate Bank in St.
Paul as a vice
p re s id e n t. M r.
Schm itz was for­
merly with Citi­
corp, the New
York-based hold­
ing company of
C itibank, N.A.
He has also been
with the F irst
N ational B ank
of St. Paul and
F irst National Bank of W illmar. Mr.
Schmitz is a graduate of the U niver­
sity of Colorado.

Banker, December, 1981
Federal Reserve Bank of St. Louis

N orthw estern N ational Bank of
M inneapolis has announced the elec­
tion of officers in the international,
tru s t and operations groups.
Nancy J. Ozawa was elected assis­
ta n t vice president and m anager of
the international operations division
in the international group. Prior to
joining N orthw estern last A ugust,
she held executive international
positions w ith Wells Fargo BankNew York and Wells Fargo BankSan Francisco.
Joseph E. Travis has joined the
international banking departm ent
as assista n t vice president in charge
of the Middle E a st and Africa geo­
graphic areas. He previously held
a sim ilar position w ith the In ­
dustrial N ational B ank of Rhode
Island, Providence.
Nam ed international operations
officer was Curtis F. Johnson, who
has been w ith the bank since 1977.
In the tru s t group, John F. Leddy
was elected assista n t vice president
in the tru s t individual division. He
was previously in private law prac­
Calvin C. Wilson was elected
a ssista n t vice president and director
of security in the operations group.
He was w ith F irst N orthw estern
Bank in Billings, M ont., before join­
ing N orthw estern.
Alla H. Puffer, who joined the
bank in A ugust, was nam ed system s
* * *
F irst Bank M erchants in St. Paul
has announced the prom otion of

Richard J. B inette has been
named president and chief executive
officer of F irst N orthw estern State
Bank of Silver Bay, a Banco af­
filiate. He succeeds R obert L.
Draeger, president and chief ex­
ecutive officer since 1978, who has
resigned to pursue personal inter­
Mr. B inette previously was vice
president of F irst N orthw estern Na­
tional B ank of H oyt Lakes. He
sta rte d w ith Banco in 1958 in F irst
N ational Bank of D uluth, working
there until 1980 when he joined the
H oyt Lakes bank.





MBI Reappoints Directors
M idwest Banking In stitu te admin- £
istrator, W ayne F. Berthiaum e, has
announced the reappointm ents of
W illard Lenners and Charles Nelson
as state representatives to the MBI 1
board of directors.
Mr. Lenners, vice president of
B ankW est, N .A ., Pierre, S.D ., and
Mr. Nelson, vice president of the
F irst Bank of N orth D akota, Fargo,
will serve on the policy m aking body
through the 1984 session of the
In stitu te.

New Stewartville President
Don Podein has been named presi­
dent of Stew artville F irst National
Bank, succeeding E.A. Jans, who
recently retired. Mr. Podein joined
the bank in 1959 and was named
vice president in 1974.
M anagem ent duties will continue
to be performed by Mr. Podein and
the b a n k ’s vice presidents, Bob
Hessevick and G ary Madison. Con­
trolling ownership of the bank will
continue to be held by P&D Com­
pany of Stew artville, a bank holding
company whose principal share­
holders are Mr. Jan s, Mr. Podein,
Mr. Hessevick and Mr. Madison.

O u r sincere w ish e s fo r a h a p p y h o lid a y
sea so n a n d a p ro sp e ro u s N e w Year.

A . Maroneiie National Bank
M em ber FDIC
Federal Reserve Bank of St. Louis

In Check Collection,
We're Setting the Pace

Our people, know-how, and
processing equipment
give you a clear advantage.
We start by saving you time and money in proof
and transit operations by eliminating pre-sort
reguirements. Then we work with you to develop
the best possible schedule for check clearing based
on your deposit activity and available delivery
systems. Finally, we maintain a well-staffed
operations center with a high speed, state-of-the-art
computer for handling each item efficiently.
O ur people, know-how and eguipm ent enable
us to meet deadlines and keep costs low.
For example, we were able to substantially
reduce the one and two day float for a Twin Cities
bank with early afternoon and evening sendings.
We established a new check clearing relationship
with a correspondent in another city which handles

checks for nine other banks. Now all banks in that
city are available overnight, a float reduction of
one day.
In another instance, our correspondent officer
checked with airlines, postal authorities, and
couriers to learn the most efficient means of
delivering late evening items. The result? Several
correspondent banks are now getting overnight
clearings on Twin Cities items and have reduced
float on RCPC items from two days to one. These are
just a few examples of how we're setting the pace
in correspondent banking.
If you're not getting that type of service from
your correspondent, check with us at 612-291-5585.

(|j^ First Bank Saint Paul
Correspondent Banking Division
332 Minnesota Street
Saint Paul, Minnesota 55101
Federal Reserve Bank of St. Louis

Member FDIC

Federal Reserve Bank of St. Louis


Minnesota News

Bankers of
Minnesota Hold
Fall Conference
Hon. Harry Sieben, Jr., Speaker of Minn.
House of Representatives.

TOTAL of 117 M innesota bank­
ers representing 105 banks a t­
tended the Independent B ankers of
M innesota Fall Conference/Seminar
held November 11-12 in M inneapo­
lis. The conference opened with an
official welcome and greeting from
IBM President P eter Carlson, presi­
dent, Argyle S tate Bank. Executive
Vice President Norb M cCrady then
introduced the H onorable H arry A.
Sieben, Jr., Speaker of the House of
Mr. Sieben’s keynote address
focused on the economic condition of
the sta te governm ent of M innesota
and on w hat changes could be ex­
pected as a result of federal c u t­
backs. He further rem inded bankers
of the consequences to be faced in ef­
forts to balance the sta te budget.
Mr. Sieben closed by com plim enting
th e IB M on i t s c o n tin u in g
le g is la tiv e p r o g ra m s a n d in ­
volvem ents in sta te governm ent.
Luncheon speaker Ken Guenther,
Independent B ankers A ssociation of
America executive director desig­
nate, gave the bankers an insight in­


Associate Publisher

to proposed federal banking legisla­
tion and the lobbying efforts of the
IBAA. He was quick to point out
the various conflicts and disagree­
m ents between the ABA and IBAA,
specifically in rulings th a t would
lead to broader based financial in­
Com m enting on the “ New York
City, big bank a ttitu d e of the Trea­
sury D epartm ent,” he offered cau­
tions on the trend to use the current
financial crisis for the basis in
restru ctu rin g the financial industry.
Viewing th rift specialization as a
sellout to com m unity banks, he
warned th a t the proposed consolida­
tion of federal regulatory agencies
presents the opportunity for a “ raid
on FD IC funds.” O utlining a four
point legislative im plem entation
plan, Mr. G uenther concluded by
em phasizing the im portance of a
grassroots legislative effort and
challenged the independent bankers
to take an active role in th a t effort.
The afternoon session included a
preview of the IBM m arketing pro­
gram , a report from the legislative

comm ittee, a presentation from the
M innesota B ank Holding C om pany#
A ssociation and an inform ative look
into the im pacts of the new tax law.
Second day activities began with
a breakfast m eeting which presen­
ted the opportunity for regional su b -#
ject discussions. The m orning agen­
da included a bank stock analysis
workshop for closely held corpora­
tions and a presentation on sug­
gested guidelines for in v estm e n t#
Tom H uston, Iowa superinten­
dent of banking, provided one of the
highlights w ith his presentation on
banking concentration lim itatio n s.#
Through his experiences as both an
independent banker and a state
regulator, he traced the develop­
m ent of current Iowa banking laws
th a t relate to branch banking a n d #
h o ld in g com pany g ro w th . M r.
H uston received a strong ovation
when he charged th a t certain federal
agencies and regulators concern
them selves w ith try in g to influence#
form ulation of new policies rather
than in enforcing existing regula-

Other speakers included, from left: Kenneth Guenther, IBAA exec. dir. designate; Lester Hunt, v.p., Management Planning, Inc.; Vern Rude,
pres., Vern Rude Associates, and Ron Draper, McGladrey Hendrickson & Co. public accounting firm.
Banker, December, 1981
Federal Reserve Bank of St. Louis

Gary Rohlisen
Speaks Fed Pricing
What does Fed pricing mean to your bank?
Should you send your items directly or not?
To properly respond to this new banking chal­
lenge, you need access to someone who un­
derstands Fed pricing and who cares about
community banks. That’s Gary Rohlfsen, and
that’s American.

We are particularly sensitive to the needs and
pressures faced by independent community
banks. We believe in cooperation, not competi­
tion, for your customers.
We want to be your partner and help you solve
your problems. It’s easy to put an American
correspondent banker to work for your bank.
Just call (612) 298-6331.

A m erican N ational
Bank an d Trust C om pany
Federal Reserve Bank of St. Louis


Minnesota News

Northwestern-Rochester Holds “Ground Boosting” Ceremony •

WHAT WAS BILLED as the world’s largest hypodermic needle
was the focal point for recent ground breaking ceremonies for the
new Northwestern Bank building in downtown Rochester. The
building being constructed by Minneapolis based Rauenhorst
Corporation, is expected to be completed in the fall of 1982. The
bank will occupy the first three floors of the six-story, $6 million
building. The project was promoted as the beginning of
downtown Rochester redevelopment with the theme, “ Giving
Rochester A Big Boost.” To officially commemorate the start of

tions as they are supposed to be
He also provided an up-date on
Iow a’s pending law suit which con­
tends th a t the offering of all-savers
certificates by “ bank-like” financial
institutions which are not sta te
chartered is a violation of Iowa
banking laws. Mr. H uston stated:
“ If a brokerage house is allowed to
accept deposits for all-savers cer­
tificates, then who is to say local
grain elevators couldn’t offer share
drafts based on crop receipts?” Iowa
currently is seeking support from
other sta te s in this action and he
was anxious to review a similar suit
recently filed by the S tate of M in­
The conference adjourned with a
luncheon and wrap-up session.

Named in North Mankato
Jam es M. Schindle has been
nam ed vice president and senior
loan officer at
the Valley Na­
tional Bank of
N orth M ankato.
M r. S c h in d le
began his len­
ding career in
1973 a t S t.
Cloud after ser­
v in g for four
years in the U.S
Navy. He joined
F irst B ank System in 1974, and has
served in num erous capacities in
A lbert Lea and Ow atonna banks.
for FRASERBanker, December, 1981
Federal Reserve Bank of St. Louis

construction, city o fficials, bank executives and various
Rauenhorst personnel ascended a platform and depressed the
needle’s plunger, thereby giving downtown Rochester a “ booster
shot.” The official “ ground boosting” ceremony was folic,wed
with an on site champagne brunch for about 150 people who wereO
involved in the project. RIGHT—John Cochran, president of the
Northwestern Bank of Rochester, introduces Chester C. Lind,
chairman of the executive committee of Northwest Bancorporation, at the ground breaking ceremony.

Two Elected in Hastings
A t N orthw estern N ational Bank
in H astings, N ita Brown has been
elected vice president and cashier
and Linda Rimpila was elected
operations and compliance officer.

Karen F. Anderson was p r o m o te d
to a ssista n t cashier. She has been
w ith the bank since 1971 and was a
teller prior to this promotion.
John D. Anderson has joined the
F irst N ational staff as assista n t vice®
p resid e n t and ag loan officer.
Previously, he was w ith the F irst
B ank in Windom.

St. Joseph Bank Sold



Ms. Brown began her banking
career a t Blackduck S tate Bank and
joined the H astings Bank in 1970.
She was previously operations of­
ficer and a ssista n t cashier.
Ms. Rimpila joined N orthw estern
National in 1974 and has been in­
volved in all phases of the opera­
tions departm ent.

Cannon Falls Promotions
Dale E. Eikm eier has been pro­
m oted to vice president and con­
tinues in his other position as
cashier a t F irst N ational Bank in
Cannon Falls. He has been an officer
of the bank since November, 1976.
He sta rte d his banking career w ith
F irst N ational B ank of Pipestone,
then worked a t Town and Country
S tate B ank in W inona before m ov­
ing to Cannon Falls.


Mr. and M rs. W illiam Meinz have
sold their interest in the F irst S tate
B ank of St. Joseph to Don St.
Angelo, vice president of DainH>
Bosworth, Inc., M inneapolis; Robert
Hanson, vice president, Rosemount,
Inc., Eden Prairie, and Donald
Sirek, president, S tate Bank of New
W alter B runs was elected presi­
dent of F irst S tate B ank last m onth.
For the p a st three and one-half years
he has been vice president of First
N ational B ank in W aseca and prior®
to th a t was w ith F irst Mid America
Bank of Coon Rapids for six years.
He is a graduate of C arthage Col­
lege, Kenosha, Wis.; the G raduate
School of Banking a t Madison, the*
N ational School of Real E state
Finance a t Ohio S tate University,
and the ABA N ational Commercial
Lending School a t the U niversity of
D irectors of the bank now are Mr.
St. Angelo, chairman, Mr. Hanson,
Mr. Sirek, Mr. Bruns, A rt Novak,
Helen Loso and Ray Krebsbach. No
staff changes are contem plated.

If you think your correspondent
bank is stringing you along,
maybe its tim e you severed the ties.
Sometimes, getting the answers you need from
your correspondent banker can be a frustrating
experience. One that consumes too much of your
valuable time. And one that could contribute
to your loss of a customer.
At Midland National Bank, we won’t string
you along. Because most of our business
as a bank comes from dealing with businesses
and other banks. So, frankly, we’re willing
to put a lot of effort into making
our relationship with you work.
We’ve organized our bank
in a way that allows you to
deal directly with a decision
maker, rather than having
to go through several review
committees. Our correspondent
team is dedicated to responding to
your needs quickly. And, our
expertise with small and mid-sized
businesses puts us in a unique
position to understand your
customers’ needs.
So the next time you feel like
your correspondent bank is giving
you the business, call the Midland
National Bank correspondent team,
toll free at 1-800-752-4200.* And see
how the bank for business can
go to work to improve yours.
*In North and South Dakota, call 1-800-328-8678.

Midland National
bank Of Minneapolis
An Affiliate of Northwest Bancorporation

We’re big enough to know how
and small enough to know you.
Federal Reserve Bank of St. Louis


Minnesota News

Northwestern-Hastings Breaks Ground

son was previously an ag loan officer
w ith F irst N ational B ank of Win-®
dom and is active in farming.

Advanced in Rochester

HASTINGS new Northwestern Bank will offer a full range of consumer services.
o rth w estern

N a tio n a l

N B ank of H astin g s recently
broke ground for a new consumer

service facility to be completed in
the spring of 1982.
The 3,844 square foot building
will be located at 1360 South Fron­
ta g e R o a d , a c ro s s fro m th e
W estview Mall Shopping Center.
Merle D. Borchers, bank president,
noted th a t the new facility would
ease the load now carried by the
N o rth w e ste rn N atio n al drive-in
bank located a t 4th & Vermillion
and the m ain office a t 3rd & Ver­
Along w ith the drive-in area, the
new bank will have a full range of
consumer services including inside
tellers, new accounts, certificates,
safe deposit and loans. The 24-hour
cash machine, night depository and
inside teller windows will rem ain

Worthington Banker Named
“Woman of the Year”

located across the street a t the
W estview mall mini-bank.
K o rs u n s k y K ra n k E r ic k s o n
A rchitects, Inc. of M inneapolis de­
signed the building. G raus Con­
struction Company of H astings is
general contractor.

Holding Companies Approved
The Federal Reserve Bank of M in­
neapolis has approved the following
applications of the following cor­
porations to become bank holding
companies through the stated ac­
quisitions: Pine City Bancorporation, Inc.—Pine City S tate Bank;
Clinton Bancshares, Inc.—Clinton
S tate Bank, and M organ Bancorp o ra tio n , Inc. —S ta te B an k of
M organ.

The following prom otions have
been announced at Northwestern"
National Bank of Rochester: Carol
A tkinson to vice president and
assistan t instalm ent loan depart­
m ent m anager; Charlie McCoy to in-,
stalm ent loan officer and collection*
departm ent m anager; Sherry Clowes
to operations officer; M ark Everson
to instalm ent loan officer; Sue
Fahrendholz to system s officer, a n d ^
K atherine Kroening to personal^
b a n k in g officer a t th e G reen
Meadows office.
Ms. A tkinson has been w ith the
bank since 1967. Mr. McCoy jo in e d ^
the bank in 1978 and works a t thew
Green Meadows office. Ms. Clowes
joined in 1974 and has worked in
commercial loans and m arketing.
Mr. Everson has been with the b a n k ^
since 1980 as a collector. Ms.
Fahrendholz joined N orthw estern in
1963, and has worked at the Green
Meadows office as an operations of­
ficer since 1978. Ms. Kroening^
started w ith the bank in 1952 in in­
stalm ent loans.

Trimont Bank Sale Told
C o n tro llin g i n te r e s t of th e
Trium ph S tate B ank in Trim ont has
been purchased by G erald W.
McGee of Lake Benton from Kalmer
N. Skaalen and E.A. Edm an.
Mr. McGee was elected to the
board and replaces Mr. Skaalen as
president and cashier. Mr. Skaalen
and Mr. Edm an will rem ain on the
Mr. McGee has been vice presi­
dent and director of the Farm ers
S tate Bank in Lake Benton the p ast
10 years and was previously with
banks in Fertile and Harlem, M ont.


Joins Albert Lea Bank

CHOSEN “ Woman of the Year” by the
Business and Professional Women of
Worthington, Bonnie Habeck is a marketing
officer and branch manager of the North­
land Mall branch of State Bank of W orth­
ington. She has been a member of the
women’s club for ten years, and joined the
State Bank as a receptionist-secretary 11
years ago.
Banker, December, 1981
Federal Reserve Bank of St. Louis

David M. Shurson has joined the
Security S tate Bank of A lbert Lea.
Mr. Shurson has a degree in
b u s in e s s a d m i n is t r a t io n fro m
M ankato S tate U niversity and has
been m anager of the A lbert Lea
Credit Bureau the p ast two years.


Joins Cannon Falls Bank
John D. Anderson has joined the
F irst N ational B ank in Cannon Falls
as a ssista n t vice president and
agricultural loan officer. Mr. A nder­




South Dakota
N. E. Turnquist, chmn., Sioux Falls
J. M. Schwartz, exec. mgr., Pierre

1st National, Watertown,
Announces 5 Promotions
B u rd ette C. Solum, president of
t h e F irst N ational B ank of W atertown, has announced the following
five prom otions:
Ken Johnson, from vice president
and m anager of the instalm ent loan
d e p a rtm e n t, to vice president and
compliance officer. He joined the
bank in 1954.
Val Neuberger to a ssista n t vice
president and m anager of the in stal­
m e n t loan departm ent. He joined
the bank in October, m oving from
Amery, Wis., where he m anaged the
instalm ent loan departm ent of the
Union S ta te Bank. Prior to th a t he
d o r k e d a t the F irst N ational Bank
of Aberdeen.
Paul Bisson to ag loan officer. A
native of Jasper, Minn., he has an ag
background and was g rad u ated
m om South D akota S tate U niversi­
ty w ith an A g E ducation degree. He
joined F irst N ational in May, 1980,
as a trainee.
Diane G utorm son to instalm ent
% a n officer. She had previous len­
ding experience w ith Sun B ank in
Sioux Falls and Beneficial Finance
D avid D. Petersen to m anager of
^ i e insurance departm ent. A fter
several years of insurance agent ex­
perience he joined the bank in Oc­
^ In other news a t F irst N ational of
W aterto w n , Donald H. Davison,
senior vice president, was elected
president of the W atertow n Area
Cham ber of Commerce.

Okaton Bank Changes Name,
Plans Move to Murdo
The O katon S tate B ank has
received sta te and federal regulatory
approval to move its m ain bank to
M urdo and change its name to the
Frontier Bank, according to Tom
Drew, president. The branch bank in
M idland will also be nam ed the
Frontier Bank.
The bank is currently operating
under the new name. The move to
M urdo is planned for early 1982
after a new facility is built. The new
building is designed w ith a w estern
m otif and will house three offices, a
vault, teller counter and after hours
depository. A drive-up teller window
will be located on the side of the
The O katon S tate B ank was
sta rte d in 1912 as a private bank,
and was incorporated in 1918.

O’Donnell, Rogers Advanced
At First Bank Lemmon
D irectors of F irst B ank Lemmon
have elected John V. O ’Donnell as
chairm an and chief executive officer
and Dale Rogers as president.
Mr. O ’Donnell has served as
president of F irst B ank Lemmon
since 1961. He joined the bank as an

auditor in 1947, was prom oted to
cashier in 1949 and was elected vice
president of lending and operations
in 1957. Mr. O ’Donnell attended
N ettelton Commercial College in
Sioux Falls and is a graduate of the
G raduate School of B anking in
M adison, W isconsin.
Mr. Rogers joined F irst Bank
Lem m on in 1959 as a s s is ta n t
m anager of the Tim epay departm ent
and has served in his m ost recent
capacity as vice president and sec­
ond officer since 1973. Mr. Rogers
attended Black Hills College in
Spearfish and is a graduate of the
G raduate School of Banking in
M adison, W isconsin.

Northwestern National Bank
Announces Staff Changes
C.P. “ B uck” Moore, president,
N orthw estern N ational B ank of
Sioux Falls, has announced the
following staff changes:
M erlin E. Stillm an to personal
lo an m a n a g e r, H u ro n b ra n c h ;
Pam ela J. Planteen to personal loan
officer, Colonial branch; G ary D.
Swain to personal loan officer,
downtown branch; Arlen I n ’t Veit to
operations officer, H uron branch,
and Vicki P. Ripley to m ortgage
loan officer, downtown branch.
These non-officer changes were
also announced:
J. David D an d er to personal
b a n k in g re p re se n ta tiv e , M arion
Road branch; Paula C. B ickett to
personal banking representative,
downtown branch; E. Jean Shore to
operations supervisor, M arion Road
branch, and Vicki L. Sieck to opera­
tions supervisor, Colonial branch.

First National Sponsors Triathlon

(Homs First Mitchell Natl.
Tim othy R. Melin has joined the
F irst M itchell N ational B ank as
a ssista n t vice president and tru s t of­
fic e r. Mr. Melin previously served as
vice president and m anager of the
Aberdeen division of F irst N orth­
w estern T ru st Co. of South D akota.
He has a BS degree in business adin istration from the U niversity of
innesota in M inneapolis.
Federal Reserve Bank of St. Louis

FIRST NATIONAL Bank of the Black Hills again sponsored the First National Half Triathlon
recently in Rapid City. This year 172 participants entered. The half triathlon consists of a
13.1 mile run, a 35.6 mile bike and a one mile swim. Entrants ranged from ages 10-71, and
seven states were represented. A total of 40 bank volunteers helped with the event.
Northwestern Banker, December, 1981


Holding Company Approved


North Dakota
T. A. Roney, pres., Carrington
H. J. Argue, exec. dir., Bismarck

Appointed to NoDakBankPac
Tom Roney, president of the
N orth D akota B ankers Association,
has appointed Roger Berglund, ex­
ecutive vice president of the D akota
W estern Bank in Bowman, as chair­
m an of the N orth D akota Bankers
Political Action Committee. He suc­
ceeds the late G erry Anderson.
Mr. Berglund will serve as chair­
m an of N oD akB ankPac through
1982. He has been a mem ber of the
PAC com m ittee representing the
S o u th w est G roup and is also
presently serving on the NDBA E x ­
ecutive Council. A replacem ent will
soon be nam ed to fill the Southw est
Group seat on the PAC comm ittee.

Joins Bank of N.D.
G ary Bauer has joined the invest­
m ent and tru s t departm ent of the
B ank of N orth D akota in Bismarck.
Mr. Bauer will work prim arily in the
municipal bonding area. He is a
graduate of South D akota S tate
U niversity a t Brookings and the
School of Law at the U niversity of
N orth D akota in G rand Forks.

Bank of N.D. Makes 400
Beginning Farmer Loans
The B ank of N orth D akota has
announced th a t through the Begin­
ning Farm er Program it has sur­
passed the 400 beginning farm er
loan m ark. Since the program ’s in­
ception, 405 beginning farm ers have
received $26.3 million in lower in­
terest rate real e state loans. In addi­
tion, $2.7 million has been com m it­
ted to beginning farm er loans which
will be funded w ithin the next six
m onths.
B e g in n in g fa rm e rs re c e iv in g
loans have been responsible in m ak­
ing loan paym ents on time, accor­
ding to Russell Erickson, a ssista n t
vice president. Currently, only .4%
of all beginning farm ers are having
problem s m aking their paym ents.
The Beginning Farm er Program
is a combined effort by the Bank of
for FRASERBanker, December, 1981
Federal Reserve Bank of St. Louis

N orth D akota and Farm ers Home
A dm inistration to assist beginning
farm ers in the purchase of farm real

Gerry Anderson Dies
G.C. (Gerry) Anderson, president
of the B ank of Tioga, died recently
of a heart attack.
M r. A n d e rs o n
began his bank­
in g c a re e r in
1951 a t t h e
Bank of Rhame
and joined the
B ank of Tioga in
1953. He served
as president of
the N orth Dako­
ta Bankers A s­
sociation during 1975-76 and earned
num erous other leadership positions
w ith NDBA and the Am erican
Bankers Association. He was cur­
ren tly chairm an of the N orth
D akota Bankers Political Action

K.C. Magnusson Joins NDBA
Keith C. M agnusson has joined
the staff of the N orth D akota B ank­
ers Association
as associate director/staff coun­
sel. He was pre­
viously staff a t­
torney for the
jo in t procedure
com m ittee of the
N o rth D a k o ta
Supreme Court.
son has a degree
in accounting from the U niversity of
N orth D akota and a JD from the
W ashburn U niversity School of Law
in Topeka, Kansas. He practiced law
for two years in Lakota before join­
ing the Supreme Court in 1978. He
is adm itted to practice before the
U.S. Supreme Court, E ighth Circuit
Court of Appeals, U.S. D istrict
Court for N orth D akota and all
state courts in N orth Dakota.


The Federal Reserve B ank of M in­
neapolis has approved an applica­
tion by Carson Bancorporation, Inc.
to become a bank holding company
through the acquisition of the G r a n t#
County S tate B ank in Carson.
Also approved were the applica­
tions by M unich Bancshares, Inc. to
acquire the F irst S tate B ank of
Munich, and Sargent B ankshares,®
Inc., Form an, to acquire the Sargent
County Bank, Forman.

Harris Economists See
Recession’s End By July
H arris B ank of Chicago econ­
om ists are projecting an end to th e #
current recession in six to eight
m onths, and a significant decline in
interest rates, down to a possible
12% by mid-year 1982.
Speaking on the November e d i#
tion of the m onthly Harris Sound of
Business cassette tape program , Dr.
Robert J. Genetski, vice president
and economist, offered this observa­
tion on the severity of the recession.^
“ While th ere ’s no reliable way to
confidently predict the m agnitude of
a dow nturn,” he said, “ my best
guess is th a t w e’re going to see
somewhere between a 3 to 5 percent®
annual rate of decline in real output
in the fourth and first quarters, with
a recovery beginning sometime this
spring or sum m er.”
While aw aiting the economic re-®
bound, there m ay be consoling news
on the interest rate front. “ I see no
factors on the horizon th a t will pre­
vent a su bstantial decline in in terest^
rates in the first half of next year,’®
Dr. R obert R. Davis, vice president
and economist, said.
Dr. H erbert E. Neil, vice presi­
dent and bond m arket researclw
specialist, pegs the prime rate at®
under 16% by year-end. Even more
optim istic is Dr. Genetski, who sees
rates below 15% early in 1982 and
less th an 12% by mid-year.
The tim ing of the recovery pro­
jection, however, is based on the
assum ption th a t the Fed will loosen
its grip on the money supply.
A 4 to 5% increase in t h ^
m onetary base and a money supply
grow th a t 3 to 4% would be about
right in 1982, Dr. G enetski advises,
noting th a t such policy would effec­
tively “ w ring inflation out of th q ^
economy by the end of next year.”

He began his banking career in 1974
and joined F irst B ank H avre in
Mr. S to tt has a m aster of science
degree from B righam Young U niver­
sity and joined F irst B ank H avre in

M ontana

Elected in Great Falls

R. L. Reiquam, pres., Miles City
J. T. Cadby, exec. v.p., Helena

Changes Told In Billings
Bob Waller, president and chief
executive officer of F irst B ank Bill­
i n g s , has announced the prom otion
of Douglas E. Aden to vice president
and m anager-commercial banking
group. Mr. Aden joined F irst Bank
Billings in 1970 as an executive
ira in e e . He was prom oted to assis­
ta n t vice president in 1976. Mr.
Aden holds a BA degree from Con­
cordia College in Moorhead, Minn.



0 Also announced was the addition
of Cal N ortham to the staff as assis­
ta n t vice president and managerbusiness developm ent. Since 1978
Mr. N ortham has been vice pres­
i d e n t and general m anager of
F lag g ’s D istributing in Billings. He
is a graduate of Iowa S tate U niversi­
ty in Ames.

fle e te d at Miners Bank
K enneth G. McConwell has been
elected vice president and cashier of
M iners Bank of
M ontana, N.A.,
^ u t t e , according
to Scott A. San­
tee, acting bank
m a n a g e r . M r.
M cC onw ell be™an his banking
career in 1974 at
Citizens B ank of
M o n ta n a
in K.G. m c c o n w e l l
¿ la v r e and was
E lected a ssista n t vice president in
1980. T hat year he transferred to
M iners B ank as assista n t vice presi­
dent and cashier. Mr. McConwell is
^ graduate of N orthern M ontana
college w ith a degree in education.
Federal Reserve Bank of St. Louis

Joins Rimrock Bank

E astside B ank of M ontana in
G reat Falls has elected Carole
Dabler to operations officer and
W illiam T. Driscoll to instalm ent
loan officer, according to Jam es R.
Eddington, president.

D an B arz, p re sid e n t of the
Rimrock B ank in Billings, has an­
nounced the elect io n o f R o n
Tim m as vice
p re s id e n t. M r.
Timm joins Rim­
rock B ank w ith
13 years of ex­
p e rie n c e w ith
Lakewood Colo­
ra d o N a tio n a l
Bank, F irst N a­
tional B ank of
Denver and Security B ank of Bill­
Ms. Dabler has been in banking
1961. She joined E astside
Mr. Timm attended the A rapahoe
B ank in 1974 and has served in
Com m unity College and the U niver­
m any operations positions prior to
sity of Colorado-Denver.
her officer election.
Mr. Driscoll graduated from M on­
Promoted in Lewistown
tan a S tate U niversity in Bozeman
N orthw estern B ank of Lewistown and joined the bank in 1979. He has
has announced the prom otion of served in various operations and
Kyle Peck to consumer loan officer. loan assignm ents.
Mr. Peck began his banking career
a t N orthw estern B ank of Helena in Changes for Bozeman Bank
1975. He is a graduate of Carroll
John L. Franklin has joined F irst
College w ith a degree in finance. He
N ational B ank in Bozeman as senior
was prom oted from instalm ent loan
vice president and Paul A. Peterson
collector for N orthw estern Bank.
has been prom oted to vice president.
Mr. Franklin, a native Iowan, began
Appointed in Red Lodge
his banking career w ith F irst Bank
W illiam G. W estrum , president, A ustin in M innesota. In 1976 he
M ontana B ank of Red Lodge, has transferred to F irst B ank M in­
announced the appointm ent of Gary neapolis where he worked in the cor­
Kruger as a ssista n t vice president- respondent bank departm ent as call­
agricultural and commercial loans. ing officer for M ontana, W yoming
Mr. K ruger’s previous banking ex­ and N ebraska until joining the
perience includes nine years with Bozeman bank. He is a graduate of
N orthw estern B ank of Lewistown Iowa S tate U niversity.
and ten years w ith F irst N orthw est
Mr. Peterson sta rte d his career
of Dillon.
w ith Chase M anhattan Bank in
1965, later worked a t F irst National
Havre Promotions Announced Bank, K ansas City, Mo., and Farley
Gordon Clarke, president, F irst S tate B ank in Farley, Mo., before
Bank Havre, has announced the pro­ joining F irst N ational B ank of
m otion of Steve Velk to a ssista n t G reat Falls in 1977. He transferred
vice president and John S to tt to ag to F irst N ational B ank of Bozeman
in January, 1979 as the senior agri­
loan officer.
Mr. Velk com pleted undergradu­ business loan officer. He is a
ate work a t the U niversity of M ary­ graduate of M ontana S tate U niver­
land and N orthern M ontana College. sity.
Northwestern Banker, December, 1981


Pueblo Bank Insolvent

Chmn. Named Business Rep
Fred Hitchcock, president, South
Colorado N ational Bank in Denver,
has announced th a t Ivan K. Sweetman, board chairm an, will act as
b u sin ess developm ent re p re se n ­
tativ e for the bank. Mr. Sweetman
recently retired as president of
A nthony Sweetman, Inc., a residen­
tial real estate agency. He has been
a member of South Colorado’s board
since 1969.

Acquisition Agreement
Made for Englewood Bank
Will F. Nicholson, Jr., president of
Colorado N ational Bankshares, Inc.
and Jam es W. Reddick, president of
Republic N ational B ank of E ngle­
wood, have announced th a t agree­
m ent has been reached for Colorado
N ational Bankshares, Inc. to ac­
quire Republic N ational B ank of
Englewood, subject to approval by
the Board of Governors of the
Federal Reserve System .
Colorado N ational B ankshares,
Inc. will acquire the m ajority of the
outstanding shares of Republic N a­
tional B ank of Englewood through
an exchange of ap p ro x im ate ly
160,000 shares of Colorado N ational
Bankshares, Inc. stock. Republic
N ational B ank is owned by Republic
Bancorporation, Inc., a one bank
holding company.

University Natl. Election
B ryant M. Pulley has been nam ed
vice president—commercial lending
a t U niversity N ational Bank, accor­
ding to Charles A. Ferguson, presi­
dent and chairman.
Before joining U niversity N a­
tional Bank, Mr. Pulley was assis­
ta n t vice president and commercial
loan officer a t F irst N ational Bank,
F ort Collins. Prior to th a t he was
with Oakland and Hayw ard, Califor­
nia, Bank of America branches. Mr.
Pulley obtained an M BA degree
from the U niversity of California a t
Berkeley and a BS degree from
B righam Young U niversity.
for FRASERBanker, December, 1981
Federal Reserve Bank of St. Louis


The Com ptroller of the Currency
declared M idtown N ational Bank
(“ M idtow n” ), Pueblo, insolvent and
appointed the Federal Deposit In ­
surance Corporation (“ F D IC ” ) a ^
receiver on Oct. 30.
M idtown was chartered as a na­
tional bank by the Com ptroller of
the Currency on February 24, 196iL
and commenced business on M arclP
1, 1965. Over the last two years,
Boulevard Elects Director
idtown experienced ever increas­
Mrs. Je rry D. Sheely, president,
loan problem s, poor collection
Boulevard Colorado N ational Bank
in Denver, has announced the elec­ practices, and m anagerial deficien^
tion of Deane J. W riter, Jr. to the cies, the Com ptroller stated. L osse®
board. Mr. W riter is president and finally exhausted the b an k ’s capital
owner of the W riter Insurance Agen­ funds forcing insolvency., he added.
The FD IC is expected to issue a
cy, an independent insurance firm
more detailed statem en t later.
handling personal and commercial

Senior Executives Named
Elected senior executive vice
p resid e n ts a t U nited B ank of
Denver are Charles R. Hazelrigg,
Donald W. Robotham , Carroll D.
Speckman and Thom as C. Stokes.
All were formerly executive vice
presidents. The announcem ent was
made by Richard A. Kirk, chairm an
and president.
Mr. Hazelrigg, a graduate of
Miami U niversity, joined the bank
in 1958 and has advanced through
tru s t and commercial banking ac­
tivities. Mr. Robotham , a graduate
of Yale U niversity, sta rte d his
career w ith the bank in 1960, and
has been involved prim arily in com­
mercial banking.
Mr. Speckman is a graduate of the
U niversity of K ansas, joining the
bank in 1956. His background is in
operations, retail banking and finan­
cial m anagem ent. Mr. Stokes, a
graduate of the U niversity of Col­
orado, has been w ith the bank since
1956. He has experience in m arket­
ing and holding company activities.
UBD also announced the appoint­
m ent of M ary C. D um as to a ssista n t
vice president. Ms. D um as joined
the bank in 1978 and was named
commercial banking officer in 1979.
She has a BS degree in sociology and
psychology from the U niversity of
O ther recent appointm ents in­
clude K enneth D. Brown, Steven K.
Colliate and Elaine Sedillo to com­
mercial banking officer; Robert M.
Cockerill to system s officer and
M ary M. K ethcart to investm ent of­

Acquisition Agreement
Made By Foothills, Bancorp

A greem ent for acquisition of
Foothills N ational B ank of F ort Col®
lins by the F irst N ational Bancor­
poration, Inc. of Denver has been
reached by the respective organiza­
Foothills N ational Bank, near th ®
southern boundary of F ort Collins,
was established in 1980 in its pre­
sent tem porary quarters. A t the end
of Septem ber, the bank had assets oU
$9.31 million and $6.6 million i r ^
The acquisition process detailed
by the agreem ent announced in­
volves m erging Foothills into an i n ^
terim bank, which will be formed a ®
a wholly-owned subsidiary of Bancorporation. All issued and o u tsta n ­
ding common stock in Foothills will
be acquired by Bancorporation.
A nnouncem ent of the agreem ent
was made jointly by Bancorporatio n ’s Theodore D. Brown, chairm an
and chief executive officer, and
Richard L. M ount, president a n c ^
chief executive officer of Foothills.

Appointed Ass’t. Controller
C. Gale Sellens, chairm an anc^
chief executive officer of Denver Na­
tional Bank, has announced the ap­
pointm ent of Hal F. Nelson to assis­
ta n t controller.
A graduate of Colorado S t a t ^
U niversity w ith a degree in finance
and real estate, Mr. Nelson was
previously an internal auditor with
Affiliated B ankshares of Colorado,
Inc. Prior to th a t he was a ssista n t^
cashier a t Lakeside National Bank.

At United Bank of Denver we have
the best Correspondent Bankers
in the Rockies and Eastern Plains.
And to stay out m front, we’re
always trying to find ways to serve
our customers better.
In the field of Correspondent
Banking that means seeing our
customers more often. Getting to
know their banks and their needs.
In short, we believe the best
service comes from knowing the
customer best.
That’s why our nineteen Corre­
spondent Bankers are going to be
spending up to 40% of their time

D on't c a ll us.
We're callin g on you.
Federal Reserve Bank of St. Louis

on the road calling on you. Not sit­
ting behind their desks. The phone
company may not like our style,
but we’re sure our customers will.

$8 United Bank of Denver


Colorado News

Colorado National Sponsors Seminar
GROUP of more than 200 bank
directors and top bank m anage­
m ent from Colorado, K ansas, M in­
nesota, New Mexico, South D akota
and W yoming were presented w ith a
revealing look a t the dram atic
changes taking place in banking and
in the Rocky M ountain region a t a
recent sem inar sponsored by Col­
orado N ational B anks and the
U niversity of Denver.
G uest speakers and topics in­
cluded Jack W hittle, of W hittle,
Raddon, M otley & H anks, Chicago,
on bank m arketing; Ross McAdam,
A.G. Becker Inco rp o rated , Los
Angeles, on client retention, and Ed
F urash and A ssociates, W ashing­
ton, D.C., on the new regulatory and
m anagem ent environm ent for the
Colorado ‘Governor Richard D.
Lam m presented the keynote ad­
dress on developm ents which will af­
fect the banker’s prim ary m arket
“ T here’s no way to describe, in
my opinion, how the W est is chang­
ing,’’ Gov. Lam m said.
The increasing w ater shortage in
Colorado m ay be the lim iting factor
in the area’s grow th in the near
future, he noted. Currently, one out
of five Coloradoans get their w ater
from a t least 100 miles away.
However, he noted th a t the com­
bination of the are a ’s variety of
energy industries are providing a
powerful, synergistic grow th force
to the Rocky M ountain region.
The region is rich in oil and gas,
oil shale, coal and uranium . Strong
expansion in energy and high
technology is expected to continue
in the area, and use of ta x dollars,
clean air and w ater are projected to
be m ajor issues affecting the are a ’s

FDIC Insurance Approved
An application for federal deposit
insurance by the C entury Bank
N orth in Denver has been approved
for to tal capital accounts of $1.4

Executive Election Told
Charles H. Green has been named
executive vice president-corporate
banking a t the F irst N ational Bank
of Denver, according to Robert E.
Lee, president and chief executive
for FRASERBanker, December, 1981
Federal Reserve Bank of St. Louis

Four Join Dominion Staff

Daniel G. H unter, president of the
newly-opened Dominion National
Bank in Denver, has announced the
fo llo w in g new a p p o in tm e n ts :
Thomas J. Flanagan, Jr. as e x ®
ecutive vice president-corporate
banking; C.K. Skinner, Jr. and Jerry
L. Helmke as senior vice presidentscorporate banking, and Karen C.
Woolhiser as a ssista n t vice presi®
dent and service m anager.
Mr. Flanagan was previously ex­
ecutive vice president of South
Denver N ational Bank. He has a BS
degree from Boston College and an®
MBA from Babson College. Mr.
Colorado Governor Richard D. Lamm Skinner was formerly a general p a rt­
ner w ith G riffith & A ssociates in
delivered the keynote address.
Denver. He began his banking
Mr. Green joins F irst of Denver career in 1954 w ith Colorado Na l l
from Wells Fargo B ank in San F ran ­ tional Bank, where he advanced to
cisco where he was senior vice vice president. He is a graduate of
president—corporate banking group Yale U niversity.
and m anager—U nited S tates divi­
Mr. Helmke has 17 years of bank­
ing experience, and is a graduate ol®
Mr. Green is a graduate of the Indiana U niversity. He was m ost
U niversity of California a t Berkeley recently president of Alam and Mor­
with a bachelors degree in business ris Investm ent Services, Detroit.
a d m in is tra tio n . H e also is a Ms. W oolhiser was previously vice
graduate of D a rtm o u th ’s G raduate president and cashier for Fidelity®
School of Credit and Financial Bank of Denver.
M anagem ent.
He began his banking career with
Bank of Hawaii in 1960 following New Director in Denver
service as an officer in the U.S.
M onroe M. Rifkin has been
Navy. Mr. Green joined Wells Fargo
Bank in 1962, working in a variety elected to the board of Colorado N a­
of supervisory positions in Mexico tional Bank in Denver, according to
Bruce M. Rockwell, chairm an of the
City and in the U nited States.
b a n k a n d C o lo ra d o N a tio n a l®
Bankshares, Inc. Mr. Rifkin is chair­
Charter Receives Approval
an of Am erican Television and
George B. McKinley, president
Corporation, E n ­
and chief executive officer of Central
B a n c o rp o ra tio n , In c., h as a n ­ glewood.
nounced th a t the company has
received prelim inary approval for a
charter for the Central Bank of Golden President Elected
W.F. Nicholson, Jr., president of
Chapel Hills, N.A. from the office of
Colorado N ational Bankshares, Inc.,
the Com ptroller of the Currency.
This is the second such approval has announced the election of Hans®
received by the bank holding com­ W. von B arby as president of
pany for a newly chartered bank. In Golden S tate Bank. He succeeds
October the organization announced Richard M. Kreutzer, who plans to
prelim inary approval of its charter pursue other banking opportunities.
Mr. von B arby was formerly vice®
application for F irst N ational Bank
in B attlem ent Mesa, located on the president and m anager of the inter­
w e ste rn slope. O th e r req u ired national banking departm ent a t Col­
regulatory approvals are now being orado N ational Bank. He began his
career a t Colorado N ational in 1969.^
The bank is to be located in a and had nine years previous ex-®
rapidly developing shopping center perience w ith C itibank in New York
in n o rth e a st Colorado Springs. and Germany. He is a graduate of
Upon receipt of further approvals, Georgetown U niversity, and has
the bank is expected to open soon been honorary G erm an consul since^
after the end of the year.

M t H as A nything TODo W th M oney,
* A nywhere In THe World,We Ca n Help



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and abroad, corporations
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that goes beyond traditional banking services. A
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challenges o f o u r ever
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York or Frankfurt, buy in
M iam i or Tokyo, sell in
Chicago or Hong Kong,
acquire in Seattle or Sing­
apore, hedge in Boston or
S e c u rity P acific
experts are committed to

giving corporations strong,
consistent support in all
financial areas all across the
country, all around the
world, all around the clock.
If you’re a corporate
officer, rem em ber this:
Each day the sun rises,
there’s a bank that can
help you find opportunities
anyw here you w ant to
look for them.
Security Pacific Bank.

<& 1981
Federal Reserve Bank of St. Louis



Stapleton President Named
Colin C. Johnston has been named
president of Dominion Bank of
Denver, located in the Stapleton In ­
ternational A irport complex.
Prior to joining Dominion Mr.
Johnston, 43, spent 18 years with
the F irst N ational Bank of Chicago.
His m ost recent position there was
vice president in charge of the west
central division of the correspondent
bank group.

Denver National Opens
Offices at Glenarm
C. Gale Sellens, chairm an of the
board and chief executive officer,
recently announced the opening of
the interim q uarters of Denver N a­
tional B an k ’s Glenarm Office a t

16th and Glenarm.
The bank opened for business
November 9 in the newly decorated,
tem porary lobby located near the
Glenarm S treet entrance of the
Security Life Building. Denver N a­
tional B ank will do business from
the new q uarters during the exten­
sive rem odeling of their area, slated
for completion in late 1982 or early

Elected at Northglenn Bank

Doane— Western
Offers New Service
g r ic u l t u r a l


Com puting is

A the name of Doane-W estern’s
new m onthly new sletter designed t( £
help both the established user and
the beginner to get the m ost out of
this installation. A special advisory
board of experts in the field has been
appointed to insure th a t readers g e #
the m ost useful and accurate infor­
m ation available.

Dee Ann Chelewski has been
elected an operations officer at
N orthglenn Industrial Bank, accor­
ding to H.E. “ E d ” W arm an, presi­
dent. Ms. Chelewski joined the bank
in 1977 and has held various opera­
tions positions.

NEW Doane-Western newsletter.

Credit Conference to Be
Held Feb. 4-5 in Casper
The W yoming Bankers Associa­
tion has scheduled its annual Credit
Conference F ebruary 4 and 5 a t the
Ram ada Inn in Casper. R eserva­
tions for the conference m ay be
placed w ith M rs. Melba J. Tucker,
vice president of F irst In te rsta te
B ank of Casper, N.A., Box 40,
Casper 82602 (307) 235-4283.

Elected New Director
H.A. “ D ave” True, Jr., chairm an
of the H illtop N ational Bank,
Casper, has announced the appoint­
m ent of Jam es E. Coles to the
b an k ’s board of directors. In 1976,
M r. Coles purchased W yom ing
Peterbilt, Inc., and currently is
owner and president. He is also
associated w ith W yoming Peterbilt
Leasing Corp. and Consolidation
Leasing Corp.

A.H. Trautwein Resigns
David R. Johnson, president and
chief executive officer of W yoming
Bancorporation, has announced the
resignation of A.H. Trautw ein as
chairm an and a director of the corDigitized Northwestern
for FRASER Banker, December, 1981
Federal Reserve Bank of St. Louis

poration, effective Jan u ary 1, 1982.
Mr. Johnson said Mr. Trautw ein
plans to pursue personal interests.
Mr. Trautw ein was the principal
founder of W yoming Bancorpora­
tion. He plans to rem ain available to
the company on a consulting basis.

Named ABA Action Banker
Tom L. Holman, a ssista n t vice
president and agricultural loan of­
ficer for F irst In te rsta te B ank of
Laramie, has been appointed W yo­
m in g ’s A ction B anker by the
Am erican Bankers Association. Mr.
Holm an will serve as W yom ing’s
representative to ABA concerning
agricultural legislation and related
m atters. He will also be a member of
the 1982 conference planning com­
m ittee for the ag bankers division of
the ABA.

Joins Jeffrey City Bank
Steve Brandom has joined the
Jeffrey City S tate Bank as ex­
ecutive vice president and m anaging
officer. Mr. Brandom was m ost
recently in charge of loan origina­
tions w ith Rocky M ountain Federal
Savings and Loan in Cheyenne.

A gricultural Computing, which
began publication in October, will
feature a regular question and
answer column, interview s and c a s #
histories to help subscribers repeat
th e su c c e sse s a n d av o id th e
m istakes of others. Editorial em­
phasis is on agricultural software
(programming). Readers will be i r #
formed as to w hat is available and
program s will be reviewed by ex­
perts so subscribers will know their
advantages and lim itations. Each
issue will carry a special article fo ^
the beginner and “ how to ” articles.
Readers will also be kept in­
formed of new developm ents in the
field through a regular news column
and there will be a calendar of c o n 0
puter m eetings and seminars. A
special feature of the new publica­
tion is the A gricultural Com puting
Source Book, a looseleaf referenca
v o lu m e c o n ta in in g p e r m a n e n t
m a te r ia l o r g a n iz e d fo r e a s y
reference. Each issue of A gricultural
Com puting will carry a new page for
the Source Book, either adding n e \^
in fo rm a tio n or u p d a tin g o ld e P
m aterial.
Subscription price is $60 per year.
However, charter subscribers may
purchase a y e a r’s subscription f o ^




& ^

. v,









feeders, s '”3




,S bring'Hy


- Ir
f Denver

BU tt°ugh' j knoW-hoWt0

th a t job-

n 0y Pru
„rovide ne




First of Denver

Elbert, First of
Biahorn, says:
"The combined
strengths of our
make us that
much stronger.1

17th a n d C a lifo r n ia
D e n v e r, C o lo r a d o 8i
(3 0 3 )8 9 3 -2 2 1 1
M e m b e r FDIC
M e m b e r F irs t N a tio n a l B a n c o r p o r a tio n

Federal Reserve Bank of St. Louis spirit.

S U M S



Best wishes from NBC
for a Joyous Holiday Season
and a Happy New Year

W ilbur H. B aack, S e n io r V ice P re sid e n t
M ax C allen, V ice P re sid e n t
D u an e L. N elso n , V ice P re sid e n t
H. S tep h en K n ess, A s s is ta n t V ice P re sid e n t
D on n a L. B ieck, C o rre sp o n d e n t B a n k O fficer
Tom H en n in g , C o rre sp o n d e n t B a n k O fficer
Ire n e R ezac, C o rre sp o n d e n t B an k O fficer

R oy Otte, V ice P re s id e n t
D an A n d e rso n , V ice P re sid e n t
J a n S p ale, M oney P o sitio n O fficer

D an a H e n ric k se n , P re sid e n t an d C hief E x e c u tiv e O fficer
W illiam R. L igo, E x e c u tiv e V ice P re sid e n t, C hief O p e ra tio n s O fficer
G a lin P ra i, S e n io r Vice P re sid e n t, M an ag er, C u sto m e r S e rv ic e s
R o b ert K eller, Vice P re sid e n t, M an ag er, C o n v e rsio n C en ter
Jo h n M iller, V ice P re sid e n t, M an ag er, M a rk e tin g
R od M orten, A s s is ta n t V ice P re sid e n t, M a rk e tin g
M ike S o ren sen , A s s is ta n t V ice P re sid e n t, M a rk e tin g
G eorge C u m m in g s, C o n v e rsio n S p e c ia lis t O fficer
Rob S p a c k m a n , C o n v e rsio n S p e c ia lis t O fficer
D an C o u g h lin , T e ch n ical S p e c ia lis t O fficer


National Bank of Commerce

N B C C en ter / P.O . B o x 82408 / L in c o ln , N e b r a s k a 68501 / (402) 472-4321
Federal Reserve Bank of St. Louis

M em b er

f d ic

NBA Offers In-House Videotape Training
H E N ebraska B ankers A ssocia­
tion announced recently the
availability of a new, in-house
videotape training program for its
m em ber banks.
T h e n e w p r o g r a m , c a lle d
# /id eo B an c Training System™ was
d e v e lo p e d in c o n ju n c tio n w ith
F in an cial S h ares C orporation, a
Chicago-based financial training and
consulting firm.
• The program centers around a
series of videotapes, which address a
v a rie ty of sales and supervisory
training skills for bank employees.
B anks m ay rent these tapes from an
• 'iB A tape library. Student work­
sheets accom pany each tape.
In addition, a representative from
banks utilizing the tapes will be sent
to a one-day training workshop con­
d u c t e d by N B A a n d F in a n c ia l
Shares. The workshop will build the
person’s overall training skills, as
well as focus on how to get m ax­
im um benefits from the videotapes
d n d re la te d m ate ria ls. The tap e
series comes w ith a leaders’ guide
for each bank.
The first workshop was scheduled
for D ecem ber 7 a t th e L incoln
d lilto n Hotel. Dave McBride, NBA
d ire c to r of co m m u n ic a tio n s and
education, said about two dozen
banks had already signed up for the
new service by mid-November and
*11 of them, plus others th a t sign
since then would a tten d the first
A ccording to NBA President
W .W . Cook, Jr., president of the
“ e a tr ic e N a tio n a l B a n k , th e
VideoBanc Training System was
developed to provide a cost-efficient
m eans of training more bank em­
“ The direct and indirect costs of
sending employees out of the bank
to a tte n d educational program s
serves to lim it the num ber of
e m p lo y e e s t h a t c a n r e c e iv e
T raining,’’ Mr. Cook said.
Federal Reserve Bank of St. Louis

“ W ith this program the bank can
obtain training m aterials a t tim es
t h a t a re c o n v e n ie n t fo r i t s
e m p lo y e e s ,” he s a id . “ M ore
employees can benefit from the
training, and they don’t ever have to
leave the bank.
“The potential for long-term cost
savings, as well as the potential for
in cre asin g th e b a n k ’s tra in in g
capabilities, is enorm ous,’’ he added.
“ By being able to rent tapes as need­
ed from the NBA library, the bank
can have access to quality training
m aterials a t a fraction of the cost of
purchasing an entire program .’’
Banks will pay a subscription fee
for the videotape education service
based on the b an k ’s deposit size.
Tapes m ay be leased from the NBA
for $25 per week. The leaders’ guide,
student worksheets, and reg istra­
tion fees for the training workshop
are included in the subscription fee.
Mr. Cook said NBA plans to add
new tapes and related m aterials to
its tape library each year.
Initially, 12 tapes are available
for rental from the NBA library.
Those tapes address four general
areas: Custom er relations skills,
recognizing the im portance of cross­
selling services, adding to m anage­
m ent skills of supervisory person­
nel, and developing a team feeling
am ong bank employees.
Prom otion for the program was
launched a t the association’s recent
annual M arketing Conference in

York Promotions
C.G. H olthus, president of the
F irst N ational B ank of York, has an­
nounced four changes in staff
assignm ents.
B ru c e F a g o t, a u d ito r since
Septem ber, 1977, was nam ed vice
president in charge of credit ad­
m inistration. His duties will include
credit analyses and supervision of

loan accounting. He is a graduate of
the Lincoln School of Commerce
w ith a degree in professional accoun­
Kile Olson succeeds Mr. F agot as
auditor. He joined the bank in
January, 1980 and was nam ed assis­
ta n t auditor last June. He is also a
graduate of the Lincoln School of
Commerce w ith an associate degree
in professional accounting.
R andy Shelden has been named
a ssista n t vice president in charge of
m arketing and public relations,
which will include responsibility for
all ad v ertising and prom otional
work. He has been w ith the bank
since May, 1976, in consumer loan
and commercial loan departm ents.
He has a degree in business ad­
m inistration from the U niversity of
Alice W alker, an employe with
the bank for 19 years, has been
nam ed m anager of the b a n k ’s two
detached facilities. She will also
assist w ith the training program
and edit the b an k ’s new sletter.

Hastings Elections Told
O.J. McDougal, Jr., president of
City N ational B ank and T rust in
H astings, has announced the elec­
tion of Melvin D. Bunde to senior
vice president and cashier and Stan
D. W ieland to senior vice president
and senior loan officer.



Mr. Bunde began his banking
career w ith City N ational in 1956,
m ost recently serving as vice presi­
dent and cashier. Mr. W ieland
joined the bank in 1974 and has a
bachelors degree from Kearney
S tate College.

Elected DeLay Director
The DeLay F irst N ational B ank &
T rust Co. in Norfolk has elected
Tom DeLay, Norfolk attorney, to
the board. He is the son of Bernard
DeLay, president of the bank. His
grandfather, J .J . DeLay, founded
the bank in 1930.
Northwestern Banker, December, 1981



M A H A ’S oldest bank, the U.S.
N ational Bank, celebrated its
125th anniversary and the upcom ­
ing move of its facility to the Central
Park Plaza w ith some “ M errimenton-the-M all” in downtown Omaha in
Over 4,000 people attended the
noon-hour fe s tiv itie s . O m a h a ’s
“ d o w n to w n e rs” —em ployes from
businesses located in downtown
O m aha—gathered in the parking lot
of the U.S. N ational Bank-on-theMall, enjoying lively music and a
free lunch provided by the bank.
Old-fashioned Dixieland entertain­
m ent was provided by Bill B ailey’s
Banjo Band, perform ing from under
a festive gazebo. G uests were
treated to hot dogs, Coke, popcorn,
ice cream sandwiches and a piece of
the m ulti-tiered anniversary cake.
G uests also received “ G e ttin ’
D ow nTow n to B u s in e s s ’ lapel
stickers and a poster of the unfinish­
ed bank facility. Headlined, “ You’re
gonna like banking here so much,
well . . . we couldn’t wait to show it
off,” the poster depicted the facility
in its current stages of completion

CUTTING the 125th anniversary cake are
Don Murphy, chairman, and Jim Campbell,
president, U.S. National Bank.
for FRASERBanker, December, 1981
Federal Reserve Bank of St. Louis

and pointed out m any of its new
banking conveniences.
The new facility in Central Park
Plaza is scheduled to open in April,
D e sp ite o v e rc a s t sk ie s and
th r e a te n i n g s h o w e rs, n o th in g
seemed to dam pen the spirits of
those attending. Food runs had to be
made several tim es during the threehour festivity to keep up with the
crowds. Donald J. Murphy, chair­
man of the board of directors of the
U.S. National Bank, said th a t “ this
turn-out astonished all of us. The
ov erw h elm in g a tte n d a n c e is a
strong indication th a t downtown
Om aha is vitally alive.”
* * *
H E election of Vice President
and Controller Jerre W. Woelfle
to the position of cashier and the
prom otion of five officers have been
announced by Donald J. Murphy,

HELPING out on the hot dog line is Joe Kramolisch, on-the-mall manager, U.S. National.






chairm an of The U nited S tates Na­
tional B ank of Omaha.
Robert L. Billings and Robert J.
Brown have been elected vice
presidents and Richard D. Rouse
and Roger S. W elty have been
nam ed second vice p re sid e n ts®
Myron H. Peterson has been pro­
m oted to Credit Officer.
Mrs. Woelfle, 39, joined U.S. Na­
tional B ank in 1975 as a cost analyst
in the controllers departm ent follow®
ing 11 years w ith F irst National
B ank of H astings, where she had
served as accounting m anager and
operations officer. In May, 1978,
Mrs. Woelfle was nam ed co n tro lled
of U.S. N ational B ank and in
November, 1978, was prom oted to
vice p resid en t. A g rad u a te of
H astings College, H astings, Nebr.,
w ith a Business A d m inistrator®
degree, M rs. Woelfle graduated
“ w ith d i s t i n c t i o n ” fro m th e
Southw estern G raduate School of
Banking a t Southern M ethodist
U n iv e rs ity , D a lla s, T ex as, ii€>
A ugust, 1980.
Mr. Billings, 46, joined U.S. Na­
tional in 1967 as a loan counselor.
(Turn to page 84, please)


Jim Flodine, Fred Kuehl, Don Ostrand, Ralph Peterson, Charles Leffler.

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In Nebraska call us toll free at 800-642-9907. Outside Nebraska call us toll free at
800-228-9533. Member FDIC.

p a y a b le J a n u a r y 4, 1982, t<^
shareholders of record on December
18, thus m aking the dividend ap­
plicable to new shares declared
under the stock dividend.

Named NABW President

James F. Nissen, president of N a­
tional Bank of Commerce T rust &
Savings Association, has announced
these promotions:
Max Callen was nam ed vice presi­
dent and correspondent loan officer.
Mr. Callen joined the bank in 1974.
Bud Olsson was elected vice presi­
dent and commercial loan officer.
Mr. Olsson has been with the bank
since 1974.
Thomas F. Lintel, assista n t con-



Nadine Frakes, vice president and
cashier of Farm ers Bank in N ebras­
k a C ity , h a s
nam ed
president of the
N ebraska State
Council of the
National Associ­
ation of B ank
As president
troller w ith the control division of
N ational Bank of Commerce, and of the sta te or­
Bruce Bellamy, internal auditor ganization, Ms.
w ith Commerce Group, Inc., have Frakes will be a
been recognized as C hartered Bank a link between N ebraska’s women
A uditors by Bank A dm inistration bankers and national and regional
In stitu te. The men were am ong 162 officers. She has previously served
internal auditors who qualified for as president of the Omaha chapter,
the CBA certification this year.
N ebraska sta te m em bership chair®
m an and regional m em bership chair­
* * *
D irectors of First National Lin­
Ms. Frakes has been employed by
coln Corp., announced last m onth a
Farm ers Bank since 1955, becoming:
15% stock dividend to be d istribu­ an officer in 1968.
ted to shareholders on December 15,
of record December 1. Fractional Joins Geneva Bank
shares, which will not be issued, will
John R. Bixby recently joined the
be aggregated and sold by sealed bid
staff of the Fillmore County Bank iiv
on or before December 15, w ith the
G eneva as a
c a sh p ro ce e d s from th e sale
m arketing offi­
d istributed to affected shareholders
cer. Mr. Bixby is
on a pro-rate basis.
a life-long resi­
D irectors also announced a quar­
dent of the Gene­
terly cash dividend of 35<t per share,
va area and has
m any years of
work experience
in both financial
and public sec­
tors. He was one
of the organizers
of the Fillmore County Bank in

Group Receives NABW Aware?
The W estern N ebraska Group of
the N ational A ssociation of Bank
W omen received the “ Group E x ­
cellence A w ard’’ for m em b e rsh ip
grow th during the 59th annual
NABW convention held recently in
The group is comprised of women
bankers from the panhandle o ||
N ebraska and is led by Anne
Reynolds, cashier, W estern National
Bank of Scottsbluff. The 1981-82
chairm an of the group will be Birdeen Zier, a ssista n t cashier, Geringfc
N ational Bank.
 Banker, December, 1981
Federal Reserve Bank of St. Louis

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Box 81008 • Lincoln, Nebraska 68501 • Member, F.D.I.C.
Federal Reserve Bank of St. Louis


Nebraska News

SPEAKERS Included George Morvis, pres., Financial Shares,
Chicago; Dave Simmons, s.v.p., Freemont Nat’l Bk.; Rich Bailey,

A ssociate Publisher
fifi Q E A C H I N G Your T a rg e t”
f t w as th e th em e of th e
N ebraska Bankers Association 1981
M arketing Conference held October
21-22 in Kearney. NBA M arketing
Com m ittee Chairm an Mike Novak
welcomed the 86 bankers attending
the sessions, which were directed
tow ards the business functions in-

pres., Bailey Lewis, Lincoln; Dr. Charles Hinkle, Univ. of Colo., and
Jim Hubbard, pres., Hubbard & Assoc., Chicago.

volved in a sse m b lin g a b a n k
m arketing campaign. Mr. Novak is
second vice p re s id e n t-p la n n in g
director a t the U nited S tates N a­
tional B ank of Omaha.
Lead-off speaker Jim H ubbard,
president, H ubbard & Associates,
Glen Ellyn, 111., reported on the in­
creased im portance of using accur­
ate consum er research in developing
bank m arketing strategies. The
challenges of changing consumer


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Kansas City, Missouri • Wichita, Kansas • Chicago, Illinois • Houston, Texas.

western Banker, December, 1981
Federal Reserve Bank of St. Louis

values tow ard bank services nation­
wide also were addressed.
Mr. H ubbard advised the b anker^
th a t additional m arketing improve­
m ents in hum an resource utilization
are critical factors in responding to
rapidly changing consumer values.
His sum m ary emphasized the neetP
for a well-defined m arketing plan as
banks prepare to compete with new
entries in the financial services
m arketplace.
W ith the need for m a rk e tin g
detail established, the program then
entered a ‘‘nuts and b o lts” series of
p rese n tatio n s dealing w ith the
preparation of bank advertising.
Dick Dolezal and Ben Prieb of Ja c o l^
N orth Printing, Lincoln, began the
series w ith instructions on the
technical aspects of ordering printed
m aterial. The expertise of Rogei^
Bailey, vice president, B ancshare®
of Nebraska, G rand Island, was
tapped in discussing prem ium and
specialty advertising campaigns.
The ‘‘how to ’s ” of w riting effec^
tive radio and newspaper copy were
analyzed by Rich Bailey, president,
Bailey Lewis & A ssociates advertis­
ing agency in Lincoln. Demographic
identification was the final topic ii^
the series.
Sharing her successes in planning
and scheduling of broadcast adver­
tising was M ary Jo Van Schuyver,
m arketing officer, Scottsbluff N c^
tional Bank.
The bankers then were shown the
film ‘‘The B est of TV A dvertising
for 1981” as awarded by Bank
M arketing Association.
R etu rn in g the m ee tin g ’s em ­
phasis to consum er changes, George
Morvis, president, Financial Shares
Corporation, Chicago, advised the
bankers on how to take advantage 0 0
the entire bank staff in implemen-

Nebraska N e w s

^ tin g the m arketing plan. W orking
w ithin the topic of “ U sing Your
H u m a n R e s o u r c e s in B a n k
M arketing,” Mr. M orvis referred to
national trends relating to consumer
^ t t i t u d e s and demands. He in­
dicated th a t the future is now,
relative to traditional bank services
being offered from com petitiors. In
closing he echoed the need for
j a n k e r s to p re p a re m a rk e tin g
guidelines today for tom orrow ’s ser­
Roger Beverage, NBA executive
vice-president, brought the bankers
0 i p - t o - d a t e on t h e c h a n g in g
regulatory climate. Looking tow ard
future services, he reviewed the
legislative environm ent in the state
w ith the association members.
# A highlight of the conference was
a panel discussion on consumer
financial services being offered by
banks and com petitive institutions.
Chaired by NBA president Bill
#^ook, president, Beatrice National
Bank, the panel m em bers included
Russ Browne, senior vice president,
Commercial Federal Savings and
L oan, O m aha; M ick S h o n sey ,
# ecu rities m anager, M errill Lynch,
G rand Island, and H arris Hawkins,
vice president, M utual of Omaha


PANEL members from left: Harris Hawkins, v.p., Mutual of Omaha Funds Mgmt Co ■Mick
Shonsey, securities manager, Merrill Lynch, Grand Island; Russ Browne, s.v.p., Commer­
cial Fed. Sav. & Loan, Omaha, and Bill Cook, pres., Beatrice Nat’l Bk.

Funds M anagem ent. Following in­
dividual presentations, the panel
a n sw e re d q u e s tio n s from th e
bankers concerning consumer ser­
vices before adjourning for the day.
Dr. Charles Hinkle, U niversity of
Colorado Springs, presented the
topic, “ Principles of M arketing
Planning & B udgeting.” U sing na­
tional trends, data and budget
figures, he expressed the im portance
of m arketing receiving the to tal sup­
port of upper-level m anagem ent.
To provide the opportunity for
practical applications of presented

m aterials, the session broke into
roundtable groups based on bank
W ithout question, one of the
areas of concern to all of the con­
ference speakers was the need for
continued and improved training of
bank personnel. In response to this
m ajor concern, the NBA unveiled its
new video training package. VideoBanc Training System offers an
economical m eans of an in-bank
training program which will benefit
all employes. (See special story at
s ta rt of N ebraska News section.) □

Your Direct Line to Prompt, Personal
Correspondent Banking Services

Tom Pohlman

Of Sioux City
An Affiliate of Northwest Bancorporation
Federal Reserve Bank of St. Louis

Northwestern Banker, December, 1981

long with our best wishes for a
festive holiday season and prosper­
ous new year, may we say a special
"thank you” to all whom we’ve
served during 1981. It’s our hope
that this most pleasant association
may continue.
If you plan to be in Des Moines
during the holiday season, stop by
and say hello. We’d be pleased to
see you.


Come Crow

Des Moines, Iowa 50304

Member: FDIC/Federal Reserve System Iowa’s largest locally owned, independent bank
Use our toll-free WATS line: 800-362-1688
Federal Reserve Bank of St. Louis

at the Central T ru st & Savings
Bank in Peoria.
Mr. Johnson joined Andrew Sav­
ings in 1979 as an officer trainee, ad­
vancing to vice president in 1981.
Mr. Nemmer joined as a teller a t the
La M otte office in 1955. He later
was nam ed m anager and then vice
president and m anager.

Joins First National
Bank of Council Bluffs

IBA Aids New Business Program
H ROU GH a $2,000 contribu­
tio n , th e Io w a B a n k e r s
A sso ciatio n rec e n tly becam e a
shareholder in the newly-certified
Iowa Business Grow th Company
^IB G C ), a company formed in May
to stim ulate the developm ent and
grow th of small business in the
state. Fifteen other state corpora­
tions, associations, and businesses
^tlso have provided initial capital for
the venture.
According to Don J. Albertson,
executive vice president of IBGC,
the com pany is the first statew ide
C ertified developm ent program in
the nation authorized to make loans
on a statew ide basis through the
Small Business A dm inistration’s
503 Certified Developm ent Com­
p a n y Program . The program ’s pur­
pose is to provide long-term, fixed
asset financing a t lower th an usual
interest rates.
U nder this program , IBGC, in
T ooperation with SBA, can finance
up to 45% of the cost of plant con­
struction, conversion, or expansion,
including the acquisition of land, ex­
i s t i n g buildings and leasehold im ­
provem ents. Plant construction may
include the acquisition and installa­
tion of m achinery and equipm ent.
IBGC can lend prospective small
^ u s in e s s up to $500,000 or 45% of a
project cost, whichever is less, a t a
fixed rate equivalent to a U.S.
obligation of com parable m aturity.
Recently, the rate has varied b e t­
w e e n 12 and 15 percent. M aturity on
these loans m ay be w ritten for 15,
20, or 25 years. All IBGC loans are
secured by a second m ortgage or lien
on assets purchased w ith proceeds
g^f the loan.
Businesses eligible to apply for
loans through IBGC are for-profit
corporations, partnerships, or pro­
prietorships whose net w orth m ust
0 o t exceed $6 million. N et profit of
those eligible m ust have averaged
Federal Reserve Bank of St. Louis

D irectors of the F irst N ational
B ank of Council Bluffs have elected
less than $2 million during the Dennis L. Ochsner vice presi­
previous two years.
Several Iowa bankers are serving dent and agricul­
on the IBGC board of directors and t u r a l le n d in g
two are board officials. R.W. Bux­ specialist.
Mr. O chsner
ton, president of Peoples T rust and
Savings Bank, Indianola is presi­ received his de­
dent of the board, and David L. gree in accoun­
Miller, president, W est Des Moines tin g from the
S tate Bank, W est Des Moines, is U n i v e r s i ty of
vice president. O ther bankers on the N ebraska a t Lin­
board include Tim othy J. Coughlon, coln, and is a cer­
senior vice president, N orthw estern tified public accountant. Prior to
N ational Bank, Sioux City; Ivan D. joining the bank, he was a vice presi­
Davis, president, H am pton S tate dent w ith the Federal Land B ank at
Bank, H am pton; John E. Mangold, Columbus, Nebr.
senior vice president, M erchants Na­
tional Bank, Cedar Rapids; John W. Heads Morning Sun
Rahn, president, Spencer National
Steven L. Jacobson, has been
Bank, Spencer; William J. Rickert,
elected executive vice president of
senior vice president, N ational Bank
the Iowa S tate Bank, M orning Sun.
of W aterloo, W aterloo; Ralph Story,
He succeeds Alan Eich as m anaging
president, Frem ont County Savings
officer. Mr. Eich has resigned to pur­
Bank, Sidney; E dw ard L. Tubbs,
sue other interests.
chairman, M aquoketa S tate Bank,
Mr. Jacobson is a graduate of
M aquoketa; David N. W althall,
L uther College, Decorah. Following
president, S tate Bank and Trust,
graduation, he served as an ex­
Council Bluffs and David G. W right,
am iner for the Iowa D epartm ent of
president, N orthw est B renton N a­
Banking for seven years. For the
tional Bank, Des Moines.
p a st five years, he has been a vice
To date, IBGC has approved five
president of the Citizens S tate
loans for a total of $688,000. The
Bank, Belle Plaine, which is under
f ir s t lo a n w as d is b u r s e d in
the same ownership as the M orning
November to finance the rebuilding
Sun bank.
of a resta u ra n t located in northRichard H. Buenneke of Des
central Iowa.
Moines continues as chairm an and
will serve as president.

Advanced in Andrew
Lom a H. W issink, chairm an of
the Andrew Savings Bank, has an­
n o u n ced th e fo llow ing o fficer
advancem ents: Richard L. Bayless
to president, L.L. Johnson to execu­
tive vice president and Stanley G.
Nemmers to senior vice president.
Mr. Bayless joined the bank in
1972 as executive vice president,
after serving w ith banks in the Quad
Cities area and Peoria. He began in
banking 32 years ago as a m essenger

Pocahontas Banks Duel
D u rin g a rec e n t P o c a h o n ta s
Cham ber of Commerce “ Retail Sales
N ig h t’’ the Commercial S tate Bank
of P o c a h o n ta s c h a lle n g e d th e
Pocahontas S tate Bank to a “bed
race’’ on main street. A to tal of 20
team s participated in the 100-yard
race. A lthough not the fastest team ,
the Commercial S tate en tran ts won
the “ B est D ressed’’ p a rt of the con­
Northwestern Banker, December, 1981


Iowa Newa

Tabor Advancements Told •

Were interested in handling
ag credit needs.

A t F irst S tate Bank of Tabor,
Jerry A. Jobe has been prom oted to
cashier and assista n t vice president
and Denise Ham m er has been nam^
ed assista n t cashier. The an n o u n c*
m ent was made by Neil Seiko, presi­
Mr. Jobe has been w ith the bank
since 1974, Mrs. Ham m er sinca

Jim Hongslo Named
President at Akron

t Security Bank, we’re peoL pie with an interest in
your success. People you can
count on for ag lending and all
your correspondent needs.
Our Correspondent
Banking Officers have a special
commitment to agriculture.
And we have our own Security
Agri-Credit Corporation to
help you with increased credit
So, start corresponding
with Security for ag lending,
data processing, overlines and
investments. You’ll discover
we’re people with an interest
in you.


Security Correspondent Bankers
Top to Bottom
Jim Hongslo
Steve Hatz
. Ken Roeder
Wilma Weeks
Scott Otis

People with
an interest
in you.

Western Iowa’s Largest

7 1 2 /2 7 7 -6 5 5 4


© 1 9 8 0 Security National Bank

Northwestern Banker, December, 1981
Federal Reserve Bank of St. Louis

Jam es M. Hongslo has b e e £
elected president and a director of
the F irst N ation­
al B ank of A k­
ron. The election
was announced
fo llo w in g th e
November board
m eeting, and re­
sulted from the
earlier approval
by the Federal
R eserve B oard
for acquisition of
the A kron bank by Security N ^
tional C orporation of Sioux City.
M r. H ongslo previously w as
associated w ith Security N ational
B ank in Sioux City, the holding
com pany’s principal bank. A n a tiv e
of Alcester, S.D., he was graduated
from th e U n iv e rsity of South
D akota as well as the G raduate
School of Banking a t M adison, Wis.
Mr. Hongslo joined Security N a tio » |
al in 1967, serving in a variety of
functions, and m ost recently as vice
president in charge of the corres­
pondent banking division. He is a
vice president of Security N a tio n ^
Corporation and a director of one of
its affiliates, F irst S tate Bank in
M apleton.
Lyle Jacobs, form erly chairm an of
F irst National, will continue
chairm an. All other officers and
employes continue in their present
D irectors of the bank are Mr.
Jacobs, Mr. Hongslo, H arlan Klav<#
vice president, Allan Vanderhelm,
Lawrence M aynard and S tu a rt H ar­

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Bank Data Processing Professionals
Phone 1-800-772-2411 Waterloo, Iowa 50704
Federal Reserve Bank of St. Louis

Member Federal Reserve System FDIC



OBERT G. Millen has been ap­
pointed president and chief officer
of United Central
B a n k of D es
M oines, N .A .,
according to an
announcem ent
by Kenneth M.
Myers, chairm an
of the bank. He
su cceed s R ay­
mond G. John­
ston, who has re­
signed to pursue
other interests.
Mr. Millen joined UCB in March,
1981, as executive vice president.
He was previously a group vice
president-retail banking a t another
Des Moines bank. He graduated
from the U niversity of Iowa w ith a
BBA in finance and did graduate
work a t the U niversity of MichiganAnn Arbor.
Mr. Millen serves on the board of
U nited Central B ank of Des Moines
and also has been serving as vice
president-m arketing of U nited Cen­
tral Bancshares, Inc., a Des Moinesbased m ulti-bank holding company.
* * *
Larry Wenzl, president of Capital
City S tate Bank, has announced
th a t David Pike has joined the bank
as vice president and m arketing of­
ficer. Mr. Pike was previously a vice
president w ith W aukon S tate Bank,
another Hawkeye affiliate.
Mr. Pike has a BA degree in com­
m unications from the U niversity of
N orthern Iowa in Cedar Falls. He
joined Hawkeye in 1973 a t F irst N a­
tional Bank in Clinton. In 1975, he
Digitized Northwestern
for FRASER Banker, December, 1981
Federal Reserve Bank of St. Louis

transferred to Farm ers Savings
Bank in G rundy Center where he
was cashier and loan officer.
Mr. Pike is president of the Iowa
Junior Bankers A ssociation and a
m em ber of th e Iow a B an k ers
m arketing committee.
* * *
Richard D. McCormick, senior
vice president and chief operating
o ffic e r of N o r th w e s te r n B ell
Telephone C om pany, has been
elected to the board of Bankers
T rust Company, according to John
Ruan, chairm an. Mr. McCormick
has been senior vice president of
N orthw estern Bell since 1978, and is
responsible for operations in Iowa,
N ebraska, M innesota, and N orth
and South Dakota. He is also a
member of the board of N orthw est­
ern Bell.
* * *
Eugene G. Precht, chairm an and
chief executive officer of Iowa- Des
Moines N ational
Bank, has an­
nounced the fol­
lo w in g
p ro ­
G. Kurt Wayne
to vice president
a n d m a n a g e rcommercial
b a n k in g .
recently joined
the bank from
Capital City S tate Bank, where he
was an executive vice president.
John C. Clark to vice presidentcom m ercial banking. Mr. Clark
joined the bank in 1977. He is rejoin-


ing the staff after leaving ten
m onths ago for a business venture.
He is a graduate of the U niversity of
Roger B. Hassebrock to second
vice president-sm all business bank­
ing. He joined the bank in 1957 and
was nam ed instalm ent loan officer in
1971. He has a degree in business
from the U niversity of Iowa.
Steven W atts has joined the staff
as vice president-com m ercial bank­
ing. He was m ost recently w ith the
St. Joseph Bank & T ru st Companv
of South Bend, Ind. as vice pres®
d e n t an d d ire c to r-in te rn a tio n a l
banking. Mr. W atts is a graduate of
Ball S tate U niversity in Muncie.
* * *
U nited Central Bancshares, Inc.
has announced the appointm ent of
Douglas R. Hawkins as president of
UCB Leasing Corporation, D e^
Mr. Hawkins, 31, joins UCB Leas­
ing from Columbus, Ohio, where he
was vice president and formerly
treasurer of BancOhio Leasing C o ^
poration, and had held area sales
m anagem ent responsibilities with
ITT Industrial Credit Company.



A graduate of K ent S tate U nivei^
sity w ith a BS in business ad­
m inistration, he has been active in
the developm ent of innovative leas­
ing program s for agri-business.
UCB and its subsidiaries, U nite®
Central B ank of Des Moines, N.A.
and F irst M ortgage Investm ent
Company, Inc., K ansas City, Mo.,
have jointly announced the appoint^
m ent of James T. Wills as vice pres®


DES MOINES, N A w (515) 245-7111 w MEMBER FDIC
Federal Reserve Bank of St. Louis


Iowa News

dent of UCB M ortgage, Des Moines,
the real estate/m ortgage area within
United Central B ank of Des Moines.
Mr. Wills, 34, was previously with
American Federal Savings and Loan
in Des Moines, where he was a
residential loan m anager for more
than four years. He attended Drake
U niversity and has had experience
in real estate sales and m anagem ent.
* * *
Eugene G. Precht, chairm an and
chief executive officer of the IowaDes Moines National Bank announced
the following prom otions following
the November m eeting of the b an k ’s
board of directors:
Patricia L. Hanson has been
nam ed vice president, controllers
departm ent. She joined the IowaDes Moines in February, 1981, as
card services controller and was
named second vice president, plan­
ning and control in April of this year.
She previously held positions on the
audit staff of Deloitte, H askins, and
Sells and also served as financial in­
form ation officer, Central N ational
Bancshares, Des Moines.

A ugust, 1973, as a collector and was
prom oted to collections m anager of
M aster Charge in 1973. He was
named B ankC ard collections officer
in M arch, 1980, and card services of­
ficer, collections in April, 1981.
Stephen M. Thompson has been
named second vice president, card­
holder services. He transferred to
the Iowa-Des Moines from the
N orthw estern N ational B ank of
Minneapolis. He joined the N orth­
w estern in 1979 as a credit super­
visor and was nam ed collections
supervisor in 1980. Since joining the
Iowa-Des Moines in early 1981, he
has served as m anager of custom er
service and central operations and
was nam ed card services officer in
April of this year.

Resigns in Webster City
Ron M ortensen, vice president
and a director of the F irst S tate
Bank in W ebster City, has resigned
from the bank to accept a position
w ith the N orthern T rust Company
in Chicago. He will be employed in

the agricultural and c o m m o d ity
Mr. M ortensen joined the bank in
1973 after receiving a BS degree in
agricultural education from Iowa
S tate U niversity. He later earned a i#
MBA degree from Drake Universi­

Promoted to Asst. V.P.
Charles R. Parsons has been pro®
m oted to a ssista n t vice president at
U nited C entral
B ank & T rust
C om pany
Sioux City, ac­
cording to Bruce
M. Kolbe, presi­
dent of the bank.
M r.
P a rso n s
joined the for­
mer Valley S tate
Bank in 1979 as
an in s ta lm e n t
loan officer and was selected assis-.
ta n t cashier a t th a t time. He is a*
native of Elk Point, South Dakota
and a graduate of the U niversity of
South D akota.

Marion Bank Opens Lindale Mall Office


l . e . m c in t o s h


s .m .

Th o m p s o n

Lois J. Iverson has been nam ed
card services officer, custom er ser­
vice. She joined the bank in 1964
and has held positions in the real
estate, controllers, and personal
banking areas before joining card
services in 1975 as custom er service
Larry E. McIntosh has been
n am ed seco n d vice p re s id e n t,
m anager of collections, fraud con­
trol, and recovery - card services. He
joined the Iowa-Des Moines in
for FRASERBanker, December, 7981
Federal Reserve Bank of St. Louis

NEWEST FBS facility expands full service banking in Marion area.

N D opening fe stiv itie s
were held for Farm ers S tate
Bank of M arion’s-new full service
bank in the Lindale Mall, President
M orris F. Neighbor announced. The
office is located a t the south mall en­
tr a n c e . A n A TM a n d n ig h t
depository are available a t all times.

The structure includes a private
office for loan custom ers, two te lle r^
stations and a custom er service®
area. Robert Wilhelm, vice presi­
dent, is m anager of the facility. His
12 years of financial experience in­
clude three years w ith F S B ’s con-_
sumer loan departm ent.

We've got
Correspondent Banking Services
in the bag.
W hether you need over-line loan
participation, help with collec­
tions, or assistance on compiling investment p o rt­
folios, you can depend on getting it from American
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You can also count on Bernie Miller, our cor­
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Reserve System services: inexpensive
and easy procurement of currency
and silver, direct deposits of Federal
checks through an Automatic


Clearing Fiouse, and domestic and
foreign wire transfer of funds.
In addition, our Trust Department backs up
Bernie with trust services to enable you to establish
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Trust G Savings Danl^

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Federal Reserve Bank of St. Louis

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Iowa News

1st Sioux City Hosts Executive Seminar

IR ST N ational B ank in Sioux
City recently hosted an Execu­
tive Officers B ank M anagem ent
Sem inar a t the M arina Inn in South
Sioux City. More th an 50 bankers,
representing the executive m anage­
m ent of banks from Iowa, N ebraska,
and South D akota, were in a tte n ­
dance a t the day long seminar. The
sem inar was organized by G ary
Stevenson, vice president, and Doug
Schm idt, assista n t vice president,
from F irst N ational B an k ’s cor­
respondent banking departm ent.
Topics featured a t the sem inar in­
cluded asset/liability m anagem ent,
IRA /K EO G H planning, the 1981
Economic Recovery Tax Act, and an
agriculture outlook. All of the topics
discussed have a direct im pact on
the future of com m unity banks and
D uring the luncheon, the bankers
were addressed by R ichard C.
Taylor, president of F irst N ational
B ank. M r. T a y lo r’s com m ents
touched on the topics of the day, in
addition to discussing the changing
banking environm ent and com peti­
tion from non-banking com petitors.

He will continue to live in Hazleton,
where he has been m anager of the
H azleton office. Mr. Palmer, former
owner of the Citizens Savings Bank
in Hawkeye, which he sold several
years ago, will continue living in
Robert and Paul Buenneke are
brothers of Don Buenneke.

Cedar County Banks Join
In Historical Project
To consolidate the 144 years of
Cedar C ounty’s history into one
literary form would seem to be a
m onum ental task, b u t th a t is exactly
w hat Don and Dorothy Stout
accomplished in CEDAR LAND —A
HISTORY OF LIV IN G , 1836-1980.
The S to u t’s early visions and
am bitions appealed to the banks of
Cedar County and those banks

generously supplied financial support
which resulted in a two volume w orP
detailing the county’s religious,
family and business history.
W ith banks playing a dom inant
role throughout the recording of the
county’s growth, a specific chapter £
entitled “ Banks and B anking.”
Offering a concise, chronological
detail of the history of banking in the
U.S. from 1830, the chapter contains
m any interesting stories about t l P
development of the Cedar County
banks. This excerpt tells of the
founding of the Ham m ond and Pound
“ On Nov. 13, 1871 the private ®
bank opened for business in a
nicely appointed room opposite
the court house. Business was
good from the sta rt. This bank
came into being when the Na- ®
tional bank project failed to
develop as hoped, so Charles
Ham mond and Capt. E .H .
Pound formed a partnership to
conduct a general banking busi- ®
ness. In Dec. 1871, a room was
fitted up in the bank where two
husky fellows slept and guarded
the treasu re.”
Mr. & M rs. S tout acknowledge th®
Cedar County Banks not only for
financial contributions, b u t perhaps
more im portantly for early promo­
tional support and association. I t waa
the credibility from the banks thau
was the m ost help when they first
began m aking contacts within the
county. W ith the early endorsem ent
of the banks, the local business and
civic leaders were eager to assist the
Stouts in their extension project.

Hills Bank Begins Iowa City Facility •

Maynard Bank Sold
C o n tro llin g in te r e s t in th e
M aynard Savings Bank, M aynard,
has been purchased by Don W.
Buenneke and Volney Palm er from
Paul H arrison, Robert Buenneke,
Paul Buenneke and M ary and John
Schubert. Mr. Palm er was elected
chairm an and chief executive officer
and Mr. Buenneke was elected presi­
New board m em bers elected were
Don W. Buenneke, Leona Buenneke,
Volney Palm er and M aude Palmer.
Don Buenneke has been w ith
M aynard Savings B ank for 30 years.
 Banker, December, 1987
Federal Reserve Bank of St. Louis

THE NEW 7600 square foot Iowa City office should be completed by September, 1982. ( )
o n s t r u c t i o n has begun for
the new Iowa City office of Hills
B ank and T rust Company, accor­
ding to John Hughes, president. The
new office will be located a t the cor­
ner of G ilbert Street and Highway 6
bypass and completion is expected
by Septem ber, 1982.
The 7600 square-foot facility will
be a full service office offering five


drive-up lanes, six teller windows,
four offices, conference room, vault
w ith safe deposit boxes, drive up
24-hour autom ated teller service,
drive up night depository and f u P
loan services.
A rchitects of the building are
W ehner, Nowysz, Pattschull and
Pfiffner. The general contractor is
P a t Moore Construction Company.®

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leadership in their communities
with 24-hour electronic banking
services for their customers. In
conjunction with Banks of Iowa
Computer Services (BICS), we
were recently one of the first in
the nation to provide acrossstate-line EFT processing for
respondent banks: Valley Bank
in Sioux Falls and Yankton,
South Dakota; and Dakota
County State Bank in South
Sioux City, Nebraska.
Their customers can now use an
Instant Access card in either
Nebraska, South Dakota, or Iowa
at more than 200 locations to
perform account withdrawals,

Gary S teven so n
Vice President
Correspondent Banking

D oug S c h m id t
Assistant Vice President
Correspondent Banking




transfers and balance inquiries
(only account deposits are
excluded by law between states
or non-contiguous counties). A
transaction initiated in Sioux
Falls, South Sioux City or
Yankton takes just 11 seconds
to be routed through the Iowa
Transfer System (ITS), confirmed
with BICS and sent back to the
originating ATM!
You too can become the
dominant EFT financial institution
in your area by actively
establishing terminal locations
and issuing your own Instant
Access cards. Give us a call
soon to find out how we can put
your bank on the map with
electronic convenience for
your customers.

Firs t N ational B a n k m
Member FDIC • Sioux City • A BANKS OF IOWA’ BANK
Federal Reserve Bank of St. Louis


Iowa News

Kansas City Bank
Opens Iowa Office
Dennis R. D ougherty has been
named vice-president-Iowa region of
Columbia Union
N ational B ank &
T rust Company
in K ansas City.
The bank is
the lead w estern
M issouri bank of
F irst Union Bancorporation. First
U nion BancorP?ra ^ c?1I? an d !tS

Moines resident, has more than 20
years experience w ith Iowa financial
institutions. He was vice-president
of the W est Des Moines S tate Bank
10 years before joining Columbia
Union last m onth. Prior to th a t he
was associated w ith Capital City
S tate Bank, Chase Investm ent and
Bankers T ru st Company, all of Des
Mr. D ougherty will work through­
out Iowa w ith commercial organiza­
tions seeking loans upw ards of


21 affiliates, in­
cluding Columbia Union N ational
B ank and T ru st Company and F irst
N ational B ank in St. Louis, will
assum e th e com m on nam e of
Centerre on Ja n u ary 1, 1982.
The appointm ent of Mr. Dougher­
ty was announced by J. B arry
M yers, president of chief executive
officer of Columbia Union.
Mr. D ougherty, a lifelong Des

Harris Is Expanding
H arris BankCorp and CPC In te r­
national Inc. jointly announced in
Chicago an agreem ent in principle
under which H arris would acquire
Argo S tate Bank, located a t 7549
W. 63rd St. in the southw est suburb
of Sum m itt.
The proposed acquisition is sub­
ject to the signing of a definitive

(Continued from page 23)
Division, m oderated an Outlook Panel a t the second
general session. This featured a review of the interna­
tional m arkets for farm commodities, the general
economy, feed and food grains and livestock.
The third general session offered a stirring, wellpresented address by Frank Naylor, Under Secretary
of A griculture, and he was followed by the concluding
speaker for the conference, former Olympic champion
Bob Richards, who gave his inspirational address on
“ How to Be a H appy B anker.’’
The 19 workshops offered throughout the three-day
conference ran the gam ut of ag b ankers’ interests.
A lthough the facilities of the Sheraton W ashington
Hotel were o utstanding for this type of conference, the
workshop sessions in m any cases still played to
overflow, standing-room only crowds, a tte stin g to the
im portance of the topics and high quality of the invited
The Ag Credit Outlook workshop was presented in
advance to the press after the conclusion of business
sessions on Tuesday. A principal feature of th a t
presentation was the release of an eight-page special
report analyzing results of the ABA Ag B ankers Divi­
sion’s 1981 Ag Credit Survey. A copy was distributed
to each reg istran t and has been forwarded to every
ABA member bank.
I t states the survey shows ag banks have ample
funds and liquidity; loan-deposit ratios have declined
to 63%; interest rates on non-real estate farm loans
rose 3 points to 18.1%; dem and for ag credit is slug­
gish bu t is expected to rise m odestly in the year ending
mid-1982; farm credit conditions deteriorated for the
second year in a row, b u t bankers report th a t farm
loans overall are of better quality than their general
business loan portfolio; PCAs have become a more imNorthwestern
 Banker, December, 1981
Federal Reserve Bank of St. Louis

agreem ent and to regulatory am
The agreem ent calls for a pur­
chase price equal to the signing of a
definitive agreem ent and to regula­
tory approval.
The agreem ent calls for a pum
chase price equal to the book value
of the stock a t December 31, 1981, a
figure estim ated to be $3.3 million.
H arris Bankcorp is the p arer^
company of H arris T rust and Saw
ings Bank. CPC International, Inc.
is one of the co u n try ’s 10 largest
food processors and operates 111
plants in 45 countries, including
seven in Illinois. CPC International,
Inc. acquired Argo S tate Bank in
the 1930s to provide banking ser­
vices for the com m unity and assure
the safety of the deposits
employees a t its Corn W et Milling
Plant in nearby Argo.
Argo S tate B an k ’s assets as of
Septem ber 30, 1981, were $46.6
million, and to tal deposits w en
$41.8 million.

p o rta n t com petitor, w ith an interest rate differential in
favor of PCAs of 2.89 points.
All the ag panel participants stressed the in c re a s in g
ly high input prices for farm ers, th u s escalating their
borrowings and total indebtedness. Record crops this
year have reduced prices dram atically so th a t income
will drop further.
Ed J. Leahy, president of N orthw estern S tate B a n P
of Orange City, la., offered some hope for profit in the
cattle feeding industry after some loss years m ay be
able to make a profit this year, due to reduced prices on
replacem ents and lower feed costs. Credit dem and in
his area rem ains good, w ith high quality loans, with irF
terest rates adjusted weekly. Mr. Leahy stated, in
referring to loan quality, “ our loans are in much better
shape than they were in 1974 and 1975 when we had a
down tu rn of the cattle m arket. However, we do h a v a
concern about our agri-business custom ers as well as F
few of our larger cattle feeders’’
Bruce O tto, senior vice president of F irst Farm ers
S tate B ank in Minier, 111., pointed to high yield crops
of corn and soybeans in his state, w ith scatterecL
trouble spots. He said m any bankers in his area ar®
cautiously optim istic concerning the m ajority of their
custom ers, bu t express concern over the m arginal
m anagem ent ability of some, or high leverage, or both.
He predicts “ m ost country banks will be in a f a ir ly
good position to be able to m eet expanding credit
All panel participants expressed deep concern over
the outflow of funds to M M Fs, All Savers and other
instrum ents bleeding off deposits.
A nother highlight of this y e a r’s conference in the naw
tio n ’s capitol was the fact th a t so m any bankers
brought their spouses and m any brought their
children, in order to take advantage of the m any wellplanned trips to W ashington sites and nearby h is to ri^


S IO U X C ITV , IO W A 5 T 1 0 2
M e m b t r F D IC


Federal Reserve Bank of St. Louis

Northwestern Banker, December, 1981


Iowa News

Continental Western Hits $1 Billion
O N TIN EN TA L W estern Life
Insurance Company announces
th a t its individual life insurance inforce reached the one billion dollar
m ilestone in October, 1981.
The Company, incorporated under
the laws of Iowa on June 3, 1966,
commenced business on Ju ly 7,
1967. The Company was formed
largely through the efforts of Con­
tinental W estern Insurance Com­
pany, Des Moines. In December,
1975, one hundred percent control of
the company was purchased by
Beneficial Life Insurance Company
of Salt Lake City, U tah. C ontinental
W estern Life continues to operate as
a separate en tity w ith its executive
staff headed by the president, Vin­
ton S. N utt.
O perations are conducted on the
general agency plan in 30 states
where it is represented by approx­
im ately 1500 general and soliciting
agents. A general portfolio of life
and annuity plans are issued on a
non-participating basis.
The retu rn on invested assets as
reflected by the net yield before
Federal income taxes in 1980 was
9.14%. The la te s t B est ratin g
assigned to the company is A (Ex­
In five years and nine m onths the
com pany’s assets have increased
164%, capital and surplus increased
435% w ith insurance in-force in­
creasing 201%. The company moved
into its new national headquarters

Northwestern Banker, December, 1981
Federal Reserve Bank of St. Louis

in M arch of 1981.
A fter reviewing available sites, 42
acres along In te rsta te 80 at the west
side of W est Des Moines were p u r­
chased. This rural settin g was in
keeping w ith the company needs
and philosophy — expansion for now
and the future. G row th in the
m etropolitan Des Moines area and
suburbs m akes it evident th a t the
rural site selected will become a
c en ter of co m m u n ity life and
business in the years ahead, Mr.
N u tt said.
While the vigorous excitem ent
th a t accompanies a new building
project filled the air around the
hilltop location selected for the
b u ild in g , r u ra l life c o n tin u e d
unabated as the rest of the 42 acres
rem ained under cultivation by the
farm owner from whom this small,
scenic spot had been purchased.
A fter 20 m onths of work by all the
dedicated architects, contractors,
enginers and their artisans, the key
to the new building was turned over
to Continental W estern Life.
The building is situated on a
16-acre portion of the site and con­
forms gracefully to the natural lay
of the land. The sloping ground
allows the m ain entrance to be
located a t the upper level on the
north, w ith an expansive, two-story
office space on the lower level open­
ing onto a landscaped patio to the
south for outdoor dining.
In addition to being designed for

its aesthetical qualities, the new C o i^
tinental W estern Life building pro­
vides for m inimum m aintenance and
top security throughout the struc­
ture. “ This com bination of efficien­
cy and pleasant working condition^
will position C ontinental W estern
Life as a com m unity leader looking
ahead to the coming of a new cen­
tu ry ,’’ Mr. N u tt added.

Valley State Changes Name
Bruce M. Kolbe, president, has
announced th a t Valley S tate Bank
has changed its name to U nited C en^
tral Bank & T rust Company o r
Sioux City. On Septem ber 1, 1981,
the bank was acquired by United
Central Bancshares, Inc., a Des
Moines based m ulti-bank h o ld in g
company w ith controlling interest in
12 Iowa banks.
(Continued from page 66)
He was nam ed assista n t cashier in
1968 and in 1979 was prom oted to
second vice president. He now
m anages the m ain bank retail bank­
ing departm ent.
Mr. Brown, 46, joined U.S. N a­
tional in 1958 as a m anagem ent
trainee. He was elected tru s t officer
in 1966, a ssista n t vice president in
1974, investm ent officer in 1977 a n P
second vice president in 1979.
Mr. Rouse, 52, has been w ith the
bank since 1968 when he joined it as
a m arketing representative with the
bank card division. In 1974, he w aW
named retail credit officer, was
elected a ssista n t m anager of the
bank card division in 1976, and in
1978 was prom oted to m anager of
credit and operations - bank card. ™
Mr. W elty, 38, joined the bank in
1970 in personal banking. In 1971 he
was elected tru s t officer, then
returned to operations in 1978 aa
m anager of the m ain bank teller
departm ent. In 1980, he moved to
the Regency Office as assistan t
m anager.
Mr. Peterson, 31, joined U.S. N<^
tional in 1978 as a credit trainee. Fm
spent two years as a graduate
research a s s is ta n t w ith N orth
D akota S tate U niversity, Fargo,
where he received a M asters degree
in agricultural economics. In M a *
1979, he was appointed correspond
dent banking representative and
was elected correspondent banking
officer w ith the correspondent b a n l^
ing division in 1979.

Why our man in Iowa...
should be W i/m a n in Iowa

Chances are you already know him. Most
every banker in Iowa does. He’s Max Roy.
Max has been traveling the state for over
25 years ... helping correspondent bankers
in just about every way you could think of.
It’s not presumptuous to say that this man
knows as much about farming in Iowa, and
the needs of bankers there, as any banker
who could knock on your door.
You see, Max Roy isn’t j u s t a banker. He’s
a farmer-rancher. Has his own farm just
outside of B loom field, Iowa. 700 acres.
Runs over 300 head of cattle. Like you, he’s

been through the ups and downs of different
cattle cycles. When you talk to Max about
farming, feed, cattle... the needs of your
customers, he knows what you’re talking
about... first hand!
Max Roy is the kind of person you’ll find
in Drovers Correspondent Banking Depart­
ment. We’re proud to have him with us, and
to offer you the years of banking know-how
he represents.
If you’re one of the few Iowa bankers who
doesn’t know Max, you ought to! He’ll prove
that Drovers should be your b an k-a nd that
Max Roy should be y o u r man in Iowa.
Member Federal Reserve System

D ro ve rs B a n k

o f C h ic a g o

47th Street & A shland Avenue, C hicago, IL 60609
Federal Reserve Bank of St. Louis



Iowa News

Tama State Message Center

went on sale November 18 at sj)
Bankers T ru st
locations in Des
Moines, as well as selected banks
around Iowa. Mr. A urness was a t
B ankers T ru st m ain office for
several days to sign copies of t l 0
book. Bankers T ru st also offers the
book as a prem ium incentive for
savers. Its m arket price is $24.95. □

Gets Scholarship Award

Tama State Bank of Tama has installed a striking, 64-column message center
at its headquarters location. The display, which was designed by Daktronics,
Inc. of Brookings, S.D., is mounted on twin brick columns and is 14’ high and
over 14’ across the top of the display. Civic information and community events
are shown throughout the day with bank promotional messages and time and
temp updates. William J. Beohm, president of the bank, worked out the ar­
rangements for the display with Jim Thomas, Iowa representative for Daktronics.

Bankers Trust Publishes Book on Iowa
A N K ER S looking for an ideal
C hristm as gift, or one for any
other occasion, have an ideal one
available at this time. Bankers
T ru st Company of Des Moines, the
s ta te ’s largest locally owned in­
dependent bank, has published a
128-page, 163-color photographic
glimpse of Iowa in a beautiful book
t i t l e d I owa, The A m e r i c a n

Previews of the book drew rave
notices from Iowa Governor Robert
D. Ray and all others who had an op­
p o rtunity to see advance copies.
This hard cover book features the
photos of Craig A urness, who works
regularly for N ational Geographic
M agazine, an d th e y are s u p ­
plem ented w ith dozens of photos
from eight Iowa photographers. Mr.
A urness spent 12 weeks in Iowa and
took more th an 10,000 photos, of
which 22 were selected for the May,
1981, issue of N ational Geographic.
H ugh Sidey, a native Iowan from
G reenfield and p resen tly Time
m agazine’s W ashington correspon­
dent who w rites the weekly column
on the President, wrote the 1,800
word introduction to the book, and
in itself is a work of art. A profes­
sional journalist who has traveled
the world on various assignm ents,

Northwestern Banker, December, 1981
Federal Reserve Bank of St. Louis

Mr. Sidey wrote, “ Always, my heart
has been draw n back to Iowa, which
now I recognize to be more of a state
of m ind and a way of life than
anything else . . .”
The book was edited by John
Arends, form erly w ith the Iowa
D e v e lo p m e n t C o m m issio n an d
presently w ith Iowa S tate U niversi­
ty, where he is pursuing a w riting
career. The book design was created
by M orris M cK night of M cK night
Design, and it was printed by the
Graphic Corporation. B oth firms are
in Des Moines.
Governor Ray stated on the cover
of the book, “ H ere is a book for
Iowans to enjoy, a visual song th a t
celebrates Iow a’s subtle and pro­
found beauty, th a t underscores the
vigor of our people and the integrity
of our way of life. I t is a book of
landscapes - both intim ate and
sweeping in scale.’’
H erm an C. Kilpper, president and
chief executive officer of Bankers
T ru st company, com m ented on why
the bank decided to publish a book
about Iowa. “ B ankers T ru st has its
roots in Iowa and its business in
Iowa. We are proud to present this
book to Iowans and the rest of the
w orld.”

Iowa, The American Heartland

Carol A. Petz, custom er service
officer of F irst N ational Bank, Iowa
City, received the first B etty Lepic
Scholarship Aw ard a t a recejjfc
NABW m eeting in Burlington. The
award is nam ed for B etty Lepic,
tru s t officer a t F irst National of
Iowa City, who was the prim ary
organizer of the S outheast Io\|&
Group of NABW and was its firs®
chairperson. Ms. Petz will use th é
scholarship to a tte n d the G raduate
School of B anking a t M adison.

December, 1981


Acorn Printing ............................................................................ 12
American Express, Travelers C h e q u e s ............... ........... 11
American N at’l Bk. & Tr. Co., C h ic a g o .................................. 32
American N at’l Bk. & Tr. Co., St. Paul .................................51
American Tr. & Sav. Bk., D u b u q u e .........................................79
Banco Financial/Lease N orthw est..................................... 29
Bank Building Corp................................................................... S '
Bankers Tr. Co., Des M o in es.................................................. 772
Chase Manhattan Bank N.A..................................................... 9
Commercial N at’l Bk., P e o r ia ..................................................37
Continental Bank, C h ica g o ..................................................... 5
Daktronics .................................................................................. 8
Drovers Bank of C h ica go......................................................... £ 5

Bank Systems, M inneapolis .......................................Wa
Mid-America ..................................................................... 70
N at’l Bk., D e n v e r...............................................................63
N at’l Bk., Lincoln...............................................................69
N at’l Bk., Minneapolis ....................................................41
N a t’l Bk., O m a h a ...............................................................67
N a t’l Bk.,St. P a u l........................................................ 48-49
Nat'l Bk., Sioux City ......................................................S p

Gross, Kirk W a te rlo o ................................................................. 13
Harris Bk., C h ic a g o ...............................................................3,1 0
INDEX (Indep. Bancsystems E x c h a n g e )............................. 7
Iowa Bankers Insurance & S ervices...................................... 27
lowa-Des Moines N a t’l Bk......................................................... 88
E.F. Kooker & A s s o c ia te s ...................................................... ^
Lincoln Benefit Life Co.............................................................. 68
Marquette N a t’l Bk., M inneapolis...........................................47
Merchants N at’l Bk., Cedar R a p id s ..................................... 2
Midland N at’l Bk., Minneapolis ............................................. 53
National Bank of Commerce, L in c o ln .................................. 64
National Bank of W a te r lo o ...................................................
National Boulevard Bank, C h ic a g o ...................................
Northern Tr. Co., C h ic a g o ........................................................ 17
Northwestern N a t’l Bk., M inn eapolis....................................43
Northwestern N at’l Bk., Sioux City .....................................:71
Office Concepts, W a te rlo o ............................


Security N a t’l Bk., Sioux C i t y .......................................
Security Pacific N a t’l Bk., Los A n g e le s ............................. £ 1
Terrace Red Carpet I n n .........................................................
Toy N at’l Bk., Sioux C i t y .......................................................... ^3
United Bank of D enver............................................................... 59
United Central Bank of Des M o in e s ...................................... 77
U.S. N a t’l Bk., O m a h a .......................................................... 44-45
Van Wagenen, G.D., M inn eapolis......................................... ¿16
Wells Fargo B a n k ....................................................................
W estcap Corp............................................................................... 15

This 1958 building doesn't
look or act its age.
Inside and out, both the form and
function of this bank were recently
updated by Bank Building
Decades of success and growth
had com m itted Citizens National
Bank to their established location,
and they'd outgrown their building
in the process. Total redesign was
needed. Both inside and outside
wall surfaces were removed and
replaced. Floor area was doubled.
In the process of becoming a more
use-filled building, the new Citizens
has made a strong visual impact on
its community.
This project was com pleted on

Bank Building


budget and on time, with minimum
inconvenience to customers and
employees. Which comes with
practice: since 1913, Bank Building
Corporation has com pleted over
8000 projects— many of them
rem odeling assignments.
We know that some older
buildings are right for remodeling,
while others are not. And we’ve
learned to know the differences
between them.
Before your need to remodel or
build becomes acute, please call
Tom Spalding at 314/647-3800. Let s
become acquainted and share
more information.
Ask us to show you a new
beginning or two.

1130 Hampton Avenue
St Louis, Missouri 63139

Performance According to Plan.
Federal Reserve Bank of St. Louis

What about other types of investm ents? We
have up-to-the-minute electronic a ccess
to money market information to help you in
considering government securities, repos,
commercial paper, fed funds and negotiated
certificates of deposit.

What can Iowa’s largest bond and investment
department do for you?
Start witfrthe fact that we actively underwrite
municipal bond issu es throughout Iowa,
and therefore can offer a broad portfolio of
tax-free bonds with maturities and yields
to m eet your needs.

And perhaps m ost important, the Iowa-Des
Moines offers you an experienced, thorough]
professional staff to give your portfolio the j
individual attention it deserves.

With that in mind, right now might be a good
time to review your portfolio for tax swaps
to upgrade your investment mix. There could
be advantages in taking a tax loss this year
in order to invest in higher yielding bonds.

Put it all together and you know where to go
get a lot of help for your money, in the mom
market, right here in Iowa.

[H Ü /V IÜ 1 IH Ö “



First in Iowa by putting Iowa first.
Member FDIC An Affiliate of Northwest Bancorporation (BANCO)
7th & Walnut, D es Moines, Iowa 5 0 3 0 4 (5 1 5 ) 2 4 5 -3 1 3 1

Voldy \fanags
Federal Reserve Bank of St. Louis

Janine Young

John Johnson

Roger Mahoney

Ethel DeFrancl

© 1981 Iowa-Des Moines National