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Vol. 15 No. 36 Decem ber 22,1986 Des M oines, Iowa ABA Approves Its Insurance Firm ORMAL approval to set up a captive insurance company was F given by the board of directors of the American Bankers Association at their recent meeting. The an nouncement was made by ABA President Mark W. Olson, president of Security State Bank of Fergus Falls, Minn. He stated, “The needs of bankers are not being met. The ABA captive is an idea whose time has come.” The ABA announcement said the captive insurer, named American Bankers Professional and Fidelity Insurance Co. Ltd., is based in Ber muda. The primary insurer will be The Progressive Companies of Beachwood, Oh., which will be re sponsible for all underwriting deci sions based on guidelines designed by the ABA firm’s board of direc tors. That board will consist of nine directors with Ron Gossett, presi dent and CEO of FMB-Lumberman’s Bank, Muskeogon, Mich., as chairman. He was chairman of the ABA Task Force that conducted the feasibility study and is former chair man of the ABA Security and Risk Management Division. ABA said only its members will be eligible for coverage, which will consist initially of Directors and Of ficers Liability up to $2 million and Bankers Blanket Bond coverage of up to $3 million. Progressive will analyze each applicant bank’s finan cial condition, business practices and internal operations. After re viewing all those details, Progres sive will quote a premium amount to qualified banks. ABA gave these further details: Banks may enroll in the program under a two-step process. First, an application must be returned by March 15 to Progressive, which will review the application and provide a quote for the first year’s premium. Under the second step, a bank has 45 days after receiving its quote in which to return an executed Reserve Premium Account Agreement. Banks joining the program during the initial enrollment period will be required to set up in their own insti tutions a separate Reserve Premium Account equal to their first year’s premium for D&O and Bond cover age. The banks retain the use of the interest earned on the account, but the reserve funds are subject to a “call” by the company if needed. Participants will be required to maintain the Reserve Premium Ac counts during their participation in the company’s program. Banks joining the program after the initial enrollment period will be required to establish the separate Reserve Premium Account, pay regular premiums and make an addi tional payment equal to 50 perçent of their first-year’s premium for in surance coverage. Banks meeting the tw o-step initial-enrollmentperiod requirements will not have to pay the 50 percent late-enrollment fee. Special provisions are in place for banks that have current policies and coverage, permitting them to estab lish the separate Reserve Premium Account during the initial enroll ment period based on their initial quote and allowing them to avoid the 50 percent late-enrollment fee. The new ABA company, which re portedly will reinsure 75% of the coverage as is done in most com panies, was designed to serve pri marily the banks of $300 million or less in assets, according to a Pro gressive spokesman. Member banks had been encouraging ABA for some time to form such a company to serve their needs because the Blan ket Bond and D&O market had li terally dried up among traditional insurers. In the interim, however, a con sortium of midwest states that had serious insurance problems that couldn’t wait, got together and formed Banclnsure, headquartered in Oklahoma City and serving banks in Oklahoma, Minnesota, North Da kota, South Dakota and Wisconsin. That company went into full scale operation during 1986, so Progres sive will have to compete with that firm for any business in those states. In addition, the Iowa Bankers As- After m ore than 120 years of providing correspondent banking services to the M idw est, you can say weVe had a chance to polish our trade. Find out for yourself. Count on Com m erce. 1- 800*892-7100 1- 800- 821-2182 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (Outside Missouri) Commerce Bank S S ? o f K an sas C ity 2 signed a letter of intent for Norwest to acquire substantially all of the NORWEST BANKS Call (515) 245-3131 or toll-free (800) 362-2514 $145 million in assets and liabilities Member FDIC of Toy, including all customer depos its. The sale is subject to stock holder and regulatory approval. Norwest of Sioux City has $130 mil Teamwork: lion assets. George F. Milligan, Norone of the reasons west Corporation’s regional presi dent in Des Moines, said Norwest we’re first in Iowa. plans to operate Toy’s two detached offices, as well as its own facility at Dorothea Wolfe the Stockyards, in addition to Norwest’s main bank in downtown sociation’s subsidiary IBIS (Iowa Iowa News Sioux City. The transaction does not Bankers Insurance and Services, ANITA: Larry L. Hassler has been include Toy National’s main office Inc.) has been serving the D&O and building, which Toy plans to convert Bond needs of its member banks. appointed president of Anita State to other office use. Bank. He is moving to Anita from Ju st recently, IBIS made an agree Kemmerer, Wyo., where he has been ment with Kansas Bankers Surety president of First Wyoming Bank, Co., a Topeka-based insurer with 75 N.A., a member of First Wyoming Nebraska News years of experience, to represent Bancorporation. The Nebraska Bankers AssociaKBS exclusively in Iowa. Robert Harris, executive vice BURLINGTON: Douglas S. Grinde, tion’s Lending Committee will hold president of the Oklahoma Bankers president and chairman of Hawkeye its 1987 Lending Conference Jan. Association, said Banclnsure ex Bank & Trust Co., heads a group of 27-28 at the Kearney Holiday Inn. pects another five state associations the bank’s directors who are assem This year’s conference, “...The Com to join it within the first quarter of bling capital and a proposal to pur petitive Edge,” will cover both new chase the bank from Hawkeye Ban- developments in the lending field 1987. corporation. If the plan is com and issues dealing with the manage The new ABA insurer expects to start up operations by February 1, pleted, the resulting bank would be ment of the current loans on books. 1987. All ABA member banks will operated as a locally-owned institu Conference speakers include: G. Michael Moebs, president, G.M. receive a package of information tion. soon from ABA with details of the DAVENPORT: James R. Peterson Moebs & Associates, Lincolnwood, new program. □ has been named vice president of 111.; William Brandt, NBA general counsel; Del Anderson, field man commercial loans at Davenport ager, Office of the Comptroller of the Bank and Trust Company. He Currency, Grand Island; Doug Hesjoined the bank in 1983 as a corres kett, field examiner, FDIC, Grand pondent banking officer. Island, and Michael S. Morrow, se DES MOINES: Hawkeye Bank & nior vice president, Sheshunoff & Trust of Des Moines and Hawkeye Company, Inc., Austin, Tex. A pre Capital Bank & Trust will merge sentation on “Economic DevelopJanuary 1 under the Hawkeye Bank ment Financing” will be given by & Trust name, utilizing all six cur the following panel members: Burn rent locations of the two banks. ham Yates, mediator, Lincoln; Headquarters will be in the Hawk- Kathy Curry, business finance spe eye Capital Building at East 5th & cialist, small business division, Locust. Mike Earley, president of DED, Lincoln; Fred Niehaus, direc both banks, will continue in that tor, the National Development position. Hawkeye B&T, head Council, Highlands Ranch, Colo.; MNB Correspondent Banker quartered at 24th & University, is Dennis Velleck, executive director, observing its 75th anniversary this NIFA, Lincoln; Kirk Jamison, state FmHA, Lincoln and Sena Together We Can month. The two banks had com director, bined assets in mid-December of tor Don Wesely. Advance registra $154.7 million and deposits of tion fee is $105 per banker. Registra Accom plish tion after Jan. 20 will be $125 per $138.7 million. registrant. Fee includes all conferGreat Things ROLFE: Directors, officers and ence materials, continental break staff of Rolfe State Bank will honor fast, lunch and the evening recep Call 319-398-4320 Chairman Robert J. Dixon at an tion. open house in the bank December 22 or toll free 1-800-332-5991 from 9:00 a.m. to 3:00 p.m. in recog NORFOLK: Clark Froehlich has nition of his 50 years of service to been elected as vice president of the Strength of \ banking in Iowa. Bank of Norfolk. Prior to joining the Eastern J SIOUX CITY: Norwest Corporation bank, he was employed at Norwest |owa announced December 16 that Nor Bank and also served as a bank ex Merchants National Bank m west Bank Sioux City and Toy Na aminer for the State Department of tional Bank of Sioux City have Banking. Norwest Bank Des Moines, N.A. Cedar Rapids. Iowa 52401 Member F 0 1C https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A BANKS OF IOWA BANK # • • • f g 0 # # # ® • ® ® ATTENTION IOWA BANKERS Directors and Officers Limited Liability Insurance is now available coverage up to $ 1 0 0 ,0 0 0 Call or Write Now exclusively represented in Iowa by Iowa Bankers Insurance and Services, Inc. 1-800-532-1423 (Iowa) 515-286-4344 _ THE KANSAS BANKERS SURETY COMPANY 435 Kansas Avenue P.O. Box 1654 Topeka, Kansas 66601 1- 913 * 234-2631 Serving bankers for more than 75 years https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Supplement to Northwestern Banker Newsletter 12-22-86 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis WHERE DID 1 9 8 7 GO? ? If it's not on your rubber stamp da ter, W E H A V E TH E AN SW ER. D E S M O IN E S S T A M P M E G . C O . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 851 - 6th Ave. B o x1798 Des Moines, IA 50306 1-800-STAMP-ON SINCE 1880 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Call on the “Experienced Professionals” Ready to meet your correspondent needs. ^FirsTierM ank Lincoln 13th & M Streets, Lincoln, Nebraska 68501 FirsTier Bank, N.A., Lincoln, Member FDIC ORD: Greg Stine has announced that regulatory approval has been received to merge Mid-Nebraska Bancshares, Inc., Ord, and Broken Bow Enterprises, Inc., Broken Bow, as well as to acquire Grant Baneshares, Inc., G rant, effective November 25 and merge them into the newly-formed F irst United Bancshares, Inc., a multi-bank hold ing company headquartered in Ord. This MBHC would own directly or indirectly Nebraska State Bank, Ord, McDonald State Bank, North Platte, and Peoples State Bank, Wolbach, all of which have been part of Mid-Nebraska Bancshares, plus Broken Bow State Bank and Farm ers National Bank of Grant. Total NOTICE OF PUBLIC SALE BY SECURED PARTY Notice is hereby given that, by virtue of the de fault of ASCO, Inc. and the payment of certain in debtedness which exceeds $1,193,000.00, 7,784 shares of common stock of Rock Rapids State Bank, Rock Rapids, Iowa (“Bank”) (the “bank shares”) will be sold by First National Bank in Sioux City (“Secured Party”) at a public sale on January 21, 1987, at 10:00 A.M. at the offices of First National Bank in Sioux City, 5th and Pierce Streets, Sioux City, Iowa 51101, all subject to the provisions hereof. ASCO has stated that the bank shares represent all but 216 of the outstanding shares of Bank. Any shares sold pursuant to this notice will be sold in a single block only to a single purchaser. The Secured Party reserves the right to bid and to become the purchaser at the sale and to credit against the purchase price any and all liabilities due it from ASCO. The Secured Party reserves the right to reject any bid and will not be obligated to make any sales pursuant to this notice. The purchase (if other than the Secured Party) will be required to provide an investment letter stating that the bank shares are being acquired for the purchaser’s own account and not with a view to resale or distribution. The purchaser must also establish to the satisfaction of the Secured Party that purchaser is knowledgeable and experi enced in banking, business, and financial affairs and is capable of evaluating the merits and risk of its proposed purchase. Purchaser must comply with conditions or requirements which may be Im posed by state of federal banking regulatory authorities. This notice does not constitute an offer to sell or solicit an offer to buy the bank’s shares in any state to any person to whom it is unlawful to make such offer to solicitation in such state. There are additional terms and conditions of the sale. For a copy of such additional terms and conditions and information concerning Bank, please contact Gary W. Stevenson, Vice Presi dent, First National Bank in Sioux City, Iowa, (712) 277-0618 at the address stated above. First National Bank in Sioux City 5th and Pierce Streets Sioux City, Iowa 51101 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis assets of the new MBHC would ex ceed $150 million. Dale Stine, chair man at North Platte, Ord and Wol bach, is chairman of First United Bancshares; his son, Greg Stine, is president and treasurer, and Phil Jossi, formerly president of Farmers National, now will join the holding company as vice president for devel opment and expansion. Minnesota News AUSTIN: Robert E. Brodin has been elected president, chief execu tive officer and a director of First Bank Austin effective Jan. 1, 1987. He succeeds Thomas E. Brown who has accepted a position with Farm Credit Services. Mr. Bodin most re cently served as president and CEO of First Bank West Billings, Bill ings, Mont. STILLW ATER: Norw est Bank Stillwater has named Lorraine Weber vice president and consumer banking manager. She has been with the bank for almost 35 years, serv ing most recently at the main bank as consumer banking supervisor. filiate sales offices. He most recently served as assistant vice president with Norwest Investment Services. Colorado News DENVER: United Bank of Denver has named Peter J. Biglin and Nel son B. Saunders, Jr. to vice presi dents. Mr. Biglin, who joined the bank in 1984, manages corporate op erations. Mr. Saunders, manager of asset management services’ finan cial and automation service, joined the bank in 1982. Come to the Investment Specialists committed to quality. Wisconsin News GREEN VALLEY: A definitive agreement calling for the acquisition of the State Bank of Green Valley by First Interstate Corporation of Wis consin has been signed. The affilia tion is subject to approvals by State Bank of Green Valley shareholders and certain regulatory approvals. As of Sept. 30,1986, the State Bank of Green Valley had total assets of $25.2 million. First Interstate Cor poration of Wisconsin recorded $1.276 billion in total assets as of Sept. 30, 1986. In these times of change and uncertainty, rely on the time-tested quality invest ment recommendations of the Investment Banking Division of United Missouri Bank. South Dakota News SIOUX FALLS: Norwest Bank South Dakota, N.A. and Norwest Investm ent Services, Inc. an nounced the promotion of Bill Lind quist to vice president/manager, af U N ITEDQ MISSOURI BANK Member FD.C f 10th & G rand • P.O. Box 2 2 6 Kansas City, Missouri 64141 • (816) 556-7200 POSITIONS AVAILABLE $65mm midwest bank seeks aggressive self starter for $10mm comm’l portfolio. Leads to Senior Management. Send resume to File No. WHL c/o Northwestern Banker. (PA) $12M eastern Iowa bank near Iowa City has an opening for Individual with experience In LOANS AND OPERATIONS. Send resume and salary requirements to File No. WHN c/o Northwestern Banker. (PA) M A N A G E M E N T , Consultant to Bankers • Loan Review and Credit Administration SENIOR LENDING OFFICER. S.W. Wisconsin. Seeking indlvldual to direct and manage all lending functions. Port folio includes commercial, consumer, agricultural and real estate credits. Sr. management position. Salary and bene fits commensurate with experience. Send resume to File No. WHP c/o Northwestern Banker. (PA) AG LOAN OFFICER $50MM bank in eastern South Dakota needs Ag Loan Officer with at least three years experi ence. Excellent career opportunities in this four bank group. Send resume to File No. WHR c/o Northwestern Banker. (PA) $65mm midwest bank seeks aggressive self starter for $10mm comm’l portfolio. Leads to Senior Management. Send resume to File No. WHL c/o Northwestern Banker. (PA) I NC. • Profit Planning 773 Spruce Street P.O. Box 159 Ocheyedan, Iowa 51354 Phone: [712) 758-3440 Serving bankers quietly and efficiently. CAPITAL PERSONNEL SERVICE 714 First Interstate Bank Building Des Moines, Iowa 50309 515-283-2545 BURROUGHS S3610 12 POCKET PROOF MACHINE, 2 megahertz clock, 512KB memory, auto feeder, 2 disk drives, sync data comm controller. Contact Ed James (402) 352-5300.__________________________ (ps) NCR 775 PROOF MACHINES, 8 pocket. Under mainte nance contract. Call American State Bank, Oldham, SD. (FS) (605)4824293._________________________ LIVESTOCK EVALUATIONS FOR: Bank Loan Inspections • Partnerships • Attorneys Insurance Companies • Feed Lots • Estates CREDIT ANALYST/LOAN OFFICER Profitable $90MM bank, located in community of 350,000, part of billion dollar midwest bank hold ing company, Is looking for experienced commer cial credit analyst/credit review individual inter ested in some lending operations. Job will be ap proximately 75% analysl8/review, 25% lending. Send resume with current salary to File No. WHS c/o Northwestern Banker. (PA) SHARP SF756 PLAIN PAPER COPY MACHINE. 1% yrs. old. Always been under service agreement. $875. Call Westchester Savings Bank at (319) 698-2225. (FS) aqri oirœrs,inc. «J AG BANKING PERSONNEL SPECIALISTS Warner Frohman 40 Years of Livestock Experience 710 Dillon Drive, Omaha, Nebr. 68132 402/553-1793 POSITIONS AVAILABLE PRESIDENT SHARP TELLER MACHINES New or Reconditioned Call: Bankers Equipment 612-890-6661 or 1-800-328-4827 ext. 1905 Jean 712/779-3567 Massena, la. 50853 Sandl 515/394-5827 New Hampton, la. 50659 Confidential. Employer paid fees DON m CH O O LER |r Isn’t it time you get paid what you are worth? A Minn bank needs a strong leader to manage a $30mm facility. Desire 8 + yrs ag/coml exp, previous mgmt, and strong business development skills. A super opty to run your own shop! To $55K -I- Bonus. Job #NW9467. SENIOR LENDER Put your problem loan skills to work! A $25mm Minn bank needs a Sr. Lender to manage the lending function. Desire 6 + yrs ag/coml lending exp, previous workout exp, and willingness to be part of executive mgmt. To$40K. Job #NW9468. COMMERCIAL LENDERS AND- ( f u | p ASSOCIATES RYAN AUCTION CO., INC. Decorah, Iowa 52101 Farm Equipment Specialist Appraisals & Auctions Call Dale Ryan 319- 382-8648 POSITIONS AVAILABLE VICE PRES. OF AUDIT Growth subsidiary of 1 + ROA bank In college city locale seeks CPA who has worked on directors exams, compli ance audits. 2 yr old bank holding co has doubled in last 2 yrs. Successful candidate coitie from bank or holding co environment over last 2 yrs. $28K. SR VP Independent bank offers oppty + for a proven self-starter. Looking for 3 + yrs of exp in ag, R/E & comm’l. Pos In volves mgt, loan clean-up & policy setting as #2 person In the bank. $40K. R/E MGR Well-estab Institution seeks 2-4 yrs of R/E lending to over see $30m portfolio & supv 6. Long-term potential will lead to sr mgt pos in this cty seat town. $30K. FOR FURTHER INFORMATION CONTACT KURT ROSENCRANTS 317 6th Ave, Ste. 650 Des Moines, IA 50309 (515) 244-4414 ALL FEES COMPANY PAID "Successful Banking is Quality Personnel" POSITIONS AVAILABLE We have multiple coml lending opty’s available In small suburban bank locations managing to specialized posi tions in downtown Mpls. To$30K-$60K. Job #NW9469. PRESIDENT, $35mm bank, 15,000 population___ ........................................................................ $50,000 PRESIDENT, $40mm bank, town of about 2,000 .. ...........................................auto -I- $45,000450,000 PRESIDENT, $60mm bank, population under 10.000 ..............................................$60,000465,000 SENIOR LOAN OFFICER, VICE PRESIDENT, $100m m bank.....................................cc + $50,000 COMMERCIAL LOAN OFFICER, $100mm + bank, growth a re a ......................................$30,000435,000 FOR MORE INFORMATION CONTACT PAUL GENTZKOW Î M1 M1 M1 3636 IDS Center Minneapolis, MN 55402 M M ® (612) 339-9001 ALL FEES COMPANY PAID COMMERCIAL VICE PRESIDENT, $150mm bank . ........................................................................ $35,000 POSITIONS AVAILABLE #2 OFFICER, $30mm bank, population of 3,000 .. ...................................................... $35,000 CASHIER - $25MM Ag Bank. Requires background with inhouse minicom puters and some knowledge of Agrl Loans. $30K COMMERCIAL A REAL ESTATE LENDER, $50mm + bank ............................... $35,000440,000 HEAD OF LOAN ADMINISTRATION, $150mm b a n k ................................................................ $30,000 COMMERCIAL LENDER, $100mm bank, 10,000 population ....................................................$40,000 VICE PRESIDENT, REAL ESTATE, $75mm bank, 10.000 population..........................................$35,000 PRESIDENT - Agri Bank with problem loans. Should have adm inistrative experience and solid Agri Loan skills. $40K OPERATIONS - manage department of 35 for large urban bank. Experience w ith deposit accounting and account services required. $38K AGRI LOAN - com m unity bank w ith large Ag portfolio. Seven yrs. or more Ag Lending experience needed. $35K COMMERCIAUAG LENDER, #2, $30mm bank, pop under 2,000 ....................................................$35,000 COMMERCIAL LOAN - large suburban bank with $100MM loan portfolio. Degree and minimum 3 yrs. comml lending experience w ith six figure credits. $32K AG LENDER, $100mm bank, 10,000 + population . .......................................................... $35,000440,000 Additional positions available in Midwestern states. DON W. SCHOOLER 2508 East Meadow Springfield, Missouri 65804 (417) 882-2265 2024 Sw ift - Box 12346 North Kansas City, MO 64116 816/474-6874 TOM HAGAN & ASSOCIATES “Serving the Banking Industry Since 1970” Voi. 15 No. 36 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 1535 Linden Street, Suite 201, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $24.00 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579), manuscripts to Northwestern Banker, 1535 Linden Digitized St., for FRASER #201, Des Moines, Iowa 50309. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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