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Oldest Financial Journal Serving The Central and Western States No’ 1136_______________________ Des Moines, Iowa_______________________ December 23,1888 * * 4 * r Protection Proposals R>se Cost Burden “ The cost burden which will be placed on the smaller banks by the proposed regulations under the Bank Protection Act of 1968 is oppressive, and changes in the proposals should be made*” This is the comment made by Charles R. McNeill, director of the Washington office of the American Bankers Association. He has asked the Board of Governors of the Federal Re serve System for changes in their proposals, and similar recommendations have been made to the Comptroller of the Currency and the Federal De posit Insurance Corporation. Mr. McNeill feels that the regulatory authorities have not followed the intent of Congress in their proposals to implement the Bank Protection Act of 1968. He notes that “ instead of taking into consideration the many diverse factors relating to the circumstances of individual institutions, the authorities have proposed regulations which ap ply across the board uniformly to all banks, and which maxi mize the security requirements rather than prescribing minimum standards as contemplated by Congress. The A .B .A . official was also critical of the provision which gives the board 120 days or longer in which to decide wheth er a bank should be exempted from installing one or more prescribed security devices. In short, the proposed rules of the regulatory agencies would require banks and S&L’ s to designate a security officer and develop a written security program spelling out in detail the security procedures for each office of an institution. They also would require banks and S&L’ s to install lights, door locks, surveillance systems and robbery and burglary alarms and to submit annual certification of their compliance as well as reports whenever a robbery, burglary or larceny is attempted. Officials assigned with draft ing the final regulations are understood to be favorably in clined toward the major com plaint of banking and S&L in terests that security require ments should not be as stiff for institutions least likely to be hit by robberies and bur L IN C O L N glaries. Their major problem in accommodating this objection, however, is understood to be ar riving at language that will be equitable and in compliance with the statute’ s mandate* A spokesman for the Federal Reserve Board said revisions would be published before the January 6 deadline set by Con gress in the Bank Protection Act of 1968. Credit Unions May Offer Safety Deposit Boxes Federal credit unions would be given authority for the first time to offer safety deposit boxes to their shareholders under newly proposed regula tions issued by the Bureau of Federal Credit Unions. Comptroller Restricts One-Bank Holding Companies National banks seeking to establish one-bank holding com panies no longer are free to enter any business field they desire but must restrict their purchases to financially related companies. Comptroller of the Currency (Continued on Page 4) ...First in Securities Management F I R S T N A T IO N A L B A N K & T R U S T C O M P A N Y O F L IN C O L N 12th & N S treet • LIN C O LN , N E B R A S K A • Member: F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Questions on EDP for your bank? Our feasibility study will give you the straight answers. ■ ü mm Bankers Trust co. GOWRIE: L.GeneBanken has been named vice president of the First State Bank of Gowrie, succeeding Clarence A. Rowe, who plans to retire after the first of the year. Mr. Banken is presently v ice pres ident of the Blue Earth State Bank, Blue Earth. Minn. S IX T H AND LO C UST. D £ S M O IN ES Uen.Pf f a s it f D i e NEBRASKA NEWS HOMER JENSEN IOWA NEWS CENTERVILLE: The Centerville National Bank has announced a major expansion program. The building' just east and adjacent to the bank will be com pletely re modeled and become a part of the bank. The new facility w ill pro vide space for added safety de posit b oxes, expanded small loan department and private conference room. DAVENPORT: Marlin M. V olz, Jr., has been elected an assistant trust officer at the Davenport Bank and Trust Company. He joined the bank’ s trust department in June. DES MOINES: H. Dale Bright has joined the Highland Park State Bank as v ice president in charge of public relations. He has been a director of the bank sin ce it was founded in 1952 and was for merly vice president and treasurer of Western T ool and Stamping Com pany. DES MOINES: RichardC. L ee, pres ident of the Capital City State Bank, has been elected chairman of the board and chief executive officer, succeeding Raymond G. Miller, who will retire January 1, 1969. Warren Ferguson, who has been executive v ice president at the bank for the last three years, has been elected to su cceed Mr. Lee as president. DES MOINES: The following men have been elected new officers of the Des Moines Clearing House: Richard C. L ee, president, Capital City State Bank—president; Robert J. Sterling, president, Bankers Trust Company—v ice president; Cal vin W. Aurand, president, low a-Des Moines National Bank—second vice president; S.G . Barnard, vice pres ident and cashier, Bankers Trust Company—secretary. FORT MADISON: Keith E. Cowden of Lincoln, Nebr., has been named a trust officer at the Fort Madison Bank and Trust Company, effective January 2. He was formerly with the trust department of the Nation al Bank of Commerce Trust and Savings A ssociation in Lincoln. DAVID CITY: The David City Bank recently held an open house to celebrate its fifth anniversary in the bank’ s present David City location. It was incorrectly re ported in the December 2 Bulletin that the bank had celebrated its 50th anniversary. MILLARD: Application to exercise trust powers has been approved for the Bank of Millard by the Federal Deposit Insurance Corporation. OMAHA: Five men have been pro moted at the U. S. National Bank. They are: Howard W. N ielsen, rep resentative in the correspondent bank division, to vice president; Everett P. Brown and J esse J. Zimmerman, both correspondent bank representatives, to assistant vice presidents; Richard D. Shear er, manager of the bank’ s credit department, to assistant v ice pres ident; Richard W. Boettcher, man ager o f the purchasing and supply department, to assistant cashier. OMAHA: The Omaha National Bank has promoted four officers. Thomas N. Moore and Robert E. Johnson have been promoted from vice presidents to senior vice pres idents. Eugene Seaman, b u siness, development officer, has been promoted to second v ice president, and John H. Mitten has been pro moted from investment officer to second v ice president. OMAHA: First Mid America In c ., has named Lawrence A. Carlson manager of its Omaha headquarters office.. Mr. Carlson has been with the company since 1961. SUPERIOR: Paul E. Schmeling, chairman of the board of the Secu rity National Bank, died Decem ber 11. MINNESOTA NEWS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ARGYLE: Captain Peter A. Carl son has returned to the Argyle State Bank, where he will be cashier. Captain Carlson has been serving as a pilot in the Air Force, most recently stationed at McChord Air Force Base in Tacoma, Wash. -ir * ■h * f 9- i A DULUTH: Walter L. Fredrickson, vice president in charge of busi ness development for First Ameri can National Bank, has retired after reaching retirement age. Mr. Fredrickson has been in banking and finance for more than 40 years. He joined First American National in 1947. MINNEAPOLIS: Hans L. Kopp has been elected an assistant vice president in the international bank ing department of First National Bank. He was formerly manager of international operations for Ameri can Express International Banking Corporation, New York. MINNEAPOLIS: Chester C. Lind, president of First American Na tional Bank of Duluth, and H. F. Chamberlain, president of Valley National Bank of LeSueur, have been appointed members of the Minnesota Bankers A ssociation ’ s Council of Administration. Mr. Lind su cceed s Richard I. Anderson president of Grand Marais State Bank, and Mr. Chamberlain re p laces Richard B. Jude, former president of the First National Bank of Mankato. ST. PAUL: The First National Bank of St. Paul has purchased con trolling interest in the Davis Travel Agency, Inc. Norman R. Tuomis of New Brighton was named president and director; William H. O’ Neil of Minneapolis, executive v ice president and director; Lloyd L. Leider, executive v ice pres ident of the First National, was named chairman of the board. The First National Bank will hold its second profit improvement conference on Tuesday, February 4. WELLS: Thomas J. Hart, president of the Security State Bank, has For Decisive Action Bely on NBC for all your correspondent needs. M em ber F D iC National Bank of Commerce Main B a nk 13th & O S ts . / Patio O ffice lO th & O S ts . / Lincoln, N ebraska accepted a similar position with the Farmers State Bank of Flandreau, S. D., effective January 1. He will remain on the board of di rectors at the bank. Vince Hart will assume the duties of pres ident at the bank. WORTHINGTON: An application has been filed with the State Commerce Department for the proposed Se curity State Bank to be located on Oxford Street here. Incorporators named in the application are E. W. Maser of LeMars, Iowa, and Leo E. Carlson, Jr., of Sibley, Iowa. Proposed capital for the bank is $350,000. No date has yet been set for hearing on the application. C O LO R A D O NEWS DENVER: The Denver U. S. Na tional Bank has acquired the » Jay Bordewick for . . . P erso n al A ttention to A ll Y ou r C orrespondent Needs CALL 402 341-8765 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis » H A R R IE TTE ALLISON n a Rational BANK F. E. DAVENPORT & CO. OMAHA SOUTHGLENN: Joseph B. Boyd has been named president of the First National Bank of Southglenn. Eugene H. Adams, former president, will continue at the bank as chair man of the board. Mr. Boyd joined the bank in December, 1967, as executive Vice president. He was an officer in several Illinois banks before coming to the Denver area. Call AREA CODE YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE. VAULT AND TIMELOCK EXPERTS $50 million mortgage loan ser vicin g portfolio of the Service Investment Company of Denver. Under terms of the transaction, Service Investment will become a subsidiary of the Denver U.S. Bancorporation Inc. and will operate a mortgage banking activity for the five affiliated banks in the Deirverbased bank holding company. OMAHA- Member Federal Deposit Insurance Corporation GORDON DODGE “ SERVING BANKS AND BANKERS SINCE 1948” Bankers Servke __________ CORPORATION__________ BANK STOCK BROKERS BANK PERSONNEL 1301 R & T BLDG. PHONE 515-244-3113 DES MOINES, IOWA 50309 r There ard, so many ways we can help you That’s why over half the banks in Iowa are — MNB correspondents ----- rrm at the First National Bank. James L. Youtz has joined the bank’s au diting staff. if r l m Blake Bales Vice President ' J S k w L J h MERCHANTS NATIONAL BANK t f i N l D Cedar Rapids, Iowa 52401 Member FDIC Tkt fall sorvlco bank far th e banks of Io w a ILLINOIS NEWS HARVARD: Application to change the location of the main office of the First State Bank of Harvard from 32 Nòrth Ayer Street to 2 0 1 205 West Diggins Street here has been approved by the Federal De posit Insurance Corporation. YORKTOWN: Application for F ed eral D eposit Insurance for the Bank of Yorktown has been approved. Richard E. Hamlin is bank pres ident . First of Chicago Executive Changes MILLER: Floyd Curtis, formerly employed by Midwest Supply here, has joined the time pay department a BURGLAR ALARMS Bn*s, Holdup Cameras Telephone 515 / 2 6 2 -8 2 0 9 2905 Delaware Ave. D es Moines, Iowa NATIONAL BANK ST. LOUIS, MO.: Edwin S. Jones, executive vice president at the First National Bank, has been e le c ted president and a mamber of the bank’ s board of directors. He su c ceeds thè late John B. Mitchell, who became president of the bank in 1962 and died at his home here here last month. James P. Hickok, chairman of the board, will continue as chief executive officer at the bank. Holding Companies CHICAGO: Homer J. Livingston has announced his intention to retire as chairman of the First National Bank of Chicago following the an nual stockholders’ meeting Feb. 4. Mr. Livingston said directors in tend to elect Gaylord A. Freeman, Jr., now vice chairman, as chair man and chief executive officer as of Feb. 4, and Edward F. Blettner, now president, to the vice chair manship. John E. Drick, executive vice president in charge of the bank’s commercial banking department, w ill be nominated for directorship at the annual meeting sind will be proposed for the bank’ s presidency. Mr. Livingston recently reached 65, the bank’ s retirement age. SOUTH D AKO TA NEWS' CENTRAL N ATIO N A L NEWS AND TRUST M e m b e r F e d e r a l D e p o s it I n s u r a n c e Co rp o r at io n . COMPANY (Continued from Page 1) William B. Camp is now requiring banks applying for one-bank hold ing companies to agree in advance that no acquisition by the holding company or any subsidiary w ill be made without his approval. While the language of the stipulation does not say so directly, a spok es man said the p olicy of the Comp troller’ s office is to limit acquisi tions to financially related organi zations. This move by the Comptroller is viewed by observers in Washington as a step to strengthen his hand when faced with Congressional demands next year for legislation limiting one-bank holding com panies. One of the ch ief criticism s of the one-batik holding company device is that the regulatory agencies have no control over it. The Comptroller has moved to answer this criticism . WANT ADS Rates 25 cents per word per insertion. Minimum: 12 words. NORTHWESTERN BANKER 306 15th St., Des M oines, Iowa CASH FLOW SHEETS Monthly cash flow income and ex pense forms —so helpful in plan ning budget loans for farmers and ranchers. Samples available. The Farm Business Council., Inc., P.O. Box F , Urbana, Illinois 61801. SEASONS GREETINGS Cy Kirk and Max R oy, vice pres idents of the LaSalle National Bank, Chicago, extend sincere best wishes to all of their cu s tomers and friends for a Merry Christmas and a Happy New Year. No. 1136 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, D es Moines, Iowa 50309. Subscriptions 50^ per copy, $6 per year. Second c la ss postage paid at Des Moines, Iowa. Address all mail Digitizedsubscriptions, for FRASER changes o f address (Form 3579), manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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