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Oldest Financial Journal West o f the Mississippi — — ---------------------------------------- No. 1009_________________________ Des Moines, Io ta December 26,1966 S&L Requests 11 Mobile Units in Iowa Application has been made to the Federal Home Loan Bank Board in Washington, D.C. by United Fed eral Savings and Loan A ssociation, Des Moines, to establish 11 mobile branch units around Iowa, The mobile units would be set up in Albia, B elle Plaine, Center v ille, Grundy Center, Guthrie Cen ter, Humboldt, Jefferson, O sceola, Pella, Sigourney and Winterset. Supervisory clearance has been granted the original request and publication of intention to estab lish mobile branch units has been published in local newspapers in the 11 communities. Interested parties objecting to the establishment o f the mobile units should file a letter immedi ately with the Federal Home Loan Bank, 1400 Des Moines Building, Des Moines, outlining the reasons for the objection, At the same time, a hearing should be requested and a declaration of intent to be repre sented should be made. During the first week in Janu ary, all communications, together with the recommendations of the Federal Home Loan Bank in Des Moines, will be sent to Washington, D.C. to the Federal Home Loan Bank board there. A decision will be made by the Washington board as to approval or disapproval, and this normally takes from 30 to 60 days. The board can also schedule hearings in Washington before tak ing final action. State law does not prohibit branches for savings and loans. It is “ silen t” on the subject of mobile units. It may be necessary to define mobile units, and even if they would be prohibited under Iowa law, it would become a ques tion of whether state law prevails over federal law. In the Supreme Court decision in the Utah Bank ca ses, state law was found to pre vail. It is p ossible that some of the objections to the application may come from other members of the savings and loan industry. Ultimate decision on this appli cation will have far-reaching effects throughout the Northwestern Banker area. One o f the basic reasons for the Federal Home Loan Bank board’ s decision to allow mobile units was to provide financial ser vice to “ rural communities.” BULLETINS... CHICAGO: Robert W. Williams, former vice president in charge of advertising for LaSalle National Bank, has joined Pioneer Trust & Savings Bank as vice president in charge of marketing. OMAHA: Marvin Werve, senior vice president, The Omaha National Bank, has been named to the board of the Omaha Public Power D is trict for a 6-year term. ST. JOSEPH: First National Bank has advanced Don F. Barnes to vice president in charge of in stallment loans; John V. Giddens to assistant vice president-agri culture; Marvin L. Howe to assisttant cashier and manager of data processing, and Curtis L . Petti grew to assistant cashier in in stallment loans. ST. LOUIS: The Justice Depart ment suit against the 1965 merger of the Mercantile Trust Company, N .A., and Security Trust Company has been dismissed by Judge Roy W. Harper, chief judge for the eastern district o f Missouri. The federal judge gave the Justice De partment 20 days to amend its suit to allege that the merger’ s benefits to the public interest did not out weigh the anti-competitive effects. The Justice Department would have to accept trial under the Bank Merger Act. Thus, the burden of proof, on the public interest question, rests with the Justice Department. S&aAoyibu ÿtesdinjûfA. fjwnt jyouh. ÇapjJbcd. fojüuLôporuknt $r National Bank of Commerce MEMBER F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . . . , -, . t in L i n c o l n , N e b r a s k a 6 8 5 0 1 9 ^' Y ■.*. «¿T JOHN DIEFEND0RF and GENE HAGEN Represent o |B t; j The Bank for Personal Service in Sioux City I f ! SECURITY NATIONAL BANK Sixth and Pierce Sioux City, Iowa IOWA NEWS ADEL: James Angstead and David Morris have been named assistant cashiers of the Dallas County State Bank. Both are ISU grads. CUMBERLAND: Thomas L. Bond has been named as a new director o f the Cumberland Savings Bank. DENVER: Bids will be let in midJanuary for a new bank building for the Denver Savings Bank. Architect is Robert C. DeVoe, Cedar F a lls. DUBUQUE: American Trust and Savings Bank will open its new TV drive-in unit on December 27. EAGLE GROVE: Open house will Member FDIC be held by Security Savings Bank at its new parking lot facility on Wednesday, December 28. MARION: Farmers State Bank named Morris F. Neighbor and L ucille Shellenbarger as new directors. The bank has a new building under construction with completion set for next summer. MUSCATINE: First National Bank has authorized a transfer of $50,000 from the undivided profits account to surplus, which now totals $750,000. Capital is $1,000,000. NEW HAMPTON: First National Bank is in its new building. Open house will be in late January or early February. STORM LAKE: George B. Eginton, executive vice president, Security Trust & Savings Bank, was honored recently for 50 years with the bank. NEBRASKA NEWS CHRISTY ARMSTRONG LEO KANE LEO SCHLUETER ‘WE HAVE WHAT YOU WANT in a correspondent bank* american trust and savings bank 9TH AND MAIN, DUBUQUE, IOWA MEMBER: FDIC • FRS LINCOLN: First National Bank and Trust Company has announced the following promotions: To vice president - Eames Irvin, David L. Patrick and Louis L. Roper; To assistant vice president-Richard D. Hammel, Robert Johnson, Allen J. Mart, and Howard Stotts. To assistant vice president and trust officer - Richard D. F rizell; To assistant cashier-Jam es E. Sundling; To assistant trust o ffic e r - Richard B osw ell; To computer services officer - Lowel Hagen and Paul Wendell; To computer systems officer - Raymond Hoover and Rich ard Nannen. OMAHA: John R. Lauritzen has been advanced from chairman of the executive committee to pres ident of the First National Bank. He su cceed s John F. Davis, who becomes chairman of the board. PAPILLION: Eugene S. Tschida has been named president of the Clarke Bank, effective about Janu ary 1, according to Roy Dinsdale of Palmer, who recently bought controlling interest in the bank. Mr. Tschida, 37, has been vice president of the Bank of Bellevue. Karl C. Brown moves from pres ident to chairman. MINNESOTA NEWS DULUTH: Robert M. Fischer has been promoted to trust officer of the First American National Bank. He joined the bank in 1958. LAKEVILLE: S. C. Gustafson, owner of the S. C. Gustafson Com pany in Minneapolis, a mortgage loan, real estate and insurance firm, located in the Northstar Cen ter, will direct the operations of the First National Bank o f Lake ville. The bank was recently pur chased by H itchcock Industries of Bloomington. MINNEAPOLIS: The Minnesota Bankers A ssociation Council of Administration has endorsed Wil lis W. Alexander, Jr., president, Trenton Trust C o., Trenton, Mis souri, for ABA vice president. The group had previously endorsed S. J. Kryzsko, president, Winona National and Savings Bank, but he withdrew in November. MINNEAPOLIS: presidents have Fifth Northwest They are R e u e ll. Jarry Parker is deeply Earnest If you're earnestly seeking b e tte r correspon den t banking service, it's high tim e you g o t in touch w ith Jarry P arker a nd his associates a t C o m m erc e Trust. They d on't fool a round. For e x a m p le , th ey see th a t transit m ail is picked up 4 0 tim es a d a y a t the m ain post office. Isn't this the e arn e st service you w a n t a n d deserve? C all us soon. (ommGrcG Jrust (ompany’ Kansas City's Oldest and Largest Bank Member Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Two new vice been named at National Bank. Lund and JohnD. W e're here to help you g e t w h a t you w a n t IOWA-DES MOINES NATIONAL BANK Bob Buenneke Member F ed era l D e p o sit Insurance Corporation Hawkland. MINNEAPOLIS: First Edina Na tional Bank made four officer changes: Galen L.Schm ick, a ssist ant v ice president and head of real estate mortgages; Peter H. Archibald, assistant vice president and commercial loan officer; Wil liam Connelly, assistant cashier and credit manager, and Lloyd D. Ratkovich, installment loan of ficer and manager. MINNEAPOLIS: F irst Southdale National Bank has advanced Roland M. Holt to cashier and secretary of the board. MINNEAPOLIS: Fourth Northwest National Bank has advanced Wil liam A. Sandeen and Gladys J. Young to assistant cashiers. ST. PAUL: New head of the Twin City Bond Club for 1967 is William E. Ritt, who is with Merrill Lynch, P ierce, Fenner and Smith, Inc. SOUTH ST. PAUL: Stock Yards National Bank has advanced John A. Marien to assistant vice pres ident. NORTH DAKOTA NEWS FARGO: North Dakota bankers should mark their calendar for the Bank Management C linic, to be held here at the Grand P a cific Hotel, February 12-13. VALLEY CITY: Grand opening of the Tower City branch of the Amer ican National Bank was held re cently, according to K. B. Cum mings, president. SOUTH DAKOTA NEWS SIOUX FALLS: Curt Lovre, pres ident, Northwestern National Bank, announced the addition o f T. Stephen Everist and W. Roy Laird, Jr., to the advisory board o f the C olonial branch. Mr. Everist is secretary-treasurer o f the L . G. Everist C o. and Mr. Laird is vice president of Sioux F alls Render ing Co. MONTANA NEWS BOZEMAN: Montana bankers should mark their calendars for Febru ary 9-11 for the Ag Credit Confer ence to be held here at Montana State C ollege. GREAT FALLS: Mrs. Marion V. Vandenacre has been . named as sistant cashier of the First Na tional Bank, according to President Adrian Me Lei lan. She has worked as the bank’ s head teller and also as supervisor of new accounts and stock and bond transactions. WYOMING NEWS CHEYENNE: East Cheyenne Na tional Bank has advanced Joseph C. Daly from vice president to executive vice president. Harry A. Palmer was advanced to assistant vice president. Richard Schaefer was named assistant cashier. LARAMIE: The American National Bank has advanced Marvin Coughenour to vioe president and data processing manager. Three men William Hall, Jaok Steinke and Stephen Haley were named a ss is t ant cashiers. NATIONAL NEWS CHICAGO: Robert E. Hunt, E. L. Hall and William S. Turner have been named executive vice pres idents. Mr. Hunt will be in charge of the banking department; Mr. Hall will be in charge of the adminis L IN C O L N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OVER 10,000 financial institutions across the country buy our equipment and services every year. CEDAR RAPIDS, IOWA 52406 trative department, and Mr. Turner the trust department. The bank has named V ice President Robert P. Kline to head Division C of the CorrespondentDivision(N.W. Area), replacing V ice President Thomas F. Duffy, who will be a senior loan review officer. Stephen White, who travels Iowa, has been named assistant cashier. Other changes will be featured in the January Northwestern Banker. NEW YORK: First National City Bank has named George E. Barnett, Jr., and John J. Larkin as senior vice presidents in bond department. NEW YORK: AlbertV. Doherty, per sonnel, and Charles C. E llis, comp troller, were named senior vice presidents by Irving Trust Company. NEW YORK: Morgan Guaranty Trust Company named Alfred H. Von Klemperer as a senior vioe pres ident. We Wish You A Happy New Year Malcolm Freeland Ben Haller, Jr. Larry Nothwehr Da/oe Lendt ì 9 6 7 The NORTHWESTERN BANKER ...EDP Accounting with a Personal Touch “ SERVING B A N K S A N D BANKERS SINCE 1948' FRANK SIBE RT Bankers Service ________ CO RPORATION BANK STOCK BROKERS BANK PERSONNEL WE’ RE HERE TO HELP YOU S o u th O m aha eS tockyards national bank 1301 R A T BLOG. PHONE 5IS-344-3113 DES MOINES. IO W A S0309 Misleading advertisements about interest rates may violate the anti-fraud provisions o f the Securi ties A ct of 1933 and the Securities Exchange A ct of 1934, the letter said. The four federal agencies that sent the letters are the comptroller o f the currency, the Federal Deposit Corporation, the Federal Home Loan Bank Board and the Federal Reserve Board. Member F .D .I.C . NATIONAL NEWS To Offer $1.1 Billion FNMA Certificates Set Ad Guidelines The federal government has ordered banks and savings and loan associations to stop making “ m isleading” claims about the amount of interest they pay on deposits. Four regulatory agencies have sent letters to state and national banks as well as insured savings and loan firms outlining the “ mini mum principles that financial in stitutions should follow in adver tising for funds.” The four principles are: •Interest and dividend rates should be stated in terms of annual rates of simple interest, and the advertisement should state whether these earnings are compounded and, if so, the basis of compounding. •No reference should be made to “ profit” to the investor. -If an advertised rate is pay able only on investments or de posits that meet fixed time or amount requirements, these require ments should be stated in the ad vertisement. -No statements should be made implying that more than $15,000 of federal insurance is provided for each depositor. BIG BIG The Federal National Mortgage A ssociation announced plans to sell $1.1 billion of participation certificates in early January. New 10th Fed Terms the sas the the Five directors of branches of Federal Reserve Bank of Kan City and the representative to Federal Advisory Council of Federal Reserve System have been appointed to new terms, it has been announced by Homer A. Scott, chairman o f the bank’ s board of directors. Two directors o f the Denver Branch were reappointed for the 2-year terms. J.P . Brandenburg, president, First State Bank, Taos, N. Mex., was appointed for his third term, while Theodore D. Brown, president, Security State Bank, Sterling, C olo., was reap pointed for a second term. Guy L. Berry, Jr., president, American National Bank and Trust, Sapulpa, O kla., was named to a third term on the Oklahoma City Branch board, and C.M. Crawford, president, First National, Freder ick, Okla., was reappointed for his secon d term on that board. The reappointm ent of W .B . M illard, J r., chairm an, T h e Omaha N ation a l B ank, to a seco n d term on the Omaha Branch board w as a ls o announced. The 10th District representa tive on the Federal Advisory Coun c il to the Federal Reserve System, Roger D. Knight, Jr., was reap pointed for a third 1-year period. Mr. Knight is chairman o f the Denver U.S. National Bank. WANT ADS Rates 25 cents per word per insertion. Minimum: 12 words. NORTHWESTERN BANKER 306 15th S t., Des Meines, Iowa FOR SALE Modem three-station teller counter like new, mahogany wood. Will remodel to fit your requirements. Will send photos on request. P & H Fixture C o., Box 253, Spencer, Iowa. FOR SALE One Shaw-Walker Ledger Tub; one Shaw-Walker Fireproof Ledger Tub; one Revolving Strip F ile . Minot Federal Savings and Loan A s s o c i ation, Minot, North Dakota, 58701. F & F ACCOUNT HIGH ? Lend-lease bank plan. Put new equipment in your bank-keep it out o f your statement. It pays for itself. Call or write Pioneer Leasing Company, Box 467, Norfolk, Nebr. (Area Code 402) - 371 - 2123. Ask for John Adkins. POSITION WANTED Specialist in overlines and cattle loans desires work. Offers years of banking experience. Intense de sire to please. Backed up by staff o f specia lists in all phases of banking. For immediate action call Max Roy in Iowa City 338-5224 or at La Salle National Bank, 135 So. LaSalle Street, Chicago, 111. 60690. STate 2-5200 (Area Code 312). FOR SALE Loan application forms for the modern agricultural banker. Sam ples on request. Farm Business Council, Inc., P.O. Box F, Urbana, Illinois 61801. things are happening at C E N T R A L N A T IO N A L ... things that mean even better service to Iowa banks. CENTRAL NATIONAL BANK AND TRUST COMPANY M e m be r Federal Deposit Insurance Corporation YOUR STATE BANKERS ASSOCIATION O FFICIAL SAFE. VAULT AND TIMELOCK EXPERTS F. E. DAVENPORT & CO . OMAHA No. 1009 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscription 50tf per copy, $4 per year. Second c la ss postage paid at Des Moines, Iowa. Address all mail (subscriptions, changes of address, Forms 3579, manuscripts, mail items) to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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