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Vol. 10 No. 33 Des Moines, Iowa Econom ist Sees Mic -Year Turnaround RECOVERY from the current recession should start slowly in A the spring and continue on a moderate basis through the balance of 1982, according to Roy E. Moor, senior vice president and chief economist at The First National Bank of Chicago. He gave that estimate in his analysis presented to more than 550 bankers who attend ed the bank’s 35th Conference of Bank Correspondents in Chicago recently. Mr. Moor said he sees “ turbulent waters from here through the end of next year.” Mr. Moor made the following points: • The current recession went through Phase 1 last spring when sales in all sectors began to weaken, production continued through July building inventories to their highest level since 1977-78, and banks benefited from loan volume associ ated with this buildup. • In the current Phase 2, business is attempting cutbacks; business borrowing and demands are curbed, so there will be a softening loan de mand to the end of spring. • A s the recovery starts slowly and on into the fall of ’82, business loan demand will continue to weak en; as cash flow improves, busines ses will tend to do internal finan cing. • Other factors will offset soft December 7,1981 tion, the cost of money will be a little higher and rates will be down some. Mr. Moor says “ the most realistic assumption to make about the Fed is that it will follow the same pat tern in ’82 as ’81, month by month. By doing this, you can pinpoint coming actions. In the light of huge Treasury deficits, the Fed is not like ly to repeat its 1978 mistake of pushing down the Fed Funds rate.” Mr. Moor said a rising stock market will be another attraction for people’s liquid assets, and he also cautioned that MMFs won’t go away. “ Householders,” he observed, will be unwilling to leave money in banks at less than market rates.” He said mortgage rates are likely to decline less than any rate in 1982, down not more than 200 points. Con sumer credit rates will remain the same. Mr. Moor also predicts business volume will be soft in 1982 with pro fit margins shrinking. In the finan cial field, this will lead to the Fed being more concerned in 1982 about the capacity adequacy of thrifts and some banks. He closed by saying, “ The outlook was never more cloudy, amid so many changes takin g place a ssocia te d w ith growth, but all signs point to ex panded opportunities. ’ ’ □ loan volume. The tremendous vol ume of short-term borrowing by business will have to be refinanced with short-term debt through 1982. • Foreign banks in the United States are proving to be tough com petitors. All of the above factors will con tribute to decreased commercial len ding, Mr. Moor said. He sees con sumer credit borrowing in the months ahead as weak; however, as the economy recovers in the spring it should be led by consumer spen ding. Tax cuts will induce a lot of spending and borrowing that accom pany such cuts. He pointed out two important changes: 1. Households now are sav ing more than in previous periods and householders are acutely inter est sensitive. The supply of money is out there but banks will have to compete for it. 2. There is an im provement in household balance sheets, with little change in hou§e values, but as spending is cut, there is an improvement in liquid assets. Mr. Moor expects a further steady decline in rates to late sum mer, with the prime settling at 11%, Fed Funds at 8H% and 90-day paper at 9%, all followed by some rise through the end of ’82. As loan demand softens, there will be some Nominated for Comptroller squeeze on spreads. Competition for C. Todd Conover, a partner in the loans will be fierce thoughout the na consulting firm of Edgar, Dunn and ASK JOHN MANGOLD to m ake M N B work for you. Toll free: 1-800-332-5991 Merchants National Bank m Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A BANKS OF IOWA' BANK F ir s t in Iowa, by putting Iowa first. Linda Collins Member FDic Conover, and a former associate of Deputy Treasury Secretary R.T. McNamar, has been nominated by the White House to a five-year ap pointment as Comptroller of the Currency. If he is confirmed by the Senate, he would fill the vacancy created by the resignation last May of John J. Heiman. The C of C post is currently being filled by Acting Comptroller Charles E. Lord. Mr. Conover has extensive ex perience in designing banking com puter and internal management systems. He was also a partner in Touche Ross and Co., where he specialized in management services and was national services director for banks. He was previously with U.S. Bancorp, of Portland, Ore., and Seattle First National Bank. Iowa News ANKENY: Directors of Ankeny Na tional Bank have agreed to acquisi tion of the bank by Hawkeye Bancorporation, Des Moines, subject to regulatory approval. Ankeny Na tional has $24 million assets and, if approval is granted, would become the 29th member of the $1.3 billion asset Hawkeye holding company. It would be Hawkeye’s third bank in the metropolitan Des Moines area, joining First Federal State and Capital City State banks. BOONE: Robert Scott, president, Boone State Bank and Trust Com mm An Affiliate of Northwest Bancorporation Banco Call (515) 245-3131 or toll-free (800) 362-2514 pany, has announced the appoint ment of David Frieberg as head of the ag lending division. He was formerly assistant vice president at The State Bank in Fort Dodge. Mr. Scott also announced appointment of Steven P. Drennan as assistant vice president and head of the instal ment loan department. He was formerly assistant cashier at United Central Bank and Trust of Fort Dodge. DES MOINES: Robert G. Millen, president and CEO of United Cen tral Bank has announced these orga n iza tion a l and fu n ction al changes: Gene Loverink from vice president-operations to senior vice president to head a major function called consumer and investment ser vices and operations. Senior Vice President and Trust Officer Jack R. Schreiber to assume responsibility for farm services in addition to trust services. Harry A. Wilmer, senior vice president and senior lending of ficer will continue to be responsible for commerial services. Gary L. Lasche’, controller, will be respon sible for finance; David L. Hansen, vice president, will be responsible for human resources, and James R. Katek, director of marketing, will continue to be responsible for marketing. WAUKON: Richard Brown has been named vice president at W aukon State Bank. He was Gary Stevenson Your Man on the First Team. mm GARY STEVENSON Vice President ^Nebraska News Bill Souba, president of the David City Bank and president of the Nebraska Independent Bankers Association, sent to all N IB A members on November 24 the results of a poll of member banks last July on the issues of multi-bank holding companies and branching. Ballots were mailed to 457 banks, 366 were returned, representing opi nions of 80% of the bankers in the state. Mr. Souba said the poll indicates a majority of the banks are opposed to: 1. Unlimited multi-bank holding companies, statewide. 2. Multi-bank holding companies as encompassed in LB 376. 3. Multi-bank holding companies, statewide, limited by a percentage of deposits a holding company could control. Don't gam ble when choosing a correspondent bonk. Com e to the professionals. UNITED CENTRAL BAN K 712/277-1500 First National Bank in Sioux City • A ‘BANKS OF IOWA’ BANK https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis formerly manager of the Delmar of fice of the Jackson State Bank and Trust Co. of Maquoketa. Both banks are members of Hawkeye Bancor poration. OF DES M O IN ES . N A ■ M E M B E R FDIC ■ (S IS ) 245-7 11 1 AFFILIATED W IT H UNITED CENTRAL BANCSHARES, INC. TOLL FREE NUMBER ( 800) 362-1615 Supplement to Northwestern Banker Newsletter 12-7-81 Carleton D . Beh Company Investment Bankers / Financial Consultants 1300 Des Moines Building / Des Moines, Iowa 50309 5 1 5 /2 8 8 -2 15 2 NEW ISSUE MOODY’S RATING: $460,000 “A-1 JEFFERSON, IOWA General Obligation Water Bonds Dated: December 1,1981 Denomination: $5,000 Both principal and semi-annual interest (June 1 and December 1, first coupon due June 1, 1982) payable at office of the City Treasurer, Jefferson, Iowa. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM PRESENT FEDERAL INCOME TAXES, STATE FRANCHISE TAX AND ALL PROPERTY TAXATION IN THE STATE OF IOWA. MATURITIES $10,000 15,000 15,000 20,000 20,000 11% June 1,1983 June 1,1984 June 1,1985 June 1, 1986 June 1,1987 $20,000 91/2% June 1,1988 $25,000 9 1/4% June 1,1989 $30,000 9% % June 1,1990 $30,000 9 3/4% June 1, 1991 8.00 8.20 8.40 8.60 8.80 $35,000 10% June 1,1992 10.00 $40,000 101/4% June 1, 1993 10.25 $40,000 101/2% June 1,1994 10.50 $45,000 10.70% June 1, 1995 10.70 $55,000 10.85% June 1, 1996 10.85 $60,000 11% June 1, 1997 11.00 9.00 9.25 9.50 9.75 Jefferson, the county seat of Greene County, State of Iowa, is located in central Iowa, approximately 60 miles northwest of Des Moines. Jefferson serves as the principal manufacturing and trading center for Greene County and the surrounding area. Greene County ranks among the top agricultural producing counties in the State of Iowa. In addition to its position as a trading center and judicial center, Jef ferson is the home of several sizable industries, the chief among which are Ideal Division of Ritchie Manufacturing Company, manufac turers of livestock feeding and watering equipment; the Franklin Manufacturing Company, a division of White Consolidated Industries, producers of components for home laundry and automotive industries; the American Athletic Equipment Co., a division of A.M.F., interna tional manufacturers of trampolines and other lines of athletic and physical fitness equipment; and Parker Industries, manufacturers of wagon boxes and large machinery trailers. There are two banks in the community with combined deposits of approximately $84,350,000 serving the financial needs of the community. Transportation facilities are furnished by U.S. Highway 30, State Highway 4, the main lines of the Chicago and Northwestern and the Chicago, Milwaukee and St. Paul Railroads and an excellent municipal airport. These bonds are being issued to defray the costs of constructing improvements to the municipal waterworks system. The improvements include a new city well; transmission main; three monitoring wells; a temporary shallow well and repairs to the water treatment plant. ; FINANCIAL STATEMENT Actual value of taxable property, 1980 Assessed value of taxable property, 1980 Direct debt, including this issue Total direct and overlapping debt Population, 1980: 4,854 Direct debt per capita: $285.22 $81,256,146.00 62|066*047.00 1,174,000.00 1,384^469.00 We own and offer subject to prior sale and change in price and subject to attorney’s approving opinion: The information contained herein is not guaranteed, but is derived from sources we deem reliable and is that on which our purchase of these bonds are based. Bonds of particular maturity may or may not still be available or may now be available at a price or yield different from that indicated above. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Division of |~t=[r Hutton & Company Inc. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 C A L L O N T H E “P E R F O R M A N C E T E A M ” where common transactions are handled uncommonly well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. 4. Statewide branching. 5. Branching in cities of 5,000 in habitants or more. 6. Branching in home charter and contiguous counties. 7. Branching in home charter counties. 8. Interstate branching. Details of responses to each ques tion are compiled in the report mailed to each N IBA bank. OM AH A: Donald G. Kirby recently joined American National Bank as a s sis ta n t v ice p resid en t and manager of the bank’s computer center. SUPERIOR: Farmers State Bank has received permission from Direc tor of Banking Ual J. Amen to tran sact a trust company business in a trust department. Minnesota News HOPKINS: Jim Cory has been elected vice president, cashier and security officer at First Bank Hopkins and Kenneth Meinert and Lon Goldberg have been named assistant vice presidents. W A Y ZA TA : Bradley C. Krohn has been elected vice president and ad ministrator of the commercial and installm ent loan p ortfolios at Wayzata Bank and Trust Company. He succeeds Robert M. Weiss, who on January 1 will become president & CEO of the Minnetonka State Bank. Mr. Krohn previously was a vice president with First Bank Systems. Illinois News ROCKFORD: An agreement in prin ciple has been announced to estab Call our Bond Department Getting it done for you. Errors & Omissions Coverage 1. Directors & Officers Liability 2. Trust Errors & Omissions 3. Data Processing Errors & Omissions 4. Mortgage Errors & Omissions 5. “All Risk” Liability Policy lish a multi-bank holding company, First Rockford Bancorp, Inc., to own all of the outstanding stock of these four banks—First National Bank and Trust Company of Rock ford; North Towne National Bank of Rockford; First Bank of Loves Park, and First Bank of Roscoe. The holding company would become ef fective after January 1, 1982, when the new state law takes effect. ROCK ISLAND: Frank P. Clarke has been appointed president and COO of First National Bank of the Quad Cities. He had been senior vice president. ROLLING M EADOW S: Raymond J. Barber, president of Borg Warner International, has been elected chairman of Plum Grove Bank here. Wyoming News CODY: The Federal Reserve Board has announced approval of North Platte Corporation, Torrington, to acquire Western Bank of Cody. □ f la w fu n c . 301 N. Ankeny Blvd., Suite 220 Ankeny, la 50021 515-964-1358 dent, Northwestern National Bank, Minneapolis. A business meeting and election of officers will follow. Afternoon speakers include Milton L. Snyder, vice president of security, First Bank System, and John E. W ynant, executive director o f UMACHA. K ALI SPELL: Harry E. Lattin, ex ecutive vice president of First In terstate Bank of Kalispell, will become the bank’s president and CEO on December 1. He will succeed Eugene O. Gillette, currently chair man, president and CEO, who will retire February 1, 1982, after a 29-year career with the bank. Mr. Lattin, who will also become chair man, joined the bank in 1973. South Dakota W O O N S O C K E T : The F ederal Reserve Bank of Minneapolis has approved application of Commercial Banshares, Inc., Mitchell, to acquire the Sanborn County Bank in W oon socket. Montana News North Dakota News HELENA: Glacier Chapter of BAI will meet December 5 at the Heri tage Inn, Great Falls, starting at 9 a.m. with “ Asset and Liability Management,” presented by Jenni fer Freeman, assistant vice presi The Federal Reserve Bank of Min neapolis has approved formation of Drayton Bancor, Inc., Drayton, as a holding company, and its applica tion to acquire the Drayton State Bank. Tom Steffens John Henderson Tony Paugoulatos Vice President Vice President Asst.Vice President Asst.Vice President Bond O ffic e r Bond Representative 234-2462 234-2463 234-2647 Jim M cLaughlin 234-2877 234-2673 î^i Commerce Bank of Kansas City https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis fiUTQmfiTED SVSTEmS Dave W ittenborn 234-2691 10th and Walnut Rick Patton (816) 234-2000 BANKSFORSALE BANK OWNERSHIP CHANGES —Our Specialty— PARTIAL LIST OF AVAILABLE POSITIONS C.E.O.—Thriving MN bank seeks officer knowledgeable in all areas of banking with emphasis on agriculture. Superior salary and benefit pkg, including stock owner ship. $35-$40K. SELLERS - if you already have a buyer for your stock and there is a question of whether or not it is 6 fair price - we can make an indepen dent appraisal. BUYERS - if you are about to purchase controlling interest in a bank and there is a question of whether or not it is a fair price - we can make an independent appraisal. Those wishing to buy or sell - we can do the job for you if you are serious. CROWN BANKING SERVICES 325 W. Prospect Avenue Mt. Prospect, Illinois60056 (312)392-5151 BANK PLACEMENT SPECIALISTS (Our 33rd year) Call experienced professionals to locate the right candidate for your vacancy . .. or the right “ move-up” for yourself. CORPORATE RECRUITERS MIDWEST BANKING DIVISION 202 S. 71 st Street 402/393-5515 Omaha, Nebraska 68132 SERVING PROFESSIONALLY Banking, Financial & Business Personnel, Iowa and Nationwide Capital Personnel Service 714 U.C.B. Building, 515-283-2545 Des Moines, Iowa50309 WANTADS Rates are $5.00 per line per insertion. Add $3.00 for file letters per insertion. Identity of file letter advertisers cannot be revealed. NORTHWESTERN BANKER 306-15th Street Des Moines, Iowa 50309 Phone 515/244-8163 COLLECTIONS—Excellent growth potential for individual with collection exp in finance co or bank. South Dakota location. $12-$13K. #2 AG LOAN OFFICER—Central IA bank needs high im age, aggressive type currently in #2 spot, ready to move to #1. Medium to heavy ag lending exp. Insurance licenses a plus. Excellent oppty for career growth. $25K-$28K. OPERATIONS—Good entry level spot in NE bank for in dividual with 4 yr degree plus some exp in banking. Will handle acctg and operations functions. Groom for cashier position. $13K. FOR FURTHER INFORMATION RESPONDIN CONFIDENCE TO: Burroughs model L-9000 with auto-reader. For more infor mation, phone 319/539-2166. (FS) Mosler Model FSW 1848 walk up teller unit. Never been used. Available immediately. First National Bank, Minden, Nebraska 68959. Phone (308) 832-2030. (FS) POSITIONS WANTED Used coin counting equipment in good condition. Contact John E. Dencklau, Farmers Savings Bank Vincent, Iowa 50594. Phone 515-356-4155. (WTB) FOR SALE OR LEASE PERMANENT OR TEMPORARY - Sale or lease financial facilities. Available immediately: 14’x60’ in Nebraska; 14’x60‘ with 2 DUWs in Illinois; 14’x60’ mobile-type In Missouri; 9’x12’ teller buildings available. Permanent facilities to 4,000 sq. ft. SON CORPORATION, Box 684, Wichita, KS, 67201. Call collect (316) 942-8167. (FSorL) PRESIDENT POSITION available in a high performance $35 million Twin Cities metro bank. Applicant should possess a proven record of leadership, management, business development, and technical expertise in all other Operations Person with two or more years exp. areas of banking. Salary commensurate with experience. .............................................................................. $18,000 Send confidential replies to Box OBT, c/o Northwestern Trust Officer with lawdegree wanted by large Iowa bank Banker. (PA) ................................................................................... Salaryopen MARKETING MANAGER WANTED-To join several small Commercial Loan Officer for $50 million Iowa bank banks with emphasis on marketing and motivation. Send resume and salary requirements to File OBW, c/o North ......................................................................... Salary open western Banker. (PA) Ag Lender for northcentral Iowabank. Prefer ISU grad with exp.....................................................................SalaryopenAG LENDER—$50 million bank in central Iowa community of 4,000. Salary open. Write file OBV, c/o Northwestern Write or call Malcolm Freeland, Freeland Financial Ser Banker. (PA) vice, 246 Insurance Exchange Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays fee. . POSITIONS AVAILABLE CONTROLLER—$400MM bank needs chief financial of ficer. Position requires CPA and financial institution ex perience. $$OPEN OPERATIONS OFFICER—S25MM suburban bank af filiated with large holding company. Opportunity to learn lending and advance to second position. $25,000 Senior Ag Lender with solid experience..................$30,000 Number Two Banker with extensive lending and opera tions experience.....................................................$35,000 Write or call Malcolm Freeland, Freeland Financial Ser vice, Inc., 246 Insurance Exchange Building, Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays fee. HAVE BUYERS - NEED LISTINGS If you are interested in selling your bank or buying a bank, contact me. All inquiries treated with strictest professional standards; complete ly confidential. John R. Fitzgibbon, President. t < When it coma« to agriculture, banking and personnel. . . go to the specialists — go to AGRIcareers, Inc. Progressive bankers pay us to find the people they need. 2 Ag Lend. Off............ Cent. W l. $16-22,000 Cred. Mgrs. (2)............. Cent. IA . $20-23,000 Ag Loan Off. (2).................... IA . $20-25,000 Ag Loan Off......................... W l. $18-25,000 Cred. Supv. & Anal................ IA . $18-22,500 Branch Mgrs. (2).................NE . $18-25,000 Ask the ag banking specialists what’s available without cost or obligation. NEW HAMPTON. IA 50659 MASSENA. IA 50853 I (515) 394-3145 (712) 779-3744 ^ & A S S O C IA T E S J N C > ^ ^ ^ ^ ^ , 3730 Ingersoll • Des Moines, Iowa 50312 515/274-0398 SENIOR LOAN OFFICER—Experience in ag lending ($50 million bank) in community of 8,000 population in northern Iowa. Salary open. Write File OBS, c/o Northwestern Banker. ____________________________________ (PA) Ag Lender for northeast Iowa bank. Must have exp and degree.............................................................. Salary open Entry level college grad with basic banking e x p .. .$15,000 Commercial Lender seeks new opportunity......... $30,000 ALL FEES COMPANY PAID Nine NCR Model 152 teller machines in good condition. Contact Keith Schwebke, Iowa Falls State Bank, Iowa Falls, Iowa 50126. Phone (515) 648-5171. (FS) Ag Lender with two or more yrs. experience wanted by Iowa bank located in southwest Iowa..................... $18,000 Instalment Lender with exp. seeks new opportunity ................................................................................$23,000 Operations Officer for bank in 80,000 city in Missouri ............................................................................... $25,000 CEO of $35 million bank seeks new situation in Iowa ................................................................................$40,000 Insurance Agent with excellent sales record......... $25,000 w of Iowa, Inc. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 WANT TO BÜY POSITIONS AVAILABLE Large Central Iowa S&L has excellent opportunity for Branch Manager to direct all banking opera tions at Main branch office. Qualifications must include successful management experience in a financial institution office, involving at least checking and savings. Would prefer lending, sales and/or customer relations experience also. For confidential consideration, send resume to File OBU, c/o Northwestern Banker. (PA) DCMir\ L/l V Io lU I I (III NCR 775-2100 12 pocket proof machine. Excellent condi tion. Has always been under maintenance contract. Hayesville Savings Bank, Hayesville, IA 52562. Phone (515) 622-2337. (FS) Insurance Agent for central Iowa bank........... Salary Open BRANCH MANAGER Ï <1 BOH CÀREBtS, INC. ** THE ORIGINAL AGRICULTURAL RECRUITER COMMERCIAL LOAN—aggressive $80MM bank seeks ad dition to staff. Would be number two in department. $30,000 TRUST OFFICER—suburban $100MM bank offers growth opportunity to a trust generalist. Prefer 2-4 yrs. ex perience. $28,000 DATA PROCESSING HEAD—S160MM holding company desires senior systems analyst to design and implement new computer system. $35,000 JUNIOR OFFICER—rural $15MM bank has opening for operations officer with 1-3 yrs. experience. Will train for cashier’s position. $16,000 ALL INQUIRIES CONFIDENTIAL. Your resume and salary history requested. TOM HAGAN & ASSOCIATES of Kansas City P.O. Box 12346, 2024 Swift North Kansas City, MO 64116 816/474-6874 ‘‘Serving the Banking Industry Since 1970” Vol. 10 No. 33 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions $1.00 per copy, $15.00 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579), manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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