View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.



Vol. 9 No. 33

Des Moines, Iowa

1RS Rulings Concern Bankers
WO proposed rulings by the
Internal Revenue Service are
being hotly contested by bank

•v *


stockholders and farmers, espe­
cially in the midwest where so many
one bank holding companies have
been formed and where big farm
ownership is concentrated.
H. C. Ruling
One proposed IRS ruling could
have disastrous consequences for
bank stockholders involved in
formation of one-bank holding
companies where debt was assumed
by the holding company during the
past three years and could severely
inhibit or completely eliminate their
future formation.
The proposed ruling has not yet
been published but attorneys,
bankers and tax practitioners are
concerned about its extreme tax
effects. Apparently, the ruling
would say that earnings and profits
of the bank and holding company
would be combined so that at the
time of distribution to the holding
company, stockholders would find
this treated as a distribution of
dividends on earnings and taxed
It further appears this proposed
ruling could have retroactive effect
to the past three years and could
expose bank stockholders to severe
taxation as individuals.
Interested parties are trying to
point out to the IRS the disastrous

consequences of this ruling, which is
a significant departure from past
litigation and rulings. Although
they feel the ruling of itself is not
legal and unfair, opponents say that

if IRS must publish the ruling it
should eliminate the retroactive
IRS issues two kinds of revenue
rulings. One is a private letter ruling
which reflects what the IRS is
willing to adopt as an “audit
position,” based on facts submit­
ted. The letter ruling affects only
the party involved and cannot be
adopted necessarily by others. In
practice, however, IRS issued the
same letter ruling to all applicants
intending to form one-bank holding
companies. Eventually, this became
such a routine acceptance that a
number of such applications of the
Fed did not bother obtaining an
individual letter ruling.
The second ruling is a Public

Ruling or Revenue Ruling, one on
which all parties can rely if their
facts agree with those set out in the
Early in 1980, IRS decided to stop
issuing the letter ruling saying
whether it would favorably or not
favorably review the tax free
transfer under a one-bank holding
company form ation. I t issued
Revenue Rulings 80-239 and 80-240,
with Revenue Procedure 80-34
setting forth how a bank could be
placed in a one-bank holding
company without tax consequences.
This Procedure requires, among
other things, that a third party
lender who puts up the money in a
purchase deal must agree that he
will look to the holding company for
repayment of the debt. In addition,
the whole transaciton must be
completed in 12 months. Prior to
80-240, no capital gains tax was
applied. Now, 80-240 clarifies when
capital gains tax could be applied.
However, more than 12 months
have been required in many cases for
such formation by following Federal
Reserve Board regulations which
govern holding companies. Attor­
neys, ABA and tax professionals
had hoped to focus IRS attention on
these exception cases, then they
learned of the new proposed ruling
which would cause bank stockhol­
ders the most trouble.
The intense hassle continues in
Washington this week and there is
no way of knowing at this point

Pf, ►

where common transactions

Federal Reserve Bank of St. Louis

are handled uncommonly well.


13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C.

Don't gam ble
w hen choosing
a correspondent
bonk. Com e to
the professionals.

Central National Bank
& Trust Company
(800) 362-1615

whether IRS will withdraw its
proposed ruling, temper it, or put it
into full force.
Farm Purchase Ruling
A second proposed IRS ruling,
which strikes at the heart and soul of
midwest agriculture, is one that
only forces a higher rate of interest
to be charged on father-son loans for
farm purchase, but discriminates by
authorizing lower interest rates for
non-family members.
Jim Leach, Iowa Congressman
for the First District, outlined the
problem in a recent letter to
“For generations, parents and
grandparents in rural Iowa have
given their children a start in
farming by providing them loans
and contracts on farm land at
interest rates an individual just
sta rtin g a crop or livestock
operation could afford. The burden
of estate and gift taxes has made
this the most practical means of
passing a farm from parent to
“Under the old rules, the IRS
would not challenge these transac­
tions as long as the loan was made at

Leo Kane,
Correspondent Danker

American Trust
& Savings Donk
The Dank of Opportunity
Town Clock Ploza.
Dubuque, low o
CALL 319-562.1841.
Federal Reserve Bank of St. Louis

Single System Banking

Bank Data Processing Professionals

N ational Bank o f W aterloo
Waterloo, Iowa 50704 Member FDIC

Phone Max Cory

at 1-800-772-2411.

an interest rate of at least six
percent. Under the proposed new
regulations, in many cases any
interest rate under 11% will be
disqualified unless the seller can
show the rate was arrived at
through an “arms length” negotia­
tion. A 12% rate will be imputed on
those sales the IRS disqualifies.
“To add insult to the injury
caused by the imposition of this
higher interest rate on transactions
between family members, “arms
length” transactions between non­
family members will not be
scrutinized unless they involve an
interest rate below 9% . Further,
only a 10% rate will be imputed on
those non-family deals the IRS
“This is patently unfair and I
have filed a formal objection to these
proposed changed in the regulations
with the IRS.”

relative to alternative investments
is not very favorable at this
juncture,” Mr. Brinson said, noting
that the outlook is for stock prices to
drop by 10 % or more over the next
several months.
Long-term bond yields are
expected to decline in 1981, he
noted, as the pressures to control
inflation begin to be* felt.
Yields will still be at near-recordhigh levels of 10.5% in government
bonds, but declines in these rates
will bring about approximately 15 %
in price appreciation.
“When coupled with the current
yield of over 12% ,” Mr. Brinson
continued, “this combination pro­
duces a total return of over 27 % . in
fact, we believe that there is a fair
chance that the total return from
bonds between now and late 1981
may exceed 30% .”

First of Chicago Predictions

BELLE PLAINE: Roger Severson
has joined the staff of the Citizens
State Bank as a farm agriculture

Nearly one-half of the 660 bankers
attending the First National Bank
of Chicago’s annual correspondent
bank conference recently predicted
the prime rate to be in the area of 10
to 12 per cent by this time next year.
The poll showed that 48 per cent
favored the 10-12 range; 40 per cent
thought it would be 12 per cent to 14
per cent, and nine per cent felt the
prime would be above 14 per cent.
Despite the fact that 67 per cent
predicted better general business
conditions next year, about 47 per
cent believed the unemployment
rate to be seven to eight per cent in
In the area of inflation, 56 per cent
predicted that at the end of 1981, the
rate would range from 8 to 10 per
cent and another 42 per cent
thought it would be higher.
Gary P. Brinson, chief invest­
ment officer of FNB, warned that
the stock market seems to be
“underestimating” the risks asociated with the government’s new
mandate to control inflation.
“Our forecasted return for stocks

Iowa News

Grow with a
Call 1-800-362-1688, toll-free in Iowa


Carleton D. Beh Co.
Investment Bankers/Financial Consultants


SALE DATE: November 18,1980


General Obligation Corporate Purpose Bonds
Public improvement, Series BG
Dated: December 15,1980

Denomination: $5,000

Both principal and semiannual interest (June 15 and December 15, first coupon due on June 15,1981) payable at
the office of the City Treasurer, Milwaukee, Wisconsin; or at the Chase Manhattan Bank, N.A., New York, New

December 15,1994*

to yield 8.50

*Optional in inverse numerical order beginning December 15, 1990, at 100%.
The City of Milwaukee is situated at the confluence of the Milwaukee, Menomonee and Kinnickinnic Rivers which, combined with a deep
water bay, provides a key site in which to live and work. Milwaukee is the principal manufacturing, trade, service and financial center of the
sprawling southeastern Wisconsin economic area. The City of Milwaukee is the third largest city in the north central United States and
consists of Milwaukee, Waukesha, Ozaukee and Washington Counties. As an established industrial city, Milwaukee has built up over the
years a reputation as a major manufacturing center, particularly as a world leader in capital equipment production. Some of the major
employers in the City are: Allen-Bradley Co.; A.O. Smith Corp.; Rexnord; Kohl’s Food/Department Stores; and Falk Corp. Favorably
situated near both the demographic and population centers of the nation, Milwaukee is a natural marketing hub for the entire country. The
Port of Milwaukee provides excellent access to the sea lanes of the world. General Mitchell Field is served by domestic and international
airlines. Five rail lines serve the City and provide transportation links throughout the U.S. The City is tied into the Interstate highway
network through relatively new highways and expressways.
These bonds are being issued in accordance with Wisconsin Statutes and the proceeds are to be used to fund various projects within the
City. In the opinion of counsel, these bonds are legal and binding general obligations of the City of Milwaukee, Wisconsin, and all taxable
property located therein is subject to the levy of sufficient taxes to pay the principal of and interest on the bonds without limit as to rate or

Equalized value taxable property, 1979
Assessed value taxable property, 1979


Direct debt, including this issue
Total direct and overlapping debt


Population, 1980 estimate: 633,000

Direct debt per capita: $275.11
Total debt per capita: 444.56
Tax collections have approximated 99.53% of taxes levied for the past five years.
We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion:

The information contained herein is not guaranteed, but is derived from sources we deem reliableand is that on which our purchase of these bonds are based.
Bonds of a particular maturity may or may not s till be available or may now be available at a price or yield different from that indicated above.
Federal Reserve Bank of St. Louis

Des Moines Building • Des Moines, Iowa 50309 • 515-288-2152

officer. He is a graduate of Iowa
State University, majoring in ag
CHEROKEE: The Federal Reserve
Bank of Chicago has approved the
application of Central Trust Invest­
ment Inc. to become a bank holding
company by acquiring Central
Trust and Savings Bank.
CONRAD: First State Bank will be
holding an open house December 15
from 5:30 p.m. to 8:30 p.m. at the
new bank facilities at 120 West
Center Street.
DES MOINES: For the first time in
its 3x/2 year existence, over 500,000
consumer banking transactions
have been made in one month
through terminals connected to
Iowa’s “Convenient Banking” Sys­
tem. Total October transactions
were set at 503,713, topping the
previous high of 491,315 set in
August. The Iowa Transfer Sys­
tem’s Switch processed 163,327
“shared” transactions (those in
which one bank’s customer uses
another bank’s terminal) in Octo­
ber. This figure compares to just
over 100,000 shared transactions in
January, 1980.
DES MOINES: Acquisition of
Capital City St. Bk. by Hawkeye
Bancorporation has been approved
by the Federal Reserve Board. The
acquisition brings Hawkeye’s total
assets to $1.1 billion. Hawkeye
owns another Des Moines bank,
First Federal State Bank, which it
has said will be run independently of
Capital City. Hawkeye said that
Larry Wenzl, president of First
Federal, will become president of
Capital City Jan. 1, succeeding Jack
Moors, who came to Capital City
from Lincoln, Neb. in 1978. He
returns to Lincoln as chairman of
the Citizens State Bank, there.
Charles Gustaveson, president of
First National Bank, Clinton, a
Hawkeye bank, succeeds Wenzl as
president of First Federal.

Gill our
" For up-to-the-minute,
accurate information

GUTHRIE CENTER: Del Wedemeyer, assistant vice president,
Guthrie County State Bank, was
the winner of a deluxe camera outfit
in a draw ing conducted by
Collateral Control Corp. during the
recent ABA Ag Bankers Conference
in Dallas.
NEWELL: The First National
Bank has elected Jerold Sievers to
complete an unexpired term on the
board. Mr. Sievers was elected to fill
the term of Dr. C.E. Sundberg who
has resigned his board position with
the bank last month. Dr. Sundberg
has served as a director of the bank
for over 21 years.
POSTVILLE: LaVem E. Stumme
has been elected to the board of
Citizens State Bank. Mr. Stumme
takes the place on the board vacated
by the death of John Falb, Jr. Mr.
Falb had served on the board for
nearly 17 years.
SIOUX FALLS: Citicorp, (New
York), has received approval from
Comptroller John G. Heimann to
charter a national banking associa­
tion to be known as Citibank (South
Dakota), N.A., located here. The
bank chartering is part of Citicorp’s
plan to move headquarters of its
nationwide credit card operations
from upper New York State to
South Dakota, which has a usury
rate of 24% on the first $500 of
credit charges and 18% on the
remainder. New York’s limitation is
18 % on the first $500 of credit card
loans and 12 % on the balance. The
move could provide up to 2,500 new
jobs if the credit card center is
moved to South Dakota. Under the
charter application approved,
“some commercial business may be
transferred to the new entity. In
addition, other personal loan
business outside the Sioux Falls
area of the type currently booked in
Citicorp’s non-bank subsidiaries
may be conducted by the proposed
subsidiary,” stated the Comp­

WEST LIBERTY: Open house will
be held for the public by the West
Liberty State Bank in its new
building on December 14 from 1:00
to 5:00 p.m ., according to Robert T.
Rehmke, president.

Minnesota News
The Minnesota Chapter of the
Bank Marketing Association is
sponsoring the workshop “How to
Cross-Sell Your Products.” This
workshop is for small and medium
size banks who want their tellers
and new account representatives to
learn cross-selling and referral
techniques. The speaker is Robert J.
Moustakis, the director of B .M.A .’s
Training and Professional Develop­
ment Department. The workshop is
December 11, 1980, from 8:30 a.m.
to 11:45 a.m. at the Marriott Hotel,
Bloomington, Minn. Contact Ms.
Elizabeth H. Bennett, Northwest
B ankcorporation, for arran g e­
ALDEN: The First National Bank
has changed its name to Americana
State Bank due to the bank
changing its charter from a national
charter to a state charter.
DANUBE: The State Bank has
been purchased by E.E. “Ray”
B entdahl of M inneapolis and
Roland J. Hoffert of Clear Lake,
S.D. It was purchased from Wayne
Kircher and his family. The bank’s
board of directors, following the
change of ownership, consists of
Mr. Bentdahl, Mr. Hoffert and
Delbert W. Gonnerman, president
of the Clara City State Bank.
Following Mr. Kircher’s resignation
as bank president, Mr. Bentdahl
was elected chairman and vice
president, Mr. Hoffert was elected
president and Michael Palmer
was named loan officer.
GROVE CITY: R.D. Peterson,
president of the First State Bank,
has announced that construction

Tom Steffens

John Henderson

Tony Paugoulatos Jim McLaughlin

V ic e P re sid e n t

V ic e P re sid e n t

A s s t.V ic e P re s id e n t A sst.V ice P re sid e n t B on d O ffic e r

Rusty Reese

j«» Commerce Bank of Kansas aty hm.¿„awainul
Federal Reserve Bank of St. Louis

M em ber FDIC


Dave Wittenborn
B o n d R e p re se n ta tive

(816) 234-2000

has begun on their new bank
LANESBORO: Steven V. Johnson
has been named vice president at the
Lanesboro State Bank. He has 17
years of banking experience. Also at
Lanesboro State Bank, Donna
Ostrem was named a ssista n t
cashier after three years at the bank.
has been elected personal banking
officer at First Bank Produce.
MINNEAPOLIS: Promotions were
announced for the following persons
at First National Bank by D. H.
Ankeny, Jr., chairman and chief
executive officer: Richard W.
Schoenke to executive vice presi­
dent, and Alan F. Naylor, Warren
T. Plante, James L. Reissner and
Kenneth A. Wales to senior vice
presidents. Mr. Schoenke will head
the new Banking Group I, in which
Mr. Reissner will head the midwest
banking department. Robert J.
Anderson, executive vice president,
will head Banking Group II,
formerly the regional banking
group, in which Mr. Wales will
continue as head of the correspon­
dent bank department. Mr. Plante
will head the national east/west
department and Mr. Naylor will
head the special industries depart­
m ent. David R. C hristenson
rejoined First National December 1
as senior vice president and head of
the retail metropolitan group after
five years as president of Citizens
State Bank, St. Louis Park.
ST. LOUIS PARK: At First Bank
Produce detached facility Richard
R. Nelson has been appointed
manager and Ranae Goltz has been
appointed assistant manager.
Hunziker was promoted to vice
president at the First Bank White
Bear Lake, president Steven
Gregerson announced.


Nebraska News
CAMPBELL: Bonita J. Peterson
has been elected president of the
Campbell State Bank. She succeeds
her husband, William C. Peterson,
who will continue as vice president
of the bank while on leave to attend
Creighton University Law School in
Omaha, where he is in his first year
of studies. Mrs. Peterson has been
with the bank for five years, serving
as secretary of the board of directors
and m anaging the insurance
OMAHA: The Omaha National
Bank and TMS Corporation have
reached an agreement to share 55
TMS Corporation electronic bank­
ing terminals in cities across
Nebraska. These terminals are in
addition to the 25 terminals Omaha
National and TMS now share in
metropolitan Omaha. Omaha Na­
tional issues Bank-in-a-Billfold
card, which is now offered by eight
banks. TMS offers The Money
Service Card issued through TMS
Corporation affiliates. When the
phase-in is completed, there will be
shared terminals in Lincoln, Fre­
mont, Wahoo, Blair, Waverly,
Plattsmouth, Nebraska City, Au­
burn, Crete, Beatrice, Kearney,
Hastings, Holdrege, York, Seward,
McCook, North Platte, Norfolk,
Colombus, Schuyler, Alliance and

Estate Appraisals
Purchase of Collections
Sale of Rare Coins
Reliable and respected service
for over 20 years
Used by bankers
throughout the midwest

Ben E. Marlenee Coins
913 Locust
Des Moines, Iowa 50309

Wyoming News
GLENROCK: Olen Wright, presi­
dent of the First Glenrock Corp. and
vice president of the First National
Bank, has been promoted to the
corporate level. He will retain his
bank title and remain on the bank’s
board of directors.

South Dakota News
ROSCOE: Catherine “Kate” Meier,
assistant cashier, First State Bank,

Colorado News
DENVER: The board of directors at
Colorado National Bank recently
announced the promotions of Jon L.
Clark, David W. Fowler and Lester
L. Howley to vice presidents. Mr.
Clark began his career at Colorado
National Bank in 1971 as an
instalment loan representative. Mr.
Fowler joined the bank as a credit
analyst. Mr. Hawley began working
at a Colorado National Bankshares,
Inc. subsidiary, Northeast Colorado
National Bank, in 1965 as a loan

We’re people you can
turn to for investments.
For investment services, data processing, ag lending
and overlines . . . we’re the people you can turn to.

to make MNB
work for you.
Toll free
1- 800- 332-5991

We’re more than western Iowa’s largest bank.
We re people.
Jim Hongslo
Vice President
Federal Reserve Bank of St. Louis





_________ ©1980 S ecurity N ational Ban]

National Bank 151

Member F.D.I.C.



□ I would like to sell my
majority bank stock.
□ I would like to buy ma­
jority bank stock.



LENDING— Rural Iowa bank seeking individual with
heavy experience in Agricultural loans. Needs
someone that does not need training. $26,000.

Please Contact: J. Mason Henry

Charles E. Walters Co., Inc.
P.O. Box 1313, Omaha, Nebraska68101
Phone: (402)553-6400


retired recently. She started work in
November 1956 as bookkeeper. She
was promoted to assistant cashier in

Rates 50 cents per word per insertion.
Ad $2 for file numbers. Identity of file
number advertisers cannot be revealed.
Payment in advance, please.
306-15th St., Des Moines, Iowa 50309

TRAINEE—Operations & Loans $7 million Bank SW
Nebraska Phone (308) 334-5236._______________(PA)
Bank Agency in northern iowa has immediate opening
for fully licensed agent to manage a well established
agency. Write f i le LBQ, c l o Northwestern Banker (PA)
TRUST ADMINISTRATOR for growing $45 million
central Iowa trust department. W ill report to
department head. Excellent career opportunity. Salary
commensurate with education and experience. Send
resume to: File LB R c/o Northwestern Banker.
LOAN OFFICER with consumer and ag lending
experience wanted for position leading to manager of
community bank office in prime Iowa farm area.
Excellent opportunity for growth oriented person.
Salary commensurate with banking experience and
e d u ca tio n . Send resum e to : F ile LBS c /o
North-western Banker_______________________(PA)
OPENING FOR CASHIER. Must have experience in
accounting, regulations, and operations. Some loan
experience helpful. Salary open. Write Farmers &
Merchants Bank & Trust, Burlington, Iowa52601. (PA)
VICE PRESIDENT-Marketing. Experience required.
Additional duties include commercial and farm loans.
Excellent potential in $50 million bank. Good salary
and location. Write file LBP, c /o Northwestern
Banker.__________________________________ (PA)

CEO with ag lending background
CASHIER— Minimum 3 years experience. Degree
preferred. Send resume to Dale Feaster, iowa State
Savings Bank, Clinton, IA 52732.______________(PA)
AG LOAN OFFICER—3-5 years ag loan experience.
Degree preferred. S alary com m ensurate w ith
experience. Excellent benefits, bonus program.
Phone B illings, Montana, (406)248-1860_______ (PA)
Commercial Loan Person, with minimum three years
experience, for major Iowa bank. $23,000-$25,000
Operations Officer, with 3-5 years experience, for $30
m illion Iowa bank. $22,000.

................ $35,000

Operations Officer with ag lending .............. $25,000
Instalment Loan Officer ............................... $22,000
Write or call Malcolm Freeland, Freeland Financial
Service, Inc., 306 - 15th Street, Des Moines, IA 50309.
Phone (515) 244-8163. Employer pays fee.______ (PW)
Loan Officer Position Wanted: Seventeen years of
banking experience-includes agriculture, installment,
commercial loans and real estate mortgages. Some
operations experience. Available immediately. Write
file LBQ, c /o Northwestern Banker.___________(PW)

Second Person for community bank in Iowa. Must
have all-around banking experience. $25,000 +


Marketing Officer with bank background to head
department for $60 million bank. $23,000-$25,000

12’x40’ mobile home converted for use as temporary
banking facility. Night drop and drive-up window
installed; good teller counter; furnace with central air;
available immediately. ALSO, 6’x9’ remote drlve-up
building with heat and air conditioning. Call (319)
291 -5429 or (319) 291 -5468._______ ___________ (FS)

Ag Representative $22,000-$25,000.
Write or call Malcolm Freeland, Freeland Financial
Service, Inc., 306 - 15th Street, Des Moines, IA 50309.
Phone (515) 244-8163. Employer pays fee.

ASST VP—5 years experience in commercial lending
with large bank. Keen business judgment is the key.
LENDER—A t least 2 years of experience in handling
installment loans, student loans, mastercharge,
direct & indirect loans. $17,000.
TRUST OFFICER—Some experience in trust dept, or
legal firm . W ill eventually take on full responsibility of
the tru s t de pt. E xce lle n t o p p o rtu n itie s fo r
advancement. $20,000
VICE-PRES—Iowa bank seeking #2 person with heavy
experience in operations and lending. Position open
due to promotion. $35,000.
LENDING— Rural bank seeks individual with 2 years
of ag lending experience.
Bank Division


of Iowa, Inc

317 6th Ave.
Des Moines, IA 50309
(515) 244-4414






n u r c o o i u i ' i n L rFARM
n n i v i iviaain
/a v j .. ..Illinois.
i i i i n u i o . .. ..

20 - 22,000

CEO. . .Io w a ............................................... $30-35,000
AG LENDING REP. . .Io w a ............................ $20,000
Since 1968, banks and other ag related employers
have been paying us to find the personnel they need.
For more information, give Linda (our banking special­
ist) a call today.

m J


(515) 394-3145


New Hampton, IA 50659

INSTALLMENT LOAN—Opportunity to head growing
dept, in $40MM Rocky Mountain bank. Must have in­
direct as well as direct lending experience. .. $23,000
$40MM bank with chance to advance to number one
spot. Need strong background in operations and desireto be involved in community activities. . $32,000
M A R K ETIN G /O PER TIO N S— Main responsibility
w ill be supervision of deposit services. Must have
supervisory experience and some banking back­
SENIOR LOAN OFFICER—$100MM bank with grow­
ing advancement possibilities. Should possess
strong commercial loan experience and working
knowledge of agri credits...................................$35,000
JUNIOR OFFICER—Career opportunity with growing
Iowa suburban bank. Prefer degree and some exposuretoconsum erlending.................................. $15,000
COMMERCIAL LOAN— Rocky Mountain area bank
seeks addition to their staff. Position requires 2-3
years of commercial lending experience. . . . $25,000

Electronic Terminal Insurance Policy

fa ilu re to

fo r the te rm in a l
fo r robbery of yo u r cu sto m e r
fo r the bank m oney
fo r in te rlo p e r/s p o o fe r losses
fo r lia b ility a risin g from
tra n s fe r fu n d s

301 N. A nkeny B lvd ., S uite 220
A nkeny, la 50021 515-964-1358

AG LENDING— Prefer large bank experience and de­
gree in agri business. Some travel involved. . $25,000
COMMERCIAL LOAN— Major midwestern bank seeks
strong commercial lender with expertise in mining
credits................................................................. $28,000
All inquires held in confidence. Salary history and
resume requested.

of Kansas City
2024 Swift / P.O. Box 12346
North Kansas City, Missouri 64116
Phone (816) 474-6874

Voi. 9 No. 33 Northwestern Banker Newsletter [USPS 873-300] is published weekly by the Northwestern Banker Company, 306

Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25 cents per copy, $8.00 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.
Federal Reserve Bank of St. Louis