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------------ 5 » -------- ------! ------------------- I \ j—.--... i WÊÊÊM J übM j|H n — -LQ M J Ü V Oldest Financial Journal Serving The Central and W estern States -..... ' .............. Des Moines, Iowa No. 1145 February 10,1969 Express Concern on Bank Bill Editorial Concern has been expressed by the Iowa Bankers A sso cia tion over what it terms inaccu rate and misleading statements published on the editorial page of the February 2 Des Moines Sunday Register. The proposal to recodify the Iowa Banking Laws, now before the legislature prompted the statements, which appeared in the form of an editorial entitled, “ Whose Interests Are Served?” and an accompanying article by Dudley Luckett, professor of economics at Iowa State Univer sity, Ames, on the subject, “ Case for More Competition In Banking.” Copies of the editorial mate rial, together with a six-page explanation was sent to all members of the Association on Wednesday, February 6, so as “ to set the record straight to avoid the possibility of damage to the work of the fine commit tee of Iowa legislators who carried on the study and di rected the assembly of the pro posed law .” Editorial “ suggestions” by Professor Luckett included rec ommendation for: (1) branch bank ing, (2) stock divesture by the superintendent of banking, (3) the method of setting the super intendent’ s salary, (4)extension of FDIC insurance to cover all deposits, (5) lack of competition, and (6) more liberal chartering. Professor Luckett added a “ disclaimer” to his article stating that he has never had any practical banking experi ence and that he was approach ing the subject purely as an economist. The “ disclaimer” was eliminated by the paper. The editorial, written by Editor Lauren Soth, claims that no one has the answers to what surrounding states do to prevent conflicts of interest in the superintendent’ s office (as far as they could find out). The facts for 11 states, including Iowa and all other states in and around the Northwestern Banker area, are being published in the February magazine — now on your desk. Meanwhile, other professors are entering the scene. Eugene T. Halaas, professor of finance at the University of Denver, has just released a study on Colo rado banking, stating that the state is not overbanked. The study, which took a year to complete, was authorized by the Denver Clearing House Association. Sixty-seven new banks have been chartered in Colorado from 1958 through through 1967. They were s e lected from 127 charter appli cations. Deadline for Naming Security Officers February 15 is the deadline for each commercial bank to designate a security officer or employee, with written board approval, to carry out the bank’ s protection program under the new Bank Protection Act. WYOMING NEWS CHEYENNE: Harry A. Palmer has been promoted from v.p. at the East Cheyenne Natl. Bank to v.p. and cash. Joseph Kasper, Jr., formerly a.c. and install, loan off. at Arvada State Bank, C olo., has been named a.v.p. and install, loan mgr. at the bank. Gary L . Benge has been promoted from installment loan off. to a.c. LIIMGQLINI ...ED P Accounting with a Personal Touch F IR S T N A T I O 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 • LINCOLN, NEBRASKA • Member: F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis We're here to help you get what you want IOWA-DES MOINES NATIONAL BA N K Bob Buenneke Member Federal Deposit Insurance Corporation IOWA NEWS ASHTON: Stanley G- Smith hasbeen named v.p. at Ashton State Bank. D. T. Newman has been named cash. Both men, who recently acquired a block of stock in the bank, have been named dir.’ s. DES MOINES: Paul W. Morton has been promoted from v.p. to v.p. and cash, at the Natl. Bank of Des Moines. Gene E. Loverink and Anthony J. Templeman have been promoted to a .v .p .’ s and Mrs. Max ine Martin, a .c. New officers e le c ted were Mrs. Rose Taube and Mrs. Claire C ole, a .c .’ s , and Mrs. Helen Hoon, new accounts off. FAIR VIEW: O. L. Greguson, pres, of Fairview State Bank, has retired after 59 years with the bank. GLENWOOD: Michael K. McGrath, formerly mgr. of the install, loan dept, at Houghton State Bank, Red Oak, has joined the Mills Co. State Bank as v.p. PIERSON: Alan A. Irwin has been promoted from cash, to v.p. at the Farmers Savings Bank. SIOUX CITY: Thomas C. Horn and associates have filed an appli cation with the Comptroller of the Currency to organize a bank, the proposed Iowa Security Natl. Bank, to be located at 605 Pierce St. here. SIOUX CITY: Group One of the Iowa Bankers Association will meet here Wed., Feb. 12, for the annual meet ing and election of officers. B u si ness session s w ill be in the C ivic Auditorium. Leo Kane ‘WE HAVE WHAT YOU WANT in a correspondent bank* american trust and savings bank 9TH AND MAIN, DUBUQUE, IOWA MEMBER: FDIC • FRS h— F " SECU R ITY N A T IO N A L BANK S IOFRASER U X C IT Y , IO W A Digitized for https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SIOUX CITY: Seven officers have been promoted at Security Natl. Bank. They are: Thomas C. Horn, from senior v.p. to exec, v.p .; Daniel L. Middleton, from v.p. to senior v.p .; Patrick F. Cook, from v.p. to v.p. and ca sh .; Charles J. T ice, R. E. Hagen and James J eff rey, to v .p .’ s .; Bruce Kolbe, to a.v.p. Gary Cuttell elected a .c. Charles R. Gossett, Harold A. J a c obsen, Duane S. Kidder, Edward C. The Bank That's On Top of Things In Northwest Iowa fc/RK Gross Co BANK PLANNING Waterloo, Iowa Palmer, George C. Pechstein and H. P. Pratt appointed to the bank’ s advisory council. WAVERLY: Ray A. Downing has been advanced from v.p. to senior v.p. at the State Bank of Waverly. Richard Cousin has been advanced from cash, to v.p. and cash. NEBRASKA NEWS BEATRICE: Beatrice Natl. Bank & Trust Co. has promoted: W. W. Cook from pres, and chmn. to chmn. and ch ief exec, off.; W. W. Cook, Jr., from exec. v.p. to pres.; K. E. Roberts from senior v.p. to e x e c, v .p .; W. W. Braun and E. F. Goble from a .v .p .’s to v .p .’ s and Gary Essman named a .c., install, loans. FREMONT: Edmund Miles has re signed as v.p. and cash, of the Fremont Natl. Bank. LINCOLN: W. L. Matthes has been elected cash, of Havelock Natl. Bank. OMAHA: George L. Gunia has been advanced to v.p. and cash, at the Mid City Bank. Edward R. Schewe, pres, of Standard Iron Works, has been elected a dir. OMAHA: John B. Foley, formerly v.p. of Packers Natl. Bank, has been named v.p. of Security Natl. Bank. He is a member of the exec, council of the Nebraska Bankers A ssocia tion . OMAHA: Fred L. Friedrichsen, s e c ond v.p. at Omaha Natl. Bank, and Charles E. Hagen, loan o ff., have resigned to take over operation of Citizens State Bank, Glenville, Minn. Donald J. Dunaway has been appointed asst, research and plan ning off. OMAHA: First Natl, of Nebraska, Inc., a one-bank holding company, has acquired control of First Natl. Bank of Omaha. 94% of the bank’ s stock has been exchanged for shares in the holding company, on a one-for-one basis. The company will invest $13 million to build the new First Natl. Bank building and parking garage. ST. PAUL: V. H. Welsh has re- Always the First to Serve You! First National Bank of Omaha 16 T H & F A R N A M ■ O M A H A , N E B R A S K A Member Federal ¡Deposit Insurance Corporation tired as exec. v.p. and chmn. of the Citizens Natl. Bank. Stan Ed wards has been advanced from cash, to pres.; Eugene E. Oakeson promoted from a.c. to v.p ., and Dan R. McIntyre from a .c. to cash. MINNESOTA NEWS BROWNSDALE: Three southern Minnesota banks owned by R. C. and W. I. Danielson have jointly announced a corporate name, e f fective Feb. 1. The three banks, each of which w ill now be known as First American State Bank of Brownsdale, Sargeant and Grand Meadow respectively, are: The State Bank of Brownsdale, State Bank of Sargeant and First State Bank of Grand Meadows. The Danielson’s purchased the Grand Meadow bank last Sept, from George N. Reppe, who continues as pres. R. C. Danielson is pres, at Sar geant, and W. I. Danielson is pres, at Brownsdale. CURRIE: Robert W. Roemer has been advanced from exec. v.p. to pres, at Currie State Bank. J. P. Hansen has been promoted from cash, to v.p. and cash .; R. B. Hage, formerly pres., named chmn., and Mrs. Jeanne Byrne, appointed a .c. LAKE CITY: Hans Tauchnitz has been promoted from a.v.p. to v.p. at Lake City State Bank. MINNEAPOLIS: The Minnesota Commerce Commission has granted a charter for the Brooklyn Park State Bank. Harold J. Pohlad, pres, of First State Bank of New Brighton, is among dir.’ s of the bank. MORA: John Ingebrand has been appointed v.p. of Kanabec State Bank. He was formerly districtmgr. o f Industrial Credit C o., St. Paul. MORRISTOWN: Roger Dols has been promoted from cash, to exec, v.p. at State Bank of Morristown. VIRGINIA: Rodney A. Salo has been elected cash, at the Northern State Bank, and Larry J.Shustarich has been elected a.v.p. ILLINOIS NEWS BELVIDERE: Douglas T. Cormie Digitized has for FRASER been promoted from v.p. and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis cash, to senior v.p. and cash, at Belvidere Natl. Bank & Trust Co. BLOOMINGTON: J. Robert James has been named exec. v.p. and t.o. at McLean County Bank. He was most recently v.p. of First Natl. Bank in St. Louis, Mo. CAIRO: William W. Morgan , formerly a.v.p. of Central Bank & Trust C o., Owensboro, Ky., has been named v.p. o f Security Natl. Bank. CHICAGO: William A. Goethal, Jr., was promoted to v.p. at Capital Marine Bank. CHICAGO: J. Russell Brown, v.p. at Union Natl. Bank, has been named exec. v.p. and continues as t.o. CHICAGO: Paul C. Vogt has been named senior v.p. at Mercantile Natl. Bank. Charles E. Morris has been named v.p.; Lester P. Rakow. v.p. and ca sh ., and Charles S. Levy, a.v.p. DES PLAINES: Application of the Des Plaines Natl. Bank to estab lish a detached teller facility at 518 Lee St. here has been approved by the Comptroller of Currency. C.Gustaveson R. Fleming Your N F L Men In Iowa ^^ational fidelity \ jfe INSURANCE COMPANY • Kansas City, Missouri resigned as a.v.p. at Central Natl., Chicago, to join Laura State Bank as exec. v.p. WYANET: Controlling interest in the First Natl. Bank has been sold by D. L. Reavley to M. W. Whitlow. Mr. Whitlow is pres, of the East Dubuque Savings Bank. Bankers Service Corp., DesMoines, handled the sale. MARENGO: Bertrand M. Emerson, controller of Arnold Engineering C o., has been elected a dir. at the Marengo State Bank. Other pro- EAST MOLINE: The State Bank of East Moline has named C. A. Chap man and R. V.Lofgren v .p .’ s; A .C . Longman and G. J. Stolze, a .v .p .’ s, and W. H. Lizdas, v.p. and cash ., named secy . ELGIN: Application of First Natl. Bank of Elgin to establish a de tached teller facility at 115—123 Douglas Ave. here has been ap. proved by Comptroller of Currency. EVERGREEN PARK: George Wordelman, cash, at First Natl. Bank, has been given the additional title of v.p. DICK WEYRAUCH AL HIGHUM Y o u r ‘1st T e a m ’ for correspondent s e r v ic e in S O U T H E R N M IN N E S O T A and IO W A call 612-334-4141 First National BANK OF MINNEAPOLIS LAURA: Charles Y. Thompson has CH ILES &COMPANY M EM BER, M IDW EST STOCK EXCHANGE 412 Farm Credit Building, Omaha. Nebraska 68102 Phone 346-6677 (Area Code 402) Teletype 402 348-1040 Other Offices Located in LINCOLN Nebraska # LEXINGTON N ebraska . VER M ILLIO N South Dakota motions include: C. P. Ackman, advanced to exec, v .p .; Rudy R atcliff, v.p.; R. E. Peterson, ca sh .; Robert Wolters, a .c. METAMORE: A certificate has been issued by the Comptroller of the Currency to change the name of the Metamore Natl. Bank to the First Natl. Bank of Metamora. PONTIAC: The Bank of Pontiac has announced plans for a new building to be located a block west of the present bank quarters at the corner of Washington and Plum Streets. SKOKIE: Stockholders have ap proved forming a one-bank holding company for Old Orchard Bank & Trust C o., which has $33.3 mil lion deposits. SPRINGFIELD: Charter applica tion for the Peoples Natl. Bank of Springfield has been approved by the Comptroller of the Currency. SPRINGFIELD: Application for federal deposit insurance for the First State Bank of Springfield has been approved by the FDIC. Total capital is $500,000. C. J. De Gove ia is pres. COLORADO NEWS DENVER: Walter M. Orr, v.p. at the Security Natl. Bank sin ce 1964, has been named senior v.p. Alan R. Kris, national bank e x aminer for four years before jo in ing the bank in 1966, has been named v.p. Others promoted are Marilyn Birmingham and Edwin K. Balster, both named a .v .p .’ s, and J. Barclay Blue, a .c. WANT ADS UN H APPY? Rates 25 cents per word per insertion. Minimum: 12 words. NORTHWESTERN BANKER 306 15th S t., Des Moines, Iowa MEET US IN SIOUX CITY Plan now to attend the annual meeting of Group I in Sioux City this Wednesday, February 12. CyKirk, Max Roy and Jim Carmody, vice presidents of the LaSalle National Bank, Chicago, will be there. Be sure to check with them on current banking problems. HELP WANTED Loan officer wanted —agriculture background - full of p e p -b a n k of $10 million. North Dakota location. Opportunity to invest. Write F ile MLN, NORTHWESTERN BANKER, 306 Fifteenth Street, Des Moines, Iowa 50309. WANT TO BUY Burroughs posting machine, sensimatic series —Series F or newer. Fairbank State Bank, Fairbank. Iowa 50629. Telephone (Area Code 319) 635-2811. WANTED Your used addressograph equip ment, CAM, Inc:., Box 474, Des Moines, Iowa 50302. Telephone (515) 276-8655. $10.00 IS The price of a personal, air mail subscription to the Crouse Farm Business Reports. They help keep loan officers and ag representa tives ahead of the changing farm picture. Samples available. The Farm Business Council, Inc., P.O. Box F, Urbana, Illinois 61801. OPERATIONS OFFICER Want man in early to middle 30’ s to supervise all operations. Good knowledge of Federal and State report preparation, statement prep aration, ratio computation, etc. $35 million bank, progressive man agement. Full benefits. Minimum starting salary $9000- Write Box SBT, NORTHWESTERN BANKER, 306 Fifteenth Street, Des Moines, Iowa 50309. With your Salary, Bonus, Fringe B enefits, Future Advancement — Here are a few positions avail able — IOWA Ag Loan Officer, $11,000,000 county seat bank, prefer Ag C ol lege Grad with bank exp. . . . V ice Pres., general loan officer, $10,000,000 sub. bank. . .. Operations Officer, $30,000,000 countyseat bank, exp. preferred; Commercial Loan O fficer —same bank. . . Vice P res., second man in $12,000,000 countyseat bank, heavy commercial lending exp. desired. . . Trust Officer, $30,000,000 bank, prefer man w /law degree and good exp., est planning, invest ments. . . 2nd man in $7,000,000 bank, general banking exp. with ins., Catholic-Lutheran community. . . ILLINOIS Operations Officer, $15,000,000 bank in town o f 10,000, exp. required. . . . President, $42,000,000 bankmust have strong exp., should be in early 40’ s. . . . Operations Officer, $23,000,000 suburban bank. INDIANA —Trust Investment Of ficer, college grad., age 24—52, $89,000,000 city bank. . . . KENTUCKY —Installment Loan Officer, $35,000,000 bank____ MICHIGAN - Trust Officer, mini mum of five years exp., LLB not necessary, $12,000,000 bank. . . WISCONSIN —Manager, branch officer of $8,000,000 bank, should have some exp. . . Write or phone in confidence — No fees. “ SERVING BANKS AND BANKERS SINCE 1948“ Bankers Service ________ CORPORATION________ BANK STOCK BROKERS BANK PERSONNEL CENTRAL L NATIONAL BANK AN D T RUS T Member Federal Deposit Insurance Corporation 1301 R & T BLDG. PHONE 515-244-3113 DES MOINES, IO W A 50309 COMPANY À No. 1145 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des DigitizedMoines, for FRASER Iowa 50309. Subscriptions 50^ per copy, $6 per year. Second c la ss postage paid at Des Moines, Iowa. Address all mail https://fraser.stlouisfed.org subscriptions, changes o f address (Form 3579), manuscripts, mail items to above address. Federal Reserve Bank of St. Louis
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