Full text of The Northwestern Banker : February 14, 1966, No. 954

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February 14,1966

Des Moines, Iowa

No. 954

Bank Merger Bill Passes House;
Rapid Senate Approval Follows
The Senate Wednesday passed
and sent to President Johnson’ s
desk the Bank Merger B ill approv­
ed Tuesday by the House, ending
a lengthy and frustrating campaign
waged by proponents of the meas­
ure.
The b ill, as passed, is the
bill supported by the American
Bankers A ssociation. The Senate
passed a considerably different
version of the measure last year.
Among the provisions of the
legislation
are
the
following:
1. A ll mergers consummated
before June 17, 1963, when the
Supreme Court handed down a key
anti-trust decision (Philadelphia
National Bank-Girard Trust Com­
pany), would be exempted from
anti-trust action. Banks exempted
would include Continental Illinois
Bank and Trust Company, C hicago;
Manufacturers Hanover Trust Com­
pany, New York, and First National
Bank and Trust Company, Lexing­
ton, Kentucky. The Justice De­
partment had filed suit in each of
the three ca s e s.
2. Three
additional
Justice
Department suits would remain in
force. The banks involved—Crocker
Citizens National Bank, San Fran­
c is c o ; Third National Bank, Nash­
v ille, Tennessee, and Mercantile
Trust Company, St. Louis—would,
however, be given the benefit of
the new standards included in the
recently-passed bill.
3. A ban would be continued on
mergers which would result in

In

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4. Mergers resulting in sub­
stantial lessening of competition
could be approved on the basis of
community need and public interest,
but only if those factors clearly
outweighed the anti-competitive
effect.
5. Mergers could not be con ­
summated for a period of 30 days
following approval by the regu­
latory agencies, in order to give
the Justice Department an oppor­
tunity to file anti-trust violation
suits. The Justice Department
would be barred from filing any
such suits after the 30-day limit.
6. Bank regulatory agen cies—
the Federal Reserve Board, Comp­
troller of the Currency, and the
Federal Deposit Insurance Corpo­
ration—and the courts would be
obliged to observe identical stand­
ards in passing on bank mergers.
Following the earlier b ill’ s
passage by the Senate, the chair­
man of the House Banking and
Currency Committee—Hon. Wright
Patman—delayed hearings on the
legislation until well into August
at which time 26 members of his
33-member committee signed a
letter requesting that hearings get
underway.
The hearings were then a s­
signed by the committee chairman
to a subcommittee which he headed.
It was not until October 1 that
the chairman’s subcommittee voted
out a b ill. The b ill voted out, how­
ever, was unacceptable to a 19member bipartisan group under the

Ashley (D-Ohio), Moorhead (DPenn.) and Widnall (R-N .J.). Full
committee consideration of the
bill followed, but it soon became,
apparent that the bill would not
be reported out before the 1965
session adjourned. T o the surprise
of many, however, the bill was
reported out of committee i » the
closin g hours of the 1965 Congress.

L A T E NEWS...
MINNEAPOLIS: Gerald L. Bryan,
v.p. in charge of National City
Bank’ s
correspondent
banking
division, has resigned effective
Tuesday, Feb. 15.

F.D .I.C. RU LIN G ...
Chairman Kay A. Randall has
announced that the F .D.I.C. will
insure funds, in Iowa banks, for
which interest in ex ce ss of 4% is
being paid. The F.D .I.C . ruling
followed a ruling by Lawrence
Scalise, Iowa attorney general,
stating that such funds—although
reportable to the State Superin­
tendent of Banking as borrowed
funds—are deposits. Iowa law sets
maximum interest which may be
paid on savings and time money at
4%.

NATIO N AL NEWS
KANSAS CITY: Commerce Trust
Company plans a series of one-day
management seminars to be held
February 19, March 16, April 7 and
April 22 for bank correspondents.
Each seminar will feature profit
planning aspects of bank manage­
ment.
NEW YORK: Chemical Bank New
York Trust Company has elected
Harvey A. Basham, Jr., a senior
v ice president. William H. Curtis

N o rth w e s t

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BUY A N D SELL B A N K S
OVER FORTY YEARS EXPERIENCE
ALL NEGOTIATIONS CONFIDENTIAL

IOWA-DES MOINES
NATIONAL BANK
D a le Luckow

M em ber F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a tio n

and Henry Lanier have been ad­
vanced from a .v .p .’ s to v .p .’s .
NEW YORK: Charles E. Woodruff
has been elected an e x ec. v.p. of
Manufacturers Hanover Trust Co.
and w ill head the national division.
He su cceed s Milo B. Hopkins, who
retires on March 1. John F. McGillicuddy has been advanced to
sr. v.p. in charge of the western
division , succeeding Mr. Woodruff.
Other changes include: appoint­
ment of Gerard J. Creamer, v.p .,
to head the southwest-western di­
vision , succeeding Mr. M cGillicuddy, and Eldon R. Wallingford,
v .p ., to head the northeastern di­
vision , formerly headed by Mr.
Creamer. The bank’ s Missouri and
Kansas business w ill be under the
mid-west d ivision , headed by George
H. Haslam, v.p.
PHILADELPHIA: Eight new trus­
tees have been elected to the
30-member board of the Foundation
for Commercial Banks. They are:
Hildreth Auer, pres, and chmn.,
Malden Trust C o., Malden, M ass.;
George R. Williams, pres., Marine
Midland Trust C o., Rochester, N .Y .;
William G .F ou lke, pres., Provident
National, Philadelphia; H. Stephen
Chase, pres., Wells Fargo Bank,
San F ran cisco; J. Howard Laeri,
v ice chmn., First National City
Bank,New York; R enoO dlin, chmn.,
The Puget Sound National Bank of

CO M M U N ITY BANK
T R U S T D E P A R TM E N TS
FROM C O A S T T O C O A S T

STUDLEY, SHUPERT
Tru s t Investment C ouncil
860 Suburban Station Bldg.

Phila., Pa. 19103

Tacoma, Wash.; R. Kirby Whyte,
v .p ., The Indiana National Bank
of Indianapolis, and Harry C. Zim­
mer, pres., Commercial Trust Co.
of New Jersey, Jersey City.
SALT LAKE CITY: Richard K.
Hemingway has been elected pres,
and chmn. o f the Commercial Se­
curity Bank. He advances from
e x e c . v.p.
SAN FRANCISCO: V. M. (Dave)
Yelton has been promoted to a .v .p .,
national division, in Bank of Amer­
ic a ’s San Francisco head o ffice .
WASHINGTON, D .C .: The govern­
ment has announced it is increasing
from 5Yi to 5% per cent the maximum
interést rate on home mortgages
insured by the Federal Housing
Administration (FHA). The new
rate plus the insurance premium
totals 6 per cent. Loans already
made w ill continue to bear inter­
est at the rate agreed to when the
loans were made.

IOWA NEWS
ALBERT CITY: Wesley T. Scott,
formerly with the Nodaway Valley
National Bank, V illis ca , has a c­
cepted a position as cash, of the
Albert City Savings Bank.
ARNOLDS PARK: David W. Cuttell
of Everly has assumed duties as
office mgr. of the First National
Bank of Sibley office here. He
recently was elected v.p. of the
bank. Most recently, he has been
with the Everly State Bank, serving
there from 1949 to 1965. He is a
former Spirit Lake resident.
BURLINGTON:
Promotions
an­
nounced by the Farmers & Merchants
Savings Bank are: Grace H. Orr,
to a.v.p. and a .t.o .; Walter B .E yre,
to a.v.p. and farm rep.; Herbert A.
Wittkamp, to ca sh .; Stephen F.
Beckman, Thomas K. Ritchey,
Paul E. Scott, and David E . Wittmer, to a .c .’s . Richard J. N achazel,
v .p ., was elected as a director.
Ralph 0 . Youngstrom was named
secretary to the board. The bank
plans to change its name to Farmers
& Merchants Bank & Trust Co.
COLUMBUS JUNCTION: Two long­
time employees have retired from
Columbus Junction State Bank.

Proud o f our heritage o f service to
Iow a banks, w e 're b u ild in g a t 6th & Locust
fo r an even greater tom orrow .

N A T IO N A L B A N K A N D TRUST C O M P A N Y
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SUPPLY BANK PERSONNEL
NO CH ARG E TO APPLICANT
WRITE FOR APPLICATION

BANKERS SERVICE
CORPORATION
Henry H . Byers, President
Myron E. Karsten, Exec. Vice Pres.
1301 Register and Tribune Bldg.,
DES MOINES, IOW A 50309

Miss Edith Orr retired with nearly
25 years service, and Frank C.
Spaeth retired with over 50 years
service.
COUNCIL BLUFFS: Council Bluffs
Savings Bank was held up by an
elderly bandit Tuesday at approxi­
mately 1 p.m. A hasty audit re­
vealed that he got away with more
than $2,600. Ed H. Spetman, Jr.,
pres, of the bank is also pres, of
the Iowa Bankers A ssn.
DECORAH: Security Bank and
Trust Co. plans to move to its new
building in March.
EPWORTH: Iowa National Invest­
ment C o., Dubuque, has purchased
controlling interest in the Epworth
Savings Bank from Stan W. Grotenhuis and w ill take over March 1.
Tentative plans are to either build
or remodel. The firm has also made
a revised application for a state
charter to establish a bank in
Dubuque. Previous application was
disapproved.
GRAETTINGER: Francis E. Warren
has been advanced from a .c. to
cash, at Graettinger State Bank.
HUBBARD: Security State Bank
has increased its surplus to $120,
000. Capital remains at $50,000.
STANTON: Paul A. Olson has been
named a .c. at the Security State
Bank, Stanton.
SWEA CITY: Dennis P. Mittag has
been elected cash, and Marjorie A.
Johnson, a .c ., at Swea City State
Bank.
WELLMAN: Ruth Semler has been
named a .c. at the Wellman Savings
Bank.

N E B R A S K A NEWS
COLUMBUS: Jerry Micek has been
advanced from a .c. to cash, by the
Columbus Bank.
FREMONT: W. N. Neff has been
named v.p. by the First State Bank.
GERING: Joe J. Huckfeldt, 35, has
been elected pres, of Gering Na­
tional Bank, advancing from v.p.
J. E. E lliott, who relinquishes the
title of pres., will continue as chmn.
OMAHA: Democratic circle s in
Omaha were reporting last week
that Henry E. Ley, state banking
commissioner, may seek the party’s
nomination for governor. He is
president of the State National
Bank of Wayne. Governor Frank
Morrison may enter the senatorial
race against Republican Carl Curtis.

Always the First to Serve You!

First National Bank o f Omaha

16 TH & FARNAM - OMAHA, NEBRASKA
Member Federal Deposit Insurance Corporation

OMAHA: Joe M. Kadlecek, vice
pres, of Kirkpatrick, Pettis, Smith,
Polian was elected pres, of the
Nebraska
Investment
Bankers
A ssociation last week.
OMAHA: Morris F. Miller, pres,
of the Omaha National Bank, is
chmn. of the major gifts division
of the local YMCA new building
campaign.
OMAHA: Security National Bank
has named R. Wayne Wilson, a.v.p .;
Mrs. Mary H. Mack, asst, s e c y .,
and Lyle Haugen, a .c.
OMAHA: United States National
Bank has promoted 14 officers.
Elected s r .v .p .’s were Keene Ewart
and Kermit Hansen. New v .p .’ s are
Joseph H allas, Robert Hasebroock
and H. David Neely. Advanced to
t .o .’ s were Robert J. Brown and
Lauren G. Faist. New a .v .p .’s are
Patrick F . Finn, Robert J. Harley,
Gordon Johan ns en, Howard N ielsen,
and Glenn A. Ried. New a .c .’ s are
Larry L. Betsinger, and Robert A.
Henrichsen.
SCOTTSBLUFF: George B. Acker
has been advanced from v.p. to
exec. v.p. at Scottsbluff National
Bank, Fred J. Wurst was named
a .t.o., and Dennis E. Osmera, a .c.

MINNESOTA NEWS
AUSTIN: Harold Nuessmeier has
been elected a .c. and aud., and
David T. Bumgarner has been e le c ­
ted a .c. at First National Bank.
BARNESVILLE: David W. Hanson
has been elected a .c. at First
National Bank.
BELVIEW: Harley J. Aamoth has
purchased controlling interest in
the Belview State Bank from H. S.
Aamoth.
CLOQUET: Clifford E. Johnson
has been advanced from pres, to
chmn., City National Bank and
Girard L. Stewart has been pro­
moted from exec. v.p. to pres.,
succeeding him.
CROOKSTON: Arnold M. Johnson
has been elevated from ca sh ., First
National Bank, to a.v.p. and cash.
DULUTH: F . J. Boese and Ben
Overman have been elected to the
board at First American National
Bank.
FAIRFAX:
Paul A. Duckstad,
pres., First National Bank, has
been elected secy.-treas. of the
Renville County Bankers Assn.
MINNEAPOLIS:
Gamble-Skogmo,
Inc., Minneapolis-based merchan­

CHILES & COMPANY
Member, Midwest Stock Exchange

M U N IC IP A L A N D C O R P O R A T E B O N D S
LISTED, U N L IST E D A N D L O C A L S T O C K S
412 Farm Credit Building, Omaha, Nebraska 68102
Phone 346-6677

dising organization, has reported
that sales for 1965 reached an alltime high in the company’ s history
and an increase of 12.1 per cent
over 1964.
MINNEAPOLIS: Robert W.Beaupre,
former v.p. of the correspondent
bank division of First National
Bank, is the new ex ec. v.p. and
director of First American Na­
tional Bank of Wausau, W isconsin.
MINNEAPOLIS: J. R oscoe Furber,
v .p ., Northern States Power C o.,
has been elected to the board of
Farmers & Mechanics Savings Bank.
MINNEAPOLIS:
Atherton Bean,
chmn. and chief exec, officer of
International Milling Company, and
Frank A. Donaldson, pres, and
general mgr. of Donaldson Company,
Inc,, have been elected to the
board of directors of the First
National Bank.
MINNEAPOLIS: Third Northwestern
National Bank has elected Lawrence
E. Benson, pres, of Anderson
Insurance and Investment Agency,
and Burton Grossman, v.p. of Grossman C hevrolet C o., to the board of
directors.
MOORHEAD: A. B. F itzloff has
retired as v.p. of Moorhead State
Bank. Robert Schweyen has been
elected a .c.
NEW ULM: State Bank of New Ulm
has increased its capital account
from $100,000 to $200,000 by stock
dividend.
ORONO: Geneva G. Webster has
been elected a .c. by the First Na­
tional Bank of Navarre.
ST. PAUL: George L. Cobb, v .p .,
is now in charge of marketing and

corporate development at American
National Bank and Trust Co. He
replaces G. Reed Macomber who
resigned to become president of
the R oseville State Bank in St. Paul.
VERGAS: Vergas State Bank has
increased the amount of its capital
stock from $25,000 to $50,000 by
stock dividend.
YOUNG AMERICA: W. A. Nuernberg,
66, v.p. of the State Bank of Young
America, died recently.

SOUTH D A K O TA NEWS
HIGHMORE: Kenneth Brueggeman
has resigned as teller and auditor
with the First National Bank of
Miller to manage the insurance
department of the First State Bank
here.
LEMMON: Newell E. Krause, Lem­
mon attorney, has been named to
the board of the First National Bank.
PIERRE: Pierre National Bank
has increased its capital account
by $100,000 by issuance of ad­
ditional common stock.
RAPID CITY: James Anderson,
Vermillion, has been named pres.,
Rushmore State Bank, succeeding
William E. Troutman.
REVILLO: Lynn Culver and J. L.
Stengel have been elected directors
of Dakota State Bank.
TIMBER LAKE: Francis Card has
been elected pres., Dewey County
Bank, and Roger K.Hegre has been
named cash.
WATERTOWN:
First
C itizen ’s
National Bank recently opened its
Magic Mile Branch Bank.

WYOMING NEWS
CASPER:

At Security

Bank and

So many ways we can help you . . .

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pres. Mrs. Myrtle Holter was named
cashier.

Yes, we are electronics minded
. . . but it hasn't changed our
"first name" relationship with
our banker friends. Qive us a
call when you need'some per­
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SECURITY NATIONAL BANK
SIOUX CITY, IOWA MEMBER F.D .I.C .
Trust C o., Dick Ward has been
named cash, in addition to his
present duties as v.p. E. D. Fore­
man moves from a .c. to a.v.p .,
and Thomas Jones has been named
a new a .c.

COLORAD O NEWS
BOULDER: N. E. Harden is a new
director of Mercantile Bank and
Trust C o. He heads Boulder o ffices
at Neodata Services Inc. and A. C.
N ielsen Clearing House.
COLORADO SPRINGS: Colorado
Springs National Bank has declared
a 100 per cent stock dividend.
$500,000 has been shifted from un­
divided profit to surplus making
latter $1 million.
COLORADO SPRINGS: B .H . Soren­
sen has been promoted to cash,
of East Colorado Springs National
Bank.
DENVER: Norman Armstrong has
been promoted to a .c . at North
Denver Bank.
DENVER: Richard M. Kreutzer and

Call

Jay Bordewick
for. . .
P e r s o n a l A tte n tio n
to A l l Y o u r
C orresp on d en t N eed s
CALL

402
AREA CODE

341-8765
Member Federal Deposit
Insurance Corporation

k/Rk Gross Co
BANK PLANNING
Waterloo, Iowa

Walter M. Orr have been elevated
from a.v.p. to v.p. at Security
National Bank.
DENVER: Harold R. Smethils,
former director of the Denver Small
Business Administration, is a new
director of Jefferson County Bank
of Lakewood.

NORTH D A K O T A NEWS
FAIRMOUNT: Kermit Rosendahl,
Jr., has been elected pres, of
Peoples State Bank. He recently
purchased the bank stock belonging
to the Earl W. Schouweiler Estate
and to Everett Schouweiler.
FARGO: Herbert L. Johnson, 62,
a.v.p. of Dakota National Bank,
died recently.
MANDAN: Philip W. Blank, di­
rector of First National Bank for
more than 20 years has retired.
B. Jack Norby, Ford-Mercury dealer
in Mandan is his su ccessor.
MOHALL: James Mathiason was
advanced from a .c. to cash, of
Citizens State Bank.
PARK RIVER: Miss IzaParke, a .c.
at First State Bank, has retired
after nearly 40 years of service
with the bank.
ROLLA: At the First Bank of R olla,
Francis M. Schreder was elected
v .p ., Gordon L. Goderstad is v.p.
and ca sh ., and Robert E. Eckerdt
was named a .c.
VALLEY CITY: Arthur I. Nelson
has been elected cash, of American
National Bank. John R. Holm is
new a .c. and Mrs. LaVancha Jansen
was named auditor.
VALLEY CITY: Tom Yaeger, mgr.
of the insurance dept, of First
National Bank has been elected to
a.v.p.
WAHPETON: A1 Lindor was elected
v.p. at Wahpeton National Bank.
WALHALLA: Leon F. Dubourt is
new pres, of the Walhalla State
Bank, succeeding M. C. Rutherford,
who was named chairman. D. N.
LaRocque was named v.p. and cash.
WEBSTER: At the Bank of Webster,
D.W. Kelly, pres.; A .I.M unig, v .p .;
and F. H. Munig, cash, have all
retired. Raymond Sharkey of Maddock is new pres., Mark Kreklau
is cash, and James Kuchar is a .c.
WILLISTON: Dr. C. M. Lund has
been elevated from pres, to chmn.
of the First National Bank. John
D ickson, e x e c, v.p ., is the new

L A T E NEWS...
KANSAS CITY: A newly-organized
Major Accounts Division at City
National Bank & Trust will be
headed by Clark G. McCorkle, sr.
v .p ., and John J. Kramer and Chas.
W. Koester, v .p .’ s. The northern
group, serving correspondent and
commercial customers in Iowa,
Nebraska, South Dakota, Colorado,
Wyoming, Kansas and Utah, is
headed by Roy A. Thompson, v.p .,
and includes George W. Sherman,
a .v.p ., who covers all states in
the group excepting Kansas.

WANT ADS

Rates 25 cents per word per
insertion. Minimum: 12 words.
NORTHWESTERN BANKER
306 15th St., Des Moines, Iowa
POSITION AVAILABLE
We are looking for a man or woman
experienced in managing the com­
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tellers to collection s. We are w ill­
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NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309.
BANK WANTED
Bank with assets from $3 million
to $20 million in midwest. Banker
experienced in all phases of bank­
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retain present management. Willing
to furnish reference as to charac­
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Write File JKO, in care of the
NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309.
BANKS WANTED
Hard-working staff of energetic
Chicago Loop bank desires to serve
more banks in the midwest better
than they have ever been served
before. This is nota lip-service ad.
We’ ll perform! Call Max Roy in
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direct at La Salle National Bank,
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YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.
OMAHA

N o. 954 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des
Moines, Iowa 50309. Subscription 50<£ per copy, $4 per year. Second c la ss postage paid at Des Moines, Iowa. Address all mail
subscriptions, change of address, Form 3579, manuscripts, mail items to above address.


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