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8ÌÉL83
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DAVID ROCKEFELLER
H i
President
CH ASE MANHATTAN BANK OCCUPIES WORLD S LARGEST BANK BUILDING— Page 5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
' f i >'
OVER HALF OF ALL IOWA BANKS ARE MERCHANTS NATIONAL CORRESPONDENTS
One reason is the specialized service M N B offers, such as
helping design and maintain pension and profit-sharing
plans. Experienced Merchants National experts study the
complexities o f each situation, and work with you and your
customer, attorneys and insurance specialists to design a
plan to fit the specific need. This is just one o f the many
ways The Merchants National serves over half of all Iowa
banks. Let M N B serve you, too. Your call will be welcomed.
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Federal Reserve Bank of St. Louis
T H E M ER C H A N TS N ATIO N AL BA N K OF C ED A R R A PID S
No. 883. Northwestern Banker is published monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines 9, Iowa. Subscription,
35c per copy, $3 per year. Entered as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, under the Act of March 3, 1879.
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Federal Reserve Bank of St. Louis
4
THE
MAN HATTAN
BANK
HEAD OFFICE: New York 15
Statement of Condition, December 31, 1960
ASSETS
Cash and D ue from B a n k s .........................................................$ 2 ,0 7 9 ,6 9 0 ,9 3 0
U.
S. G ov ern m en t O b l i g a t i o n s ...................................
1,779,2 3 2 ,9 4 0
State, M u n icip a l and O th er S e c u r i t i e s .........................
4 2 7 ,9 6 1 ,2 9 9
M o r t g a g e s ................................................................................
2 2 2 ,8 1 0 ,2 32
L o a n s ......................................................................................
4 ,4 4 9 ,0 5 2 ,4 5 6
Less: Reserve f o r L o a n s ..................................................................................
113, 016,107
B an k in g P rem ises and Investm ent in Realty Affiliates
7 2 ,7 0 1 ,5 6 1
C u stom ers’ A cce p ta n ce L i a b i li t y .....................................
2 6 6 ,6 6 7 ,0 5 8
O th er A s s e t s ..........................................................................
7 5 ,3 1 8 ,8 0 3
$ 9 ,260, 439,172
L IA B IL IT IE S
D e p o s i t s ........................................................................................$ 8 ,1 4 3 ,3 4 9 ,5 9 9
F oreign Funds B o r r o w e d .................................................
4,7 5 9 ,8 3 4
R eserve fo r T a x e s ..............................................................
5 2 ,3 8 7 ,1 2 8
A ccep ta n ces O u t s t a n d i n g .................................................
2 7 7 ,7 1 9 ,9 3 8
O th er L i a b i l i t i e s ...........................................
Reserve fo r C o n tin g e n cie s
Capital Funds:
.
.
.
.
8 2 ,3 8 9 ,4 8 4
.
.
.
.
1 0 ,8 9 3 ,0 1 8
Capital S t o c k ..................................... $ 1 6 7 ,8 7 9 ,2 5 0
(13,430,340 Shares— $12.50 Par)
S u r p l u s .................................................
4 0 0 ,0 0 0 ,0 0 0
U n d ivid ed Profits .
1 2 1 ,0 6 0 ,9 2 1
.
.
.
.
.
6 8 8 ,9 4 0 ,1 7 1
$9 , 260,439472
O f the above assets $566,923,691 are pledged to secure public deposits and for other
purposes, and trust and certain other deposits are preferred as provided by law .
Securities w ith a book value of $53 ,4 68 ,0 48 are loaned to customers against collateral.
M e m b e r F e d e ra l D e p o s it In s u ra n c e C o rp o r a t io n
Nort hwest ern Banker, February, I96J
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1
ON THE COVER
The Chase Manhattan Bank comleted last month the first step in the
mmense job of shifting its headquarers to its new 60-story head office
uilding in the downtown financial
istrict.
The moving operation, which inolves 7,000 bank employees located in
dozen buildings downtown, is ex
pected to take three months to com
plete and will be accomplished over
weekends and at night. The bank will
occupy 30 floors and five underground
levels in the building, which at 813
feet is the sixth tallest in the world.
As the Chase began the new year
with its long-awaited move to the
striking new building, it also began a
new chapter in the general manage
ment history of the bank that has
characterized the leadership and con
sequent growth that have brought it
to the present position it enjoys as the
second largest bank in the nation.
According to previously announced
plans, George Champion moved up to
chairman of the board of directors and
David Rockefeller succeeded him as
president of Chase on January 1. John
McCloy retired at year-end as board
chairman to return to the law firm with
which he was associated previously,
and has also accepted a high-level posi
tion with the Kennedy Administration
,in Washington. Mr. Champion and
Mr. Rockefeller now have responsibil
ity for executive administration.
The new building their staff is now
starting to occupy will house 15,000
people working for the bank and ten
ants. It contains 12 escalators and 46
elevators, has gross floor area of 2,250,000 square feet, is air conditioned by
the largest unit in any existing com
mercial building (9,100 tons of refrig
eration), and has 8,800 windows that
are seven feet high on each floor.
The b u ild in g also contains the
world’s largest bank vault in the fifth
level. It is 90 feet below street level,
is 350 feet long, 100 feet wide and eight
feet high, weighs 985 tons and contains
605 tons of reinforcing steel, and has
six vault doors fabricated by the Mosler Safe Company, four of which will
weigh 45 tons each, two 35 tons each.
The last echelon to move will be
senior management, scheduled to oc
cupy the 17th floor on April 17. A di
rect inward dialing system with 3,500
extensions will go into operation early
..in June.
When the bank has vacated its old
building, work will begin on the sec
ond phase of the building project. This
involves demolition of six buildings
and construction of a plaza covering
three-quarters of an acre fronting on
Pine Street.
Oldest Financial Journal West of the Mississippi
for your F E B R U A R Y , 1961, reading
••••••••••••••••••••••••••••••••••••••••••••••••••••*********
67th Year
No. 883
FEATURE ARTICLES
5
On the Cover
8
196 0 S a v in g s B onds B ox Score
21
F ro n tisp a g e
27
P ig g y B ank Pennies B r in g N e w B u sin ess
28
F ed M u st P reven t S h o r t-T e rm
Y ie ld s fro m
G oing L ow er—
Raymond Trigger
29
W h a t T h eir S tatem en ts Show
30
Is Y o u r B ank A u d itin g E ffectiv e?
32
8 -S ta te R eport fro m B a n k Superintend ents—
A N O R T H W E S T E R N B A N K E R S u rv ey
35
Roundup of A n n u a l M eetin g s and Prom otions
60
H a lse y , S tu a rt Gives 1960 Y e a r -E n d
64
N a tio n ’s B anks R eport Record E a rn in g s in 1960
B ond S u rv ey
STATE BANKING NEWS
M in n esota N e w s
T w in C ity N e w s
South D a k o ta N e w s
71
76
85
Sioux F a lls N e w s
87
N o rth D a k o ta N e w s
Colorado N e w s
89
91
W y o m in g N e w s
92
93
97
98
104
M on ta n a N e w s
N e b ra sk a N ew s
109
127
128
Iow a N e w s
S t. Joseph N e w s
Des M oines N e w s
Om aha N ew s
L incoln N ew s
OTHER FEATURES
132
B a n k e rs’ M a rk e t P lace
134
In the D ire cto rs’ Room
134
In dex o f A d v e r tise rs
NORTHWESTERN BANKER
306 15th Street, Des Moines 9, iowa, Telephone CHerry 4-8163
Editor
Associate Publisher
Publisher
Associate Editor
Walter T. Proctor
Advertising Assistant
Elizabeth Cole
Field
Ben J. Haller. Jr.
Malcom K. Freeland
Clifford De Puy
Representative
A! Kerbel
Associate Editor
Doyle
Circulation
Minders
Department
Lena Sutphin
Field
Representative
Paul Masters
Frank P. Syms, Vice President, 550 Fifth Avenue, New York 36, JUdson 2-7126
Milton P. Bock, Vice President, 654 Baker Building, Minneapolis, FEderal 6-5357
DE PUY PUBLICATIONS: Underwriters Review, Northwestern Banker,
Iowa-Nebraska Bank Directory
Northwestern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Mr. Lich ten stein . . . why did yo u ch o o se
Bank Building C o rp o ra tio n ?
Says President GAYLE W. LICHTENSTEIN of the Brentwood
Bank, Brentwood, Mo.: “ There were many reasons, of
course, but one of the most important was Bank
Building’s guaranteed cost estimate. We knew where we
stood before we started, at the earliest possible planning
stage, before making any major commitment. That’s a
‘plus’ a banker can really appreciate.”
N or t h w e st e r s Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
“ B e c a u s e you know
w h e re y o u stand
b e f o r e y o u s ta r t ”
THE GU ARAN TEED
C O S T E S T IM A T E another reason why
more bankers say . ..
“ Call in Bank Building!”
When Bank Building Corporation goes to
work for you, as Mr. Lichtenstein points
out, you know exactly where you stand
before you start. At the earliest possible
planning stage, you get from us, for a
nominal fee, a complete visualization of
your project and its components. You also
get a guaranteed cost estimate that is a
firm basis for your own planning and
control . . . a real “ plus” that a banker
can appreciate.
Our experience on over 3,600 financial
projects enables you to avoid the usual wide
gap between “ estimates” and final cost.
The guaranteed cost estimate is just one
of the reasons why more bankers choose
Bank Building. They also know that we
bring to your project an expert practical
knowledge of your business and its special
needs . . . plus a unique concept of “ profit
engineering” that assures maximum oper
ating profits from your new quarters. For
more complete information, write us or
phone us— there is no obligation.
These banks, too, chose Bank Building to
plan their new quarters. Regardless of size,
location, or scope of work, it will pay you to
talk to Bank Building Corporation first. Top
to bottom:
Citizens National Bank, Evan sville , Ind.
Lander State Bank, Lander, Wyo.
Richland Trust Co., M ansfield, 0 .
ST. LOUIS
1130 H A M P TO N A V E .
NE W Y O R K • CH ICA G O
SAN F R A N C ISC O • D E T R O IT
A T L A N T A • AU STIN
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Federal Reserve Bank of St. Louis
Northwestern Banker, February , J96Ì
8
/ ÍK iO
S a v i n f/ s
! fo u n ts
S c o r n
figures from the Treasury Department indicate that Amer
Y EAR-END
icans added $578 million to their holdings of Series E and H Savings
Bonds during 1961. On December 31 the total outstanding in these series
—the only Savings Bonds now being sold—was $43,137 million, an all-time
high. Listed below is the yearly report for the nation, followed by a table
showing sales of Series E and H Savings Bonds in the N o r t h w e s t e r n
B a n k e r area:
1960-1959
(In Millions of Dollars)
ISSUES:
i960
E and H Cash Sales—Issue Price....................................$ 4,350
Accrued Interest on Outstanding E s.............................. 1,224
Total Additions .........................................................$ 5,574
1959
$ 4,320
1,169
$ 5,489
REDEMPTIONS:
E and H—Issue Price....................................................... $ 4,201
Accrued Interest on Redeemed E s................................
795
$ 4,565
955
Total Withdrawals ....................................................$ 4,996
$ 5,519
AMOUNT OUTSTANDING:
Total E and H Bonds Outstanding.................................. $43,137
$42,559
Net Change from Previous Year...................................... +578
—30
NOTE: Figures are rounded to nearest million, and will not necessarily
add to totals. Unclassified transactions at end of period are classi
fied on an estimated basis.
NORTHWESTERN BANKER AREA
United States Savings Bonds Combined Sales of Series E and H
(in thousands of dollars)
STATE
“POWER BEFORE
IT’S NEEDED” IS
COMPANY’S POLICY
TO K E E P A H E A D o f
Iowa’s growing demand for
electricity, Iowa Power and
Light Company is . . .
finalizing plans for construc
tion of a giant new 150,000k ilo w a tt p la n t. T h is is
enough new electricity to
l ig h t 3 0 0 ,0 0 0 a v e r a g e
homes. And . . .
cooperating with 10 other
Midwest utilities in the con
struction of a 66,000-kilo
watt atomic power plant.
This is good evidence, we
believe, of our policy to be
ready to furnish our cus
tomers plenty of power—
even before they need it.
IOWA POWER AND
LIGHT COMPANY
Des Moines, Iowa
Northwestern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Colorado .........................
Iowa ................................
Minnesota .......................
Montana .........................
Nebraska .........................
North D akota..................
South D ak ota..................
Wyoming .......................
12 Months
I960
.................... 34,570
.................... 137,455
.................... 74,799
.-.................. 20,442
.................... 87,230
.................... 22,176
.................... 27,506
....................
7,736
R . C. K e m p e r , J r., H o n o re d
The Kansas City Junior Chamber of
Commerce has awarded its 1960 “Dis
tinguished Service Award” to R. C.
Kemper, Jr., president of the City Na
tional Bank and
T ru st C om pany
of K ansas City,
Mo.
This is the high
est honor a young
man can receive
in K ansas City,
and was awarded
Mr. Kemper for
his m a n y and
varied civic conr . c. K EM PER, JR.
tributions to the
city. Among his many directorships
and positions of policy-making author
ity, he is a director of the Kansas City
Starlight Theater, Kansas City Phil
harmonic, the Salvation Army, and
Rockhurst College.
M oreover, Mr.
Kemper serves as a trustee for the
Kansas City Art Institute, on the lay
12 Months
1959
34,141
142,505
70,667
22,726
99,207
23,535
31,278
8,429
Per Cent
Change
+ 1.3
— 3.5
+ 5.8
—10.1
—12.1
— 5.8
—12.1
— 8.2
board of St. Mary’s Hospital and on
the board of governors of the Kansas
City Safety Council and the American
Royal Association.
N ow ICs C o lo n e l Bray
Harold B. Bray, senior vice presi
dent, Harris Trust and Savings Bank,
Chicago, was recently named an hon
orary aide to the governor of Ken
tucky, the Honorable Burt T. Combs,
with the rank of colonel.
S p o n so rs Iow a Sp orts
Western Mutual Insurance Company
of Des Moines is continuing its spon
sorship of the State University of Iowa
sports schedule over WHO radio, ac
cording to R. J. Kent, vice president
and secretary.
Currently, the company is sponsor
ing Iowa’s basketball games with
Sportscaster Jim Zabel. During the
football season, Western Mutual spon
sored “ Iowa Football Highlights” fol
lowing games.
9
WHO among these people should
be your customers?
Growing children, college students, bakers, butchers, professors, doctors,
chefs, salesmen, engineers, architects, housewives, plumbers, business execu
tives, telephone operators, lawyers, masons, carpenters, chauffeurs, secre
taries, druggists, ministers, clerks, pilots, actors, stewardesses, models,
editors, scientists, insurance agents, real estate brokers, school teachers?
All of them, Mr. Banker!
They are Christmas Club members and all are potential customers for every service you offer.
If you do not now offer a Christmas Club, join the successful financial
institutions that do. If you do offer a Christmas Club service, get to
know your Christmas Club members. Cultivate them and help them to
manage their money by using the other services you offer.
Christmas Club
a Corporation
230 Park Avenue, New York, N. Y.
F o u n d e d b y H e r b e r t F. R a w l l
Builds Character
•
Builds Savings
•
Builds Business for Financial Institutions
Northwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10
L a r g e s t S ifjtt
&/ie
LIVE STOCK
*jValtona/B A N K C
(o/lic€l<jpO
4150
UNI ON
STOCK
SOUTH
Y A R D S JHHF“
HALSTED
STREET
TELEPHONE YArds 7 -1 2 2 0
Jr
H
fj/afornetif
c(ooncft/ton
DECEMBER 31, 1960
R ES O UR C E S
Cash and due from b a n k s ................. $16,950,272.09
*U. S. Treasury Securities ............... 23,977,426.76
State and municipal securities ........
551,756.41
Other marketable bonds ...................
146,977.29
Loans and discounts ......................... 15,547,611.31
Federal R eserve Bank s t o c k ........................................ 150,000,00
Bank prem ises ....................................
50,000.00
Interest earned, not collected .........
140,447.09
Current receivables and other
assets .......................................
155,229.76
$57,669,720.71
LIABILITIES
Capital - .................................................$ 1,000,000.00
Surplus .................................................
4,000,000.00
Undivided profis and reserves ........
1,256,685.84
Unearned discount ...............................
224,565.16
Deposits .........................................
51,188,469.71
$57,669,720.71
*United States Government obligations carried at $3,811,806.95 are
pledged to secure public and trust deposits and for other purposes as
required or permitted by law.
S ß c u ic l c j7 Q)iïec/okâ
D a v id H . R e im e r s
Chairman of the Board and President
A l d e n S. B a g n a l l
Senior Vice President
P a u l T . B etz
Senior Vice President
E d w ard J. M cA d a m s
Financial Vice President and
Treasurer, Armour and Company
C h a r l e s S . P otter
President, The Union Stock
Yard and Transit Company
Ja m e s F . D onovan
Trustee, Central Manufacturing
District
T h o m a s S. T yler
Winston, Strawn, Smith &
Patterson
H arold P . J o h n s o n
Executive Vice President
SERVING
AGRICULTURE
AND
INDUSTRY
SPince4868
ME MBE R
FEDERAL
DEPOSIT
Northwest ern Banker, Febru ary , 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
INSURANCE
CORPORATION
W O R L D ’S L A R G E S T combination timetemperature and changeable message dis
play has been completed 200 fe e t above
downtown Seattle. The spectacular Skyliner D isplay, which was invented by
A m erican Sign and Indicator Corporation
of Seattle, W ash ., is located on the roof
o f the Securities Building, and extends
the length of an entire city block. N um er
als are almost two stories high and are
visible for more than three miles. M es
sages w ill be spelled out in letters 13 feet
high and can be changed instantly by a
remote control station, a c c o r d i n g to
Charles W illiam s, A m erican Sign and In
dicator president.
C artier-B resson P h o to s
Illustrate A n n u a l R ep o rt
Renowned photographer Henri Car
tier-Bresson has supplied the illustra
tions for Bankers Trust Company’s
1960 annual report.
Bankers Trust of New York re
tained M. Cartier-Bresson in mid-1960
to do a photographic study of the
bank at work. This is believed to be
the most ambitious attempt yet made
to interpret photographically the oper
ations of a commercial bank. During
the past few months, M. Cartier-Bres
son has ranged from vault to tower of
the 16 Wall Street office, and has vis
ited a number of the bank’s other in
stallations. The 1960 annual report is
a partial demonstration of his work. I
The Cartier-Bresson camera has cap
tured varied activities at Bankers
Trust. E. T. Hetzler, vice president
of public relations for Bankers Trust,
said, “We think these photographs
will help to accomplish the muchneeded task of informing the general
public about the operations and the
people of a commercial bank.”
T ru st Secretary R etires
Leo V. Harnden has retired as secre
tary of the trust department of Con
tinental Illinois National Bank and
Trust Company of Chicago. He had
been with the bank for 26 years.
IN MI LLIONS
N O P E A K I N S IG H T !
600
Onward &upward
( as u su a l )
ARIZONA!
GROWTH
— OF —
DEPOSITS
S ta te m e n t o f C o n d itio n
AT TH E CLOSE OF BUSIN ESS
DECEMBER
3 0 , 1960
R ESO URCES
Cash and Due from B a n k s ............................................................. $130,946,514.97
U. S. Government B o n d s................................................................
109,026,076.96
Other Bonds ..........................................................................................
40,321,723.16
Loans (Federally Insured or Guaranteed) . . . .
83,542,278.40
Other Loans (Less Reserves for Possible Loan Losses) .
292,196,467.48
Accrued Interest Receivable..........................................................
3,929,930.07
Buildings, Furniture and F i x t u r e s ..........................................
15,847,154.89
Other R e s o u r c e s ...........................................................................
5,102,360.13
\ |
_J j
* ¡> * 5 ^ ,9 0 0 )0 0 0
Total R e s o u rc e s ........................................................................$680,912,506.06
LIA B ILITIE S
Deposits:
C heckin g ....................................................... $349,251,538.91
S a v i n g s ..................................................
188,078,296.93
P u b l i c ..................................................
70,681,644.36
Provisions for Taxes, Interest, etc..............................................
Unearned D i s c o u n t .........................................................................
Other Liabilities
...........................................................................
Capital Funds:
_
,
$608,011,480.20 _ > ]
7,721,064.44
9,684,227.93
5,020,307.34
u fa
b O 0 ,0 0 0
Capital Stock(2,239,813 shares) . $ 11,199,065.00
S u r p l u s ..................................................
29,800,935.00
Undivided P ro fits ..................................
6,975,426.15
Reserve For Bond Account .
.
.
$ 47,975,426.15
2,500,000,00
50,475,426.15
~y \ x )p S 1 1 , 3 0 0 , 0 0 0
Total L ia b ilit ie s ........................................................................ $680,912,506.06
P R E S I D f NT
MEMBER
FEDERAL
D EPO SIT
IN SU R A N C E
CO RPOR ATION
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6 7
OF F I CES
12
Introducing automated check-filing...
Mosler’s new Selectronic File handles
600,000 checks in one central location!
h is
new mosler selectronic
gives you the m ost
efficient check-handling or central
inform ation file you can in stall!
T
• slope-away front for full knee room
record file
• feather-touch telescoping cover
One o p era tor at the S electron ic
k e y b o a r d a u t o m a t ic a lly sa v e s
h o u rs o f d u p lica te d e f f o r t and
miles o f w alking to files.
• no rewiring after installation
T h e S electron ic handles 600,000
s ig n a t u r e c a r d s —y o u r p r e s e n t
ca rd s. O ptional telephone equ ip
ment makes the Selectronic a true
“ Intelligence Center” that holds a
complete range o f card sizes.
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
• alternately concave and flat selector
keys for instant recognition
• moves through standard doorways
A special brochure details all fea
tures ... write fo r one to d a y !
Mosler Systems Division
The Mosler Safe Company
320 Fifth Avenue, New York 1, N.Y.
• plug-in components make
installation faster, economical, and
cut down-time for servicing
• pans tilted for easier removal
• maximum safety features
• follower blocks keep cards compact
and allow visual “ V”
13
you can add one of A m erica’s biggest bond
d e p a rtm e n ts . . . without adding to your payroll
Use Continental’s Bond Department as your own.
We’re one of the largest primary markets for U.S.
Government securities. Phone us to sell, and
chances are the sale will be made before you hang
up. Phone us to buy, and we’ll probably have
what you want right at hand. Continental’s Bond
Department is also a primary dealer in Federal
Agency, State, and Municipal securities. We’d be
happy to have you and your customers make full
use of this and the many other services of Chicago’s
oldest, most experienced bank. We’re as close to you
as your telephone. Call STate 2-9000, Chicago.
C O N T IN E N T A L S S L B A N K
A N D T R U S T C O M P A N Y OF C H IC A G O
Lock Box H, Chicago 90
Member F. D. I. C .
Northwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
14
DIRECTORS
BARNEY BALABAN
President, Paramount Pictures Corporation
IDWIN J. BEINECKE
Chairman, The Sperry and Hutchinson
Company
CUNTON R. BLACK, JR.
President, C. R, Black, J r . Corporation
Manufacturers
Trust Company
Head Office: 44 W all Street, New York
119 O F F IC E S
IN GREATER NEW YORK
ALVIN G. BRUSH
Chairman, American Home Products
Corporation
LOU R. CRANDALL
Chairman, George A. Fuller Company
Statement o f Condition, December 31, 1960
CHARLES A. DANA
Chairman, Dana Corporation
RESOURCES
HORACE C. FLANIGAN
Chairman, Board o f Directors
Cash and Due from B a n k s .............................
JOHN M. FRANKLIN
Chairman, United States Lines Company
U. S. Government Insured F. H. A. Mort
gages
..............................................................
PAOL1NO GERLI
Chairman, Gerli & Co., Inc.
GABRIEL HAUGE
Chairman, Finance Committee
U. S. Government Securities
71 2,510,329
State, Municipal and PublicSecurities
81,064,576
241,061,965
Stock of Federal Reserve Bank
6,023,400
Other Securities
24,639,027
OSWALD L. JOHNSTON
Simpson Thacher & Bartlett
Loans, Bills Purchased and Bankers’ Ac
ceptances ........................................................
BARRY T. LEITHEAD
President, Cluett, Peabody & Co. Inc.
Mortgages ..............................................................
KENNETH F. MacLELLAN
Chairman, Union Asbestos and
Rubber Company
Customers’ Liability for Acceptances
1,464,526,320
40,518,666
Banking Housesand Equipment
23,597,942
1 12,392,920
Accrued Interest and Other Resources
JOHN T. MADDEN
Chairman, Emigrant Industrial Savings Bank
13,764,568
$3,973,719,461
v.
McL a u g h l in
Vice Chairman, Triborough Bridge and
Tunnel Authority
g eo rg e
$1,253,619,748
WILLIAM G. RABE
Chairman, Trust Committee
L IA B IL IT IE S
Deposits
.............................................................
Outstanding Acceptances
115,752,855
RICHARD S. REYNOLDS, JR.
President, Reynolds Metals Company
Liability as Endorser on Acceptances and
Foreign Bills
........................... . .
WILLIAM E. ROBINSON
Chairman o f the Board, Coca-Cola Company
Other Liabilities ..................................................
HENRY B. SARGENT
President, American & Foreign
Power Company, Inc.
CHARLES J. STEWART
President
REESE H. TAYLOR
Chairman, Union O il Company o f California
GEORGE G. WALKER
President, Electric Bond and Share Company
J . HUBER WETENHALL
President, National Dairy Products
Corporation
HENRY C. VON ELM
Honorary Chairman
$3,464,810,876
44,268,479
5,629,493
Reserve for Taxes, Unearned Discount,
Interest, etc.............. ..
40,361,931
‘ Reserve for Possible Loan Losses
55,122,453
Dividend Payable January 15,1961 . . .
3,275,350
Capita! Funds:
Capital (5,039,000
shares-—$20 par)
Surplus
Undivided Profits
$100,780,000
100,000,000
43,718,024
244,498,024
$3,973,719,461
* Applicable lo cover such future loan losses as may develop.
are at present known.
None
United States Government and Other Securities carried at $157,301,395 are pledged to
secure public funds and trust deposits and fo r other purposes as required or permitted by law.
Member Federal Deposit Insurance Corporation
NOff#»western Banker, Febru ary , 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
15
L O O K TO T H E L E A D E R
. . . in Field Warehousing
when Collateral is a Problem-yet inventory is an asset
■ Lawrence provides the most comprehensive bond
coverage — assuring you maximum protection.
■ Lawrence furnishes an I.B .M . Loan Officers
Monthly Collateral Report that simplifies your
record keeping.
■ Lawrence has the largest and most experienced
force of trained field men operating the famed
Lawrence System “Know-How.”
■ Lawrence has an unblemished record of almost.
50 years service to banks everywhere.
So the next time you see Inventory on a client’s statement, why not call in Lawrence —and be secure!
LAWRENCE ON WAREHOUSE RECEIPTS
W ' 1*WIIEN^
System
1
...IS
LIKE CERTIFIED ON CHECKS
Th e La w r e n c e C o m p a n y
N ATIO N W IDE
CH ICAG O 2, ILLINOIS
100 North LaSalle Street
DENVER 2, COLORADO
818 17th Street Building
PORTLAND 4, OREGON
Cascade Building
ST. LOUIS 2, MISSOURI
Boatmen's Bank Building
FIELD W A R E H O U S I N G
SAN FRANCISCO II, CALIFORNIA
37 Drumm Street
SEATTLE 4. WASHINGTON
Exchange Building
OFFICES IN PRINCIPAL CITIES
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
SPOKANE 8, WASHINGTON
Empire State Building
WICHITA 8, KANSAS
1714 North Vassar Avenue
NEW YORK 5, NEW YORK
79 Wall Street
16
W h y a G a m b le D e a le r F r a n c h is e
is a n u n b e a ta b le in v e s tm e n t o p p o rtu n ity
W hen a man com es to you for help in starting
a business, you ask certain questions, to which
you expect satisfactory answers.
Y ou ask: “ W hat kind o f business are you going
into? H ow will you run it? W h a t’s the potential?
H ow m uch m oney can you reasonably expect to
m ake?”
I f the w ould-be businessman is a prospective
Gam ble Dealer, he com es to you pre-screened and
pre-selected. G am bles’ dealer recruitm ent m ethods
have already established that he has the am bition
and the ability to succeed as a G am ble Dealer. He
has qualified for the opportu n ity o f becom ing a
full-fledged m em ber o f the fastest-grow ing retail
organization in m id-Am erica.
T his prospective G am ble Dealer has other quali
fications, too, qualifications that will keep his cash
register ringing year-in and year-out. G am bles’
unique Dealer Assistance Plan gives him a head
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
start tow ard success with experienced m erchandis
ing help, efficient warehousing, pre-paid delivery
o f merchandise, dynam ic national advertising, ac
counting services and store planning, proved in
more than 2300 Gam ble stores.
This com bination o f the right man, the right
com pany and the right business m ethods makes a
Gam ble Dealer Franchise an unbeatable invest
ment opportunity . . . an investm ent you can share
with confidence. Gamble-Skogmo, Inc., 15 North
8th Street, M inneapolis 3, Minnesota.
A MERI C A’ S HOME TOWN S T OR E S
17
The First National Bank
of Chicago
Statement of Condition December 31, 1960
ASSETS
$
671,026,559.79
540,135,113.72
167,866,911.06
1,725,748,095.96
3,802,700.84
8 , 100 ,000.00
3,246,390.49
9,188,428.34
6,542,239.95
$3,135,656,440.15
Cash and D ue from B a n k s .............................................
U nited States G overnm ent Obligations .
.
.
.
Other B onds and Securities
.
.
.
.
.
.
Loans and D i s c o u n t s ......................................................
Real Estate (Bank Buildings and A djacent Property) .
Federal Reserve Bank S t o c k .............................................
Custom ers’ Liability A ccou n t o f Acceptances
Interest Earned, not C o lle c te d .............................................
O ther Assets
.
.
.
.
.
.
.
.
.
LIABILITIES
Capital S t o c k .................................... ..........................................................................................
Surplus
.
.
.
.
.
.
.
.
.
.
..............................................
......................................................................................................................
U ndivided Profits
D iscount C ollected, but not Earned
........................................................................ *
Dividends Declared, but U n p a i d ................................................................................. .........
................................................................................................... .........
Reserves for Taxes, etc.
Liability A ccou n t o f Acceptances .................................................................................
T im e Deposits .
.
.
.
.
.
.
.
.
.
$ 632,549,765.21
D em and Deposits
.
.
.
.
.
.
.
.
.
.
1,857,448,610.25
Deposits o f P ublic Funds .
.
.
.
.
.
.
.
.
286,263,321.78
Liabilities other than those above s t a t e d ........................................................................
$
125,000,000.00
145,000,000.00
32,981,682.30
6,153,962.22
2,500,000.00
38,342,875.64
3,409,465.64
2,776,261,697.24
6,006,757.11
$3,135,656,440.15
United States government obligations and other securities carried at $352,378,169.78 are pledged to secure United States government and
other public deposits, trust deposits, and for other purposes as required or permitted by law.
Board of Directors
J oseph L. B lock
Chairman,
Inland Steel Company
J. D . F arrington
Chairman o f the Board,
Chicago, Rock Island and
Pacific Railroad Company
M arshall F ield , J r .
President and Publisher.
Chicago Sun-Times
Chicago Daily News
James B. F organ
H omer J. L ivingston
Chairman o f the Board
F rank O. P rior
Former Chairman of the Board,
Standard Oil Company (indiana)
H ughston M . M c B ain
Director,
Marshall Field A Company
B rooks M c C o rm ick
Executive Vice-President,
International Harvester Company
H a r r y C . M u rph y
President, Chicago, Burlington
& Quincy Railroad Company
H erbert V. P roch now
Executive Vice-President
G il b e r t H. S cribner
Scribner & Company
H a r o l d A . S m ith
W inston, Strawn,
Smith and Patterson
Honorary Chairman o f the Board
G a y l o r d A . F reeman , J r .
President
W a lt e r M . H eymann
Vice-Chairman o f the Board
R o bert S. I ngersoll
President,
Borg-W arner Corporation
H enry P. I sham
Chairman o f the Board,
Clearing Industrial District, Inc.
L ouis B. N eumiller
Chairman o f the Board,
Caterpillar Tractor Co.
J ames F. O ates , J r .
Chairman o f the Board and
President, T he Equitable
Life Assurance Society
of the United States
W il l ia m W ood P rince
President,
Armour & Company
R . D ouglas St u a r t
Chairman of the Board,
T h e Quaker Oats Company
L ouis W are
Chairman o f the Board,
International Minerals A
Chemical Corp.
R o bert E. W o od
Director,
Sears, Roebuck and Co,
European O ffice— L on don
38 W a lb rook
M E M B E R F E D E R A I D E P O S I T IN S U R A N C E C O R P O R A T I O N
Northwestern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
19
//i a / / -----
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œ/x
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Not only is the new R e c o r d a k R E L IA N T
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ecord ak
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a second for the operator to slide out the
R E L IA N T ’S self-contained film unit to load
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This instant changeover lets 2 (or more)
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the same R E L IA N T . . . and keep their
records unitized on separate film rolls, just
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Write today for free full-color folder.
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nue, New York 17, N. Y.
(S u b sid ia ry o f Eastm an K o d a k C o m p an y)
originator of modern microfilming
—now in its 33rd year
IN C A N A D A co n ta ct R e c o rd a k o f C a n a d a L td ., To ro n to
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker, February, 1961
20
N A T IO N A L B A N K
and Trust Company
FIFTH AND LOCUST STREET
•
DES MOINES
Member Federal Deposit Insurance Corporation
Statement
'Scc<Uneee, 72ec. 3 ?, / *7 60
(^ancCctcan at (^¿a<ie
ASSETS
Cash and due from Federal Reserve and other banks $53,609,881.82
U. S. Government Securities.................................................. 22,333,487.33
Obligations of U. S. Governmental Agencies...................... 984,144.27
$ 76,927,513.42
Municipal Securities .......................................................................................................
Market Bonds ......................................................................................................................
Other Investments ............................................................................................................
Loans and Discounts ......
Overdrafts ............................................................................................................................
Stock in Federal Reserve Bank........................................... _................. ......................
Accrued Interest Receivable ...........
Furniture and Equipment ................................................................................................
Real Estate for Future Bank Site............................................................................ .
TOTAL
5,082,033.54
1,258,716.99
1.00
49,055,870.67
4,286.21
150,000.00
415,112.24
318,615.20
694,963.54
$133,907,112.81
LIABIL!TIES
Common Stock ............................................................................. $ 2,500,000.00
Surplus ............................................................................................. 2,500,000.00
Undivided Profits and Reserves..................................... ....... 4,018,315.42
$
9,018,315.42
Reserve for Taxes, Interest and Other Expense.................................................
634,925.80
Discount Collected ........................................................................................................ .
353,735.38
Deposits .............. .................................................................................................................. 123,900,136.21
TO TAL........................................................................................$133,907,112.81
United States Government obligations carried at $6,216,163.51 are pledged to secure United States Government
and other Public deposits, trust deposits and for other purposes as required or permitted by law.
DIRECTORS
E. F. BUCKLEY..................... P re sid e n t
KRIEGH G. CARNEY.... P re sid e n t, C o n su m ers
ROSS
C o n so lid a te d C o a l C o m p a n y
J. CLEMENS...... C h a irm a n , S ta n d a rd
G la s s & P ain t C o .
DON HOWE.............. V ice -P re sid e n t
A. T.
SHERRY R. FISHER...... C o n n e cticu t M u tu a l
Life In su ra n c e Co.
JOHN H. GHRIST................. P re sid e n t,
C o lo n ia l B a k in g C o .
ROBERT K. GOODWIN ........... C h a irm a n ,
B o a rd o f D ire cto rs
WM. J. GOODWIN, SR...H o n o ra r y C h a irm a n ,
B o a rd o f D ire cto rs
Northwestern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W. J. GOODWIN, JR ............. C h a irm a n ,
E x e c u tiv e C o m m ittee
LESTER T. JONES.................. P re sid e n t,
Tow n M u tu a l D w e llin g In s. C o .
EDW. A. KIMBALL
GUY E. LOGAN
A. B. LUNDAHL....V/ce-Pres/c/enf & G e n l. M g r .,
Jo h n D e e re D es M o in e s W o rk s
GEORGE S. PEAK............ P a rtn e r-O w n e r
In s. E x c h a n g e B ld g .
WALTER L. STEWART.............................................
................ G ib s o n , S te w a rt & G a rre tt
JAMES W. WALLACE.............. P re sid e n t,
P io n e e r H i-Bred C o rn C o .
FRANK R. WARDEN ........... V ice-P resid en t
Northwestern Baaker, February, 194.1
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
22
Teamwork of Banker Kelley (right) and Purina Dealership Manager Reed has helped the economy of the Winterset area.
“OUR P U R I N A C H E C K - R - M I X D E A L E R
IS A G O O D T E A M M A T E ”
—says Neil E. K elley, President,
Farmers and Merchants State Bank, W interset, Iowa
T h e q u a r te r -c e n t u r y -o ld
Farmers and Merchants State
Bank and the fiv e -y e a r-o ld
P urina D e a le rsh ip , R e e d ’ s
Feed and Soil Service, make
a team that is important to
the economy of the Winterset
market.
C heck-R -M ix Service attracts
bu sin ess to to w n , e x p a n d
ing th e tr a d in g area and
increasing the volume of busi
nesses and services patronized
by farm folks.
W ith the bank’s helpful financ
ing of several phases of this
firm’s business, Reed’s Feed
and Soil Service, Inc. was able
to open a modern Check-RM ix plant a year ago. In an
area of grain-livestock agri
culture, C heck-R -M ix Service
is important to farmers. It
helps them get more from their
grain and better results with
their livestock. Better results
mean better incomes.
Reed’s Feed and Soil Service has
been a customer of Farmers and
Merchants State Bank since their
beginning. Today, this Purina
Dealer is one of the Bank’s best
customers. This Dealership writes
feeder contracts on hogs and
cattle and turns them over to the
Bank. The Bank carries the loans
and m akes the co llectio n s.
“ We’ve had no losses on such
business,” says Mr. Kelley.
M«rt« w estern Banker, Febru ary , 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
QUALITY
23
STATEMENT OF CONDITION
Board of Directors
Decem ber 31, 1960
STANLEY G. HARRIS, Chairman
HAROLD H. ANDERSON
Partner
Publishers Syndicate
RESOURCES
Cash on H and and D ue from B a n k s...........$262,311,710.27
LESTER ARMOUR
Vice Chairman
U. S. G overnm ent S ecu rities.......................... 202,040,054.44
State and M unicipal Securities......................
64,700,352.49
Other B onds and Securities............................
4,638,522.43
Loans and D isco u n ts........................................
471,322,142.90
Federal Reserve Bank S t o c k ..........................
1,650,000.00
Custom ers’ Liability on A ccep ta n ces..........
308,702.88
A ccrued Interest and Other Resources . . . .
5,599,466.19
Bank P rem ises................................................
15,000,000.00
T o t a l ........................$1,027,570,951.60
Dem and D e p o sits............. $794,883,227.03
154,069,459.21
T ota l D e p o sits............................................
$948,952,686.24
D ividend Payable January 3, 1961..........
682,500.00
A ccep ta n ce s.....................................................
308,702.88
Reserves for Taxes, Interest, e tc...............
11,563,610.24
General C ontingency R eserv e....................
5,000,000.00
C a p ita l................................ $ 27,300,000.00
S urplus................................
U ndivided P ro fits.............
GEORGE R. BIRKELUND
President
Baker, Fentress & Co.
BURTON A. BRANNEN
Executive Vice President
WESLEY M. DIXON
Chairman of Board and
President, Container
Corporation of America
ROBERT W. GALVIN
President, Motorola, Inc.
LIABILITIES
Tim e D e p o s its..................
EDWIN C. AUSTIN
Sidley, Austin,
Burgess & Smith
27,700,000.00
6,063,452.24
61,063,452.24
T ota l Capital F u n d s..................................
T o t a l...................$1,027,570,951.60
United States Governm ent Obligations and Other Securities carried at
$101,149,892 are pledged to secure Public and Trust Deposits and for other
purposes as required or permitted by law.
DAVID GRAHAM
Financial Vice President
Standard Oil Company
(Indiana)
RALPH F. HUCK
Chapman and Cutler
ERNEST S. MARSH
President
The Atchison, Topeka
and Santa Fe Railway
Company
F. B. McCo n n e l l
Director
Sears, Roebuck and Co.
PAUL L. MORRISON
Chairman
Executive Committee
General Finance Corp.
JAMES L. PALMER
President
Marshall Field & Co.
WILLIAM A. PATTERSON
President
United Air Lines, Inc.
CHARLES H. PERCY
President
Bell & Howell Company
JOHN T. RETTALIATA
President, Illinois Institute
of Technology
JOHN G. SEARLE
President
G. D. Searle & Co.
CHARLES C. JARCHOW
Chairman of Board
American Steel Foundries
DONALD P. WELLES
Executive Vice President
WAYNE A. JOHNSTON
President
Illinois Central Railroad
FRANK H. WOODS
President
Sahara Coal Co., Inc.
WILLIAM V. KAHLER
President, Illinois Bell
Telephone Company
KENNETH V.ZWIENER
President
EDWIN A. LOCKE, JR.
President
Union Tank Car Company
‘A nd that, folks, is how it
adds up here at the Harris'
H A R R IS “
BANK
Organized as N . W. Harris & Co. 1882— Incorporated 1907
111 WEST MONROE STREET—CHICAGO 90
Member Federal Reserve System
—
Federal Deposit Insurance Corporation
Northwest ern Danker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
24
SECURITY FIRST NATIONAL BANK
HEAD
O FFIC E
• LOS
A N G E L E S , C A LIFO R N IA
STATEM ENT OF
CO N D ITIO N
DECEM BER
31, 1 9 6 0
RESOURCES
LIA B ILIT IES
Cash and Due from Banks.......................$606,600,480.78
C a p it a l.......................$
81,430,250.00
U.S. Government
Securities . .
S u r p lu s.......................
88,569,750.00
Undivided Profits
85,991,062.32
.$1,054,950,883.41
State and Municipal
Securities , . .
203,005,508.06
Other Bonds and
Securities .
14,582,100.20 1,272,538,491.67
Loans (less reserves)
.
.
.
.
.
.
1,646,994,196.68
Earned Interest Receivable
;
.
.
.
13,990,813.90
Customers’ Liability under
Acceptances and L /C .
.:
$255,991,062.32
Reserves for Interest, Taxes, e tc ..
.
.
25,647,977.15
Interest Collected — Unearned .
.
.
18,193,406.77
Acceptances and Letters of
Credit Liability . . . .
.
.
.
7,481,356.71
Other L iabilities........................................
2,531,750.47
7,481,356.71
Bank Premises and Equipment .
Other Assets
.
Deposits - Time .
45,090,693.86
.
968,649.14
TOTAL
.$1,337,789,604.35
- Demand . 1,946,029,524,97 3,283,819,129.32
$3,593,664,682.74
TOTAL
.
.
$3,593,664,682.74
Securities carried at $518,536,085.93 are pledged to secure trust funds and U.S. Government,
State and other Public M oneys, and for other purposes as required or permitted by law.
BOARD
OF
D IR EC T O R S
J a m es E . Shelton
Chairman
C hester A . R u d e
L lo y d L . A u stin
Vice Chairman
President
E ld e n S m ith
Chairman, Executive Committee
A r n o ld O. B e ck m a n
S h an n o n C ran d all, Jr.
President, Beckman
Instruments, Inc,
P h ilip L . B o y d
Property Development
and Management
President, California
Hardware Co.
C h arles E . D u c o m m u n
President, Ducommun
Metals & Supply Co.
P hilip S. F og g
F red B . O rtm an
President, Consolidated
Electrodynamics Corp.
Jo h n J . P ike
R obert E . G ross
Chairman of the
Board, Lockheed
Aircraft Corp.
W a lte r W . C a n d y , Jr.
G abriel C. D u q u e
President
Bullock’s, Inc.
O scar L aw ler
Attorney
B ryan t E ssick
President
The Times-Mirror Co.
President, Essick
Manufacturing Co.
MORHE T H A N
Mem b er
250
f e d e r a l
Niorthwestern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANKING
r e s e r v e
President, The
Republic Supply Co.
of California
E lb rid ge H . S tuart
Chairman of the Board
Carnation Co.
A llen J. S utherlan d
Senior Vice President
M ilto n M . T eague
Vice President and
General Manager
Chairman of the Board & Limoneira Co.
Chief Executive Officer
E d w ard R . V alentine
Rohr Aircraft Corp.
Chairman of the Board
E d m u n d F . Schnieders
and President
Senior Vice President
Robinson Building Co.
Fred H . R o h r
Attorney
N o rm a n C h an dler
Associate Director
Stanford Research
Institute
Jo h n O ’M e lv e n y
Attorney
LOCATIONS
s y s t e m
MEMBER
SERVING
SOUTHERN
CALIFORNIA
FEDERAL DEPOSIT INSU RAN CE CORPORATION
25
STATEMENT OF CONDITION
D e c e m b e r 31, 1 9 6 0
R ESO URCES
C A S H A N D DUE FROM B A N K S
$173,902,524
In v e stm e n ts
U. S. Government Securities (including $70,339,804 pledged)...............
Municipal and State Bonds....................................................................................
Federal Reserve Bank Stock..................................................................................
Other Securities.........................................................................................................
131,853,676
29,272,98 <
1,140,000
4,268,148
Loans
Loans Guaranteed or Insured by the
U. S. Government or its Agencies................................................................
Other Loans and Discounts...................................................................................
12,181,221
311,613,244
FivPH Accofc
Bank Buildings............................................................................................................
Other Real Estate......................................................................................................
2,542,700
5,563
O th e r R e s o u r c e s
Customers’ Liability on Acceptances and Lettersof Credit........................
Accrued Earnings Receivable and Other Resources.....................................
3,723,298
3,063,782
TOTAL R ESOURCES......................................................................................................$673,567,143
L IA B IL IT IE S
T o D e p o s ito r s
Demand Deposits.................................................................... $447,443,925
U. S. Government and Other Public Funds.................
50,765,646
Time Deposits..........................................................................
89,725,383
TOTAL D E P O SIT S..........................................................................................................$587,934,954
T o O th ers
Dividend Declared, Payable January 3,1 9 6 1 .................................................
816,750
Interest Collected, Not Earned.............................................................................
2,933,642
Reserve for Taxes, Interest, etc............................................................................
6,837,758
Acceptances and Letters of Credit......................................................................
3,739,782
Payments for Bonds in Process of Delivery....................................................
6,437,076
Other Liabilities.........................................................................................................
1,829,405
TOTAL LIABILITIES..................................................................................................... $610,529,367
S T O C K H O L D E R S ’ C A P IT A L A C C O U N T S
Capital Stock............................................................................$ 22,687,500
Surplus.......................................................................................
15,312,500
Undivided Profits...................................................................
25,037,776
TOTAL CAPITAL A C C O U N T S.................................................................................
63,037,776
TOTAL LIABILITIES AND CAPITAL A C CO U N TS........................................... $673,567,143
M E R C A N T IL E
ST.
Y o u r Men from M e rca n tile ...
a conscientious team always ready to
serve your correspondent banking needs.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
LO U IS.
M I S S O U R I
TRUST
C O M P A N Y
MEMBER
F. D I. C .
Northwest ern Banker, February, 1961
26
i&mxk of America
N A T I O N A L J a v Si n ag s A S S O C I A T I O N
Condensed Statement o f Condition December 31, I960
(Figures of Overseas Branches are as of December 24, I960)
RESOURCES
Cash and Due from B a n k s ............................................................................................ $ 2 ,0 3 6 ,5 4 7 ,1 1 5 .1 2
United States Governm ent Securities and Securities
Guaranteed by the G o v e r n m e n t .....................................................................
1 ,7 8 1 ,6 1 9 ,4 0 3 .4 7
Federal A gency S e c u ritie s ............................................................................................
9 7 ,7 9 1 ,8 4 6 .2 5
State, County, and M unicipal S e c u r i t i e s ......................................................
6 9 6 ,3 3 9 ,7 3 8 .3 1
O ther S e c u ritie s ...................................................................................................................
1 2 6 ,7 5 7 ,0 9 9 .7 6
Loans Guaranteed or Insured by the United
States Governm ent or its A g e n c i e s ..............................................................
1 ,4 0 6 ,9 0 2 ,0 0 8 .5 1
O ther Loans and D i s c o u n t s .....................................................................................
5 ,2 9 2 ,5 9 2 ,4 2 8 .8 9
Custom ers' Lia b ility for A c c e p t a n c e s ..............................................................
2 0 9 ,8 7 4 ,3 2 9 .5 6
Bank Prem ises, Fixtu res, e tc......................................................................................
2 0 2 ,8 8 0 ,6 7 8 .5 0
A ccrued Interest and Other R e so u rc e s..............................................................
9 0 ,6 7 6 ,6 1 0 .5 8
TOTAL R E S O U R C E S .............................................................................. $11,941,981,258.95
LIABILITIES
C a p i t a l .....................................................................................$ 1 6 0 ,0 0 0 ,0 0 0 .0 0
S u r p l u s .....................................................................................
3 9 0 ,0 0 0 ,0 0 0 .0 0
Undivided Profits and R e s e rv e s ............................... 1 1 3 ,6 3 2 ,2 8 9 .6 9
T O T A L C A P IT A L FU N D S .
Reserve for Possible Loan Losses
6 6 3 ,6 3 2 ,2 8 9 .6 9
1 2 7 ,6 3 1 ,9 1 8 .4 9
$
...............................$ 5 ,2 6 6 ,6 8 4 ,7 9 4 .4 7 1
DEPOSITS !^ emand
* * ’
(Savings and Tim e . ...............................$ 5 ,5 3 9 ,2 0 6 ,6 5 5 .9 5 1
L ia b ility on Acceptances .
Reserve for Interest, T a xe s, etc.
T O T A L L IA B IL IT IE S
.
1 0 ,8 0 5 ,8 9 1 ,4 5 0 .4 2
21 1 ,9 1 8 ,8 5 3 .8 7
1 3 2 ,9 0 6 ,7 4 6 .4 8
.
$11,941,981,258.95
Main Offices in the tw o Reserve Cities of California
5 AN FR ANC I S CO « LOS ANGELES
Branches throughout California
Overseas branches: London, Manila, T okyo, Yokohama, K obe, Osaka, Bangkok, Guam, Okinawa,
Lagos, Buenos Aires
Member Federal Deposit Insurance Corporation • M em ber Federal Reserve System
Bank of Am erica
(International)
A wholly-owned subsidiary
Condensed Statement of Condition December 31, I960
Home Office-— 1>lew York, N. Y.
Branches: Duesseldorf, Singapore, Paris, Beirut , Guatemala City, H ong Kong, Kuala Lumpur
(Branch figures are as of Decem ber 24, 1960)
RESOURCES
Cash and Due from Banks . . .
United States Government
Obligations ...................................
Other S e c u r i t ie s .............................
Loans and Discounts.......................
Customers' Liability for Acceptances
and Endorsed B ills .......................
Bank Premises, Furniture, and
F i x t u r e s ........................................
Accrued Interest and Other
Resources........................................
TOTAL
RE SO U R C E S
.
N orih w estern Banker, Febru ary , 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.
.
.
LIABILITIES
$214,159,090.61
17,125,527.33
16,031,350.77
201,602,405.62
29,324,693.02
3,395,045.45
2,467,443.13
$ 4 8 4 ,1 0 5 ,5 5 5 .9 3
Capital . . . .
$34,000,000.00
Surplus . . . .
6,800,000.00
Undivided Profits
1,380,927.93
TOTAL CAPITAL FUNDS . . .
Reserve for Possible Loan Losses .
D e p o sits..............................................
Foreign Funds Borrowed . . . .
Liability on Acceptances . . .
.
Liability on Endorsed Bills . .
.
Reserve for Interest, Taxes, etc.
.
TOTAL
L IA B IL IT IE S
.
.
.
.
$ 42,180,927.93
3,608,755.1 1
403,688,891.32
908,543.79
26,024,630.15
4,350,649.37
3,343,158.26
$ 4 8 4 ,1 0 5 ,5 5 5 .9 3
27
I 'i V / i /i / ¡ t a n k
Ir r itin o ti»
TURN IN YOUR USED
Ne
Business
PENNIES
FO R
MERCHANDISE CERTIFICATES
AN O
DOUBLE YOUR MONEY
HORTLY before Christmas, the Peoples Trust & Savings
Bank in Indianola, Iowa, conducted a Double-Your-Money
Penny Promotion that far exceeded the expectations of even
the most optimistic members of the bank staff.
The idea originated with a report that the nation was suffering
from a shortage of pennies. William Buxton III, president, ex
plained, “No one knows just why there is such a terrific shortage
of the copper coins, but banks all over the country are having a
hard time getting enough pennies to supply demand.”
The promotion consisted of the bank redeeming pennies with
merchandise certificates equal to double the amount of pennies
brought in. A limit of 500 pennies ($10 in merchandise certif
icates) per person was established.
A Friday and Saturday were set aside for the customers to turn
in their pennies and merchandise certificates issued during those
two days had to be spent in any store in Warren County before
December 24.
“ In that way,” Mr. Buxton explained, “we could get some
dormant pennies back in circulation and at the same time help
stimulate some extra Christmas business for Warren County
merchants.
A special desk complete with coin counter was set up in the
bank lobby to receive the pennies. A large advertisement in the
local newspaper and a news story announced the “double-yourmoney” promotion.
The results were far better than originally anticipated. Nearly
a half million pennies, 436,200, were brought to the bank during
the two day event. A total of 1,424 persons received merchandise
certificates equivalent to $8,724.
Pennies were brought to the bank in every conceivable type of
container including paper sacks, candy boxes, cigar boxes and a
wide assortment of piggy banks. Most of them, however, were
brought in glass jars of every type and description.
There was a continuous line of people bringing pennies to the
bank during the two-day promotion. At one time it was esti
mated there were 300 people in the line-up and some customers
reported they stood in line for at least an hour.
Just for laughs, one Indianola resident used a two-wheeled cart
to bring his huge 5-gallon jug of pennies to the bank. As an added
touch, city police provided him with an armed escort to the bank.
This particular jug of pennies was not cashed in, but instead
was kept at the bank for a guessing contest which started as
soon as the penny-trade-in was over. The person whose guess
was nearest the amount of pennies in the jar received 2,500 pen
nies as a prize.
Businessmen in Indianola report that the merchandise cer
tificates issued by the bank undoubtedly gave a good boost to
Christmas business. Several stores reported their Saturday’s
business set all-time records. Another recorded its second largest
business day.
After it was all over, the ad reproduced at the bottom of this
page was run in the local paper informing the public that as far
as the Peoples Trust and Savings Bank of Indianola was con
cerned there definitely was no shortage of pennies.
“We admit we spent a lot more money than we thought we
would,” the advertisement states, “but, after all, it’s Christmas
and a lot of people get big hearted this time of year.” — E n d .
S
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.
FRIDAY AND SATURDAY, DECEMBER 16 ANO 17 ONLY.
There I* a penny shortage oil over the country. In fact,
you just con hardly get em anymore. So, here Is our
Christmas gift to you, and it is a great big "bonaiua."
WE'RE PAYING 2c EACH FOR
PENNIES
Vo* *U: «53*'«
%« lt pay you Zc Nw*v*tf
you tain? to. not to e**h. but
vit». a groat WC MEÄC IANOISE CERTIFICATE «rcrto «wio» o» mach a, «wanomU oi
}»Muos ?<**» bong us. T>ut wtilicale cub be redeems^ in roercfcwxtu* in any Warn*®
Cpunty stur«. In o«b<r «. Mds if you bring us MJW votto ct pennies you
0 «•ercboo
<ti*e cerftketrto worth SS-O. IS.OO worth ol pennies gets a *10.00 merobowU*« certifi
cate. «tc. WE 8£ SOBRt BUT SS4» IS THE LIMIT ON THE AMOUNT OR PENNIES
WE CAN T A « FROM AHY ONE PERSON. BUT IT MEANS THAT YOU CAN GET A
MERCHANDISE CEBTIT'CATE WORTH AS MUCH AS SI3.00. CetiUicaM muH be re*
-tewncd not tour than Sat »day, December U. I960, in wm» Warren County store.
C*t the
toge*her. empty too piggy bank, the <a»kt« )ar. too* up the mattress,
dig up the buried UM. da anything to get you» pennie* to toe bank FRIDAY08 SATUR
DAY of this week. Towon double your money and get a tig chunk of extra ChrUtma*
U SE
OUR
PARKING LOT
BANK
MEMSE8 i'WLtiM. DETOStT IS-SURANCS CORPOKATION
W H E N this advertisement appeared in an Indianola
newspaper it attracted the attention of the entire
area with the result that . . .
. . . an unexpected number of people helped solve
the penny shortage by increasing their holiday spend
ing money.
Someone Sure Misinformed Us When They Said There W as
A
Shortage of Pennies
Listen, W e’re Here To TeH Yt»u Right Now, "There Ain't."
During the two Bonanza Days last Friday and Saturday wo
issued 1,424 merchandise certificates for a total face value of
$8,724 00. For those certificates we received a total of 436.200
pennies, and that doesn't miss a half million pennies by very much?
We admit we spent » lot more money than we thought we would,
but after aL it’s Christmas and a lot of people get big hearted this,
time of the /ear.
* ——
We know a fe»/ things for sure. If brcugb' a crowd Of people
to Indianola and a lot of folks picked up son« extra spending
money and all of it wt.i be spent right here in Warren county.
Being the Christmas season it gave us a rathei warm glow seeing so many happy people and
the thought that we were the ones who kiekec up the storm.
^
■¿Jm
So. If you come Into the bank this weet and find pennies running out all our ear*
and think we don't hear you wish us a Merry Christmas just remember this, we sense it and
take this opportunity to wish each and everyore of you a JOYOUS CHRISTMAS SEASON
and hope that you ail get your merchandise certificates spent before Saturday evening, Dec*
•mber 24, because that is when they expre-
Here We Go Againl
brought us a large tntkjue glass jug full of pennies.
iow many pennies ar t in the pig and neither does Don
5 have taken a few of them ou'. Looks like it might be a 5-gallon
jug, but that could be wrong. We are offering TWENTY FIVE HUN
DRED PENNIES'to the one who can ■ome the closest to guessing the
exact number of pennies in the jug. In case of ties the prise will be
divided. Contest begins Wednesday, Dec. 21. and ends Saturday. Dec.
24, at 1 p. m. Make your entries at t ie bank. Bank employees. Don
Squire and their families are not eligible. We will count the pennies
on our automatic coin counter starting at 130p. m. Saturday and will
announce the winner as soon as determined. You do not have to be
present to win.
Member Federal Deposit Insurance Corp »ration
Northwestern Banker, February, 1961
28
Fed
M ust
Further Drop in
Short-Term Yields
By RAYMOND TRIGGER
Investment Analyst
New York City
HE turn of the year has brought
new uncertainties back into the
bond market, with most of the
question marks assembling around
the going values of United States gov
ernment securities.
On the whole, the tone of the mar
ket for high grade corporate obliga
tions remains strong. This is largely
due the wide yield spread between
long-term Treasury bonds and those
of top-name public utility corporations.
Historically, a spread of from onefourth to three-eighths of 1 per cent
in favor of the higher-risk corporate
obligations has been held to be not out
of order. Lately, prime corporates
have been yielding about five-eighths
of 1 per cent more than long govern
ments. With long Treasuries—3%s of
1998, for instance—yielding less than
4 per cent, top-grade corporates keep
tending upward in price and thereby
depressing yields toward the 4% per
cent level.
The government market in late No
vember seemed to have thrown off its
nervous backing and filling, as the
news from Washington hinted strong
ly that the new administration of
President Kennedy would, at the start,
at least, be circumspect and deliberate,
not hasty and headlong.
T
Dillon Choice Reassuring
The choice of C. Douglas Dillon, an
Undersecretary of State in the Eisen
hower Administration, to be Secretary
of the Treasury, and the naming of
Robert V. Roosa, an officer of the Fed
eral Reserve Bank of New York, to
be a top Treasury aide, were particu
larly reassuring to the financial com
munity.
Mr. Roosa has been an influential
spokesman for the Federal Reserve
System and an effective champion of
the central bank’s established policies.
However, he does not favor limiting
the freedom of action of the Reserve’s
open-market function in the manner
suggested by the so-called “bills only”
practice. But Mr. Roosa’s preference
for unrestricted freedom of action does
not mean that he believes the Reserve
Northwestern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
System should resume its discredited
wartime practice of enforcing an artificially-low, long-term interest rate
through purchases of long-term gov
ernment bonds at a scale of official
support prices, flexible or fixed.
The whole postwar effort of the Fed
eral Reserve has been to strive for an
availability of credit best suited to the
state of the economy, with the result
ant interest cost level a secondary con
sideration. The traditional Washing
ton political bent toward cheap money
at all times may continue to win ac
customed headline space in the news
papers but it is not likely to prevail
against the established policies of the
Federal Reserve System. With Mr.
Dillon and Mr. Roosa occupying high
Treasury posts, probably the “cheap
money at all times” issue will not
even be pressed at the executive level
of government.
Stop Short-term Drops
In this respect, it is significant to
take note of the increasing accent in
money management circles—both po
litical and financial—on the need for
using the official power, if necessary,
to prevent short-term rates from fall
ing lower. The reason for this con
cern, of course, is the continuing drain
of the United States gold stock to for
eign earmark.
Large fo r e ig n -o w n e d blocks of
money balances tend to go to work in
investment in markets where the
yields are highest. The short-term
investment returns of the European
markets are already sizably higher
than those of the United States; con
sequently, any further reduction in
the short rate here would intensify
the disadvantage of the United States
market and accelerate the flow of cap
ital abroad.
Related to going market rates, this
dilemma is taken to mean that the
Federal Reserve will strive to enforce
a yield floor of 2 per cent for 91-day
Treasury bills. In recent months the
yield on this discount paper has rare
ly gone below 2% per cent.
Closely related to the bill market, of
course, is the float of excess lending
money that the Federal Reserve is let
ting member commercial banks have
at their disposal. In recent weeks, the
net free reserves of the member banks
—that is, the extent to which the
banks’ excess reserves exceed their
borrowings from the Reserve System
—have been at the $750,000,000 level.
The lending rate charged by banks for
the day-to-day borrowing of their un
committed reserves has been fluctu
ating from a peak of 2 per cent to less
than 1 per cent. Like the market rate
for 91-day discount bills, such rates are
appreciably below the 3 per cent dis
count rate charged by the Reserve
Banks on loans to member banks.
In the past, a long-lasting spread of
such extent between the Reserve dis
count rate and the rates on Treasury
bills and Federal funds, would have
suggested the likelihood of a further
reduction in the Federal Reserve dis
count rate. This would be especially
so if the rate of business was pre
dominantly in recession, as at present.
Because of the continuing gold drain,
however, and because of the touchy
international situation in general, the
financial community is not expecting
a further reduction in the Federal Re
serve rate at this time.
Federal Reserve Dilemma
How can the Reserve System, then,
permit the commercial banks to be
flush with excess reserves and at the
same time prevent short-term invest
ment yields from going lower?
This question sums up the dilemma
before the Federal Reserve. Unless
relief comes to the Reserve in the
form of a reversal of the gold outflow
or an end of the business recession
and a revived demand for commercial
loans, the dilemma seems fated to per
sist.
For the Reserve to feed more excess
bank reserves into the economy would
be no solution: The enlarged glut of
bank lending money would most likely
go to depress short-term investment
yields further and thus aggravate the
gold outflow. Even if the Federal’s
purchases were of long-term bonds
rather than short-term securities the
secondary spur to commercial bank
short-term investment buying would
be much the same.
Long-terms Not Answer
There is a school of thought—one
said to be highly placed with the Ken
nedy Administration — that believes
the Federal Reserve could ease the
problem by selling short governments
and buying long governments. Mem
ber bank reserves would be unaffected;
INVESTMENTS . . .
(Turn to page 56, please) ■
29
H a u ti
S ta te m e li t
Figures of December 3 1, 1960
T lif IO L a v i/ fst H a n k s in t h f I Initial S t a f f s
Present
Hank
1
2
3
4
5
6
7
8
9
10
Deposits
Dec. 31, 1960
Bank
Bank of America, N T & S A , San Francisco- _$10,805,891,450
Chase Manhattan Bank. New York
_ 8,143,349,599
First Natl. City Bank. New York
_ 7,641.524,475
Chemical Bank New York Trust Co.,
New \ ork
......
___ ._ .
.... - _ 3,898,195,357
Morgan Guaranty Trust Co., New York__ _ 3,646.025,383
Manufacturers Trust Co., New York
- 3,464,810,876
Security-First Natl. Bank, Los Angeles
_ 3,283,819.129
Bankers Trust Company, New York
_ 3,032,174,316
First National Bank, Chicago
2,776,261.697
Continental-Illinois Natl. B & T , Chicago__ _ 2,481,717,051
1959
Rank
1
2
3
Deposits
Dec. 31,1959
$10,624,958.182
7,526,300,362
7,103,582,539
3,711,176,704
3,362,998,235
3,216,402,537
3,045,521,141
2,707,635,783
2,703,122,774
2,387,106,515
4
5
7
6
9
8
10
W h a t H a n k S t a t fin tin i s S h m r
(Last three figures omitted)
December 31,1960
Deposits
Loans
December 31,1959
Deposits
Loans
Chicago
American Nat’l ....$ 443,770 $ 1(?5,340 $ 420,493 $ 172,555
City National ..... 391,880
163,490
384,116
161,007
Cont. Illinois ....... 2,481,717
,436,478 2,387,107 1,289,841
Drovers National..
93,958
28,752
93,647
26,805
Drovers Trust ....
39,624
12,399
37,574
10,633
First National .... 2,776,262 .,725,748 2,707,636 1,586,181
Harris Trust ..... 948,953
471,322
737,619
381,134
LaSalle Natl........ 166,588
71,475
155,352
65,309
Live Stock Natl. .
51,188
15,548
54,691
19,482
Natl. Blvd. Bk. ..
93,060
45,944
88,851
45,832
Northern Trust .. 729,294
356,639
705,946
318,282
Dallas
First National .... 966,245
Republic Natl...... 1,012,467
484,635
585,328
806,426
913,072
478,753
557,882
Denver
Central Bk. & Tr.
Colorado Natl......
Denver-U. S.........
First Natl............
130,996
164,832
275,674
318,989
68,533
88,967
157,230
171,802
124,706
147,474
258,423
299,338
72,630
83,927
154,119
170,484
December 31,1959
Deposits
Loans
3,711,177 2,222,140
7,103,583 4,416,287
940,107
1,586,959
935,142
1,673,957
3,045,521 1,366,001
3,362,998 2,259,924
Phoenix
First National ....
Valley National ..
352,190
608,011
205,063
375,739
329,028
567,421
195,709
370,867
31,721
39,038
11,265
11,080
13,617
3,265
30,222
37,638
11,557
11,180
13,220
3,123
38,899
14,170
27,631
8,024
215,553
588,120
587,935
88,618
318,115
323,794
203,186
576,289
571,002
86,432
325,931
307,959
Wells FargoAmer. Tr......... 2,448,804 1,412,297 1,709,142
Bank of America..10,805,891 6,699,494 10,624,958
342,523
Bank of Calif....... 611,640
577,615
978,738 1,656,680
Crocker-Anglo __ 1,686,757
First Western ..... 1,073,640
608,980 1,062,401
975,776
6,599,668
338,243
971.598
571,807
St. Joseph
American Natl. ..
First National.....
First Stock Yds...
Tootle-Enright
National..........
St, Louis
Boatman’s Natl. ..
First National ....
Mercantile Tr. ....
San Francisco
Kansas City
City National .....
Commerce Tr.......
First National ....
Chemical-N.Y. Tr.
First Natl. City..
Hanover Bank. ....
Irving Trust ......
Manufacturers Tr.
Morgan Guaranty
December 31.1960
Loans
Deposits
3,898,195 2,234,440
7,641,524 4,254,930
975,680
1,885,721
1,998,540
959,156
3,464,811 1,464,526
3,646,025 2,351,907
242,732
458,322
325,615
118,516
192,524
137,297
224,473
450,679
319,747
108,925
185,693
134,756
690,526 1,196,002
1,646,994 3,216,403
636,601
1,553,022
Los Angeles
California Bank .. 1,217,774
Security First .... 3,283,819
Seattle
Seattle First Natl.
New York
Bankers Trust .... 3,032,174
Bk. of New York.. 605,979
Chase Manhattan 8,143,350
1,567,060 2,703,123
295,630
554,597
4,449,052 7,526,300
1,580,559
294,916
4,337,169
918,566
512,612
892,766
536,433
332,168
283,015
158,188
110,221
307,732
267,058
147,806
113,576
Tulsa
First Natl. B.&T.
Natl. Bk, Tulsa ..
Other Statement Comparisons W ill Be Found in the State News Sections
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwest ern Banker, February, 1961
30
Is Y o u r H ank A u d itin
HE entire nation was shocked
with disbelief last month when
it was learned that a 58-year-old
woman bank officer had perpetrated
one of the largest bank embezzlements
known in the history of the country—
a $2 million fraud that has forced the
closing of the bank and caused con
sternation among the townspeople
reminiscent of the financial crisis of
the early ’30’s.
Mrs. Burnice Iverson Geiger, an as
sistant cashier and director of the
Sheldon National Bank, and an em
ployee there for 40 years, has admitted
embezzling $2,126,859 over a period of
years. When national bank examiners
uncovered the theft in a routine ex
amination in mid-January, she was ar
rested by federal officials and taken to
the Woodbury County jail at Sioux
City.
The Federal Deposit Insurance Cor
poration was called in to take over
T
and is paying off all depositors up to
the limit of $10,000 per account. The
bank had only $100,000 of bond cover
age to protect it against embezzlement
and this was ready to be paid to proper
authorities at press time by the St.
Paul Mercury Indemnity Company,
which wrote the bond. As far as is
known, no excess coverage was pur
chased from any carrier by this bank.
Puzzled citizens across the nation,
many of them, unfortunately, regain
ing the suspicion and cynicism that
marked a general attitude toward
banks many years ago, are rightfully
asking the question, “How could she
possibly steal $2 million from the
bank?” What makes the story more
fantastic is that the bank only had de
posits of approximately that amount.
The lowa-Nebraska Bank Directory
for 1960 showed December 31, 1959,
deposits of $2,229,199. The bank’s De
cember 31, 1960, statement received
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Nort hwest ern Banker, Febru ary , 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.
io ld Kistner, presidenti
(he Northern Bio-Ch Mr I
A C^
last month for publication in our 1961
directory shows deposits of $1,488,838.
The entire incident again focuses at
tention for all bankers on the impor
tance of an adequate, effective internal
auditing system. As one in a series
of many features on this subject, the
N o r t h w e s t e r n B a n k e r published in its
April, 1958, issue an article written
especially for our readers on the topic,
“Better Bank Auditing Through Direc
tors’ Examinations.”
Written at our request by Grantland
H. Davis, certified public accountant
with Ernst & Ernst, Des Moines, this
article enumerates the responsibility
of directors and how they can conduct
internal examinations to fulfill these
responsibilities. It tells further of the
benefits to be derived from outside
audits and lists five principal steps for
internal control, regardless of the size
of the bank.
This article is in keeping with the
recommendations made by the Iowa
Bankers Association for many years
that its member banks establish ade
quate internal control procedures and
use outside audits if at all possible.
Because the auditing recommenda
tions for directors’ examinations made
by Mr. Davis are particularly timely
in view of the sad experience at the
Sheldon National, the N o r t h w e s t e r n
B a n k e r is publishing again, as a serv
ice to its readers, this special article
titled, “Better Bank Auditing Through
Directors’ Examinations.”
1
I
- 1
AFEGUARD the assets! That is a
phrase you run into time and time
again in banking literature, speeches,
directors’ meetings, or any medium
through which the duties and respon
sibilities of bank directors are dis
cussed. And rightly so, for “safe
guarding the assets” is one of the
bank directors’ primary responsibili
ties.
One of the ways bank directors meet
this responsibility is through periodic
31
the benefit of informed auditing judg
ment in planning and supervising the
examination.
Follow Four Principles
ffective
directors’ examinations. These exami
nations are very important, but in far
too many banks they are conducted in
such a manner and under such con
ditions they prove to be of little real
value. Why? It need not be that way.
There are three principal reasons why
such examinations are often deficient.
1. The directors’ examination itself
is not properly planned or the
scope of the examination is not
adequate.
2. The internal audit program is not
functioning properly or perhaps
is nonexistent.
3. The accounting records and pro
cedures, and the related system
of internal control, are in many
ways inadequate.
In this article I want to very briefly
discuss each of these three reasons
why directors’ examinations are often
deficient and suggest a few general
principles for strengthening proce
dures, so that examinations CAN be
effective.
Directors’ examinations in banks are
usually conducted in one of three
ways: (1) handled solely by members
of the examining committee; (2) han
dled by the examining committee with
the assistance of officers and other em
ployees in the bank; and (3) conducted
under the supervision or with the as
sistance of certified public accountants
who are familiar with bank opera
tions and the requirements of such
examinations.
Examinations conducted solely by
an examining committee of bank di
rectors are often somewhat perfunc
tory. Bank directors are generally
leading citizens in the community and
s u c c e s s f u l businessmen. Certainly
they are well-trained in their own
line of business, but frequently they
are not too familiar with the day-today operations of a bank, or the stat
utes and regulations governing such
operations. Then, too, they are busy
men and sometimes cannot devote the
necessary time to complete an exami
nation.
Directors’ Examinations
To Produce Better Results
Examinations by directors are re
quired by the banking statutes or reg
ulations of most states, and are there
fore one of the bank directors’ more
important responsibilities. First a word
about bank directors’ responsibilities
in general. Directors have legal and
moral responsibilities that are more
far-reaching than in other types of
corporations. Broadly speaking, they
are accountable both to stockholders
and depositors, while directors of other
corporations are generally accountable
only to the stockholders. As I men
tioned in the first paragraph, one of
the bank directors’ primary responsi
bilities is to safeguard the bank’s as
sets. In spite of all that has been
written and said, I am sure many di
rectors are not fully aware of their
responsibilities and the liabilities they
assume as directors.
Examinations conducted by bank
directors, with the assistance of bank
personnel, usually produce better re
sults than those conducted by direc
tors alone. If properly planned, an
examination made in this manner can
be well done. Care must be exercised
to see that the officers and employees
do not actually check their own work.
With sufficient planning this can be
avoided, but it has been our expe
rience that this has been the exception
rather than the rule.
The third method mentioned, in
which certified public accountants as
sist in the planning and in the exami
nation, has usually proved to be the
best plan for most banks, particularly
the smaller ones. I do not mean to
imply that the utilization of outside
help will relieve the directors of their
responsibility, but it will give them
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Federal Reserve Bank of St. Louis
There are four principles which, if
followed, make it possible for the di
rectors’ examination to be of real
value:
First, the various auditing proce
dures, and the sequence in which they
are to be done, must be planned to the
last detail in advance. Even such a
routine item as the counting of cash
must be carefully planned. For exam
ple, we have heard of instances where
directors counted tellers’ cash when
the tellers were not present. I won
der who would be the most embar
rassed if a shortage were discovered.
Second, the date and time of the ex
amination must be a complete surprise
to all persons in the bank.
Third, the bank’s officers and em
ployees should never be used in any
area or function where they have
daily or other routine contact. Fourth,
strict control must be maintained over
all cash, securities, records and so
forth until everything is “ tied down.”
Internal Audit
When internal audits are suggested
to the officials of many banks, you
may well receive one of the stock an
swers: We are too small; we cannot
afford the extra expense; we have ade
quate insurance; we are examined reguarly by the state or national bank
examiners. Of course, none of these
will stand up under close scrutiny.
No bank is too small to have some
sort of an internal audit program.
Granted most small banks do not need
and perhaps could not justify the ex
pense of a full-time auditor, neverthe
less a good audit program can be de
veloped using present employees on
a part time basis. In many banks this
can be accomplished without any in
crease whatever in payroll expense.
The old saw about “plenty of insur
ance” really does not deserve any
comment. One does not allow unnec
essary fire hazards to exist simply be
cause he has his property insured, and
the same principle applies to fidelity
insurance.
Examinations by national or state
bank examiners are primarily for the
purpose of evaluating the financial
position of the bank on a given date
and to see that it is complying with
the requirements of applicable bank
ing statutes and regulations. Such
examinations are certainly not intendBANK AUDITING . . .
(Turn to page 62, please)
N orthw estern Banker, February , 1961
32
R e g io n a l E x a m in e r s * S c h o o l S n p p e s te d
in
B-State Report from
A N O R T H W E S T E R N B A N K E R Survey
I
N THE eight states of Iowa, Min
nesota, Nebraska, South Dakota,
North Dakota, Montana, Wyoming
and Colorado, there are approximately
2,431 banks, of which 1,819 are state
banks and 612 are national banks.
With state bank superintendents
having the responsibility for examina
tion and supervision of these 1,819
state-chartered banks, it is vital to
them that they have an adequate ex
amining force to carry out these im
portant duties.
The N o r t h w e s t e r n B a n k e r has in
terviewed by mail each of the bank
superintendents in the states listed
above, to determine among other
things if they have enough examiners,
adequate pay levels with enough in
centive to keep examiners after they
have gained experience, and any sug
gestions for improving present train
ing programs for examiners.
Chart No. 1 gives some of the details
of “ State Banking Department Opera
tions” ; Chart No. 2 shows “ State Bank
Examiners’ Compensation,” and Chart
No. 3 details “ State Bank Examiners’
Experience by Years.”
The state superintendents also have
C h a rt
S ta le
the responsibility for supervision and
examination of the various state-char
tered financial institutions, such as
savings and loan associations, finance
companies and credit unions. In North
Dakota, Montana and Wyoming, the
state superintendents also must con
duct examinations of political subdi
visions.
The survey shows that in those
states where financial institutions only
are concerned, the state superintend
ent has one examiner for approximate
ly every 16 state-chartered banks.
Chart No. 2 gives an interesting com
parison of starting and maximum sal
aries in each of the states. Iowa’s
$10,000 top salary that an examiner
can earn leads all the eight states, but
its starting salary of $3,300 is also the
lowest by $700. Including Iowa the
eight states average $4,504 starting
minimum salaries for examiners, with
an average maximum salary of $7,640.
Are state superintendents able to
keep their examiners with the pay
ranges listed in Chart No. 3? An an
alysis of the chart will show that of
the 149 examiners, 79 have completed
four years or less as examiners, while
iV o . #
B a n h in ff D e p a r tm e n t
O p e r a tio n s
No. of
State
Banks
Number
of Ex
aminers
Others
on
Staff
Annual
Budget
Dept. Selfsustaining
from Fees?
IO W A
567
42
9
Not under
budget
Yes
M INNESOTA
506
31
20
$366,000
No
NEBRASKA
299
19
7
258,600
Yes
S. DAKO TA
141
7
4
75,000
No
N. DAKO TA
117
6*
29
246,000*
No
CO LO R A D O
85
11
13
191,278
Yes
M ONTANA
76
5
15
165,500
Yes
W YO M IN G
28
3t
15
150,000
No
14 additional public office examiners,
f 11 additional public office examiners.
*
Northwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
70 have been with their departments
five years or more.
Fringe benefits are important in any
total compensation discussion, and
these are listed in Chart No. 2.
The matter of training new examin
ers has been of concern to several of
the state superintendents. On-the-job
training is the principal method listed,
of course, but only three indicated that
their men are sent to schools for ex
aminers or for bank training.
In a personal discussion some time
ago with the N o r t h w e s t e r n B a n k e r ,
Gorden H. Maxam, superintendent of
banks in South Dakota, said training
has been a big problem, then stated:
“ This department has not as yet
made use of the examining schools
conducted in Washington, D. C., by
the Comptroller and the Federal De
posit Insurance Comporation (InterAgency School), and this is mainly
due to the fact that the department
operates totally on appropriations and
it is difficult to obtain sufficient funds
from the legislature to adequately
carry on the work of the department.
“Another thing that bothers us con
siderably is that when an examiner
becomes proficient in his work, we
lose him to the banks and to other
examining agencies due to the fact
that they are able to pay a higher
wage scale than this department can,
due to the limited appropriation.
“I would like to see an examining
school conducted in each of the Fed
eral Reserve Districts, which I feel
would then make it possible for me to
send some of my examiners to the
school. The FDIC has an office in the
Federal Reserve Bank of Minneapolis,
which I think is the case in most of
the Federal Reserve Districts, so it
would appear this might be quite eas
ily accomplished.”
The N o r t h w e s t e r n B a n k e r asked
other state bank superintendents for
their opinions of this suggestion by
Mr. Maxam, as well as describing their
training procedures for examiners,
and any comments regarding mainte
nance of an adequate examining force
and how bankers in their state might
be of help in this regard. Here are
their comments:
33
allowance for car standing idle during
an examination. They should have at
least 10 cents per mile for travel.
“Bankers could use their influence
with their local representatives in the
legislature for increased budgets to
provide more funds for salaries, school
attendance and better travel allow
ance.”
uperintendents
Joe H. Gronstal, Iowa superintend
ent of banking, Des Moines: “We use
on-the-job training, and examiners
may attend various b a n k i n g
schools. There is
no substitute for
‘on-the-job’ tra in
ing. We try to
start our trainee
assistant examin
ers in d is tr ic ts
which have a prep o n d e r a n c e of
small banks.
J. H. G R O N STA L
It appears to us
that the Inter-Agency School in Wash
ington adequately serves the need at
the present time. We would rather
see one good school than 12 with vary
ing degrees of quality.
“Adequate salary scales and fringe
benefits are the most important items
in maintaining an adequate examining
force. The bankers of Iowa and the
Iowa Bankers Association have always
been most cooperative in assisting the
department in this regard. The Bank
ers Association has always sponsored
our salary bills whenever it was nec
essary that our limits be raised.”
Frank E. Goldy, Colorado state bank
commissioner, Denver: “Our examiners
must have had at least five years’ ex
perience with credits or investments,
or experience as examiners with other
states or federal examining agencies.
As a result of this requirement, they do
not require the length of training that
a new trainee would require. Depend
ing on the adaptability of the individ
ual, it takes from one to two years for
an experienced bank man to learn ex
amining procedure and routine, and,
of course, on-the-job training results in
constant improvement. We find our
best examiners are former bank lend
ing officers, who have some idea of the
bankers’ problems.
“Our one trainee has had consider
able operating bank experience but
limited credit experience, and we have
taken him as a junior examiner and
we hope that in two years’ time he can
qualify as a senior examiner. Any
new man works with experienced
men, trains and observes, and gradu
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Federal Reserve Bank of St. Louis
ally takes small note cases of good
banks.
“W e have never had an appropria
tion for sending men to banking
schools. The training program could
be improved by providing funds to
send our men to examiners’ schools
conducted by the Federal Reserve.
They could study XABAC material, as
well as federal agency Material, as
federal agencies have departments
that devote all their time to examiner
training. (Mr. Goldy also approved
Mr. Maxam’s suggestion to have an ex
amining school set up in each Federal
Reserve District.)
“ Maintaining the examining force
could be helped by increasing the per
diem expense allowance, making sal
aries more attractive, and increasing
car mileage allowances. Our men use
their own cars and are allowed only
7 cents per mile actual travel, and no
Gorden H. Maxam, South Dakota Su
perintendent of banks, Pierre: “The
training procedure followed at the
present time is to
have the new ex
am in er start by
doing detail work
under the super
vision of a senior
examiner, adding
duties from time
to time, until he
has progressed to
a point where he
is capable of ex
G. H. M A X A M
ercising some of
the duties required of an examiner in
charge of the examination. Where
possible, I have had the new examiner,
if he has had no previous banking ex
perience, work in a bank for a period
of time so that he can become some
what acquainted with the actual bank
ing procedure.
“Bankers of this state could be help
ful by supporting the legislation which
would provide for adequate salaries
l h a rt N o . 2
S ta te Hank E x a m in e r s t otnp en sa t ion
Minimum
Starting
Salary
IO W A
M INNESOTA
NEBRASKA
$3,300
4,800
4,0S0
Maximum
Examiner
Can Earn
Fringe
Benefits
How Long
to Train
Examiner
Soc. Sec., Iowa
Public Empl. Re
tirement System
5 .years
9,012
1 day per mo. sick
leave, 1% days
per mo. vacation
3-5 yrs.
7,200
Social Security
3 years
2-3 yrs.
$10,000
S. DAKO TA
4,080
6,900
Pd. vacation and
sick leave, voluntary
Group Insurance
N. DAKO TA
4,800
6,600
Social Security
Group Insurance
2 years
15 days sick leave
up to 180 days total,
15 days vacat., pens,
plan, civil service
2 years
2 years
3-4 yrs.
C O LO R A D O
6,204
7,920
M ONTANA
4,800
7,500
15 days vacation,
sick leave, Soc. Sec.,
state retirement
W YO M IN G
4,000
6,000
Social Security, and
state retirement
Nort hwest ern Banker, February, Ì9&V
34
for the superintendent and deputy su
perintendent, and requesting that ade
quate salary schedules be adopted for
the examining force. It also would
be very helpful if banks would offer to
take a prospective examiner into their
organization for training in actual
banking procedure, with an agreement
with the department that they be re
tained for a specific period of time,
and then released to the department.”
Irving C. Rasmussen, who was Min
nesota commissioner of banks, St.
St. Paul, until his resignation early in
Jan u ary: “O u r
new e x a m in e rs
learn by a ctu a l
e x p e r ie n c e and
working with old
er examiners. I
w o u ld be inter
ested in having
an e x a m i n in g
school set up in
our Federal Re
serve District.
I. C. R A SM U SSE N
“To m a in ta in
an adequate examining force we
should improve salaries and working
conditions where needed and possible,
in addition to providing for fringe ben
efits now given in other industries.”
Robert E. Towle, Montana superin
tendent of banks, Helena: “We try to
send trainees to the Inter-Agency
School in Washington, D. C., after at
least a year’s experience. When new
examiners have been writing reports
for about one year, we try to send
them to the same school for the exam
iners’, or advanced course.
“ It would be beneficial for trainees
to have the opportunity of working in
a bank for a period of at least several
months, with salary to be paid partial
ly by the state and partially by the
bank, as a familiarization or indoctri
nation course to learn the rudiments
of bank operation, bank language and
mechanics. (Mr. Towle also voted ap
proval for the idea of setting up an
examiners’ school in each Federal Re
serve District, which could be attend
ed by state examiners as well as fed
eral employees.)
“At least a few universities should
offer regular curricula dealing more
specifically with the banking industry.
Possibly even a course or two in ex
amination procedures and policies
would attract enough interested stu
dent to make it a worthwhile offering.
“Bankers can help support legisla
tion that is beneficial to an adequate,
well-run supervisory agency.”
E. N. Van Horne, who was Nebras
ka’s director of banking, Lincoln, until
early last month: “We start our new
m en w o r k i n g
w ith experienced
exa m in ers. W e
send tw o men
each year to the
I n t e r-A g e n c y
School in Wash
ington, D. C.
“ One way to im
prove the examin
ers’ training pro
gram
would be to
E. N. V A N H O R N E
o rg a n iz e a Mid
west Examiners’ School similar to
schools at Rutgers and Madison, Wis.,
for commercial bankers. (Mr. Van
Horne replied ‘Yes’ when asked if he
would be interested in having an ex
aminers’ school set up in each Federal
Reserve District, as suggested by Mr.
Maxam.)
“ The legislature should provide sal
aries comparable to FDIC, Federal
Reserve and national banking depart
ments (for state examiners). Also,
State Bankers Associations should ap
pear before the legislatures and gov
ernors and urge such a program.”
G. H. Russ, Jr., North Dakota state
examiner, Bismarck: “ Our procedure
is mostly on-the-job training. The
work load is too heavy and appropria
tions too small to permit other than
occasional banking school attendance.
This is to be regretted.
“ I assume that other states have a
similar difficulty in obtaining new,
qualified examiners for training. This
is especially true in the procurement
of examiners for the political subdivi
sion offices. We require, as in other
states, the same class of examiner as
do the national banks, the Federal
Reserve Bank, and the Federal Depos
it Insurance Corporation. These fed
eral agencies, as competitors, can offer
higher starting salaries, and a career
job not affected by a change in the
Administration. There is no civil serv
ice protection in North Dakota.”
Norris E. Hartwell, Wyoming state
examiner of banks, Cheyenne: “Our
new examiners are trained in the field
w o r k in g under
o ld e r examiners.
The training pro
gram could be im
proved by legisla
tive action in set
ting up a fund in
the appropriation
to pay the ex
pense of examin
ers in attending
t
he training
N. E. H A R T W E L L
school. (Mr. Hart
well favors Mr. Maxam’s suggestion
for the examiners’ school to be set up
in each Federal Reserve District.)
‘‘The bankers could help by contact
ing the legislators and recommending
the need for a sufficient appropriation
and higher salaries in order to attract
capable examiners and a sufficient
number to complete the examination
assignments.” — End.
C h a rt N o . .7 S ta to ¡ta n k E x a m in e r s E x p e r ie n c e tip Y e a r s
Trainees
1 Year
2 Years
3 Years
4 Years
5-10 Yrs.
10-20 Yrs.
Over20Yrs.
IO W A
4
6
11
3
4
5
7
2
MINNESOTA
2
3
2
2
2
11
5
4
NEBRASKA
2
2
4
1
2
4
3
1
S. DAKO TA
4
0
0
1
0
2
0
0
N. D A K O TA 1
3
1
2
3
3
4
4
0
C O LO RA D O
1
1
0
1
1
5
2
0
M ONTANA
2
2
12
0
0
0
0
0
W Y O M IN G 3
1
1
0
1
0
7
4
includes 6 bank examiners, balance are public office examiners.
2Had 20 years banking experience before becoming examiner.
3Three are bank examiners, balance are public office examiners.
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
¡
0
35
1st N ation al City B ank
The First National City Bank of
New York has announced the appoint
ment of three senior vice presidents,
six vice presidents and a new deputy
comptroller.
New senior vice presidents are Alex
ander D. Calhoun, who supervises the
bank’s activities in the Far East and
Southeast Asia; John Exter, who will
continue in charge of foreign corre
spondent and government bank rela
tionships, and Joseph E. Morris, asso
ciated with the supervision of the
bank’s trust division. Mr. Calhoun
and Mr. Exeter were formerly vice
presidents. Mr. Morris is also execu
tive vice president of the bank’s affili
ate First National City Trust Com
pany.
The new vice presidents are Daniel
D. Dickey, mortgage and real estate
loan department; Lester Garvin, over
seas division; Malcolm W. Robinson,
Wall Street and insurance district,
CALHOUN
EXTER
M O R R IS
metropolitan division; Christopher R.
P. Rodgers, personnel training; Fred
erick J. Todd and Warren Wheeler,
overseas division.
Also appointed as
d ep u ty comptrol
ler was W. Josiah
L. Patton.
The bank also
a n n ou n ced t h e
designation of J.
Andrew P ainter,
vice president, as
the senior officer
to head its sav
J. A. P A IN T E R
ings department
and to coordinate the activities of the
bank’s 88 metropolitan branches in
this increasingly important phase of
retail banking.
selected for advanced executive devel
opment training.
A m eric a n N atio n a l, Chicago
Lawrence F. Stern, chairman of the
board, American National Bank and
Trust Company of Chicago, announced
recently the action of the board of di
rectors transferring $2 y2 million of un
divided profits into the bank’s surplus
account.
The addition of the $2% million
raises American National’s surplus
fund to $12 y2 million, and increases
total capital and surplus to $20 mil
lion, exclusive of undivided profits and
reserves.
B ank o f A m erica
Claude G. Jones and Joseph A. Cross
have been named managers of Bank
of America’s new ERMA centers in
Sacramento and Fresno, President S.
Clark Beise announced in San Fran
cisco last month. Both men have been
closely associated with the ERMA pro
gram since October, 1957.
He also announced the appointment
of William C. Ferguson as chief in
spector for Bank of America. He suc
ceeds Kenneth D. Martin who has been
BENTLEY
ER ICSSON
K IN G
“When we opened for business at
our present location in 1933, our capi
tal and surplus totaled $1.25 million,”
Mr. Stern commented. “ Subsequent in
creases to the present $20 million have
been accomplished almost entirely by
retention of earnings and without the
benefit of merger or acquisition.”
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
36
Meetings, Promotions ■»
Mr. Stern also announced the ap
pointment of 10 officers, including
three vice presidents. Charles H.
Bentley, director of personnel, and
William G. Ericsson and Edwin C.
King, both in the trust department,
were promoted to vice presidents.
Charles L. Mugg was made auditor,
and Sybren G. Nydam and Dennis F.
Glass were appointed assistant vice
presidents. William Aldrich, corre
spondent bank division, and Leonard
R. Wolf, personnel, were made assist
ant cashiers, and Fred J. Herrmann
and William J. McCarthy were named
as assistant trust officers.
M
a n u f u e l n r e r s .
i t a n
ORACE C. FLANIGAN, chairman
of the board of Manufactur
ers Trust Company, and William
Gray, chairman of the board of The
Hanover Bank, jointly announced in
New York last month that their re
spective boards of directors have ap
proved their recommendation to merge
the two institutions. The new bank
will be known as Manufacturers Han
over Trust Company. It will be the
third largest bank in New York City
and the fourth largest in the United
States.
H
a w
r
M
e r f / i n t f
The new bank will have five execu
tive vice presidents: Raymond C. DeerS.
ing, senior vice president of Manufac
turers Trust; Reese H. Harris, Jr., and
Milo B. Hopkins, executive vice presi
dents of The Hanover, and Andrew L.
Gomory and Eugene S. Northrop, sen
ior vice presidents of Manufacturers
Trust. Mr. Hopkins and Mr. North
rop, operating under the president,
will have charge of loans and banking
administration. Mr. Deering will be in
charge of branch administration and
Mr. Harris will be in charge of the
S ecu rity F irst, L . A .
Richard A. Grant, president of Cali
fornia Portland Cement Company, has
been elected a director of Security
First National Bank, Lloyd L. Austin,
president, announced last month. He
fills the vacancy created by the death
in November of Victor H. Rossetti.
At the same time Mr. Austin dis
closed that shareholders approved a
10 per cent stock dividend which on
approval of the Comptroller of the
Currency, expected to be effective Feb
ruary 10, 1961, will bring to 7,165,865
the total shares outstanding. The in
itial cash dividend on the increased
shares will be payable in May.
Coincident with the dividend ap
proval, $21,856,975 was transferred
from undivided profits to surplus,
bringing the combined capital and sur
plus of the bank to $200 ,000 ,000, also
expected to be effective February 10.
Vice Presidents Bruce W. McPheeters and Paul W. Waterman, Jr., have
been assigned to important duties by
Security First National Bank, it was
announced by Mr. Austin.
Mr. McPheeters, who previously
headed the bank’s eastern division,
has been transferred to Security’s
Pasadena office, where he will assist
Abe J. Hay, vice president and mana
ger, in the management of that im
portant office.
Mr. Waterman, formerly vice presi
dent, bank investments and bond de
partment, has been named vice presi
dent of bank^and customer relations
department and will head the Eastern
Division.
B a n k ers T ru st o f N ew Y o r k
David W. Lewis, formerly an assist
ant vice president, has been named a
vice president of Bankers Trust Com
pany, New York, it was announced by
William H. Moore, chairman of the
board.
Northwestern Senker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
H. C. F L A N IG A N
W . S. G R AY
C.
J. S T E W A R T
R. E. M cN E IL L , JR.
Mr. Flanisran will become chairman
of the executive
committee of the
n ew bank. Mr.
Gray will become
chairman of the
finance co m m it
tee.
Charles J. Stew
art, president of
M a n u fa c tu r e r s
Trust C om pany,
G. H A U G E
will become chair
man of the board of the combined in
stitutions. R. E. McNeill, Jr., presi
dent of The Hanover Bank, will be
come president. Gabriel Hauge, chair
man of the finance committee of Man
ufacturers Trust, will become vice
chairman of the board.
combined trust departments of the
two banks and Mr. Gomory, the inter
national department.
Mr. Flanigan and Mr. Gray said the
merger would enable the bank to
serve large domestic and international
customers better, as well as smaller
enterprises and individual customers.
Manufacturers Trust has 5,039,000
outstanding shares of capital stock
owned by 29,793 shareholders. The
Hanover Bank will, after the payment
of a stock dividend of one new share
for each nine held, already voted by
its board, have 5,000,000 shares of
stock outstanding in the hands of its
shareholders. It is proposed that
when the merger is approved Manu
facturers Trust will declare a 33% per
cent stock dividend and that the
merger will be effected on a share for
share basis.
Manufacturers h a s approximately
7,000 personnel, about one-half of
whom are women, and Hanover has
a staff of 3,111. The merged bank
would have 128 banking offices, 119
from Manufacturers and nine from
Hanover, none of which conflict with
each other in location. Hanover has
branches in London, Paris and Beirut.
Manufacturers has branches in Lon
don, Paris, Tokyo, Rome and Frankfurt-am Main.
Coincident with the announcement,
Mr. Moore also announced the election
of Nicholas J. Foley, special industries
division, and William J. Lutz, invest
ment advisory division, as assistant
vice presidents.
The proposed merger is subject to
approval by the respective stockhold
ers of the two banks, by the New
York State superintendent of banks
and by the Federal Reserve Board.
Special meetings of stockholders of
the two banks will be called as soon
as practicable to vote on definitive
terms of the merger proposal.
The new bank will have total re
sources of more than $6 billion; depos
its of nearly $5y2 billion, and combined
capital funds of $430 million.
M
n
I V
I O
f û
r e
(SD P i t n e y - B o w e s
-
O
C IT IZ E N S
A TRUST
HANK C qna^C O M PA N Y
PARK
ILLINOIS
s o r te r s d e liv e r e d /
Six more banks now enjoy
the benefits of electronic sorting,
utilizing the proved, practical sorter . . .
the PITNEY-BOWES NATIONAL.
These banks are among the many
large and medium-size banks
in every section of the nation —
using 107 Pitney-Bowes
National Magnetic Sorters—
who have discovered for themselves
unusual economies in operation exceeding
their most optimistic expectations.
Designed and engineered
for practical high speed electronic sorting
by Magnetic Ink Character Recognition (MICR)
of the bankers’ Common Machine Language . . .
actual "live” documents of all types,
sizes, condition and weights of paper
are processed by the hundreds of thousands
each banking day.
Ttu CA PITAL NottwuABt*k
A u stin ,T exas
i:
i m i» îii? » :
1039 O F F I C E S I N
121 C O U N T R I E S
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
77
&«.
3 as»*
T H E W A Y N E OAKLAND BANh
RoyalOak, Mumigan
C0 76».» i IES»:
a1} 3353 »*
O LD KEN T BANK AND TRUST CO M PAN Y
ORAND RAPIDS. MICHKiAN
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T h e U n io n N a t io n a l B a n k
OP TROY
Your nearby National representative
will appreciate the opportunity to discuss
the many advantages obtained through use
of the Pitney-Bowes National Magnetic Sorter.
He will answer your questions
regarding MICR, imprinting, testing,
and electronic character recognition
of the highest quality.
Call him notv—
it could be one of your most important calls
TODAY!
THE NATIONAL CASH REGISTER COMPANY, oayto n
3»«<a
TROY NEW YORK
9 , O h io
Y E A R S O F H ELP IN G B U S IN E S S S A V E M O N E Y
Nort hwesf ern Banker, February, 1961
38
Meetings, Promotions
S t n r v v t
C
City N atio n a l, C hicago
I / f i l t h ‘iis
r v s i d v n t a t
I ft/
id '
OP level changes were announced
by First National of Kansas City
following its annual meeting.
Taylor S. Abernathy, president since
1947, was elected chairman of the
board and chief executive officer.
Barret S. Heddens, Jr., vice president
and cashier, was elected president and
added to the board.
David T. Beals, previously chairman,
was named honorary chairman.
At age 36, Barret Heddens, Jr., joins
the ranks of Kansas City’s young bank
T
and was the second president, al
though in an inactive capacity.
Mr. Beals, now honorary chairman,
was with the old Inter-State National
for many years, and was its president
from 1943 until 1955, when the bank
was merged with the First. At that
time he became board chairman of
the First.
Assuming the cashiership vacated
by Mr. Heddens is Gordon E. Wells,
who also retains the title of assistant
vice president. A graduate of Missouri
At their regular January meeting
the directors of City National Bank
and T ru st C om pa ny of Chicago
changed the official designation of
Robert B. Golding from assistant cash
ier to assistant trust officer.
Also announced was the retirement
of A. R. Floreen, chairman of the ex
ecutive committee. Mr. Floreen has
been engaged in banking in Chicago
for 52 years. He remains a director of
the bank. Other retirements at City
National are: Andrew E. Wigeland,
vice president, investment depart
ment; J. S. Crossley, trust officer, cor
porate trust division; M. A. Olson,
assistant vice president.
First N a tio n a l, T u lsa
D.
T. B E A L S
T. S. A B E R N A T H Y
presidents. He is a son of Barret
Heddens, a director of the bank who
was its executive vice president until
his retirement due to ill health in
July, 1959.
The new president served as a Navy
officer during World War II, and fol
lowing the war was graduated from
Missouri Valley College at Marshall,
Mo. He started his banking career in
1949 with Johnson County National of
suburban Prairie Village, Kan., and
joined First National in 1952 as a
credit department employee. For the
past three years he has been a mem
ber of the Discount Committee, and
for the past year he has served on the
Administrative Committee. He was
one of two Missouri bankers chosen
last year to attend the Columbia U.
Graduate School of Commercial Bank
Management at Eden House in Harriman, N. Y.
Mr. Abernathy, now chairman, has
been a Kansas City banker since 1916.
He was elected vice president of the
First in 1927, and became president in
1947. He represents the third genera
tion of his family prominently associ
ated with the bank. His father, H. T.
Abernathy, held all of the top offices
in the bank prior to his death in 1948,
and his grandfather, Col. James L. Ab
ernathy, a prominent furniture manu
facturer of Leavenworth, Kan., was
one of the bank’s original directors
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B. S. H E D D E N S , JR.
G. E. W E L L S
U. and an army veteran, he joined
First National’s trust department in
1952, became an officer three years
later, and was transferred to the com
mercial department in 1957.
First National also announced 13
trust department promotions and on
the commercial side of the bank, five
new assistant cashiers and one new
assistant auditor were elected.
Six new vice presidents in the trust
department, all trust men with many
years of experience, are Fred S. Riley,
David N. Hall, King V. McElheny, C.
Hartley Jones, Edward M. Petersen
and William L. Atwood. Advanced
from assistant trust officers to trust
officers were Richard L. Moore, Ernest
H. Sims, Paul L. Abraham and Wil
lard G. Widder. Advanced to officer
status as assistant trust officers were
Rodney B. Dyerly, Thomas B. Hunt
and Lawrence A. Round.
The new assistant cashiers are Wil
liam J. Oelklaus and Paul E. Gregory,
transit department; Joseph F. Zemites,
commercial d ep artm en t; G. Philip
Smith, credit department, and Walter
Beck, Jr., who joined the bank last
month after serving as assistant cash
ier of Leswood National Bank, Kansas
City. The new assistant auditor is
Delbert L. James, formerly assistant
cashier of Ludlow (Mo.) National
Bank, who joined the First in 1952.
Cecil E. Potts has been promoted to
auditor of the First National Bank and
Trust Company of Tulsa, it was an
nounced at the bank’s January board
of directors’ meeting.
Mr. Potts succeeds Ralph R. McCor
mick, who retired after 40 years in
banking.
The new auditor is a native of Enid,
Okla., and joined First National in
1937.
Mr. McCormick was with First Na
tional for 36 years.
Chase M anhattan
David Rockefeller has been elected
chairman of the board of Chase Inter
national Investment Corporation, the
wholly-owned for
eign investment
financing subsid
iary of The Chase
Manhattan Bank.
Mr. Rockefeller,
fo r m e r ly Chase
Manhattan’s vice
chairman who be
came the bank’s
president on Jan
uary 1 , will take
D .R O C K E F E L L E R
the C.I.I.C. posi
tion held by John J. McCloy, whose
resignation as chairman of Chase Man
hattan also became effective January 1.
Ransom H. Skeen has been elected
vice president of C.I.I.C. and C. Jerome
Weber, assistant vice president. Both
Mr. Skeen and Mr. Weber formerly
were members of Chase Manhattan’s
official staff.
Also announced were the appoint
ments of Frederick W. Bardusch as
vice president and loan review officer,
and Harry E. Darling as vice presi
dent and general manager of its
branches in London, England.
39
a
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e n t ir e l y
n ew
con
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Nort hwest ern Banker, February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
40
Meetings, Promotions
Chemical Expands National tiratip
N ENLARGEMENT of the serv services for correspondent banks and
ices and staff of the national divi the other to conduct research in busi
sion of Chemical Bank New Yorkness development for the national di
Trust Company was announced last vision as a whole.”
Chemical New York’s new setup for
month by Harold H. Helm, chairman.
The national division, which is re the national division lists Granger
sponsible for the
bank’s d o m e s tic
b u sin e ss outside
of New York City,
is h e a d e d b y
George L. Farns
w orth , executive
vice president.
“As a result of
an increasing vol
ume of business
from an expand
W . M. ROSS
F. P. B E A T T IE
ing group of cor Costikyan and Walter M. Ross, vice
respondent banks and commercial cus presidents, in charge of two major re
tomers, we are enlarging the regional gions. Mr. Costikyan heads the cen
setup of our national division from tral, eastern and New England areas;
four to nine districts,” Mr. Helm said. Mr. Ross the southern and western
“ In addition, we have two special areas, as well as Alaska and Hawaii.
industries units, an oil and gas de
Associated with Mr. Ross as district
partment and a finance company de heads are several vice presidents,
partment, as well as two special serv among them Francis P. Beattie, who
ice groups, one to develop particular supervises the bank’s business in the
A
"Are deposits the only answer?"
states of Indiana, Illinois, Wisconsin,
Minnesota, Iowa and Nebraska.
Royal Bank o f Canada
The election of A. F. Mayne, general
manager (non-domestic business), as a
director and executive vice president
is announced by The Royal Bank of
Canada.
Born in Drayton, Ont., Mr. Mayne
joined the Royal Bank as a junior in
the Drayton branch in 1925. Since
then, he has had wide experience
throughout Canada and in South
America and Europe.
In 1945 he became supervisor of the
bank’s foreign branches and three
years later was named an assistant
general manager. He was appointed
associate general manager (non-do
mestic business) in 1955 and since
February, 1960, has been general man
ager (non-domestic business).
John K . Boeing Retires
John K. Boeing, chairman of the
board of Recordak Corporation, and
one of the real pioneers in the micro
filming industry, retired on January 1,
1961. The occasion was marked by a
reception and testimonial dinner in
his honor at the Waldorf-Astoria Hotel
in New York City.
Associated with Recordak Corpora
tion since its founding in 1928, Mr.
Important — yes. But not only.
We honestly feel that there are any number o f valuable services that
a broker might render a banker. Any number o f other services that
might prompt a banker to do business with a particular broker —
deposits or no.
For example, here at Merrill Lynch we’re equipped to —
Supply current quotes, specific security prices for particular
dates in the past, or detailed portfolio evaluations for estate pur
poses . . .
Take legal transfers completely off your hands . . .
Furnish all sorts of reports on business in general— on individual
industries and companies— on stocks, bonds, and commodities .. .
Cue your representatives on local business developments through
125 offices from coast-to-coast . . .
Offer these facilities without service charge or obligation to any
banker who feels they might help.
With deposits, or without, if these services make sense to you, we’ll
be happy to arrange an exploratory meeting— at your convenience.
Simply address your letter, in confidence o f course, to —
A l l a n
D.
G u l l iv e r ,
Vice President
Bank Relations Department
M e r r ill
L y n c h , P ie rc e ,
Fen n e r
&
S m ith
In c .
Members N . Y . Stock Exchange and other principal Stock and Commodity Exchanges
70 PINE STREET, N E W Y O R K 5, N. Y.
138 offices in U.S., Canada and abroad
Total assets in excess o f $600,000,000
Nort hwest ern Banker, February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
T, _ _ _
tory speech,
James M. Arnold,
Recordak president, traced the growth
and development of the corporation
while under the direction of Mr. Boe
ing, as well as his outstanding contri
butions to the company and many oth
er highlights of Mr. Boeing’s career.
Mr. Boeing joined Eastman Kodak
Company in Rochester, N, Y., in 1920,
and transferred to Recordak in New
York City in 1928. At that time, the
entire staff of the newly formed sub
sidiary consisted of eight people. As
operations manager, Mr. Boeing estab
lished the first branch office in several
key cities. In 1931 he organized and
managed the commercial division and
in 1944 was elected vice president in
charge of commercial and government
J. K. B O E IN G
41
W e it d e n k e f f fr fa fe m e n d
W e n t/ r fr m i
At the close of business December 31, 1960
ASSETS
LIABILITIES
Cash and Due from B a n k s ........................... S i,052,285,298.78
Capital Stock ($12. par)
.
$101,719,080.00
U . S. Government Obligations .
569,538,600.42
S u r p l u s ...........................
248,280,920.00
435,890,591.76
Undivided Profits
.
.
.
State, Municipal and Public Securities .
Other Bonds and Investments
.
.
.
.
.
23,583,639.43
L o a n s ....................................................................
Banking Premises and Equipment
.
.
.
.
.
165,556,178.96
Accrued Interest and Accounts Receivable .
17,740,552.31
Other A s s e t s .......................................................
7,342,853.46
.
63,226,397.73 $ 413,226,397.73
Reserve for C o n tin g e n c ie s ...........................
2,234,440,297.91
Customers’ Liability on Acceptances
.
Reserves for Taxes, Expenses, etc. .
Dividend Payable January 1, 1961 .
33,516,900.89
Acceptances Outstanding (Net) .
.
5,509,783.50
.
.
Other L ia b ilitie s ................................................
D e p o s i t s ........................... ......
7,810,928.27
29,616,983.56
169,451,956.09
16,083,507.75
3,898,195,357.02
$4,539,894,913.92
$4,539,894,913.92
Securities carried at $248,175,459.34 in the foregoing statement are
deposited to secure public funds and fo r other purposes required by law.
- r/f/cr*f t y % n m itffo e
i f ftCf/fJ ÌÙ
N . B a x te r Jackson
Chairman, Executive Committee
H e n r y U p h a m H arr is
Partner, Harris, Upham & Co.
H a r o ld H . H elm
Chairman
H . E. H um ph r e ys , J r .
Chairman,
United States Rubber Company
C ason J. C a l l a w a y
Farmer
A d r ia n M . M assie
Chairman, Trust Committee
R obert J. M c K im
Chairman o f the Board,
Associated D ry Goods Corporation
M a u r ic e T . M oore
Partner, Cravath, Swaine & Moore
R ic h a r d K . Pa y n t e r , J r .
Chairman o f the Finance Committee
and Executive Vice President,
New York Life Insurance Company
J. A lbert W oods
Chairman,
Courtaulds North America, Inc.
R obert G . G oelet
Real Estate
H u lb e r t S. A l d r ic h
Vice Chairman
J ames B. B l a c k Chairman o f the Board,
Pacific Gas and Electric Company
Percy L . D o uglas
Executive Vice President,
Otis Elevator Company
G ilb e r t H . P er k in s
Vice Chairman
I saac B. G r a in g e r
Consultant to the Bank
A r t h u r K . W atson
President,
I B M World Trade Corporation
R o y F. C oppedge , J r .
President, National Distillers
and Chemical Corporation
K en n e th E. B l a c k
President,
The Home Insurance Company
H en r y L . H il l m a n
President,
Pittsburgh Coke & Chemical Company
C har les H . K ells t a d t
Chairman o f the Board,
Sears, Roebuck and Co.
H . I. R omnes
President,
Western Electric Company, Inc.
L a m m o t d u Po n t C o pe la n d
Vice President, Director and Member
o f the Executive Committee,
E.
I. du Pont de Nemours & Company
W il l ia m S. R e n c h a r d
President
H o w a r d W . M c C a l l , Jr .
First Vice President
F r a n k K . H ouston
Honorary Chairman o f the Board
R obert A . D rysdale
Senior Partner, Drysdale & Co.
D u n h a m B. Sherer
New York
C. W a lt e r N ichols
Chairman, Nichols Engineering
& Research Corporation
R obert G oelet
Real Estate
Joseph A . B ow er
Retired
T homas R. W il l ia m s
President,
Ichabod T. Williams & Sons, Inc.
Jo h n K . R oosevelt
Partner, Roosevelt & Son
G raham H . A ntho ny
Chairman,
Executive Committee, Veeder-Root, Inc.
F r ed er ic k E. H asler
Chairman,
Haytian American Sugar Company, S. A .
J ames B ruce
Director o f Various Corporations
B. F. F e w
Trustee, Duke Endowment
W il l ia m P. W o r t h in g t o n
President,
Home Life Insurance Company
H a r o ld W . C omfort
President, The Borden Company
106 Convenient Offices in Greater N ew York
M A I N O F F IC E : 165 Broadway, N ew York 15, N . Y .
*
L O N D O N O F F IC E : 25-31 Moorgate, London, E .C . 2
Correspondent Banks Throughout America and Abroad
C harter M e m ber N ew Y o r k C learing House A ssociation • M em ber Federal Reserve System * M em ber Federal D eposit Insurance C o rp o ra tio n
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Nort hwest ern Banker, February, 196Ï
42
Meetings, Promotions
sales. He was named president of Recordak in 1953, and chairman of the
board of directors in 1959. In April,
1960, the National Microfilm Associa
tion presented its annual award of
merit to Mr. Boeing for “distinguished
service to the microfilm industry.”
1st N atio n a l, St. L o u is
William L. Behan, Jr., president,
Hill-Behan Lumber Company, was
elected to the board of directors of
First National Bank in St. Louis at
the annual stockholders’ meeting, ac
cording to William A. McDonnell,
chairman. Five staff promotions have
been announced by Mr. McDonnell.
Henry G. Willers, assistant cashier
in the bank’s real estate department,
was named assistant vice president.
Wallace C. Phillips, of the bank’s in
stallment loan department, was named
assistant cashier and will continue to
serve in that department.
Hebert H. Rennecamp, a member of
the First National staff since 1921, was
also named assistant cashier. He is a
member of the bank’s government se
curities department.
Also promoted to assistant cashier
was Ira Green who joined First Na
tional in 1956 and became a special
representative in the correspondent
bank department in 1959.
Walter F. Sick, who has been a
member of the First National staff
since 1929, was named assistant audi
tor.
1st N atio n a l, P h o e n ix
in the Wrigley Building • 400-410 North Michigan Avenue • superior 7-2323
Statement of Condition as of December 31, 1960
RESOURCES
Cash and Due from B a n k s ............................... $ 2 1 ,1 7 1 ,2 5 5 .0 3
U. S. Governm ent O bligations
(D irect and G u aran te ed ) . . . .
2 2 ,6 4 7 ,3 9 7 .6 3
M unicipal and Other Bonds . . . .
9 ,8 0 3 ,1 4 4 .0 7
Stock of Federal Reserve Bank
. . .
1 5 0 ,0 0 0 .0 0
Loans and D i s c o u n t s .......................................
4 5 ,9 4 3 ,7 6 8 .5 5
Accrued Interest and Other Resources .
8 7 0 ,4 2 4 .0 1
Customer Liability (Letters of C redit) . .
2 0 1 ,7 7 9 .1 9
$ 1 0 0 ,7 8 7 ,7 6 8 .4 8
LIABILITIES
C a p i t a l ...................................................................... $
S u r p l u s ......................................................................
Undivided P r o f i t s ...............................................
Reserves for Contingencies, etc. . . .
Reserves for T axe s, Interest, etc. . . .
Dividend Payable Ja n . 3, 1961 . . .
Unearned D is c o u n t ...............................................
Liability on Letters of Credit . . . .
Demand Deposits . . $ 7 3 ,8 7 2 ,2 8 8 .0 2
Time Deposits . . .
19 ,1 8 7 ,6 2 9 .2 1
£B cau/
1 ,5 0 0 ,0 0 0 .0 0
3 ,5 0 0 ,0 0 0 .0 0
5 8 4 ,3 6 9 .8 0
3 9 0 ,6 3 0 .9 0
6 0 2 ,0 8 6 .5 1
3 7 ,5 0 0 .0 0
9 1 1 ,4 8 4 .8 5
2 0 1 ,7 7 9 .1 9
9 3 ,0 5 9 ,9 1 7 .2 3
$ 1 0 0 ,7 8 7 ,7 6 8 .4 8
Çjfji'ter/o'tà
M y r o n F. Ra t c l i f f e
J o h n W. E v e r s
P resid en t, M ia m i C o rp o ratio n
Presid en t, R etired
C o m m onw ealth Edison C o m pany
S en io r V ic e -P re sid e n t
K ra ft Foods C o .
J e n e Ha r p e r
G
Chairman
E a r l e D. A t w a t e r
T re a s u re r, R e tire d , W m . W r ig le y J r . ,
C o m pany
O l iv e r A . B la c k b u r n
R o g e r M c C o r m ic k
ic t o r M. C a in
P resid en t, Sn ap -O n To o ls C o rp .
V ic e P re s., W m . W r ig le y J r . ,
C om pany
P a u l M. C o r b e t t
J a m e s L. O 'K e e f e
P re sid e n t, Johnson and H ig g in s
Presid ent
E xe cu tiv e V ic e -P re sid e n t
MEMBER
W il l ia m
W r ig l e y
V ic e -P re s ., W m . W r ig le y J r . ,
C o m pany
G e o r g e B. Y o u n g
V ic e -P re sid e n t and S ecre tary
F ie ld E n terp rise s, In c.
W. I r v in g O s b o r n e , J r .
C h airm an
C o rn e ll Pap erb o a rd Products C o .,
D ivisio n of St. Regis P a p erC o m p a n y
FEDERAL
DEPOSIT
INSURANCE
W ayne H u m m er
CHICAGO
C o nsulta n t
C o n tin e n ta l C a su a lty C o m pany
O 'K e e fe , O 'B rie n & H anson ,
A ttorneys
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J . M il b u r n S m it h
W r ig l e y O f f ie l d
V
H u g h M. D r is c o l l
e o r g e C. R e e v e s
E xe cu tiv e V ic e -P re sid e n t
J . W a lte r Thompson C o .
P resid en t, F ra n k lin Su p p ly C o.
D ire c to r, M ia m i C o rp o ratio n
S e c re ta ry -T re a su re r, Retired
K ra ft Foods C o .
O . Pa u l D e c k e r
J o h n H. P l a t t
James Byers, former president of
Bank of Idaho, Boise, assumed the
presidency of First National Bank of
Arizona in Janu
ary. T h e First
National Bank of
Arizona operates
64 branch offices
throughout t h e
state with total
resources in ex
cess of $380 mil
lion. Mr. Byers
su cce e d s J. H.
Brahm who was
promoted to vice
presidency of the Firstamerica Cor
poration in Los Angeles, a $4% mil
lion bank holding company, largest of
its kind in the U. S.
Mr. Byers began his 33 years in
banking as a trainee with the Bank
of Italy in San Jose, California, in
1927.
In 1935 he joined the auditing and
inspection staff of Bank of America in
San Francisco, then in 1941, Mr. Byers
was made assistant cashier and oper
ations officer of the National Bank of
Washington, Tacoma.
Mr. Byers accepted a position as
senior vice president of the Bank of
Idaho in 1957 and was elected presi
dent in 1958.
First National of Arizona also an
nounced the promotion of one vice
president and three assistant vice
presidents. All of Phoenix, they are
Stuart F. Krentz, livestock loan de
partment, vice president; Russell P.
Kyle, business development depart-
HONORARY DIRECTOR
J a m e s R. O f f i e l d
D ire c to r, W m . W r ig le y J r . , C o .
CORPORATION
MEMBERS
N E W Y O R K ST OC K
E XCHAN GE
&
Co.
43
FINANCIAL LEADERS
DISCUSS TRENOS,
CHALLENGES WITH
FIRST NATIONAL
CORRESPONDENTS
The occasion: First National’s
14th Annual Conference o f
Bank Correspondents. The
subjects: from “ Current Eco
nomic Trends” to “ Challenges
Ahead for Banking.” The pur
pose? As always: through dis
cussion of banking’s future, to
help each correspondent profit
ably shape his own.
STATEMENT
OF
CONDITION,
DECEMBER
RESOURCES
Cash and Due from Banks . . . .
U. S. Government Securities . . .
Loans and D is c o u n t s ....................
Loans Wholly or Partially
Guaranteed by U. S. Government
Federal Funds Loaned....................
Other Bonds and S to ck s................
Stock in Federal Reserve Bank . .
Furniture and F i x t u r e s ................
Customers’ Liability on Acceptances
Income Earned But Not Collected
Other R e s o u r c e s ............................
Total R e s o u r c e s ....................
31,
1960
$182,844,184.83
119,040,250.06
266,861,407.44
47,253,169.02
4.000. 000.00
22,985,527.36
1 .2 0 0 .0 0 0 .
572,986.24
47,324.18
2,451,861.85
186,703.22
$647,443,414.20
L IA B IL IT IE S AND C A P IT A L A C C O U N T S
Demand Deposits....................................................... $508,734,749.44
Time D e p o s it s ........................................................
79,384,790.91
Total D e p o s its ...................................................$588,119,540.35
Reserve for Taxes and E x p e n s e s ........................
3,916,432.46
Income Collected But Not E a r n e d ....................
2,434,223.58
A cce p ta n ce s............................................................
47,324.18
Other L ia b ilit ie s ......................................................
311,417.81
Total L ia b ilit ie s ...............................................$594,828,938.38
C a p it a l
A c c o u n t s :
Capital Stock........................................................ $ 16,940,000.00
S u r p lu s ................................................................
23,060,000.00
Undivided Profits................................................
12,614,475.82
Total Capital A c c o u n t s ................................$ 52,614,475.82
Total Liabilities and Capital Accounts. . . $647,443,414.20
00
A N N U A L CORRESPONDENT
C O N F E R E N C E S are one of m an y
w ay s w e serve our correspondents. To
learn about the rest— and how they can
profit you — sim ply ask for a copy of our
free booklet, “ Sincerely Yours.” Write: Cor
respondent Bank Department, First National
Bank in St. Louis, St. Louis 1, Missouri.
S it '
THE FIRST
N A TIO N AL
BANK
INST. LOUIS
Member Federal Deposit Insurance Corporation
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker, February, 1961
44
Meetings, Promotions
ment; Jere J. Brommer, personnel de
partment, and Glen D. Jones, loan offi
cer, each assistant vice president.
L aSalle N atio n a l, C h icago
The election of two new directors
was announced following the annual
meeting of stockholders of the LaSalle
National Bank of Chicago. They are
Robert G. Biesel and William B. Gra
ham. Also announced by LaSalle was
stockholder approval of a new profit
sharing plan available to all employees
who are under the bank’s retirement
program.
Robert G. Biesel is vice president
and a director of General American
Transportation C orp ora tion , having
been with that firm since 1945.
William B. Graham, a 49-year-old
native Chicagoan, has been president
of Baxter Laboratories, Inc., since
1953. Headquartered in Morton Grove,
111 ., the firm has facilities and subsid
iaries in several U. S. cities and a num
ber of foreign countries.
LaSalle National also announced
two officer appointments. Arthur P.
Rayunec was named auditor of the
bank and Paul R. Harkenrider was
named assistant trust officer.
E. Baggott, 34th Street office; Law
rence H. Bober and Edwin C. Fox, 41st
Street office; Philip J. Englert, Wil
liam McGorry and George Mohrmann,
personal trust; Llewellyn Jenkins, outof-town division; Daniel B. Phelan,
foreign division, and Frederick B.
Utley, Jr., Chrysler office. All were
formerly assistant vice presidents.
New assistant vice presidents are:
Robert W. Bird, city division; William
M. Elliott, 72nd Street office; John B.
Goldham, Chrysler office; John G.
Nicholson, John L. Tittle and James
A. Turley, Jr., personal trust; Freder
ick A. Rager, Jr., out-of-town division;
Vincent P. Tomes, personnel; and M.
Cabell Woodward, Jr., 42nd Street
office.
H a n o v e r Bank
R. G. B IE S E L
W . B. GRAHAM
Election of nine vice president and
appointment of nine assistant vice
presidents was announced recently by
The Hanover Bank, New York.
Named vice presidents are: Thomas
U N C O N TR O LLED ITEMS
There are thousands of business
firms across the country who buy
their checks direct from printers
without consulting banks concern
ing format. These checks are com
monly referred to as "uncontrolled
items.” Under the MICR program,
banks will have a vested interest
in these checks and will want to
exercise some control over format
in order to be assured they are
properly designed and encoded for
mechanized handling.
When bank men call on these
firms to arrange for the redesign
o f checks, they will have a splen
did opportunity to further the cause
o f check standardization — which
has long been an objective o f the
banking fraternity — because they
will find that a high percentage o f
the so-called "special” checks now
in use could be modified slightly
to conform to the standard forms
displayed in catalogs such as ours.
These catalog checks are attractive
and more often then not would be
lower in price, including encod
ing, than special checks without it.
Their use, therefore, solves the
problem o f who bears the encoding
cost. In order for the bank men
to be able to determine just when
a special check lends itself to
standardization, it will be neces
sary for them to carry a selection
o f forms. Quite a few carry our
large catalog, but we felt some
thing more compact would be
easier to handle so we have pre
pared two booklets displaying, in
half size, check forms customarily
used by business firms. These are
now available on request.
W e also would like to extend an
invitation to bank men assigned
the job o f contacting corporate ac
counts to spend a day or two with
us in any o f our plants for a brief
ing on the "language o f the print
er” and the techniques employed in
producing magnetic ink encoded
checks. As we enter the initial stages
o f MICR implementation, it will
be o f some considerable value for
them to understand the fundamen
tals o f check printing.
Manufacturing Plants a t:
C L IF T O N , N O R W A L K . P A O L I , C L E V E L A N D , D E T R O IT , I N D IA N A P O L IS ,
C H IC A G O , K A N S A S C I T Y , S T . P A U L , D A L L A S , C H A T S W O R T H
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ation al B o u le v a rd Bank
O.
Paul Decker, president, National
Boulevard Bank of Chicago, announces
that Thomas H.
Pearce, president
National-Standard
Company, Niles,
Mich., was elect
ed to the board
of d ir e c to r s of
N a tion a l Boule
vard Bank of Chi
cago at the annual
s h a r e h o ld
ers meeting last
month.
Six officer promotions also have
been announced by the National Boul
evard Bank. They are:
Francis P. Wagner, from assistant
vice president to vice president; Merle
E. Hess, from assistant cashier to as
sistant vice p re sid en t; Ruth A.
Steinke, Richard H. Goss, Oscar H.
Fick to assistant cashiers, and Lewis
H. Ruff, pro cashier.
Mr. Wagner is in the commercial
loan division of the bank. Mr. Hess is
in the correspondent bank division,
and his territory includes the Iowa
area.
Mr. Pearce graduated from Silcoates
School, Wakefield, England, and re
ceived his engineering education at
the Universities of Leeds and Sheffield
in England.
During World War II he was an
officer in the British Home Guard
from August 1940, through December
1944.
He is also president of NationalStandard Company of Canada, Ltd., di
rector of Protection Mutual Insurance
Company, Park Ridge, Illinois, di
rector of National-Standard subsid
iaries in England and South Africa,
and director of Cables Mexicanos S.A.
45
F IR S T
Head
N A TIO N A L
O ffic e : 55
W all S t r e e t , N e w
CITY
York
164 Branches, Offices and Affiliates Throughout the World
88 in Greater New York
76 in 29 Countries Overseas
BA N K
D IR E C T O R S
STANLEY C. ALLYN
Chairman, The National Cash
Register Company
GEORGE F. BAKER, JR.
Trustee, George F. Baker Trust
JOHN E. BIERWIRTH
S ta te m e n t of C o nd itio n a s of D e ce m b e r 31, 1 9 6 0
Chairman of the Board, National Distillers
and Chemical Corporation
CHARLES M.BRINCKERH0FF
President, The Anaconda Company
AS S ETS
C ash and D ue from Ba n k s .............................. $2,029,684,200
U nited States G overnment O bligations .
1,454,447,284
State and M unicipal Securities . . . .
487,817,205
Other Se c u r itie s ..............................................
88,365,335
L o a n s ..................................................................
4,254,929,949
C ustomers’ A cceptance L iability . . . .
154,240,337
F ederal R eserve Bank Stock . . . . .
18,744,000
I nternational Banking C orporation
. .
7,000,000
B ank P remises, F urniture and E quipment .
104,523,900
Items in T ransit with Overseas B ranches .
57,810,063
Other A s s e t s ...................................................
10,866,947
T o t a l ............................................................ $8,668,429,220
PERCY CHUBB, 2nd
President, Chubb & Son Inc.
R.GWIN F0LLIS
Chairman of the Board, Standard Oil
Company of California
J.P E T E R GRACE
President, W. R. Grace & Co.
JOSEPH A. GRAZIER
President, American Radiator & Standard
Sanitary Corporation
GEORGE A. GUERDAN
Senior Vice-President
HARRY C. HAGERTY
Vice-Chairman, Metropolitan Life
insurance Company
H. MANSFIELD HORNER
Chairman, United Aircraft Corporation
JOHN R. KIMBERLY
Chairman of the Board, Kimberly-Clark
Corporation
ROGER MILLIKEN
President, Peering Milliken, Inc.
GEORGE S. MOORE
President
CHARLES G. MORTIMER
LI ABI LI TI ES
D e p o s it s ................................................................. $7,641,524,475
L iability on A cceptances . . . . . . .
159,542,239
F oreign F unds Borrow ed ......................... .
629,300
Chairman, General Foods Corporation
ALEXANDER C. NAGLE
20 Exchange Place
CHARLES C. PARLIN
Shearman & Sterling & Wright
RICHARD S. PERKINS
Chairman of the Executive Committee
CLIFTON W. PHALEN
R eserves:
U nearned I n c o m e ..............................
T axes and A ccrued E xpenses
. . . .
D i v i d e n d ........................................................
President, New York Telephone Company
39,856,173
59,664,188
1 ,836,000
Shareholders’ E quity :
C a p i t a l .................................. $244,800,000
(12,240,000 Shares— $20 Par)
Su r p l u s ...............................
380,000,000
U ndivided P rofits . . . .
140,576,845
765,376,845
T o t a l .............................. 7 T~ 7 7 $8,668,429,220
JAMES S. ROCKEFELLER
Chairman
WILLIAM C. ST0LK
Chairman of the Board, American Can
Company
REGINALD 8. TAYLOR
Williamsville, New York
ALAN H.TEM PLE
Vice-Chairman
LEO D. WELCH
Chairman of the Board, Standard Oil
Company (New Jersey)
ROBERT WINTHR0P
Robert Winthrop & Co.
SENIOR MANAGEMENT
JAMES S. ROCKEFELLER
Chairman
Figures of Overseas Branches are as of December 23.
United States Government Obligations and other assets carried at $593,081,935 are
pledged to secure Public and Trust Deposits and for other purposes
required or permitted by law.
Member Federal Deposit Insurance Corporation
RICHARD S. PERKINS
Chairman of the Executive Committee
GEORGE S. MOORE
President
ALAN H.TEMPLE
Vice-Chairman
J. HOWARD LAERI
Executive Vice-President
THOMAS R. WILCOX
Executive Vice-President
FIRST N A TI O NAL CITY T RUS T C O M P A N Y
H e a d O ffic e : 2 2 W illia m S t r e e t , N e w Y o rk
A ffilia t e of F ir s t N a tio n a l C ity B a n k fo r s e p a r a t e
a d m in is tra tio n o f tru s t fu n c tio n s
C a p it a l F u n d s $ 2 4 ,6 6 0 ,9 1 6
WALTER B WRIST0N
Executive Vice-President
C. STERLING BUNNELL
Senior Vice-President
GEORGE A. GUERDAN
Senior Vice-President
EBEN W PYNE
Senior Vice-President
A. HALSEY COOK
Vice-President Operations
We shall be glad to send, upon request, a copy of our 1960 Report to the Shareholders
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ERNEST W REDEKE
Comptroller
Nort hwest ern Banker, February, Ì 961
46
Meetings, Promotions®
D ro v ers Banks
William B. Lennan, veteran banker
and advertising executive, has re
turned to Chicago after three years’ ab
sence, to join the
staff of the Drov
ers Banks. Leo R.
Gruber, president
of Drovers, has
announced t h a t
Mr. Lennan will
direct the banks’
advertising a n d
p u b lic relations
activities and su
pervise its busi
W . B. L E N N A N
ness development
program.
Well known in Chicago financial
circles, Mr. Lennan brings to his new
assignment many years of banking ex
perience. For the past three years
he served the First National Bank of
Fort Lauderdale, Fla., as vice presi
dent in charge of advertising and pub
lic relations. In addition, he was
closely associated with various civic
programs in the area which won him
wide acclaim.
Prior to his Florida connection, Mr.
Lennan’s career was centered in Chi
cago. He started in 1930 at the City
National Bank and Trust Company
and remained there until 1941. He left
to help organize the Northwest Na
tional Bank of Chicago and eventually
became vice president of the bank. In
1957, he joined the Florida bank to
organize its advertising and public re
lations program.
During his years in banking Mr.
Lennan has been prominently asso
ciated with the American Institute of
Banking and Financial Public Rela
tions Association.
McCulloch were promoted to vice pres
idents. Leo J. Mueller was promoted
to second vice president. Samuel J.
Mize and Duane K. Ruth were ap
pointed assistant secretaries.
Bond Department
William Ferguson and Norman E.
Wright, Jr., were promoted to second
vice presidents.
Investment Research Department
Richard M. Burridge was promoted
to second vice president. Donald D.
Hahn was appointed assistant man
ager.
Administrative Department
N orth ern T ru st
Following a recent meeting of its
board of directors, The Northern Trust
Company, Chicago, announced the fol
lowing promotions and new officer ap
pointments:
Banking Department
Chapin Litten was promoted to vice
president. Gordon M. Suckow was
promoted to second vice president.
Don W. Hummel and Robert L. Lam
bert were appointed assistant cashiers.
Trust Department
Charles L. Kaufmann and Hugh B.
James E. Baker and David Marcus
were promoted to second vice presi
dents.
Auditing Department
J.
Ronald Furman and Robert G.
Knight, Jr., were appointed assistant
auditors.
Legal Department
Thomas J. Halpin was appointed as
sistant attorney.
Operating Department
Thomas R. Schuknecht, Robert J.
Turek and Eric N. Wanless were ap
pointed assistant managers.
FEDERAL
iO W A (27)
Burlington (2)
Cedar Rapids
Clinton
Council Bluffs
Davenport !2)
Des Moines (2)
Dubuque (3)
Fairfield
Fort Dodge
Iowa City
Keokuk
Marshalltown
Mason City (2)
Muscatine (2)
Oskaloosa (2)
Ottumwa
Waterloo (3)
MIN N E SO TA (18)
NORTH
DAKOTA
^
___
IL L IN O IS (12)
Aurora
Belvidere
Bloomington
DeKalb
Dixon
Joliet
Mattoon
Peru
Peoria 12)
Rock Island
Sterling
NORTH DAKOTA (1)
Grand Forks
OFFI CERS
JOHN H. JANSEN
M. E. PATRICK
ALOIS M. HOFFMANN
Vice P r e s id e n t
ALBERT WHARTON
68 Offices
In Six States
V i c e P r e s id e n t
H. M. GANS
A s s i s t a n t V i c e P r e s id e n t
J. H. CALLAHAN
A s s i s t a n t V i c e P r e s id e n t
C a p it a l Funds
and Net Worth
$6,922,350.35
Northwestern Banker, Fe bruary, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
P r e s id e n t
E x e c u t i v e V i c e P r e s id e n t
O. I. STEVENS
Assistant Vice P r e s id e n t
B. W. NOWLIN
S ec r e ta ry
JOHN G. KIEFER
Treasurer
Bemidji
Crystal
Duluth
East Grand Rapids (2)
Fairmont
Faribault
Fergus Falls
Little Falls
Mankato
Marshall
Minneapolis (2)
Owatonna
Red Wing
Rochester
St. Cloud
St. Paul (2)
W IS C O N S IN (8)
Appleton
Fond du Lae
LaCrosse
Madison
Manitowoc
Racine (2)
Tomah
M IC H IG A N (11
Flint
47
R
E P
N
A
U
B
T I O
J I A N
o
f
c o
N
K
S T A T E M
n
L I C
A
L
o p D A ltL A S
E N T
d
i t i o
n
December 31, 1960
RESOURCES
Cash and Due From B anks.............................$ 312,578,873.71
U. S. Government Obligations,
Direct and Fully Guaranteed . . . .
State, Municipal and Other Securities . .
Stock in Federal Reserve Bank . . . .
Loans and Discounts........................................
Bank Building and Equipment . . . .
Customers’ Liability on Acceptances . . .
Other A s s e t s ....................................................
193,490,293.91
23,913,520.61
3,150,000.00
585,328,330.32
23,274,250.49
41,923,455.23
3,454,214.65
T O T A L ........................................ $1,187,112,938.92
LI A BI L I T I E S
C a p ita l.............................$ 48,279,876.00
S u rplu s.
56,720,124.00
Undivided Profits
.
.
4,386,017.37
Reserve for Contingencies.............................
Reserve for Taxes, et c e t e r a .......................
Acceptances — O u t s t a n d in g .......................
$ 109,386,017.37
15,084,012.38
6,803,813.05
43,372,455.23
.
Deposits:
Individual . . . .
$743,261,080.52
Banks
246,296,669.68
U. S. Government .
22,908,890.691,012,466,640.89
T O T A L ...........................................$1,187,112,938.92
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
CAPITAL AND SURPLUS $105,000,000
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
★
LARGEST IN THE SOUTH
Northwestern Banker, February, 1961
48
Meetings, Promotions
Commerce Trust A dvances 1 5
D oane w a n ts to send you a F R E E
copy o f the la test “ F a r m in g F or
P ro fit” R eport.
R ead it— discuss it
w ith you r associates— show it to a few
k ey cu stom ers, and w e are sure th a t
you w ill recognize it as a va lu ab le ad
dition to yo u r b a n k ’s educational and
public relation s p ro gra m . “ F a r m in g
F o r P rofit” is a concise, accurate
m o n th ly outlook th a t covers all sides
o f fa r m in g — crops, livestock, m a ch in
ery , bu ild in gs, ta x e s, leases, soils, f e r
tilizers, a g chem icals. “ F a r m in g F o r
P ro fit” w ill p rovide yo u r custom ers
a m o n th ly fo re c a s t o f m a rk et tren ds,
plus good sound advice on production
and fa r m m a n a g e m e n t problem s.
O F F IC E R S P R O M O T E D at the Commerce Trust Company, Kansas City, are, from le ft
(back row ), Don Elstun and Dale M cN eal, vice presidents and trust officers; Flo Church,
Charles K opke and James Linn, vice presidents. Front row, Graham Porter, vice presi
dent; Fordice Rogers and H arry F. M ayfield, assistant vice presidents.
HE Commerce Trust Company, the Army Reserve, is a past com
Kansas City, has announced the mander of the American Legion. In
promotion of eight officers and the1952 he was vice chairman of the fi
election of seven new officers from its nance committee in Adlai Stevenson’s
staff.
campaign for the presidency.
Four officers were advanced from
He attended the Central States
assistant vice presidents to vice presi School of Banking at the University
dents. They are Flo Church, member of Wisconsin and the American Insti
of the commercial loan department; tute of Banking.
Charles Kopke, who heads the real es
tate loan department; James Linn,
Ta 1cot1 Prom ot ions
loan officer and manager of the credit
Richard C. Bosch has been elected
department, and Graham Porter, ad
vertising and public relations man an assistant vice president of James
Talcott, Inc., and named assistant
ager.
Two officers were advanced from as credit manager of the company’s fac
sistant vice president and trust officer toring division, it was announced by
to vice president and trust officer. Herbert R. Silverman, president. The
They are Don Elstun and Dale Mc election of Bruce D. Classon and
Neal, members of the trust depart Hooker Talcott, Jr., as assistant secre
taries of the large industrial finance
ment.
Two assistant cashiers were ad organization was announced at the
vanced to assistant vice presidents. same time.
Mr. Bosch has been with Talcott for
They are Fordice Rogers, personnel
manager, and Harry F. Mayfield, head 28 years in various areas of the factor
ing division.
of the municipal bond division.
Mr. Classon joined Talcott in 1958.
New officers elected to the position
He
is a graduate of Dartmouth College
of assistant cashiers are: Albert Able,
John Fowler, Homer Lyle, Eugene and the Harvard School of Business
Switala, Warren Wiedenmann, Law Administration.
Mr. Talcott joined the company’s
rence Noble and Ralph Harper. Mr.
Chicago
office in 1958. A graduate of
Fowler and Mr. Lyle are in the corre
Princeton University, he had previous
spondent bank department.
ly been associated with J. P. Morgan
& Company, Inc.
T
Y o u r ban k n am e, illu stratio n , and
m e ssag e are p rin ted p ro m in en tly a t
the top o f each rep ort. D oan e can
handle all the d etails o f ad d ressin g
and m a ilin g the rep orts to yo u r cu s
tom ers. D oan e offers th is service re
p ort to only one client in a p a rticu la r
trade te rrito ry .
GALE DORN,
agricultural
representative,
Northwestern Bank of Lewistown, Lewistown,
Montana: “ Our customers frequently com
ment on the value they receive from this
monthly letter. It is short, concise and con
tains a lot of useful information. W e have
had a lot of folks come in and ask to he
added to the mailing list because their neigh
bor was getting ‘FARMING FOR PROFIT’ .”
Write for FREE sample
Clip this ad . . . staple it to your letterhead
and jot down the number of farm customers
your bank serves. W e will send you a sample
copy of the latest “ Farming For Profit” Re
port, along with quantity prices.
DOANE AGRICULTURAL SERVICE, INC.
Dept. F-102, 5142 Delmar, St. Louis 8, Mo.
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B a n k e r to H ead V A
John S. Gleason, Jr., vice president
of the First National Bank of Chicago,
has been selected by President John
F. Kennedy as the new director of
the Veterans Administration. As chief
of VA he will succeed Sumner G.
Whittier.
Mr. Gleason, a brigadier general in
Drovers’ Veteran Honored
Stanley J. Ratajak received the con
gratulations of his friends and asso
ciates as he celebrated his 50th anni
versary in the banking business at
year-end. For the past 18 years he
has been manager of the safe deposit
49
W E L L S FARGO B A N K
A M E R IC A N TR U ST C O M P A N Y
S a n F r a n c is c o
Statement of Condition, Decem ber 31,1960
L IA B IL IT IE S
RESOURCES
Cash on Hand and in Banks
U.S. Government
O b lig a t io n s ....................
State, County, and
Municipal Bonds . . .
Other Bonds and Securities
Stock in Federal Reserve
B a n k ..............................
Loans and Discounts
. .
Bank Premises and
E q u ip m e n t ....................
Other Real Estate . . . .
Customers’ Liability
under Acceptances . . .
Accrued Interest Receivable
and Other Assets . . .
Total Resources . .
$ 431,970,929
635,242,086
148,785,585
10,425,872
4,524,450
1,412,297,067
22,702,236
1
8,163,076
26,227,851
$2,700,339,153
D e p o s its ..............................
Acceptances Outstanding
$2,448,804,310
.
8,432,861
Reserve for Unearned
D is c o u n t .........................
16,413,474
Reserve for Interest,
Taxes, etc..........................
21,279,103
Other Liabilities
. . . .
16,978,444
Capital Funds:
Capital Stock
48,087,240
($10.00 Par)
Surplus
Undivided
Profits
102,726,095
37,617,626
Total Liabilities .
.
188,430,961
$2,700,339,153
United States Government and other securities carried at $361,492,839 are pledged to secure U. S. Government Deposits,
other public funds, trust deposits, and for other purposes as required or permitted by law.
D IR E C T O R S
W A K E FIE LD BAKER
President, Baker & Hamilton
K E N N E TH K. BECHTEL
Chairman of the Board
Industrial Indemnity Company
P A U L A. BISSINGER
Vice President, Bissinger & Co.
COLBERT COLDWELL
Coldwell, Banker & Company
PETER COOK, JR.
Rio Vista
RANSOM M. COOK
President
PAU L L. DAVIES
Chairman and Chief Executive Officer
Food Machinery and
Chemical Corporation
♦SIDNEY M. EHRM AN
Attorney-at-Law
CHARLES E LSEY
San Francisco
♦HECTOR ESCOBOSA
President, I. Magnin & Co.
JAM ES FLOOD
Trustee, Flood Estate
J. A . FOLGER
President, J. A . Folger & Co.
O V ER 100 O F F IC E S
E X C L U S IV E L Y S E R V IN G
N O RTH ER N C A LIFO R N IA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W . P. FULLER III
Vice President
W. P. Fuller & Co.
B. R. F U N STEN
President, B. R. Funsten & Co.
F. J. H ELLM AN
Executive Vice President
I. W . H ELLM AN
Chairman of the Board
W ILLIAM L. KEAD Y
Director, Fibreboard Paper
Products Corporation
*J. R. K N O W LAN D
President and Publisher
The Tribune Publishing Co.
D AN IEL E. KOSHLAND
Chairman of the Executive Committee
Levi Strauss & Company
JAMES K. LOCHEAD
Piedmont
♦GEORGE I. LONG, JR.
President, Am pex Corporation
DONALD M ACLEAN
President, California and Hawaiian
Sugar Refining Corporation
♦J .W . MAILLIARD III
Vice President
Mailliard & Schmiedell
♦d o n a l d h . M cL a u g h l i n
President
Homestake Mining Company
W ILSO N M EYER
Chairman of the Board
Wilson & Geo. Meyer & Co.
ROBERT W . MILLER
Chairman of the Board
Pacific Lighting Corporation
GEORGE G. MONTGOMERY
Chairman of the Board
Kern County Land Company
♦HENRY D. NICHOLS
Chairman of the Board
Tubbs Cordage Co.
H ER M AN PHLEGER
Brobeck, Phleger & Harrison
Attorneys
A L L A N SPROUL
Kentfield
MARK R. S U L LIVAN
Chairman of the Board
The Pacific Telephone
and Telegraph Com,pany
J. D. ZELLERBACH
Chairman of the Board
Crown Zellerbach Corporation
* Advisory
Directors
M EM B ER FE D E R A L D E P O S IT
IN S U R A N C E CO RPO RA TIO N
AND F E D E R A L R E S E R V E SY ST E M
Nort hwest ern Banker, February, 1961
50
Meetings, Promotions
vault department at the Drovers
Banks, Chicago.
Donald M. Carlson, president of the
Illinois Bankers Association, conferred
on him the association’s coveted gold
pin, emblematic of a half century in
banking.
F. Phillips Giltner and Charles G.
Young, Jr., have both been advanced
City N a tio n a l, K . C.
Directors of the City National Bank
and Trust Company, at their meeting
in Kansas City last month, announced
1 1 major promotions.
m
F. P. G IL T N E R
C. G. Y O U N G , JR.
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THE BANK OF C A L I F O R N I A
N A T IO N A L A S S O C IA T IO N
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Statement o f Condition as o f December 3 1 ,1 9 6 0
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Cash on Hand and Due from Hanks .
United Stales Government Securities
(Less R e se r v e )..............................................
State and Municipal Securities
(Less R e se r v e )..............................................
Other Securities (Less Reserve) .
Loans and Discounts (Less Reserve)*.
Customers’ Liability Under
Letters o f Credit and Acceptances .
Bank Premises, Furniture & Equipment
Other Real E state..............................................
Interest Earned — not Collected .
Other A s s e t s .....................................................
$ 1 5 2 ,4 2 8 ,6 0 9 .4 7
S e c u r it ie s c a r r ie d at $ 1 3 2 , 1 7 1 , 1 8 6 . 0 0 in th e a b o v e
S ta te m e n t a re p l e d g e d t o q u a lif y fo r fid u c ia r y p o w e r s
a n d to s e c u r e p u b l ic m o n e y s as r e q u ir e d b y law .
$ 6 8 6 ,9 1 5 ,0 4 9 .4 2
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1 3 3 .0 3 2 .3 8 8 .2 9
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3 ,1 9 7 ,3 8 4 .9 2
3 4 2 .5 2 3 .3 3 8 .3 0
1 5 ,7 9 5 ,8 0 8 .8 1
9 .7 8 0 .5 8 4 .8 8
1 7 2 ,1 0 7 .5 8
1 .9 9 8 .0 1 9 .8 9
8 0 0 ,6 6 1 .0 8
^ In c lu d e s $ 1 8 , 5 0 0 , 0 0 0 in F e d e r a l F u n d s S o ld o r
L oan s S e cu r e d u n d er R e p u rch a se A g reem en ts.
Art
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$ 6 1 1 ,6 4 0 ,2 0 8 .0 4
3 ,9 2 9 ,7 2 4 .9 1
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1 5 .8 5 6 .9 3 7 .0 0
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$ 6 8 6 ,9 1 5 ,0 4 9 .4 2
NATIONAL ASSOCIATION • ONLY BANK WITH
DIRECT OFFICES IN ALL 3 WEST COAST STATES
FEDERAL DEPOSIT INSURANCE CORPORATION
Head Office: 4 0 0 California Street, San Francisco
"A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A '{
-,A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A ;
Nort hwest ern Banker, February, 19 6 1
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THE BANK OF
CALIFORNIA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
'Hart
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L IA B IL IT IE S
Deposits:
Demand . . . .
$ 3 6 2 ,7 3 2 ,6 3 7 .3 7
Tim e . . . . .
1 7 4 ,8 5 2 ,6 8 6 .3 4
U. S. Government .
2 5 ,0 1 3 ,0 1 4 .4 2
Other P u b lic.
. .
4 9 ,0 4 1 ,8 6 9 .9 1
Reserve for Taxes, Interest, Etc. .
Dividends D e c l a r e d .......................................
Interest Collected Not Earned . . . .
Letters o f Credit, Acceptances and
Acceptances Sold W ith Our
Endorsement
. . . . . . . .
Capital Funds:
Capital Stock
. . $ 1 5 ,4 1 5 ,8 0 0 .0 0
Surplus
. . . .
2 4 ,5 8 4 ,2 0 0 .0 0
Undivided Profits .
1 1 ,8 1 5 ,3 6 4 .3 7
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to the position of executive vice pres
ident. Mr. Giltner, who will also re
main as assistant to the chairman of
the board, was elevated from the po
sition of vice president.
Mr. Young, who joined the bank as a
vice president in charge of the trust de
partment, moved
up from the po
sition of senior
v i c e president.
Clark G. McCor
kle has been ele^
^
vated from vice
„ ;'t|L
president to senSH J L
ior vice president
and will continue
to head up City
National’s n e w
C. G. M cC O R K LE
business depart
ment. Three assistant vice presidents
were advanced to vice presidents: G.
Woodrow Ballew, Samuel A. Blasco
and John L. Wells, Jr. Mr. Wells is a
graduate of the University of Mis
souri and started his banking career
with City National in 1956. Prior to
that time he was in the sporting goods
business in Minnesota.
Mr. Blasco and Mr. Ballew are both
with City National’s correspondent
bank division, Mr. Blasco having
joined the bank in 1938 following grad
uation from Northeast High School in
Kansas City and Southern Methodist
University in Dallas. He worked in
various departments of the bank be
fore being assigned to represent City
National as correspondent banker for
the state of Texas.
Mr. Ballew started his banking ca
reer in Kansas City in 1933 and
joined City National 14 years later.
He is a graduate of Chillicothe Busi
ness College. He was personnel di
rector for City National for 10 years
before joining the correspondent bank
division.
Five City National personnel were
elevated to the position of assistant
vice president. Arthur J. Sons, R.
Bruce Noel and John R. Pitnick were
promoted from assistant cashier to
assistant vice president.
Two members of the bank’s bond
department have also been made as
sistant vice presidents: Harold R.
Hollister and Byron G. Thompson.
In City National’s international de
partment, two changes have been
made: Byron L. C. van Lawick will
assume the position of manager of
the department: Bror W. Unge has
relinquished the title but will remain
with the bank as assistant vice presi
dent and consultant to the interna
tional department.
51
IR V IN G T R U ST COMPANY
NEW Y O R K
STATEMENT
OF C O N D IT IO N ,
¿DECEMBER
31,
I960
D IR E C T O R S
A SSET S
Cash and Due from B a n k s.............. $ 744,697,535
Securities:
383,619,582
U. S. Government Securities . . .
Securities Issued or Underwritten
38,390,175
by U. S. Government Agencies .
3,465,750
Stock in Federal Reserve Bank . .
Other Securities............................. ____ 7,635,206
433,110,713
Loans:
Loans Guaranteed or Insured
by U. S. Government
15,694,675
or its Agencies.............................
Loans Secured by
38,339,207
U. S. Government Securities . .
905,121,900
Other L oa n s....................................
959,155,782
Mortgages:
U. S. Government Insured
16.290.988
F.U.A. M o rtg a g e s......................
Conventional First Mortgages
25,000
on Real Estate.............................
16.315.988
21,934,217
Banking Houses and Equipment . .
Customers’ Liability for
70,097,155
Acceptances Outstanding . . . .
Accrued Interest and
9,309,867
Other Assets....................................
Total A sse ts................................ $2,254,62 1,257
GEORGE A. MURPHY
Chairman of the Board
WILLIAM E. PETERSEN
President
THOMAS C. FOGARTY
President
C o n tin e n ta l C a n C o m p a n y , In c .
I. J. HARVEY, JR.
Chairman,
T h e F lin t k o t e C o m p a n y
ROBERT C. KIRKWOOD
President,
F . W . W o o lw o r t h C o .
DAVID L. LUKE
President,
W e s t V ir g in ia
P u lp a n d P a p e r C o m p a n y
J. R. MacDONALD
Chairman and President
G e n e r a l C a b le C o r p o r a tio n
W. G. MALCOLM
President
A m e ric a n C y a n a m id C o m p a n y
w.
john
President
M cG o v e r n
N a t io n a l A s s o c ia tio n o f M a n u fa c tu r e r s
MINOT K. MILLIKEN
Vice President and Treasurer
D e e r in g M illik e n , In c .
DON G. MITCHELL
President,
G e n e r a l T e le p h o n e &
E le c t r o n i c s C o r p o r a t i o n
E I A Iti I .I T I I Î S
ROY W. MOORE
D eposits..................................................$1,998,540,101
Taxes and Other E xpenses..............
21,058,241
Dividend Payable January 3,1961 . .
2,122,416
Acceptances: Less Amount in
Portfolio...........................................
74,348,414
Other Liabilities...................................
7,961,924
Total L iabilities.........................
2,104,031,096
Chairman,
C a n a d a D r y C o r p o ra tio n
PETER S. PAINE
President
N e w Y o r k & P e n n s y lv a n ia C o ., In c .
LeROY A. PETERSEN
President,
O tis E le v a to r C o m p a n y
DONALD C. POWER
Chairman of the Board
G e n e r a l T e l e p h o n e & E le c t r o n i c s
C A P IT A L
C o r p o ra tio n
ACCO U N TS
Capital Stock {5 ,3 0 6 ,0 4 0 shares— $10 par)
53,060,400
S u rp lu s...............................................
62,463,120
Undivided P r o f i t s .............................
35,066,641
Total Capital Accounts.................
150,590,161
Total Liabilities and
Capital Accounts......................... $2,254,621,257
RAYMOND H. REISS
President
R o n t h o r R e is s C o r p o ra tio n
E. E. STEWART
Chairman of the Board
and Chief Executive Officer
N a t io n a l D a ir y P r o d u c ts C o r p o ra tio n
RICHARD H. WEST
Chairman of the Executive Committee
U. S. Government Securities pledged to secure deposits and fo r
other purposes amounted to $139,852,208.
M E M B E R
F E D E R A L
D E P O S I T
FRANCIS L. WHITMARSH
N ew Y ork , N . Y .
I N S U R A N C E
C O R P O R A T I O N
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
52
Meetings, Promotions
1st o f
C h ic a tfo I
Capital.
Nam es New D irectors . Officers
T THE annual meeting of the
Two new directors added to the
shareholders of The First Nation board are Remick McDowell, presi
al Bank of Chicago all directors nowdent of the Peoples Gas, Light & Coke
serving were re-elected except Frank Company, and John E. Swearingen,
0. Prior, former chairman of the board president of Standard Oil Company
of Standard Oil Company (Ind.), who
(Ind.).
has retired and did not wish to stand
The shareholders also approved an
for re-election.
increase in the capital stock of the
bank from $125,000,000 to $150,000,000
by the issuance of a $25,000,000 stock
dividend. This increase recommended
by the board on October 14, 1960, was
also approved by the Comptroller of
the Currency.
The stock dividend is on the basis
of one new share for every five shares.
M c D O W E L L S W E A R IN G E N B L E T T N E R
The bank’s surplus stands at $145,000 ,000 , so that it now has a combined
capital and surplus of $295,000,000.
Following the board meeting, Ho
mer J. L iv in g s to n , chairman, anserved in various departments.
George B. Rogers, assistant general
counsel in the law department, was
elected vice president and associate
NEW HALL
KECK
G AIN ES
general counsel.
Mr. Livingston also announced the
addition to the bank’s staff of Tilford
C. Gaines, who was elected a vice
president in the government bond de
partment. Mr. Gaines has been assist
ant vice president of the Federal Re
serve Bank of New York in the eco
nomic research department.
Richard B. Keck, formerly assistant
comptroller of the auditing depart
ment, was elected comptroller and
On the city ’ s m ost fam ous
made head of the department succeed
thoroughfare, 5th Avenue in
ing Charles Z. Meyer who retired at
exclusive Washington Square.
the end of last year under the bank’s
Spacious single rooms from $10
pension plan. Roy E. Johnson was
daily. With air-conditioning from
elected assistant comptroller.
$12-$14. Lavish 2 & 3 room apart
ments with serving pantries.
R. Kenneth Newhall, vice president,
Television available.
has been designated head of the interS P E C IA L R A T E S
nounced the changes which have
on a monthly
taken place in the bank’s official staff.
basis. Additional
A
Edward J. Blettner, vice president,
was promoted to senior vice president
and will continue as head of the term
loan division. Mr. Blettner has been
with the bank over 30 years, and has
national banking department. Clar
ence J. Ruethling was promoted from
assistant vice president to vice presi
dent of the same department.
In the trust department, William K.
Stevens was promoted to vice presi
dent; Graydon C. Nauman, assistant
vice president, and Marshall L. Zissman, trust officer.
In the commercial department, Rob
ert J. McCullough was named assist
ant vice president in Division “C,” and
Lawrence J. Berry, assistant vice pres
ident in Division “F.”
Newly-elected officers are L. Robert
Sawvell, assistant cashier in Division
“J” ; Richard L. Thomas, assistant cash
ier in Division “ C,” and Charles S. R.
Dunphy, assistant cashier in the credit
department. Kenneth G. Arnesen was
elected assistant attorney in the law
department.
Landen Named President
The directors of The Central Na
tional Insurance Group of Omaha
have promoted J. Earl Thompson
from president to vice chairman of
the board of directors.
ONE OF NEW YORK’S
FINER HOTELS
substantial
savings, on
unfurnished and
furnished
apartments
on lease.
lilSjS
!P i
J. E. T H O M P S O N
INVESTMENT
COUNCIL
OF S TE A D Y G R O W TH
IN M E M B E R S H IP
Through Assisting Community Banks
“ FROM
TH E TR U S T V IE W P O IN T "
For information on the Council’s services, write Dept,
nw-13
S T U D L E Y , SH U P E R T
Trust Investment Council
2 4 FIFTH A VE N U E a t 9 t h STREET
Marthwestern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
JR.
Clarence L. Landen, Jr., executive
vice president, has been named pres
ident of The Central National Insur
ance Company and The Protective
National Insurance Company.
years
TRUST
c. L. L A N D E N ,
1617 Pennsylvania Boulevard, Philadelphia 3
155 B erkeley Street, Boston 16
53
T H E
TRUSTEES
THOM AS
H A N O V E R
Statem ent o f Condition , December 31, I960
M . BANCROFT
President
Mount Vernon Mills, Inc.
W IL L IA M
Cash and Dae from B a n k s ...............................£
6 1 5 ,8 0 1 ,8 4 1
B. CLARK
President
Coats & Clark Inc.
L. L. C O L B E R T
Chairman of the Board and President
Chrysler Corporation
JOH N
ASSETS
A. M . BURDEN
United States Ambassador
to Belgium
JOHN
B A N K
A. COLEM AN
Partner
Adler, Coleman & Company
R IC H A R D
G. CROFT
Chairman of the Board
Great Northern Paper Company
J A R V IS C R O M W E L L
President
Iselin-Jefferson Financial Co., Inc.
M O R S E G . D IA L
Chairman of the Board
Union Carbide Corporation
W ALTER
G.
U. S. Government O b lig a tio n s..........................
State, Municipal and Other Securities.
.
.
.
4 4 2 , 24 0 ,8 8 8
4 7 , 8 2 8 ,0 4 0
L o a n s ..................................................................
9 7 5 ,6 8 0 ,4 6 4
Banking Houses and E q u i p m e n t ....................
6 ,2 8 1 ,4 9 5
Customers’ Liability on
Acceptances O u tsta n d in g ...............................
8 5 ,7 5 7 ,5 6 1
Accrued interest and Other Assets . . .
1 8 , 6 7 5 ,3 0 8
.
£ 2 , 1 9 2 , 2 6 5 ,5 9 7
D U N N IN G T O N
Attorney
Dunnington, Bartholow and Miller
W IL L IA M
S. G R A Y
Chairman of the Board
L IA B IL IT IE S
R E E SE H . H A R R IS , JR.
Executive Vice President
J. V IC T O R
JOHN
Deposits.................................................................... £ 1 , 8 8 5 ,7 2 1 , 1 7 0
HERD
Chairman of the Boards
America Fore Insurance Group
A c c e p t a n c e s .............................. £
9 2 , 89 4 ,8 0 8
E. H E Y K E
In P ortfolio ..............................
5,545,27!
8 7 ,3 4 9 ,5 3 7
C. J A R E D I N G E R S O L L
Chairman of the Board
Muskogee Company
Reserves for 'Faxes, Expenses, etc........................
1 8 ,4 7 5 ,7 6 2
Jo
Dividend Payable January 3,
President
The Brooklyn Union Gas Company
s e p h
. M
h
cC o n n e l l
Executive Vice President
Reynolds Metals Company
E U G E N E J. M c N E E L Y
Executive Vice President
American Telephone and
Telegraph Company
R . E. M c N E IL L , JR.
President
J. K . O L Y P H A N T , J R .
New York
1 9 6 1 .....................
2 ,2 5 0 ,0 0 0
Other L ia b ilities...................................................
I 2 ,3 9 5 ,8 9 3
Capital
(£ 10
P ar)......................... £
4 5 ,000,0 0 0
S u r p lu s .............................................. 1 0 0 ,000,0 0 0
Undivided Profits................................ 4 1 ,0 7 3 ,2 3 5
1 8 6 ,0 7 3 ,2 3 5
RO BER T G . PAGE
£ 2 , 1 9 2 ,2 6 5 ,5 9 7
President
Phelps Dodge Corporation
G W IL Y M
A . P R IC E
Chairman of the Board
Westinghouse Electric Corporation
U. S. Government obligations and other securities carried at $ 1 0 6 ,0 5 5 ,8 4 6
L U C IU S F. R O B I N S O N , JR.
Attorney
Robinson, Robinson and Cole
JOHN
were pledged for various purposes as required by law.
P. S T E V E N S , JR .
Chairman of the Board
/ . P. Stevens & Co., Inc.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M EM BER
FEDERAL
D E P O S IT
IN S U R A N C E
C O R P O R A T IO N
Nort hwest ern Banker, February, 1961
54
A mv vivan ]\uítonal Sitfits Lvnsv:
. t o non tu-fs Expansion l*rot/ratn
OLLOWING a special meeting of with two additional floors in the build
the board of directors of the Amer ing, plus options for expanding onto
ican National Bank and Trust Comsix more floors,” Mr. Stern stated.
“The signing of the long-term lease
pany of Chicago, Lawrence F. Stern,
chairman of the board, announced that should put an end to the recent ru
authorization was obtained to sign a mors concerning the possibility of
new 20 -year lease on the bank’s quar American National merging with an
other bank,” Mr. Stern continued. “We
ters at LaSalle and Washington.
“The new agreement provides us believe in the future of Chicago and
F
1961 P L A N S include the installation of this IB M reader-sorter in the newly-leased
ninth floor of the Am erican N ational Bank and Trust Company in Chicago. W arren C.
flum e (rig h t), midwest regional manager of I B M , points out how the machine “ reads”
and sorts the magnetic imprinted checks to R obert E . Straus, Am erican N ational pres
ident.
DIRECTORS
Arthur S. Kirk
Chairman of the Board
Jonathan M. Fletcher
of the LaSalle Street financial commu
nity and we feel that, within the
framework of Chicago’s dynamic econ
omy, there is a real need for a bank
like ours where both small and large
customers can get personal as well as
efficient service.
“Our growth for the past 20 years
has been consistent and very satisfac
tory,” he stated. “ In 1939, deposits at
year-end totaled $69.6 million, and as
of year-end 1959, deposits had risen to
$420 million. During 1960 we had a
growth in average deposits of approxi
mately $20 million, and we feel that
our present location is ideal for con
tinuing this pattern.
“Our proximity to the proposed $67
million city-county government cen
ter, the Marina City buildings, and
other announced projects in the near
north and loop areas have reaffirmed
our faith in the future of our LaSalle
Street quarters,” he said.
Commenting upon the need for addi
tional space, Mr. Stern said, “One en
tire floor will be devoted to our ultra
modern electronic check-handling cen
ter. We are spending more than $2
million to remodel the ninth floor and
purchase the finest data processing
equipment available. This equipment
will enable us to process the ever-in
creasing amount of checks with a
H O M E FED ER A L
Savings and Loan Association of Des Mo/nes
SIXTH
AND
GRAND
DES M OINES
9,
IOWA
STATEMENT OF CONDITION, DECEMBER 31, 1960
P residen t
John R. Buckley, Jr.
Senior Vice President and
Secretary
William M. Babcock
Senior Vice President
Harold J. Howe
General Counsel
Joseph N. Chamberlain
Real E sta te and Insurance
Roswell Garst
G arst and Thomas
H ybrid Seed Corn Co.
John Hawkinson
ASSETS
Cash and U. S. Bonds
Cash on Hand and in Banks .................................... $ 1,407,099.87
U. S. Government Agency Securities .....................
1,250,000.00
U. S. Treasury Securities ............................................ 6,585,639.25
Stock in Federal Home Loan of Des Moines ....................................
First Mortgage Loans
Conventional Loans ......................................................... $40,094,771.27
G. 1. Loans ........................................................................... 11,434,515.07
F. H. A. Loans .............................
10,690,817.02
F. H. A. Improvement Loans ........................................................ ...............
Loans on Savings Accounts ..........................................................................
Real Estate Sold on Contract .......................................... .........................
Real Estate in Judgment Subject to Redemption ............................
Real Estate Owned ..............................................................—........... ..............
Home Federal Building, Equipment and New Building Site ......
Other Assets ................................................................................................. .......
C entral L ife Assurance Co.
$ 9,242,739.12
1,050,000.00
62,220,103.36
34,058.22
153,930.76
70,822.99
27,415.08
43,100.86
1,180,209.59
24,471.12
$74,046,851.10
John B. Hemminger
D en tist
M. H. Votruba
Hedo Zacherle
The R egister and Tribune Co.
LIABILITIES
Savings Accounts .............
$66,910,489.84
Advances from Federal Home Loan Bank of Des Moines ............
1,600,000.00
Loans in Process .........................................
672,492.88
Advance Payments by Borrowers for Taxes and Insurance........
599,792.19
Other Liabilities ...................................................................................................
107,659.64
Specific Reserves .............. ............................ - ...................................................
12,048.64
Reserves
General Reserves ........ ....................................................... $3,994,295.43
Unallocated Reserves
......... .................... .............
150,072.48
4,144,367.91
$74,046,851.10
MEMBER FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
oo
speed and accuracy undreamed of a
few years ago.”
In addition to the acquisition of
more space, plans are being made to
automate the four elevators which
serve all 11 bank floors. Also, more
attractive and larger facilities for the
bank’s staff, such as an improved and
modernized cafeteria and lounge areas,
are contemplated.
The lease was negotiated by George
S. Lurie, on behalf of the Lurie Com
pany, owners of the building.
H o n o r 3 R etirin g M en
At a reception in the Mid-Day Club
last month, attended by their associ
ates, three officers of The First Na
tional Bank of Chicago who retired
December 31 under the bank’s pension
plan, were presented with fare
well gifts by Homer J. Livingston,
chairman of the board. Honored were
Charles Z. Meyer, senior vice presi
dent and comptroller; Clarence B. Jennett, vice president, and John J. Feeley, assistant vice president, whose
combined years of service to the bank
total 138 years.
Bank o f C a lifo rn ia O ffice
The Bank of California, N.A., has re
ceived approval from the Comptroller
of Currency to establish an office in
San Mateo, President Edwin E. Adams
announced. The office will be located
in the new Bank of California Build
ing on El Camino Real and 4th Ave
nue. Construction is slated to begin
early in February, with completion
scheduled for late fall of this year.
The Bank of California is the oldest
incorporated commercial bank in the
west. Established in 1864, the bank
enjoys the distinction of being the
only national bank in the U. S. with
direct offices in three states.
In addition to its California offices,
the bank operates large branch offices
in Portland, Ore., and Seattle and Ta
coma, Wash.
The Bank of California has penin
sula offices in Burlingame Plaza, Town
and Country Village in Palo Alto, and
their newest office, which opened Jan
uary 3, in San Carlos at 787 Laurel.
90
Y E A R S OF
CHECK
PROTECTION
The first patents for safety paper were
granted to George La Monte in 1871.
90 years ago the primary responsibility
of safety paper was to provide protection
against alteration and counterfeiting.
Today the changing demands of the bank
ing industry have added responsibilities
for improved printability and strength for
mechanized check handling.
Now, as 90 years ago, La Monte is meeting
all these requirements. For checks that are
both safe and sortable specify La Monte
Safety Papers.
C h ristm as C lu bs G ain
Christmas Savings Club account
holders throughout Illinois received
$42,954,262 from their banks this past
Christmas, Donald M. Carlson, presi
dent of the Illinois Bankers Associa
tion and president, Elmhurst National
Bank, announced. A recent survey by
the Illinois Bankers Association re
vealed that approximately 400,000 sav
ers, over half of them outside the
Chicago-Cook County area, deposited
more than $108 each in Christmas
' TH E
l W A V Y L IN E S ®
C 3
-
A RE A
LA M O N TE
TR A D E-M A R K
safety paper for checks
AT
GEORGE
LA M O N T E
& SON
* NUTLEY
10,
NEW JERSEY
Northwestern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
56
Interstate Finance Corporation
and Subsidiaries
3 6 t h Yea r of Service
Clubs. “These figures represent a
healthy increase over the two preced
ing years,” Mr. Carlson said.
“Every year more of our state’s
banks are climbing on the Christmas
Club bandwagon,” Mr. Carlson said.
“Already the bankers throughout the
state are encouraging new and regular
customers to enroll in 1961 Christmas
Clubs.”
INVESTMENTS . . .
C O N S O LID A T ED
B A LA N CE SHEET
ASSETS
Cash
United States
Government obligations
Notes and accounts receivable
Deduct reserves for deferred
income and losses.............
Other receivables, deferred charges
and prepaid expenses
Vehicles used in operations, less
reserves for depreciation
Real estate— home office
Furniture and fixtures
November 30
1959
I960
$ 4,870,235.61 $ 3,942,223.56
105,145.61
39,919,500.01
167,160.81
32,907,310.43
(3,447,617.20)
(2,802,633.15)
698,789.14
520,341.89
141,264.30
100,000.00
1.00
104,346.64
25,000.00
1.00
$42,387,318.47
$34,863,751.18
LIABILITIES AND NET W O RTH
Notes payable— short term
Other payable and accruals
Accrued taxes
..............
Reserves
Long-term notes payable .....
Subordinated promissory note
Capital Debentures (subordinated)
Net worth:
Capital Stock
Surplus .....
Total Net Worth
Total net worth and
subordinated debt
$23,522,500.00
918,017.64
383,948.28
817,489.12
6,000,000.00
3,400,000.00
2,000,000.00
$21,361,000.00
799,200.72
435,044.59
744,245.46
3,000,000.00
2,400,000.00
1,000,000.00
2,427,260.00
2,918,103.43
2,444,735.00
2,679,525.41
$ 5,345,363.43
$ 5,124,260.41
10,745,363.43
8,524,260.41
$42,387,318.47
$34,863,751.18
Write for annual report and information on short term notes.
DAVID B. CASSAT, PRESIDENT
GEORGE L. CASSAT, EXECUTIVE VICE PRESIDENT
O FFICES
IN
IOWA - ILLINOIS - WISCONSIN - KANSAS - OKLAHOM A
Home Office - Dubuque, Iowa
Nort hwest ern Banker, February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
196J
(Continued from page 28)
the purpose would be to lower long
term yields and raise short-term
yields.
But any official move to depress
long-term rates would likely drive pri
vate investors out of long-term con
tracts into short-term contracts re
gardless of how low the short yields
might fall. And, in the end, little or
nothing would be accomplished to
ward the end favored by the academi
cians. Conceivably, the flight into
short investments could take on flood
size and make the end situation worse
than that prevailing at the beginning.
Anyway, the market for government
securities in recent weeks seems to
have made a serious reappraisal of the
forces that carried many Treasury se
curities in late December to the high
est prices of the year. Within a few
days after the turn of the year even
Treasury obligations due in two years
or so underwent sharp price declines
—declines running to as much as fiveeighths of a point. Among the long
Treasury bonds, the declines extended
to two points or so, with yields, which
had drifted below 3.90 per cent, reap
proaching 4 per cent.
Banks Switch Portfolios
The early January exchanges of
Treasury securities of short-intermedi
ate maturity did not take long to re
veal a new pattern of commercial
bank transactions. Whereas the De
cember portfolio switches of the de
posit institutions showed that the
banks were buying Treasuries of
longer maturity than those they were
selling, the January transactions made
for a reverse pattern, the shortening
of maturities rather than the length
ening.
Both patterns, of course, reflected
the striving of banks for tax advan
tages. For many banks, 1960 had
been a “ loss year” for investment ac
count bookkeeping purposes. The De
cember portfolio-lengthening switches
reflected the decisions imposed by the
“loss year.” However, many banks
are viewing 1961 as a “profit year” for
investment management p u rp oses.
Such institutions were quick to take
profits right after the turn of the year
57
and to switch into shorter-term invest
ments.
This flurry of shortening of bank in
vestments could not help imparting a
sobering influence on the government
bond market, especially in the wake of
the sharp price markup in December.
Two Other Influences
Alone, the bank portfolio operations
might have carried limited bearish im
plications. But accompanying them
were other influences worthy of pon
dering by the market professionals.
First was report of an indicated
budget deficit of from $5,000,000,000 to
$1 2 ,000 ,000,000 for the first year of the
new administration in Washington.
The financial community has had a
lot of postwar experience with budget
deficits of the federal government. One
thing has been sure; they do not make
for higher bond prices.
Secondly are the repeated predic
tions of business improvement before
the new year is far advanced. There
are no signs yet of a sizable business
upturn, but in the financial community
those interests that wait for the full
confirmatory statistics often miss the
market bus.—End.
Bank o f N ew Y o r k
Ralph H. Nay has been named a
vice president of The Bank of New
York, according to a recent announce
ment by Albert C. Simmonds, Jr.,
chairman. Mr. Nay, who was graduated
from Harvard University in 1923,
joined the bank in 1925. He became
assistant treasurer in 1951 and assist
ant vice president in 1957. He will
continue his duties in the credit de
partment.
Seattle-First N ational Bank
STATEMENT
AT
CLOSE
OF
The newest oceanfront hotel at
Fort Lauderdale, Fla., is the Lau
derdale Ruttger, a three-story struc
ture with an oriental theme blended
with modern throughout the hotel.
Guests will find 95 units, divided into
60 hotel rooms and 35 efficiencies.
Plans call for future expansion to 250
rooms.
This beautiful resort hotel includes
a dining room and cocktail lounge
with seating capacity for 175 persons,
as well as an elaborate lobby, card
room, shop area and pool and patio
area. Extensive use is made around
the swimming pool, dining room, cock
tail lounge and other areas of a Far
East motif, using Japanese plantings,
lanterns, wall decorations and architec
ture.
All units in the hotel are angled to
face the ocean. Balconies are located
between each unit. The Lauderdale
Ruttger has 200 feet of private beach
directly on the Atlantic, and there are
no adjoining hotels.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CONDITION
BUSINESS,
DECEMBER
31,
I960
RESOURCES
Cash and Due from Banks . . $237,862,356.19
U. S. Government Securities . . 173,629,341.76
State and Municipal Securities .
56,483,368.59
Other Bonds and Securities . .
5,999,098.14 $ 473,974,164.68
521,612,061.45
Loans and Discounts.............................................
1,800,000.00
Federal Reserve Bank S to c k ..............................
Bank Buildings, Vaults, Furniture and
14,527,015.46
Fixtures, etc.....................................................
4,104,267.45
Interest Earned Not R e c e iv e d .........................
Customers’ Liability Under
8,272,057.03
Letters of Credit and Acceptances . . . .
TOTAL .............................................
$1,024,289,566.07
LIABILITIES
Capital S t o c k ..............................$ 25,000,000.00
S u r p lu s ........................................
35,000,000.00
Undivided Profits.........................
19,108,418.66 $ 79,108,418.66
11,463,165.03
Reserve for Interest, Taxes, etc..............................
6,880,118.84
Discount Collected Not E arned..............................
8,272,057.03
Letters of Credit and Acceptances.........................
918,565,806.51
D ep osits......................................................................
TOTAL .................................................. $1,024,289,566.07
DIRECTORS
V C 'L N E Y R IC H M O N D , J R .
C H A R L E S H . IN G R A M
LA W R EN C E M. A RN O LD
ideal R esort C o n d itio n s
OF
W ELLW O O D E. BEA LL
Senior Vice President,
Boeing Airplane Company
RO B ERT S . B EA U PR E
C H A R L E S D. S A U N D E R S
W IL L IA M M . J E N K IN S
W IL B U R W . S C R U B Y
Seattle
Vice Chairman
H E N R Y B R O D E R IC K
A LFR ED SH EM A N SKI
E R IC A . JO H N S T O N
President, Henry Broderick,
Inc.
F R A N K H . B R O W N E L L , JR .
President, Motion Picture
Producers and Distributors
of America, Inc.
R IC H A R D E. L A N G
Seattle
Chairman, Lang & Co.
C H A R L E S F . C L IS E
Chairman,
Executive Committee
President, First National
Bank of Everett
F R A N K E . JE R O M E
President
President, Eastern Outfitting
Company
W IL L IA M
President, Perham Fruit
Corporation
O. D . F IS H E R
P A U L P IG O T T
Chairman, Fisher Flouring
Mills Company
E L B R ID G E H . S T U A R T
Chairman, Carnation
Company
President, H. C. Henry
Investment Company
J. A . SW A LW ELL
Seattle
G EO RG E VAN
President, Pacific Car and
Foundry Company
Chairman, Simpson Timber
Company
FEDERAL
D E P O S IT
W A TERS
Chairman, Van Waters
Rogers, Inc.
&
K A T H E R Y N W IL S O N
W . G . R EED
L. C . H E N R Y
S . STREET
President, Frederick & Nelson
B. A . P ERH A M
President, Securities
Mortgage Company
M EMBER
President, Northern
Commercial Company
Director, Weyerhaeuser
Company
Chairman
IN S U R A N C E
Director, Simpson Timber
Company
C O R P O R A T IO N
Nort hwest ern Banker, February, 1961
58
To P rom ote Tax
IVE bankers’ organizations have associations and mutual savings banks
announced their unanimous agree should be subjected to the payment of
ment on basic principles regarding taxFederal income taxes in such a man
uniformity measures which they rec ner that such institutions cannot es
ommended for in tr o d u c tio n when cape fair taxation.
Congress reconvened in January.
The American Bankers Association,
F P R A R eg io n a l W ill
The Association of Reserve City Bank
Be in D es M o in es
ers, The Bankers Committee for Tax
Program details for the North Cen
Equality, The Independent Bankers
tral
regional spring conference of the
Association, and The Roth Committee
have embarked upon a coordinated Financial Public Relations Association
program to achieve more uniform tax are being completed at this time. The
treatment of commercial banks, mu meeting will be held in Des Moines,
April 9 and 10 at
tual savings banks, and savings and
Hotel K irk w ood .
loan associations.
Chairman is Ed
The associations have held meetings
win F. Peters, ex
to re-evaluate last year’s bills and to
ecutive vice presi
restate their unanimous agreement on
dent of the First
the following basic principles:
F e d e ra l S t a t e
1.
In order to equalize Federal in
Bank, Des Moines.
come tax responsibility between com
The North e n
peting financial institutions, the 12
trai area is com
per cent bad debt reserve formula
p rise d of Iowa,
contained in the present revenue act
N ebraska, South
E.
F.
PETER
S
for savings and loan associations and
Dakota, North Da
mutual savings banks should be re kota, Minnesota and Wisconsin. A
pealed, making such institutions sub
number of registrants also are ex
ject to the same method of determin
pected from Illinois and Missouri, ac
ing their bad debt reserves as other cording to Mr. Peters.
financial institutions.
The program will start with a social
2 . Earnings of savings and loan
function Sunday evening, April 9, and
F
r
Do your
hove questions about
Custom Duties in
Canada?
Custom duties are highlighted in
“ Y o u r G u id e to B u s in e s s in
C a n a d a ’ ’ a lo n g w ith fa c t s on
C anadian ta xe s, how to form a
bu sin ess in Canada and other
essen tia l su b jects which m ay in
tere st your clie n ts. Write on your
letterhead for th is new 48-page
brochure published by C an ad a’s
First Bank as a service to U .S .
execu tives.
B
M
a n k
,
o f
o n t r e a l
825 Branches Across Canada
ro
um
m cea m
h a d i a h s
to iI mmt u
mm
New York: T w o W a ll S t.
QjJjjJ
San Francisco: 333 California St.
Chicago: 141 West Jackson Blvd.
Head Office: Montreal
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
business se s sio n s are sch ed u led
throughout the day on Monday, April
10 .
Other regional meetings will be held
in Phoenix, April 7, and in Oklahoma
City, April 12.
Iowa P & L B o n d Issue
The board of directors of Iowa
Power and L ig h t Com pany, Des
Moines, last month accepted the high
bid of 99.72 submitted by a group of
underwriters headed by The First Bos
ton Corporation for $10,000,000 princi
pal amount of first mortgage bonds,
4% per cent series due 1991. The
bonds will be offered to the public to
yield 4.60 per cent with a resulting
cost of money to the company of 4.642
per cent. The bidding for these bonds,
understood to be the first similarly
rated utility bonds to reach the mar
ket in 1961, was participated in by
eight groups of underwriters. The re
sulting difference between the high
and low bids was only .051 percentum
points.
This sale of bonds completes Iowa
Power’s current financing program
which also included the issuance and
sale of 100,000 additional shares of
common stock in December, 1960. The
company is using the proceeds to re
tire outstanding short-term bank loans
and to apply to the cost of its con
struction program.
K eo g h A d d re sses T ru st M en
Representative Eugene J. Keogh, of
New York, long an advocate of pen
sions for the self-employed, will be a
major speaker at the 42nd Mid-Winter
Trust Conference of The American
Bankers Association’s trust division at
The Waldorf-Astoria in New York,
February 6 -8 . About 2,500 delegates
and wives are expected to attend.
Announcement that Representative
Keogh would speak on the legislation
that he has sponsored in several past
sessions of Congress was made by
Robert R. Duncan, trust division pres
ident and chairman of the board of
Harvard Trust Company, Cambridge,
Mass. A number of other speakers at
the annual three-day meeting were
announced last month.
The Trust Conference will hear also
from the presidents of the American
Bar Association and The American
Bankers Association.
Federal Home Loan Bank of Des Moines
DES MOINES, IOW A
Statement
of
Condition— December 31,
1960
ASSET S
Cash ............................................................................................................................... $ 3,783 697.53
Investments .................................................................................................................. 75,611,888.45
Advances Outstanding ............................................................................................. 117,135,628.71
Accrued Interest Receivable..................................................................................
415,520.71
Deferred Charges ........................................................................................................
21,083.50
Other Assets ..............................................................................................................
510.39
Total
Assets
........................................................................................................ $196.968,329.29
L I A B I L I T I E S
AND
CAPI TAL
Deposits ....................................................................................................................... $ 58,431,144.44
Accrued Interest Payable.........................................................................................
1,457,492.96
Dividends Payable— January 12, 1961...............................................................
916 230.40
♦Consolidated FH LB Obligations.........................
70,185,000.00
Unamortized Premium onConsolidated Obligations...................................
41.886.06
Capital Stock— Members ........................................................................................
61,462 800.00
Surplus Earned ...........................................................................................................
4,473,775.43
Total Liabilities and Capital.......................................................................$196 968,329.29
♦Consolidated Federal Home Loan Bank Obligations now outstanding, in the amount
of $1,266,265,000.00, are the joint and several obligations of all Federal Home
Loan Banks.
59
Your eyes and ears in C h ica g o ...
Accurate information, straight from the horse’s
mouth . . . (or wherever it is to be found) . . . is
why our many correspondent banking friends
advice . . . transferal of funds . . . transit service
around the clock . . . clearings. Small enough to
use City National as their eyes and ears in
provide the personal attention each job needs.
You always deal with an officer at City National.
Chicago.
Big enough to handle all correspondent bank
or fro m Chicago, call on City National. W e ’d
ing transactions . . . buy and sell . . . portfolio
like to do business with you.
Whenever you need diligent eyes and ears in
$ \v
Member
Federal Deposit
C
I T
Y
r*f. V «
i o
r%',v a „ 1 5 ,v
a
Insurance
Corporation
ANI> TRUST COMPANY OF CHICAGO
2 0 8
S o u t h I^ a S a l l e
S tre et • F R a n k lin
2 -7 4 0 0
Copyright C ity National Bank and Tru st Company of C hicago, I960
Northwestern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
60
Itaiseif. Stuart Hires ifWO
Year-End Hand Surret§
CORPORATE bond volume in 1960
A probably exceeded that of 1959,
while tax-exempt bond volume was
only slightly behind the record set in
1959, in the face of one of the bond
market’s “more confusing years,” Hal
sey, Stuart & Company, Chicago, re
ported in its annual year-end survey
of the nation’s bond market.
Likelihood of 1960 being a bigger
year than ’59 for corporate issues
despite 1960’s “uncertainties and lack
of buyer acceptance at times” was
based on a comparison of first-10 month offerings in the two years. Cor
porate volume totaled $6.6 billion in
the 1960 period as compared with $5.8
million in the comparable months of
1959. Tax-exempt bond offerings to
taled $7.2 billion in 1960, not quite
equal to 1959’s record of nearly $7.9
billion, but still very sizable, the sur
vey said.
Actions of the bond market during
the past 12 months were described as
“bewildering to underwriters at times
because of the lack of response to the
usual influences and sometimes fright
ening to buyers who were unusually
cautious.”
(
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Contributing to the confusion were
such factors as: failure of the antici
pated business recovery to materialize
(as reflected in the decline in inven
tory spending), which caused a down
ward revision of proposed expendi
tures for plant and equipment; politi
cal pressures; heating-up of the cold
war; and continuation of our gold
losses.
Bond Prices in I960
The relatively high interest rates
that carried over from late 1959 into
1960 attracted a considerable amount
of equity money into the bond market
this past year, Halsey, Stewart ob
served. Early in the year, with yields
higher for bills and short-term Treas
ury issues than for intermediate and
long-term issues, corporations found
the short-term market extremely at
tractive. “As a result, they practically
dominated it,” the survey noted.
‘‘Bill and short-term Treasury rates
continued to exceed intermediate and
long-term rates until March when a
fairly steady decline, more pronounced
for short-term issues, set in. This de
cline continued until early August
when bill rates reached about 2.13 per
cent and long-term Treasury bonds
about 3.56 per cent. Thereafter there
was a steady increase in rates for in
termediate and long-term Treasuries,
with a consequent increase in prices,
until December when there was sub
stantial improvement in prices for
long-term Treasury bonds.
“ Prices for tax-exempt bonds be
haved quite similarly, opening the
year at their lowest price (or highest
yield), reaching their highest price in
August and continuing near their high
since that time, except for a few weeks
in September and October when an
abundance of offerings temporarily
reversed the trend.
“The shift in Federal Reserve policy
toward greater credit ease (in 1960),
while not completely ignored in the
bond market, had but slight or short
lived effects on intermediate and long
term prices. Consequently, there was
a noticeable buyer preference for short
maturities pending clarification of the
trend for long maturities.”
There were but five corporate offer
ings of $100 million or more, the larg
est of which was American Telephone
& Telegraph’s offering of $250 mil
lion. This, together with the $567 mil
lion total offered by 12 of its subsidi
aries, accounted for more than $800
million of bonds in 1960.
Fewer big tax-exempt issues in 1960
than in ’59 account in part for their
lower volume, Halsey, Stuart said,
though there were seven in the $100
million or more category. The largest
single issue was a $200 million offering
by Chesapeake Bay Bridge and Tunnel
District, but the largest volume by a
single issuer came from the state of
California, whose seven offerings to
taled close to $400 million.
Volume Outlook for 1961
Corporate volume, though higher in
total in 1960, had declined toward the
end of the year. Further easing is
indicated for the first quarter and pos
sibly all of 1961. That tax-exempt of
ferings can be expected in substantial
volume, however, is indicated from is
sues already approved and those pro
posed, a total of close to $16 billion.
Greater tax-exempt volume could well
make up for any decline in corporate
offerings, the survey suggested.
Treasury financing in 1961 is an un
certain factor. How much it will need
to borrow and whether it will finance
in the long or short markets are im
portant questions. Though the Treas
ury is not likely to be a substantial
borrower in the first six months, re
funding of short-term issues or sub
stantial increases in spending by the
new Congress “could quickly bring the
Treasury back into the market for
new funds.”
Business as Usual for ’61?
As to the year ahead, Halsey, Stuart
had this to say:
“As we enter 1961, the fears and dis
appointments which characterized the
1960 bond market are slowly disap
pearing. Foreign central banks are
cooperating with the United States in
its efforts to stem our outflow of dol
lars and consequent loss of gold re
serves. Federal Reserve authorities
are expected to maintain their inde
pendence of action, providing ample
credit for the needs of the domestic
economy, but realizing full well that
any further efforts to ease short-term
rates must be tempered by judgment
of their possible international mone
tary repercussions. An ample supply
of funds is currently available for in
vestment in the long-term market
where rates are not low, historically,
and where further easing appears like
ly.”— End.
R etires at P h o e n ix Bank
Ralph E. Bruneau, a nationallyknown figure in mortgage loan cir
cles, retired as a Valley National Bank
senior loan officer last month.
A VNB executive for the past quar
ter century, Mr. Bruneau will con
tinue with the bank as a consultant
handling special assignments.
61
a
mathematical
The O /fc c rfw n c U
GIANT
in
a
compact desk-size package!
310 Controller-Computer
possesses versatility, capabilities and speed
equal to com p u ters m a n y tim es its size. It is the
logical “ M a s te r Control C e n te r” to m eet the
au tom a tio n requirem en ts of a n y bank.
T h e N a tio n a l 3 1 0 C o n t r o lle r -C o m p u t e r ...
program m ed for M I C R (M a g n e tic Ink C haracter
R ecog n itio n ) . . . uses the bankers’ C om m on
m ach in e L an g u ag e, and initiates an im portant
ad van cem en t in B A N K A U T O M A T I O N .
O /f^ â tlo n a Î 310
C ontroller-Com puter resu lts:
sorting and listing of local clearings
It provides com p u ter p ro gra m m in g to control the operations of
• the proved, practical P itn e y -B o w e s N a tio n a l M a g n e tic
S o rte r-R e a d e r
• the h igh speed L ister-P rin ter
transit item sorting and letter writing
&
• the high speed p ap er tape reader
punched paper tape reading and encoded punching
• the high speed p ap er tape punch
• P L U S edited prep aration of encoded pu n ch ed tape for autom ated
P O S T -T R O N I C m ach in e posting
daily account balance reporting
It provides a complete, legible
dally analysis of significant account balance movements
printed record for each phase of
the operation of the computer program!
F u lly au tom a ted posting of checking accoun ts b y au tom a ted N a tio n a l
P O S T -T R O N I C * m a ch in e s— PLU S high speed sorting and listing of
R All rO M ATED
daily posting routine
10
T O IVI A T E D
trial balance procedures
transit and clearings ite m s — are greatly facilitated , because all d ata
are correctly read . . . b y either block (w h ole) n u m b er or d igital recog
nition . . . edited, sequenced, listed an d encoded in p unched p ap er tape
. . .all con trolled b y the co m p u ter’s electronic m e m o ry an d storage.
Your nearby National representative will appreciate the opportunity
to discuss your bank’s entire automation program with you — from
basic input equipment to your choice of National Electronic Data
Processing Systetns. Call him N O W . . . it could be one of your most
important phone calls T O D A Y !
THE NATIONAL CASH REGISTER COMPANY,
10 39 O F F I C E S I N
121 C O U N T R I E S
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
D a y t o n 9, O h i o
* 77 Y E A R S O F H ELP IN G B U S IN E S S S A V E M O N E Y
Nort hwest ern Banker, February, 1961
62
Is l o tir Hun li A tuli tint/ Effective ?
(Continued from page 31)
ed to take the place of an internal
audit program.
An internal audit program for any
bank, large or small, must be tailored
to the peculiar needs of that bank.
The existing accounting procedures
and controls, the personnel, the vol
ume and type of business, even the
bank layout and its physical equip
ment, all must be considered in devel
oping an internal audit program. An
important part of such a program is
that it be reduced to writing—both the
procedures and the schedule.
The internal auditor, either full or
part-time MUST be responsible to and
report directly to the board of direc
tors. Too many internal audit pro
grams that are otherwise good lose
their value because the auditor (in
auditing functions) is under the super
vision of, and reports to, an operating
officer. This certainly poses a real
problem in some banks, but it must
be overcome if the internal audit pro
gram is to be an effective tool for the
directors.
Accounting and Control
Adequate accounting records and
procedures and a system of internal
check and control are basic require
ments for providing necessary safe
guards for the bank’s assets. It is not
enough that such procedures be mere
ly established—they must also be con
stantly supervised and kept up-to-date.
Changes in personnel or their duties,
volume of business, or new lines of
business, all have a bearing on the
adequacy or inadequacy of existing ac
counting records or controls. It has
often been found, under the pressure
of getting work done, that the bank
personnel itself may change estab
lished methods or procedures without
proper consideration for its effect on
internal controls. If internal controls
are to be effective, changes in operat
ing procedures without proper author
ization should not be permitted.
What is internal control? It is a
system whereby organizational respon
sibility is allocated in such a manner
that no single individual or group has
exclusive control over any one trans
action or group of transactions. Each
transaction must be cross-checked or
cross-controlled through the normal
work of another individual or group.
Effective internal control is so de-
vised that a transaction can be com
pleted only through prescribed oper
ating procedures of which the mechan
ism of internal check is an integral
part.
Principal Tools
Some of the principal tools for in
ternal control in a bank include:
1 . Dual control of such assets as re
serve cash, bank-owned securities,
unissued official bank checks and
drafts, consigned paper such as
travelers’ checks, and similar
items. I have yet to hear any
banker say that double custody
of these assets is unnecessary, but
it is surprising how many banks
do not put it into practice.
2 . Separation of duties as between
operating and recording functions,
or between custodian and account
ing functions.
3. Delegation of responsibility and
limitation of authority through a
system of authorized approvals.
4. Rotation of employees in “sensi
tive” positions.
5. Annual vacations must be taken
by all employees.
If you have not critically reviewed
accounting control procedures within
the last year or two, you should do so.
It is likely that some of the previously
prescribed procedures are no longer
being followed. There is a likelihood
that the operations of your bank have
changed sufficiently in the last year or
two to the extent that certain account
ing procedures should now be revised
so that internal controls function prop
erly.
Outside Assistance
P L A N N IN G
A NEW
BANK?
Use St. Paul’s engineering service
A V A IL A B L E
offers
a
W IT H O U T
specialized
bank
EXTRA
C O S T , th e S t. P aul
engineering
service
factor in our B an kers B la n k e t B o n d P olicy .
as
a
plus
M a n y banks,
large and sm a ll, con su lt w ith th e S t. P a u l a b o u t th e design
and con stru ction o f p rotectiv e e q u ip m e n t; w e regularly assist
b a n k s in
d e v e lo p in g s a fe g u a r d s to
h a n d le c u r r e n c y .
Ju st one m ore reason w h y m o st U p p er M id w e st ba n k s carry
S t. P a u l’s B a n kers B la n k e t B o n d coverage.
Q
F o r m o r e i n fo r m a t io n
HOME OFFICE:
call yo u r
3 8 5 W a s h in g t o n St.
S t. P a u l A g e n t t o d a y
St. P au l, M in n .
Nort hwest ern Banker. February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
For the banks that need assistance
or guidance in the matters discussed
in the preceding paragraphs the an
swer may lie in calling upon profes
sional help outside of the bank. The
use of the services of certified public
accountants who are familiar with
bank operations and examinations can
be invaluable to the officers and direc
tors. Each of you has a legal and
moral responsibility to your employ
ees, depositors and stockholders to
adequately safeguard the assets of the
bank and the certified public account
ant, through his training and experi
ence, can help you to meet this re
sponsibility. His services can be as
limited or as extensive as the condi
tions warrant or as the directors may
desire.
Let me repeat—directors’ examina
tions CAN be effective. In many banks
a few improvements may make the di-
63
rectors’ examinations adequate and
produce the desired results. The three
functions in safeguarding the assets
may be visualized as a triangle—one
side being the day-to-day accounting
record and controls, one side being the
internal audit program and the third
side, the directors’ examination. All
three of these functions are the re
sponsibility of the directors. How
good are your examinations?—End.
K ea rn ey W o r n a ll lle tire s
Kearney Wornall, vice chairman of
the board of directors of City National
B a n k & Trust
Company, Kansas
City, Mo., has an
nounced his re
t i r e m e n t as of
January 1, 1961.
Mr. Wornall be
came
affiliated
with City Nation
al in 1933 as vice
president w h e n
the bank merged
K. W O R N A L L
w i t h Broadway
Bank. He is a native of Kansas City
having attended both the University
of Missouri and the Kansas City
School of Law.
Mr. Wornall’s civic achievements
are legion: he served as general chair
man of the Community Chest Drive
in 1946, as chairman of the United
Funds Board, Inc. of Kansas City, as
president of the Chamber of Com
merce in 1947 and as a member of
both the Kansas City Board of Police
Commissioners and the William Volker Memorial Trust Fund Committee.
He has also served as president of
the Missouri Bankers Association and
as a member of the Reserve City
Bankers Association. Among his di
rectorships, he has listed the Wabash
Railroad, Marsh Steel and Common
wealth Theaters, Inc.
Known in the Southwest as a pi
oneer in the correspondent banking
field, Mr. Wornall remained one year
past City National’s retirement age at
the request of the board of directors
last year who were reluctant to lose
his valuable services.
100%
Stock D ivid en d
Stockholders, First National Bank of
Carthage, 111., voted a 100 per cent
stock dividend last month that will
increase capital stock from $50,000 to
$100,000 and the outstanding shares
from 500 to 1,000 at $100 per share.
F. J. Reu, president, said this will be
effected through a transfer of $50,000
from undivided profits to capital. Sur
plus also is $100 ,000, and total re
sources exceed $4 million.
In legends, rubbing a lamp activated a
genie to appear and perform miraculous
feats. Today, magic is performed by elec
tronic equipment. And, in mechanical
check handling there is magic in numbers
encoded in magnetic ink.
To be “ read” electronically, checks must
be produced according to exacting stand
ards. Bergstrom safety papers possess
the proper surface for both printing and
writing . . . they have been use-tested by
leading check printers and they have the
strength to withstand the rigors of ma
chine sorting. And, they are safe.
W e will be pleased to send you samples.
BERGSTROM
PAPER
COM PANY
NEENAH, WISCONSIN
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
64
Nation 's Hanks
Hr port it w o r d Earnin
ANKS all over the nation reported
B
new record levels in earnings,
loans, deposits and capital funds. De
posits and loan figures for a number
of the major banks in key banking
centers appear in a special chart on
another page. The following gives
•earnings, and in some cases new capi
tal figures, from some of these major
banks as taken from reports sent to
us by the banks at press time:
Chicago
a American National B & T—Record
net earnings of $3,380,388 before trans
fer to reserves, compared to $2,867,806
in 1959, an 18 per cent increase. After
reserves, earnings were $2,390,472,
compared to $2,029,356 in 1956. Chair
man Lawrence F. Stern said average
loans outstanding, net income, depos
its and capital funds all increased over
1959 totals.
a Continental Illinois Natl. B & T—
Record net earnings of $30,072,000 for
1960 were up 17 per cent over the
$25,598,927 earned in 1959. Per share
earnings were $10 .02 , compared with
$8.53 a year earlier. Capital accounts at
year-end were $285,265,519, compared
with $272,181,608 at the end of 1959.
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Expenses were up $9.2 million, with
$3 million more for salaries, $1.7 mil
lion for the profit sharing fund, $2
million increase in savings interest,
and $4 millon for other expenses.
■ Harris T & S—President Kenneth V.
Zwiener reported net operating earn
ings of $9,112,991, an increase of 6.05
per cent over 1959, for Harris and Chi
cago National combined. (The two
banks merged October 24, 1960.) This
represents $6.68 for each of 1,365,000
shares, compared to $6.25 on the same
shares. Gross operating earnings were
$42,591,795, up from $37,197,891.
a LaSalle National — Net operating
earnings for 1960 were $1,141,900 after
taxes, according to President Harold
Meidell, c o m pa r e d with $1,026,460.
Earnings were equivalent to $8.46 per
share, as against $7.60 for 1959.
a Northern Trust—Net operating earn
ings for 1960 were $7,146,000s compared
with N.O.E. of $5,746,000 in 1959. Earn
ings per share on 750,000 shares of
capital stock at the end of 1960 were
$9.53, and in 1959 it was $7.66.
* *
a Republic National, Dallas—President
James W. Aston reported total operat
ALL CHECK STYLES
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U N IT E D STA TE S C H E C K B O O K CO.
1311 H O W A R D S T R E E T
Nor t hwe s t er n Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O M A H A 2, N E B R .
ing income was $41,551,844, compared
with $38,087,763 in 1959, a 9 per cent
increase. Net operating income after
taxes hit an all-time high of $10,014,340, compared with $9,384,326 for 1959.
As in the previous six years, net oper
ating income was augmented in 1960
by payment on November 2 of a $2
million cash dividend to the bank by
The Howard Corporation, et al., the
shares of which are wholly owned by
and held in trust for the benefit of
Republic National shareholders. This
boosted net income to $12,014,340,
equivalent to $2.99 on shares outstand
ing. Last year it was $2.88 per share.
* * *
a National Bank of Detroit—Net oper
ating earnings were $18,182,346, or
$5.68 per share on the 3,200,000 shares,
an increase of 1 1 per cent over the
$16,316,857 or $5.10 per share in 1959.
Capital, surplus and undivided profits
at year-end were $165,489,613, an in
crease of $9.6 million.
Los Angeles
a California Bank — Chairman Frank
L. King said earnings were $9,431,998,
an increase of 10 per cent over the
$8,546,185 of 1959. Per share earnings
were $4.30, compared with $3.89. Book
value went from $32.73 in 1959 to
$34.35 in 1960. Total operating income
was $61,433,792, an increase of $7.8
million. Capital funds went up $3.5
million to $75,417,450 at year-end.
« Security First National—Net oper
ating earnings after taxes were $29,129,046, reports President Lloyd L.
Austin, compared with $26,003,238 the
year before. Per share this was $4.47
against $3.99. Capital funds went up
$17 million to $256 million.
* * *
■ First Wisconsin National, Milwau
kee—Net operating income after taxes
increased $932,000 over 1959 to an alltime high of $4,623,000. After payment
of dividend, capital funds, including
reserves, increased $4,900,000 to $60,975,000.
New York
Bankers Trust—N.O.E. after taxes
for 1960 totaled $32,339,325, or $4. per
share for the 8,077,900 shares outstand
ing, compared with $27,388,370 or $3.40
per share in 1959. Operating income
for the year was $131,767,230 against
$116.769,595 in 1959. Expenses were
$65,598,740, an increase of $4.2 million.
Total resources were $3,430,253,163 as
against $3,051,018,453.
« Chase Manhattan — Net operating
earnings (after taxes) for 1960 were
$74,276,783, or $5.53 per share, an in
crease of 14.9 per cent over the $64,634,545 or $4.81 per share of 1959. Tob
65
as told to
the readers
of
h* Here's where TOMORROWis being built TODAY!
...
i.ngcf
J
ri'hc H u n g r y f o r m o r e r o o m , f r e s h a i r ?
W e l c o m e to t h e H e a r t of A m e r i c a !
Is your b u sin ess grow ing? Does it need
room to stretch, room to operate, room to live?
Then welcome to Kansas City! A lot of other
fine firms enjoy it here, building cars and vending
machines, sewing garments and packing meat. . .
doing just about everything, and doing it well.
They like the short ride to work, and they’re
using tomorrow’s freeways today. They like firstrate schools and normal school hours. Prairie
town? We are a city of rolling hills, creeks,
museums and a Philharmonic Orchestra. Drop
in some day; take the five-minute cab ride from
the airport to the heart of the business district
and see what a growing city is really like!
City National Bank has been serving Kansas
City firms and families now for nearly 50 years,
anticipating the needs and demands of a young,
robust economy. The man in the street has
City National’s Patio Bank . . . with teller win
dows just one step from the sidewalk. City
National’s Motor Bank, established years ago,
was the first of its kind in the United States . . .
gave Kansas Citians today's banking yesterday.
In every area of domestic and international bank
ing service, City National is at least one step ahead!
C IT Y N A T IO N A L B A N K
and T ru st C om p an y of K A N S A S
C IT Y , M is s o u r i
On January 27th, the story of the Heart of America
is in the hands of 10 m illion Am ericans, from the
Atlantic Coast to Alaska and Hawaii. In a move
which we hope w ill be followed by other Kansas
City firm s, City National has sought to focus
national attention on the area and the com m uni
ties we serve. Th is is but one of many services
rendered by Kansas C ity’s truly national bank!
You're invited to join the more than 1000
banks and communities now served by
CITY NATIONAL BANK
a n d T r u s t C o m p a n y o f K a n s a s C ity , M i s s o u r i
10 T H
A GRAND
• KANSAS
C ITY
4-1, M I S S O U R I
Established 1913 • Member Federal Deposit Insurance Corporation
N o rth w estern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Sonker,
February,
1961
66
A
s
e
r
v
n
i c
i c
e
o
.
.
.
Among other things . . . AN I CO
has special facilities for admin
istering your credit insurance
program . ..
• prompt, unsurpassed service
• sound, continuing growth
Credit
Insurance
Division
Dallas 5,
Texas
AMERICAN
NATIONAL
INSURANCE
COM PANY
of GALVESTON, TEXAS
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
tal assets hit a new high of $9,260,439,172, up from $8,471,866,354. A 2 per
cent stock dividend increased capital
by about $3.2 million to $167,879,250 at
year-end; surplus is unchanged at $400
million, while undivided profits rose
to $121,060,921 from $91,570',700, giving
total capital funds at the end of 1960
of $688,940,171, against $656,158,200 for
1959.
a Chemical Bank New York Trust—
N.O.E. rose to a new record of $40,907,186, Chairman Harold H. Helm an
nounced last month. This is equal to
$4.83 per share on 8,476,590 shares, a 5
per cent improvement over the pre
vious year when earnings were $38,977,529, or $4.60 per share. Capital ac
counts totaled $413,226,398, compared
with $397,178,864 a year ago.
h First National City — Combined net
operating earning for the bank and
and the First National City Trust for
1960 amounted to $74.292,000 or $6.07
per share on 12,240,000 shares, com
pared with $67,962,000 or $5.55 per
share for 1959. Combined capital ac
counts were $790,038,000 or $64.55 per
share, compared with $765,110,000 or
$62.51 per share at the end of 1959.
a Hanover—Record N.O.E. of $18,516,000, or $4.11 a share in 1960, compare
with $15,882,000 or $3.53 a share in
1959 on 4,500,000 shares outstanding.
O p e ra tin g income was $70,622,000
against $62,335,000 in 1959. Capital
funds hit a new high of $186,073,000,
up from $177,037,000 at the end o f
1959.
a Trying Trust — Operating "“earnings
before taxes were $35,055,131 (after
expenses), up 19 per cent from the
1959 figure of $29,455,522. Net earnings
after taxes were $18,199,231, an 18 per
cent increase over 1959 earnings of
$15,359,422. Capital accounts increased
to $150,590,161 at year-end from the
$142,880,594 of 1959.
■ Manufacturers Trust—Net operating
earnings increased 10 per cent in 1960,
going up to $26,011,894 from the 1959
earnings of $23,645,448. Per share
earnings in 1960 were $5.6, compared
with $4.69. Capital funds of $244,498,024 at the end of 1960 were up $13,666,344 from the previous year.
a Morgan Guaranty Trust — N.O.E.
were $52,117,882, equal to $6.91 per
share, up 17.9 per cent from 1959 earn
ings of $44,204,198, or $5.86 per share.
Capital funds at year-end were $551,323,292 against $517,709,010 a year ear
lier.
Phoenix
■ First National—An increase of net
earnings of 12 .6 per cent took per
share earnings to $2.59 compared with
$2.45 for 1959. Operating income rose
from $16,476,545 for 1959 to $19,726,536
for 1960, a 19.7 per cent increase. Re
sources now exceed $386 million, with
capital funds of $24,077,345, a gain of
4 per cent.
a Valley National—New all-time highs
were noted in deposits, loans, re
sources and capital funds, President
Carl A. Bimson reports. N.O.E. were
$5,696,440, equal to $2.54 per share, and
in 1959 the figure was $2.38 per share.
Net profits totaled $7,578,861, including
bond profits of $2.8 million after taxes.
Capital went up $11,322,702 to a new
peak of $50,475,426, with $6 million
from the sale of stock during the first
half of 1960.
St. Louis
a First National — Chairman William
A. McDonnell stated net operating
ea rn in g s for 1960, a fte r taxes,
amounted to $5,044,081 or $5.96 a share.
The 1959 figures were $1,833,214 or
$5.71 a share. At year-end capital
funds amounted to $52,614,476 or $62.12
per share, as compared with $50,783,786 or $59.96 a share,
a Mercantile Trust — 1960 net operat
ing earnings were $6,820,621 or $3.75
per share, reports Board Chairman
Sidney Maestre. This compares with
$6,124,440 or $3.37 per share in 1959.
Capital funds increased in 1960 by
$3,232,128 to a total of $63,037,776 by
year-end for a book value of $34.73 per
share.
San Francisco
a Bank of America—All-time highs in
resources, deposits, loans and earnings
have been reached. President S. Clark
Beise said the nation’s largest bank
had resources on December 31 of $11,941,981,259, a gain of $272 million over
1959. Net operating earnings amounted
to $93,228,177, or $3.64 per share on the
25,600,000 shares. The previous high,
in 1959, was $86,297,920, or $3.37 a
share. Transfer of $50 million from
undivided profits to surplus at yearend boosted combined capital and sur
plus to $550 million. Total capital
funds, including reserve of more than
$127 million for possible loan losses,
amounts to $791,264,208.
a Bank of California — President Ed
win E. Adams reported last month
that 1960 net operating income was
$4,884,176, or $3.34 a share, as against
the 1959 totals of $4,206,218, and $3.27
a share.
■ Crocker-Anglo—N.O.E. for 1960 to
taled $15,813,411, equal to $2.98 a share,
or 19.6 per cent higher than 1959. The
1959 figures were $13,229,122, and $2.56
a share. Capital accounts at year-end
totaled $127,922,032, a gain of $2.7 mil
lion.
■ Wells Fargo American Trust —
Earnings after taxes in 1960 were $19,-
67
438,589, as against $17,420,983, accord
ing to President Ransom M. Cook.
Capital accounts now total $188,430,960
with the addition of $10.5 at year-end.
* * *
■ First National, Tulsa—Operating in
come for the year totaled $10,749,000,
compared with $10,126,000 a year ago.
Net income was $2,099,000 and in 1959
it was $2,087,000.
F ro m the w o rld Inventory o f g re a t id e a s
//
A cynic is a man
3 5 t h Y e a r fo r Art Frey
Arthur J. Frey, vice president in the
national division of the commercial
department of Continental-Illinois Na
tional Bank and Trust Company of
Chicago, has cele
b ra te d his 35th
anniversary with
the bank.
A n a t i v e of
Iow a, Mr. F re y
started as a gen
eral clerk on Jan
uary 4, 1926, with
Continental a n d
C o m m e rcia l Na
tio n a l Bank, a
A. J. F R E Y
p r e d e c e s s o r of
the current Continental organization.
He was elected assistant cashier in
1943, second vice president in 1947,
and vice president in 1952.
Mr. Frey, who lives in suburban
Park Ridge, is a member of the Union
League Club of Chicago and the Des
Moines Club of Des Moines, Iowa.
Illin o is B an kers M eet
The Illinois Bankers Association
held its 9th annual Public Relations
and Business Development Conference
at the Sheraton Towers in Chicago
last month. Featured speaker was
Donald A. McArthur, treasurer of
Sears, Roebuck & Company, Chicago,
whose topic was, “When My Banker
Comes to Call.”
Three speakers appeared on the
morning and noon luncheon programs.
In the afternoon an advertising panel
of four men was presided over by
George Dempesy, vice president, Amer
ican National Bank & Trust Company.
At the same time, a sales panel of two
men was presided over by John S.
Duncan, president, La Salle State
Bank of La Salle, 111.
In charge of the conference were
William N. Flory, conference com
mittee chairman and assistant vice
president of the Harris Trust and Sav
ings Bank, Chicago; Robert A. Bachle,
president of the Illinois Bankers Asso
ciation public relations division and
vice president of the National Boule
vard Bank of Chicago, and John G.
Whittle, first vice president, I.B.A.
public relations division and vice pres
ident, Millikin National Bank, Deca
tur.
who knows the
price of everythin
Inventories are valuable — whether thoughts
or com m odities.
Y ou r custom ers’ inventories can becom e the
key to an im portan t additional service that
y o u r b a n k can su p p ly . St. P aul T erm in a l
can show you how w ith Preferred W a re
house R eceipts providing the bon d ed c o l
lateral you need for credit extension, beyond
open line limits.
H ere is an id ea th a t m a y be o f s p e cia l
value to y o u ; C o n ta c t St. P aul T e rm in a l
tod a y and learn how you can increase your
banking services, good will, and profits.
ST. P A U L T E R M I N A L
WAREHOUSE COMPANY
Offices in principal cities
425
East
8th
Street
•
St .
Paul,
Minnesota
Northwestern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OUR MOST IMPORTANT CROP
ME* t i m m t t .:
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T h is is part of S au n em in ’s most important “ cro p " . . . relaxing at recess at elementary scho ol, district 438
Dick Lannon (in hat) talking over the soya bean harvest with farm ers on D ick’s favorite Main Street in M id-Am erica
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M wM H I
Federal Reserve Bank of St. Louis
' V# Ë
Downstate in Saunemin Illinois
important agricultural interests are corn, soya
beans and beef cattle. Sound loans made by the
State Bank of Saunemin help keep folks in and
around Saunemin prosperous and their families
vigorous and progressive.
T h e most im portant “ cr o p i’ though, is the
one harvested each year at elementary school
district 438 and high school district 210. “ Down
here,” says Dick Lannon, president of the bank,
“ our most important crop is education. Strong
minds build strong communities... and a strong
America.”
We asked Dick why he prefers to do business
sible way. Financially, we help the people in our
co m m u n ity b eca u se we are h e lp e d by the
American National. You see, our bank has been
serving Saunemin for over 75 years. We’re a serv
ice organization...but we can only give service
when we get service. We get service from the
American National Bank.”
Here at the American National, we take deep
pride in helping to provide sound banking assist
ance for communities like Saunemin. We, too,
believe in youth...and in America’s strength at
the grass roots. W ouldn’t you prefer to do busi
ness with the American National, too?
F IR S T
CLASS
BANKS
HELP
GROW
F IR S T
CLASS
C IT IZ E N S
with the American National. This is what he said:
“ Everyone likes personal attention—especially
in a community the size of ours. The American
National
Bank cooperates with us in every pos
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
American National Bank
and Trust Company of Chicago
LaSalle at Washington, Chicago, Illinois
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
Jo
B.
h n
F
aegre
Faegre and Benson, Attorneys
Chairman of the Board,
M in n e s o ta & O n ta r io P a p e r C o.
F. Peavey H
e f f e l f in g e r
Chairman of the Board,
F.
F
H.
P eavey
P.
r a n k
L
&
C om pany
e s l ie
President,
T h e John
L e s lie P a p e r C o m p a n y
G o o d r ic h
L
owry
President,
N orth w e st
C a r g il l
M
B a n c o r p o r a tio n
ac
M
il l a n
Director,
C a r g ill, In c o rp o r a te d
Jo
A.
h n
M
oorhead
President
J
S. P
o h n
il l s b u r y ,
Jr.
President,
N o rth w e ste rn N a tio n a l
In su ra n ce C o m p a n y
Sa m
H.
uel
R
L ife
ogers
Senior Vice President
and Executive Trust Officer
H
T.
enry
R
utledge
Executive Vice President
L
S.
u c ia n
Strong
President and Treasurer,
The
H
S tro n g
S co tt
W .
arold
Sw
M fg .
Co.
eatt
Chairman of the Board,
M in n e a p o lis -H o n e y w e ll
R e g u la to r C o.
H
H. T
arold
earse
President,
S e a r le G r a in
Com pany
A
il s o n
lfred
M. W
Executive Vice President,
M in n e a p o lis -H o n e y w e ll
R e g u la to r C o.
V
a l e n t in e
W
urtele
Chairman of the Board,
M in n e so ta
P a in ts ,
Jo
il l sb u r y
h n
S.
P
Director Emeritus
DECEMBER 31, 1960
LIABILITIES
R E S O U R C E S
.
C ash and D ue fro m B a n k s .......... $ 1 7 9 ,2 0 1 ,7 5 1 .0 1
U . S. G overn m en t O b ligation s..
8 2 ,7 3 3 ,0 9 9 .3 3
O ther B onds and
S ecu rities....
2 0 ,2 1 9 ,6 1 3 .9 4
L oan s and D iscou n ts ............
2 7 1 ,6 8 5 ,2 2 5 .2 7
Stock in F edera l R eserve B ank
1 ,0 5 0 ,0 0 0 .0 0
C u stom ers’ L ia b ility on
A ccep tan ces ..................................
3 ,2 9 0 ,5 9 1 .7 8
Incom e E arn ed but not
Collected ..........................................
1 ,47 1 ,4 8 8 .8 9
B a n k P rem ises, F u rn itu re
and F ix tu re s ..................................
7 ,71 1 ,5 6 8 .6 1
O th er R esources
4 3 0 ,0 5 0 .4 4
T o ta l R esources .......................... $ 5 6 7 ,7 9 3 ,3 8 9 .2 7
C a p ital Stock .............. ..............
S u rp lu s .........................................
U nd ivided P rofits ...................
R eserve fo r P ossible F u tu re
L oan L osses ______ ___ ____
R eserve fo r In te re st, T a x e s,
E tc ............................. .....................
Incom e Collected but not
E arn ed .......................................
L etters o f C red it and
A ccep tan ces ............................
D ep osits .................... ....... .............
. 1 5 ,0 0 0 ,0 0 0 .0 0
20 , 000 , 000.00
1 0 ,2 1 7 ,1 8 0 .5 6
4 ,87 3 ,4 9 1 .0 0
3 ,9 0 8 ,6 3 6 .2 7
6 ,22 6 ,7 8 3 .8 9
3 ,2 9 0 ,5 9 1 .7 8
5 0 4 ,2 7 6 ,7 0 5 .7 7
T o ta l L iab ilities ..........................$ 5 6 7 ,7 9 3 ,3 8 9 .2 7
U n ited S tates G overn m en t and other securities carried a t $ 7 2 ,9 5 2 ,1 6 8 .5 6 are pledged to secure public
fu n d s and tr u s t deposits and fo r other p u rp oses as required or p erm itted b y law .
NORTHWESTERN
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NATIONAL
BANK
OF
M a r q u e t t e A v e n u e , S i x t h to S e v e n th S tr e e ts
MINNEAPOLIS
a°'-c
In c .
71
one of the bank’s best years, with both
deposits and earnings showing a substanial increase and total resources in
creased more than $500,000. All offi
cers and directors were re-elected.
M in n e s o ta
NEWS
G. N . ftEPP E
P resid en t
K. A . W A L E S
B ird Islan d
Alvin Schwab and Ruth Hagemeister were elected assistant cashiers at
the recent meeting at the State Bank
of Bird Island, announces R. B. Haak
enson, executive vice president.
G ran d M eadow
S e c r e ta r y
M inneapolis
A itk in
B a rn esville
T. A. Hassman, president, First Na
tional of Aitkin, reports that the sur
plus account has been increased to
$300,000, the usual dividend has been
declared and that all officers and di
rectors were re-elected at the annual
meeting. The bank is observing its
61st year of continuous service.
At the First National’s annual meet
ing last month, $25,000 was added to
the surplus account, making the total
$150,000. Capital remains $50,000.
W. R. Olson was elected a vice presi
dent and a director, reports George H.
Felde, cashier.
Gilbert R. Tuttle, executive vice
president since last January, has been
elected president and a director of the
First National of Brainerd, succeeding
C. W. Boteler, who is retiring after
more than 30 years in banking.
Barrett
B u tterfield
A lex a n d ria
Elroy C. Beliveau, formerly assist
ant cashier, First Farmers National of
Alexandria, has been elected assistant
vice president in charge of the Timepay Department, reports A. C. Schneiderhan, president.
A p p le to n
Northwestern State Bank of Appleton has announced an increase in capi
tal accounts. Surplus was increased
$15,000, so the capital accounts now
read: Capital, $50,000; surplus, $100,000; undivided profits, $73,339, and re
serves, $50,000, making a total of $273,389.
A u stin
Austin State Bank
William H. Witte, formerly cashier,
has been promoted to vice president
and cashier. He has been with the
bank since February, 1949.
Robert Draeger, who recently re
turned from navy service, has been
elected auditor.
All other officers and directors were
re-elected, reports A. H. Haakenson,
president.
Capital structure was increased from
$200,000 to $400,000, the result of a
dividend payable in common stock via
transfer of $200,000 from undivided
profits. Capital is now $400,000 and
surplus $400,000.
First National Bank
Park Dougherty retired last month
from the board, bringing to a close an
association of about 34 years in vari
ous capacities as an officer and a di
rector.
Before coming to Austin in 1926 he
had been a national bank officer. He
had headed the former Austin Nation
al prior to its consolidation with the
First National in 1931.
B rain erd
O.
R. Olson, formerly cashier, Citi Directors of the State Bank of But
zens State Bank, was elected president terfield have voted to transfer $20,000
at the annual meeting. Serving with from the undivided profits account to
him will be: P. J. Score, vice presi the surplus account. Capital then will
dent; Audrey Ronhovde, cashier, and be $30,000 and surplus $70,000, reports
Margaret Jacobson, assistant cashier. N. H. Peterson, vice president.
Directors are Mr. Olson, Mr. Score and
Gordon Dahlgren.
Surplus was increased $5,000 to $25,- C o sm o s
Harry L. Swanson and wife, Eleanore
000 .
A remodeling and expansion pro Swanson, sold their controlling inter
gram was discussed at the meeting est in the First State Bank of Cosmos
and work will get underway this win to L. L. Spreiter, president of the Se
curity State Bank of Hector. Mr.
ter.
Swanson, who had been president, will
continue to serve the bank on occa
Battle L ake
sion and plans to spend more time
Millard Ranstad, with the First Na promoting the community. Mrs. Swan
tional the past 28 years, retired the son had been cashier.
first of last month as cashier. Mr.
Ranstad is not retiring from activity,
C otton w ood
however, as he took over the city
Guy S. Bacon, president, Empire
clerk’s duties the very same day.
State Bank, sold his controlling inter
est in the bank to Paul O. Pearson,
B audette
vice president, and Emil V. Slavick,
H. C. Hanson, 75, chairman of the cashier, at the annual meeting.
board, First National Bank, died re
Mr. Pearson was elected president
cently after suffering rapidly failing and Mr. Slavick, vice president and
health since spring of last year. Born cashier. Other personnel at the bank
in Norway, he came to the United remains the same.
States at age 20 and worked himself
up from logging camps to lumber com
pany manager to president and chief C ro o k st on
Marvin R. Campbell, president and
stockholder in a bank.
chairman, First National Bank, told
directors that since the bank’s charter
B elview
was received in 1881, 72 dividends
H. J. Aamoth was promoted from have been paid to its stockholders.
assistant cashier to cashier and H. S. Also, he said, as this is the 80th anni
Aamoth, president and cashier, was versary year, an observance will be
named president at the annual meet planned during the year. Stockhold
ing of the Belview State Bank.
ers voted to increase stock from $200 ,000 to $240,000 via a stock dividend.
Action also was taken to increase the
B ein id ji
N.
A. Welle, president, First Nationsurplus account to $185,000. Officers
al of Bemidji, told stockholders at the and directors were re-elected.
Mr. C am pbell, incidentally, was
recent annual meeting that 1960 was
Nort hwest ern Banker, February, 1961
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Federal Reserve Bank of St. Louis
DEPARTMENT OF BANKS
AND BANKERS
Vice President
Vice President
D O N A L D W . B U C K M A N , Vice President
H E N R Y N . S N Y D E R , Assistant Cashier
D A V I D A . S H E R N , Assistant Cashier
R O L A N D W . H O H M A N , Trust Advisory Specialist
J O H N F . M U L L E N , Bond Advisory Specialist
J O H N M . W O O L D R I D G E , Bond Advisory Associate
W A LLA C E
E L M E R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
L. BOSS,
M . V O L K E N A N T ,
V
Building, business and boom! Here's what's
ahead for the new St. Paul.
NEW M A J O R S T O R E S T O BE BU ILT: D a y t o n ’ s, Sears, an E m p oriu m bran ch ,
P enney’s, W ards in Phalen Shopping Center, New H ar-M ar Shopping Center, Signal
Hills Shopping Center to expand. H IG H W A Y S AND STREETS: Interstate Highway
System com m its $42 million in next two years. All street and highway expenditures to
total $69 million. R IV E R V IE W IN D U S T R IA L PR O JE C T: Flood control to be com
pleted in ’62. Land clearance to begin in ’61. Estim ated $30 million in land redevelop
ment. Estim ated $150 million in industry. M A JO R IN D U ST R IA L EXPAN SION :
Pine Bend area growth to exceed $70 million. $5 million B rockw ay Glass Container
plant in operation by April. Control D ata to build $3-4 million plant. 3M Com pany
expansion: Adm inistration and Research Center, Chem olite Plant.
This is ju st a taste o f the b oom th at’s in store for St. Paul. And here’s how the bank
that knows it best . . . the F i r s t in S a i n t P a u l . . . is keeping pace:
D IR E C T O R S
S T A T E M E N T OF C O N D IT IO N
THE
F IR S T N A T IO N A L B A N K
OF S A IN T P A U L
December 31, 1960
RESO URCES
C a sh an d D u e fr o m B a n k s .......................
$ 1 1 0 ,2 1 9 ,0 7 3 .8 8
U n ite d S ta te s G o v e r n m e n t S ecu rities
6 4 ,6 0 1 ,1 4 8 .6 1
O th er B o n d s a n d S e c u r itie s .....................
2 4 ,1 2 4 ,5 6 3 .0 5
L o a n s an d D is c o u n t s ....................................
1 8 9 ,6 1 4 ,9 8 5 .2 7
In te re st E a rn e d b u t n o t C o lle c t e d . . .
1 ,3 9 3 ,6 4 6 .5 1
C u sto m e r s ’ A c c e p ta n c e L ia b i l i t y . . . .
8 3 ,6 2 0 .3 3
B a n k a n d Office B u ild in g s ........................
3 ,1 4 0 ,0 0 0 .0 0
O th er A s s e t s .......................................................
6 0 2 ,1 8 1 .0 7
$ 3 9 3 ,7 7 9 ,2 1 8 .7 2
L IA B I L I T IE S
C a p ita l S t o c k ............................................................... $ 1 0 ,0 0 0 ,0 0 0 .0 0
S u r p lu s ..............................................................................
2 0 ,0 0 0 ,0 0 0 .0 0
U n d iv id e d P r o fit s ......................................................
7 ,0 6 5 ,2 4 2 .8 1
R e serv e for In te re st, E x p e n se s, T a x e s , e t c ..
3 ,8 2 3 ,7 4 7 .0 4
D isc o u n t C o lle cte d b u t n o t E a r n e d ..............
2 ,8 6 6 ,4 5 6 .4 3
A c c e p ta n c e s an d L e tte rs o f C r e d i t ................
8 3 ,6 2 0 .3 3
O th e r L ia b ilit ie s ........................................................
7 1 5 ,7 8 6 .4 3
D e p o sits
D e m a n d ................. $ 2 8 5 ,9 1 0 ,4 0 0 .8 7
T i m e .........................
6 3 ,3 1 3 ,9 6 4 .8 1 ..............
3 4 9 ,2 2 4 ,3 6 5 .6 8
$ 3 9 3 ,7 7 9 ,2 1 8 .7 2
United States Government Obligations and other securities
carried at $56,192,143.11 in the foregoing statement are
deposited to secure public funds and for other purposes
required by law.
*H A R O L D P. B E N D
Bend-Southall-McBratnie Co.
*M IL T O N W . G R IG G S
President, Griggs, Cooper & Co., Ino.
E D W A R D C. B R O W N
Executive Vice President,
The First National Bank
of Saint Paul
W IL L IA M H A M M , JR.
Chairman, Board of Directors,
Theo. Hamm Brewing Co.
JOHN M . B U D D
President,
Great Northern Railway Co.
H E R B E R T P. B U E T O W
President,
Minnesota Mining & Mfg. Co.
LOUIS W . H IL L
Trustee,
Great Northern Iron Ore Properties
JOHN S. HOLL
Vice President,
Whirlpool Corporation
P A T R IC K B U T L E R
Mining
A. B. JACK SO N
President,
St. Paul Fire & Marine Ins. Co.
N O R R IS K . CA R N E S
General Manager,
Central Livestock Association, Inc.
R O B E R T S. M A C F A R L A N E
President,
Northern Pacific Railway Co.
*C H AR LES F. CO D ER E
Chairman of the Board,
St. Paul Fire & Marine Ins. Co.
PHILIP H. N ASO N
President,
The First National Bank of St. Paul
JOSEPH H . C O L M A N
President,
First Bank Stock Corporation
»E D W A R D B. COSGROVE
Chairman, Board of Directors,
Green Giant Co.
DONALD W. NYROP
President, Northwest Airlines, Inc.
R IC H A R D O R D W A Y
President, Crane & Ordway Co.
*1. A. O’ S H A U G H N E S S Y
President, Globe Oil & Refining Co.
B E R T S. CROSS
Executive Vice President,
Minnesota Mining & Mfg. Co.
JAM ES F. O W E N S , JR.
Vice President,
Northern States Power Company
H A R O L D J. C U M M IN G S
President,
Minnesota Mutual Life Ins. Co.
JOSEPH PAPER
President, Paper, Calmenson & Co.
C H AR LES J. C U R L E Y
President,
First Trust Company of Saint Paul
ALBERT H. D AG G ETT
Chairman, Board of Directors,
Gould-National Batteries, Inc.
E D W IN W . D AVIS
Chairman of the Board,
Wood Conversion Co.
R IC H A R D G. D O N O V A N
President, Donovan Construction Co.
PH ILIP L. R A Y
Chairman, Board of Directors,
First Trust Company of Saint Paul
PAU L A. S C H IL L IN G
President,
Waldorf Paper Products Co.
»H A R O L D O. W A S H B U R N
Director,
American Hoist & Derrick Go.
F. K. W E Y E R H A E U S E R
Chairman of the Board,
Weyerhaeuser Company
* Advisory Directors
-F IR S T NATIONAL BANK01SAINT PAUL
P H IL IP H. N A SO N , President
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
E D W A R D C. B R O W N , Executive Vice President
•
M E M B E R F E D E R A L D E P O SIT IN S U R A N C E CO R PO R AT IO N
74
Minnesota
News
elected president of the Crookston
Chamber of Commerce last month,
and started on a campaign to increase
the interest and activities of members.
Cyrus
Henry Foelschow was elected to the
board of the State Bank of Cyrus City
and made vice president at the annual
meeting, reports A. H. Stellner, presi
dent.
D u lu th
First American National Bank
Harold B. Farley, vice president in
charge of the installment loan and
mortgage loan de
p a rtm en ts, has
been elected a di
rector of the bank.
All other officers
and d i r e c t o r s
were re-elected at
the recent annual
meeting.
Mr. Farley bec a m e associated
w ith the F irst
American in Jan
uary of 1954 after serving as a member
of the state banking department staff,
examiner for the FDIC, director of
FHA for Minnesota, and in various
capacities with Twin City banks.
Northern City National Bank
The following changes were noted
last month by Percy Pascoe, presi
dent:
Lynn D uncan, Robert Hammerstrom and Einar
S u u ron en have
been elected as
sistant ca sh iers.
Each has had sev
eral years’ bank
in g e x p e r ie n c e
and is outstand
ing in community
activities.
M orris J. Opsahl, owner and
M . O PSAH L
o p e r a to r of the
Greysolon Corporation, has been elect
ed a director.
Edward Michel, formerly assistant
cashier, has been advanced to assist
ant vice president.
F a rm in g to n
C. E. Cadwell, president of the First
National Bank of Farmington, was
J.
V. Hagberg, president, has an honored at a party given by bank per
nounced the promotions of Roy C. sonnel recently in the basement of
Carlson, banker for 40 years and vice the bank. The celebration was in ob
president since 1959, to vice president servance of his 50 years in the bank
and cashier; John D. Ellian, assistant ing business.
vice president since 1959, to vice presi
F ertile
dent and manager of consumer finance,
Mrs. Helen M. Hanson has been
and Leslie N. Wedin, cashier since
1959, to assistant vice president and elected a director of the First State
assistant manager of consumer finance. Bank to succeed Mrs. Grace E. Han
Richard L. Gronlund was elected as son, who has retired, reports David
E. Hanson, president. An increase of
sistant cashier.
$15,000 in surplus from last year’s fig
Pioneer National Bank
James R. Gylland, with the Pioneer ures was noted at the annual meeting.
National since June of 1960, was elect
ed assistant cashier at last month’s F inlayson
V.
E. Shafer, cashier, First State
annual meeting. He has had 14 years’
Bank, Finlayson, was honored at a
banking experience, reports June Elsurprise party recently at the village
lefson, cashier.
council room. He had been called to
the building and after arriving was
E lk to n
told that he was being honored by the
Robert P. Schneider, formerly cash Finlayson Fire Department for 12
ier, was elected president and cashier years’ service as a volunteer fireman.
of the Farmers State Bank of Elkton, He received an honorary member
succeeding his father who died in De award, consisting of a gold pin and
cember, as head of the bank. Other scroll. Mr. Shafer had requested re
officers of the bank remain the same. tirement last fall.
Added to the board are Mrs. Mary
M. Schneider, widow of the late presi G len co e
dent, and Leonard Hanson.
Frank J. Heaney, formerly cashier,
The late Mr. Schneider had served Security State Bank, Glencoe, was pro
the bank more than 40 years as presi moted to vice president, and Leonard
dent.
Hoese was advanced from assistant
cashier to cashier, announces A. W.
Hoese, president.
F a irm o n t
Duluth National Bank
Fairmont National Bank
Two new directors, Edward Fill
more and John H. Haeckel, were add
ed to the board of the Fairmont Na
tional Bank. All other directors were
re-elected. A remodeling and expan
sion project is underway. Space pre
viously occupied by a real estate agen
cy and a shoe shop is being made into
a personal loan department and a new
directors’ room.
First National Bank
Merald C. Johnson, with the bank
since 1959 and ag representative since
January of 1960, has been elected as
sistant cashier, reports H. M. Johnson,
president.
ACCIDENT, SICKNESS and HOSPITAL
H am el
C. O. Dorweiler, cashier, Farmers
State Bank, reports that capital has
been increased to $100,000 via a 100
per cent stock dividend, subject to ap
proval by the commissioner of banks,
and that no change in personnel was
effected at the annual meeting.
H ero n L ake
Bruce W. Lloyd, formerly executive
vice president of the Heron Lake State
Bank, was elected president last
month, succeeding his father, Bryan
W., who was advanced to the chair
manship. Also, Robert B. Lloyd, for
merly cashier, was elected vice presi
dent and cashier, and Dennis E.
Shumway was named assistant cash
ier.
H ib b in g
INSURANCE A T COST!
Bankers are Select Risks and we have special coverage
designed for Bank Men and Women. Write for Application
and Information.
Minnesota Commerciai Men’s Association
2550 Pillsbury Ave. S.
Nort hwest ern Banker. February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Minneapolis 4, Minnesota
Charles E. Taylor, president, First
National of Hibbing, has announced
the promotion of James C. Driscoll,
cashier since 1956, to vice president
and cashier; Henry Nosek, assistant
cashier since last year, to assistant
vice president, and the election of
Arnold L. Kotschevar, manager of the
consumer finance department since
last year, to assistant cashier.
75
C o r r e s p o n d e n t b a n k e r s John O rdos. D o u g Jo h n s o n a n d Wally E n g s t r o m s l a r t on a b u s in e s s tr ip .
How deep is the ocean PIf you really want
to know ... and it’s important to your business... ask these fellows.
Midland's correspondent bankers are in a position to offer up-todate information and vital help in all phases of banking and finance.
John, W ally and D oug are ready to demonstrate this promise:
Midland proves friendship with special service.
T H E B A N K W . I H T H E B IG W E L C O M E
idland National Bank
fEderal 2-C511 • Second Ave. oo. and Fourth St. • Minneapolis 40, Minn * Member FDIC
Northwestern Banker, February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J96I
76
EW officers and directors have
been elected at a number of banks
in the Twin City area:
N
American National Bank
Rollin O. Bishop, president, Ameri
can National Bank of St. Paul, has an
nounced election of two new directors:
Edward L. Bronstien, executive vice
president and secretary, United States
Bedding Company, and John E. Carroll, president, American Hoist & Der
rick Company.
Lawrence A. Carr, a member of the
board, was elected chairman, a post
that had been vacant since the death
of Otto Bremer in 1951.
* * *
Drovers Exchange State Bank
Herbert G. Swanson has been named
president of the Drovers Exchange
State Bank, South St. Paul. He suc
ceeds Fred R. Schlichting, who was
elected chairman of the board.
Fallon Kelly was elected a vice presi
dent and re-elected to the board, along
with George Heimel. New members
of the board are Joseph Bartl and E.
erlee Company and Industrial Dis
counts, Inc., has been elected to the
board of Fidelity Bank & Trust, Min
neapolis.
C. Herbert Cornell, president, told
stockholders at the annual meeting
that earnings rose from $2.92 per share
in 1959 to $4.23 in 1960. Bank deposits
gain $1 % million during the year to
$22,053,977.
* * *
First National of Minneapolis
First National Bank of Minneapolis
has announced nine changes in its of
ficial staff—promotions for two officers
and the election of seven new ones.
Charles F. Glaman and Richard A.
Nordbye, who have been assistant sec
retaries, trust department, were elect
ed assistant vice presidents.
1). Loyd.
* *
%
First Edina National
Election of Vice President Thomas
C. Jackson as a director of First Edina
N a tion a l Bank,
West 50th Street
and Halifax Aven u e, w a s a n
n o u n c e d last
month by Presi
dent E. W. Ored
son.
Mr. Jackson has
been in banking
for nearly a quar
ter of a century,
h a v in g en te re d
the profession in 1938 at the First Pro
duce State Bank.
He was elected assistant cashier at
First Edina in 1946, cashier in 1953
and vice president in 1957.
* *
Fidelity Bank & Trust
J. Gordon Campbell, president, SatN orthw estern
B an ker,
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
R. A. N O R D B Y E
C. F . G L A M A N
The newly elected officers are: Vic
tor E. Clausen, Paul F. Colesworthy
and William P. Laird, commercial de
partment, assistant cashiers; Kenneth
C. Sheehan, real estate department,
real estate officer; Richard F. Johnson
and Jerome S. Yugend, trust depart
ment, assistant secretaries, and Harry
C. Thompson, Jr., of the West Broad
way Office, assistant manager.
The First National has established
its own internal investment research
section as part of its trust investment
division. Previously the bank obtained
this service through First Service Cor
poration.
Richard Tschudy, assistant secre
tary, is manager of the new section,
assisted by D. P. Hjelle. Four former
analysts from First Service have
joined the First National, making the
section consist of six analysts, assisted
by secretaries and librarians.
* * *
First National of Hopkins
The year 1960 was the best ever ex
perienced in the history of the First
National Bank of Hopkins, President
Otto G. Cermak reported last month at
the annual meeting of the board when
all officers and directors were re
elected.
* * *
First National of St. Paul
Julian B. Baird, retiring undersecre
tary of the treasury for monetary af
fairs, has been re-elected chairman of
the board. He had served three years
in Washington.
Mr. Baird, who was president of the
bank from 1945 to 1954, also has been
elected a director of the First Trust
Company, St. Paul.
Also named First Trust directors
were Fred W. Roth, president, GouldNational Batteries, Inc., and Reuel D.
Harmon, president, Webb Publishing
Company.
Thomas S. McClanahan and Mark
Dreyer were elected assistant vice
presidents of First Trust Company.
Harley Danforth, assistant investment
officer, also was named an assistant
vice president.
* * *
First Produce State Bank
Election of James T. Wyman, exec
utive vice president of Supervalu
Stores, Inc., to the board of First Pro
duce State Bank was announced last
month by Swen O. Huso, president of
the bank.
With Supervalu since 1951 when he
was named advertising manager of the
food company, he was elected vice
president in 1958 and a director in
1959. He became executive vice presi
dent the first of the year.
* * *
First Security State
Directors of First Security State
Bank of St. Paul have promoted Royal
K. Bruce from assistant cashier to
cashier and Walter K. Carlcton from
77
Your trust
in us
...ou r most
important asset!
W e’re proud of our year-end financial
statement presented here . . . but prouder still
of an asset that does not appear.
Our principal asset is our customers’
trust in us, built through more than a
century of service!
For us, 1960 will be remembered as the
year we moved into our new 28-story
skyscraper home. This towering structure,
housing the finest full-service banking
facilities in America—together with this
statement of our resources—are evidence of
how well we are prepared to meet the
expanding banking needs of the dynamic
community and area we are so
fortunate to serve.
STATEM EN T O F CONDITION— December 31, 1960
L IA B IL IT IE S
RESO U RCES
C a s h an d Due from B a n k s .........................$ 1 4 4 ,3 1 2 ,2 2 1 .3 1
U nited S ta te s G o ve rn m e n t S e c u ritie s
an d S e c u ritie s G u ara n te e d by th e
G o v e rn m e n t.................................................
7 4 ,1 5 9 ,0 2 8 .8 0
Other S e c u r it ie s .............................................
1 7 ,5 4 5 ,0 7 6 .0 7
L o a n s and D is c o u n ts ................................... 2 4 8 ,9 6 6 ,7 2 9 .1 0
7 ,0 0 0 ,0 0 0 .0 0
Fe d eral F u n d s S o ld ......................................
In te re st E arn e d but Not C o lle c t e d .. . .
1 ,3 1 6 ,6 1 7 .3 8
C u s t o m e r s ’ A c c e p ta n c e Lia b ility ...........
1 1 ,7 2 7 ,6 4 1 .8 6
B a n k P re m is e s a n d Fu rnitu re and
F ix tu re s ..........................................................
1 0 ,0 3 6 ,1 9 3 .2 5
Other A s s e t s ......................................................
8 7 6 ,1 9 6 .1 8
C ap ital S t o c k . . . . . . $ 1 5 ,0 0 0 ,0 0 0 .0 0
T O T A L R E S O U R C E S .....................................$ 5 1 5 ,9 3 9 ,7 0 3 .9 5
T O T A L L IA B IL IT IE S
S u r p lu s ........................
2 0 ,0 0 0 ,0 0 0 ,0 0
U nd ivided P r o f it s ..
7 ,4 6 7 ,0 0 9 .7 3
$ 4 2 ,4 6 7 ,0 0 9 .7 3
R e se rv e for In te re st, E x p e n s e s ,
T a x e s , e t c ......................................................
7 ,2 8 0 ,5 6 7 .3 7
A c c e p ta n c e s a n d L e tte rs of C r e d it .. . .
1 1 ,7 2 7 ,6 4 1 .8 6
O ther L ia b ilitie s ..............................................
4 ,2 5 9 ,1 5 1 .0 4
D e m a n d D e p o sits $ 3 8 3 ,5 3 2 ,7 9 9 .8 0
T im e D e p o s its .............6 6 ,6 7 2 ,5 3 4 .1 5
4 5 0 ,2 0 5 ,3 3 3 .9 5
$ 5 1 5 ,9 3 9 ,7 0 3 .9 5
United States Government obligations and other securities carried at $67,139,552.24 in the foregoing statement are deposited to secure
public funds. United States Government deposits and trust deposits totaling $43,946,262.96 and for other purposes required by law.
D IR E C T O R S
Senior Vice
President and Chairman of Trust
Committee
C LA R K E
B A SSE TT,
TH E O D O R E
W .
B E N N E T T ,
Mining Engineer
B R O O K S , Executive Vice
President, Brooks-Scanlon, Inc.
J O S E P H H . C O L M A N , President,
First Bank Stock Corporation
J O H N C O W L E S , President,
Minneapolis Star and Tribune Co.
G E O R G E C . C R O S B Y , Chairman of
the Board, S. T. McKnight Co.
B R U C E B . D A Y T O N , Executive Vice
President, The Dayton Company
R U FU S
W .
W . P I L L S B U R Y , Chairman
of the Board, The Pillsbury Co.
S C H U S T E R , Section on
Administration, Mayo Clinic,
Rochester, Minn.
D O N A . S T E V E N S , Vice President
and Director, General Mills, Inc.
C H A R L E S J . W I N T O N , J r ., President,
Winton Lumber Co.
P A U L B . W I S H A R T , President,
Minneapolis-Honeywell Regulator
Company
R O B E R T C . W O O D , President,
Minneapolis Electric Steel Castings Co.
E D G A R F . Z E L L E , President,
Wisconsin Central Railroad Company
P H IL IP
H AN SO N ,
Executive Vice President
G. SLAD E
H . H A U S C H 1 L D , Director,
Chas. W. Sexton Company
JOH N
C O N L E Y
TO T T O N
P.
H E F F E L F IN G E R ,
President, F. H . Peavey & Co.
M . L I L L Y , President,
Toro Manufacturing Corporation
D A V ID
G. A LLA N
M a c N A M A R A , P r e s id e n t,
Soo Line Railroad Company
G O R D O N
M U R R A Y ,
President
FIRST NATIONAL BANK of Minneapolis
M EM BER
FED ERA L
DEPOSIT
INSURANCE
CORPORATION
N o rthw estern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B anker,
February,
19 6 1
78
Minnesota
News
M innesota tinnii Statem ent Fit/nres
F r o m Rep orts Received by Ja n u a ry 1 5 , 1961
( L a s t th r e e fig u re s o m itte d )
D e ce m b er 3 1 , 1960
D e p o s its
Loans
A d a m s , F a r m e r s S t a t e ........... ...........
A le x a n d r ia , F ir s t F a r m e r s N a t l.
A n o k a , S t a t e ...............................................
A p p le to n
F a r m e r s & M e r c h a n t s S t a t e ...
B a r n e s v ille , F ir s t N a t l, o f
B a u d e t t e , F i r s t N a t i o n a l .................
B e lle P la in e , S ta t e B a n k o f
B e l v i e w S t a t e ............................ ................
B i r d I s l a n d , S t a t e B a n k o f ..............
B l u e E a r t h S t a t e ......................... ...........
B r a h a m , F i r s t N a t i o n a l ..................
B r a i n e r d , C i t i z e n s S t a t e .................
B r a n d o n , C itiz e n s S ta te
..............
C a m b r i d g e , P e o p l e s S t a t e ..............
C a n b y , N a t i o n a l C i t i z e n s ................
C la r k fie ld , F a r m . & M e r c h . S ta t e
C r o o k s t o n N a t i o n a l ...............................
D a w s o n , N o r t h w e s t e r n S t a t e ........
D u lu th
F i r s t A m e r i c a n N a t l .........................
N o r t h e r n C i t y N a t l ...........................
P a r k S t a t e .................................... .........
P i o n e e r N a t i o n a l ..................................
W e s t e r n N a t i o n a l ...........
E a s t G ra n d F o r k s, 1st N a tl.
E lb o w L a k e , F ir s t N a t io n a l
E l l s w o r t h S t a t e ..........................................
E v e l e t h , F i r s t N a t i o n a l ...................
F a i r m o n t N a t i o n l ..................................
F a i r i b a u l t , S e c u r i t y N a t i o n a l .....
F a r i b a u l t , S t a t e B a n k o f .................
F e r g u s F a lls
F i r s t N a t i o n a l .......................................
N a t i o n a l B a n k & T r u s t C o ..........
F u l d a , C i t i z e n s S t a t e ............................
G l e n c o e , S e c u r i t y S t a t e o f ..............
G r a c e v i l l e , F i r s t S t a t e o f .................
G r e e n b u s h S t a t e .......................................
H a l l o c k , N o r t h w e s t e r n S t a t e .........
H e r o n L a k e S t a t e .....................................
J a c k s o n , F i r s t N a t i o n a l ....................
J a c k s o n S t a t e .............................................
J o r d a n , N o r t h w e s t e r n S t a t e .........
L e S u e u r , V a l l e y S t a t e .........................
L i t t l e F a l l s , F i r s t N a t i o n a l ...........
L u vern e
F i r s t N a t i o n a l .......................................
R o c k C o u n t y .............................................
M a d i s o n , S t a t e B a n k o f ....................
M a n k a to
F i r s t N a t i o n a l ........... .........................
N a tio n a l B a n k o f C o m m e rce .
N a t i o n a l C i t i z e n s ...............................
M a r s h a l l , F i r s t N a t i o n a l .................
M in n e a p o lis
F a r m e r s & M e c h a n i c s ....................
F ir s t N a tio n a l
....................................
M a r q u e t t e N a t i o n a l ........................
M i d l a n d N a t i o n a l ...............................
N o r t h w e s t e r n N a t i o n a l .................
.
2 ,7 8 6
6 ,4 9 9
5 ,4 1 2
1 ,2 3 8
3 ,5 5 6
2 ,5 9 1
2 ,6 4 9
6 ,2 6 4
5 ,0 3 8
1 ,2 5 1
3 ,4 0 9
2 ,3 6 6
3 ,3 0 5
2 ,5 1 7
3 ,3 3 8
3 ,3 6 0
1 ,2 4 5
3 ,2 4 9
4 ,8 3 8
4 ,1 3 2
7 ,2 4 1
1 ,7 6 0
4 ,5 6 3
3 ,7 6 8
2 ,7 8 7
2 ,8 8 7
3 ,5 7 8
1 ,9 8 4
834
1 ,2 5 2
1 ,4 7 0
589
1 ,3 9 1
2 ,5 7 0
2 ,2 6 8
3 ,1 8 9
901
2 ,6 2 7
1 ,5 4 7
1 ,2 3 5
1 ,5 6 1
1 ,8 1 8
3 ,2 8 5
2 ,3 9 1
3 ,4 4 0
3 ,2 7 5
1 ,2 3 6
3 ,0 4 6
4 ,8 9 9
4 ,0 2 7
7 ,1 6 4
1 ,7 4 5
4 ,4 0 2
3 ,6 5 0
2 ,8 2 4
2 ,8 1 2
3 ,6 1 1
1 ,7 6 9
763
1 ,1 4 1
1 ,4 2 3
460
1 ,3 4 4
2 ,5 1 4
2 ,1 1 6
3 ,2 2 2
822
2 .3 5 8
1 ,2 3 6
1 ,2 0 6
1 ,4 7 9
1 ,5 3 4
7 8 ,3 4 2
6 5 ,7 2 5
1 ,9 9 0
4 ,9 1 6
6 ,3 8 4
6 ,4 5 2
2 ,7 7 6
1 ,4 0 6
5 ,3 1 2
6 ,6 5 2
1 2 ,3 7 1
7 ,0 0 5
3 5 ,5 5 1
3 1 ,2 6 2
919
2 ,7 6 8
2 ,8 4 5
3 ,8 3 2
1 ,4 7 3
647
2 ,1 3 3
2 ,3 2 7
7 ,8 4 5
3 ,9 7 6
8 1 ,0 2 0
6 6 ,2 3 7
1 ,5 7 3
4 ,9 0 2
5 ,8 3 7
6 ,8 0 0
2 ,8 6 3
1 ,3 9 8
5 ,0 7 0
6 ,3 9 4
1 2 ,4 1 2
6 ,5 7 9
3 8 ,8 8 0
3 1 ,1 2 6
848
2 ,8 0 7
2 ,6 8 3
3 ,7 4 6
1 ,3 7 9
646
1 ,7 8 7
2 ,3 2 3
8 ,4 7 0
3 ,8 4 6
6 ,3 3 2
1 0 ,1 8 9
4 ,3 0 0
4 ,4 4 1
1 ,5 1 9
1 ,8 9 3
6 ,0 1 4
2 ,1 0 7
5 ,1 9 9
874
2 ,2 1 4
3 ,1 8 2
4 ,6 3 2
2 ,1 9 5
4 ,6 6 9
2 ,9 8 0
2 ,0 2 3
730
820
2 ,8 5 4
92 1
2 ,9 9 1
358
1 ,2 8 6
1 ,6 6 3
1 ,6 6 0
6 ,6 0 8
1 0 ,0 0 8
4 ,3 7 5
4 ,4 1 9
1 ,5 8 6
1 ,7 1 2
6 ,0 3 5
2 ,0 4 8
5 ,3 9 3
881
2 ,2 7 2
3 ,3 4 7
4 ,3 1 9
2 ,1 1 9
4 ,3 2 5
2 ,7 6 6
1 ,9 9 6
513
704
2 ,2 0 1
933
3 ,0 2 6
379
1 ,2 1 9
1 ,6 6 4
1 ,5 3 7
4 ,9 3 4
4 ,6 3 3
2 ,9 2 2
2 ,9 2 0
3 ,0 2 5
2 ,0 2 4
5 ,1 0 8
4 ,1 9 3
2 ,9 7 2
2 ,7 4 8
2 ,8 5 4
1 ,5 2 1
1 5 ,7 9 5
1 2 ,3 4 5
1 9 ,4 5 7
1 0 ,4 8 4
8 ,1 8 5
6 ,3 9 1
1 0 ,5 8 2
5 ,5 5 0
1 5 ,1 1 9
1 1 ,3 1 2
1 8 ,0 4 5
9 ,9 8 6
8 ,4 8 8
5 ,7 4 3
9 ,7 0 0
4 ,7 1 5
3 2 0 .7 5 4
4 5 0 ,2 0 5
8 0 ,3 3 8
7 0 ,9 4 5
5 0 4 ,2 7 7
2 2 1 .8 7 5
2 5 5 ,9 6 7
3 3 ,7 3 2
4 3 ,1 7 5
2 7 1 ,6 8 5
3 1 1 ,1 6 7
4 3 6 ,3 1 8
7 1 ,3 1 7
6 9 ,8 3 2
4 7 7 ,7 2 6
2 1 3 ,3 4 3
2 5 6 ,1 7 4
2 9 ,9 5 3
4 5 ,1 5 8
2 6 3 ,9 3 9
.
.
assistant cashier to assistant vice pres
ident. George It. Janssen, Jr., was
named assistant cashier.
* * *
First State of St. Paul
William C. Figge has advanced from
the presidency of First State of Saint
Paul to chairman of the board, and the
former executive vice president, War
ren R. Hinze, has been elected presi
dent. Walter E. Olson, vice president,
also announced that Robert J. Schroeder has been elected to the board.
* =i= *
Fourth Northwestern National
CarlN. Platou,
administrator
of
Fairview Hospital, Minneapolis,and
the city’s “Outstanding Young Man of
the Year” in 1957, has been elected a
director of Fourth Northwestern Na
tional Bank of Minneapolis, Fred
erick O. Glasoe, president, announced.
* * *
Investment Bankers Association
The Minnesota chapter, Investment
Northwestern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
D e ce m b e r 31 , 1959
D e p o s its
Loans
D ecem b er 31, 1960
D e p o s its
Loans
D e c e m b e r 3 1 , 1959
D e p o s its
Loans
M o n te v id e o
F i r s t N a t i o n a l ..................................
U n i o n S t a t e .............................
..
.
7 ,0 8 5
4 ,2 8 2
2 ,0 2 2
2 ,9 7 1
7 ,5 2 1
4 ,2 1 9
1 ,6 2 2
2 ,6 0 1
M o n tic e llo ,
..
2 ,9 5 0
1 ,7 6 2
2 ,8 9 9
1 ,6 5 1
.. 1 0 ,6 5 4
.. 1 3 ,2 8 7
..
2 ,9 6 7
5 ,4 2 7
7 ,6 8 6
1 ,2 6 0
1 0 ,1 5 3
1 2 ,3 6 5
2 ,8 2 3
4 ,4 8 8
6 ,9 6 9
1 ,1 9 0
C o ......... .. 1 3 ,9 3 3
W r ig h t C o u n ty
S ta te
M oorh ead
A m e r i c a n S t a t e .....................
F i r s t N a t i o n a l ..................
M o r g a n , S t a t e B a n k o f .....................
O w a to n n a ,
S e c u r ity
B
&
T
P a r k R a p id s , S ta te B a n k o f .
P r e sto n , F a r m . & M e rc h . S ta te
..
..
R ed W in g
F i r s t N a t i o n a l ..................
G o o d h u e C o u n t y N a t i o n a l ...............
R e d w o o d F a lls
C itiz e n s
S t a t e ....................................
..
S t a t e ........................................................
..
R u t h t o n , F a r m e r s & M e r c h a n t s ....
7 ,5 8 7
1 4 ,0 6 6
6 ,6 4 9
1 ,9 4 2
2 ,9 1 3
804
1 ,5 3 6
1 ,9 3 7
2 ,7 7 8
723
1 ,4 1 1
7 ,2 3 6
1 0 ,1 8 7
4 ,3 3 7
4 ,4 2 5
7 ,1 1 7
1 0 ,1 8 0
3 ,8 3 7
4 ,0 1 5
5 ,7 4 4
2 ,0 4 1
1 ,5 7 2
2 ,8 3 6
744
782
5 ,7 3 1
1 ,9 3 9
1 ,5 7 7
2 ,5 0 9
663
759
S acred H e a rt,
F a rm e rs & M e rc h a n ts
S ta te
....... ..
1 ,8 6 1
816
1 ,8 9 7
841
S t.
S ta te
....... ..
7 ,8 6 7
3 ,7 3 2
7 ,8 1 7
3 ,3 6 4
S t. P a u l
A m e r i c a n N a t i o n a l ................................ ..1 0 5 ,2 8 0
D r o v e r s E x c h a n g e ................................ .. 1 3 ,2 7 6
F i r s t N a t i o n a l ........................
..3 4 9 ,2 2 4
M i d w a y N a t i o n a l ................................... .. 3 1 ,4 0 1
M i n n e s o t a S t a t e ................................
..
5 ,5 9 4
N o r t h w e s t e r n N a t i o n a l .....................
4 9 ,5 9 3
S t o c k Y a r d s , N a t i o n a l ........................ .. 2 6 ,4 8 9
S p r i n g f i e l d , S t a t e B a n k o f ................ ..
3 ,5 1 3
S p r i n g G r o v e , O n s g a r d S t a t e ............. ..
2 ,8 6 3
S t a r b u c k , F i r s t N a t i o n a l ..................... ..
2 ,6 1 2
S t e p h e n , F a r m e r s S t a t e ........................ ..
3 ,4 7 8
S t i l l w a t e r , F a r m e r s & M e r c h a n t s ..
3 ,1 8 7
S t i l l w a t e r , F i r s t N a t i o n a l ............... .. 1 2 ,6 7 5
S t o r d e n , F i r s t S t a t e ................................ ..
1 ,4 0 9
5 2 ,9 4 8
6 ,6 4 1
1 8 9 ,6 1 5
1 5 ,6 9 1
2 ,8 7 7
2 8 ,0 8 0
1 2 ,2 9 1
1 ,6 4 0
1 ,1 4 4
1 ,1 0 3
2 ,3 6 7
1 ,6 7 5
5 ,6 9 7
911
1 0 0 ,9 4 6
1 3 ,0 5 2
3 2 4 ,9 3 4
3 1 ,8 7 4
5 ,6 4 9
4 5 ,0 9 9
2 5 ,1 7 7
3 ,2 2 4
2 ,7 8 7
2 ,5 5 8
3 ,4 2 4
3 ,2 6 6
1 2 ,5 2 2
1 ,4 9 7
5 2 ,8 9 0
6 ,3 6 6
1 7 3 ,7 0 8
1 5 ,3 0 8
3 ,0 0 8
2 3 ,8 4 4
1 1 ,9 9 0
1 ,7 5 0
1 ,1 1 7
1 ,0 4 9
1 ,6 6 1
1 ,7 4 5
5 ,6 4 9
984
4 ,3 5 8
5 ,2 2 8
1 ,1 2 0
3 ,3 9 4
4 ,2 f 0
5 ,6 4 4
997
3 ,2 1 9
V ir g in ia
F ir s t
N a tio n a l
......................................... .. 1 3 ,6 6 2
S t a t e B a n k .................................................... .. 1 5 ,0 7 6
7 ,0 3 5
7 ,4 6 2
1 3 ,2 4 8
1 3 ,8 2 5
6 ,3 7 6
6 ,3 4 5
W e l l s , P e o p l e s S t a t e ................................... ..
W e s t b r o o k S t a t e ........................................... ..
W h i t e B e a r L a k e , F i r s t S t a t e ....... ..
2 ,4 6 8
2 ,7 3 4
5 ,7 9 6
1 ,3 6 3
1 ,5 1 2
2 ,5 4 6
2 ,6 1 1
2 ,8 2 3
5 ,5 9 3
1 ,4 4 8
1 ,5 8 2
2 ,0 8 9
W illm a r ,
B a n k o f ............................................................
F i r s t N a t i o n a l ...........................................
W i l m o n t , F i r s t N a t i o n a l ........................
W i n d o m , F i r s t N a t i o n a l .............. .........
W i n n e b a g o , F i r s t N a t i o n a l ..............
9 ,9 7 4
6 ,0 4 6
1 ,3 2 2
4 ,6 5 8
3 ,0 9 9
3 ,9 7 3
3 ,4 9 1
745
2 ,6 1 4
1 ,4 5 5
1 0 ,1 9 8
6 ,1 6 0
1 ,4 0 9
4 ,7 3 3
3 ,1 8 1
3 ,6 4 3
3 ,6 0 6
790
2 ,5 6 1
1 ,5 1 9
W in o n a
F i r s t N a t i o n a l ........................................... .. 1 5 ,1 6 1
M e r c h a n t s N a t i o n a l ............................. .. 1 9 ,8 9 4
N a t i o n a l & S a v i n g s ............................. .. 1 4 ,2 4 4
7 ,7 5 8
1 0 ,1 0 0
7 ,1 4 7
1 5 ,1 6 1
1 9 ,6 6 2
1 3 ,7 2 1
6 ,8 1 5
9 ,3 9 1
6 ,6 6 1
L o u is
P a r k , C itiz e n s
T h i e f R i v e r F a l l s , N o r t h e r n S t a t e ..
T r a c y , F a r m e r s & M e r c h a n t s .......... ..
W ood
L ake,
W o r th in g to n ,
S ta te
S ta te
Bank
Bank
of
of
.,
..
..
..
................ ..
1 ,3 9 7
748
1 ,3 9 1
744
............. ..
7 ,4 1 2
2 ,7 7 6
7 ,2 1 4
2 ,5 4 0
Bankers Association of America, has
named 1961 committee chairmen. They
are Robert G. Davis, Piper, Jaffray &
Hopwood, Minneapolis, municipal se
curities committee; Robert I). Field,
Paine, Webber, Jackson & Curtis, St.
Paul, education committee, and Robert
Z. Bronn, Kalman & Company, St.
Paul, legislative committee.
Robert H. Tucker, secretary and as
sistant general counsel, Minnesota
Mining & Manufacturing Company,
was elected to the board of directors.
He also is president of the St. Paul
board of education.
* % *
*=(==(=
announced that officers of the Produce
Exchange Bank of St. Paul are: Miss
Speranza, president; P. Speranza and
M. J. Speranza, vice presidents, and
Santo J. Sepranza, cashier.
* * *
Northwestern National, Minneapolis
Samuel Bright, president, North
western Corrugated Box Company,
has been named to the advisory board
at the North American office of NorthWestern National Bank of Minneapo
lis.
* * *
Northwestern National, St. Paul
Robert H. Fayfield has been elected
senior vice president, Northwestern
National Bank of St. Paul, a new post.
Formerly with Northwest Bancorporation, he joined the bank in 1940.
Produce Exchange Bank
Miss C. Mildred Speranza, president,
Richfield State Bank
A large staff worked throughout the
day at the Richfield State Bank, Janu
ary 2 , a legal holiday, to process de
posits and send more than 11,000 re
assuring letters to checking account
depositors after fire was found in the
bank’s night depository early New
Year’s Day.
An emergency crew handled tele-
Minnesota
phone calls and processed deposits the
next day and at 4 p.m. the bank re
ceived a check for $50,000 from Fidel
ity and Casualty Company, which in
sures the bank through the Richfield
State Agency.
Customers and hanks on which par
tially-burned checks were drawn were
very cooperative and helpful and quite
a large sum of currency was found to
be reusable. It is expected that some
of the burned currency will be recov
ered from the federal government.
The bank plans to compile its meth
od of procedure in handling the aftermath of such a fire for the benefit of
other banks which might suffer a sim
ilar experience.
>ji
ij4
St. Anthony Park
Oscar J. Husby, St. Paul area con
tractor and businessman, has been
elected a director of St. Anthony Park
State Bank of St. Paul.— End.
Marquette National Bank
The Marquette National Bank of
Minneapolis, through Carl R. Polilad,
president, announces the appointment
of John T. Pain, Jr., assistant cashier;
Gus W. Carlson, Jr., and Avery Fick,
representatives, to the department of
banks and bankers, under the direc
tion of Otto Preus, vice president in
charge of the cor
respondent b a n k
ers’ division.
Mr. Pain joined
t h e M a rq u ette
B a n k ’ s in v e s t
ment department,
coming from the
b on d department
of the First Na
tio n a l Bank of
Chicago where he
J. T . P A I N , J R .
was employed for
five years. He will serve correspond
ent bankers of Marquette in Iowa,
Wisconsin, Upper Peninsula of Michi
gan and Minnesota.
G. W . C A R L S O N , JR .
A. F IC K
Mr. Carlson, prior to joining Mar
quette in March, 1960, was with the
Bank of the Southwest National Asso
ciation in Houston, Texas, for 10
years. His territory will be North
Dakota and Minnesota.
Mr. Fick joined Marquette in April,
1960, after 13 years as manager of the
Feeder Finance Department of Nutrena Mills, a division of Cargill, Inc.
He will call on Marquette correspond
ent bankers in South Dakota, Montana
and Minnesota.
Irving C. Rasmussen, retiring Min
nesota state banking commissioner, is
rejoining the Marquette National Bank
of Minneapolis as a vice president. He
also has purchased an interest in the
State Bank of Mound in suburban
Minneapolis and is to be elected presi
dent.
* * *
Election of three new directors at
the annual meeting of the sharehold
ers of Midland National Bank of Min
neapolis was announced by Arnulf Up
land chairman of the board. They are
Raymond N. Beim, president of Beim
Investment Com
pany; John C.
Buckbee, Jr., pres
ident of Bureau
o f E n g r a v in g ,
Inc., and Gustave
F. Johnson, vice
president, finance,
of Northern
S t a t e s P ow er
Company.
In his summary
of results for the
year to shareholders and directors, Mr.
Ueland reported new record highs in
operations with more cu sto m e rs
served and more transactions handled
than any previous year. Substantial
gains were made in loans and dis
counts, earnings and capital structure.
Consolidated gross operating earn
ings of $3,791,824 for the year repre
sent a new all-time high and a gain of
9.6 per cent over 1959. Operating ex
penses were also at a peak of $2,607,136, leaving net operating earnings for
1960 of $555,968, after provision for
income taxes of $628,720. This repre
sents a return of 8.2 per cent on con
solidated average capital. Cash divi
dends of $250,000, equal to $10 per
share, were paid during the year
which was $12,500 more than 1959.
The shareholders approved a recom
mendation of the board of directors to
increase the bank’s capital stock from
25.000 to 30,000 shares by declaration
of a 20 per cent stock dividend, in
creasing total capital stock from $2 ,500.000 to $3,000,000. This action will
become effective when approved by
the Comptroller of the Currency. At
the same time it is the intention of the
board to transfer $500,000 from undi
vided profits to surplus, increasing the
latter account to $3,000,000. At the
year-end total capital funds, including
News
79
the bank’s wholly owned real estate
subsidiary, were $7,040,416, an increase
during 1960 of $398,625.
At the annual meeting, Mr. Ueland
announced his retirement from active
work after nearly 42 years of service.
He will continue as a director and
chairman of the board.
William R. Chapman, president, was
named chief executive officer at the
annual directors’ meeting.
Directors promoted Richard I. Rose
from assistant vice president to vice
president, and James E. Brey and Reg
inald F. Kroskin to assistant cashiers.
Mr. Rose has been with Midland since
1950, and while with the bank attend
ed William Mitchell College of Law
and received his L.L.B. degree in 1957.
Mr. Brey joined Midland Bank in 1949
and Mr. Kroskin in 1955.
H u tc h in s o n
After the recent purchase of the con
trolling interest of the First National
Bank of Hutchinson, reported in last
month’s N o r t h w e s t e r n B a n k e r , W. T.
Richards was elected president. L. C.
Wick, formerly vice president, has
been advanced to executive vice presi
dent, and Mrs. Dorothy Schütz and
Mrs. Donna M. Johnson remain cash
ier and assistant cashier, respectively.
Directors are now: Mr. Richards, Mr.
Wick, Lorena Richards, G. E. Totushek and Arnold E. Witte.
Jackson
The new bank building for the First
National Bank of Jackson, due to open
for business this month, features a
20 by 24 foot showroom for use of the
bank’s commercial customers.
Robert Burnham, vice president,
said the area will be available free
to commercial customers on a weekly
basis and that reservations by several
have already been made for weeks
ahead.
L ew isville
Clifford Sparks, cashier and execu
tive officer, Merchants State of Lewis
ville, reports that no changes were
made in personnel at the annual meet
ing.
Long Prairie
R. A. Schroeder, president of the
Bank of Long Prairie, has announced
the naming of a new member to the
bank’s board. The new director, Lo
gan Snow, succeeds the late Henry
Prinz on the board and is the son of
the late M. O. Snow, who was a direc
tor of the bank 15 years, until his
death in 1944.
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
80
Minnesota
News
Oldest A ctive O fficer?
Total assets are at an all-time high of
$11,387,125, an increase of $417,766 over
last year’s figure. Total deposits in
creased nearly $400,000, to $10.483,975.
M e d fo r d
Two new directors, Alfred J. Silkey
and Clarence E. Hoffman, were added
to the board of the First State of Med
ford, reports A. O. Grove, cashier.
Also, capital was increased from $10,000 to $50,000 by cash and savings are
now insured under the FDIC, effective
December 27, 1960.
M o orh ea d
100 YEARS OLD soon— M a y 8, 1961— Frank G. Held was re-elected first vice president
and director last month at the Security State Bank of Kenyon,
implement dealer in K en yon for 67 years, he has been an officer
organization in 1934. H e is shown above being congratulated b y
pres., at the recent annual meeting. In photo, le ft to right, are:
/.p . & cash.; Bernhard Ellingson, asst, cash.; M r. H e ld ; Myron J.
Pres. Ellingson, and Allan Finseth, attorney and director.
L a k efield
Dr. V. W. Doman has succeeded Au
gust Voss, recently retired, on the
board of the Farmers State Bank, re
ports Wayne Schultze, assistant cash
ier.
L u v ern e
Delvin D. Meyer has been elected
assistant cashier at the First National
of Luverne, announces H. L. Smith,
president.
M adelia
Citizens National Bank
M inn. A n auto and
of the bank since its
Arthur M. Ellingson,
Robert K. Bjelland,
Ellingson, exec, v .p .;
keeper and teller at the American
State.
First National Bank
Richard B. Jude, vice president, was
elected executive vice president and a
director at the First National’s annual
meeting last month. He began as mes
senger in 1939, was elected vice presi
dent and cashier in 1957 after serving
in various departments, and vice presi
dent in 1960. All other officers were
re-elected, reports H. M. Grant, presi
dent.
H. H. Miller is retiring as a director
after 12 years’ service on the board.
National Citizens Bank
J.
G. Olson, cashier and director, re
John S. Rinehart has been elected
ports an increase in surplus of $10 0 ,000. The change brought the capital assistant vice president, National Citi
structure up to $329,360. Totals are zens Bank of Mankato, announces P.
R. Kenefick, president. He succeeds
$2,204,302.
Matt Heimerman, who has accepted
Farmers State Bank
All officers and directors were re the executive vice presidency of a new
elected, including Raymond H. Winar- LaCrosse, Wis., bank.
ski, who joined the staff as assistant
Mr. Rinehart, who began in banking
cashier in July, reports M. E. Coltvet, in 1949 at Carroll, Iowa, comes to the
cashier.
Mankato bank from five years’ service
with the examination staff of North
west Bancorporation. He has com
M a d iso n
Leo A. Nikolai, cashier, Klein Na pleted courses of study at the Ag Cred
tional of Madison, reports no changes it School, Iowa State University,
in personnel at the annual meeting. Ames, Iowa, and the School of Bank
“Our bank had excellent earnings,” he ing, University of Wisconsin.
said, “and the usual dividend was
paid.”
M a rsh a ll
John T. Suedbeck, formerly vice
M ankato
president and cashier, was elected to
American State Bank
the board at the First National of
Frank W. Darsow, 78, president of Marshall and promoted to executive
the American State Bank from 1938 vice president. Also, Carl D. Peterson,
until his retirement in August of 1957, vice president, was named vice presi
died recently at a Mankato rest home. dent and cashier, and Myron Thielges,
Born in Germany, he came to the assistant cashier, was named assistant
Mankato area in 1896 and began his vice president. Announcement was
banking career in 1906 as a book made by K. E. Sheffield, president.
N o rth w estern
B a n ker,
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
Roy J. Thomas, assistant cashier,
American State Bank, Moorhead, has
been elected cashier, reports P. J. Can
ton, executive vice president.
Mr. Thomas joined the staff in 1955
and was promoted to assistant cashier
in 1956. He has served as auditor
since 1958.
Mr. Canton announced also that a 50
per cent stock dividend was declared
at the annual meeting, raising total
capital to $300,000.
N e w fo ld e n
A grand opening of the Marshall
County State, which was moved re
cently from Holt to Newfolden, was
held two days before Christmas, and
combined with a Christmas party, at
tracted a large turnout. Alton Carlson
is president of the bank.
N ew U lm
Edward A. Stoll, president of the
State Bank of New Ulm for nearly 60
years, and Peter Kitzberger, vice pres
ident for 58, retired at last month’s
stockholders’ meeting. They were suc
ceeded on the board by Ford H. Win
slow and Everett L. Young.
Dr. H. A. Vogel, formerly vice presi
dent, was elected president at the di
rectors’ meeting. William C. Muesing
was elected vice president and Frank
J. Schugel, formerly cashier, was
named executive vice president.
O w atonn a
Otto A. Schroeder was elected to the
board of the Security Bank & Trust
of Owatonna and all nine present di
rectors were re-elected at the annual
stockholders’ meeting.
Thomas H. Kelly II was advanced
from assistant cashier to assistant vice
president and all other officers were
re-elected at the annual directors’
meeting.
Clifford C. Sommer, president, who
made the preceding announcements,
said also that this was the third con
secutive year that total resources ex
ceeded $15 million by year-end, there
Minnesota News
was an increase in deposits, an addi
tion of $100,000 to common capital
stock and that total capital accounts
exceeded $1 million for the first time
in the history of the bank.
cashier to cashier, and Don K. Podein
to assistant cashier. P. P. Henning is
executive vice president and Homer
Wooldridge, president.
James Lebens, Stewartville busi
nessman, was elected to the board.
ident and a capital stock increase of
$100,000, from $150,000 to $250,000, was
voted by declaration of a stock divi
dend and transfer from undivided
profits, reports John J. Womack, pres
ident.
T h ie f R iv e r F alls
T rim o n t
P ip e sto n e
Dale E. Eikmeier has been advanced
from head teller to assistant cashier
at the First National of Pipestone, re
ports W. S. Morgan, vice president.
Mr. Eikmeier joined the bank in
1955 after serving as IBM manager
for Dornberger Insurance of Sioux
Falls.
81
Andrew Anderson, director at the
Union State Bank for 21 years, retired
last month under the bank’s Direc
tors’ Retirement Policy. William LaFave, manager of Bridgeman Cream
eries, was elected to the board.
John McGinley was promoted from
assistant cashier to assistant vice pres-
Arthur J. Peterson, president, Tri
umph State Bank, reports that E. A.
Edman, formerly cashier, has been
elected vice president and that Kalmer N. Skaalen has been advanced
from assistant cashier to cashier. Oth
er officers and directors were re
elected.
R och ester
Election of Dwain A. Hoops, trust
officer since 1958, to vice president and
trust officer of the First National has
been announced by R. A. Bezoier,
president.
F
ir s t
A
S leep y E ye
First National Bank
P. E. Wilms, president, reports that
officers and directors at the First Na
tional were re-elected at the recent
annual meeting.
Statement of Condition
DECEMBER 3 1 , 1960
RESOURCES
S p rin g V a lle y
Lester H. Gaugert, executive vice
president, First National of Spring
Valley, was elected president of the
bank last month, succeeding George
C. Gullickson, who is retiring. Also,
Kenneth Churchill was advanced from
cashier to vice president and cashier,
and Gerald Meske was named man
ager of the insurance department.
$19,223,747.27
20,169,126.80
. 7,336,897.46
1,462,356.75
35,550,599.85
Cash on Hand and Due from Banks ........
United States Government Securities ......
Municipal Securities ..............................
Other Marketable Securities .....................
Loans and Discounts ..................................
Federal Reserve Bank Stock .....................
Bank Premises and Equipment .................
Interest Accrued .........................................
210, 000.00
4,538,276.57
376,788.70
$88,867,793.40
State Bank of Sleepy Eye
Capital structure has been increased
by $10 ,000 , bringing the total to more
than $250,000, reports George Wooldrik, president.
National Bank
OF DULUTH
Slayton
Gerald R. Koens, with the Murray
County State of Slayton since high
school graduation in 1956, has been
elected assistant cashier, reports G.
P. Gutzmann, cashier.
Clement J. Lieser, senior vice presi
dent, will retire this year—October 1—
after 31 years, eight months of service.
m e r ic a n
LIABILITIES
Capital Stock .......................................
Surplus .......................................................
Undivided Profits .......................................
3,500,000.00
3,500,000.00
2,225,946.06
Total Capital Accounts ............................ -...................$
Reserve for Interest, Taxes, etc...........................................
Deposits:
__
Demand ....
$51,558,748.93
Time ...........
24,457,484.30
U. S. Government ................................... 2,325,286.32
Total Deposits ...........-.................................................. $78,341,519.55
$88,867,793.40
f ïr s j t
S tarbu ck
A m e r ic a n
National Bank
O. S. Kyvig was promoted from
cashier to vice president and Irwin
Knutson from assistant cashier to
cashier at the First National of Starbuck, announces Edw. S. Olson, presi
dent.
Duluth, Minnesota
RAndolph 2-6601
Growing
with the
SEAW AY
Stew artville
Directors of the First National of
Stewartville promoted J. A. Stotko
from cashier to assistant vice presi
dent, Alfred J. Fey from assistant
koq’ wkr oo
M EM BER
FEDERAL
D E P O S IT
IN S U R A N C E
C O R P O R A T IO N
N orthw estern Banker, February, 1961
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Federal Reserve Bank of St. Louis
82
Minnesota
News
‘ CURRENT CREDIT PROBLEMS” PANEL members, in photo
at le ft, left to righ t: E. W. Bremer, asst, secy., Farmers & M e
chanics Savings, M inneapolis; Harold B. Farley, v.p., First
Am erican N ational, D uluth; William R. Chapman, pres., M id
land N ational, M inneapolis; Clarence H. Kroning, a.v.p., First
N ational, M inneapolis, and R. W. Crouley, v.p., M arquette N a
tional, M inneapolis. S E C O N D P H O T O — Discussing the attend
ance were Richard Weyrauch, le ft, conference chairman and
a.v.p., First N ational, M inneapolis, and Kenneth A. Wales, M B A
executive secretary. P H O T O A T R IG H T — M embers of “ W hat
Banks Are Doing A bou t A utom ation” panel, le ft to righ t: John
E. Westhoff, asst, comptr., F irst N ational, M inneapolis; Charles
E. Arner, a.v.p., F irst N ational, St. Paul, and Morgan B. Iler,
a.v.p., Northwest Bancorporation.
5 0 0 B unkers A tten d M id -W in ter Conference
By W A L T E R T . P R O C T O R
Associate Editor
N OUTSTANDING program of State Bank, Grand Meadow, called the
good speakers with subjects of meeting to order as president of the
exceptional interest, plus cooperationMBA, and after a talk, “A President
from unusually good weather for Jan Looks at Public Relations,” by Wil
uary, resulted in an overflow attend liam Drenner, president, City National
ance of more than 500 bankers at the Bank, Fort Smith, Ark., two panel dis
Minnesota Bankers Association’s first cussions held the interest of the large
Mid-Winter Conference last month at completely filled “ Star of the North”
the Radisson Hotel in Minneapolis.
Hall.
Richard O. Weyrauch, assistant vice
The first panel group discussed
president, First National of Minneap “What Banks Are Doing About Auto
olis, was conference general chairman. mation” and, with the aid of slides, ex
He and his staff, along with Kenneth plained the systems of most interest
A. Wales, MBA executive secretary, to medium and small banks and how
and his staff, received the plaudits of they are generally operated in these
the bankers for the quality of the pro banks. Members of the panel were:
gram, plus the efficient way the con John E. Westhoff, assistant comptrol
ference was handled, in view of the ler, First National of Minneapolis;
greater-than-expected number in at Morgan B. Iler, assistant vice presi
tendance.
dent, Northwest Bancorporation, and
Interesting Panel Discussions
Charles E. Arner, assistant vice presi
George N. Reppe, president, First dent, First National of St. Paul.
A
AT REGISTRATION DESK, E. Wally Engstrom, v.p., M idland
N ational, M inneapolis, is served by Margaret Goff, left, and
Sharon Miller, both of the M B A office. S E C O N D P H O T O — L e ft
to righ t: A. R. Kircher, Cosmopolitan State, S tillw ater; A. F.
Lietske, v.p., Farmers & M erchants State, Sacred H e a rt; C. Paul
Lindholm, a.c., Northwestern N ational, M inneapolis, and C. Ber
Nort hwest ern Banker, February, 1961
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Federal Reserve Bank of St. Louis
The second panel, “ The Responsibili
ties of Bank Examiners and Supervi
sors,” featured Charles F. Alden, su
pervising examiner, FDIC; Roger K.
Grobel, chief examiner, Federal Re
serve of Minneapolis; Irving C. Ras
mussen, Minnesota commissioner of
banks, and C. B. Upham, chief nation
al bank examiner.
Awards Presented
After a light and interesting after
luncheon talk by Calvin Griffith, presi
dent, Minnesota Twins baseball team,
awards were presented to the follow
ing bankers from Minnesota and
North and South Dakota for recogni
tion of their contributions to the ad
vancement and development of con
sumer bank credit. Selection of these
bankers was made by a national com
mittee:
John Burgess, vice president,
nard Jacobs, v.p., Continental Illinois N ational, Chicago. P H O T O
A T R IG H T — V. E. Palmer, pres., Pine River State, Pine R iver;
Otto H. Preus, v.p., M arquette N ational, M inneapolis; Lester
Lipke, pres., First State, Stewart, and H. G. Hamre, pres., State
Bank of W ood Lake, an M B A past president.
Minnesota
Northwestern National, Minneap
olis (retired); Frank P. Powers,
president, Kanabec State, Mora;
James A. Galbraith, vice presi
dent, Midland National, Minneap
olis; E. W. Leonard, president,
First Service Corporation, Minne
apolis; Dudley R. Mays, vice presi
dent, First Service Corporation,
Minneapolis; Rufus W. Hanson,
executive vice president, First Na
tional, Minneapolis; Thomas M.
Kulp, vice president, First Nation
al, Minneapolis; Richard Coyle
Lilly, president, First National of
Saint Paul (deceased); Arnold G.
Zube, assistant vice president,
First National Bank & Trust, Far
go, N. D. (deceased), and Earl G.
Miller, vice president, National
Bank of South Dakota, Sioux
Falls, S. D.
Receiving the scroll for the late Mr.
Lilly was Elmer Volkenant, vice pres
ident, First of Saint Paul. Receiving
the scroll for the late Mr. Zube was
his son, Robert Zube, of Wichita, Kan.
Current Credit Problems
R. W. Crouley, vice president, Mar
quette National of Minneapolis, was
moderator for a timely “ Current Cred
it Problems” discussion to start the
afternoon program. Panel members
were: E. W. Bremer, assistant secre
tary, Farmers & Mechanics Savings
of Minneapolis, “Farm Real Estate” ;
William R. Chapman, president, Mid
land National of Minneapolis, “ Indus
trial Loans” ; Harold B. Farley, vice
president, First American National of
Duluth, “ Real Estate Mortgages,” and
Clarence H. Kroning, assistant vice
president, First National of Minneap
olis, “ Installment Lending.”
Merle V. Stone, vice president and
comptroller, American National of St.
Paul, discussed “Shooting for Im
proved Internal Auditing,” and Wil
liam Powers, senior deputy manager,
ABA, New York City, concluded the
program with “Future Management
for Small Banks.”—End.
83
V IS IT IN G B E T W E E N SESSIONS at the Mid-Winter Conference were, left to right:
J. L. Parker, v.p., First American National, St. (Toud; A. L. Leraas, exec, v.p., Citizens
State, St. Louis Park; Dale L. Morrill, a.c., American National, St. Paul; F. A . Buscher,
pres., National Bank of Commerce, Mankato; Jerry J. Kigin, pres., Guaranty State
Bank & Trust, St. Cloud, and B. It. Meinz, exec. v.p. & cash., First American National,
St. Cloud.
STATEM ENT
OF
C O N D IT IO N
December 30, 1960
R E S O U R C E S
Cash and Due from Banks .... ............ $8,753,874.57
U. S. Government Obligations
....... 6,901,166.17
Municipal Obligations ..... ..... ............ 2,589,665.62
Other Bonds and Securities ...
69,750.00
Total Cash, Due from Banks and Investments ...... $16,314,456.36
12,291,299.67
Loans and Discounts ......... .....
191,219.52
Interest Earned Not Collected
Vaults and Fixtures ...............
35,000.00
90,000.00
Leasehold Improvements ......
Customers Liability on Guarantees and Letters
25,000.00
of Credit _______ __________
Total Resources ...............
$28,946,975.55
L I A B I L I T I E S
$ 750,000.00
Capital
_________
750,000.00
Surplus ....................... ...............
Undivided Profits and Reserves ............ ................. .
639,436.46
Reserved for Interest, Expenses and Taxes ..............
181,990.57
111,404.74
Interest Collected not Earned
25,000.00
Letters of Credit and Guarantees Issued
26,489,143.78
Deposits ....................................
Total Liabilities ................
$28,946,975.55
D IR E C T O R S
T w in V a lle y
J.
E. Draeger, cashier at the Twin
Valley State Bank, retired last month
after 17 years in that capacity. In busi
ness in various capacities before 1911,
he began his banking career that year
with the First State Bank at Red
Lake Falls.
News
A.
A . B IB U S
V i c e P r e s id e n t
A. L. O LSO N
P r e s i d e n t , S t. P a u l U n i o n
M . E. BARNES
G e n . M g r ., A r m o u r &
R.
E. ORCHARD
V ic e P re s id e n t
D A V I D L . G R A N N I S , JR.
G r a n n is & G r a n n is , A tt o r n e y s -a t -L a w
R.
L. S M IT H
P r e s id e n t
H . D . K L E IN
S e cre ta ry , W e b b
W . H . S W E N E Y , JR.
P r e s id e n t, W . H . S w e n e y
C o ., S o u th S t. P a u l
P u b lis h in g
C o.
S to c k y a rd s
C o.
R. V . K O C H E N D O R F E R
V ic e P r e s id e n t
H E N R Y W E R T H E I M E R , JR.
V i c e P r e s ., W e r t h e i m e r C a t t l e
K.
J. R A Y M O N D Y O U N G
P r e s id e n t, Y o u n g M o t o r s , In c .
W . M cK E E
P r e s id e n t, K . W . M c K e e , In c .
C o.
C o ., In c .
V irg in ia
LeRoy E. Fiegel, president of the
First National of Virginia, has an
nounced the election of Anthony C.
Schneiderhan, Jr., as assistant cashier.
W a n a m in g o
STO C K Y A R D S N A T IO N A L B A N K
S o u th Saint P a u l, M in n eso ta
A F F IL IA T ED W ITH N O RTH W EST 8 A N C O R P O R A T IO N
MEMBER FED ER A L D EPO SIT IN SU R A N C E C O R P O R A TIO N
E. E. Sevareid, 74, executive vice
Northwestern Banker, February, 1961
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Federal Reserve Bank of St. Louis
84
Minnesota
News
president and director at the Security
State Bank the past 38 years, died last
month in a Minneapolis hospital. He
had been associated with the Wanamingo bank 40 years.
ment of the bank. They had purchased
controlling interest in the bank in
December. Mr. Shafer had been with
the bank 44 years.
JVeir E ra
W illm a r
W anda
Frank E. Wilkins, Jr., formerly as
sistant cashier, has been advanced to
assistant vice president and manager
of the Timepay Department and Paul
G. Peterson, with the bank since 1957,
has been elected assistant cashier, an
nounces Arthur M. Kjos, president of
the First National of Willmar.
Nick W. Jenniges, vice president
and cashier, Wanda State Bank, re
ports the results of the annual meet
ing election of officers as: N. A. Leuther, president; Mr. Jenniges, vice presi
dent and cashier; Donald Schumacher
and Philip J. Schoo, assistant cashiers.
A dividend of 5 per cent was paid
stockholders.
W in o n a
Arnold E. Stoa, president, First
National of Winona, reports that di
rectors have voted to increase surplus
by $100 ,000, bringing total capital
funds to $1 million.
Announced also was the promotion
of Kenneth F. Seebold and Marion J.
Griesbach to assistant cashiers.
W aseea
Alfred E. Sievert, who recently re
tired from the jewelry business, was
elected a director of the Farmers Na
tional of Waseca recently, bringing the
number on the board to eight. Also,
an increase of $21,000 in the surplus
account now brings surplus to $125,000 , compared to capital of $150,000.
W aubun
Seymour J. Shafer, president, Farm
ers State of Waubun, retired last
month after turning over to L. C.
Hemmelgarn, cashier, and V. M. Houglum, assistant cashier, the manage-
JOHN A. MOORHEAD, le ft, president of
Northwestern N ational Bank of M inne
apolis, sets in motion plans for installation
of a new million-dollar electronic data
processing system designed to handle ac
counting a c tiv ity for the bank. Lacy W.
Goosetree, Jr., m arketing manager for
General E lectric’s computer department,
offers M r. Moorhead a pen to sign the
contract for installation and maintenance
of the new G -E 210 computer.
STANLEY W. EVANS
First Vice President
WILLIAM C. SCHENK
Vice President
JOHN S. HAVER
Vice President and Cashier
EDWARD L. NEWELL
Asst. Vice President
JAMES J. McGILL
Asst. Vice President
MALCOLM H. ERICKSON
Asst. Cashier and Auditor
KINLEY W. SMITH
Assistant Cashier
BEN E. HOLTDORF
Assistant Cashier
R. K. DRAPER
Representative
MEMBER
Nort hwest ern Banker, February, 1961
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Federal Reserve Bank of St. Louis
Additional news about a num
ber of bank annual meetings ar
rived too late to be included in
this issue of the N o r t h w e s t e r n
B a n k e r , but will appear in the
next edition.
REPORT O F T H E C O N D IT IO N
A t the Close of Business Decem ber 31, I960
R ES O U R C E S
$13,897,797.37
8,037,094.72
1,652,233 22
51,000.00
153,233 2!
24,340 96
72,197.24
3,180 23
7,856,964.79
Loans and Discounts ..................................
United States Bonds and Notes
State, County and Municipal Bonds
Federal Reserve Bank Stock .................
Interest Earned, Not C o lle cted
Leasehold Improvements .......................
Furniture and Fixtures .............................
Other Assets
.............................................
Cash on Hand and Due from Banks
$31,748,041.74
L IA B ILIT IE S
C a p ita l Stock ................
Surplus ............................
U ndivided Profits ...............................................
Total C a p ita l Accounts ..........................
Reserve for Interest, Taxes and Expenses
Interest C o lle cted , Not Earned
Deposits ....................................................................
400,000.00
,300,030 00
330,256.89
2,030,256.89
233,883.68
87,705.29
29,396,195.88
$31,748,041.74
FEDERAL
DEPOSIT
INSURANCE
CORPORATION
85
Sioux Falls, and Elton J. Budahl, agri
cultural agent of Lake County, have
joined the staff of the Northwest Se
curity National in Gregory.
S o u t h U n it o la
G ro to n
ROBERT H. PR El
A. S. GULUCKSON
President
Secretary
Wagner
Huron
B a n k ers to Assist
In F in a n ce S em in a r
from 19 banks in an area from Woon
socket to Huron to Fort Pierre.
Vice president is C. E. Hart, presi
dent, Hand County State of Miller,
and secretary-treasurer is Vern F.
Duba, assistant vice president, North
west Security National’s Chamberlain
Branch.
At a recent meeting of the SDBA ex
ecutive council, Dean Patterson and
Professor Johnson, school of business,
University of South Dakota, presented
a proposal for bankers to participate
in a teaching-seminar type of activity
with students majoring in finance and
E d g em on t
banking. The plan to have bankers
Bernard W. Keating, vice president,
come to the University and assist the
Southern
Hills Bank, has retired after
school of business personnel in this
instructional activity met with ap 42 years of service, the last 22 of
which were at the main office in Edge
proval from the Council.
President Robert H. Frei has ap mont.
Paul A. Peterson of Buffalo, success
pointed the following committee to as
ful in sheep and cattle ranching and
sist the Dean in planning:
L.
L. Lillibridge, Burke State Bank, the lumber and hardware business,
Burke; C. A. Lovre, Northwest Secu has joined the staff as executive vice
rity National Bank, Sioux Falls; Roy president.
Other changes: Edith Young is cash
K. Lippert, Farmers State Bank, Ips
wich, and C. F. Stilgebouer, First Pot ier; Lloyd Soske, Jr., assistant cashier,
ter County Bank, Gettysburg, execu and James Seppala, assistant cashier
and director.
tive county representative.
B u rk e
Carl B. Aamodt, farm service direc
tor, Burke State Bank, the past 10
years, was honored at a recent dinner
party on his retirement from active
service. J. Harvey Glover, former
Gregory county agent, has been named
his successor.
The party—annual Christmas party
for Louis Lillibridge’s four banks
(Jones County State at Murdo, Citi
zens Bank of Colome, Burke State at
Burke and Burke State Branch at
Bonesteel)—was held at Colome and
attracted 75 persons.
C astlew ood
At the Citizens State Bank, Harold
Heidemann, formerly cashier, was
elected president-cashier; J. E. Miller,
vice president; R. J. Miller and Ger
aldine E. Staudy, assistant cashiers.
Directors are W. H. R. Ching, R. S.
Wiarda, J. E. Miller, R. J. Miller and
Harold Heidemann.
C h a m b e rla in
Paul V. Olson, vice president and
manager, Chamberlain Branch, North
western Security National of Sioux
Falls, has been elected first president
of the newly-formed Central Associa
tion of Banks—comprised of bankers
E stellin e
A 60 per cent increase in the capital
stock was voted by way of a stock
dividend at the annual meeting of the
Farmers State Bank of Estelline.
At the bank’s open house to cele
brate its 40th anniversary, gold-plated
18-karat car ignition keys were given
to guests who opened a savings ac
count of $25 or more or added at least
that amount to their present savings
account.
G ettysburg
Ross Richardson, former president
of the First Potter County Bank, was
honored at the bank’s Christmas party
for 52 years’ service to the institution
and its community. Mr. Richardson
is retiring from the board. He re
ceived several gifts, one of which was
presented on behalf of the South Da
kota Bankers Association by C. F.
Stilgebouer, second vice president of
that association, and heard many fine
remarks about his service through the
years.
The bank plans to operate with a
6 -man board until a later date.
G reg o ry
Dave Armstrong, Stockyards Branch
of Northwest Security National of
Harlan Drube, assistant cashier, Milbank Branch, First National of Aber
deen, has been transferred to the
Groton Branch as assistant manager.
D. W. Angerhofer, vice president and
manager, said Mr. Drube will succeed
Leland Johnson, who has accepted a
position in the farm loan department
of the Billings State Bank, Billings,
Mont.
H ig h m o re
John A. Hardesty, a Highmore bank
er for 35 years, the past six of which
have been as executive vice president
of the First State Bank, has been
elected president, succeeding A. B.
Cahalan, who is retiring. Clarence M.
Gislason, cashier since 1948, has been
named vice president and cashier.
H u ro n
NABAC Meeting
Merle V. Stone, vice president and
comptroller, American National Bank,
St. Paul, addressed a dinner-meeting
of bank representatives from more
than 60 banks in central and eastern
South Dakota at Huron last month.
Similar sessions are held regularly at
Aberdeen and in the southeastern area
of the state under the sponsorship of
NABAC.
Others on the program included:
William H. Schmitz, assistant, organ
ization division of NABAC, Chicago;
O. W. Ohnstad, assistant vice presi
dent, Federal Reserve Bank, Minne
apolis, and C. H. Hight, comptroller,
Northwest Security National of Sioux
Falls.
National Bank of South Dakota
Marwin H. Brown, associated with
the Huron Branch, National Bank of
South Dakota, Sioux Falls, since April
of 1960, has been elected assistant
cashier.
Northwest Security National
Work has begun on a $200,000 com
prehensive improvement and remod
eling program at the Huron Branch,
Northwest Security National Bank of
Sioux Falls, announces C. A. Lovre,
president of the Northwest Security
N a tion a l. Completion is expected
about June.
Rearrangement and complete refur
nishing of the lobby and transfer of
the bookkeeping department to the
second floor are highlights of the proj
ect.
A new service will be a walk-up
window. An employees’ lounge will
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
86
South
Dakota
News
be on the second floor and can be
reached with the new automatic ele
vator.
Mr. Van Nice had been in the Mc
Laughlin hospital since 1957.
M o b rid g e
L em m on
Peter A. Sattler, vice president and
director, First National of Lemmon,
has retired because of health reasons.
No new director has been named to
the board to succeed him, but Alfred
Reder, director, has been elected vice
president to succeed him in that ca
pacity. All other officers and directors
remain unchanged, announces E. C.
Svihovec, assistant cashier.
M adison
Robert E. Hall, Jr., and Larry J.
Cornell have been promoted to assist
ant cashier at the Northwest Security
National in Madison. Mr. Hall has
been with the bank since July 1959
and was manager of the Madison of
fice’s insurance department. Mr. Cor
nell joined the staff in January of
1960 as manager of the installment
loan department.
Loren W. Hamre resigned recently
as assistant vice president to accept
the vice presidency of the Northwest
ern State Bank in Ortonville, Minn.,
another affiliate of the Northwest
Bancorporation.
M cL a u g h lin
James O. Van Nice, president, First
State Bank, died last month at the Mc
Laughlin Community Hospital. He
was 92 years old.
Mr. Van Nice was McLaughlin’s first
banker and also the town’s first may
or. He was born in 1869 near Chari
ton, Iowa, and came to McLaughlin in
1910. He was one of the organizers of
the First State Bank and was the first
president of the institution.
Arthur J. Peterson, executive vice
president, Citizens Bank of Mobridge,
the past year, has been elected presi
dent, succeeding W. P. Jones, who re
tired from active banking a year ago
and who is now representative in the
South Dakota legislature.
W. E. Kurle, McLaughlin, grain
dealer, was elected a new director to
the board.
It was voted at the annual meeting
to transfer $50,000 from undivided
profits to surplus. The bank has
$50,000 capital, $100,000 surplus and
$48,661 undivided profits and reserves.
M orristow n
Robert Wiley and Milton Slaathaug
have purchased the majority interest
in the Morristown State Bank and its
branch at McIntosh from G. P. Meuer,
cashier.
Mr. Wiley, cashier of the Peoples
State Bank, Summit, plans to retain
his interest in that bank and remain
on its board, although he has moved
to Morristown to manage the Morris
town State. Mr. Slaathaug, president
of the bank at Summit, will retain his
position there and be active on the
board of the Morristown bank.
Harold Binde has joined the staff of
the Peoples State at Summit.
N ew ell
Oscar Fogelberg, vice president and
manager of the Newell office of the
First National Bank of the Black Hills
until his retirement last summer, has
been appointed finance secretary for
the State of South Dakota by Gover
nor-elect Archie Gubbrud.
Combined Statements
AMERICAN N ATIO NAL BANK— WESTERN NATIO N AL BANK
RAPID CITY TRUST COMPANY
RAPID C IT Y . SO UTH DAKOTA
Statem ent of Condition Decem ber 31, 1960
R ESO U R CES
C ash in Banks and on H and _________________________________________________________________ $ 5 ,9 0 2 ,9 7 0 .8 1
U nited S ta te s Bonds ...............
1 2 ,0 0 4 ,8 1 5 .7 8
M unicipal W a rra n ts
-------------- --------- ------------ ------------- ------------------------6 3 ,2 7 0 .4 3
Fe d e ra l R eserv e Bank S to c k __________________________________________________________________
6 0 ,0 0 0 .0 0
FH A & F irst M o rtg ag e Loans ______________________ ______________ ______ ___________________
5 ,0 6 5 ,8 2 1 .7 9
Loans and D iscounts _____________________________________________________________________________ 1 0 ,8 6 2 ,5 8 2 .1 5
B uilding, Parking Lot and Equipm ent --------- -------- ----------- -------- ------------- 7 3 8 ,6 2 8 .2 0
In te re st A ccru e d R e c e iv a b le , E t c __________________________________________________________
32 1,8 5 5 ,8 2
T o ta l
............................................................................................................................................. .$ 3 5 ,0 1 9 ,9 4 4 .9 8
L IA B IL IT IE S AN D C A P IT A L
D eposits
.................................................................................................................................................... $ 3 2 ,0 7 3 ,7 2 6 .9 8
C a p ita l S to ck
......................................................................................................................................
1 ,0 0 0 ,0 0 0 .0 0
Surplus Fund
______________________________________ ________________________ _____ _______________ _
1 ,0 0 0 ,0 0 0 .0 0
U ndivided Profits ( N e t ) .....................- ............ - .............................................................. .......
3 3 4 ,1 3 5 .3 7
D ividend s D e clared -------------- ---------------- ............................................................. ...............
3 8 ,0 0 0 .0 0
R eserved fo r T a x e s, In te re st, E t c ................................- ..................................... ..................
57 4,0 8 2 .6 3
T o ta l
.............................................................................................................................................. $ 3 5 ,0 1 9 ,9 4 4 .9 8
A . A . D A H L , Chairm an of Boards
M em ber Federal Deposit Insurance Corporation
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Parkston
The modern all-new 50 by 88 foot
bank building for Farmers State Bank
of Parkston was completed recently
and open house was held last month.
The modern new bank features
a spacious lobby, office space for the
bank officers, a private office, a con
ference room for the benefit of bank
officials and families wishing to use
the room for conferences. Inside the
front door is also located the mod
ern safety deposit vault plus private
rooms for opening deposit boxes.
Directly to the left of the tellers’
cages is located the bookkeeping room
complete with new modern electronic
equipment. Behind the bank proper
are located the Farmers State Insur
ance Agency offices.
The basement includes a spacious
community room complete with kitch
en facilities. The large basement room,
which measures about 50 by 50, will be
available for community functions.
The basement section also includes
the heating and air conditioning cen
ter, the storage room, plus a lower
vault and rest room facilities.
The Mosler Safe Company installed
the vault, the night depository and the
new safe deposit boxes.
P ierre
Walter H. Burke, president, Pierre
National Bank, has announced the
election of three new directors. They
are: Godfrey M. Roberts, Jr., president
and manager, State Publishing Com
pany, and secretary-treasurer, Roberts
Laundry and Dry Cleaners; Warren
W. May, attorney, and Edward Sidel,
owner of Capital City Trainer Sales,
president of Central Products and a
director of Core-Craft, Inc.
R apid City
First National of Black Hills
Harold R. Horlocker, president, First
National Bank of the Black Hills, was
elected chairman of the board as well
as p re s id e n t at
last month’s an
nual meeting. R.
E. Driscoll, Santa
M o n i c a , Calif.,
w as re -e le cte d
honorary chair
man.
Directors also
promoted Owen
C. Johnson, man
ager, Robbinsdale
H . R. H O R L O C K E R
office, and H. P.
“Pat” Dixon, head of business devel
opment and public relations, to assist
ant vice president. Donald R. Camp
bell, with the bank since December,
1960, was named assistant trust officer.
South
Glen Gedstad has been advanced to
Rapid City Trust Company
Clark W. Carnaby, Jr., trust officer,
Omaha National Bank, Omaha, Neb.,
has been elected vice president and
trust officer of the
Rapid City Trust
Company, taking
over management
of the trust com
pany, succeeding
E u g en e P e ste r,
on leave because
of illness.
Mr. C arn aby,
who served sev
eral years in law
C. W . C A R N A B Y , J R .
practice b e f o r e
joining the trust department of the
Omaha National, will be assisted by
William Kilroy, who has been a trust
officer under Mr. Pester.
auditor.
David F. Cleveland has been named
assistant manager, timepay depart
ment.
It was noted also that Earl G. Miller,
vice president, was honored last
month at the midwinter conference of
the Minnesota Bankers Association in
Minneapolis. A National committee,
organized last year to mark the 50th
anniversary of consumer bank credit,
originated the special award to honor
pioneers and leaders for contributing
to the constructive growth of consum
er credit in the nation’s commercial
banks. Mr. Miller received a scroll
Dakota
News
and special recognition. Also repre
senting the SDBA were Robert H.
Frei, Wagner, president, and S. A. Gullickson, executive secretary, SDBA.
* * *
Northwest Security National
C. A. Lovre, president, has an
nounced the election of the following
directors: Joe Kirby, president, West
ern Surety, and W. J. Heimerman,
vice president of the bank. Mr. Hei
merman has been with the bank since
August, 1948, when he joined the con
sumer credit department. He was
elected assistant cashier in January of
1949; assistant vice president in De
cember of 1950 and vice president in
S io u x F a lls
First, National Bank
' :
IRECTORS have advanced Tom
Barron from assistant trust offi
cer to vice president and trust officer,
succeeding R. A. Pankow, who retired
recently, but who remains on the
board.
Also at the annual meeting, O. L.
Bonacker was promoted from cashier
to vice president and cashier, and R.
M. Hahn, from assistant vice president
to vice president. W. S. Baker was
promoted to assistant cashier.
* * *
D
' ;
: ; .
? ■
$35,690
Stock in Federal
90,000.00
Reserve Bank __________
5,013,632.32
Loans and Discounts _ _
Bank Premises and
1,126,982.76
Equipment ------------Interest Earned but not
Collected
______________
431 ,623.51
Other Assets _____ _____
464,,407.83
■I ■
§¡§■§1
■ HI
lililS■
W ÊM
Wj S S ê r b
■
'
OVER 5959
■
National Bank of South Dakota
Tom S. Harkison, president, has an
¡¡■
¡ Il
—
i
.b v V b b V
¡■ ■ I ■•
LIABILITIES
December 31, 1960
nounced the following changes:
J. H. Beckman, president of the J.
H. Beckman, the Sokota and the Val
ley Park Construction Companies, as
well as the Watertown Concrete Mate
rials Company, has been elected a
director.
i ■ ¡
Demand Deposits __$44,783,268.03
Time D e p o s it s _____ 19,852,048.69
U. S. Gov't Deposits 1,136,450.32
-
To tal Deposits -----$65,771,767 04
Reserve for Interest,
Exp. & Taxes ....._
621,464.99
Interest Collected but
not Earned _____
624,011.63
Loan Loss Reserves _____
1,785,000.00
C ap ital Stock —
Common __________
1,000,000.00
Surplus _______________ 2,000,000.00
Undivided Profits _
1,014,466.54
To tal C ap ital
Account __________ 4,014,466.54
TO TA L
a
_______________ $72,816,710.20
9
¡ lili
;
n
O VER
Ì9 5 9
■■ B
7 □ YEARS OF H ELP FU L BANKING
N orth w est í s Ban k
J. F . M U R P H Y
R. M . H A U G E N
1). J. Dinsmore, president, D. J. Dinsmore Company (hardware for win
dows), has been named to the advis
ory board.
John F. Murphy has been promoted
to assistant vice president, trust de
partment.
Robert M. Haugen has been elected
assistant cashier.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
of Sioux Falls, Brookings, Chamberlain, Dell Rapids,
Gregory, Huron, Madison and Sioux Falls Stockyards
M EM BER
-v
-
La
FEDERAL
D EPD SIT
IN SU RA NC E
Tr r-: . ■■:; A:”
■ : . ..
y
|-A
CO RPORATION
"
;
I
••■
.
iflll
N orthw estern Banker, February, 1961
88
South
Dakota
News
Smith
Ihiliatn
Haul,'Statianoat JFii/ari»s
F r o m R ep orts Received b y Ja n u a ry 1 5 , 19 6 1
( L a s t th r e e fig u re s o m it t e d )
D ecem b er 31 , I9 60
D e p o s its
Loans
A berdeen
F a r m e r s & M e r c h a n t s ........................ ..
F i r s t N a t i o n a l ........................................... ..
B e r e s f o r d , F i r s t N a t i o n a l ..................... ..
C e n t e r v i l l e , B a n k o f .................................. .
E l k P o i n t , B a n k o f U n i o n C o u n t y ..
E s t e l l i n e , F a r m e r s S t a t e ........................ ..
G e d d e s , S e c u r i t y S t a t e ........................... ..
G e t t y s b u r g , F i r s t P o t t e r C o u n t y .. ..
H u r o n . F a r m e r s & M e r c h a n t s .......
I r e n e , F a r m e r s S t a t e ................................ ..
K e n n e b e c , L y m a n C o u n t y ........... .
..
L e n n o x , E x c h a n g e B a n k o f _______ ..
M e l l e t t e , F a r m e r s S t a t e .....................
M e n n o S t a t e B a n k ...................................... ..
M it c h e ll
C o m m e r c i a l T r u s t ................................... ..
M i t c h e l l N a t i o n a l .................................. ..
4 ,8 9 6
4 3 ,6 5 4
4 ,4 1 9
2 ,8 9 0
2 ,9 2 9
1 ,3 9 7
1 ,2 7 0
4 ,8 6 7
1 1 ,0 5 3
1 ,2 2 9
1 ,2 4 8
2 ,9 8 5
976
2 ,3 7 2
2 ,9 9 6
2 4 ,6 7 3
2 ,3 6 1
978
1 ,6 5 2
811
448
2 ,9 4 7
5 ,6 0 4
610
791
1 ,0 4 1
263
962
4 ,5 2 9
4 8 ,8 2 3
4 ,0 3 2
2 ,7 9 6
2 ,8 8 9
1 ,3 4 9
1 ,2 0 0
4 ,9 2 9
1 1 ,9 0 1
1 ,3 1 3
1 ,2 4 3
2 ,7 7 5
1 ,0 3 4
2 ,3 9 9
2 ,2 1 2
2 1 ,6 4 7
2 ,2 6 6
859
1 ,5 1 0
666
303
2 ,2 5 7
4 ,9 0 0
557
446
685
44
812
1 1 ,5 5 0
1 0 ,9 0 1
4 ,8 0 2
3 ,8 3 5
1 1 ,8 9 5
1 0 ,6 7 9
4 ,0 9 8
3 ,3 7 4
January of 1952. With experience in
other banks, he still is vice president
J. K I R B Y
D e ce m b er 31 , 1959
D e p o s its
Loans
W . J. H E I M E R M A N
D ecem b er 31, 1960
D e p o s its
Loans
O k a t o n S t a t e .......................................... ............
P ie r r e
N a tio n a l
................................ .............
R a p id C ity
F i r s t N a t i o n a l o f T h e B la c k H i lls
S io u x F a lls
F i r s t N a t i o n a l ................................. ............
N a t l . B a n k o f S o u t h D a k o t a ..........
N o r t h w e s t S e c u r i t y N a t i o n a l ..........
U n i o n S a v i n g s B a n k ............................
S t i c k n e y , F a r m e r s S t a t e .............. _____
T r i p p , D a k o t a S t a t e ........................ ...........
V e r m i l l i o n , C i t i z e n s B a n k ____ ...........
V i v i a n S t a t e ............................................. ...........
W a k o n d a , S e c u r i t y S t a t e ........... ______
W a terto w n
F a r m e r s & M e r c h a n t s .............. ...........
F i r s t C i t i z e n s N a t i o n a l .......... ...........
W e b s t e r , S e c u r i t y B a n k ..........................
D e ce m b er 31 , 1959
D e p o s its
Loans
1 ,3 0 7
9 ,2 9 9
798
4 ,9 7 0
1 ,2 8 6
7 ,6 8 4
667
3 ,7 1 3
5 8 ,2 8 1
3 2 ,8 6 4
5 4 ,2 3 4
2 9 ,3 5 4
3 4 ,7 2 6
3 1 ,5 7 9
6 5 ,7 7 2
1 1 .2 7 8
1 ,6 8 3
1 ,5 8 8
2 ,8 7 5
689
1 ,7 3 7
1 6 ,5 0 9
1 7 ,8 8 5
3 5 ,0 1 4
6 ,0 6 8
834
689
1 ,3 3 4
395
986
3 1 ,7 5 6
2 8 ,8 4 0
6 1 ,9 3 7
1 1 ,3 3 0
1 ,7 8 3
1 ,6 2 4
2 ,7 4 7
646
1 ,5 8 2
1 5 ,6 7 0
1 6 ,5 4 9
3 4 ,6 2 1
5 ,6 0 8
593
485
1 ,3 2 9
250
1 ,0 2 9
9 ,2 8 5
1 2 ,7 1 3
3 ,0 9 4
5 ,4 3 3
7 ,4 0 4
1 ,1 6 9
9 ,5 6 2
1 2 ,6 2 3
3 ,3 2 9
4 ,9 6 2
6 ,7 9 1
777
and a director of the Stacyville Sav
ings Bank in Stacyville, Iowa.
Mr. Lovre also pointed out that the
directors have a n n o u n ce d th ese
changes:
Dale C. Holm, installment banking
department, and Thomas A. Ryan,
with the Stockyards Office since June
of 1960, have been elected assistant
cashiers.
Bruce E. Gallant, credit department,
and Maurice D. Olson, agricultural de
partment, have been promoted from
assistant cashiers to assistant vice
presidents.
P. H. McDowell, Jr., business devel
opment department, has been named
assistant vice president.
Carl E. Voigt, chairman of the board,
was elected president of the Sioux
Falls Chamber of Commerce at their
recent annual meeting. C. A. Govre,
president, was appointed chairman of
SOUTH DAKOTA NEWS . . .
(Turn to page 95, please)
tellement oß (Condition
DECEMBER 31, 19BÜ
ASSETS
L IA B IL IT IE S
Cash and Due from B anks.................$ 5,890,059.11
C apital...................................................$ 1,000,000.00
Surplus ................................................. 1,000,000.00
201,048.84
Undivided Profits.................................
U. S. Government Obligations .........
8,589,231.14
Other Bonds and Securities ...............
1,675,476.29
Loans and Discounts ......................
17,884,850.98
Banking Houses & Furniture
& Fixtures .........................................
632,271.97
Interest A c c r u e d ...................................
178,496.97
Other A sse ts.........................................
5,408.30
Total Capital Accounts ........... $ 2,201,048.84
Accrued Expenses, Taxes & Interest..
364,463.02
Income Collected but Not E arned.....
522,216.94
189,033.33
Other Liabilities.......................
Demand Deposits ..$20,579,411.79
Time Deposits ....... 10,999,620.84
Total Deposits ......................
31,579,032.63
TOTAL LIABILITIES ............... $34,855,794.76
TOTAL ASSETS....................... $34,855,794.76
me National Rank S S S I r “*”"
^
O FF
.
A | | _
n
S O U T H
_
-
Member of Federal Deposit Insurance Corporation
N o rth w estern
B anker,
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
.
D A K O T A
★ V E R M IL LIO N
★ huron
Affiliated with F IR S T B A N K STOCK CORPORA TH
89
Bullard, Associate Professor of
Economics, University of North
Dakota.
N o rth D a k o ta
Friday, February 24
A.M.
8:30
NEWS
EARL WEYDAHL
President
Kiildeer
C. C. WATTAM
Secretary
Fargo
Hian ( Im if o r
O
f' School
HE North Dakota Bankers Associ
ation’s educational committee will
sponsor a “Bankers’ Educational Con
2:25
ference” February 22-24 at the Univer
sity of North Dakota in Grand Forks,
designed especially for junior officers
and experienced bank employees. Les
lie Kruse, assistant cashier, Red River
3:30
National Bank, Grand Forks, is chair
man of the educational committee’s
junior school. K. C. Koppang, assist
ant cashier, Valley Bank at Grand
Forks, is director of the NBA educa
tional committee.
Registration starts at 6:30 p.m. Feb A.M.
8:30
ruary 21 in the Student Union. Tui
tion fee of $15 covers cost of the school
and the banquet on Friday evening,
February 24. The program follows:
9:25
Wednesday, February 22
A.M.
9:30 Address of W e lc o m e — Dr.
George Starcher, president of
University of North Dakota.
Leslie Kruse, assistant cashier, 10:30
Red River N a tio n a l Bank,
Grand Forks, N. D.; chairman, 11:25
Bankers Educational Commit
tee (Junior School).
10:30 “History of North Dakota Bank P.M.
1:30
ing”—Dr. W. E. Koenker, chair
man, Department of Economics,
University of North Dakota.
11:25 “Business Condition Indicators”
—James Duprey, Assistant Pro
2:25
fessor of Economics, University
of North Dakota.
P.M.
3:30
1:30 “Public Relations” — Codie D.
T
Bell, vice president and actu
ary, Pioneer Mutual Life Insur
ance Company, Fargo, N. D.
“National and Staff Outlook of
Manpower for the 1960’s”—Ron
ald Betts, North Dakota State
E m p lo y m e n t Service, Grand
Forks.
“Farm Income Tax” — R. D.
K o p p en h a v er, chairman, De
partment of Accounting, Uni
versity of North Dakota.
Thursday, February 23
“Letter Writing” — Miss Helen
M. Kjelmyr, Associate Profes
sor of Management, University
of North Dakota.
“Commercial Law and Negoti
able Instruments”—Ludwik Kulas, Professor of Accounting
and Business Law, University
of North Dakota.
“Legal Do’s and Don’ts”—John
G. Shaft, attorney, Grand Forks.
“ Conditional Sales Contracts”—
Merrill Stene, vice president,
First National Bank, Fargo.
“ Bankers Insurance and Bond
Protection” — Len R. Moeller,
assistant secretary, St. Paul
Fire & Marine Insurance, St.
Paul, Minn.
“Municipal Bonds”—M. H. Ru
der, vice president, American
National Bank, St. Paul, Minn.
“ Monetary Policy”—Charles W.
“ Commercial and Farm Loans”
—Edward L. Olson, vice presi
dent, First N a tion a l Bank,
Grand Forks.
9:25 “Fundamentals of Public Speak
ing”—John S. Penn, chairman,
Department of Speech, Univer
sity of North Dakota.
10:30 “ Management of Bank Funds”
—Harold C. Peterson, assistant
secretary, Northwestern Nation
al Bank, Minneapolis, Minn.
11:25 “AIB and Extension Courses”—
J. H. McNair, assistant cashier,
First National Bank, Fargo.
P.M.
1:30 “Audit Procedures and Continu
ous Control”—Merle V. Stone,
vice president and comptroller,
American National Bank, St.
Paul, Minn.
2:30 Panel of Instructors.
6:15 Banquet.—End.
B each
Inclement weather did not dampen
the enthusiasm of 1,742 North Dako
tans from Beach and surrounding area
as they attended the annual open
house and Christmas party the Farm
ers and Merchants Bank, Beach, spon
sors each year in December.
Gifts were given all guests, with
cash door prizes for adults and chil
dren alike.
B ism a rck
John H. Hoeven, Jr., who entered
banking at the Western Montana Na
tional of Missoula in 1955, was pro
moted from assistant cashier to assist
ant vice president at the First Nation
al of Bismarck, reports E. D. Saltzman, president. Announced also was
the election of two new assistant cash
iers, Robert J. Mooney and Donald L.
Holt.
N orth Oulioto Hank Statem ent Fitfares
F r o m R e p o rts Received b y Ja n u a ry 15 , 19 6 1
( L a s t t h r e e fig u r e s o m it t e d )
D e ce m b er 3 1 , 1960
Loans
D e p o s its
.
4 ,1 7 3
A s h l e y , M c I n t o s h C o u n t y .................
B is m a r k
B a n k o f N o r t h D a k o t a ................. ......1 0 5 ,9 9 5
...... 1 7 ,1 2 1
D a k o t a N a t i o n a l ............................
F i r s t N a t i o n a l ..................... .................. ...... 2 3 ,2 6 6
7 ,1 3 5
D e v i l s L a k e , R a m s e y N a t i o n a l ... ......
F argo
F a r g o N a t i o n a l ....................................... ...... 1 3 ,6 3 7
M e r c h a n t s N a t i o n a l ......................... ...... 2 2 ,8 7 5
G r a f t o n , W a l s h C o u n t y ...........................
8 ,7 5 3
G ran d F o rk s
F i r s t N a t i o n a l ....................................... ...... 2 5 ,4 7 4
R e d R i v e r N a t i o n a l . . . _____________ ...... 1 6 ,5 3 8
H a n k i n s o n , L i n c o l n S t a t e .............. ......
2 ,8 1 5
H i l l s b o r o , N o r t h w e s t e r n S t a t e ...... ......
3 ,3 1 2
H o p e , F i r s t S t a t e ................................ . ......
3 ,1 6 5
J a m e s t o w n N a t i o n a l ............................ .....
9 ,9 3 2
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
D e ce m b er 31, 1959
D e p o s its
Loans
1 ,9 8 4
3 ,8 4 6
1 ,3 4 6
1 1 ,0 9 8
9 ,8 8 2
1 3 ,5 3 2
3 ,7 0 4
1 1 5 ,1 2 6
1 7 ,9 9 8
2 2 ,3 9 2
7 ,3 8 4
1 0 ,0 9 6
9 ,0 7 2
1 2 ,8 1 8
2 ,7 6 4
7 ,1 8 1
1 1 ,3 0 0
4 ,4 7 2
1 3 ,3 1 7
2 1 ,7 0 5
8 ,6 1 7
6 ,9 3 3
1 0 ,6 9 1
3 ,8 6 6
1 2 ,6 5 4
7 ,9 0 8
1 ,2 2 9
1 ,5 2 3
2 ,1 2 9
5 ,0 8 7
2 4 ,5 5 4
1 5 ,1 1 9
2 ,8 5 8
3 ,3 2 9
3 ,1 4 1
1 0 ,0 4 1
1 1 ,6 7 5
7 ,3 6 4
1 ,0 8 6
1 ,1 9 6
1 ,4 9 1
4 ,2 2 7
D e ce m b er 3 1 , 1960
D e p o s its
Loans
J a m e s to w n , F ir s t J a m e s R iv e r
...... 1 1 ,3 3 3
K i i l d e e r , B a n k o f ................................ .............
1 ,6 1 4
L i d g e r w o o d , F i r s t N a t i o n a l . ..............
2 ,2 1 8
L is b o n . F a r m e r s S ta t e
............. ............
4 ,4 8 1
M a n d a n , F i r s t N a t i o n a l ............ ...........
1 1 ,1 0 9
4 ,0 8 2
M a y v i l l e , G o o s e R i v e r .............. . ........ .
1 ,7 9 9
M c C l u s k e y , F i r s t N a t i o n a l ..... ..........
M in o t
A m e r i c a n S t a t e ............................ .............. 1 3 ,8 9 9
F i r s t N a t i o n a l _____ ____________.............. 2 1 ,7 4 8
U n i o n N a t i o n a l ........................ .
1 2 ,2 5 9
3 ,4 8 2
N o r t h w o o d S t a t e ............................. ..............
R o l l a , F i r s t B a n k o f ____
..............
3 ,8 4 0
V a lle y C ity
6 ,4 1 9
A m e ric a n
N a t i o n a l .................. _______
F ir s t
N a tio n a l
............... ............. _______
6 ,6 4 2
W a h p e to n N a tio n a l B a n k
....... .............
6 ,3 4 0
D ecem b er 31 , 1959
D e p o s its
Loans
4 ,1 1 6
803
1 ,2 1 0
2 ,4 0 9
5 ,7 4 3
1 ,3 1 9
636
1 0 ,3 8 3
2 ,4 2 1
2 ,2 3 5
4 ,5 4 8
1 1 ,3 9 8
4 ,0 4 2
1 ,9 1 8
3 ,3 0 4
520
1 ,0 3 7
2 ,0 0 7
4 ,3 9 2
1 ,3 2 7
465
8 ,0 8 8
1 1 ,6 0 0
6 .6 9 1
1 ,6 9 2
2 ,1 8 6
1 3 ,3 3 9
2 1 ,3 7 0
1 1 ,3 0 3
3 ,5 5 6
4 ,1 2 3
6 ,3 8 9
1 1 ,0 5 6
6 ,2 2 9
1 ,3 8 4
1 ,5 3 8
3 ,0 2 2
3 ,8 7 3
3 ,4 8 9
6 ,4 8 1
6 ,9 0 1
6 ,3 7 8
2 ,4 8 0
2 ,9 6 9
2 ,8 0 2
Nort hwest ern Banker, February,
196 Ï
90
North
Dakota
News
F argo
First National Bank & Trust
Pershing Boe was promoted from
vice president to vice president and
trust officer and William R. Amund
son from assistant cashier to assistant
vice president. Named assistant trust
officer in 1947, Mr. Boe has served as
administrative assistant to U. S. Sen
ator Young and is currently represent
ative from the 9th District. Mr.
Amundson has been with the bank
10V2 years, becoming assistant cashier
in January of 1960.
Merchants National Bank & Trust
W . R. A M U N D S O N
Directors have elected Kenneth H.
Hermanson, manager, and Jack P.
Evje, assistant manager of the Timepay Department, and Dale A. Mickel
son, loan officer, announces Adrian O.
McLellan, president.
Mr. Hermanson, in business since
1953 and in banking since 1957, suc
ceeds A. B. Fitzloff, recently retired.
P. B O E
Mr. Evje, in banking since 1949, was
elected a loan officer in June, 1960.
Mr. Mickelson, with the bank since
1952, is first vice president of the
Fargo-Moorhead Chapter of A.LB.
G ran d F o rk s
Gene Goodman and Lyle Anderson
have been elected directors at the Red
River National, succeeding John L.
Ryan and Dr. W. H. Witherstine, two
veteran members of the board who are
retiring. Mr. Goodman is president,
Northern Plumbing Supply, and Mr.
Anderson, vice president and cashier,
has been with the bank since 1937. All
other officers and directors were re
elected, reports R. W. Blaine, presi
dent.
Jam estow n
H.
L. Youtz, president, Jamestown
National Bank, has announced these
promotions: Gilbert T. Urban, from
assistant cashier to assistant vice pres
ident; Lee A. Stenseth, customer serv
ice representative, to assistant cashier;
Harold O. Moe, ag. representative, to
assistant cashier and ag. representa
tive, and Daniel J. Kenna, from assist
ant auditor to auditor.
M andan
First National Bank
Arthur Hagen, 65, vice president and
long time cashier until his retirement
September 1 of last year, died recently
of a heart attack. He had suffered a
circulatory ailment since January of
1960 and had been hospitalized at dif
ferent times since then.
Mr. Hagen was well known in bank
ing circles, having served in banks at
Arnegard, Watford City and Mandan,
as well as in Minot with the FDIC.
Mandan Security Bank
This bank is undergoing a complete
remodeling and the addition of 60 feet,
announces Vernon Weyrich, executive
vice president. Approximately 1,000
square feet will be added to the base
ment for a conference room, coffee
lounge, rest rooms, supply and fur
nace rooms. The bank’s interior will
be all new when the work is com
peted.
S trasbu rg
Colorado national Bank
17TH
Mori hwestern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
AND
CHAMPA
.
MEMBER
F.D .I.C .
. A C O M A 2-9311
Richard Grenz, Bismarck, who re
signed recently as deputy state bank
examiner, has been elected president
of Strasburg State Bank, following
purchase of the controlling interest by
him and his brother, Harry Grenz,
Hazelton farmer, now vice president
of the bank. Purchase was made from
V. F. Hegeholz and G. H. Hernett,
president and vice president respec
tively, before the change of owner
ship.
91
sistant cashier, was promoted to vice
president at the First National Bank.
Mr. White reports that a remodeling
project is under way at the bank. The
tellers’ cages are to be lowered and
offset in a sawtooth pattern. New re
cessed lighting will be used along with
brass drop lights over areas that re
quire special lig h tin g .
Full-length
drapes will cover the bank’s south
well. A new rug will cover the offi
cers’ platform.
The north wall of the bank will fea
ture a display of historical items of
the Durango area.
C o lo r a d o -W y o m in g N e w s
B ru sh
Alonzo Petteys was elected presi
dent of the Farmers State Bank after
the annual meeting last month. He
has been associated with the bank as
an officer and director since 1920 and
succeeds John M. Needham who had
been president since the bank was
founded in 1915 until his death last
July.
Mr. Petteys served as president of
the Colorado B a n k ers Association
from 1929 to 1930 and on the execu
tive council of the ABA from 1930 to
1933. He served as country bank op
erations committee member of the
ABA from 1945 to 1950 and was a lec
turer on livestock loans at the School
of Banking at the University of Wis
consin from 1946 to 1953.
and Earl G. Wiebold were promoted
from assistant cashiers to assistant
vice presidents.
Joining the bank’s official family as
assistant cashiers are Donald D. Bu
chanan, Mrs. Neva K. Craig, Gordon
M. Ferguson, John J. Herz, William
P. Lober, John E. Rogers and Carroll
D. Speckman.
William W. Schley, Edward N.
Smith and Jack W. Swanson were
elected assistant trust officers.
D en v er
American Industrial Bank
The name of the Glenarm Industrial
Bank has been changed to the Ameri
can Industrial Bank, according to a re
cent announcement by Henry Luby,
president.
Denver U. S. National
Stockholders of the Denver U. S.
National Bank have elected two new
directors to the bank’s board. They
are Albert K. Mitchell, prominent
rancher of Albert, N. M., and Richard
M. Davis, a partner in Lewis, Grant
and Davis, attorneys.
The bank elected a new vice presi
dent, advanced four officers and named
10 to official positions. The new vice
president is William J. Garrison, who
has been an assistant vice president
since 1956. William J. Brennan, assist
ant trust officer, was elected trust of
ficer. Martin G. Decker, N. B. Hart
G u n n iso n
First National
Shareholders recently approved the
transfer of $50,000 from undivided
profits to the capital account of the
First National Bank, according to
George T. Eastman, president.
Capital now totals $100,000 with sur
plus and undivided profits of $128,204.
Gunnison Bank & Trust Company
Federal Reserve
Directors voted recently to increase
the surplus account to $125,000, ac
cording to A. E. Fordham, president.
Robert A. Burghart, rancher and
real estate dealer in Colorado Springs,
has been appointed to succeed Ray
Reynolds on the Denver branch board.
Mr. Reynolds had served three terms
and was not eligible for reappoint
ment.
Robert T. Person, president of the
Public Service Company of Colorado,
Denver, was renamed chairman of the
board, and Carl W. Carson, president,
First National Bank in Albuquerque,
and J. H. Bloedorn, president, Farmers
State Bank, Fort Morgan, were named
to second terms on the Denver branch
board.
G reeley
Directors of the Greeley National
Bank have authorized transfer of
$100,000 from undivided profits to the
surplus account. The transfer raised
the surplus account total to $600,000.
Capital totals $900,000.
Las A niiuas
Joe W. Purvis, president, First Na
tional Bank, reports his bank is in the
midst of a remodeling and expansion
program. Completion is expected by
late spring.
All officers were re-elected at the
annual meeting.
North Denver Bank
Directors of the North Denver Bank
have authorized a stock dividend of
two shares for every three now held,
according to Etienne Perenyi, presi
dent, and H. J. Bleakley, executive
vice president.
The bank now has more than $18.7
million in deposits and total resources
of $21.3 million.
Longm ont
James F. Herber, vice president of
the Longmont National, has resigned
to become assistant vice president of
the First National Bank of Lake For
est, 111 .
The announcement was made by
John Meyer, president. No successor
has been named.
D u ra n g o
Edward T. Searle, formerly vice
president, was promoted to senior vice
president, and Mahlon T. White, as
l\'ifittn in if iUiiih Statem ent Figures
F r o m R e p o rts Received by Ja n u a ry 1 5 , 19 6 1
( L a s t t h r e e fi g u r e s o m i t t e d )
D e ce m b er 3 1 , 1960
Loans
D e p o s its
2 ,9 5 5
A f t o n , S t a r V a l l e y S t a t e .................. ....
4 ,3 1 9
B u f f a l o , F i r s t N a t i o n a l ..................... ....
C a s p e r , F i r s t N a t i o n a l ------- ------------- .... 4 1 ,9 8 9
C heyenne
A m e ric a n
N a t i o n a l ................................ 3 1 ,5 1 4
S t o c k G r o w e r s N a t i o n a l ............... .... 2 5 ,5 1 9
1 1 ,6 7 5
C o d v , S h o sh o n e— F ir s t N a tio n a l
D ecem ber 31 , 1960
Loans
D e p o s its
D e c e m b e r 31 , 1959
Loans
D e p o s its
1 ,3 3 6
1 ,3 6 9
2 5 ,2 0 7
2 ,8 2 3
4 ,3 5 9
4 2 ,6 7 0
1 ,2 1 8
1 ,2 4 7
1 8 ,8 6 4
8 ,4 9 2
8 ,8 1 5
4 ,0 6 4
2 9 ,6 8 1
2 5 ,7 2 7
1 0 ,5 5 3
7 ,8 1 4
8 ,2 5 7
3 ,9 3 6
D e ce m b er 31, 1959
D e p o s its
Loans
G i l l e t t e , S t o c k m e n ’ s B a n k ............. ......
K e m m e r e r , F i r s t N a t i o n a l ......... .......
L u s k S t a t e B a n k ...................................... .......
9 ,7 9 1
7 ,8 6 9
2 ,9 2 0
4 ,2 5 9
1 ,4 4 2
1 ,3 8 4
8 ,8 8 8
7 ,1 9 7
2 ,8 5 1
3 ,5 1 0
1 ,0 6 2
1 ,2 2 2
R ock
S p r in g s
W o r la n d ,
..................... .......
1 3 ,4 1 6
5 ,6 5 3
1 2 ,1 0 0
5 ,6 9 1
........................... .......
5 ,9 5 2
1 ,9 7 9
5 ,7 0 6
1 ,7 7 4
.......
6 ,6 4 9
3 ,2 6 3
7 ,1 5 3
2 ,8 6 5
N a tio n a l
S u n d a n c e S ta te B a n k
S to c k g r o w e r s
S ta te
Northwestern Banker, February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
92
W yom ing
News
I atorado National P rom otions
W y o m in g N ou*h
C asper
First National Bank
All directors were re-elected at the
annual meeting and four officers were
promoted.
Henry A. Hitch, assistant cashier in
the installment loan department, was
promoted to vice president. William
H. Brown, auditor, was promoted to
assistant cashier. Bill Kern was pro
moted to auditor and Lloyd Fordyce,
installment loan department, was pro
moted to assistant cashier.
In other First National news, 38 em
ployees who represent a total of 537
years of banking experience with the
First National, were awarded service
pins. Robert Grieve, chairman of the
board, headed the list with over 35
years of service.
P R O M O T E D at Colorado N ational Bank were, Stan ley H. Tichenor, John W . N ichol
son, Clarence Pavone, Donald L . Beachler, and Charles E . Henry.
C ody
First State Bank
HE Colorado National Bank, Den Department. Before joining the bank
ver, has elected William S. Garn- in 1959 he was associated with Asso
sey III of Greeley as a new directorciates Discount Corporation. Clarence
and promoted five officers.
Pavone was named assistant cashier
Mr. Garnsey was formerly associ in the bank’s operations department.
ated with Van Schaack and Company He joined the bank in 1936. Stanley
and was an assistant treasurer of the H. Tichenor was named assistant trust
Capital Life Insurance Company, Den officer. He was formerly an assistant
ver. He is a director of the First secretary of the Wells Fargo Bank
National Bank in Greeley.
American Trust Company, San Fran
Donald L. Beachler was named as cisco. John W. Nicholson and Charles
sistant vice president in charge of the E. Henry were also appointed assist
dealer section of the Installment Loan ant trust officers.
T
UNION BANK AND TRUST COMPANY
Statement of Condition, December 31, 1960
RESOURCES
Loans and Discounts ..........................................................................................$11,109,078.99
U. S. Government, Municipal and Listed Bonds ....................................... 8,506,452.21
Stock in Federal Reserve Bank ....................................................................
45,000.00
Bank Premises Owned, Furniture and Fixtures ......................................... I,150i324.92
Interest Earned not Collected ......................................................................
112,411.67
Other Assets ........................................................................................................
27^765.39
Cash and Due from Banks ............................................................................. 9,130,984.45
$30,082,017.63
Capital Stock ........................................................................................................$
750,000.00
Surplus ..................................................................................................................
750,000.00
Undivided Profits ...................
338,111.25
Reserve for Loan Losses .................................................................................
498,093.11
Other Liabilities .......
653,218.47
Deposits ................................................................................................................ 27,092,594.80
$30,082,017.63
OFFICERS
lo h n
F.
M.
C a r ls o n ,
G annon,
P r e s id e n t
V ic e
W .
E . T r e r is e , A s s is ta n t
P r e s id e n t
R.
J. H e s s ,
C a s h ie r
A u d ito r
R . L. S a m s o n , V ic e P r e s id e n t
W .
B.
A n d rew s,
V ic e
C.
E.
S u lliv a n ,
B en
F r a n c is
R.
J r ., A s s t .
D raper,
M o r tie a u ,
P a u l E. P a u lse n ,
TRUST DEPARTMENT
P r e s id e n t
R o b e rt H . Z ie g le r , A s s t. V ic e
V ic e
P res.
A s s is ta n t
J. H . D i o n , V i c e P r e s . & T r u s t O f f i c e r
P res.
C a s h ie r
A s s is ta n t
C a s h ie r
C a s h ie r
D a n ie l D y k stra ,
M.
A.
M a th e w s,
G ordon
Nort hwest ern Banker, February, T96?
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O ffic e r
Jr.,
T ru st
In v est.
S a m u e ls o n ,
A sst.
T ru st
H erm an
M e m b e r F e d e r a l D e p o sit In s u r a n c e
T ru st
O ffic e r
G. Raymond Hays, 58, a deputy state
bank examiner, was found dead of an
apparent heart attack in his hotel
room in Gillette recently. He was
found by another examiner, Anders H.
Royce.
Mr. Hays had joined the state exam
iners staff in 1955.
K em m erer
John C. Clay, formerly executive
secretary of the Wyoming Farm Bu
reau Federation, has been elected vice
president of the First National Bank.
At the annual meeting, the number
of directors was increased from seven
to nine by the addition of Alonzo F.
Hopkin of Woodruff, Utah, and Beuel
Call of Afton, Wyo. Mr. Hopkin is a
rancher and Mr. Call is an industrial
ist.
Other officers and directors were re
elected.
O ffic e r
M a y e r , A s s t . T ru st O ffic e r
C o r p o r a tio n
Shoshone-First National
An additional director, making a to
tal of 10 , was elected at the annual
meeting. The new director is Ernest
R. May, Meeteetse rancher and vice
president of Antlers Ranch Corpora
tion. He has been a member of the
executive committee of the Wyoming
Stockgrowers Association for 22 years.
All other directors were re-elected.
G illette
HELENA, MONTANA
LIABILITIES
Directors and officers were re-elect
ed at the annual meeting. Wayne F.
Messenger, president, announced at
the meeting that the bank had trans
ferred $25,000 from undivided profits,
increasing the surplus account to $300,000. Capital remains at $100,000.
WYOMING NEWS . . .
(Turn to page 94, please)
93
prominent Cut Bank oil man, was
added to the board of directors.
It also was announced that the bank
is now remaining closed on Saturday
and new hours are from 9:30 a.m. to 3
p.m. Monday through Thursday and
from 9:30 a.m. to 5:30 p.m. on Friday.
G. E. Waggoner, assistant cashier,
also reports that a remodeling project
is to begin soon to provide additional
conference space.
Montana
NEWS
R. M. WATERS
President
Billings
R, C. WALLACE
Secretary
Helena
First National Bank
Robert T. Smith was promoted from
B illin g s
vice president to vice president and
Billings State Bank
L. W. “Lee” Johnson has been elect assistant trust officer. D. G. Dick was
ed an a ssista n t promoted from cashier to vice presi
cashier. He has dent, cashier and assistant trust offi
been s e r v in g as cer, and D. G. Stewart moved up from
assistant manager assistant cashier to assistant vice pres
and assistant vice ident and manager of the Timepay de
president of the partment.
New officers are Charles T. Hash,
Groton branch of
the First National assistant cashier and agricultural rep
B ank o f A b e r resentative; Robert E. Bodin, assistant
deen, S. D., ac cashier, and Mrs. Jeanne M. Roby, as
cording to an an sistant trust officer.
It also was announced that Charles
nouncement by O.
L. W . JO H N SO N
Vandenhook
has resigned as chairman
B. Silvey, presiof the board of directors.
dent, Billings State Bank.
The office of the Comptroller of the
Currency has announced the issuing
of a charter for the new First National
Bank of Cut Bank. President is Rich
ard A. Kullberg and cashier is H. M.
Emerson.
Capital structure of the new bank is
$100,000 capital and $150,000 surplus.
F orsyth e
Clifford Wright of Forsyth has been
appointed a new director of the For
sythe State Bank, according to Paul
Anderson, president.
Mr. Wright was appointed to fill a
vacancy caused by the death of Donald
McRae.
Midland National Bank
Election of John A. Sillers as vice
president was announced by John E.
Tenge, president. Mr. Sillers, who has
been assistant vice president since
1956, started with the bank in 1949.
Security Trust & Savings Bank
At the stockholders’ meeting it was
voted to increase capital stock by
$250,000, making the bank’s total capi
tal $1,250,000, according to R. M.
Waters, president.
Mr. Waters said that with the in
crease the bank’s capital structure will
be in excess of $3 million. Deposits
now exceed $47 million.
B utte
First National
Mrs. Florence Mester, wife of Elmer
Mester, vice president, died recently.
Metals Bank & Trust Company
Promotion of one officer and election
of one new one has been announced
by E. P. Frizelle, president. Francis
E. Lienemann, who has been with the
bank since 1935 with the exception of
two years in military service, was pro
moted from assistant vice president to
vice president. Harold O. Bush, who
joined the bank in 1956 after graduat
ing from the University of Montana,
was elected assistant cashier.
B o ze m a n
Promotions of three staff officers
and election of three new officers were
announced by Richard M. Lockwood,
president, First National Bank.
Cut B an k
Bank of Glacier County
All officers were re-elected at the
annual meeting and H. N. Hannah,
G reat F alls
First National Bank
W.
A. “ Bill” Sprinkle, vice president,
died recently at his home of an appar
ent heart attack. He was 43 years old.
Mr. Sprinkle began his banking ca
reer with the Union National Bank of
Minot, N. D., in 1949, was named as
sistant cashier in 1953 and vice presi
dent in 1956. He came to Great Falls
in 1957 when he was transferred to
the First National.
H a rle m
Officers elected at the annual meet
ing of the Security State Bank are Ed
ward Cuerth, president; Jay Parks,
vice president; D. A. Davidson, assist
ant vice president and cashier, and
Gerald W. McGee, Marian A. Ekegren
and Irene Winter, assistant cashiers.
Munitimi Hank
SlaIIif urvs
F r o m R e p o rts Received by Ja n u a ry 1 5 , 19 6 1
( L a s t t h r e e fi g u r e s o m i t t e d )
D e ce m b er 3 1 , 1960
Loans
D e p o s its
9 ,9 9 4
4 ,8 5 8
8 ,8 5 8
5 ,0 5 9
9 ,7 4 0
2 1 ,3 8 9
4 7 ,0 3 0
4 ,1 1 8
9 ,3 3 6
2 6 ,5 4 5
9 ,3 0 9
2 0 ,1 4 3
4 4 ,4 4 0
4 ,2 4 1
7 ,3 2 5
2 4 ,4 1 6
3 ,7 8 8
1 0 ,6 4 2
2 ,0 1 6
6 ,0 4 4
3 ,9 3 6
9 ,4 6 0
1 ,9 2 1
4 ,0 6 3
1 7 ,4 8 9
3 6 ,7 1 5
1 ,2 3 6
4 ,9 4 5
6 ,4 7 4
5 ,1 7 4
6 ,7 5 4
4 ,1 5 7
1 8 ,4 5 1
353
2 ,8 3 5
3 ,2 3 2
1 ,7 8 0
3 ,5 4 0
1 7 ,6 8 8
3 2 ,1 1 3
1 .1 8 7
4 ,9 1 4
6 ,9 4 1
5 ,0 8 2
6 ,7 5 6
3 ,9 0 4
1 8 ,1 7 4
438
2 ,5 4 7
3 ,0 1 5
1 ,5 9 1
2 ,9 0 0
....... . 4 6 .9 4 4
2 0 ,5 6 3
4 3 ,7 6 5
2 0 ,7 8 3
A n a c o n d a , D a l y B a n k & T r u s t ....... .
B illin g s
B i l l i n g s S t a t e B a n k ----- ----------------- .
F i r s t N a t i o n a l B a n k ..................... — .
S e c u r i t y T r u s t & S a v i n g s .............. .
B ozem an
.
G a lla tin T r u s t & S v g s .
S e c u r i t y B a n k & T r u s t C o . _____ .
B u tte
.
F ir s t N a tio n a l B a n k
.................
M e t a l s B a n k & T r u s t .............. ........... .
.
C a s c a d e , S t o c k m e n ’ s B a n k .......... .
C o l u m b u s , Y e l l o w s t o n e B a n k ______ .
C u t B a n k , B a n k o f G la c ie r C o u n ty . .
F o r s y t h e S t a t e B a n k ______ ______________ .
G l e n d i v e , F i r s t N a t i o n a l ___ __________ .
G r e a t F a lls
F ir s t N a tio n a l
B ank
.............
D ecem ber 31, 1960
Loans
D e p o s its
D e ce m b er 31 , 1959
Loans
D e p o s its
D e ce m b er 31, 1959
Loans
D e p o s its
G r e a t F a l l s N a t i o n a l ...................... .....
M o n t a n a B a n k ----------- ---------------------- .....
H a m i l t o n , C i t i z e n s S t a t e ................... ......
H e le n a
F i r s t N a t l . B a n k & T r u s t ......... ......
U n i o n B a n k & T r u s t ...................... ......
L a u r e l , Y e l l o w s t o n e B a n k .............. ......
L i b b y , F i r s t S t a t e ................................ .....
L i v i n g s t o n , F i r s t N a t l . P a r k ___ .....
M i s s o u l a , W e s t e r n M o n t . N a t l . ... ......
3 4 ,2 7 4
2 2 ,6 9 8
4 ,3 1 4
1 6 ,8 6 5
1 2 ,6 2 5
2 ,0 4 1
3 1 ,8 5 6
2 2 ,0 2 4
4 ,5 0 3
1 5 ,8 5 5
1 2 ,6 4 3
2 ,0 3 9
3 4 ,5 0 9
2 7 ,0 9 3
5 ,2 2 3
6 ,0 6 4
9 ,2 6 2
2 0 ,3 2 9
1 4 ,2 3 0
1 1 ,1 0 9
2 ,3 6 9
1 ,9 6 1
4 ,0 4 3
1 0 ,8 3 8
3 4 ,7 3 0
2 8 ,1 5 3
5 ,3 1 8
5 ,4 8 6
8 ,4 9 0
2 0 ,0 1 4
1 3 ,7 8 1
1 1 ,5 1 8
2 ,4 8 4
2 ,0 3 8
3 ,9 4 2
1 1 ,2 6 4
R e s e r v e , F i r s t N a t i o n a l .................... ......
R i c h e y , F i r s t S t a t e B a n k ................. ......
R o n a n , S t a t e B a n k .............. ......... ......... ......
5 ,5 6 8
1 ,0 1 0
3 ,4 5 9
1 ,8 6 1
437
1 ,4 3 8
5 ,4 0 0
1 ,2 1 4
3 ,2 4 6
1 ,2 0 2
455
1 ,3 0 9
S h e l b y , F i r s t S t a t e .............................. ......
S t a n f o r d , B a s i n S t a t e ......................... ......
6 ,6 6 5
3 ,6 2 0
2 ,1 5 5
805
6 ,8 2 2
3 ,8 2 5
1 ,6 6 4
640
W h i t e f i s h , F i r s t N a t i o n a l ................. .....
W o l f P o i n t , F i r s t S t a t e .................... .....
4 ,1 4 7
6 ,7 8 4
1 ,3 3 1
3 ,0 3 9
4 ,1 9 5
6 ,1 4 7
1 ,2 0 8
2 ,7 3 3
Nort hwest ern Banker, February, Î96J
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
94
Montana
News
Mr. Cuerth and Mr. Parks recently
purchased controlling interest in the
bank with Mr. Cuerth taking over ac
tive management. Mr. Parks is a mer
chant at Hays, Mont., and is not active
in the bank operations.
Directors elected are Mr. Cuerth,
Guy Riggen, Letha Cuerth, Marian A.
Ekegren and R. R. Thronson.
Mr. McGee joined the staff January
1, coming from the First State Bank
at Fertile, Minn.
ant trust officer since 1958, was elected
trust officer, and Harry J. Spraycar,
who has been assistant to the secre
tary-treasurer, was elected assistant
secretary and assistant treasurer.
L ivin g sto n
At the annual meeting of the First
National Park Bank, Trev Povah, pres
ident of Hamilton Stores, Inc., of Yel
lowstone National Park, and William
F. D’Ewart, Wilsall rancher, were
elected directors to succeed Claude
Kelley and Wesley A. D’Ewart, who
H a rlo w to n
S.
D. Piper has been named assistantare retiring.
Earlier the bank had announced the
cashier at the Continental National
Bank. He has been employed by the election of M. L. Smith, Livingston
accountant, and Walter S. Dewing,
bank for two years.
All other officers and directors were realtor, insurance underwriter and for
mer Livingston banker, to the board.
re-elected.
Mr. Smith replaced Yard Smith, an
attorney and a director since 1953.
H avre
Vernon D. Sedlacek was elected to Vard Smith remains as the bank’s le
the board of directors of the First Na gal counsel.
Other directors are Sidney Nesbit
tional Bank to fill a vacancy created
by the resignation of George H. Leick, and Floyd C. Hamilton, president.
Also announced was the election of
who has reached retirement age.
Mr. Sedlacek is a native of Iowa and Harold E. Stewart, Jr., as assistant
since 1950 has operated the Credit Bu cashier.
reau in Havre. He also owns credit
M iles City
bureaus in Glasgow, Livingston and
Donald J. Venne, who has been vice
Helena.
president and cashier since last June,
All officers were re-elected at the
was elected vice president of the First
annual meeting.
National Bank. Sigrud R. Erickson,
who has been assistant cashier since
H elen a
1952, was named cashier, and Lyle D.
Commerce Bank & Trust Company
Woolhiser, who has been manager of
R. C. Timmerman, president, an the Timepay department, was pro
nounced that John H. Morrison, Hel moted to assistant cashier.
ena civil engineer and president of
Morrison-Maierele, a c c o u n tin g engi R eserve
neers and architects, was elected to
The annual dinner at the First Na
the board of directors at the annual tional Bank for employees, officers and
meeting.
shareholders and their husbands and
All other officers and directors were wives was held after the annual meet
re-elected.
ing January 10.
First Trust Company
No changes in personnel were an
Emil C. Baar, who has been assist nounced at the meeting.
W Y O M IN G
NEWS
. . .
(Continued from page 92)
Lander
Arthur J. Peterson, Jr., who was as
sistant cashier at the First National
Bank of Greybull for 11 years, has
joined the Lander State Bank as cash
ier.
L aram ie
The First National Bank has an
nounced eight promotions: K. T. Scoon
to vice president and cashier; F. H.
Miller to vice president and trust offi
cer; N. M. Johnston to assistant vice
president; L. L. Britton to assistant
vice president and assistant trust of
ficer; E. J. Haines, F. E. Harmon and
J. R. Echtermeyer to assistant cash
iers, and Ted Ernst to assistant audi
tor.
Also announced was the retirement
of two veteran officers, A. W. Jones,
vice president, and O. M. “Chalky”
Peterson, assistant cashier. Mr. Jones
was affiliated with the bank for 49
years and Mr. Peterson for 42 years.
M.
E. Fisher, executive vice presi
dent, was added to the board of direc
tors.
P o w ell
Robert Wilkins has been appointed
assistant cashier at the First National
Bank. He farmed in the Powell area
for 1 1 years and for the past four
years has been in a bank trainee pro
gram at the Midland National Bank in
Billings. His chief duties with the
Powell bank will be as agricultural
representative.
R. A. Nelson, president, also an
nounced the election of Vince Christie
to the board of directors. He is vice
president in charge of consumer loans.
R ock Sp rin g s
Serving Montana
Wyoming and North Dakota
H. J. Boice, vice president, has been
named to succeed the late E. D. Crippa
as president of the North Side State
Bank. John Lucas, Jr., succeeds Mr.
Crippa on the board of directors.
T o rrin g to n
With Prompt and Careful
Correspondent Service
S E C U R IT Y
BANK
B IL L IN G S , M O N T A N A
M e m b e r F e d e ra l D e p o s it In s u ra n c e C o rp o r a t io n
Northwestern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
L. C. Atkins, cashier of the Gering
National Bank, Gering, Neb., has been
appointed cashier at the First Nation
al Bank of Torrington, Wyo. He re
places Chas. Rourke, who resigned as
cashier although he is remaining as
vice president and director.
Mr. Atkins joins the Torrington
bank with 1 1 years of experience as
cashier at Gering, Neb. He also worked
for three and a half years at Broken
Bow, Neb.
95
SOUTH
DAKOTA
NEWS . . .
(Continued from page 8 8 )
the sports and recreation committee
for the Chamber.
Henry Carlson, 78, veteran Sioux
Falls building contractor and a direc
tor of the bank, died last month.
* * *
Western State Bank
Directors have announced the elec
tion of K. H. Niedan as assistant vice
president. He bec a m e associated
w ith Commercial
C red it C o rp o ra
tion, Rapid City,
in 1955 and served
as manager, intallment loan de
pa rtm en t, until
January of 1960.
He then became
manager, in s ta ll
K. H . N IE D A N
ment loan depart
ment for Commercial Credit in Du
luth, joining Western State Bank in
September, 1960, as installment loan
manager.
*
*
Sioux Valley Bank
Directors of the Sioux Valley Bank
have announced the election of Dale
E. Nelson, formerly assistant cashier,
as assistant vice president, and of
Robert C. Hersrud, formerly head tell
er, as assistant cashier.
Bank of Watertown, reports W. C.
Talen, president. Total capital ac
counts exceed $780,000.
A semi-annual cash dividend of $6.25
per share was paid at year-end. Final
action of increasing the common cap
Sisseton
ital is to be taken at a February 14
K.
M. Erdahl, assistant cashier, Rob
meeting of the stockholders.
erts County National Bank, was elect
The board noted that an amount
ed a director at the annual meeting.
equal to 50 per cent of the total capi
He joined the bank in 1950 after three
tal structure has been paid in federal
years at the State Bank of Alcester,
income taxes the past ten years.
reports Harold L. Torness, vice presi
dent.
N ew T u lsa
Stick n ey
Surplus
Stickney,
$15,000 to
Bormann,
at the Farmers State Bank,
has been increased from
$40,000, reports Marvin F.
cashier.
V e r m illio n
Election of Robert K. Miller as as
sistant cashier of the National Bank
of South Dakota in Vermillion, has
been announced by John T. Sanger,
president.
W a te rto w n
Capital stock is to be increased from
$220,000 to $250,000 by stock dividend
of $30,000 at the Farmers & Merchants
D irecto r
Harry L. Seay, Jr., long-time Tulsa
insurance executive, has been elected
to the board of directors of the First
National Bank and Trust Company,
Tulsa.
President of Atlas since 1952, Mr.
Seay has been with the company 20
years. Atlas Life is Oklahoma’s larg
est insurance company with $314 mil
lion in insurance in force.
Additional news about a num
ber of bank annual meetings ar
rived too late to be included in
this issue of the N o r t h w e s t e r n
B a n k e r , but will appear in the
next edition.
At Central Bank they pour on speed
To meet each correspondent's need;
And with this speed comes accuracy
And something p l u s .. . called courtesy.
Phone T A 5-3181 for A rt Bridgewater, A rt Williams,
A FULL-SERVICEà __
JÊT BANK
Harley Patton, Don Delano.
L
B
A
N
K
A
N
D
T
R
U
S5 T
O
O
,
Central Park ... 15th & Arapahoe... Denver 17, Colo.
MEMBER: FEDERAL DEPOSIT INSURANCE CORPORATION • FEDERAL RESERVE SYSTEM
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
96
HELPING D E M O C R A C Y GROW
American agriculture is the most efficient and productive in the world. Freedom, individual
enterprise and you, the country bankers, have made it so. You have contributed to the steady
growth of agricultural America by supplying the credit needed by the nation's most important
independent businessmen— farmers and ranchers.
We at the U. S. National are proud of our close
relationship with the banks and bankers serving
agriculture.
In the future, the credit needs of agriculture
will continue to grow, and, as in the past, you can
count on U. S. to help you meet this need.
M e m b e r F e d e r a l D e p o sit In s u r a n c e C o rp o ra tio n
Nort hwest ern Banker, February, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
97
Ashland
from assistant vice president to vice
Robert H. Fricke, assistant cashier, president.
Mr. Deitemeyer also announced the
was elected a director of the Farmers
& Merchants National Bank at Ash recent increase in surplus from $200,land last month. All other directors to $300,000. Total capital, surplus and
reserve accounts at year-end were
and officers were re-elected.
C.
N. Turner, executive vice presi $728,526.
dent, said it is expected the bank will
move back into its original, but ex Brainard
panded and remodeled quarters by
The Bank of Brainard is entering
March 1, with better service and facil this year on its Diamond Anniversary,
ities for its growing business.
having been organized November 18,
1886. Chas. Novak, president, said
plans are being made for observance
Bassett
The election of Mary B. Huffman as of the occasion climaxing with open
cashier of the Commercial Bank at house next fall on the anniversary
Bassett was announced last month by date.
M. B. Huffman, president. She suc
The bank has been under only two
ceeds Ruby B. Miller, who retired as managements. It was founded 75 years
cashier in October after 15 years’ serv ago by A. K. Smith and J. T. Mc
ice with the bank.
knight, the latter remaining with the
Capital has recently been increased bank only a short time. Mr. Smith,
from $50,000 to $100,000 by a stock together with his wife, Estella T.
dividend and transfer from surplus. Smith, managed the bank for 42 years
Capital has been doubled twice in the until January 1, 1928, at which time
past five years.
they sold controlling interest to Mr.
Novak and his brother, L. F. Novak.
The former is president, the latter is
Bayard
H. L. McKibbin, president of the cashier.
First National Bank of Bayard, was
Mrs. Smith is still associated with
honored recently on his 25th anniver the bank as its vice president. Other
sary of service with the bank at a officers are F. G. Novak, G. B. Docekal
dinner party attended by directors, of and V. F. Sedlacek, assistant cashiers.
ficers, employees and several repre
sentatives of correspondent banks. Mr.
McKibbin was named president in Brule
Melvin H. Adams, president, Bank
1955.
of Brule, announced last month the
promotion of Melvin H. Adams, Jr.,
Beatrice
from assistant cashier to executive
Beatrice National
vice president.
For the fourth consecutive year the
Beatrice National Bank has increased
Burwell
its surplus by $50,000, W. W. Cook,
Robert W. Johnson was elected as
president, has announced. This brings
sistant
vice president of the Bank of
total surplus to $400,000 and, with cap
ital of $200,000, gives the bank a new Burwell by directors last month, ac
cording to O. W. Johnson, president.
lending limit of $60,000.
Robert Johnson joined the bank last
F i r s t N a tio n a l
Harold R. Deitemeyer, president of September after working eight years
First National Bank of Beatrice, an with the United States National Bank
nounces the fo llo w in g promotions of Omaha.
made at the annual meeting:
Earle T. Howey, from vice president
to senior vice president; H. Fay Sandritter, from cashier to vice president
and cashier, and Vernon R. Mulig,
Central City
Marcus W. Dittman, president of the
Central Bank at Central City, an
nounced last month the advancement
of Alice M. Dittman from cashier to
vice president, and the election as
cashier of C. A. Gaghagen, Jr., who
was previously cashier of the Anchor
Bank at Merriman. Also, Tom H.
Moates, president of the Central Farm
Development Company, was elected to
the board of directors, replacing the
late Walter R. Raecke, attorney.
Mr. Dittman revealed that Central
Bank, which was founded February
16, 1959, had a 23 per cent increase in
deposits and a 21 per cent increase in
loans the past year. Undivided profits
account was restored to its original
$25,000, plus an additional 13 per cent
increase. The bank paid its first divi
dend of 3 per cent on the common cap
ital stock of $100,000. In the past year
checking account customers were in
creased by 27 per cent, savings ac
count customers by 46 per cent, and
the number of loans made by 16 per
cent.
Clarkson
Harold Qualsett, executive vice pres
ident of the Clarkson Bank, reported
last month that surplus of the bank
was increased $30,000. Capital is now
$60,000 and surplus is $90,000.
Croft on
Edwin W. Tauer, president, Crofton
State Bank, announced that all direc
tors and officers were re-elected last
month. Plans were revealed for re
modeling of bank quarters, including
a lower ceiling, new lighting fixtures,
and a new floor.
David City
H. F. Klosterman, prominent farmer
and rancher of David City, was re
elected chairman of the board of the
First National Bank. He has been a
director of the bank more than 25
years and is well known for his work
on behalf of the state in his capacity
as a member of the Nebraska Re
sources Division.
Eustis
Max Hueftle, 75, cashier of the
Farmers State Bank at Eustis, died
suddenly of a heart attack recently
while at work in the bank. He had
been a banker since 1919.
Fullerton
First National
E. M. Black, president of the First
National Bank, revealed that the bank
recently distributed $1,000 equally
the nine churches of Fullerton and
Children’s Memorial Hospital in Oma
ha. This Christmas gift has been a
custom of the bank for some time.
N orth w estern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B a n ker,
February,
1961
98
of Omaha at the annual meeting and
a new executive management commit
tee was established.
Members of the management com
mittee are: John F. Davis, president;
J. T. Stewart III,
senior vice presid e n t ; J o h n R.
Eauritzen, senior
v ic e p resid en t,
a n d e x officio
m e m b e r F. W.
T li o m as, c h a i r-
T THE conclusion of the annual
A
shareholders’ meeting, and the
meeting of the board of directors of
Promoted to assistant vice presi
dents are Fred H. Douglas, correspond
ent banks; Robert S. Knicely, person
The Omaha National Bank, W. Dale nel, and Robert Harding, commercial
Clark, chairman, announced the elec loans.
tion of three new directors and 11
New assistant cashiers are Fred L.
official promotions.
Friedrichsen, mortgage loans; Julius
J. Richard Sims, president, W ood G. Haye, tabulating; David R. Johnson,
men of the World Life Insurance So- correspondent banks; Eugene G. Kid
der, accounting; Robert A. Lyle, new
business, and M. Bruce Martin, credit
review.
Mr. Sims was elected president of
the Woodmen of the World on April
28, 1960.
Mr. Miller and Mr. Shonsey are
well known to bankers throughout Ne
braska and Iowa, as well as many oth
er states. After experience in outstate Nebraska banks, and four years
with the Boone State Bank in Boone,
Iowa, Mr. Miller joined The Omaha
National in 1951 as an assistant cash
ier. In 1954, at the age of 35, he was
elected vice president, the youngest
man to hold that position at the bank
since Mr. Clark, now chairman of the
board. He was advanced to executive
vice president in 1959.
Mr. Shonsey, also a native Nebras
kan, joined the Live Stock National
Bank of Omaha in 1947 as vice presi
dent. He went with The Omaha Na
tional in 1954 at the time of the merger
with the Live Stock National and was
made executive vice president in 1959.
Mr. Cockle, a graduate of Creighton
University Law School, joined the
bank in 1953 as an assistant trust offi
cer. In 1955 he was made a trust offi
cer.
Mr. Loring also was an officer of
Live Stock National at the time of the
merger in 1954. He had started as a
messenger in 1940. He was advanced
J. R . C O C K L E
F. H . D O U G L A S
to assistant vice president in 1955.
Mr. Douglas joined The Omaha Na
ciety; Morris F. Miller and John M. tional in 1954 from the Live Stock Na
Shonsey, both executive vice presi tional and is in the correspondent
dents of The Omaha National Bank, bank division. Mr. Harding joined the
are the incoming directors.
bank in 1950 and Mr. Knicely in 1956.
Advanced to vice presidents are
*
*
*
John R. Cockle, estate and trust de
partment, and Russell A. Coring, com
Four new directors were elected to
the board of the First National Bank
mercial loan department.
N orthw estern
B an ker,
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
19 6 1
man of the board.
The fou r new
directors are Vice
P re s id e n ts E. J.
J. F . D A V I S
Ryan, Ernest T
Voorhees,
Carlson, Don W.
Tanner and C. K.
The board also named C. D. (Don)
F. W . T H O M A S
J. T . S T E W A R T
III
J. R . L A U R I T Z E N
E. T. TA N N E R
D. W . R Y A N
E . J. C A R L S O N
C. D . A N D E R S O N
C. K . V O O R H E E S
The
Omaha National
Ban k
OM AHA, N EB R A SK A
Member Federal Deposit Insurance
Corporation
D IR E C T O R S
E.
JOH N
B R A N D E IS
President
J. L. Brandéis & Sons, Inc.
W .
DALE
CLARK
Chairman
*W IL L IA M
J.
COAD
Chairman of the Board
Ramo Investment Company
(Formerly Omar Incorporated)
A.
W .
Statement of Condition
GORDON
Chairman of the Board
Omaha Loan & Building
Association
K EN N ETH
C.
December 31, 1960
H O LLAN D
President
Carpenter Paper Company
W IL L A R D
D. HOSFORD,
Vice Pres, and General Mgr.
John Deere Company, Omaha
t*L E O N A R D
E. H U R TZ
Honorary Chairman of the Board
Fairmont Foods Co.
JOH N
R . J IR D O N
Livestock and Grain
Morrill, Nebraska
H EN R Y
C.
CLAREN CE
Bonds of United States and
Government A g e n cie s---------------- $44,842,903
State and Municipal B o n d s ----------- 16,891,in
corporation B o n d s ----- -----------------
L.
LAN D EN
President
Securities Acceptance Corporation
W IL L IA M
D.
F.
LONG
President
The Cudahy Packing Co.
R.
Stock in Federal Reserve Bank
540.000
Loans and D iscounts--------------
128,565,048
Bank Building and Fixtures __
960.000
Other Real E sta te------------------
1
Other R esources---------------------
1,281,793
M AEN N ER
$280.179,781
President
T. H. Maenner Co.
LLOYD
H.
M ATTSON
President
Industrial Chemical
Laboratories, Inc.
W .
B. M IL L A R D ,
JR.
President
D A N IE L
J.
M ONEN
Senior Vice President
V.
J.
SKUTT
President
Mutual Benefit Health &
Accident Assn.
A.
V .
SORENSEN
Chairman of the Board
Midwest Equipment Co.
ARTH UR
E.
STODDARD
President
Union Pacific Railroad Co.
W .
CLARKE
SW AN SO N
President
Paxton and Gallagher Co.
Director
Campbell Soup Company
J.
62,607,165
873,135
LAN E
Omaha, Nebraska
JOHN
Securities
K IE W IT
President and Treasurer
Peter Kiewit Sons’, Inc.
L O U IS
$ 86,225,774
Cash and Due from Banks------
KARPF
Omaha, Nebraska
PETER
RESO U RCES
JR.
LeR O Y
L IA B IL IT IE S
Unearned Interest Collected ---------------------------------$
863,568
Bills Payable -------------------------------------------------------
6,000,000
Accrued and Other L iabilities----------------------------
1,477,204
Deposits _________________________________________ 248,179,973
Capital Funds
Capital Stock ------------------------------- $ 7,000,000
(350,000 Shares Par Value $20)
Surplus
--------------------------------------- 11,000,000
Undivided Profits ________________
5,659,036
23,659,036
$280,179,781
W ELSH
President
Butler-Welsh Grain Co.
^ A d v is o r y D ir e c to r
fD e c e a s e d D e ce m b e r 8, 19 60
N orth w estern
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Federal Reserve Bank of St. Louis
B a n ker,
February,
1961
1 0 0
Nebraska
News
Anderson to assistant vice president,
Robert Dahl to assistant trust officer,
and William Smith as head of the real
as treasurer of the Omaha A.I.B. chap
ter.
estate department.
Mr. Tanner, in the correspondent
bank and new business department,
went with the First National in 1925.
Mr. Ryan joined the bank in 1936
and is in charge of the installment
loan department.
Mr. Voorhees and Mr. Carlson are
both commercial loan officers and
joined the bank in 1947 and 1954 re
spectively.
The Omaha National Bank’s drive-in
facilities are scheduled to open late
this month, according to L. C. McVea,
vice president and cashier, who will be
in charge of the new installation. Vic
tor W. Nielsen, assistant cashier, will
supervise the teller operations, and
R u b e n Werblow will be in charge of
operations.
The drive-in will occupy the ground
floor corner of 17th and Douglas in the
new nine-story Brandeis Parking Ga
rage, and will have its entrance on
17th with exit on Douglas.
Cars will enter the area in a double
lane and go to one of five drive-up
teller windows. Four of these will be
on islands, the fifth will be built into
the west wall. Cars will then exit
through four lanes onto Douglas.
Customers may transact normal tell
er business at these windows. Those
wishing to open new accounts may
park in one of three stalls in the drivein area, then go through an inside en
trance to the drive-in office which will
occupy the entire northeast corner of
the building. Three officers will be on
duty as well as eight tellers and re
ceptionist.
This spacious office will have standup check writing desks, as well as a
circular table that will accommodate
eight persons seated. A security vault,
conference room and work room will
complete the area.
Diebold, Inc., Canton, Ohio provided
the five full length Panoramic drive-up
counters, fe a tu r in g drop-front deal
trays. Diebold also installed a new
three and one-half inch vault door,
tellers’ lockers, ventilator and night
depositories.
*
*
*
The promotion of two staff members
and the appointment of a new member
of the board of directors of the Stock
Yards N a tio n a l
B ank w as a n
nounced by A. J.
Hallas, president,
following the an
nual meeting of
stockholders.
Promoted were
Perry F ran cis,
from
assistant
vice president to
v i c e president,
F. E. B O R C H E R S
and E u g e n e J.
Zaloudek, from department manager
to assistant cashier.
F. E. (Ed) Borchers, general man
ager of the Omaha plant of Swift and
Company, was appointed to the board
of directors.
All other officers and directors were
re-elected.
Mr. Borchers has been Swift’s gen
eral manager at Omaha since April,
1951. He is president of the Omaha
Rotary Club and the University of
Omaha board of regents.
Mr. Francis, a native of Wyoming, is
a 22-year veteran in the credit field,
the last five of which have been with
*
P. F R A N C IS
E . J. Z A L O U D E K
Stock Yards National.
Mr. Zaloudek joined the staff of the
Stock Yards National in 1955.
*
*
*
Omaha completed its sixth consecu
tive year as the world’s largest live
stock market, according to Harry B.
Coffee, retiring president of the Union
Stock Yards Company. He said Omaha
also is the largest meat packing cen
ter in the world. Salable receipts for
Omaha in 1960 were 4,202,015 head.
*
*
*
Kathern Merrigan, 71, formerly of
Omaha, was buried in Maryville, Mo.,
last month. Miss Merrigan retired No
vember 1, 1954, after 27 years with the
Stock Yards National Bank of Omaha.
At the time of her retirement she was
secretary to A. J. Hallas, president.
*
*
*
Bernard J. Murphy and Donald R.
Ostrand have been elected directors of
the North Side Bank. Mr. Murphy has
been with the bank since 1950 and is
an assistant vice president. Mr. Os
trand was formerly with the North
Side Bank from 1953 to 1955 and is
now a vice president of the First Na
tional Bank of Omaha.
*
*
*
Stan Vala was elected an assistant
cashier of the South Omaha Bank by
directors at their annual meeting last
month. He is in charge of the install
ment loan department, and also serves
=k
REPORT OF CONDITION
FAIRBURY, NEBRASKA
$ 5,326,161.10
15.000.
00
50.000.
00
1,616,743.75
1,138,641.62
3,156,660,40
C h airm an
of
th e
Ruth
C ashier
W.
J. S. Pickering
A.
Sugden
V ic e
Sill Blrchmier
P resid en t
A s s t.
Olive Halek
C ashier
A s s t.
L U TH E R BONHAM
CH AS . R. MOON
IV A N
V ic e
A s s t.
V ic e
Skidmore
P resid en t
P res.
Nelle Heasty
C ashier
C ashier
John Rada
A s s t.
C ashier
D IR E C T O R S
C. R I L E Y
R. E. B U R K L E Y
JESS L E E
G L E N N R. L E R O Y
G E O R G E A. S K U L T E T Y
M e m b er
honored last month by the Omaha
Chamber of Commerce for his out
standing work as general chairman of
the 1960 United Red Feather Red
Cross fund drive. A record $1,990,000
was collected during the campaign.
F e d e ra l
D e p o sit
In su ra n ce
C orporation
B A N K S :.° A ° .h
lÍ|
A ll N egotiations Confidential
A NATIONAL CLEARING HOUSE
FOR EXPERIEN CED BANK EXECU TIVES
_______________ WITH C A PITA L TO INVEST
Bankers Service Company]
SOX 1435
N o rfhw estern
B anker,
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
*
P resid en t
Edgar Schelps
A sst.
*
Morris F. Miller, executive vice pres
ident, The Omaha National Bank, was
Ivan C. Riley
Board
P resid en t
250,000.00
250,000.00
610.318.39
10,192,888.48
$11,303,206.87
O FFICERS
R. E. Burkley
A s s t.
$11,303,206.87
$
Luther Bonham
V ic e
*
RESOURCES
LIA B ILITIES
=k
Mrs. Mary Gleason, assistant cashier
December 31, 1960
Common Capital Stock.............
Surplus . ......................................
Undivided Profits and Reserves
Deposits ......................................
=k
in charge of advertising and public
relations for The Omaha National
Bank, spoke to the NABAAC group in
Columbus, Neb., last month on the
subject of public relations.
THE FIRST NATIONAL BANK
Loans and Discounts .........................
Stock in Federal Reserve Bank. . , .
Bank B u i l d i n g .....................................
United States Government Securities
Municipal Bonds and Warrants. . . .
Cash and Sight Exchange................
=k
• DES MOINES S IO W A
»
PHONE A T 1 - 7 9 0 0 |
101
a S E R V IC E E V E R Y
B A N K ER N EED S
I t ’ s th e c o n t a c t s w it h o t h e r b a n k s th a t
m ak e the d ifferen ce w hen it com es to c o m
p a r in g in v e s tm e n t p o r t fo lio s ■ O u r m a n y
contacts are at your service ■ Just ask our
representative or phone O m ah a 3 4 1 - 0 5 0 0 ■
FIRST NATIONAL BANK OF OMAHA
16TH & FARNAM ■ OMAHA, NEBRASKA ■ MEMBER FEDERAL OEPOSIT INSURANCE CORPORATION
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Federal Reserve Bank of St. Louis
B a n ker,
February,
1961
1 0 2
Nebraska
News
N eb ra sk a H ank S ta tem en t F iy n r e s
From Reports Received by January 15, 1961
( L a s t t h r e e fi g u r e s o m i t t e d )
D ecem b er 3 1 , 1960
D e p o s its
Loans
D ecem b er 31, 1959
Loans
D e p o s its
A in sw o r th
C o m m e r c i a l N a t i o n a l ......................... ...
N a t i o n a l B a n k o f .................................. ...
3 ,1 6 6
1 ,7 7 5
1 ,1 4 2
653
3 ,4 0 4
1 ,9 2 7
90 1
512
A l b i o n , F i r s t N a t i o n a l ......................... ...
A l e x a n d r i a . S t a t e B a n k o f ...............
2 ,0 5 5
462
933
281
1 ,9 6 0
577
756
339
A llia n c e
N a tio n a l
....................................................... ....
7 ,2 3 5
G u a r d i a n S t a t e .............................................. 1 4 ,6 2 0
1 ,1 6 3
A n s l e y , S e c u r i t y S t a t e ............................
A u b u r n S t a t e .................................................. ....
2 ,7 0 6
3 ,1 6 2
A u r o r a , F a r m e r s S t a t e ................................
1 ,1 3 9
8 ,1 4 9
626
1 ,0 8 8
1 ,6 0 8
7 ,1 2 4
1 3 ,5 5 5
1 ,1 1 4
2 ,6 1 9
2 ,6 8 8
991
6 ,2 2 6
499
888
1 ,7 6 7
B a n c r o f t , C i t i z e n s .......................................
B a s s e t t , C o m m e r c i a l ................................. ...
B a t t l e C r e e k S t a t e ....................................
B a y a r d , F i r s t N a t i o n a l o f ................. ...
1 ,2 7 8
2 ,6 2 6
861
2 ,5 4 7
439
1 ,3 1 3
250
1 ,1 9 2
1 ,2 2 7
2 ,6 9 6
848
2 ,2 2 0
391
881
282
887
B e a tr ic e
B e a t r i c e N a t i o n a l .................................
F i r s t N a t i o n a l ..............................................
B e l l e v u e , B a n k o f ....................................... ...
B e n n i n g t o n , B a n k o f ............................
B l u e S p r i n g s S t a t e ................................. ....
B r a d y , B a n k o f .................. ..........................
B r a i n a r d , B a n k o f .................................
B r id g e p o r t
S ta te
...........................................
B r o k e n B o w S t a t e .................................... ....
1 0 ,7 2 6
7 ,4 8 8
4 ,3 7 8
1 ,0 2 7
1 ,1 1 5
978
1 ,2 3 2
3 ,5 9 9
2 ,8 7 2
5 ,2 0 8
3 ,7 2 0
1 ,4 3 4
400
384
495
578
1 ,0 2 6
663
9 ,4 3 8
6 ,5 9 6
4 ,2 4 8
1 ,0 1 2
1 ,0 6 0
909
1 ,1 6 9
3 ,5 7 4
2 ,7 5 4
4 ,7 7 1
3 ,0 2 6
1 ,2 9 7
386
299
412
462
790
570
C a i r o , S t a t e B a n k o f ............................... ...
C e n t r a l C i t y , C e n t r a l B a n k .............. ...
C e n tr a l C ity , F a r m e r s N a tio n a l
C h a d r o n , B a n k o f ....................................... ...
C l a r k s o n B a n k .............................................. ....
C l a t o n i a , F a r m e r s B a n k ...................
C o d y , B a n k o f ...................... .......................... ...
C o l e r i d g e N a t i o n a l ...................................
2 ,3 2 0
1 ,2 0 1
2 ,7 3 6
4 ,4 4 7
2 ,3 1 1
624
1 ,7 0 8
1 ,6 8 9
1 ,4 9 7
616
1 ,2 5 7
2 ,3 6 8
1 ,1 6 7
396
522
762
2 ,1 6 3
919
2 ,7 4 1
3 ,7 4 2
2 ,1 3 3
550
1 ,9 2 2
1 ,4 4 9
1 ,1 1 1
415
1 ,1 0 5
1 ,6 2 8
1 ,1 2 4
245
475
779
C o lu m b u s
C e n t r a l N a t i o n a l .................................... ... 1 6 ,2 6 8
1 ,7 7 2
C itiz e n s B a n k
........................................
4 ,9 8 3
C o l u m b u s B a n k ...... ........................ . ....
2 ,9 2 8
C o z a d F i r s t N a t i o n a l ........................... ....
1 ,8 3 7
C r a w f o r d S t a t e ....................... ......................
1 ,1 5 0
C r o f t o n S t a t e ...................................... ........... ...
...
3
,2 3 0
C r e ig h to n , A m e r ic a n
N a tio n a l
7 ,6 4 0
867
2 ,8 7 2
1 ,5 2 5
937
556
1 ,6 5 1
1 5 ,2 2 7
937
4 ,7 3 4
2 ,8 7 3
1 ,8 3 2
1 ,0 9 2
3 ,4 7 2
6 ,2 7 9
345
2 ,5 9 5
1 ,5 0 2
857
508
1 ,5 5 8
C rete
C ity
N a tio n a l
.................................... ....
C r e t e S t a t e .................................................... ....
2 ,6 2 5
2 ,9 9 2
1 ,2 8 1
1 ,8 5 0
2 ,6 1 8
2 ,8 0 2
1 ,2 5 0
1 ,5 1 7
D a v i d C i t y , F i r s t N a t i o n a l .....................
D a y k i n , J e f f e r s o n C o u n t y ..................
D e c a t u r , C i t i z e n s S t a t e ........................
5 ,4 6 4
74 1
790
2 ,2 7 6
623
441
5 ,2 6 3
694
794
2 ,2 4 1
486
480
1 ,4 6 8
1 ,0 4 9
906
529
1 ,5 8 4
1 ,0 3 5
919
326
F a i r b u r y , F i r s t N a t i o n a l ..................... .... 1 0 ,1 9 3
848
F a i r f i e l d S t a t e .................................................
5 .6 9 8
F a l l s C i t y , F i r s t N a t i o n a l ............... ....
805
F i l l e y B a n k .......................................................
5 ,3 2 6
343
3 ,6 6 8
475
9 ,0 3 0
887
5 ,8 8 5
747
F rem on t
F i r s t N a t i o n a l ....... ............................... .... 1 3 ,3 0 8
F rem ont
N a tio n a l
.......................... .... 1 1 ,9 7 3
6 ,8 6 4
5 ,1 9 0
G e n e v a S t a t e ................................................. ....
G e r i n g N a t i o n a l ............
......... ....
G o r d o n , F i r s t N a t i o n a l ....... .......... ....
G o th e n b u rg , F ir s t S ta te
.................... ....
G o t h e n b u r g S t a t e ...................................... ....
O v e r l a n d N a t i o n a l .............................. ....
5 ,3 0 9
5 ,7 9 8
5 ,0 8 4
2 ,5 3 4
3 ,2 8 7
9 ,0 1 3
G r a n d Is la n d
C o m m e r c ia l N a t io n a l
..................... ....
F i r s t N a t i o n a l .........................................
G r e t n a S t a t e ....................................................
G u i d e R o c k S t a t e .........................................
D e ce m b er 31 , 1960
D e p o s its
Loans
D e c e m b e r 31 , 1959
D e p o s its
Loans
L in c o ln
C i t i z e n s S t a t e ............................................. ...
...............................................
C orn h u sk er
4 ,0 1 7
782
M a d is o n
B a n k o f ..........................................................
F a r m e r s N a tio n a l
M a y w o o d , F a r m e r s S t a t e .................... ...
M c C o o k , F i r s t N a t i o n a l ....................... ...
M c C o o k N a t i o n a l ....................................... ...
M illig a n , F a r m e r s & M e rc h a n ts .
M o r r i l l , F i r s t N a t i o n a l ......................... ...
1 ,9 7 0
1 ,0 2 9
1 ,8 3 9
7 ,0 7 5
5 ,4 4 5
834
2 ,5 3 9
638
338
1 ,1 6 3
3 ,7 3 6
3 ,6 0 3
125
1 ,6 9 1
1 ,7 6 9
994
1 ,8 2 9
6 ,9 0 4
4 ,8 9 5
823
3 ,4 5 3
687
289
828
2 ,7 4 5
2 ,4 2 6
15 5
1 ,6 0 3
N e b r a s k a C ity
F a r m e r s B a n k ..........................................
O t o e C o u n t y N a t i o n a l ....................
N e l s o n , C o m m e r c i a l .................................
N io b r a r a , B a n k o f
N o r t h B e n d , P l a t t e V a l l e y .............. ...
N o r t h L o u p V a l l e y ..................................
4 ,2 0 4
5 ,6 1 1
1 ,7 3 6
843
2 ,5 8 1
66 1
832
1 ,2 3 3
924
355
1 ,5 0 4
413
3 ,9 3 3
5 ,4 4 5
1 ,4 6 7
855
2 ,5 0 4
597
793
1 ,2 8 5
628
278
1 ,4 5 8
332
N o r th P la tte
F i r s t N a t i o n a l .................. .......................
M c D o n a l d S t a t e ....................................... ...
1 3 ,1 1 3
8 ,0 7 1
4 ,3 2 4
1 ,9 9 9
1 1 ,7 3 4
7 ,0 8 8
3 ,7 6 9
1 ,7 0 1
O a k d a l e , F i r s t N a t i o n a l .......................
O a k la n d , F a r m e r s & M e r c h a n t s
...
599
3 ,2 3 3
318
1 ,4 9 2
587
3 ,3 1 9
355
1 ,5 1 9
O m aha
C e n te r
B ank
........................................ .
1 1 ,0 8 5
D o u g l a s C o u n t y .......................................
1 3 ,2 3 3
F i r s t N a t i o n a l .......................................... .1 0 2 ,6 3 2
7 ,5 9 4
F i r s t W e s t S i d e ................. .................... ...
N o r t h S i d e . ............................................... ... 1 3 ,7 2 6
O m a h a N a t i o n a l .................................... ...2 4 8 ,1 8 0
P a c k e r s N a t i o n a l ................................. ... 1 7 ,5 3 1
S o u t h O m a h a ............................................. ...
7 ,5 1 8
S t o c k Y a r d s N a t i o n a l .............. ........ ... 2 5 ,3 7 6
U n i t e d S t a t e s N a t i o n a l ...................
1 0 9 ,3 9 3
O ’ N e i l l , F i r s t N a t i o n a l ...................... ...
3 ,2 7 9
O ’ N e i l l N a t i o n a l .......................................... ...
3 ,8 6 9
O r c h a r d , B a n k o f .......................................
679
3 ,2 7 4
O r d , F i r s t N a t i o n a l ..................................
774
O r l e a n s , R e p u b l i c a n V a l l e y ...........
5 ,7 3 5
5 ,1 3 6
5 7 ,7 6 2
4 ,2 9 4
6 ,8 6 1
1 2 8 ,5 6 5
3 ,1 8 8
4 ,8 1 2
1 2 ,7 9 3
5 0 ,0 6 4
520
996
353
1 ,7 1 2
472
9 ,5 2 2
1 1 ,5 2 4
9 6 ,7 1 9
6 ,2 6 1
1 2 ,6 8 7
2 3 9 ,6 5 8
1 6 ,5 1 6
6 ,9 8 4
2 7 ,1 3 2
1 0 0 .4 1 7
3 ,5 0 6
4 ,0 1 0
682
3 ,3 1 0
832
5 ,3 4 5
5 ,9 0 4
5 7 ,8 3 9
4 ,0 2 8
5 ,9 0 5
1 2 0 ,6 0 7
3 ,2 8 9
4 ,3 2 8
1 2 ,3 9 0
4 8 ,2 5 5
49 1
774
326
1 ,6 2 0
332
1 ,8 2 9
3 ,7 2 5
1 ,4 2 2
453
618
333
(F o r m e r ly F a r m e r s S ta te , D a v e y )
F i r s t C o n t . N a t i o n a l ......................... ...1 1 0 ,8 0 4
5 3 ,1 6 8
1 0 3 ,4 0 1
4 6 ,0 2 3
G a t e w a y ...........................................................
1 ,1 5 8
619
(N e w B an k , O pen ed J a n . 1960)
H a v e l o c k N a t i o n a l ............................... ...
3 ,3 9 8
1 ,8 0 2
3 ,1 4 5
1 ,3 2 8
N a t i o n a l B a n k o f C o m m ................. ... 5 9 ,6 5 3
5 6 ,0 6 6
2 3 ,1 8 4
2 6 ,2 8 7
U n io n B an k
4 ,4 5 8
2 ,6 8 8
...
5 ,1 1 9
3 ,0 6 5
726
L o o m i s , F i r s t S t a t e .................................. ...
1 ,2 0 7
1 ,2 4 4
703
886
L o u i s v i l l e , H o m e S t a t e ............................
365
270
847
L o u p C ity , F ir s t N a t io n a l
............ ...
2 ,3 9 8
943
2 ,1 8 8
933
4 ,4 8 1
305
3 ,2 3 5
450
P a p i l l i o n , C l a r k e B a n k ......................... ...
P a w n e e C i t y , C i t i z e n s S t a t e ........... ...
P a w n e e C i t y , F a r m e r s S t a t e .........
P l a i n v i e w S t a t e ............................................. ...
P l a t t s m o u t h S t a t e ....................................... ...
P o lk ,
C itiz e n s
S ta te
............................
P o n c a , B a n k o f D i x o n C o .....................
R e d C lo u d , P e o p l e s - W e b s t e r ........... ...
R i v e r d a l e , S t a t e B a n k o f ................... ...
2 ,5 4 8
1 ,2 3 5
1 ,1 1 5
2 ,5 7 8
4 ,7 8 7
1 ,1 5 3
1 ,2 1 6
2 ,4 9 1
2 ,4 2 9
1 ,4 6 8
405
66 1
1 ,0 6 1
1 ,8 8 8
602
353
1 ,2 4 8
1 ,1 8 1
2 ,7 2 1
1 ,1 5 7
1 ,0 8 1
2 ,5 5 4
4 ,8 0 3
982
1 ,1 6 9
2 ,4 8 5
2 ,3 0 2
1 ,4 6 4
336
491
998
1 ,9 2 3
476
297
1 ,0 2 1
1 ,0 1 1
1 1 ,5 7 5
1 1 ,3 2 5
5 ,9 8 2
4 ,0 3 3
S t . P a u l , C i t i z e n s N a t i o n a l ........... ...
S a le m , B a n k o f
S c o tia ,
Bank
of
...................................
1 ,8 5 6
344
722
827
271
464
1 ,7 5 3
310
698
701
255
423
3 ,8 7 4
2 ,9 7 1
2 ,5 1 5
1 ,7 2 6
2 ,1 3 3
5 ,1 1 4
4 ,6 7 2
5 ,6 7 5
5 ,0 7 8
2 ,4 9 8
3 ,3 2 2
8 ,6 4 4
2 ,9 5 7
2 ,6 1 6
1 ,7 1 8
1 ,4 7 4
1 ,9 9 6
4 ,3 5 2
S c o tts b lu ff
F i r s t S t a t e ......................................... .......... ...
S c o tts b lu ff N a tio n a l
...
S c r ib n e r
6 ,3 2 5
1 4 ,0 4 0
2 ,1 1 9
5 ,1 6 7
5 ,9 2 9
1 3 ,5 5 9
2 ,0 6 4
4 ,3 8 9
1 0 ,0 4 0
1 8 ,3 3 1
709
731
5 ,5 6 1
1 0 ,3 8 5
342
354
9 ,3 1 3
1 6 ,5 6 9
628
790
4 ,3 0 4
9 ,2 6 9
228
330
623
1 .3 4 3
332
805
609
1 ,2 9 4
245
686
F a r m e r s S t a t e ..........................................
F ir s t N a tio n a l
S e n e c a , S t o c k m e n s ....................................
S e w a r d , C a t t l e N a t i o n a l .................... ...
S i d n e y , A m e r i c a n N a t i o n a l ............. ...
S i l v e r C r e e k , F a r m e r s S t a t e ...........
S t a m f o r d B a n k ............................................... ...
S t a n t o n N a t i o n a l ......................................... ...
S tr a tto n . C o m m e r c ia l B a n k
...
S t u a r t , T r i - C o u n t y ....................................
1 ,9 4 0
1 ,1 5 3
907
3 ,2 2 7
7 ,6 8 0
743
1 ,0 7 6
2 ,2 9 6
1 ,2 1 2
1 ,5 3 4
1 ,4 0 1
678
222
1 ,4 4 6
2 ,4 3 7
372
705
978
858
637
1 ,9 2 8
1 ,2 5 0
857
3 ,3 0 9
7 ,8 4 2
709
1 ,0 5 9
1 ,9 8 3
990
1 ,6 3 5
1 ,4 6 4
700
200
1 ,1 5 7
2 ,2 8 0
343
478
1 ,0 1 3
673
567
H a s tin g s
C ity N a tio n a l
......................................... .... 1 3 ,3 9 6
F ir s t N a tio n a l
........... ......................... . 1 4 ,2 3 2
3 ,1 3 5
H e b r o n , T h a y e r C o u n t y ..................... ....
2 ,3 8 7
H e m i n g f o r d , B a n k o f ............................. ....
1 ,3 5 9
H e r m a n S t a t e ..............................................
901
H o l d b r o o k , S e c u r i t y S t a t e ..................
H o l d r e g e , F i r s t N a t i o n a l ................... .... 1 0 ,2 2 4
376
H o m e r , A m e r i c a n S t a t e .....................
2 ,8 2 9
H o o p e r , F i r s t N a t i o n a l ........................ ....
1 ,0 0 7
H o r d v i l l e , F i r s t S t a t e ........................... ....
1 ,0 5 5
H o w e l l s B a n k ................................................. ....
417
H u b b e ll
Bank
............
2 ,7 1 3
H u m b o l d t , H o m e S t a t e ........................ ....
6 ,9 1 4
9 ,3 9 4
1 ,5 8 5
1 ,2 7 5
523
333
6 ,1 3 1
182
1 ,8 2 9
615
744
307
1 ,2 0 2
1 1 ,8 4 2
1 4 ,0 6 6
3 ,0 6 3
2 ,0 8 3
1 ,2 0 8
839
9 ,8 5 6
375
2 ,7 5 8
945
968
369
2 ,5 4 8
5 ,8 4 0
8 ,6 9 7
1 ,3 9 3
775
428
271
5 ,5 6 1
217
1 ,9 1 6
463
663
663
1 ,2 5 7
S u p e r io r
F arm ers
S e c u r ity
2 ,3 8 7
2 ,8 3 4
1 ,5 2 0
1 ,5 8 6
2 ,3 2 1
2 ,7 9 7
1 ,1 7 0
1 ,3 7 1
E m e r s o n , F i r s t N a t i o n a l .....................
E n d e r s , F i r s t S t a t e ................................... ....
H a r d y S t a t e ...... ...........................................
H a r v a r d S t a t e ..............................................
................ ....
1 ,6 5 1
968
1 ,5 6 3
731
K earney
F i r s t N a t i o n a l ......................................... ....
P l a t t e V a l l e y S t a t e ................. ....... ....
K e n e s a w , A d a m s C o u n t y B a n k ... ....
K e y s t o n e , B a n k o f .............. .................... ...
9 ,7 0 0
5 ,3 0 9
1 ,9 3 4
1 ,5 5 2
3 ,8 9 6
3 ,1 5 5
1 ,1 3 1
841
9 ,5 8 1
5 ,0 2 2
1 ,8 4 9
1 ,5 6 8
3 ,1 5 4
2 ,6 3 3
726
711
L a u r e l , S e c u r i t y N a t i o n a l ................ ....
L e x i n g t o n S t a t e ........................................... ....
2 ,6 1 7
4 ,6 9 7
1 ,6 9 6
2 ,3 8 7
2 ,5 0 7
4 ,5 3 6
1 ,7 5 8
2 ,5 5 7
Joh n son ,
F ir s t
N orthw estern
N a tio n a l
B a n ker,
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
S t a t e .......................................... ...
N a t i o n a l .................................. ...
T e cu m se h , J o h n so n C o u n ty B a n k
. ...
2 ,9 0 0
1 ,7 2 1
2 ,8 3 6
1 ,3 2 4
Tekam ah
B u r t C o u n t y S t a t e ...............................
F i r s t N a t i o n a l ..........................................
T r e n t o n , S t a t e B a n k o f ..................
1 ,6 1 0
4 ,2 5 6
1 ,2 5 2
464
3 ,0 4 1
808
1 ,5 6 2
4 ,1 2 7
1 ,2 4 7
363
2 ,8 6 7
686
V a l e n t i n e , F i r s t N a t i o n a l ....................
V a l e n t i n e , F i r s t N a t i o n a l ............... ...
4 ,4 7 4
3 ,6 0 4
1 ,7 5 6
1 ,8 5 2
4 ,0 1 4
3 ,8 5 5
1 ,6 1 7
1 ,4 7 2
W ahoo
F ir s t
N a tio n a l
.....................
W ahoo
S ta te
.................................... ......... ....
W a k e f i e l d N a t i o n a l ................................. ...
W a l l a c e , F a r m e r s S t a t e ......................... ...
W a u n e t a F a l l s B a n k ............................... ...
W a u s a , C o m m e r c i a l S t a t e ................... ....
W i s n e r , C i t i z e n s N a t i o n a l ................. ...
W i s n e r , F i r s t N a t i o n a l ........................ ....
W ayne
F i r s t N a t i o n a l ........ .............................. ...
S t a t e N a t i o n a l ............... ........................ ....
W o o d R iv e r , B a n k o f
..................... ....
Y ork
F i r s t N a t i o n a l ......................................... ....
Y o r k S t a t e ................................................. ....
4 ,4 7 4
2 ,8 3 0
1 ,8 6 8
1 ,0 4 2
1 ,6 4 2
2 ,1 1 7
2 ,2 2 3
1 ,9 5 3
1 ,7 5 6
1 ,3 2 1
1 ,3 6 9
502
880
1 ,5 6 8
1 ,2 6 0
922
4 ,0 1 4
2 ,6 6 3
1 ,8 7 1
1 ,0 4 4
1 ,8 1 7
2 ,1 9 1
2 ,1 4 4
1 ,9 9 7
1 ,6 1 7
1 ,1 3 8
1 ,1 9 0
444
863
1 ,3 0 3
1 ,3 3 7
986
3 ,2 6 4
5 ,2 2 5
1 ,4 4 9
1 ,9 8 5
3 ,7 3 9
888
3 ,0 4 1
5 ,2 2 3
1 ,4 0 6
1 ,8 0 1
3 ,3 9 7
743
7 ,6 8 3
4 ,4 8 6
4 ,6 1 0
3 ,5 5 4
6 ,9 1 2
4 ,3 7 4
4 ,1 1 6
3 ,2 8 1
103
For 75 years we’ve been wearing the same hat
Folks that know us best, know us by the hat we wear and by how we wear
it . . . proudly.
Ours is the hat that covers the banking /¿cad-quarters of
the tremendous livestock industry. W e think it properly fits our business.
Your livestock banking needs can best be served by us because of our ex
perience and location.
ONAL BANK
STOCK YAR
THE ONLY BANK I
O
N STOCK YARDS
A
Member of Federal Deposit Insurance Corporation
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N o rth w estern
B a n ker,
February,
1961
104
been with Continental National for 30
years, and was bank auditor since
1952.
HE promotion and election of four
T
officers at First Continental National Bank and Trust Company was
announced last month.
Sterling M. Glover, promoted to vice
president in charge of operations, has
STATEMENT OF CONDITION
\
DECEMBER 31, 1960
RESOURCES
Cash and Due from B a n k s______________________$13,725,954.73
U. S. Government Securities____________________ 17,964,000.00
Municipal Bonds and W arrants_________________ 4,663,464.28
Federal Reserve Bank S to c k ____________________
108,000.00
Loans and Discounts ____________________________ 26,287,420.02
Banking H o u s e __________________________________
1,300,000.00
Furniture and Fixtures__________________________
250,000.00
Other A ssets______________________________________
224,141.11
TOTAL
R ESO U R CES______________________ $64,522,980.14
LIABILITIES
Capital S to c k _____________________________________$ 1,800,000.00
Surplus ----------------------------------------------------------------- 1,800,000.00
Reserve and Undivided P rofits_________________
1,234,274.44
Total Capital A ccounts_____________________ $ 4,834,274.44
Reserve for Dividends___________________________
36,000.00
Total D eposits___________________________________ 59,652,705.70
TOTAL LIABILITIES AND CAPITAL
,522,980.14
O FFIC E R S
AMOS,
CARL
NIELSEN.
V ic e P r e s id e n t and T ru s t O fficer
BAACK,
BECKMANN.
N ISSEN .
ORAL
NOVAK,
SCOTT.
HERMAN
OSCAR
L .,
A s s is ta n t V ic e P re s id e n t
JR.
SOMMERHALDER,
EATO N.
THOM PSON,
GENE
C.
VAN
VAN
ROSS
VER
ALBERT
A.
A
W E IL,
A.
D.
REX
ROBERT
V ic e P re s id e n t
F.
W ELLENS IEK,
KARL
A s s is ta n t C a sh ier
J,
V ic e P r e s id e n t a nd T r u s t O fficer
M ILLER ,
MYRON
W EKESSE.R ,
V ic e P r e s id e n t
KROGER,
FAYE
NORMA
V ic e P re s id e n t
C . t III
A s s is t a n t C a sh ier
JORGENSEN,
MAAS.
T ru s t O fficer
E x e c u t iv e V ic e P re s id e n t
H O L M Q U 1ST,
DAN
P r e s id e n t
LAND! NGH AM,
A s s is ta n t C a s h ier
A s s is t a n t T r u s t O fficer
HELD,
BUSKIR K,
V ic e
8.
A s s is t a n t V ic e P re s id e n t
HECH T.
L.
TED
V ic e P re s id e n t
V ic e P r e s id e n t
A,
D
V ice P r e s id e n t and T ru s t O fficer
BRYON
P r e s id e n t
G O O D W IN ,
R.
S H IP F E R L IN G , JO H N
V ic e P r e s id e n t and T ru s t O fficer
DUNN,
M.
PAUL
A s s is ta n t C a sh ier
V ic e P r e s id e n t and C o m p tro lle r
CLARKE,
L.
A s s is ta n t C ash ier
PAUL
V ic e P r e s id e n t and C ash ier
B R O C K M E I ER,
JAM ES
A s s is ta n t V ic e P re s id e n t
A s s is t a n t V ic e P re s id e n t
BO GO TT,
CHESTER
A s s t. V ic e P r e s id e n t a n d A u d ito r
W ILBUR
V ic e P r e s id e n t
W ILSO N,
JO HN
W R IG H T,
DON
T r u s t O fficer
E.
V ic e P r e s id e n t
A s s is ta n t V ic e
E
P re s id e n t
Y A U S S I,
F. H . W H IP P L E
William C. Smith was promoted to
assistant vice president from assistant
cashier in the trust and investment
department.
Fred H. Whipple was elected assist
ant cashier and manager of the dis
count department. He has been asso
ciated with First National for 34 years.
Hugh Slaughter was advanced to au
ditor from supervisor of general books
and auditing department.
*
Northwestern
*
*
Byron Dunn, president of the Na
tional Bank of Commerce, reported to
stockholders last month that deposits
had increased by more than $3.5 mil
lion in the past year. Loans were also
up more than $3 million, he said, “re
flecting the continuing demand for
money and the bank’s ability and de
sire to serve Lincoln and the Lincoln
area.
Deposits on December 31 were $59,652,705 and loans were $26,287,420.
Capital funds also were increased by
$500,000 over the December 31, 1959,
figure.
Mr. Dunn said he anticipates com
pletion early this year of the bank’s
new Patio Office in the Crossroads
Motor Hotel at 10th and O. New
drive-in facilities also are being con
structed on the former drive-in lot
adjacent to the rear of the bank.
*
£
H. SLA U G H TE R
*
*
J. T. Heaney, vice president of the
NATIONAL
O M
M
B a n ker.
February,
OF
E P C E
LINCOLN. NEBRASKA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANK
13th & 0 Streets
DRIVE IN BANK 1227 P
1961
Union Bank, was elected to the board
of directors last month. He has been
with the bank seven years and prior
to that was associated with the Secu
rity Savings Bank at Williamsburg,
Iowa.
Executive Vice President C. F.
Pettey reports that approval has been
Tor>
Our Annual Report a word of thanks
and a promise . . .
Our first year as a consolidated bank has been gratifying
in many respects. WE WANT TO THANK our many correspondent
bank friends for their continued support and loyalty. WE PROMISE
the same personalized service in the years ahead.
STA T E M E N T
O F 1 C O IV IT IT IO IN
At the close of b u sin ess Decem ber 31, 1960
RESO U RCES
$ 2 6 ,8 6 4 , 5 3 8 .6 6
3 0 ,2 5 2 , 7 2 7 .6 7
7 ,6 6 9 , 5 0 6 .8 8
505, 2 9 5 .1 4
5 3 ,1 6 7 , 6 7 6 .9 6
225, 0 0 0 . 0 0
624, 6 7 3 .1 0
1,470, 2 7 6 .0 3
19, 5 0 0 .0 0
572, 7 7 8 .5 5
50, 0 0 0 . 0 0
94 , 575.01
$ 1 2 1 ,5 1 6 ,5 4 8 .0 0
Cash and Due from B an ks
United States Governm ent Secu rities
M unicipal Bonds and W arrants
Other Bonds and Secu rities
Loans and D iscounts
Stock in Federal R eserve Bank
Furniture and Fixtu res
Investm ent in Bank Prem ises
Other Real Estate
Accrued Interest Receivable
C u sto m ers Liab ility Letters of Credit
Other A ssets
Total Resources
LIA BILITIES
$ 3 ,7 5 0 ,0 0 0 .0 0
3 ,7 5 0 .0 0 0 .0 0
1 ,6 9 8 ,3 0 3 .9 9
$ 9 ,1 9 8 ,3 0 3 .9 9
$ 1 ,0 7 2 ,0 0 9 .3 0
3 9 1 ,7 4 6 .1 3
5 0 ,0 0 0 .0 0
i : L0,8 0 4 ,4 8 8 .5 8
C apital Stock
Surplus
Undivided Profits
Total Capital Funds
Interest Collected Not Earned
Reserved for T a x e s, Interest, and Exp en ses
Letters of Credit Outstanding
Deposits
Total Liab ilities
FI R S T C O N T I N E N T A L
N A T I O N A L
I
2T H
At
N
B A N K
S T R E E T
&
1' H U S T
L I N C O L N ,
C O M
P A N Y
N E B R A S K A
M ember Federal Deposit In su ran ce Corporation
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N o rthw estern
B anker,
February,
1961
1 0 6
Nebraska
News
gained to change the bank’s name to
Union Bank and Trust Company. Un
ion Bank last year added a trust de
partment under powers granted by the
last Nebraska legislature and this de
partment has made fine progress, Mr.
Pettey stated.
*
*
*
*
The C orn h u sk e r Bank, which
changed its name from the Farmers
State Bank and moved from Davey,
Neb., on November 14 to the north
city limits of Lincoln, topped $1,000,000 in assets for the first time in its
58-year history on December 31. Vice
President Alice M. Dittman said more
than 200 checking and savings ac
counts were opened in the bank be
tween opening date and the year-end.
The board of directors was increased
to 10 with the addition of John W.
Stewart of Lincoln.
*
*
Glenn Yaussi, senior vice president
and trust officer of the National Bank
of Commerce, has
been installed as
lieutenant gover
nor of Division 12
of the NebraskaIowa District of
Kiwanis Club In
ternational.
In s ta llin g Mr.
Yaussi was Wal
*
Lincoln’s Gateway Bank concluded
its first year on January 16 with more
than $1,157,000 in deposits. Burnham
Yates, president, told stockholders at
their annual meeting that good prog
ress had been made in all departments
of the bank, and continued progress is
forecast by the planned addition of
new businesses in the shopping center
at Cotner and O Streets where the
bank is located.
Harry R. Haynie, general manager
of the Stephenson School Supply Com
pany, was elected a director, succeed
ing George W. Holmes, who did not
seek re-election.
All other officers and directors were
re-elected.
*
88, a retired cashier of the Union
Bank, Lincoln.
*
Funeral services were held in Lin
coln recently for Rudolph Unzicker,
lace
L.
Two drive-in windows and one walkup window, as well as somo other
latest design equipment, were in
stalled by Mosler Safe Company.
Fremont
Jas. D. Milliken, president of the
Fremont National Bank, announced
last month the election of Stephen
Spangler and C. D. Angle to the board
of directors. Grover Spangler, a di
rector since 1927, died in November.
All other officers and directors were
re-elected.
Casse 1,
g o v e r n o r of the
N ebrask a - Iow a
District and professor of electrical en
gineering at Iowa State College in
Ames.
G. Y A U S S I
Fullerton
C. H. Hosier, president of the Fuller
ton National Bank, last month an
nounced the following officer promo
tions:
Miss Levetta Hosier, from vice pres
ident to executive vice president; Ed
mund Balasa, from cashier to vice
president; William Townsend, Jr.,
from assistant cashier to cashier, and
Mrs. Elsie Lucy, from teller to assist
ant cashier.
Grafton
Louis Carney of Heartwell has been
named by directors of the Grafton
State Bank as assistant cashier. Mr.
Carney, a graduate of Creighton Uni
versity College of Commerce, has pur
chased the interests of the late W. S.
MacDonald, ca sh ier. Since leaving
service after World War II he has
been active in the field of accounting
and income tax service.
Hooper
The First National Bank of Hooper
observed its 75th anniversary on Jan
uary 16. G. H. Looschen, president,
and son of one of the founders of
the bank, reported year-end figures
showed capital of $75,000, surplus of
Falls City
G.
P. Scholz, executive vice presi $275,000 and reserves of $175,919, with
dent and cashier, First National Bank deposits at $2,828,741. Will Rodgers
at Falls City, reports the opening Feb is vice president and William Hargens
ruary 1 of the new drive-in facility is cashier.
located two blocks south of the main
bank building. Banking hours will be Humphrey
Dale Alderson, executive vice presi
8:30 a.m. to 4 p.m. on weekdays and
dent of the Farmers State Bank at
8:30 a.m. to 12 noon on Saturdays.
Humphrey, broke his ankle early last
month when he slipped on ice on a
business district sidewalk.
Municipal and Corporate Bonds
Indianola
Listed Stocks
Unlisted and Local Stocks
ORDERS
EXECUTED
ON
A LL
P R IN C IP A L
EXCHANGES
C H IL E S -S C H U T Z CO.
O m a h a , N ebraska
L incoln , N ebraska
412 Farm Credit Building
203 Stuart Building
Phone 34 6-6677
Phone HEmlock 2-3325
C hadron , N ebraska
N orth w estern
L exington , N ebraska
346 Main Street
Phone FAirview 4-3766
Phone HEmlock 2-5555
B a n ker,
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
A state charter has been issued by
the Nebraska department of banking
for the organization of the Bank of
Indianola, Neb. Edwin H. Burnham,
president of the State Bank of Bartley
and the Bank of Stapleton, said stock
holders of the Bartley bank had voted
at year-end to liquidate the assets, and
stockholders of the Indianola Cooper
ative Credit Association took the same
action.
The new bank has capital of $75,000,
surplus of $50,000 and undivided prof
its of $15,000.
Mr. Burnham will be president of
the new bank. D. L. Mitchell, who
was vice president and cashier of the
Bank of Bartley, will hold the same
position with the Bank of Indianola.
Directors include Mr. Burnham, Mr.
Mitchell and Ernest Teel, Ed Reiners
and Joe Uerling, all of Indianola.
Nebraska
Deposits of the Bartley bank were
approximately $1,200,000 at year-end.
Kearney
Wayne R. McKinney, executive vice
president of the Platte Valley State
Bank at Kearney, reported last month
that directors voted to transfer $50,000
from undivided profits to surplus,
bringing the latter up to $200,000. Cap
ital is $150,000 and undivided profits
more than $100,000.
Melvin Mathis has resigned as cash
ier of the Lisco State Bank and Thom
as H. Olson has been elected cashier
to succeed him.
The new bank building now under
construction is expected to be com
pleted and ready for occupancy in
March. No open house date has been
set as yet.
107
Terry Trueblood, formerly a sales rep
resentative at Knoxville, Iowa, for
General Mills, joined the staff last
month.
meeting last month. W. H. Munger,
president, said $50,000 was added to
the surplus account to bring it up to
$300,000.
North Loup
Palmer
Surplus of the North Loup Valley
Bank has been increased by $2,500 to
a total of $35,000. The bank also is
now paying 3 per cent on savings ac
counts.
Thomas G. Dinsdale, 76, president of
the State Bank of Palmer, died De
cember 31 in a Grand Island hospital
after a lengthy illness. He had been
actively engaged in the grain and cat
tle business with the Dinsdale Broth
ers for the past 54 years.
I
North Platte
Li sco
News
James G. Jensen was elected an as
sistant cashier by directors of the First
National Bank of North Platte at their
NEBASKA NEWS . . .
(Turn to page 125, please)
AMERICAN NATIONAL BANK
ST. JO SEPH . M O .
Malmo
Gus Houfek, president of the Secu
rity Home Bank at Malmo, reports all
officers and directors were re-elected
at the annual meeting in January.
Capital, surplus, reserves and undi
vided profits now total more than
OFFICIAL STATEMENT
December 31, 1960
RESOURCES
$ 1 0 0 ,0 0 0 .
Loans
Monroe
Frederick C. Harris, Sr., president of
the Bank of Monroe, died recently at
the age of 80 in a Columbus hospital.
He had been associated with banking
for more than 55 years, starting first
at St. Edward, then serving as cashier
of the Potter State Bank before help
ing to reorganize the Bank of Monroe
in 1930. He became president in 1936.
He is survived by Mrs. Harris and two
sons. Frederick C. Harris, Jr., Colum
bus, is vice president of the Monroe
bank, and the other son, Donald M.,
lives in Monroe.
Nebraska City
_______________________________________________ $11,080,172.59
Municipal and Federal Agency B o n d s -------------------
2,668,226.37
Banking Premises ----------------------------------------------------
180,000.00
Federal Reserve Bank
S to c k ---------------------------------
Cash and Sight Exchange--------------
Capital Stock ----------------------------------------------------------- $
600,000.00
Surplus______________________________________________
1,000,000.00
Undivided Profits and Preserves----------------------------
669,883.09
Deposits -------------------------------------------------------------------- 31,721,406.93
$33,991,290.02
O F F IC E R S
G E O . U . R IC H M O N D
C h a ir m a n
C H A R L E S J. C O N A N T , JR.
V ic e P r e s id e n t
B E V E R L Y P IT T S
P r e s id e n t
E D . H . G IN Z K E Y
A s s is ta n t V ic e P r e s id e n t
W ALTER
V ic e
CHARLES
V ic e
TOM
W . L IM B A C K
P r e s id e n t
B E N T O N M . C A L K IN S ,
V ic e P r e s id e n t
W .
F. E. DAVENPORT & CO.
20,014,891.06
LIABILITIES
Neligh
YOUR STATE BANKERS ASSO CIA TIO N
O FFIC IA L SA FE, V A U L T A N D
TIM ELOCK EXPERTS
8,447,628.16
$33,991,290.02
James T. Shewell, vice president and
director of the Farmers Bank at Ne
braska City, died recently. The Farm
ers Bank and Otoe County National
Bank of Nebraska City were both
closed for the funeral services.
Ronald J. Krejci was advanced to
cashier by directors of the National
Bank of Neligh at their annual meet
ing last month. He succeeds Herb J.
Newhard, who resigned at year-end.
48,000.00
United States Obligations -------------- $11,567,262.90
W IL L IS J U D A H
A s s is ta n t C a s h ie r
JR.
R O B E R T E . K IL L E N
A s s is ta n t C a s h ie r
K . R IC H M O N D
P r e s id e n t
DO NALD D. FOLKS
A s s i s t a n t C a s h ie r
F R A N K L IN E V A N S
V ic e P r e s id e n t
M em ber
F ederal
J. B U T L E R
C a s h ie r
D e p o s it
In su ra n ce
C o r p o ra tio n
OM AHA
N orthw estern
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Federal Reserve Bank of St. Louis
B a n ker,
February,
1961
1 0 8
N e e d a h e lp in g h a n d ?
Helping Iowa’s banks and bankers
grow and prosper is an important
goal of Bankers Trust Company.
To serve the specific need of corre
spondent banks, Cy Kirk and Homer
Jensen spend much time in the terri
tory, giving you the same kind of
friends-and-neighbors service that
you give your own customers. An
inquiry in writing, in person or by
phone is most welcome at any time.
HOM ER R. JENSEN
Assistant Cashier
Bankers Trust Co.
The Des Moines Bank for YOU
KN
N orth w estern
Senker,
Feb ru etf,
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Federal Reserve Bank of St. Louis
1961
Member: Federal Deposit Insurance Corporation • Federal Reserve System
109
elected president. Harold Othmer of
the Orchard-Hill C o rp o ra tio n was
n a m e d vice president (inactive).
I o w a
Philip Berg was elected operating vice
president. Dean Beneke of Webster
City will be cashier. Mr. Beneke has
been a senior examiner for the Iowa
State Banking Department.
Members of the board include Mr.
RALPH EASTBURN
President
Fairfield
Johnson, Mr. Othmer, Emory Peter
FR A N K W A R N E R
Secretary
Des Moines
man of Peterman and Haes; Aaron
Miller of the John G. Miller Construc
now $75,000; surplus is $75,000 and un tion Company; John S. Latta, Jr., of
Adel
John S. Latta and Son; Dale L. Creeden
H.
B. Jacobson, president of the divided profits, $110,669.
of the Albrecht Hatcheries, George F.
Dallas County State Bank, has an
Newman, treasurer of Viking Pump
nounced the promotion of Leland L. Ankeny
Company, and LeRoy H. Redfern, local
The Ankeny State Bank increased
Goodrich from assistant cashier to
attorney and member of the firm of
assistant vice president. Mr. Goodrich its board of directors from five to six Newman, Redfern, McKinley and Sab
has been with the bank for six years at the annual meeting, according to bath.
and has served as manager of the Rolfe O. Wagner, president.
Construction of the new bank build
Noel J. Liechty was added to the
Redfield office for the past three years.
ing has started, according to Mr. John
board. He has been with the bank
son. It will be located on the southeast
since 1948 and currently serves as ex
Ames
corner of Cedar Heights drive and
Dean A. Knudson was elected presi ecutive vice president.
Waterloo road. Expectations are that
dent of the College Savings Bank at a
it will be completed in late spring. It
a meeting of the Audubon
will be located on about an acre and
F.
James Boyd was advanced from a half, which will provide ample room
directors.
Mr. K n u d son , assistant cashier to assistant vice for parking, possibly 80 cars. It will
president at the First State Bank, be of brick construction, one story
w h o has been
with the bank 12 Audubon, according to A. A. Kruse, with a basement for a community
years, has served executive vice president.
room to be available to the people in
in all d e p a r t
the area. The building will be so
ments.
Belmond
planned that additions can easily be
T.
E. Cox,
LaVelle
L.
B.
vice president of the Bel made. There will be two drive-in win
was named vice mond State Bank, has announced that dows and tunnels for additions as
p r e s i d e n t and the bank has recently presented a gift needed.
cashier. Mr. Knud of $5,000 to the Belmond Community
While Mr. Berg and Mr. Beneke are
D. A. K N U D SO N
School district. The funds will be the only two members of the staff
son has been vice
president, Mr. LaVelle cashier of the used to provide more equipment for named so far, Mr. Johnson indicated
bank.
the new high school now under con that as the time drew near for the
The office of president has been va struction.
opening of the bank, additional per
cant since the death last September
sonnel would be added.
24 of C. A. Knudson, who had served
Boone
as president since 1926.
Boone State Bank & Trust
Cedar Bapids
H. C. Overbeck, president of the
Announcement was made to the
Richard J. Ryan has been elected
stockholders that the building next Boone State Bank & Trust Company, assistant trust officer of the Merchants
door to the banking building at 2546 reports that his bank’s deposits are National Bank. He has been with the
Lincoln Way had been purchased for up about $400,000 from a year ago. bank for about two and one-half years,
expansion of the bank’s facilities. The Loans are down by about $300,000. and is a graduate of the State Univer
purchased building has been occupied Capital gains increase was $60,000 dur sity of Iowa law school. Previous to
by Marvin’s Footwear.
ing the year.
coming with the bank, he served as
Citizens National Bank
Union Story Trust & Savings
an estate planner for an insurance
R. E. Kirk, president of the Quinn company.
Stockholders of the Union Story
In other action taken by the bank,
Trust and Savings Bank voted to de Wire & Iron Works of Boone, was
clare a 100 per cent stock dividend at elected a director, replacing C. C. stockholders voted to increase the sur
the annual meeting. The dividend will Quinn, who resigned late in 1960 due plus by $500,000 to a total of $7,000,000.
go to stockholders of record as of to ill health. Mr. Quinn had been Capital is $1,000,000.
a director since 1935 and was chair
March 1, 1961.
man of the board for the past 12 years.
Charles City
Effect of the dividend will be to
Bernard A. Judge, assistant cashier
Victor M. Meyer was promoted from
in cre a se the bank’s capital from
and farm representative for the bank, cashier to vice president and cashier
$100,000 to $200,000, according to A. W. was named as an assistant vice pres
of the Commercial Trust and Savings
Lucht. president.
ident.
Bank, according to W. Loren Parr,
executive vice president. All other
Andrew
Cedar Falls
officers and directors were reelected.
Stockholders of the Andrew Savings
An organizational meeting has been
Bank voted to transfer $37,500 from
held by the new Midway National
Clarinda
O.
E. Krause, vice president of the
undivided profits to surplus, according Bank. V. W. Johnson, president of the
to Eber V. Flint, cashier. Capital is First National Bank, Cedar Falls, was Page County State Bank, was hon-
NEWS
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Federal Reserve Bank of St. Louis
H orthw estern
B anker,
February,
1961
Iowa
1 1 0
News
ored recently for completing 25 years’
service. C. E. Bradley, president, pre
sented Mr. Krause with a watch on
behalf of the bank.
Clear Lake
T. L. Sears was elevated to chair
man of the board and William Burkhardt was elected a director of the
Clear Lake Bank and Trust Com
pany at the annual meeting, according
to M. A. Arneson, president.
Mr. Sears has been vice president
since 1939 and director since 1934
when the bank was organized. Mr.
Burkhardt has been owner and oper
ator of the Clear Lake Bakery since
1927.
Clinton
City National Bank
Robert A. Soenksen has been pro
moted to assistant cashier of the City
National Bank, according to Bruce
Townsend, president. Mr. Soenksen
has been associated with the bank for
a number of years and he has recently
been placed in charge of the book
keeping department and transit oper
ations.
Iowa State Saving
The Iowa State Savings Bank has
announced two promotions and the
addition of a new officer.
Max Gisel has
been a d v a n ced
from cashier to
e x e c u t iv e v ic e
president, and G.
Allen Lollich, form e r 1y assistant
cashier, was
named cashier.
Stephen E. Hen
derson, 33, h a s
been named as
S. E . H E N D E R S O N
sistant vice pres
ident in charge of the mortgage and
in sta llm e n t loan department. He
comes from the Bank of Willmar,
Minnesota, and has had over 13 years
banking experience. Graduating from
the University of Minnesota in busi
ness and law, he started his career in
a Duluth bank.
The bank opened its modern drivein facilities recently.
Columbus Junction
H. Lee Huston, widely-known Iowa
banker, was ad
vanced from exec
utive vice presi
dent of the Co
lum bus Junction
State Bank, re
p l a c i n g G. W.
W eber, who was
nam ed chairman
of the b o a r d .
Thomas H. Hus
ton, formerly as
H . L. H U S T O N
sista n t cash ier,
was named vice president.
Council Bluffs
City National Bank
Top executive changes were an
nounced by the City National Bank
of Council Bluffs, following the bank’s
annual meeting.
Robert W. Turner, who has been
president since January, 1926, has
been advanced to chairman of the
board. He joined the hank in 1919.
Roland H. Tornblom, who has been
with the bank since 1938, has been
advanced from executive vice presi
dent to vice chairman of the board
and trust officer.
Fred P. Turner, who joined the
bank in August, 1954, after a year at
the Lytton Savings Bank, was named
president. He is a graduate of Iowa
THE FIRST NATIONAL BANK OF OELWEIN
R. W . T U R N E R
F. P. T U R N E R
State University, Ames. He was for
merly a vice president.
Dale E. Hastings, who began his
banking career with the City National
in 1947, was advanced from assistant
cashier to cashier.
John C. Faurot, who began his
banking career in 1955, was named as
assistant cashier.
Council Bluffs Savings
Two new directors were elected and
four officers were promoted at the
annual meeting held by the Council
Bluffs Savings Bank.
The new directors are Laverne
Tollinger, vice president and trust
officer, and Ed H. Spetman, Jr., ex
ecutive vice president.
Officer changes are Robert E. Starr,
from cashier to vice president; E. W.
Boehm, from assistant vice president
and auditor to cashier; R. B. Graeme,
from assistant cashier to auditor, and
Gary Turner was elected an assistant
cashier.
State Savings Bank
Jack R. Eakin, president of the
State Savings Bank, has been elected
to the board of directors.
In other annual meeting changes,
Calvin A. Spencer was promoted from
assistant vice president to vice presi
dent, and Eldon G. Nielsen from as
sistant cashier to assistant vice presi
dent. Eldred W. Pitt was named as a
new assistant cashier.
Statement of Condition December 31, 1960
RESOURCES
C ash an d D u e
f r o m B a n k s ............$ 1 ,7 3 9 ,6 4 1 .1 3
U n i t e d S t a t e s B o n d s $ 2 , 2 2 2 ,3 9 7 .5 4
L ess:
S e c u r it ie s R e s e r v e
2 2 ,4 6 4 .0 7
2 ,1 9 9 ,9 3 3 .4 7
S ta te , C o u n ty a n d M u n ic ip a l
B onds
..................................................................
O th e r
B onds
....................................................
L o a n s a n d D i s c o u n t s $ 4 , 0 4 2 ,6 6 9 .6 3
L ess:
Loan
R eserve
..........
8 5 ,0 6 5 .7 6
...........................................................
S u b je c t
S a v in g s
D e p o s its
T im e
to
C e r tific a te s
D e p o s its
of
P u b lic
D e p o s its
of
O th e r
D e p o s its
of
U .S .
C heck
................ $ 3 ,9 3 9 ,4 1 6 .0 3
...................................... 2 , 7 9 2 ,0 1 9 .8 0
of
D e p o s it
Funds
B anks
..........
5 3 2 ,0 0 4 .4 4
..................
4 2 7 ,4 4 5 .0 5
.....................
G overnm en t
.......
C e r tifie d a n d C a s h ie r ’s
C h eck s,
E t c .....................................................
T o ta l
C a p ita l
,9 5 7 ,6 0 3 .8 7
1 5 .0 0 0 . 0 0
1 0 9 ,0 0 0 .0 0
2 2 .0 0 0 .
S to c k o f F e d e r a l R e s e r v e B a n k
B a n k i n g H o u s e .......................................
F u r n i t u r e a n d F i x t u r e s .................
T o ta l
7 3 3 ,3 5 2 .7 3
5 .0 0 0 .0 0
L IA B IL IT IE S
D e p o s its
D e p o s its
S to c k
S u r p lu s
U n d iv id e d
00
T o ta l
..................
..................................................................
and
R eserves
..
1 2 5 ,0 0 0 .0 0
3 7 5 .0 0 0 .0 0
2 0 0 ,4 9 4 .3 7
................................................................. $ 8 ,7 8 1 ,5 3 1 .2 0
,7 8 1 ,5 3 1 .2 0
O F F IC E R S
C . B . C h a m b e r s , C h a ir m a n
R . L . J ip s o n , P r e s id e n t
E a r l M o o r e , V ic e P r e s id e n t
E v e ly n E c k , V ic e P r e s id e n t
o f th e
M em ber
B oard
H a r o ld Z ie g le r , C a s h ie r
P a u l H . L e n z , A s s ’ t. C a s h ie r
K e ls e y L . F r y . A s s ’ t C a s h ie r
H e r b e r t C o lb y , A s s ’ t C a s h ie r
F e d e r a l D e p o s it In s u r a n c e C o r p o r a tio n .
GROWING WITH OELWEIN SINCE 1899
N orth w estern
B a n ker,
February,
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Federal Reserve Bank of St. Louis
J96I
Dr. L. R. Edrington has been named
to the board of the First National
Bank to fill the vacancy created by
the death of Frank A. Ide.
2 4 ,9 7 9 .2 2
....... $ 8 ,0 8 1 ,0 3 6 .8 3
(c o m m o n )
P r o fits
1 3 5 ,0 5 2 .2 6
2 3 0 ,1 2 0 .0 3
Creston
Donahue
Walter E. Paustian, executive vice
president of the Donahue Savings
Bank, has been elected president and
chairman of the board.
Grover W. Rohlk, the bank’s former
chairman, has retired after serving 45
years in the banking business. Wil
liam Goettsch, former bank president,
died in December.
Ill
If you’re looking for
personal attention
on LaSalle Street...
where else to go
but to
La Salle
National?
135 South L a S a lle Street
Chicago 90, Illinois • STate :?-5200
Complete Trust Services
M E M B E R
FEDERAL
DEPO SIT
I N S U R A N C E
C O R P O R A T IO N
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Federal Reserve Bank of St. Louis
B a n ker,
February,
1961
1 1 2
Iowa News
First National Bank
Dubuque
American Trust & Savings
Dan W. Ernst, president of the
American Trust & Savings Bank, has
announced the election of two new
directors and the
promotion of five
officers.
N e w directors
are, L. H. Bundy,
general manager
of the John Deere
Dubuque Tractor
Works, and A. L.
Vogl, vice presi
dent and trust of
ficer of the bank.
Officers promot
ed are, Leo F. Kane, from assistant
vice president to vice president; Rob
ert H. Sippel, from assistant cashier to
assistant vice president; I. L. Kieler,
from assistant cashier to assistant
vice president, and William Hutchins
and James R. Bullard, newly appoint
ed assistant cashiers.
Waldo Adams, president of the First
National Bank, has announced that
stockholders have approved an in
crease in capital from $600,000 to
$800,000 by a stock dividend. The par
value of the bank’s stock was reduced
from $100 to $50 per share. All officers
and directors were reelected at the
annual meeting.
BURLINGTON, IOWA
Statement of Condition, December 31, 1960
A S S E T S
2,471,618.94
3,795,188.85
1,437,790.60
835,457.15
8,239,616.93
843.45
36,000.00
126,090.00
95,123.12
7,252.89
L I A B I L I T I E S
Capital Stock ......... ............ ...... $
Surplus .........................................
Undivided
300,000.00
1,000,000.00
Profits .....................
Reserves
______
Unearned
Discount
175,522.83
213,536.54
...............
303,253.80
Deposits ....................................... 15,052,668.76
$17,044,981.93
$17,044,981.93
O FF IC E R S
J O H N H . W I T T E , J R ., C h a irm a n o f B oard
V . P . C U L L E N , P resid en t
D A L E K E L L E Y , E x e c u tiv e V ic e P resid en t
F R A N C I S W . K A M M A N , V ic e P resid en t
R . K . P E A R S O N , V ic e P resid en t
E . L . H A U S K N E C H T , C ashier
F . J. N O R T O N , A s s is ta n t C ashier
M em b e r Fe d e ra l
F R A N C E S F L Y N N , A s s is ta n t C ash ier
P A U L A . A B E L , A s s is ta n t C ash ie r and
F a r m R e p resen ta tiv e
E . E . W I S C H M E I E R . A s s is ta n t C ashier
W I L L I A M R . R U T H E R , T r u st Officer
E . W . W I S C H M E I E R , A s s is ta n t T ru st Officer
E . J . B R E D A R , M a n a g e r In s ta llm e n t L o a n D e p t.
A . N . S T O L Z E , A u d ito r
De p osit
In su ra n ce C o rp o ra tio n
Davenport, Iowa
At the Close of Business December 31, 1960
ASSETS
Cash in Vault and in Other Banks ................................. $2,266,915.60
U. S. Government Bonds ..................................................... 6,315,536.12
$ 8,582,451.72
Undivided Profits and Reserves
..................................................................
Total Deposits ........................................................................................................
_ __ . _ _ _ 0
O F F I C E R S
W . F . M E IB U R G , P r e s id e n t
F . W . Y E A D O N , J R ., E x e c . V i c e P r e s i d e n t
B. F . M c G e e , S e n io r V ic e P r e s , a n d C a s h .
B E N K E L L IN G , V i c e P r e s id e n t
T . E . H A T H H O R N , V ic e P r e s id e n t
N orthw estern
B a n ker,
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
Fayette
Officers and directors of the State
Bank of Fayette are looking forward
to April 1, 1961, according to Russell
A. Swartz, cashier. On this date the
bank will have completed 60 years un
der the present charter. Prior to that
time the bank was operated as a pri
vate bank known as the Bank of
Fayette. F. B. Claxton is president
currently.
H. H. Mohrfeld, executive vice pres
ident and cashier of the Fort Madison
Savings Bank, reports that $50,000
was added to the surplus making a
total of $450,000. Capital is $250,000.
Fostoria
$20,930,565.41
$ 1,100,000.00
Griswold
1,043,548.92
18,787,016.49
$20,930,565.41
C . U . S C H A E F E R , V ic e P r e s id e n t
C A R L A . K A U T Z , JR ., A s s t . V i c e P r e s .
E D W A R D F . M O E L L E R , J R ., C o m p t r o l l e r
H . P . B E C K E , A s s is ta n t C a s h ie r
O . R . R O E H S , A s s is ta n t C a s h ie r
Member Federal Deposit Insurance Corporation
Ruth Clasen was named assistant
vice president of the Iowa Trust and
Savings Bank at the annual meeting,
according to Chas. J. Spies, president.
She was assistant cashier.
Stockholders at the annual meeting
of the Farmers Savings Bank voted to
increase the capital from $30,000 to
$60,000, according to H. A. O’Farrell,
president.
Other B o n d s ...............................................................................................................
824,399.62
Loans and Discounts ........................................................................................... 11,185,584.95
Overdrafts .................................................................................................................
2,150.91
Bank Building, Furniture andFixtures ..........................................................
322,822.67
Other Assets ..........................................................................................................
13,155.54
LIABILITIES
Stock ........................................................................... $ 600,000.00
...................................................................................... ^___ 500,000.00
Emmetsburg
Fort Madison
NORTHWEST BANK & TRUST COMPANY
Ccpital
Surplus
Eagle Grove
James O. Willmore has been named
cashier of the Eagle Grove State Bank,
replacing Richard Randall, who has
Davenport
Three officers of the Northwest moved to Dunlap.
Bank & Trust Company have been
Mr. Willmore has served as assist
named to new positions, according to ant cashier of the Jefferson State
Walter Meiburg, president.
Bank for the past three years. Prior
B.
F. McGee, former vice president to that he was with the Palo Alto
and cashier, is now senior vice presi County State Bank, Emmetsburg.
dent and cashier; F. Y. Yeadon, Jr.,
was promoted from vice president to Eldridge
executive vice president and trust offi
Robert. J. Tank, president of the
cer. Auditor E. F. Moeller, Jr., was Central Trust & Savings Bank, reports
named comptroller.
that $50,000 has been transferred to
surplus, making the new surplus fig
Dunlap
ure $200,000. Total capital accounts
Richard Randall of Eagle Grove has equal $481,486.
NATIONAL BANK OF BURLINGTON
Cash and Due from B a n k s___ $
U. S. Government Securities..
State, County and
Municipal Bonds ____________
Other Bonds ...............................
Loatis and Discounts __________
O v e rd ra fts___________________
Stock in Federal
Reserve Bank ________________
Bank Building __________
Furniture and Fixtures _______
Other Assets ................
joined the staff of the Dunlap Savings
Bank. He is serving as cashier and a
director of the bank.
Mr. Randall previously served as
cashier of the Eagle Grove State Bank.
He replaced Glen Millard, who has re
tired.
R. V. Prokop, president of the Gris
wold State Bank, has announced that
H. W. Anderson, one of the original
stockholders of the bank, has resigned
due to ill health. He had been a di
rector since January, 1953. The bank
recently added another $5,000 to sur
plus.
113
Y O U . . . a re a p a r t o f o u r
b a n k s ta te m e n t...
1 9 6 0
Y o u r financial interests are represented here in the bank statem ent of yo u r P artner in
P ro gress—T h e M a rq u e tte N a tio n al B a n k of M in n e a p o lis—with e m p lo yer and em p loyee,
in B u sin ess an d In d u stry . . . at H o m e . . . or on the F a r m !
W e are pleased an d gratified that w e can show w hat part yo u have p layed , as evidenced
in our current bank statem ent. It is our report to you , on the condition of y o u r b a n k con ven ien t, frien d ly M a rq u ette , close to people . . . closer still to their banking needs!
STATEMENT OF CONDITION
DECEMBER 31, 1960
RESOURCES
Cash and Due from Banks __________________ $26,833,638.17
U. S. Government Obligations ______________ 19,518,663.31
Obligations of Federal Agencies ____________
3,850,246.15
State and Municipal Securities ______________
241,448.65
Federal Reserve Bank Stocks ________________
75,000.00
Loans and Discounts _________________________ 33,732,023.59
Furniture, Fixtures, Equipment and
Improvements _______________________________
845,546.18
Other Assets __________________________________
41,295.30
Total Resources __________________________ $85,137,861.35
LIABILITIES
Deposits ------------------------------------------------------------$80,338,095.42
Capital ________________________________________
1*250,000.00
Surplus ________________________________________
1,250,000.00
Undivided Profitsand Beserves________________ 2,168,279.63
Other Liabilities_______________________________
131,486.30
Total Liabilities __________________________ $85,137,861.35
DEPARTMENT OF BANKS AND BANKERS
O T T O H. P R E U S , V ice Presiden t
J O H N T. P A IN , JR .
A ssistan t C a s h ie r
G U S W . C A R L S O N , JR .
R e p re se n ta tiv e
A V E R Y F1CK
R ep re se n tativ e
“ Strong Friend of the Independent Banker!”
O F F IC E R S
C A R L R. P O H L A D
P resid en t
Banking
D epartm ent
F R E D E R IC K F. Z A N D E R
S e n io r V ice P re sid en t
G E O R G E S. C O O N R O D
V ice P resid en t
R. W . C R O U L E Y
V ice P resid en t
J . L E O N A R D E R IC K S O N
C re d it M a n a g e r
M ortgage Loan
Departm ent
P A U L W . P ET T E R S O N
V ic e P re sid en t
Investm ent Service
Departm ent
J O H N E. N EL S O N
A ssistan t C a s h ie r
J . A L LE N S W A N S O N
V ice P resid en t
ER N EST R. G E A R IN O
V ice P resid en t
Instalment, Loan
D epartm ent
E LLIO T L. K U L A N D E R
C a s h ie r
S IG N O R R. S IL V E R N E S S
A ssistan t V ice P resid en t
Trust D epartm ent
K E N N ET H H. D A LLY
V ice Pres, an d Trust O fficer
G LEN C. SA W YER
Trust O fficer
^ ¡e M A R Q U E T T E $
4
D O N A L D R. R IG S B Y
V ice P residen t
Auditor
T. J. GETTER
/ B A N K
at F
/ME 3-5411
OF M IN N EA P O LIS
M E M B E R F E D E R A L D E P O S IT IN S U R A N C E C O R P O R A T I O N
N o rthw estern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B a n ker,
February,
¡961
114
Iow a
News
Harlan
Harlan National Bank
Stockholders of the Harlan National
Bank have voted to increase the capi
tal stock from $50,000 to $100,000 sub
ject to the approval of the Comptroller
of the Currency, reports Robert S.
Ross, vice president.
Shelby County State
Donald G. Mathiasen has been elect
ed vice president and director of the
Shelby County State Bank. He is a
graduate of the State University of
Iowa, and was formerly manager of
the mortgage loan department of the
Byron Reed Company, Omaha invest
ment firm.
The directors increased the surplus
from $250,000 to $300,000 at the annual
meeting, giving the bank total capital
and surplus of $500,000.
Hawarden
Ke nne t h H. Hultquist of Grand
Junction, Colorado, has replaced Wil
liam Tausz as assistant cashier of the
First National Bank, Hawarden. Mr.
Hultquist has worked in banks in
Grand Junction and York, Nebraska.
Mr. Tausz recently purchased a bowl
ing alley.
Hospers
Stockholders of the Hospers Savings
Bank at the annual meeting voted to
in cre a se capi t al from $50,000 to
$100,000, according to C. F. Sheel,
president. Total capital structure now
stands at $325,000.
Hudson
ONE BANK
R. F. Busching, executive vice pres
ident and cashier, Hudson State Bank,
reports that all officers and directors
were re-elected. The bank increased
the surplus to $100,000. Deposits in
creased 18 per cent during 1960.
Huineston
the
St. Joseph
Stock
Y$tds
At the annual stockholders meeting
held by the Citizens State Bank,
Humeston, Keith W. Richard was
elected president. T. R. Henderson
was re-elected as cashier.
Iowa City
David L. Stochl, cashier of the First
National Bank, was elected a director
of the bank at the annual meeting,
according to a report from Thomas J.
O’Brien, vice president.
Keokuk
L. D. Devore has been advanced
from vice president to executive vice
president of the Keokuk Savings Bank.
The bank has elected John A.
Reeves, vice president and general
manager of the Dryden Rubber Di
vision of Shelter Manufacturing Com
pany, to the board of directors. He
replaces Charles S. Hogle, resigned.
Lansing
M. Kerndt, president of the Kerndt
B r o t h e r s Savings Bank, has an
nounced an increase in capital from
$60,000 to $120,000 by stock dividend.
LaPorte City
Arden E. Melcher, vice president of
the LaPorte City State Bank, has an
nounced that Richard L. Sharpnack
has been elected a director of the
bank.
Larchwood
Harold Bonander, who has been as
sociated with the Security Savings
Bank since 1934, was elected president
recently.
Mr. Bonander has purchased the
stock which was held by Mr. and Mrs.
R. W. Wyant. Mr. Wyant had been in
the banking business for 45 years.
Latimer
P.
H. Borcherding, president of the
Latimer State Bank, has announced
that excellent progress is being made
on the construction of the bank’s new
building, and completion date is set
for about April 1.
UNITED HOME BANK & TRUST CO.
Mason City, Iowa
D ecem ber 31, 1960
R E S O U R C E S
L o a n s a n d D i s c o u n t s ........................................................................................
U . S . G o v e r n m e n t B o n d s .............................................................................
S t a t e , C o u n t y , M u n i c i p a l a n d O t h e r B o n d s ...........................
S t o c k i n F e d e r a l R e s e r v e B a n k ............................................................
F u r n i t u r e , F i x t u r e s a n d V a u l t ...............................................................
O v e r d r a fts
....................................................................................................................
C ash on H a n d an d D u e fr o m
B a n k s ............................................
P r e p a i d B o n d a n d I n s u r a n c e P r e m i u m .........................................
P a r k i n g L o t — D r i v e I n , F u t u r e B a n k S i t e ..............................
.$ 1 0 ,0 1 6 , 0 3 8 . 4 5
.
2 , 6 7 8 . 4 0 6 .2 6
8 8 3 ,0 1 5 .7 7
2 4 ,0 0 0 .0 0
7 4 ,8 4 3 .2 2
6 ,4 0 7 .6 9
.
3 ,9 2 3 , 7 8 5 .0 1
1 3 ,6 2 7 .2 9
2 0 0 ,0 0 0 .0 0
$ 1 7 ,8 2 0 , 1 2 3 . 6 9
F IR S T S T O C K
YARDS BANK
. . . make it your correspondent!
The only bank with up-to-the minute
information on livestock marketing and
financing!
N orthw estern
B a n ker,
February,
.$
4 0 0 .0 0 0 .0 0
5 0 0 ,0 0 0 .0 0
2 3 8 ,3 2 4 .5 5
2 8 2 ,8 2 2 .1 6
. 1 6 ,3 0 2 , 2 2 3 . 4 3
9 6 ,7 5 3 .5 5
$ 1 7 ,8 2 0 , 1 2 3 . 6 9
O F F I C E R S
E . W . C L A R K , C h a ir m a n o f B oard
R . H . Is e n s e e , P r e s id e n t
R . A . P o t te r , V ic e P r e s id e n t
W . E . G ild n e r , V ic e P r e s id e n t
J . A . V a n N e s s , V ic e P r e s id e n t
W . H o w a rd S te w a rt, V ic e P res.
D a le D . K e n n e d y , C a s h ie r
M em ber
FIRST STOCK YARDS BANK
SOUTH ST. JOSEPH, MO.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
L I A B I L I T I E S
C a p ita l
...............................................................................................................................
S u r p lu s
............................................................................................................................
U n d iv id e d
P r o f i t s ...................................................................................................
R eserves
..........................................................................................................................
D e p o s its
............................................................................................................................
O t h e r L i a b i l i t i e s ......................................................................................................
F ederal R eserve
S y ste m
C . E . S in n e t t, V ic e P r e s id e n t
W . F . W e r n e r , V ic e P r e s id e n t
R o b e r t G . L o g a n , V i c e P r e s . & T r u s t O ffic e r
D o n C o ttin g h a m , A s s t . C a s h ie r
R o b e r t P e t e r s o n , A s s t . C a s h ie r
K e ith L o te r b o u r , A u d ito r
F r a n c e s D o r m e d y , A s s t . C a s h ie r
M em ber
F ederal
D e p o s it In s u r a n c e
" N O R T H IO W A'S LARGEST INDEPENDENT BANK"
1961
C o r p o ra tio n
115
New Commerce Trust Building
FIV E M IN U T E S from the Municipal Airport, eight minutes from Union
Station, the new 30-story Commerce Trust office building will be com
pleted in 1962. In the heart of downtown Kansas City, the new offices
will provide a location of prime business convenience. The building will
house a private auditorium and an executives’ dining club.
Firms
interested in up to 14,000 sq. ft. of customized office space on one floor,
or multiples thereof, are requested to contact Forrest D . Byars or P. V.
Miller, Jr., Room 401, Commerce Trust Building.
(o m m e r c e J r u s t (o m p a n y *
“K a n s a s C it y ’s o ldest an d la rge st b ank"
M EM BER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FEDERAL
D E P O S IT IN S U R A N C E
C O R P O R A T IO N
N o rth w estern
B a n ker,
February,
¡961
1 1 6
I men linni> S ta tem en t F if/nres
From Reports Received by January 15, 1961
( L a s t t h r e e fig u r e s o m it t e d )
D ecem b er 3 1 , 1960
D ecem b er 31 , 1959
D e p o s its
D e p o s its
Loans
A c k le y S ta te
..............................................
4 ,4 0 6 2 ,2 2 7
A k r o n F i r s t N a t i o n a l ...................................
2 ,2 3 3
1 .0 7 0
A l b i a , P e o p l e s N a t i o n a l ..............................
4 ,4 8 0
1 ,9 4 7
A l g o n a , I o w a S t a t e .................................. ...
5 ,3 7 2
2 ,4 5 5
A l g o n a , S e c u r i t y S t a t e ..............................
3 ,1 3 7
1 ,5 3 4
A l l e r t o n , S e c u r i t y S t a t e .......................
1 ,2 3 5
615
1 1 ,7 8 2
A m e s T r u s t & S a v i n g s .............
3 ,8 8 4
A m e s , U n io n S to r y T r u s t & S a v in g s
7 ,3 1 3
3 .2 3 3
A n a m o s a , C i t i z e n s S a v i n g s __________
5 ,5 3 6
2 ,5 8 2
A n d r e w S a v i n g s ........................................
2 ,6 7 6
1 ,8 9 9
A n ita
S t a t e .............................................................
2 ,8 2 3
2 .0 7 1
A tla n tic
A t l a n t i c S t a t e ___________________
9 ,2 3 63 ,5 6 2
7 ,5 9 7
W h i t n e y L o a n ................
3 ,3 3 7
A u b u r n S a v i n g s ..................................
1 ,2 7 9
910
A u d u b o n , F i r s t S t a t e ...................................
4 *6 8 4
3 ,0 8 9
A v o c a S t a t e ..................................
2 ,7 4 3
1 ,7 0 7
B e l l e P l a i n e , C i t i z e n s S t a t e ..................
5 ,1 9 9
2 ,2 9 4
B e t t e n d o r f B a n k & T r u s t ......................
5 ,9 8 0
2 ,2 8 1
B oone
S t a t e .............................
8 ,1 8 0
3 ,7 4 3
C i t i z e n s N a t i o n a l ..............
8 ,5 8 0
3 ,9 4 6
B r e d a S a v i n g s ......................................
1 ,2 8 3
756
B r i t t , F i r s t S t a t e .........................
4 ,1 0 1
2 .2 1 3
B u r lin g t o n
B a n k & T r u s t C o ................ .............
1 4 ,0 5 6
8 ,0 4 8
F a r m e r s & M e r c h a n t s ____
1 2 ,2 7 5
6 ,1 6 3
N a t i o n a l B a n k o f .....................
1 5 ,0 5 3
8 ,2 4 0
.................. ........ '.____
863
C a rp en ter
S a v in g s
283
C a r r o ll C o u n ty S ta t e B a n k
.................
6 ,6 0 7
4 ,0 3 0
C e d a r F a l l s , F i r s t N a t i o n a l __________
7 ,8 4 3
2 ,5 0 1
C e d a r R a p id s
C i t y N a t i o n a l .............................................
3 ,8 8 9
1 ,5 3 2
G u a r a n t y B a n k & T r u s t ______
1 3 *4 0 9
6 .2 3 3
M e r c h a n t s N a t i o n a l .............
1 0 1 ,9 2 9
4 2 ,5 6 1
P e o p l e s B a n k & T r u s t ..............
3 1 ,3 3 2
1 1 ,0 1 0
.........
6 ,3 1 7
U n ite d
S ta te
B ank
2 ,7 3 2
C e n te r v ille
F i r s t N a t i o n a l .............................................
3 ,2 8 1
870
Io w a
T r u s t & S a v i n g s .....................
4 ,0 7 2
1 ,1 7 3
C h a r i t o n , N a t i o n a l B a n k & T r u s t ..
3 ,3 7 8
1 ,2 3 5
C h a r le s C it y
C o m m e r c i a l T r u s t & S a v i n g s .......
4 ,2 2 0
F i r s t S e c u r i t y ..............................................
9 ,5 1 7
C l a r i n d a , P a g e C o u n t y S t a t e .............
5 ,4 0 4
C l a r i o n , F i r s t N a t i o n a l ...........................
5 ,2 8 7
C l a r i o n , W r i g h t C o u n t y S t a t e .............
1 ,9 1 0
C lin to n
C ity
N a tio n a l
........................................... 1 8 ,7 5 3
C l i n t o n N a t i o n a l ......................................... 1 2 * 9 5 0
Io w a
S t a t e S a v i n g s .................................
8 ,3 2 0
C o l f a x , F i r s t N a t i o n a l ...............................
4 ,8 5 7
C o l u m b u s J u n c t i o n , S t a t e B a n k ____
3 ,7 7 7
C o u n c il B lu ffs
C o u n c i l B l u f f s S a v i n g s ........................ 2 5 ,6 3 5
S t a t e S a v i n g s ................................................. 1 1 ,5 4 9
C r a w f o r d s v i l l e , P e o p l e s S a v i n g s ....
1 ,2 0 1
C r e s t o n , F i r s t N a t i o n a l ...........................
6 ,1 2 3
D avenport
Bank
& T ru st C om pany
................ 8 8 ,9 2 0
F i r s t T r u s t ....................................................... 1 7 ,4 5 4
N o r t h w e s t B a n k & T r u s t ................ 1 8 *7 8 7
D e f i a n c e S t a t e B a n k ...................................
883
D e n v e r S a v i n g s .................................................
1 ,5 7 5
D e s M o in e s
B a n k e r s T r u s t .............................................. 8 2 ,3 2 1
C a p i t a l C i t y S t a t e ................................... 2 0 ,3 2 2
C e n t r a l N a t i o n a l ...............................
1 2 3 ,9 0 0
H i g h l a n d P a r k S t a t e ..............................
8 ,3 5 0
I o w a S t a t e ....................................................... 1 7 ,5 8 6
l o w a - D e s M o i n e s N a t i o n a l ................ 1 4 9 ,6 6 7
N a t i o n a l B a n k o f . . . . ; ...............................
7 ,0 2 0
N o r t h w e s t D e s M o in e s N a t io n a l
6 ,3 4 3
P l a z a S t a t e .......................................................
2 ,8 0 7
S o u t h D e s M o i n e s N a t i o n a l .............
2 ,0 9 7
3 2 ,2 4 3
V a l l e y B a n k ................................................
D ia g o n a l,
F ir s t
S ta te
..........................
1 ,2 5 0
3 ,8 4 0
D o n n e l l s o n , C i t i z e n s S t a t e .....................
Dubuque
A m e r i c a n T r u s t & S a v i n g s ............. 3 3 ,6 0 1
D u b u q u e B a n k & T r u s t C o m p a n y 2 1 ,4 5 7
F i r s t N a t i o n a l ............................................... 2 7 ,2 9 0
D u n l a p S a v i n g s ........
1 ,6 9 2
E a g l e G r o v e , S t a t e B a n k ........................
1 ,7 1 3
E a r l i n g , F a r m e r s T r . & S v g s .............................. 1 ,4 4 1
E l d r i d g e , C e n t r a l T r u s t ...........................
4 ,1 5 7
E l k a d e r , C e n t r a l S t a t e ........
4 ,1 9 4
E m m e tsb u rg
I o w a T r u s t .........................
P a l o A l t o C o u n t y ..................................
3 ,8 9 1
4 ,8 4 2
E s th e r v ille
E m m e t C o u n t y S t a t e ............
7 ,9 7 8
I o w a T r u s t & S a v i n g s .............
7 ,5 0 7
F a i r f i e l d , F i r s t N a t i o n a l .......................
6 ,4 2 8
F a i r f i e l d , I o w a S t a t e .........................
7 ,0 5 6
F o n d a , F i r s t N a t i o n a l .............
2 ,4 8 5
F o r e s t C i t y B a n k & T r u s t .............
4 ,3 9 4
F ort Dodge
F o r t D o d g e N a t i o n a l . . ........
1 7 ,6 2 9
S ta te
................................................
1 3 ,1 1 0
U n i o n T r u s t & S a v i n g s .......
1 1 ,1 9 3
F o r t M a d is o n
F o r t M a d i s o n S a v i n g s ..................
8 ,9 4 2
I o w a S t a t e .......................................................
2 ,7 4 1
L e e C o u n t y S a v i n g s ..............................
4 ,7 5 0
N orth w estern
B anker,
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7961
2 ,2 2 4
1 ,3 3 2
1 ,8 0 0
2 ,0 7 4
1 ,6 0 5
611
3 .3 2 9
3 ,0 4 3
2 ,5 9 6
1 ,9 8 7
2 ,0 0 8
9 ,5 5 4
7 ,3 3 5
1 ,2 9 2
4 .5 0 0
2 ,5 8 0
5 ,0 6 0
5 ,7 5 3
4 ,7 5 9
3 ,4 6 3
950
2 ,9 9 9
1 ,5 6 6
2 ,0 1 5
2 .1 5 0
7 .7 9 6
8 ,6 3 2
1 ,2 0 8
4 ,0 5 1
3 ,9 8 0
3 ,9 5 3
704
2 .1 5 0
1 3 ,9 7 0
1 2 ,0 3 1
1 4 ,8 0 6
900
6 ,5 4 1
7 ,2 4 2
5 ,5 5 7
5 ,6 9 6
8 ,1 5 4
343
3 ,5 5 0
2 ,2 9 7
2 ,9 2 0
1 3 ,5 5 7
9 4 ,5 1 3
3 0 ,4 3 6
5 ,7 2 8
1 .3 2 9
5 ,9 5 8
3 7 ,7 4 1
1 1 ,1 4 7
2 ,2 3 2
3 ,1 8 6
4 .1 8 4
3 ,4 2 8
810
987
1 ,2 0 9
2 ,2 5 8
5 ,7 7 6
2 ,6 0 4
2 ,8 9 6
1 ,3 0 2
4 ,5 7 7
9 ,6 0 9
5 ,1 3 3
5 ,2 0 0
1 ,7 5 6
2 ,2 3 5
5 ,6 3 0
2 ,5 6 4
2 ,7 0 0
1 ,1 7 3
7 ,1 5 5
4 ,3 9 3
4 ,2 0 6
2 ,2 0 1
2 .2 1 3
1 8 ,5 9 7
1 3 ,3 8 4
8 ,4 0 8
4 .7 9 7
3 .5 0 1
6 ,7 4 3
5 ,1 4 2
4 ,4 3 0
1 ,9 8 9
2 ,4 5 6
1 6 ,5 0 1
6 ,6 6 1
335
3 ,0 5 8
2 5 ,2 9 6
1 0 ,3 3 4
1 ,1 0 3
5 ,4 9 0
1 6 ,3 3 7
6 ,0 5 5
431
2 ,6 2 7
5 0 ,7 8 2
8 ,5 4 5
1 1 ,1 8 6
614
502
9 4 ,3 4 0
1 5 ,6 9 2
1 8 ,5 2 2
788
1 ,4 9 3
4 7 ,5 8 8
8 ,1 5 2
1 0 ,0 1 2
558
547
4 3 ,0 4 2
1 0 ,5 2 1
4 9 ,0 5 6
4 ,9 2 4
8 ,9 9 7
6 2 ,2 4 3
3 ,3 0 6
3 ,4 2 6
1 ,3 3 8
1 ,2 0 5
1 9 ,4 5 1
729
1 ,6 4 3
8 3 ,2 5 1
1 9 ,0 6 3
1 2 0 ,9 9 0
7 ,7 3 4
1 8 ,0 7 9
1 4 3 ,4 4 3
5 ,8 2 2
6 ,0 1 7
1 ,6 4 5
1 ,6 6 7
3 3 ,7 8 1
1 ,2 7 8
3 ,7 7 2
4 1 ,1 8 9
1 1 ,0 7 9
5 6 ,1 2 0
4 ,6 8 0
8 ,7 8 5
6 0 ,9 7 0
3 ,1 5 7
3 ,3 8 0
601
1 ,0 9 0
1 9 ,9 9 1
685
1 ,5 2 1
1 5 ,0 9 6
9 ,9 1 5
9 ,7 2 6
1 ,1 9 1
1 ,0 5 3
1 ,3 5 7
2 ,6 2 2
1 ,9 5 5
3 3 ,3 2 4
2 0 ,7 1 7
2 6 ,7 7 0
1 ,6 0 8
1 ,8 2 5
1 ,3 3 0
4 ,2 9 5
4 ,1 3 2
1 3 ,9 4 2
8 ,8 6 4
8 ,9 1 7
1 ,0 1 8
1 ,0 1 1
1 ,1 6 1
2 ,6 2 2
1 ,6 3 8
3 ,4 9 2
4 ,4 6 3
2 ,4 4 1
2 ,8 2 4
2 ,5 6 3
3 ,3 1 0
D ecem b er 31 , 1960
D e c e m b e r 31 , 1959
D e p o s its
D e p o s its
Loans
4 ,2 4 7
2 .1 8 4
4 ,0 9 4
4 ,9 8 6
2 ,9 6 4
1 ,6 9 1
1 0 ,2 2 0
7 ,1 4 7
5 ,5 0 2
2 ,7 6 9
2 .5 0 0
F r e d e r i c k s b u r g , F i r s t S t a t e .......
..
1 ,6 0 6
F r e m o n t, F a r m e r s S a v in g s . . .
..
3 ,2 5 7
G a r n e r , H a n c o c k C o u n t y N a t l ............ ..
4 ,1 7 8
G l a d b r o o k S t a t e ......................................
..
2 ,1 2 8
G r a n d M o u n d , U n i o n S a v i n g s .......... ...
3 ,3 2 1
G r i n n e l l S t a t e ............................................
..
4 ,2 7 3
G r i n n e l l , P o w e s h i e k C o u n t y ................ ..
6 ,0 0 3
G r u n d y C e n t e r , F a r m e r s S a v i n g s ..
3 ,0 7 0
G r u n d y C e n te r , G r u n d y N a tio n a l
..
2 ,9 9 7
G u t h r i e C e n t e r , G u t h r i e C o u n t y .... ..
4 ,8 4 2
H a m b u r g , I o w a S t a t e ................................ ..
3 ,1 6 2
H a m p t o n , F i r s t N a t i o n a l ..................... ....... 5 ,5 1 7
H a r l a n N a t i o n a l ......................................
..
5 ,7 6 5
H a w a r d e n , F ir s t N a tio n a l
..
2 ,4 4 2
H o l s t e i n S t a t e ....................................
4 ,5 7 0
H u d s o n S t a t e ................................
1 ,5 6 2
H u m b o l d t T r u s t ........................................... .
6 ,3 5 7
I n d e p e n d e n c e , F a r m e r s S t a t e .......... ..
6 ,4 0 0
I n d i a n o l a , W a r r e n C o u n t y .................. .
1 ,7 1 1
Io w a C ity
F i r s t N a t i o n a l ................. .......................... .. 1 8 ,2 7 9
I o w a S t a t e .................................................... .. 1 8 ,0 1 4
I o w a F a l l s , C i t i z e n s S t a t e .................. ..
5 ,0 2 8
J e f f e r s o n S t a t e ............................................. ..
6 ,5 3 6
K e o k u k , S e c u r i t y S t a t e ........................... ..
8 ,8 8 2
L a t i m e r S t a t e ............................
..
2 ,0 3 8
L a u r e l , P e o p l e s S a v i n g s ........................
967
L a u r e n s , S t a t e ................................................. ..
3 ,5 7 7
L e i g h t o n , F a r m e r s S a v i n g s ............... .
1 ,1 0 5
l .e M a i 's , F i r s t N a t i o n a l ....
..
4 ,1 8 4
L e M a r s S a v i n g s .............................................. ..
8 ,2 4 8
L e o n , D e c a t u r C o u n t y S t a t e _______ ..
3 ,4 8 7
L y n n v i l l e , F i r s t S t a t e _______ _________ ..
1 ,2 6 6
M a d r i d , C i t y S t a t e ......................... ......... ..
2 ,9 2 8
M a n s o n S t a t e .................. ................... ............. ..
2 ,8 8 6
M a q u o k e ta ,
J ack son
S ta te
............. .. 1 1 ,0 4 7
M a r io n
8 ,0 6 4
F a r m e r s S t a t e ............................... ............
F i r s t N a t i o n a l ............................................ ..
6 ,9 9 1
M a r e n g o , I o w a C o u n t y S a v i n g s .. ..
5 ,2 7 2
M a r s h a l l t o w n , F i d e l i t y S a v i n g s .... .. 1 2 ,2 2 1
M a r s h a l l t o w n , S e c u r i t y S a v i n g s .... .. 1 4 ,8 8 7
Loans
Loans
930
733
2 ,1 3 8
932
1 ,7 6 4
2 ,1 4 1
3 ,1 7 7
1 ,5 6 7
1 ,2 5 1
1 ,9 0 8
2 ,1 5 1
2 ,7 6 3
3 ,4 0 3
1 ,2 6 5
2 ,5 5 5
565
3 ,2 4 0
2 ,6 5 5
1 ,0 5 8
1 ,6 4 1
2 ,9 7 5
3 ,5 1 7
2 ,1 4 2
3 ,2 8 6
4 ,4 1 1
5 ,7 4 8
2 ,9 5 9
2 ,7 3 0
4 ,5 2 1
3 ,1 3 6
5 ,6 3 9
5 ,6 0 0
2 ,3 3 5
4 ,3 9 1
1 ,3 5 7
6 ,1 0 6
6 ,3 8 9
1 ,6 5 3
865
831
2 ,1 6 0
1 ,0 4 5
1 ,9 2 8
2 ,2 1 8
2 ,9 1 3
1 ,5 2 5
1 ,3 8 2
1 ,8 4 1
1 ,7 4 0
2 ,3 4 2
3 ,3 0 7
1 ,2 4 5
2 ,5 6 8
644
3 ,2 3 6
2 ,5 1 2
952
7 ,3 6 0
9 ,1 9 2
3 ,7 4 7
3 ,7 7 6
2 ,9 8 7
1 ,2 2 4
506
2 ,2 3 0
465
2 ,4 6 5
6 ,1 1 6
1 ,4 6 2
881
1 ,6 4 2
1 ,2 2 8
7 ,5 3 3
1 7 ,0 9 7
1 6 ,7 5 6
5 ,0 1 5
6 ,1 3 7
8 ,7 9 3
1 ,8 0 3
921
3 ,4 2 3
1 ,0 0 7
4 ,4 3 5
8 ,4 9 6
3 ,4 1 0
1 ,2 7 1
2 ,8 3 4
2 ,6 7 4
1 0 ,9 7 8
6 ,8 5 0
9 ,5 4 6
3 ,6 4 6
3 ,4 0 2
2 ,2 0 2
1 ,1 2 1
528
2 ,0 3 8
501
2 ,5 3 5
5 ,8 3 6
1 ,4 7 4
832
1 ,5 8 9
1 ,1 6 8
7 ,7 1 1
4 ,3 3 4
3 ,0 5 6
3 ,3 5 1
5 ,9 3 1
7 ,4 5 3
7 ,1 0 6
6 ,8 4 8
5 ,3 0 1
1 1 ,5 0 8
1 4 ,2 6 1
3 ,7 3 8
2 ,8 5 2
3 ,8 0 9
5 ,6 7 2
7 ,1 5 4
M a so n C ity
A m e r i c a n S t a t e ......................................... ..
1 ,7 7 3
F i r s t N a t i o n a l ........................................... .. 2 7 ,7 8 8
U n i t e d H o m e .............................................. .. 1 6 ,3 0 2
M a s s e n a , F a r m e r s S a v i n g s .................. ..
1 ,2 1 9
M i l e s S a v i n g s .................................................... ..
2 ,0 7 3
M o n t i c e l l o S t a t e .............................................. .. 1 6 ,5 8 4
M o r n i n g S u n , I o w a S t a t e ................... ..
2 ,3 7 2
M o u n t P l e a s a n t B a n k & T r u s t .... ..
2 ,5 7 0
M o v i l l e , F i r s t T r u s t ................................... ..
3 ,6 2 9
1 ,1 5 8
1 4 ,9 4 2
1 0 ,0 1 6
414
1 ,1 7 7
1 0 ,9 6 2
1 ,5 8 9
1 ,2 9 6
1 ,4 8 2
322
2 7 ,1 0 8
1 5 ,7 1 6
1 ,1 8 2
2 ,1 6 0
1 6 ,7 3 6
2 ,2 6 2
2 ,5 1 1
3 ,3 2 3
385
1 4 ,3 2 5
9 ,9 7 8
393
1 ,0 5 0
1 0 ,6 6 9
1 ,6 6 4
1 ,1 9 6
2 ,0 7 3
M u s c a tin e
C e n t r a l S t a t e ......................... .................... ..
M u s c a t i n e B a n k & T r u s t .............. ..
N e v a d a S t a t e B a n k & T r u s t ............. ..
N e w H a m p t o n , F i r s t N a t i o n a l .... .
N e w t o n , J a s p e r C o u n t y S a v i n g s .... ..
N e w to n
N a t i o n a l ......................................... ..
N o r w a y , B e n to n C o u n ty S a v in g s
O a k l a n d , C i t i z e n s S t a t e ........................ ..
O d e b o l t S t a t e .................................................... ..
O e l w e i n , F i r s t N a t i o n a l ........................ ..
O e l w e i n S t a t e .......... ...................................... ..
O n s l o w S a v i n g s .............................................. ..
O r a n g e C ity , N o r th w e s te r n S ta te
.
O s a g e , H o m e T r u s t & S a v i n g s ..... ..
O s a g e , F a r m e r s N a t i o n a l .....................
O s c e o l a , C l a r k e C o u n t y S t a t e ....... ..
O s k a l o o s a , I o w a T r u s t ............................. ..
O s k a l o o s a , M a h a s k a S t a t e ................ ..
O t t u m w a , F i d e l i t y S a v i n g s ................ ..
O t t u m w a , U n i o n B a n k & T r u s t .. .
P a l m e r S t a t e .................................................... ..
P e lla N a t io n a l
.......
............. ............ ...... ..
P e r r y , F i r s t N a t i o n a l .............................. ..
P e r r y S t a t e ...................................................... ..
P o s t v i l l e , C i t i z e n s S t a t e ...... ............. .
P o s t v i l l e S t a t e ................................................. ..
R e a d ly n
S a v in g s
...................................... .
R e d O a k , H o u g h t o n S t a t e .................. .
R e n w ic k S a v in g s
.........................................
R i p p e y S a v i n g s ...............................................
R o c k V a l l e y , V a l l e y S t a t e ......................
R o l f e S t a t e ......................................................... ...
S a i n t A n s g a r , C i t i z e n s S t a t e ______ ..
S c h a l l e r , S t a t e B a n k o f ...........
.
S c h l e s w i g , F a r m e r s S t a t e ...................... .
S h e n a n d o a h , C i t y N a t i o n a l ....... ........ ..
S h e n a n d o a h , S e c u r i t y T r u s t .......
S i d n e y , F r e m o n t C o u n t y S a v i n g s ..
1 4 ,4 9 6
1 5 ,7 5 3
3 ,8 1 9
4 ,9 1 1
1 4 ,4 5 6
5 ,6 6 3
1 ,3 6 4
3 ,5 2 4
2 ,7 0 9
8 ,0 8 1
4 ,2 5 0
1 ,4 9 0
5 ,1 5 9
4 ,6 1 7
4 ,0 5 3
5 ,3 0 0
3 ,8 1 3
8 ,8 6 8
8 ,0 0 4
2 4 ,6 7 7
1 ,2 8 5
7 ,7 3 9
5 ,5 0 3
6 ,0 0 0
3 ,2 9 5
2 ,8 3 5
1 ,3 1 9
1 0 ,3 9 7
1 ,2 1 9
1 ,5 1 2
4 ,2 0 7
2 ,0 4 1
3 ,4 5 8
2 ,0 9 1
3 ,8 2 5
5 ,6 2 9
5 ,1 3 7
2 ,6 7 8
6 ,2 5 1
6 ,8 9 3
2 ,4 2 9
1 ,5 8 9
9 ,3 9 6
2 ,4 0 6
855
2 ,2 9 7
1 ,7 8 2
3 ,9 5 8
2 ,7 7 1
1 ,0 4 6
2 ,4 2 5
2 ,4 8 5
2 ,3 6 2
2 ,9 2 8
1 ,2 6 3
4 ,5 5 8
4 ,9 3 3
1 1 ,9 0 9
447
2 ,8 4 1
3 ,2 1 6
3 ,1 1 4
1 ,4 3 9
1 ,2 8 5
936
4 ,6 5 1
781
868
2 ,2 0 4
1 ,2 3 8
2 ,0 2 6
1 ,0 7 8
2 ,4 0 2
1 ,7 4 8
1 ,7 3 3
1 ,4 1 9
1 4 ,9 5 7
1 5 ,5 3 8
3 ,9 4 6
4 ,4 1 0
1 4 ,6 1 0
5 ,7 7 6
1 ,2 6 4
3 ,1 7 5
2 ,6 2 9
7 ,8 8 3
4 ,1 1 9
1 ,4 7 7
4 ,8 0 7
4 ,4 0 7
4 ,0 2 3
4 ,9 7 6
3 ,5 7 3
8 ,5 0 1
7 ,8 5 1
2 4 ,7 4 8
1 ,2 5 4
6 ,9 7 3
5 ,3 5 5
5 ,7 4 6
3 ,4 3 3
2 ,7 5 7
1 ,3 7 6
1 0 ,1 6 6
1 ,2 2 8
1 ,4 1 1
4 ,0 7 1
1 ,9 8 0
3 ,4 3 2
1 ,7 2 2
3 ,6 5 5
5 ,8 3 3
4 ,8 0 4
2 ,7 2 5
4 ,8 9 8
6 ,0 8 5
2 ,4 1 1
1 ,7 5 1
8 ,8 1 3
2 ,2 6 4
825
2 ,3 4 5
1 ,7 9 6
3 ,5 9 6
2 ,6 6 4
1 ,0 1 6
3 ,1 0 9
2 ,3 1 6
2 ,3 3 2
3 ,0 5 0
1 ,2 8 2
4 ,7 4 9
4 ,6 8 2
1 0 ,9 9 0
434
2 ,8 1 3
3 ,0 6 8
2 ,8 3 8
1 ,0 6 1
1 ,1 4 1
875
4 ,4 8 7
733
819
2 ,2 0 9
1 ,0 8 0
2 ,0 2 6
961
2 ,5 2 7
1 ,5 5 6
1 ,7 7 8
1 ,0 6 6
2 8 ,1 7 3
2 9 ,3 9 6
4 1 ,6 8 4
3 3 ,5 9 6
1 3 ,3 1 8
6 ,4 0 4
3 ,9 8 9
1 ,3 6 0
1 ,2 5 0
1 5 ,3 8 7
1 3 ,8 9 8
2 2 ,1 7 9
1 4 ,3 1 3
7 ,3 6 2
2 ,5 5 5
1 ,0 8 4
566
643
2 7 ,8 6 2
3 0 ,9 0 3
4 0 ,4 6 6
3 2 ,0 1 2
1 3 ,4 2 3
7 ,0 6 6
4 ,1 6 2
1 ,2 9 7
1 ,1 5 2
1 3 ,3 0 5
1 3 .6 7 4
2 2 ,8 6 3
1 3 ,8 1 0
7 ,0 4 8
2 ,6 6 5
1 ,2 1 9
635
666
9 ,3 6 7
3 ,9 6 9
4 ,2 1 0
6 ,1 4 6
2 ,2 1 2
1 ,8 2 7
9 ,3 7 7
3 ,8 0 4
4 .4 2 2
5 ,0 4 5
2 ,3 2 0
1 ,8 2 1
3 ,7 4 0
4 ,0 0 0
3 ,1 3 0
3 ,5 5 8
1 ,2 9 2
2 ,5 7 0
8 ,4 9 4
7 ,4 0 9
6 ,3 6 1
6 ,2 2 8
2 ,4 7 6
4 ,0 5 6
4 ,0 7 0
3 ,8 6 1
3 ,0 4 2
2 ,8 7 8
1 ,1 5 5
2 ,8 7 1
7 ,8 1 3
6 ,2 2 8
6 ,8 9 5
1 7 ,2 6 8
1 2 ,9 1 0
1 0 ,1 0 0
6 ,0 4 5
5 ,6 7 2
5 ,8 4 2
S io u x C ity
F i r s t N a t i o n a l ........................................... ..
L i v e S t o c k N a t i o n a l ....................... ..
S e c u r i t y N a t i o n a l ................. .................. ..
Toy
N a tio n a l
............................................
W o o d b u r y B a n k & T r u s t .............. ..
S p e n c e r , F a r m e r s T r u s t ........................ ..
S p i r i t L a k e , F i r s t N a t i o n a l .............
S p r i n g v i l l e , E x c h a n g e S t a t e .......
S t a n t o n , S e c u r i t y S t a t e ........................... .
3 ,8 2 2
1 ,2 4 0
1 ,9 5 1
9 ,4 6 7
2 ,9 8 8
5 ,2 5 7
3 ,7 3 0
1 ,1 9 6
1 ,9 0 7
S to rm L a k e
C i t i z e n s F i r s t N a t l ................................... .
C o m m e r c i a l T r u s t ................................ ..
S e c u r i t y T r u s t ...........................................
•
Iowa News
117
D ecem ber 31, I960
D e c e m b e r 3 1 , 1959
D ecem b er 3 1 , 1960
D ecem b er 31, 1959
D e p o s its
D e p o s its
D e p o s its
D e p o s its
3 ,4 7 3
S t o r y C i t y , S t o r y C o u n t y S t a t e .. ...
S u m n e r , F i r s t N a t i o n a l ..................... ....
3 ,9 3 0
4 ,2 7 9
T a m a S t a t e .............. ............ ........................... ....
972
T e r r i l , S t a t e B a n k o f ________ ______
4 ,6 1 9
T i p t o n S t a t e _______ _________ ____________ ....
1 ,9 2 5
W a l n u t S t a t e ...................... .............-......
5 ,2 6 1
W a s h i n g t o n S t a t e . . _____ _______ ______ ...
W a te r lo o
.... 3 2 ,1 8 8
N a t i o n a l B a n k o f ..............
1 1 ,7 5 3
P e o p l e s B a n k & T r u s t ...................
W a t e r l o o S a v i n g s ...................... ...... .... 2 6 ,2 0 5
Loans
Loans
1 ,5 8 1
1 ,8 7 6
2 ,3 5 8
744
2 ,7 6 7
765
2 ,1 5 5
3 ,4 3 5
3 ,7 3 3
4 ,2 1 9
937
4 ,8 9 1
1 ,7 7 3
5 ,1 5 3
1 ,8 1 1
1 ,8 5 8
2 ,3 0 2
759
2 ,9 7 6
761
2 ,0 2 1
1 4 ,3 6 6
5 ,7 0 1
1 5 ,1 5 0
3 3 ,7 3 4
1 0 ,2 2 6
2 6 ,2 7 5
1 4 ,8 2 3
5 ,0 0 9
1 5 ,7 3 7
LeMars
First National
E. W. Maser was advanced from
cashier to vice president and cashier
at the First National Bank, LeMars,
according to O. E. Fristad, president.
Mr. Maser joined the bank in Janu
ary, 1959, after serving as a state
bank examiner for five years.
The bank has started a remodeling
project on the former Fry building,
which is to be used as a bookkeeping
department and to expand its commer
cial banking facilities.
a v e r l y , F i r s t N a t i o n a l ...........................
e b s t e r C i t y , F a r m e r s N a t l ....................
e l l m a n S a v i n g s ...........................................
e s t B r a n c h , F i r s t S t a t e ........................
6 ,8 7 7
8 ,1 0 9
2 ,0 0 5
2 ,5 2 7
W e s t D e s M o i n e s , F i r s t N a t i o n a l ....
2 ,7 7 5
W
W
W
W
W e s ts id e
W est
S ta te
U n io n ,
............................................... .
F ir s t
W in te r s e t , U n io n
W y o m in g ,
Z e a r in g ,
N a tio n a l
S ta te
C itiz e n s
T r i-C o u n t y
S ta te
Winfield White, Marion attorney,
and Henry Katz, president of Kay
and Ess Corporation in Marion, are
the new directors. Mr. Katz is also a
partner in the Katz Salvage Company.
fo r
fast
see
NATIONAL
4 ,1 4 2
4 ,7 9 5
865
1 ,5 9 1
7 ,0 2 5
7 ,7 3 2
2 ,0 1 7
2 ,4 1 8
795
2 ,7 8 3
Loans
3 ,9 5 1
4 ,0 8 2
887
1 ,7 5 8
745
1 ,5 7 2
1 ,2 5 6
1 ,3 4 6
1 ,0 9 7
4 ,4 7 7
2 ,5 9 3
4 ,2 5 1
2 ,3 4 0
3 ,9 7 6
2 ,1 5 0
4 ,0 2 0
2 ,2 0 7
..................... ..
2 ,9 7 1
2 ,0 8 6
2 ,9 9 4
2 ,1 7 3
.....................
1 ,6 2 3
1 ,2 4 1
1 ,6 1 7
1 ,1 7 2
.............................
S ta te
rectors, increasing the bank’s board
from nine to 11 members.
...............
Loans
Martel le
Guy L. Sleep, cashier of the Farm
ers Savings Bank, announces that the
bank has voted to increase capital
from $25,000 to $50,000 by a stock divi
dend. Mrs. Guy Martin, assistant cash
ier, retired at year-end.
correspondent
service
LeMars Savings Bank
Carl R. Marcue has retired as su
pervisor of the Farmers Home Admin
istration in four northwest Iowa
counties and has joined the LeMars
Savings Bank as a farm credit ad
visor. He served 25 years with the
Farmers Home Administration.
Low den
W. H. Witte, president of the Amer
ican Trust and Savings Bank, has
announced that building plans will
start in early spring. The bank is to
be modernized and an additional 1,000
square feet of working space will be
included. It is anticipated that the
project will be completed by late sum
mer or early fall.
BANK
OF
WATERLOO
Madrid
C.
W. Anderson has been promoted
to president of the City State Bank,
replacing J. Edwin Sundberg, who has
been elected as chairman of the board.
Mr. Anderson was formerly vice pres
ident. All other officers remain the
same.
Mapleton
N.
E. Perrin, a well known Mapleton
farmer, has been named a director of
the Mapleton Trust and Savings Bank.
Mr. Perrin has served with the
U. S. Department of Interior and with
the Department of Agriculture. He is
currently on the Iowa State Extension
Advisory council.
Let our complete facilities. . . our
staff of friendly, helpful Iowans . . .
save you valuable time on all items
and collections.
Send your items to us for fast,
accurate, efficient banking service.
Marion
Harold A. Stowell, executive vice
president of the First National Bank,
reports the election of two new di
N o rth w estern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B anker,
February,
1961
118
Iow a
News
United Home Bank & Trust
er Company, was elected a director of
the First National
Bank at the an
nual stockholders
meeting. He has
b e e n in Mason
City for the past
y e a r . Formerly,
he was with the
Peoples’ Gas and
E l e c t r i c Com
pany.
Edward N. NudL. G. H A W K IN S
dleman was elect
ed a vice president, and he will head
the real estate loan department, suc
ceeding Alfred M. Halsor, who will
T w o p r o mo t i o n s have been an
nounced by R. H. Isensee, president of
the United Home Bank & Trust Com
pany.
W. F. Werner was advanced from
assistant vice president to vice presi
dent, and Robert G. Logan was ad
vanced from trust officer to vice presi
dent and trust officer.
During the year, the bank increased
its capital from $300,000 to $400,000,
and surplus was increased to $500,000.
First National
Leslie G. Hawkins, district manager
at Mason City for the Interstate Pow
move to the commercial loan depart
ment.
American State Bank
Two promotions were announced
by the American State Bank. Boyd L.
Plook was advanced from cashier to
vice president, and J. A. Wolf was
promoted from assistant cashier to
cashier. The bank has increased its
surplus from $87,500 to $100,000. De
posits are $1,774,000.
Mechanicsville
L. J. Paulson, cashier of the Mechan
icsville Trust and Savings Bank, has
been elected president of the Mechan
icsville Commercial Club for 1961.
Monroe
S ta te m e n t o f C o n d itio n
December 30, 1960
A
S
S
E
T
S
Cash on Hand and on Deposit with Banks............... $10,143,335.06
United States Government Securities ......................... 11,335,818.85
Other Bonds and Securities ......................................... 1,115,783.74
Loans and Discounts ..................................................... 22,179,443.95
Security National Bank Building, Vault and Fixtures
442,182.90
Federal Reserve Bank S to ck .........................................
102,000.00
Other Assets .....................................................................
17,298.50
$45,335,863.00
L I IA B I L I T I E S
Capital ..................................................... $1,700,000.00
Surplus ..................................................... 1,700,000.00
Undivided Profits.....................................
252,009.03
Total Capital A cco u n ts................................................
Deposits ..........................................................................
G o sse tt,
H.
H.
B eerm an n .
W illia m
T.
REAL
Assistant Cashier
Auditor
H u bbard,
E ST A T E
D E P A R T M E N T
D a n i e l L . M i d d l e t o n , Vice President
J a m e s A . D o w n i n g , Assistant Cashier
W ayne
L.
PER SO N AL
T h om p son ,
TR U ST
LO AN S
Assistant Cashier
O F F IC E R S
L . J o h n s o n , Vice President and
Trust Officer
L . C . J e n s e n . Assistant Trust Officer
H ow ard
S e c u r ity N a tio n a l B a n k
of S io u x C i t y
M em ber
N orth w estern
B an ker,
F ederal
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
D e p o s it
In su ra n c e
J. E. Heiserman was elected a di
rector of the Monticello State Bank at
the annual meeting. Mr. Heiserman is
a resident of Anamosa and a member
of the law firm of Rees, Remley &
Heiserman.
James D. Corwin was promoted
from teller to assistant cashier, ac
cording to James Maurice, president.
Henry County Savings
3,652,009.03
41,683,853.97
O F F IC E R S
Chim. of the Board
C h a r l e s H . W a l c o t t , President
B . M . W h e e l o c k . Senior Vice President
A l b e r t C . E c k e r t , Vice President
E d w a r d C . T h o m p s o n , J r ., Vice President
P a u l S n y d e r , Vice President
T h o m a s C . H o r n , Vice President
P a t r i c k F . C o o k , Vice President
O r v i l l e B o e , Cashier
V . H . C a s s e m , Assistant Cashier
J o h n D i e f e n d o r f , Assistant Cashier
R.
Moiiticello
Mount Pleasant
$45,335,863.00
C h a r le s
Officers elected at the Monroe State
Bank at the annual meeting are:
Harry Worth, president; A. R. Vander
Ploeg, executive vice president; For
rest Matherly, Jr., cashier; Laurel
Buckley, vice president, and John
Murray, vice president.
Surplus was increased from $25,000
to $40,000. Hours are now from 9:00
a.m. to 3:00 p.m.; closed Thursday aft
ernoons.
C o r p o ra tio n
The re-election of J. P. Budde as
president of the Henry County Sav
ings Bank at the annual meeting
marks his 27th year as president of
the bank and his 51st year in the
banking business at Mount Pleasant.
Mt. Pleasant Bank & Trust
Warren L . E y e has been elected as
sistant cashier of the Mt. Pleasant
Bank & Trust Company, according to
C. R. Atwell, president.
For the past three years, Mr. Fye
has been assistant cashier and man
ager of the installment loan depart
ment at the New London State Bank
in New London.
Muscatine
Contracts to purchase 23,600 square
feet of downtown property, adjoining
East Third and Cedar Streets, for the
erection of drive-in banking facilities
were announced by B. L. McKee, pres
ident of the Muscatine Bank and Trust
Company. It is anticipated that con-
Iowa
struction work may be started by
March 1, weather conditions permit
ting.
The drive-in bank building to be
built will have a minimum of three
drive-in windows and one walk-in
window.
New Hampton
Two promotions were announced by
the Security State Bank. Robert R.
Rigler was advanced from cashier to
executive vice president, and Wayne
A. Moetsch, formerly assistant cash
ier, was named cashier.
The bank transferred $15,000 to sur
plus, making capital $35,000 and sur
plus $65,000.
ture now stands at $316,000, with sur
plus being $100,000.
Radcliffe
Services were held recently for
roll L. Drake, 55, president of
Security State Bank. He was a
time resident of the community.
had been ill for two months.
Carthe
life
He
News
119
to $50,000. Surplus is $100,000 and un
divided profits are $108,349.
Randolph
Eldon R. Fox has been named cash
ier of the Randolph State Bank. He
previously served as an assistant cash
ier of the Fremont County Savings
Bank, Sidney.
Randall
J. H. Brekken, president of the
Randall State Bank, has announced
the promotion of Miss Emma Schaa to
the position of assistant cashier.
Mr. Brekken also reports that the
bank increased its capital from $25,000
Ren wick
A. Rademaker, executive vice pres
ident of the Renwick Savings Bank,
reports the election of a new director,
Mr. Everett Winter. He replaces the
late Fritz Britt.
Newton
Jim Menges, who joined the staff of
the Jasper County Savings Bank in
April, 1956, as a teller, was elected an
assistant cashier at the bank’s annual
meeting, according to an announce
ment by A. E. Peters, executive vice
president.
Postville
Citizens State
Harry N. Helgerson submitted his
resignation as a director of the Citi
zens State Bank at the annual meet
ing. K. Ted Green was elected as a
new director. Mr. Helgerson is mov
ing away from the Postville area.
Current officers are John A. Schroeder, president; John A. Palas, vice
president; M. F. Chevalier, cashier,
and C. C. Hoth and M. B. Casten, as
sistant cashiers.
Postville State
W e’ll see you at the
GROUP MEETINGS
in Sioux City anti Burlington
Once again, we of Drovers look forward to the
opportunity o f visiting old friends and making
new friends at the meetings of Group One and
Group Eleven of the Iowa Bankers Association.
Fred Cummings and Bernard Miller will be on
hand to greet you.
W. A. Kneeland, president of the
Postville State Bank, reports that the
bank has increased its surplus from
$75,000 to $100,000. The capital struc-
FRED
C U M M IN G S
BERNARD
M IL L E R
it«DroversBanks
47th Street & Ashland Avenue
SINCE
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
• Chicago
1883
N o rth w estern
B a n ker,
February,
196T
1 2 0
Iowa
News
James E. Anderson has been named
cashier of the Rock Rapids State Bank.
He joined the bank recently, having
been with the Waukee office of the
Brenton State Bank of Dallas Center.
plan to reside in Pontiac, Mich.
Mr. Vermeer has been in the bank
ing business since 1918 and was active
in it until 1941 when he went into real
estate. He has been an inactive officer
of the bank in recent years.
Rock Valley
Sioux City
G. G. Vermeer has been elected
president of the Valley State Bank, re
placing J. P. Schutt, who has retired.
Don Klein has moved up from cash
ier to vice president, and Gene Bunch
has been named cashier.
Mr. Schutt, who has been with the
bank for 48 years, plans to retain his
stock in the bank. He and his wife
Joe T. Grant, president of the First
National Bank, has announced the
election of John F. Joseph as assistant
cashier and Dudley J. McGrath as
auditor, following the annual meeting.
All other officers and directors were
reelected with the exception of J. Ford
Wheeler, assistant vice president, who
Rock Rapids
First National Bank
m
IIP
Ki ìli 1 Jill
KI
11' 11 h
1
Ml)
OTTUM W A,
Five Stock Natl. Bank
Clifford L. Adams, president of the
Live Stock National Bank, has an
nounced the pro
motion of three
of the bank’s offi
cers.
Elected and pro
moted f r o m as
sistant vice pres
ident and cashier
to vice president
and cashier was
J o h n S. Haver.
Mr. Haver began
j . s. H A V E R
his banking ca
reer with the bank in 1929 and had
been promoted to his previous posi
tion in 1958.
Jl
ä
1 . . . .
retired after 52 years of service with
the bank.
In other action, the bank trans
ferred $150,000 to surplus.
IOWA
Member of Federal Reserve System
Statement of Condition December 31, 1960
♦
A S S E T S
Cash on hand and on deposit with banks............................. $ 6,347,173.76
6,176,034.54
United States Government Securities........................................
2,293,645.42
Municipal Bonds ................................................................................
120,937.84
Other Bonds and Securities .......................................................
Loans and Discounts ....................................................................... 11,908,820.70
142,713.88
Income Earned but Not Collected............................. ..
372,163.15
Union Bank Building .......................................................................
33,232.73
Furniture and Fixtures .....................................................................
49,500.00
Federal Reserve Bank Stock .......................................................
J .J . M c G I L L
Elected and promoted from assist
ant cashiers to assistant vice presi
dents were Edward L. Newell and
James J. McGill. Mr. Newell came to
the bank in 1957 after several years
experience in examiners departments
in South Dakota and Minnesota. He
is associated with the bank’s corre
spondent bank department. Mr. Mc
Gill has been at the bank since 1947
and was promoted to his previous
position in 1959. He will continue as
manager of the installment loan de
partment.
$27,444,222.02
L I A B I L I T I E S
$
Capital ...........................................................................
Surplus ...........................................................................
Undivided Profits .......................................................
Dividend Payable January 3, 1961 ..................
Reserved for Interest, Taxes, etc.........................
Income Collected but Not Earned ....................
Deposits .........................................................................
E. L. N E W E L L
650,000.00
1 ,0 0 0 ,0 0 0 .0 0
585,660.60
45,500.00
176,781.62
309,693.06
24,676,586.74
$27,444,222.02
♦
Morningside State Bank
D IR E C T O R S
M AX
VO N SCHRADER
P r e s id e n t
E. P A U L A L L E N
G e n e r a l M a n a g e r , John
D e ere O ttu m w a W o r k s
C. P.
S . S. B A R K E R
P r e s id e n t, B a r k e r P o u ltr y
R IC H A R D M . H O F M A N N
H o fm a n n D ru g C o .
GLENN
J. R A Y N E R H A R P E R
P r e s id e n t, H a r p e r & M c ln tir e
E q u ip m e n t
Co.
H . L . P O L IN G
C r a m b l i t <5 P o l i n g
C A R L M . B E N T Z IN G E R
L iv e S to c k C o n s u lt a n t
FRANK M. POLLARD
V ic e P r e s id e n t a n d C a s h ie r
J. C. B L A C K F O R D
V ic e P r e s id e n t
C. C. C O U P L A N D
P. C. W A R D E R
W a r d e r F eed Co.
EU G EN E M . FO STER
In v e stm e n ts
E A R L A . W IM M E R
V ic e P r e s id e n t
R O BER T T. FO STER
V ic e P r e s id e n t a n d
John M o r r e ll & C o .
L L O Y D W IN G E R
P r e s id e n t, W i n g e r
C o ., I n c .
D ir e c t o r
M a n u fa c tu r in g
90th Year of Service to Southern Iowa
Member Federal Deposit Insurance Corporation
N orthw estern
B anker,
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C o.
1961
C. D. Nissen, president of the
Morningside State Bank, has reported
the addition of Larry Manker to the
bank’s staff as auditor.
The bank’s surplus has been in
creased to $150,000 and capital remains
at $100,000. Undivided profits are
$101,452.
Security National Bank
Charles H. Walcott, president of the
Security National Bank, reports a
growth in deposits of $1,200,000 from
a year ago. A total of $250,000 was
added to the surplus account, making
the capital $1,700,000 and the surplus
$1,700,000.
Complete new lighting throughout
the lobby and work areas has been
installed. At present, the bank is in-
Iowa
stalling air-conditioning and new heat
ing throughout the top five stories of
the building.
Toy National Bank
Carleton C. Van Dyke, president of
the Toy National Bank, has announced
the re-election of all officers and di
rectors. The board discussed plans
regarding the completion of the bank’s
new drive-in, walk-in teller facilities
at 314 Pierce Street which will tie
into the present bank facilities and
will furnish access to the Toy from
two of Sioux City’s main one-way ar
teries. Opening is planned for this
spring.
Richard Breyfogle was elected man
ager of the personal loan department
and James Tritz was named assistant
manager. Robert Grothaus was named
as a member of the staff of the trust
department, and Donald Tischer was
named as a member of the auditing
department.
Sloan
The Sloan State Bank is now in its
1 2 1
new 50 by 70 building, and all work
has been completed on the new struc
ture with the exception of a few minor
details. A grand opening is planned
in early spring.
district can now view a new time and
temperature sign installed recently by
the Commercial Trust and Savings
Bank. The sign measures about 10
feet by 10 feet.
Stockport
Spencer
Wayne H. Newman has been elected
an assistant cashier of the Iowa State
Bank, Stockport. He was formerly
with the State Bank of Prairie City,
and he replaces Hazel A. Coltrane, re
tired.
Storm Lake
Visitors to the Storm Lake business
N e ir H ank Sitjn
Two new directors were elected at
the annual meeting of the Clay Coun
ty National Bank. They are Frank
Snider and Dale Barrus. Mr. Snider
was promoted from assistant cashier
to vice president, and Mr. Barrus
serves as a vice president.
Toledo
A. J. Ziskovsky, cashier of the State
Bank of Toledo, reports that the bank
has increased its capital from $80,000
to $120,000.
Char l es Kramer, executive vice
president, was elected to the board at
the annual meeting.
Spring Bank Conference
Woodbury Bank & Trust
F. A. Evans, president of the Wood
bury Bank and Trust Company, re
ports that the directors have voted
to transfer $100,000 from undivided
profits to surplus, giving the bank a
capital account of over $800,000. With
other reserves, the bank now has over
$1,000,000 protecting its depositors.
News
TO R E C O R D the unusually warm tempera
tures residents of the M apleton, Iow a,
area enjoyed in January, the F irst State
Bank has installed a new time and tem
perature clock. Photo was taken by Or
ville Spahn, vice president.
The 40th annual state banking con
ference will be held on Monday, March
6, at the Hotel Savery in Des Moines.
The conference will be sponsored by
the Federation of County Bankers
Association, headed by President Rich
ard E. Tool, president of the Farmers
& Merchants Savings Bank, Manches
ter, and the Iowa Junior Bankers As
sociation, headed by President David
C. Meuhaus, cashier of the Fairfax
State Savings Bank, Fairfax.
James F. Toy, Founder
Member of Federal Deposit Insurance C orporation
SIOUX CITY, IOW A
S T A T E M E N T
OF
C O N D I T I O N
December 31, 1960
A
S
S
E
T
,
LIABILITIES
Capital Stock (common) .................... $ 800,000.00
Surplus ................................................. 1,200,000.00
Undivided Profits ...............................
588,169.05
Demand Deposits ....$24,524,151.39
Time Deposits ......... 9,072,267.79
S
Cash and Due from Banks ............. $ 8,941,926.54
U. S. Government Securities ......... 11,365,541.85
State and Municipal Bonds ...........
871,826.58
Stock in Federal Reserve Bank.......
60,000.00
Other Marketable Bonds .................
329,932.00
Loans and Discounts ....................... 14,313,475.98
Banking House Furniture
340,004.28
and Fixtures ...................................
Other Assets .......................................
206,722.46
Total Deposits ............................. 33,596,419.18
Other Liabilities .................................
244,841.46
$36,429,429.69
$36,429,429.69
O
F
F
I
C
E
R
S
Carleton C. Van Dyke, President
J. W m. Van Dyke, Chairman of the Board
U. H. Bunkers, Vice President
C. Arthur Johnson, Vice President
E. E. Erickson, Vice President
Conrad Aronson, Assistant Vice President
J. D. Shinkle, Asst. Vice President
Homer M. Boyd, Assistant Vice President
Clark Watkin, Assistant Cashier
Leslie H. Olson, Assistant Cashier
Henry K. Larsen, Cashier
W ayne N. Hettinger, Asst. Cashier & Auditor
Leon V. Harbeck, Asst. Cashier
Richard Breyfogle, Asst. Cashier
Ronald G. W ill, Asst. Cashier
N o rth w estern
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Federal Reserve Bank of St. Louis
B a n ker,
February,
J961
1 2 2
Iowa News
Washington
Natl. Bank of Washington
Frank C. Crone, president of the
National Bank of Washington reports
that officers and directors were re
elected. Total resources are $4,734,812.
Over the past 20 years, the bank has
sold over $9,300,000 in savings bonds.
Washington State Bank
John Winga, president of the Wash
ington State Bank, reported resources
at year-end of $5,689,715. Officers and
directors were reelected at the annual
meeting.
The bank added a new floor during
1960, resulting in much needed work
ing space. The bookkeeping depart
ment was moved to the second floor
and new equipment added.
Waterloo
Waterloo Savings Bank
Stockholders of the Waterloo Sav
ings Bank elected a new president and
approved a five-for-one stock split at
their annual meeting.
D. K. D E
K O ST E R
L . J. W A L K E R
Dale DeKoster, executive vice pres
ident of the Waterloo Savings Bank,
was named to succeed Lowell J.
Walker as president. Mr. Walker was
elected chairman of the board of di
rectors to replace Carl Davis, who re
tired from the chairmanship and from
the board. Mr. Walker has been on
the board since 1940 and president
since 1956.
Mr. DeKoster was graduated from
Iowa State University in 1941 and
joined the bank after serving in the
Jasper County Savings Bank
NEWTON, IO W A
Statement of Condition, December 31, 1960
R ES O U R C E S
Loans and Discounts ....................................................................................................................
$ 9,396,260.13
Bonds and Securities .....
2,812,314.31
Stock in Federal Reserve Bank ...........
30,000.00
Banking House and Fixtures ....................................................................................................................
208,632.25
Cash and Exchange Due from O ther Banks
............................................................................. 3,989,255.13
O verdrafts .........................................................................................................................................................
1,356.95
$16,437,818.77
L IA B ILIT IE S
C a p ita l ........................................................................................................................................ ..........
■$ 200,000.00
Surplus ..................................................................................................................................................................
800,000.00
U ndivided Profits (net) ..............................................................................................
559,067.73
Reserve Accounts .............................................................................................................................................
423,138.59
Deposits ...............................................................................................................................................
14,455,612.45
$16,437,818.77
O F F IC E R S
FRED M A Y T A G I I . C hairm an
R A Y O . B A IL E Y , P r e s id e n t
M A R IE V A N G IL S T , A s s is ta n t C ash ier
L . B. M A Y T A G , V ic e P re s id e n t
H . C. S K IN N E R . A s s is ta n t C a sh ier
R . E. V A N C E ,
V ic e P re s id e n t
LO W E LL L. G A U S E . A s s is ta n t C a sh ier
A . E . P E T E R S , E x e c u tiv e V ic e P re s id e n t
E A R L R . YO U N G STR O M , A s s is ta n t C a sh ier
C. R . B A IL E Y , V ic e P r e s id e n t & C ash ier
RIC H A R D F R IT Z . A s s is ta n t C a sh ier
M A R K E . SC H A K E L. V ic e P re s id e n t
M A R K C. E M M ACK, A s s is ta n t C a sh ier
C O L L IN W . F R IT Z J R .. V ice P r e s id e n t
G. M . K R U S E , A s s is ta n t C a s h ier
C E D A R FA LLS , IO W A
Statement of Condition, D ecem ber 31, i960
R E S O U R C E S
Cash and Due from Banks .......... .......................................................................................................... $1,406,416.20
United States Governm ent Securities ............................................................................................... 3,543,208.13
State and M unicipal 8onds .................................................................................................................... 1,017,397.29
10,500.00
Stock in the Federal Reserve Bank .....................................................................................................
Loans and Discounts .................................................................................................................................... 2,501,256.17
46,238.22
Banking House .................................................................................................................................................
7,973.58
Furniture and Fixtures ................................................................................................................................
.
$8,532,989.59
L I A B I L I T I E S
$
175,000.00
175,000.00
303,266.63
36,766.31
7,842,956.65
$8,532,989.59
O F F IC E R S
V. W . Johnson. President
H . C . Messerer, Executive Vice President
C . J . Iserman, C ashier
Luther J . Mohr, Asst. C ashier
Philip S. Berg, Vice President
M em ber, Federal Reserve System
M em ber, Federal Deposit Insurance Corporation
N orth w estern
B a n ker,
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
F. KO CH
marines during World War II. Mr.
Walker is president of the Walker
Realty Company, 224 Commercial St.
Mr. Davis, who has been with the
bank for 54 years, was appointed to
the advisory council of the bank upon
his retirement. The stock split at
Waterloo Savings was approved upon
recommendation of the board of di
rectors, all of whom were reelected.
One new director, Earl J. Underbrink,
was named. Mr. Underbrink is also
vice president and cashier.
Another new appointment was that
of Fred Koch, trust officer, to vice
president and trust officer.
Mr. Walker, in his report to the
stockholders, said the bank had a suc
cessful year, including the complete
remodeling of both the exterior and
interior of the structure.
National Bank of Waterloo
Ralph Wilson, 44, has been named
as a new trust officer of the National
Bank of Waterloo, replacing Leo Ba
ker, who resigned recently to resume
the practice of law.
Mr. Wilson has been trust officer
of the First National Bank, Fort Col
lins, Colo., having joined that bank in
1956. He is a graduate of the State
University of Iowa, and obtained his
law degree in 1939, and a J.D. degree
in 1942. He has practiced law in Ce
dar Rapids and Monticello.
Peoples Bank & Trust Company
FIRST NATIONAL BANK
C a p ita l Stock .................................
Surplus .................................................
U ndivided Profits and Reserves
Discount C o lle cted ........................
Deposits ..............................................
E . J. U N D E R B R I N K
Lowell D. Goodenbour was promoted
to assistant cashier, and all other offi
cers and directors were reelected, ac
cording to G. E. Albee, president of
the Peoples Bank & Trust Company.
War ford
James R. Troutman has been named
an assistant cashier of the Warford
State Bank, according to J. Laurence
Henss, cashier.
Waterville
Arthur H. Jacobson has been named
president of the Farmers & Merchants
Savings Bank, replacing Dan Goettel,
who has been named chairman of the
board. C. V. Nelson serves as vice
president and trust officer.
fowa News
Waukon
Guy W. Eaton has been elected pres
ident of the Waukon State Bank, re
placing C. H. Megorden, who has re
signed due to ill
health.
Other officers of
the bank will be
Sherman H a r t ,
chairman of the
board; Elmer A.
F o g t , executive
vice
president
and cashier; Na
than C. Hale, vice
pr e s i de nt , and
G. W . E A T O N
Leo L. Samek, W.
C. Grangaard, Lois A. Grimm, and
Merlin F. Kruger, assistant cashiers.
Mr. Megorden had been with the
bank since 1919, serving as teller from
1919 to 1929; cashier from 1929 to 1945
and president from 1945 until his re
tirement.
Savings Bank of Wheatland, and
changed its name to First Trust and
Savings Bank, Wheatland, with offices
in Dixon and Lost Nation.
At the stockholders meeting, the
following directors were named: Joe
Sirota, J. B. Bowen, Hugo Rock, Her
man Treimer, Edward Wiese, Dr. W il
liam Abel, and William Siegmund.
Officers of the enlarged bank will
be: Dr. William Abel, chairman; Joe
Sirota, president; J. B. Bowen, execu
tive vice president; Donald Willard,
vice president and manager of Dixon
office; M. T, Jensen, cashier, and J. W.
Fagerland, assistant cashier and Lost
123
Nation office manager.
T o t a l a s s e t s of the bank are
$4,300,000.
Iowa Bond Quota
Marvin M. Schmidt, volunteer state
chairman of the U. S. Savings Bonds
division, announced today that the
1961 quota for savings bonds sales in
Iowa is $149,700,000.
Westside
W. H. Noack, president of the Westside State Savings Bank, has an
nounced the appointment of Walter J.
Johnson as a new director.
Wellman
Roger Borup has been promoted to
cashier of the Wellman Savings Bank,
according to S. R. Barber, president.
Mr. Borup has been with the bank
for the past five years and has been
assistant cashier for the past three
years.
The bank recently remodeled the
directors’ room, installing a new ceil
ing, new floor, and modern furniture.
Wellsburg
The Peoples Savings Bank has an
nounced the following list of officers
after the annual meeting: R. J. Gimer,
chairman of the board; R. W. Aikes,
president and Cleves office manager;
Leland D. Luwe, executive vice presi
dent and cashier, and Bernard J.
Harms, assistant cashier.
Fred Luppen was elected as a new
director to replace Harold Geerdes
who resigned.
West Branch
L. C. Rummells, executive vice pres
ident and cashier, First State Bank,
reports that officers and directors
were reelected at the annual meeting.
The bank is the oldest in Cedar Coun
ty, and it has deposits of $2,527,000.
Wheatland
Effective last month, the Dixon Sav
ings Bank purchased the First Trust &
YOUR STATE BANKERS ASSO CIATIO N
O FFIC IA L SAFE, V A U L T AN D
TIMELOCK EXPERTS
F. E. DAVENPORT & CO.
OM AHA
Member Federal Reserve System
Member Federal Deposit Insurance Corporation
DU8UQUE, IOWA
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Federal Reserve Bank of St. Louis
B a n ker,
Febru ary,
1961
124
Iowa
News
F e ed iìrin d ev Itesir 01/ s Iteeo rd s
by burning, Willard Wissink, a teller,
suggested they try running the old
records through a feed grinder. Since
all other methods seemed impossible,
it was decided to give Mr. Wissink’s
idea a try.
Donald F. Klein, cashier, reports
that with the feed grinder all the rec
ords were reduced to a fluffy mass of
fussy scraps of paper in about an hour
and a half. The actual grinding was
done at the town dump, eliminating
any clean-up problem. The grinder
was operated with a half-inch screen
mounted feed grinder be
A TRUCK
came an important piece of bank
ing equipment when the Valley State
Bank, Rock Valley, Iowa, purchased a
microfilming machine.
When all the records had been
filmed, members of the bank staff
found themselves with several bushels
of unwanted records. Burning the
records proved to be an almost impos
sible job, similar to burning a Sears
Roebuck catalogue. Tearing or cut
ting names off of each document
would have been an endless job.
While trying to destroy the records
and the blower pipe was removed to
prevent clogging.
Mr. Klein states the members of the
bank staff are very pleased with the
result and that the cost was nominal.
Winfield
J. W. Wilson, who has served as
vice president of the Peoples State
Bank, was elected president at the
annual meeting. He succeeds J. V.
Gray, who has served as president
since the opening of the bank in 1934.
Ben A. Galer has been named a new
vice president and director. He re
sides in Mt. Pleasant.
Heads Virginia Group
STATEMENT OF CONDITION
December 31, 1960
RESOURCES
Cash and Due from Banks ...........................................$ 3,648,546.63
Bonds— U. S. Governm ents................ $ 5,744,295.74
Federal Land Banks ...........
699,634.61
Municipals ............................. 3,045,203.11
Other Marketable Securities
80,138.39
9,569,271.85
Stock in Federal Reserve Bank ...................................
Loans and Discounts (less reserve) ...........................
Banking House and Furniture and Fixtures .............
Overdrafts .........................................................................
Accrued Interest and Other Resources .......................
36,000.00
7,155,475.08
164,899.43
908.45
134,765.20
$20,709,866.64
L
I
A
B
I
L
I
T
I
E
S
Capital ...............................................................................$ 600,000.00
Surplus ...............................................................................
600,000.00
Undivided Profits .............................................................
518,593.75
Reserve for Taxes, Interest, Contingencies, Etc.......
238,579.02
Deposits— Demand ............................. $11,982,865.04
Time ................................... 6,056,052.99
U. S. Government ...........
713,775.84
18,752,693.87
$20,709,866.64
Dale H. Smith, president of the Fair
fax Co unt y National Bank, Falls
Church, Virginia, has been elected
president of the
Northern Virginia
Bankers Associa
tion.
T h e r e are 18
b a n k s in the
group and some
24 branches with
t o t a l assets of
around $400 mil
lion. M e m b e r s
hold m o n t h l y
.
.
meetings.
Mr. Smith is widely known in Iowa
banking, having been with a bank in
Tipton for a number of years.
d
h
s m i t h
To Travel New Areas
Clair Schroeder, vice president of
the City National Bank and Trust
Company, Kansas City, who has been
calling on com
mercial accounts
a n d correspond
ent banks in Iowa
and part of Illi
nois, has added to
his territory the
states of Wiscon
sin a n d Minne
sota.
M r . Schroeder
will take over all
C. S C H R O E D E R
of the correspond
ent work in Iowa, previously handled
by the now retired James F. McPher
son.
Heads investment Bankers
NATIONAL
FIFTH AVENUE
iOUTH-236*
^
BANK
C & n tc n ,
Member of The Federal Deposit Insurance Corporation, Washington, D. C.
$10,000 — Maximum Insurance for Each Depositor — $10,000
N orth w estern
B a n ker,
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
George A. Newton, a managing part
ner, G. H. Walker & Company, St.
Louis, was elected president of the
Investment Bankers Association of
America at the annual convention of
the association held recently in Holly
wood, Fla. He succeeds James J.
Lee, partner, W. E. Hutton & Com
pany, New York.
125
NEBRASKA NEWS . . .
(Continued from page 107)
Pierce
Fred Maas, 65, who was president of
the Cones State Bank at Pierce from
1938 to 1945, died of a stroke recently
in Lodio, Calif.
Sidney
Lewis H. Mehling, cashier at the
American National Bank at Sidney the
past five years, was promoted to vice
president and cashier. He has been
a director since 1957.
Spencer
J. M. Pucelik, president of the Spen
cer State Bank, announced last month
the election to the board of directors
of George D. Sedlacek, cashier.
National Bank at Wayne, reported last
month after the annual meeting that
directors had transferred $50,000 to
surplus, making capital $100,000 and
surplus $200,000. He also announced
these promotions:
L. B. McClure, from vice president
to senior vice president; Albert M.
Kern, from cashier to vice president;
A. J. Voorhies, from assistant cashier
to cashier, and Joan Lage to assistant
cashier. All other officers and direc
tors were re-elected.
West Point
Gerald C. Hunke was promoted to
assistant cashier by directors of the
First National Bank of West Point, ac-
Wilber
H. V. Jelinek, president, reports that
stockholders at their annual meeting
voted to increase capital by declaring
a 100 per cent stock dividend, bringing
it up to $50,000. Cashier Frank J.
Kohel was added as a director.
Wood River
L. E. Welch, Jr., was elected cashier
of the Bank of Wood River and Caro
lyn Pope was elected assistant cashier
at the annual meeting of directors, ac
cording to Charles E. Moyer, presi
dent.
With the New Year We Extend a New Invitation to Our Iowa
Banker Friends — Come See Us When You Are In W/ aterloo
Stella
Richard McMullen was elected pres
ident of the State Bank of Stella last
month to succeed Daniel S. Hinds,
who died last fall at the age of 86.
Elected cashier to succeed Mr. McMul
len was Jesseman McMullen, who had
been assistant cashier.
cording to Eldon G. Freudenburg, ex
ecutive vice president.
Statement of Condition, Decem ber 31, 1960
ASSETS
Cash on Hand and Due from Banks
4 ,4 1 9 ,0 1 4 .3 0
United States Government Bonds ............
6,10 4 ,06 5 .7 1
State, County and Municipal Bonds ........
2 ,9 3 6 ,7 9 3 .1 6
Federal Reserve Bank Stock ........................
5 1 ,0 0 0.0 0
Loans and Discounts ....................................... 1 5 ,1 4 9,5 8 5.79
Overdrafts
Sterling
Martin Dirks retired last month as
cashier of the Bank of Sterling after
16 years in that position. Dalen Rathe,
who was elected assistant cashier in
1948, was appointed cashier by direc
tors to succeed Mr. Dirks.
.....
1,749.27
Bank Premises ................................................
106 ,3 03 .9 3
Furniture and Fixtures ..................................
Other Assets
5 6 ,6 2 2.9 0
...................
171 ,9 80 .5 9
$ 2 8 ,9 97 ,1 15 .6 5
L IA B IL IT IE S
Capital
Stock
Stratton
Surplus
.................
1, 000, 000.00
Louis Stolte, president of the Com
mercial Bank at Stratton, announced
last month an increase in capital from
$30,000 to $45,000 and an increase in
surplus from $40,000 to $55,000.
Undivided Profits
7 54 ,0 75 .5 7
$
7 0 0 ,0 0 0 .0 0
Reserves
...............
3 37 ,8 32 .0 0
Deposits
..............
2 6 ,2 0 5 ,2 0 8 .0 8
$ 2 8 ,9 97 ,1 15 .6 5
O F F IC E R S
Tekamah
The promotions of Rex W. Kates
and B. R. LeMaster to assistant vice
presidents and the election of Roger
L. Loerch as assistant cashier were
announced last month by Herman J.
Wragge, president of the First Na
tional Bank at Tekamah.
Wahoo
Two new directors were elected by
stockholders of the First National of
Wahoo. They are Joe Breunig, presi
dent of Breunig Rendering Works,
and Clyde R. Worrall, attorney. Ernest
Hanson, 86, former vice president and
director, died in December.
Wayne
L o w ell J. W a lk er
Chairman of the Board
M e r l e W . R o dg ers
Assistant V ice President
D a l e K. D e F o ster
President
R o be r t V . C o o per
Assistant V ice President
F r a n c is R . L a B a r r e
V ice President
W il l is J . V o l l e n w e id e r
Assistant V ice President
E a r l J . U n d e r b r in k
V ice President and Cashier
E . J a m e s O ’C o n n o r
Assistant Cashier
F r e d e r ic k K o ch
Vice Pres, and Trust Officer
G era ld J. C urran
Assistant Cashier
F o rr est D . L o fto n
Auditor
The Waterloo Savings Bank
W A T E R L O O , IO W A
M em b er Federal D eposit Insurance“ Corporation
Adon Jeffrey, president of the First
N orth w estern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B anker,
February,
1961
126
I o wa N ew s
G roup /
G.
L.
to M o o t in Sionx
M E N N E N
C. C. V A N
D Y K E
T . C U M M IN G S
HREE nationally-known bank exT
excutives from Chicago will be fea
tured on the program planned for the
C. J. S C A N L O N
Group 1 and president, Le Mars
Savings Bank, Le Mars.
President’s Ad d r e s s — Ralph
Eastburn, president of the Iowa
Bankers Association, and presi
dent of the Iowa State Bank &
Trust Company, Fairfield.
Remarks—Joe H. Gronstal, state
superintendent of banks.
Address — “Today’s Business
Outlook,” Ti l de n Cummings,
p resid en t, Continental-Illinois
National Bank & Trust Compa
ny, Chicago.
Address—“Outlook for Gold Re
serves,” Charles J. Scanlon, first
annual meeting of Group 1 of the
Iowa Bankers Association, to be held
in Sioux City, Monday, February 13.
All events, with the exception of the
social hour, will be held in Sioux City’s
Municipal Auditorium. Registration
will start at 9:30 a.m. and a luncheon
will be held at 12:30 p.m. The pro
gram is as follows:
Group 1 Program
P.M.
1:30 Group Meeting Called to Order
—Gordon Mennen, chairman of
IO G I intra G rou p M e v tu ttfs
Group
5
10
7
6
8
4
3
2
Date
May 9
May 10
May 11
May 12
May 23
May 24
May 25
May 26
Tuesday
Wednesday
Thursday
Friday
T uesday
Wednesday
Thursday
Friday
Town
Council Bluffs
Centerville
Cedar Rapids
Ames
Monticello
Elkader
Clear Lake
Estherville
Farmers State Savings Bank
INDEPENDENCE. IOW A
Statement of Condition, December 31, I960
RESOURCES
Cash and Due from Banks _______ ______ ____________ _________ _________ ____________ $1,051,839.74
Commercial Paper __________________
130,000.00
U. S. Government Securities --------------------------------------------------- ----- 2,379,550.86
State, County and Municipal Bonds
------------------------ --------------------933,822.18
Loans and Discounts ........... ......................... .............. .................................................. 2,655,466.57
Overdrafts ............................................
1,426.32
Bank Premises Owned ...................................................................................................
19,520.82
Furniture and Fixtures ------20,629.42
1,763.57
Other A s s e t s -------------------- ------------------------ -------- ------------------------$7,196,019.48
LIABILITIES
Capita! Stock tCommon) ___________________________ ____________ _____ ________ ________ $ 200,000.00
Surplus ......... ...... .................... ...................- .......... ....................... ....................................
200,000.00
Undivided Profits and Reserves _____________ ______ - ............ ...... .............................
396.736.22
Deposits ............................................................ - ....................... - .................................... 6,399,783.26
40 TEARS OF CONTINUOUS SERVICE
OFFICERS
RUDOLPH
C.
P.
L.
E.
M em b er Federal
N orth w estern
B an ker,
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
R.
R.
E . C O N E , A s s is t a n t C a s h ie r
B . F I E S T E R , A s s is t a n t C a s h ie r
D e p o s it In s u r a n c e C o r p o ra tio n
Address — “ It’s Time for Tax
E q u a lity ,” L. Shirley Tark,
chairman, executive committee,
Main State Bank, Chicago.
Remarks — Frank Warner, sec
retary, Iowa Bankers Associa
tion.
Report of the nominating com
mittee and elections of officers.
5:00 Social Hour — Sheraton Martin
Hotel.
6:30 Annual Banquet — Municipal
Auditorium, presiding, Carleton
C. Van Dyke, president of the
Toy National Bank, and presi
dent of the Sioux City Clearing
House Association.
Address — “Opportunities Un
limited,” Cal D. Johnson, exec
utive assistant to the vice presi
dent, Remington Rand, Division
of Sperry Rand Corporation,
Washington, D. C.
Ladies’ Program
A special luncheon will be held at
the Sheraton-Martin Hotel for the la
dies. Helen Hoffman will give an in
formal address on “Hobbies.”
Sheldon Bank Shortage
A bank embezzlement that will rank
as one of the nation’s largest was re
ported at the Sheldon National Bank,
Sheldon, last month.
U, S. District Attorney F. E. Van
Alstine has reported that Mrs. Burnice
Iverson Geiger has admitted embez
zling more than $2,100,000 from the
Sheldon bank.
She is the daughter of W. P. Iver
son, president of the bank since 1915.
Mrs. Geiger has been serving as an
assistant cashier and as a member of
the board of directors.
The confession by Mrs. Geiger came
after federal bank examiners discov
ered the shortage. Members of the
Federal Bureau of Investigation made
the arrest and took her to Sioux City
to appear before U. S. Commissioner
William Forker. She has waived pre
liminary hearing and waived to the
federal grand jury now in session.
The bank’s board of directors have
voted to turn the institution over to
federal authorities for liquidation.
The Federal Deposit Insurance Cor
poration, which insures individual de
posits up to $10,000, has been appointed
ACO RN
$7,196,019.48
L E Y T Z E , P r e s id e n t
F I E S T E R , E x e c . V ic e P r e s id e n t
S O R G , V ic e P r e s id e n t & C a r r ie r
president, Federal Reserve
it if vice
Bank, Chicago.
'i d 1 1
II.
1.
«
S a le
R egisters
Accepted Sala Registers by Bank
Clarks Everywhere"
For information write
THE A C O R N PRINTING C O .
OAKLAND. IOWA
^
I o w a News
receiver for the bank by the Comp
troller of the Currency. Further in
vestigation is being made as to how
the embezzlement occurred.
The Sheldon National Bank’s yearend statement showed total deposits
of $1,488,838 compared with $2,229,199
on December 31, 1959.
Rotary Building Home for
Elderly in Eagle Grove
Obert L. (Roy) Larson, assistant
cashier, Security Savings Bank at
Eagle Grove, headed a finance com
mittee set up by the Eagle Grove Ro
tary Club to raise $8,790 toward the
$439,500 cost of constructing a home
in that city where elderly people may
live on a low cost basis.
He is one of four directors of the Mis
souri Public Expenditures Survey
from St. Joseph and a member of the
board of governors of Midwest Re
search Institute of Kansas City.
*
*
*
Directors and officers were re-elect
ed at the annual meeting of TootleEnright National Bank stockholders
and directors. One change was an
nounced: the election of Robert W.
Canter as assistant cashier. Mr. Can
ter is manager of the transit depart
ment.
#
*
*
Beverly Pitts, president of the Amer
127
ican National Bank, was re-elected
treasurer of the St. Joseph Grain Ex
change last month.
*
*
*
All directors and officers of the First
Stock Yards Bank were re-elected at
the annual meeting, according to
Thomas J. McCullough, president.
Additional news about a num
ber of bank annual meetings ar
rived too late to be included in
this issue of the N o r t h w e s t e r n
B a n k e r , but will appear in the
next edition.
The dr i ve w as successful and
through the efforts of Mr. Larson and
several other club officers, the Eagle
Grove Rotary filed an application with
the Federal Housing and Finance
Agency for the $430,710 loan to be
granted under a $20 million appropri
ation set up by Congress for this pur
pose. The Eagle Grove application
was the 15th filed in 1,400 applications
sent in so far, and was the seventh
completed and granted by the federal
agency.
Dr. Dale Harding of Eagle Grove is
president of Rotary-Ann Home, Inc.,
the corporation formed to sponsor the
project. Another Rotary official who
was extremely active in support of
the project was O. G. Uhr, president
of the Security Savings Bank.
Planned is a one-story building that
will include 40 double units giving ac
commodations for 80 persons. A mini
mum unit rental of $125 a month for
housing, food and all utility costs
has been suggested but the rental fig
ure is still tentative. Construction will
start this spring and the home should
be ready for occupancy by the end of
this year.
The loan runs for 50 years carrying
3% per cent interest. The project was
first suggested to the Eagle Grove Ro
tary by former Iowa Governor Robert
D. Blue, who has been active in state
and national movements to provide
housing for elderly people.
WE LL BE LOOKING FOR YOU
AT OUR GROUP ONE MEETING IN
SIOUX CITY ON FEBRUARY 13
Si. »Joseph N e w s
J
s t.
M. FORD II, president of the
• First National Bank and chair
man of the board, has been named as
sistant campaign chairman for the
1961 United Fund drive in St. Joseph.
J
f
ip
st National Bank
M e m b e r F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n i ' Y l .
N o rth w estern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S io u x C ity
Member Federal Reserve System
B a n ker,
February,
1961
128
Mr. Robinson, who is chairman of
the trust operations committee of the
American Bankers Association, has
been with the bank’s trust department
since 1942.
Mr. Roberts practiced law here be
fore joining the trust department in
1942.
Mr. Carlson has been with the bank
since 1935 and will be in charge of the
real estate mortgage loan department.
Mr. Dickson joined the bank in 1940
and has been with the credit depart
ment the last three years.
Other officers and directors were re
elected.
Des Moines News
Bankers Trust Company
was promoted
from assistant vice president to
vice president. He heads the corre
spondent bank department and has
been wi t h the
bank since 1953.
All other offi
cers and directors
were re-elected.
YRUS
C
D.
KIRK
James W. Hubbell, chairman of
the board, an
nounced that the
new five - s t o r y
bank building will
be open for busin e s s i n t he
spring. Then the present bank lobby
will be remodeled to house the com
mercial loan department and execu
tive offices.
will have 10,000 shares outstanding
with a par value of $100 each, a sur
plus of $500,000, and more than $400,000 in undivided profits and reserves.
Rolfe O. Wagner, chairman, reported
that deposits increased $1,250,000 dur
ing the past year and that assets now
total more than $22,000,000.
President Raymond G. Miller an
nounced the beginning of a new pro
gram to install electronic bookkeeping
machines.
board, announced the promotion of
three officers and the election of one
new officer.
Stockholders voted to increase capi
tal stock from $500,000 to $1,000,000 by
declaring a 100 per cent stock divi
dend. Each stockholder will receive
one share of additional stock for each
share now owned.
E. H. C A R LSO N
O . L. M IN E A R
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
M . STE P H E N S
Highland Park State Bank
After the stock dividend the bank
B a n ker.
R. S. L E V I T T
Mr. Levitt is treasurer of the Dial
Finance Company. He received a law
degree from the State University of
Iowa in 1954. He is a director of the
Tall Corn Council of Boy Scouts, of
the Polk County Society for Crippled
Children and Adults, and of Willkie
House.
Mr. Stephens is president of the
Stephens Equipment Company, the
Midwest Metal Culvert Company and
the Des Moines Life and Casualty
Company. He is also a director of
Hofmann In d u stries, of Sinking
Spring, Pa.
Other directors and all officers were
re-elected.
were promoted from assistant vice
presidents to vice presidents. Mr.
Minear, who joined the bank in 1949,
also is assistant trust officer. Mr.
Vermie joined the bank in 1935 as a
messenger. He is in charge of the
budget loan and savings departments.
M . V E R M IE
annual meeting, it was announced by
Calvin W. Aurand, president.
Central National Bank and Trust
Robert K. Goodwin, chairman of the
Capital City State Bank
O. Bee Minear and Marvin Vermie
N orthw estern
Iowa-Des Moines National Bank
Richard S. Bevitt and Morris Ste
phens were elected directors at the
C. N . D IC K S O N
Noel Robinson, vice president and
trust officer, was promoted to vice
president and senior trust officer. Al
bert C. Roberts was promoted from
trust officer to vice president and trust
officer, and E. Harold Carlson, from
assistant cashier to vice president.
Clarence N. Dickson was elected an
assistant cashier.
New drive-in teller facilities and a
9 per cent increase in deposits were
reported at the annual meeting by
Charles O. Russell, president.
He said the new facilities at Second
and Euclid Avenues had greatly re
lieved the traffic load at the bank, a
block away, and that as many as 450
cars a day are using the new drive-in.
All officers and directors were re
elected.
DES MOINES NEWS . . .
(Turn to page 130, please)
129
No. 2 In a Series
1928 H u d so n
O w n e r : W a lt e r J . B ric k e r, J r .
M e m b e r o f th e Des M o in e s H o rs e le s s C a r r ia g e
C lu b
In 1928 this Hudson was one of the finest cars made.
It had a custom-built body by Murphy and a big F-head
engine similar in design to that of the famous Rolls
Royce. This was truly a luxurious car for that period
of automotive history.
When this car first appeared on Iowa’s
highways in 1928, the Valley Bank had
already been a part of Iowa banking
history for 56 years . . . with progres
sive, forward-looking service to banks
throughout the state.
C O M P A N Y
Des Moines, Iowa
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N o rth w estern
B anker,
February,
1967
130
Iowa News
Krimp / 1 Features Dr. Kart Hutz
EARL L. BUTZ, Dean of the
DR.School
of Agriculture, Purdue
University, will be one of the featured
speakers on the program planned for
the annual meeting of Group 11, to be
held in Burlington, Wednesday, Feb
ruary 2 2 .
C. R. A T W E L L
E. L. B U T Z
Charles R. Atwell, chairman of the
group and president of the Mount
Pleasant Bank & Trust Company, has
announced that the usual social hour,
buffet supper and dance will be held
Tuesday night, with the annual busi
ness meeting the following day in the
Capital Theater across from Hotel
Burlington.
Hosts for the Group 11 meeting will
be the officers and staffs of the three
Burlington banks. The chief execu
tives of these banks are: W. H. Swiler,
president, Burlington Bank & Trust
Company; Charles H. Walsh, presi
dent, Farmers & Merchants Savings
Bank, and Vincent P. Cullen, presi
dent, National Bank of Burlington.
The program will be as follows:
Tuesday, February 21
P.M.
5:00 Registration— Mezzanine Floor,
Hotel Burlington.
6:00 Social Hour—Main Floor, Hotel
Burlington.
7:00 Buffet Dinner—Hotel Ballroom.
9:00 Dancing—Hotel Ballroom.
Wednesday, February 22
A.M.
9:00 Registration— Mezzanine Floor,
Hotel Burlington.
10:00 Group Meeting Called to Order
at Capital Theater — Charles R.
Atwell, chairman of Group 11.
Remarks—Glenn I. Engle, state
director, U. S. Savings Bonds.
Remarks — Joe H. Gronstal,
state superintendent of banks.
Address—Ralph Eastburn, pres
ident of the Iowa Bankers Asso
ciation, and president, Iowa
State Bank & Trust Company,
Fairfield.
Remarks—W. A. Kneeland, vice
president and treasurer, Iowa
Bankers Association, and presi
dent of the Postville State
Bank.
Remarks — Frank Warner, sec
retary, Iowa Bankers Associa
tion.
$7,778,227.06
OFFICERS
RALPH EASTBURN, President
J. M. SIMMONS, Vice President
CHARLES EASTBURN, Cashier
W . B. GRIFFIN, JR., Vice President
E. G. LINDER, Assistant Cashier
Member Federal Deposit Insurance Corporation
—
Member Federal Reserve System
ary,
1 96T
Valley Bank and Trust Company
Promotions of Keith P. Eaton, Allon
E. McGlothlen and Roy A. Sandin
from assistant cashiers to assistant
vice presidents and Millard K. Cham
bers to assistant cashier were an
nounced by Edward Burchette, chair
man of the board.
First Federal State Bank
...................................................................................................................................
B anker, F eb r
Melvin, Herman Kucharo, Dr. Carl T.
Ostrem and Arthur T. Donhowe.
At its annual meeting, stockholders
voted to transfer $50,000 from undi
vided profits to surplus and to cause
a 10 -for-one division of the common
Total Assets ...............................................................................................................................................$7,778,227.06
L IA B ILIT IE S
C a p ita l Stock .................................................................................................................................................... S 100, 000.00
100,000.00
Surplus ....................................................................................................................................................................
413,012.02
Undivided Profits .............................................................................................................................................
67,425.78
Other Reserves ...................................................................................................................................................
41,265.25
Income C o lle cted But Not Earned .........................................................................................................
Deposits ............................................................................................................................................................... 7,056,024.01
N o rth w estern
and cashier, was elected chairman of
the board of the Norwalk-Cumming
State Bank, Norwalk, at that bank’s
annual meeting. Other Des Moines di
rectors of the Norwalk bank are J. i).
(Continued from page 128)
ASSETS
Cash and Due from Banks .......................................................... ............................................................ $1,887,299.61
1,742,482.51
U. S. Governm ent Bonds
503,987.16
Other M arketable Bonds
.......................................................
6,000.00
Federal Reserve Bank Stock
3,558,340.73
Loans and Discounts .......................................................................
........................................................
38,035.60
............................................................
28,584 30
13 497.1S
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
National Bank of Des Moines
Robert M. Donhowe, vice president
DES MOINES NEWS . . .
FAIRFIELD, IOWA
Condensed Statement as of Close of Business December 31, 1960
Liabilities
Iowa State Bank
All officers and directors were re
elected at the annual meeting, it was
announced by William A. Broquist,
chairman of the board.
P.M.
12:30 Luncheon — Mezzanine Floor,
Hotel Burlington.
Report of nominating commit
tee and election of officers.
Address — “ Scientific Agricul
ture, Foundation Stone of Prog
ress,” Dr. Earl L. Butz, Dean of
the School of Agriculture, Pur
due University, Lafayette, Ind.
Iowa State Bank & Trust Company
Total
stock, aeoording to Edwin F. Peters,
executive vice president.
K. P. E A T O N
M . K. CH AM BER S
Mr. Eaton, a commercial loan officer
and head of the credit department, has
been with the bank ten and one-half
years.
Mr. McGlothlen’s duties include op
erations and advertising. He has been
with the bank six years.
Mr. Sandin, in personnel and opera
tions, has been with the bank more
than 20 years.
Mr. Chambers who joined the bank
BANKS LViVti
A ll Negotiations Confidential
A NATIONAL C lf AR/NC HOUSt
TOU g X H M IM C tD SANK IXiC U TIVIS
______ °
WITH CAPITAL TO IH V ttT
Bankers Service C om pan y
BO X 1435
♦
DES M O IN ES 5. IO W A
»
PH O N E A T 1 .7 8 0 0
Iowa
131
News
ArU nyton Hank Completes Heinotlelintf P roject
EXPANDED BANKING quarters recently completed by the
Arlington State Bank, Arlington, more than double the size
of the original structure designed in 1910.
The new interior is finished in American walnut.
in April 1958 is in new accounts and
customer relations.
All other officers and directors were
re-elected.
West lies Moines
A new
vault was added for cash and books, and the old box was remod
eled to house the expanded safe deposit box facilities. Other
new features include the officers area, cashiers’ room, bookkeep
ing room, carpeted directors’ room, three window counter, glass
entry-way, air conditioning, and furniture.
elected an assistant cashier. It was
the 60th annual meeting as a national
bank.
All other officers and the directors
were re-elected.
John Harmeyer has been elected as
sistant cashier of the National Bank
of Des Moines, according to W. H.
Brenton, president. Mr. H a rm ey er
joined the bank in December, coming
from the Capital City State Bank. He
has had nine years’ banking experi
ence. He will be in charge of bank
operations for National Bank of Des
Moines.
West Des Moines State
First National
Hoy W. Messerschmidt was pro
moted from cashier to vice president
and cashier and Robert Snater was
At the annual meeting Leo J. Capdevielle was promoted from cashier to
vice president and Dale L. Hilton from
assistant cashier to cashier.
Call
Fri
Your
Group I I Meets
In Burlington
February 22
Group I I bankers will once more enjoy the tradi
tionally outstanding program scheduled for them at
the annual meeting here in Burlington. Join us in
renewing old friendships.
And Don 7 Miss The
Pre-Convention Party
Tuesday Evening —
February 21
Burlington Bank & Trust Co.
Farmers & Merchants Savings Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
National Bank of Burlington
N orthw estern
B anker,
February,
196Ì
132
The Bankers’ Market Place
W
ANT ADS
R ates 20 cents per word per
insertion. Minimum: 10 words.
NORTHWESTERN BANKER
306 15th St. Des M oines, Iowa
POSITION AVAILABLE
Young man with college degree,
ambition and experience in install
ment loans and bank operations
for bank of $7,000,000 in excellent
progressive community. Excellent
opportunity for capable man. Write
TBS, c/o The NORTHWESTERN
BANKER, 306 15th Street, Des
Moines 9, Iowa.
POSITION WANTED
Varied office experience, including
account receivables and systems
development in both regional and
general offices of present employer.
If desired can invest $8,000 to $10,000 in bank. Write P.O. Box 681,
Kenosha, Wisconsin.
A Page Telling What’s New for Banks and Bankers
Each month the Bankers’ Market Place will bring you listings of new
products, specialty items, banking equipment, and gift items which will
help you and your staff do a better job. This is the selection for this month.
NEW computer service, which
makes electronic data processing
available to companies as small as a
neighborhood store with one cash reg
ister has been opened in New York by
the National Cash Register Company.
Similar services are planned for other
major cities in the United States.
Equipped with a new $75,000 com
puter, the NCR 390, the service will
automatically prepare sales and inven
tory reports, payrolls, customer bills
and other business records.
Any company equipped with a Na
tional adding machine plus a punched
paper tape recorder will be able to
use the new low-cost computer service.
Punched cards also will be processed
A
FOR SALE
Entitled The Farm Picture, the
monthly publication includes com
ments on trends in the various farm
markets, discusses farm legislation,
and offers helpful tips on farm man
agement.
Sponsoring banks’ names appear on
the masthead of the publication.
W ÊK ÊÊÊÊÊÊÊtÊO ÊÊa m m im iÊÊÊÊm ÊiÊa B m ÊÊÊm m
BANK
EXECUTIVES
The Finest Positions
in Banking
Bank of New York recently an
T HE
nounced the installation of a “mo
. . . Are Available
Through Cadillac
Quality Equipment
At Sensible Prices!
Desk Model
Trouble FREE
— Fast —
No Operator
Fatigue
FREE TRIAL!
WRITE TODAY!
American Bank Equipment
Perforators
By
ARVID D. JO H N SO N
B ill! GBEENSPAN
Personal Consultant to the Banking Field
4775 Decatur, Omaha 4, Nebraska
Cadillac
A ssociates, Inc.*
Loan
System s
End o rsers,
Sig ners
C e rtifie rs and N u m bering
★
29 East Madison Bldg.
Chicago 2, 111.
Financial
B a n k e r , F6-9400
e b r u a r y , 1961
Digitized for
*WFRASER
here More Executives Find
tions Than Anywhere E lse in
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Coupon
Check
M a ch in es
Paper C u tters and Shredders
N orth w estern
Their Posi
the World.
bile” filing system in its securities
Try An A.B.E.
Electric
Check
Perforator
Whatever your requirements
contact us in absolute
confidence without obligation
I
N UNUSUAL give-away item to
stimulate saving among young
customers is the Thievish Magpie
Hollow-Tree-Bank b e in g distributed
by Jesse and Jesse of Wichita, Kan.
Children are fascinated by the way
the Magpie sticks out its beak, picks
up a coin (automatically), returns
into the bank and deposits the coin
safely inside. The bank’s all-metal con
struction makes it a durable give-away
your customers will appreciate.
A
N INTERESTING four-page paper
A
is being made available to banks
for distribution to bank customers.
Several NCR - 135 Bank Posting
Machines. Have been continually
under service contract.
H. D. Todd, Cashier
Security Trust & Savings Bank
Billings, Montana
TOP MEN— At every level know that
Cadillac has the widest choice of the
best available positions in the banking
Field— positions throughout the nation
with growth organizations offering chal
lenging work and top earning potential.
LEADING BANKS — Be they large or
small, know that Cadillac's 35 year rep
utation has been built on effective con
fidential service to the employer looking
for the right man.
BOTH TOP MEN AND LEADING BANKS
— know that their confidence is well
placed with the nation's largest executive
and professional placement service.
by the centers. Companies will be
able to obtain from the new service
daily, weekly and monthly break
downs showing sales and profits for
each department and for an individ
ual product and an individual sales
man.
★
★
★
★
★
★
★
★
Prompt Service On All Makes Check
Cancelling Perforators
A n a t t r a c t iv e e x te rio r s ta in le ss ste e l d is p la y
c a b in e t, c o m p le te w ith a se rie s o f A d v e r t is
ing S a le s M e ssa g e s co v e rin g a ll bank a c t iv
itie s , is a s e rv ic e o ffe re d b y G lo - P ro c e s s e d
D is p la y s In c . F lu o re s c e n t a d v e rtis in g in se rts
a re u lta - v io le t lig h te d , w o rk 24 hours p er
d a y w ith unusual a tte n tio n g e ttin g e m p h asis,
an d a t n o m in al c o s t. C a n be m o u nte d e ith e r
flush or a t rig h t a n g le s to e x te rio r w a ll, or
G lo - P ro c e s s ca n c o n v e rt y o u r p re se n t in
e ffe c t iv e d is p la y to th is m o re m o d e rn a d
v e rtis in g te c h n iq u e .
W r it e t o :
G lo - P r o c
essed D is p la y s In c ., 1874 W e s t 4 7 th S tre e t,
C le v e la n d 2, O h io .
133
vault, the first of its kind in the coun
try. The installation resulted in a
capacity expansion of almost 50 per
cent in the same vault area.
Dolin Metal Products, Inc., Brook
lyn, N. Y., supplied the unique system
which eliminates aisles. Standard
steel shelving is mounted in pairs,
back-to-back on four-wheel mobile
bases which roll along tracks attached
to the floor. Rows of these mobile
shelving units are placed in front of
a stationary row of shelving with only
three inches between rows. Each of
the mobile rows has one or two units
less than the rear fixed row. Access
to any unit is made by rolling any mo
bile unit aside at the proper location.
This arrangement requires only one
aisle for every six rows of shelving.
Sufficient aisle space was eliminated
to add about 1,200 linear feet of shelv
ing.
firms recently announced low
T WO
cost, precision office machines de
signed to destroy confidential paper
work and obsolete business records in
the privacy of your own office. They
are the Electro-Shred Corporation of
Lebanon, Ohio, and the Industrial
Shredder & Cutter Company of Salem,
Ohio.
Both units are small. The one an
nounced by the Electro-Shred Corpo
ration is a table model about the size
of a typewriter and deposits the
shredded paper in a standard waste
basket.
The Industrial Shredder & Cutter
Company unit, called Auto-Shred, has
its own waste bin. This unit also fea
tures an automatic feed hopper which
A U T O -S H R E D
E L E C T R O -S H R E D
eliminates constant hand feeding. Up
to 100 sheets of loose paper, cards or
tickets can be stacked in the hopper.
All operating mechanisms on both
units are completely enclosed to make
them safe for operation by anyone in
the office.
Ramee-Duke Corporation of
T HE
New York is offering an unusual
service, guaranteeing banks new sav
ings accounts.
The plan offered by the New York
firm is entitled “ Bank Accounts of the
Week.” Arrangements are made with
local merchants to give away four $10
savings accounts in a weekly drawing.
Registration in the contests is free
and is conducted at the sponsoring
stores. The New York firm handles
the publicity and provides promotion
al material and makes all the arrange
ments with local merchants.
A special display of clocks is made
available to the bank. In addition to
giving times in various cities through
out the world, the display carries in
formation about the contest and lists
participating merchants.
T H E F A R M P I C T U R E — o u tsta n d in g c h o ic e
o f o u tsta n d in g b an ke rs— is a m o d e rn new s
le tt e r d e v o te d to th e h ig h e st t ra d it io n s of
fu ll s e rv ic e b a n k in g . F a rm e rs p re fe r th e p ic
tu re o v e r s im ila r s e rv ic e s — b y a ra tio of
m ore th an 2 to I . Th e P ic tu re h e lp s f a rm
ers w ith t h e ir m o n ey and c r e d it p ro b le m s.
If fa rm e rs a re im p o rta n t to y o u r b an k,
p le a se le t us send c o m p le te in fo rm a tio n .
E a rl F . C ro u s e , p re s id e n t, F arm
Business
C o u n c il, In c ., D e p t. 4 1 , P. O . Box 221,
U r b a n a , Illin o is .
jj Give Your Best Custom ers
1 D esk -M a ster Com binations
Show
your
a p p r e c ia t io n
t h e ir p a tro n a g e . G iv e
m an 's
g ift
. . .
a
m a il o p e n e r an d
Hom e
M oney
M anagem ent
a
d e c o r a tiv e
a o n e -b la d e
k n ife , a ll-in -o n e . T h is is a " n a t
u r a l" fo r a n y b u sin e ssm an . . .
or
w o m an .
nam e
an d
bank.
50
Im p rin te d
a d d re s s
to
w ith
of
99— $ 1 .3 7
your
each ;
100 to 149— $ 1 .2 6 e a c h .
A d v e r tis in g
In g e rs o ll
N ew
fo r
th em
M o in e s
B o o kle t
Co.
Avenue
12, Iow a
S E L L S A L L T H E B A N K S S E R V IC E S
T h e 1961 e d itio n tie s in e a ch f a m ily fin a n
c ia l a c t iv it y w ith a p p r o p ria te b an k s e rv ic e —
fro m s a v in g to e s ta te p la n n in g . B e sid e s new
c o n c e p t on s a v in g , th e la te s t s im p lifie d fo rm s
fo r re c o rd in g in co m e an d e x p e n d itu re a re
p a tte rn e d a f t e r U . S . in co m e ta x Form 1040.
L e g a l ta x savin g su g g e stio n s, la te s t ta b le s
and a m e n d m e n ts on S o c ia l S e c u r ity , in su r
a n c e re c o rd s a re a ll c o o rd in a te d w ith fa m ily
g o a ls and e s ta t e . W h e th e r d is trib u te d a t
co u n te r, d riv e -in w in d o w s, in hom e c a llin g
p ro g ra m or s p e c ia l e ve n ts, a su re w a y to
h e lp cu sto m e rs an d p ro sp e c ts w ith m o n ey
m a tte rs an d se ll n e e d e d b ank s e rv ic e s . B u si
ness N ew s A s s o c ia te s , In c ., 149 B ro a d w a y ,
N . Y . 6.
Th e la rg e s t tra n s p a r e n c y ty p e S a le s M e s
s a g e s a v a ila b le to banks a re th ese b y F i
n a n c ia l C o lo r A d C o m p a n y . A fu ll 2 4 " by
3 6 " an d b rillia n t ly b a c k - lig h te d , th e y e n c o m
pass a ll bank s e rv ic e s . D is p la y e d in h a n d
som e h ard w o o d c a b in e ts , e ith e r sin g le or
d o u b le f a c e ty p e s , and e ith e r s ta tio n a ry or
ro ta ry , y o u r a d v e rtis in g
m e ssag e ca n n o t
escap e
a tte n tio n ,
p a rt ic u la rly
w hen
d is
p la y e d
in
th e
u n iq u e
ro ta ry
c a b in e ts .
" V iv id - S c e n e " fu ll co lo r, th re e d im e n sio n a l
tra n s p a re n c ie s , a u th e n tic E k ta c h ro m e re p r o
d u c tio n s an d a m a z in g ly b e a u tifu l, c o m p le
m e n t th e S a le s M e ssa g e s— g u a ra n te e yo u r
a d v e rtis in g fu ll a tte n tio n ! W r it e , fo r a d d i
tio n a l in fo rm a tio n , t o :
F in a n c ia l C o lo r A d
C o m p a n y , P .O . Box 83, B re c k s v ille , O h io .
T H I E V I S H M A G - P IE B A N K . H e r e 's an un
usu al sa v in g s b an k t h a t b an ke rs e ith e r can
g iv e a w a y (o r use as S E L F - L I Q U I D A T I N G
P R E M IU M ) or se ll a t c o s t to s tim u la te s a v
in g s b y y o u n g s te rs .
It's r e a lly a s c re a m .
C h ild r e n a re fa s c in a te d b y th e cu te w a y the
M A G - P IE stick s out his b e a k , p icks up th e
co in (a u t o m a t ic a lly ), re tu rn s in to th e bank
and d e p o s its co in s s a fe ly .
M e ch a n ism is
sim p le b u t s tu rd y . . . a ll m e ta l c o n s tru c tio n .
O n ly $ 1 .5 0 , p o s tp a id . Q u a n t it y p ric e s on in
q u iry . W r i t e : H O L L O W - T R E E - B A N K , P. O .
Box 9 3 6 , W ic h it a , K a n sa s.
N orth w estern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B an ker,
February,
1961
134
Truthful
Buying or Selling?
A man had a second hand car for
sale before his home. A large sign on
the car gave its price as $387.31.
“How come you have such an odd
figure?” a customer asked.
“Oh,” the car owner explained. “ 1
eat between meals.”
Not “Piggy”
Judge: Have you ever been in
trouble before?
Gangster: Only once, your honor,
when I robbed my kid brother’s bank.
Judge: Well, now, that couldn’t have
been too serious.
Policeman: I’d better explain, your
honor, that his younger brother is
president of the First National.
“Get my broker Miss Jones.”
“ Stock or pawn?”
That’s Good?
Master Musician: He plays in the
true spirit of Christian charity.
Friend: What do you mean?
Master Musician: His right hand
does not know what his left hand is
doing.
So It’s Mutual
“G ood m orn in g, Mrs. Murphy.
You’re looking fine today.”
“ Sorry I can’t say the same for you,
Mrs. Finnegan.”
“You could if you were as big a
liar as I am, Mrs. Murphy.”
F
FEBRUARY, 196!
A
ABC Advertising- ........................................... 133
Acorn Printing Company ...........................126
American National Bank—
Rapid City, S. D.......................................... 86
American National Bank— St. Joseph.. 107
American National Bank and
Trust Company ....................................... 68-69
American National Insurance
Company of G a lv esto n ............................ 66
American Trust and Savings Bank
— Dubuque ....................................................123
It
Bank of America .......................................... 26
Bank Building and Equipment
Corporation ................................................. 6-7
Bank of California ...................................... 50
Bank of Montreal ........................................ 58
Bankers Service Company, Inc. ...1 0 0 , 130
Bankers Trust Company—Des Moines. 108
Bergstrom Paper Company ..................... 63
Burlington Banks ......................................... 131
Business News Associates ........................ 133
C
Cadillac Associates, Inc................................ 132
Central Bank and Trust Company
— Denver ....................................................... 95
Central National Bank and Trust
Company— Des Moines .......................... 20
Central States Health and Life Co...........135
Chase Manhattan Bank, The ...................
4
Chemical Bank New York TrustC o .... 41
Chiles-Schutz Company ...............................106
Christmas Club a Corporation ...............
9
City National Bank— Clinton.................... 124
City National Bank and Trust
Company— Chicago .................................. 59
City National Bank and Trust
Company— Kansas City .......................... 65
Colorado National Bank ............................ 90
Commerce Trust Company ........................ 115
Continental Illinois National Bank
and Trust Company ................................ 13
r>
Davenport, F. E., and Company...107-123
DeLuke Check Printers, Inc..................... 44
Diebold, Inc....................................................... 39
Doane Agricultural Service, Inc.............. 48
Drovers National B a n k ...............................119
N orthw estern
B a n ker,
February,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1961
Farm Business Council, Inc........................133
Farmers State Savings Bank—
Independence................................................126
Federal Discount Corporation ............... 46
Federal Home Loan Bank
of Des Moines ............................................. 58
Fifth Avenue Hotel .................................... 52
Financial Color-Ad Company ..................133
First American National Bank— Duluth 81
First Continental National Bank
and Trust Company .................................105
First National Bank— Cedar Falls ....1 2 2
First National Bank— Chicago ............... 17
First National Bank— Fairbury, Nebr. .100
First National Bank— Minneapolis . . . . 77
First National Bank— Oelwein ................110
First National Bank-—Omaha ..................101
First National Bank— St. Louis ............. 43
First National Bank— St. Paul ............72-73
First National Bank— Sioux City ..........127
First National City Bank of New York 45
First Stock Yards Bank—
St. Joseph, Mo............................................... 114
G
Gamble-Skogmo, Inc..................................... 16
Glo-Processed Displays, Inc...................... 132
Greenspan, Bud ..............................................132
If
Hanover Bank, T h e ...................................... 53
Harris Trust and Savings Bank ........... 23
Hollow-Tree Bank ....................................... 133
Home Federal Savings and
Loan Association ...................................... 54
Hummer, Wayne, and Company ........... 42
I
Interstate Finance Corporation ............. 56
Iowa-Des Moines National Bank ............136
Iowa Power and Light C om p an y ................. 8
Iowa State Bank and Trust Company
— Fairfield .................................................... 130
Irving Trust Company................................ 51
J
Jasper County Savings Bank— Newton. 122
K
Koch Brothers ................................................119
L
LaMonte, George, and Son ....................... 55
LaSalle National Bank ...............................I l l
Lawrence Warehouse Company ............. 15
Live Stock National Bank— C h ica g o... 10
Live Stock National Bank— Sioux City. 84
M
Manufacturers Trust Company ............. 14
Marquette National Bank .........................113
Mercantile Trust Company ..................... 25
That’s a “ Lot”
A Texan got into a poker game with
some Englishmen. The cards were
dealt and the Englishman to his right
bet “One pound.”
Looking at the four aces in his own
hand the Texan said, “Ah don’t know
how you-all count your money, but
Ah’ll raise you a ton.”
Business Trip
Two bankers, away on a fishing
trip, found themselves in the water
when their boat capsized.
“Fred,” called one, “can you float
alone?”
“Are you crazy, man?” the second
one replied. “ I’m drowning and you
want to talk business.”
Merchants Mutual Bonding Company..
Merchants National Bank ................
Merrill Lynch, Pierce, Fenner & Smith.
Midland National Bank ................
Minnesota Commercial Men’s Assn. . . .
Mosler Safe C om p an y..................................
60
2
40
75
74
12
N
National Bank of Burlington .................. 112
National Bank of Commerce .................. 104
National Bank of South Dakota ........... 88
National Bank of Waterloo .................... 117
National Boulevard Bank of Chicago.. 42
National Cash Register Com pany.. . .37-61
Northern Trust Company .......................... 3
Northwest Bank and Trust
Company-— Davenport .............................112
Northwest Security National B a n k .... 87
Northwestern National Bank ................. 70
O
Omaha National Bank ................................ 99
R
Ralston Purina Company .......................... 22
Recordak Corporation .............................18-19
Republic National Bank of D allas......... 47
S
St. Paul Terminal Warehouse Company 67
St. Paul Fire and Marine Insurance Co. 62
Seattle-First National Bank, Seattle . . 57
Security First National Bank—
Los Angeles ................................................. 24
Security National Bank .............................118
Security Trust and Savings Bank
— Billings, Montana ................................ 94
Stock Yards National Bank— Omaha ..103
Stock Yards National Bank—
South St. Paul .......................................... 83
Studley, Shupert Trust Investment
Council ......................................................... 52
T
Toy National Bank ..................................... 121
rr
Union Bank and Trust Company
— Helena, Montana .................................. 92
Union Bank and Trust Company
— Ottumwa ..................................................120
United Home Bank and Trust
Company— Mason City .............................114
United States Check Book Company.. 64
United States National Bank ................. 93
V
Valley Bank and Trust Company
-—-Des Moines ..............................................129
Valley National Bank— Phoenix ........... 11
W
Waterloo Savings Bank .............................125
W ells-Fargo Bank American
Trust Company ........................................ 49
Central States
sales set new records
During 1960 Central States’ volume in health insurance
underwritten through commercial banks increased more
than 30%. At the same time, the area of operations in
cluded five additional states to make a total of nineteen
states served. These achievements reflect vigor and
stability in insurance protection for a growing group
of policyowners.
T . L e s l i e K iz e r ,
President
C e n t r a l S t a t e s
H e a l t h & L if e Co .
o f
O m a h a
Central States Insurance Building • Howard at 18th Street • Omaha
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
KOSSUTH
«-YON
DICKINSON
^ SIOUX M"*°
^
PALO
S**v«C**tNfC
)
FUOYD
CLAYTON
HUMBOLDT
.PLYMOUTH
J9U 1TP*H> ^
1 f.o..."«*o
»xnbtt0I toPorNOxe, I
'^ l * ; ^ r t r f O O
.UCHAK.N
d
Grundy
I
BLACK HAWK
JONC»
CÄ
— r
MARSHALL
•OONE
*•***»&
°0»ta
.jJ h C u d « la p id »
CLINTON
Clinton^
pa»#.*
OALLAS
CeOAB
éT**0"
:> *
1
t a ..
LUCAS
JERRY NELSON
Vice President
CHRISTY F. ARMSTRONG
Vice President
KEITH W. CAMPBELL
Assistant Vice President
GEORGE E. HARNAGEL
Assistant Cashier
BOB BUENNEKE
Assistant Cashier
Transit timetable:
alw ays a little fa ster
We race the clock and beat it! We have to. Look to our motto
for the reason: “ Always a little faster.”
It’s the pledge we live by . . . and work by . . . and seek
your business by.
It’s also an open invitation. It says we are receptive to
any suggestion that may possibly make for even more speed
Io
w a
-D e s M
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
in collection and more correspondent banking satisfaction.
Don’t think, however, our quest for jet speed is restricted
to Transit alone. It envelops every facet of Iowa-Des Moines
National Bank’s complete banking service.
The five men in our department are here to prove it. Just
call them and name the time. Your convenience, of course.
B a n k
o in e s
Sixth and Walnut
ME MB ER F E D E R A L DE PO SI T I N S U R A N C E CO RPOR AT ION
L
CHerry 3-1191
@FedFRASER