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Federal Reserve Bank of St. Louis

FRED SMITH, Vice President,
Senior Loan Officer
Fred Smith has been with the Merchants Nation­
al Bank for 42 years. Before joining the bank, he
was with the General Land Office in Washing­
ton, D .C. and the Wyoming Land Company. His
years of experience in the Loan Department of
the Merchants National makes him an expert or?
all types of loans. A conscientious civic worker,
Mr. Smith is past director of the Cedar Rapids
Chamber of Commerce.

v

If you need assistance or advice on any type
of loan, Fred Smith is one of the men to help
you. He and the rest of the MNB staff offer full
correspondent banking facilities that today are

:**»>*.

being used by over 400 MNB correspondents:

PROFILE I

FRED SMITH
Another M N B Staff M em ber who assists
our Correspondent Bank Customers

M e / ic J u u tfo fs d h o n d
M E M B E R F D.I C

T H E F U L L SER V IC E B A N K FOR T H E B A N K S O F IO W A


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Federal Reserve Bank of St. Louis

3

How a discerning banker protected the
interests of three generations
The problem, our correspondent explained, was
quite complicated. One of their directors, head of
a closely-held family business, had to determine a
course of action in the face of an uncertain market.
Should he carry on "business as usual?” Go public?
Or merge? In addition, which course would provide
the greatest benefit to his grandchildren?
A meeting was arranged at The Northern Trust.
Officers of the Commercial Banking and Trust D e­
partments were called in. After complete study, two
complementary plans evolved— one, a merger that
provided needed resources for the business, the
other, an estate plan that reduced the impact of
taxes on what would be left to the youngsters.
Service such as this— right on down to the ar­
rangements for three bright futures— is a trade- mark of The Northern Trust Bank. In all of our
correspondent banking activities— and in bond,

international banking, trust and operations, as well
— this is the way in which we serve our customers.
Personally. Professionally. In depth.
W e’d like to have you know more about all the
advantages of a correspondent connection with
The Northern Trust. The coupon will bring you
our special booklet. A phone call or letter will
bring us out for a personal visit whenever you find
it convenient.
T h e Nor thern T r u s t C o m p a n y

50 South La Salle Street, Chicago 90, Illinois
Please send me, without obligation, a copy of your booklet "Sug­
gested Services for Correspondent Banks.”
Individual.
Bank______
Address.
City______

NORTHERN,

.Z o ne.

.State.

UST

5 0 SOUTH LA SA LLE STREET
CHICAGO

90,

ILLINOIS

FI 6 - 5 5 0 0 . MEMBER F. D. I. C.

BANK

N o. 907. N orthw estern Banker is published m onthly by the N orthwestern B anker Company, 306 F ifteenth Street, Des Moines 9, Iowa. Subscription 35c
per copy, $3 per year. Second class postage paid at Des Moines, Iowa. Address all m ail (subscriptions, change o f address, Form 3579, m anuscripts,
m ail item s) to above address.


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Federal Reserve Bank of St. Louis

4

C O N V E N T IO N S

for yo ur F E B R U A R Y , 1963, reading
No. 9 07

69th Y e a r

EDITORIAL
22

Across the Desk from the Publisher

4
12
14
18
21
27
28

Conventions
Mrs. Clifford De Puy Dies
Conference Theme, “ Management”— Ben Haller, Jr.
Bankers in State Legislatures
Frontispage
Bank Bills Face Delay— U. V. Wilcox
Cost Control for Higher Profits
Part I: Finding Problem Areas— Edward F. Lyle
Part II: Solutions for Problem Areas—
A N o r t h w e s t e r n B a n k e r Survey
Get the Most from Your Mail Budget
Bank Statement Comparisons
Roundup of Annual Meetings and Promotions

FEATURE ARTICLES

30
33
34
35

STATE BANKING NEWS
Minnesota
Twin City
South Dakota
North Dakota
Montana
Colorado
Wyoming

News
News
News
News
News
News
News

67
70
79
83
85
87
88

91
92
98
107
118
122
126

Nebraska News
Omaha News
Lincoln News
Iowa News
Des Moines News
Group 1 Program
Group 11 Program

OTHER FEATURES
133
134
134

The Bankers’ Market Place
In the Directors’ Room
Index of Advertisers

N O RTH W ESTERN BANKER
306 15th Street, Des Moines 9, Iowa, Telephone (Area Code 515) 244-8163
Chairman

Clifford De Puy

Publisher

Malcolm K. Freeland

Associate Editor

Elizabeth Cole

Ben J. Haller, Jr.
Associate Editor

Walter T. Proctor

Advertising Assistant

E ditor

Doyle Minden

Circulation Department

Lena Sutphin

Field Representative

AI Kerbel

Auditor

Bertha Soderquist
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, 1963


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Federal Reserve Bank of St. Louis

February 17-19, ABA 9th Regional
Mortgage Workshop, Statler-Hilton Hotel, Detroit.
February 20-22, NDBA Education Con­
ference, University of North Da- <
kota, Grand Forks.
March 17-22, ABA Regional School in
Fundamentals of Bank Personnel
Administration, Hotel Radisson,
Minneapolis, Minn.
March 25-27, Independent Bankers
Association, annual convention,
Roosevelt Hotel, New Orleans, La.
March 26-29, South Dakota Bankers
Association, Legislative Trip to
Washington, D. C.
April 1-3, ABA National Installment
Credit Conference, Americana H o­
tel, New York.
April 5, FPRA, Regional Meeting,
Sheraton-Fontanelle Hotel, Oma­
ha.
*
April 10-11, South Dakota Bankers
A s s o c ia t io n , A g Conference,
Pierre, S. D.
May 6-7, Nebraska Bankers Associa­
tion, Annual Convention, Shera­
ton-Fontanelle Hotel, Omaha.
May 9-11, North Dakota Bankers As­
sociation, annual convention, Diekinson, N. I).
May 13-15, NABAC, Northern Re­
gional Meeting, Kentucky Hotel,
Louisville.
May 16-18, South Dakota Bankers As­
sociation, annual convention, Elks
Club, Watertown, S. D.
May 23-25, Colorado Bankers Associ­
ation, annual convention, Broad- ■
moor Hotel, Denver, Colo.
May 27-31, American Institute of
Banking, annual convention, Denver-Hilton Hotel, Denver, Colo.
June 10-12, Minnesota Bankers Asso­
ciation, annual convention, Hotel
Saint Paul, St. Paul, Minn.
June 10-21, Iowa Bankers Association,
18th Annual Ag Credit School,
Iowa State University, Ames.
June 13-15, Wyoming Bankers Associ­
ation, annual convention, Jackson
Lake Lodge, Moran, Wyo.
June 20-22, Montana Bankers Associ­
ation, annual convention, Jackson
Lake Lodge, Moran, Wyo.
July 8-21, School of the FPRA, North­
western University’s Chicago cam­
pus.
July 19-20, American Institute of
Banking, District 10 Regional
Conference, Sioux Falls, S. D.
August 4-17, NABAC School for Bank
Audit and Control, University of
Wisconsin, Madison.
August 18-31, Graduate School of
Banking, 19th Annual Session, 4
University of Wisconsin, Madison.
September 16-18, NABAC, 39th An­
nual Convention, Minneapolis.
October 6-9, 89th ABA Annual Con­
vention, Washington, D. C.
October 20-23, Iowa Bankers Associ­
ation, annual convention, Hotel
Fort Des Moines, Des Moines.
November 10-14, FPRA, 48th Annual
Convention, Biltmore Hotel, Los
Angeles.
November 17-19, ABA 12tb National
Ag Credit Conference, Muehlebach Hotel, Kansas City, Mo.

MILLIONS

NO L i

1TH
UP

Onward &upward
( as usual )

650

600

w ith

550

ARIZONA!
Statem ent of Condition
AT THE

C L O S E OF B U S IN E S S

500

450

GROWTH
OF-----DEPOSITS

300

250

DECEMBER 31, 1962

1950

1962

RESOURCES

Cash and Due from Banks ........................................
U. S. Government B o n d s ...............................................
Other Bonds .........................................................................
Loans (Federally Insured or Guaranteed) . . .
Other Loans (Less Reserves for Possible Losses)
Accrued Interest Receivable........................................
Buildings, Furniture and F ix t u r e s ...........................
Other Resources
............................................................

Total R e s o u rc e s ............................. .....

.

. $122,485,430.05
.
89,266,461.18
.
50,110,295.91
.
126,324,344.84
.
402,352,695.13 _J
4,890,172.37
17,535,520.78
.
11,827,064.70

. $824,791,984.96 3

jS> zsOL'w JIæk . 31, l£?6i')

ui? w 0 1 A

0 0 ,0 0 0

d p * 6 7 , 2 (7 0 , 0 0 0

LIABILITIES

Deposits:
Checking
Savings .
Public .
Provisions for Taxes, Interest, e t c ..
Unearned D isco u n t.................................
Other Lia b ilitie s........................................
Capital Funds:
Capital Stock (2,376,217 Shares)
S u rp lu s.....................................................
Undivided P r o f i t s ...........................
Reserve For Bond Account

$378,233,283.02
280,516,759.07
85,041,935.85
$743,791,977.94%
6,192,029.31
11,379,129.28
7,127,202.07

d h * 6 l j 3 0 Q, 0 0 0

11.881.085.00
31.118.915.00
10,301,646.36
$ 53,301,646.36
3,000,000.00

dp * 3,
Total Liabilities

78 O FFICES

.."v. ':

/ V


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Federal Reserve Bank of St. Louis

P R E S ID E N T

2 .^O O O


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

of a banker
who has lost a
transit letter!
Relaxed! Several thousand checks were in the
lost transit letter, but he has Recordak micro­
film copies of them all. He simply phones the
local Recordak branch office.
Surprised! “Just send us the roll of film,’ 5 he's

told. Recordak will produce photo-exact fac­
similes directly from the him in high-speed
precision equipment. And, imagine, there’s
no additional charge for this wonderful service.
Happy! Facsimiles of the missing checks are

delivered promptly as promised. He can dis­
patch a duplicate transit letter immediately.
And his depositors aren’t inconvenienced at
all—not to mention the bank’s staff.
This unique se rv ic e , available through 38
Recordak branches, is only one of the reasons
why, when it comes to microfilming, banks
can depend on R ecordak specialized ex­
perience and facilities. For full story, write
R ecordak C orporation, Departm ent A - 4,
770 Broadway, New York 3, New York.

(Subsidiary of Eastman Kodak Company)

first and foremost
in microfilming since 1928
IN CAN ADA— Recordak of Canada Ltd., Toronto

Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

8

¡.a m p s lA t/h ted Mutisi T im e

Short T erm
Com m ercial
Paper

IV<
o
e f f er
f o r sale
the notes of
these
representative
finance
companies
Admiral Credit Corporation
Chicago, Illinois

Approved Finance, Inc.

AFTE R 55 Y E A R S, oil lamps are no longer in use at the First State Bank of Roscoe,
Minnesota. I. J. Muggli, cashier, and Louise Muggli, president, are shown above light­
ing one of the oil lamps for the last time. Electricity was installed and the lights
turned on for the first time November 29. Anton Muggli, father of the present officers^“
was the first president of the bank which has been at the same location since 1906. As
reported in another story in this issue, the Roscoe bank was sold last month. I. J.
Muggli is continuing with the bank.

Columbus, Ohio

The Bankers Investment Company
H utchinson, Kansas

Civic Finance Corporation
Milwaukee, W isconsin

Commercial Securities Co., Inc.
B aton R ouge, Louisiana

Continental Investment Corp.

F P K A W ill P r e s e n t S peeiat S kit *A t if K e y io n a i
Aieeti

M em phis, Tennessee

Crown Finance Corporation
St. Louis, M issouri

Guardian Discount Company
M em phis, Tennessee

Laurentide Finance Corporation
San F rancisco, California

Midwest Finance Co., Inc.
(W holly-ow ned Subsidiary o f
Doughboy Industries, In c.)
N ew R ichm ond, W isconsin

Murdock Acceptance Corporation
M em phis, Tennessee

Northern Illinois Corporation
De Kalb, Illinois

Strevell-Paterson Finance Corp.
Salt L a k e City, Utah

Winter & Hirsch, Incorporated
Chicago, Illinois

Prevailing 6 month rate:
3 Vi - 3 % % discount
subject to periodic fluctuation

ASHWELL
& COMPANY

176 W EST ADAM S STREET
CHICAGO, ILL.
RAndolph 6-5432

Wire FAX Chicago

Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

executives from all
F INANCIAL
over the U. S. will convene in three

cities in the heartland of America this
spring for regional meetings sched­
uled by Financial Public Relations
Association. They will be April 1 at
the Hotel Peabody in Memphis, Tenn.;
April 3 at the Shamrock Hilton in
Houston, and April 5 at the Sheraton
Fontenelle in Omaha.
All three meetings will include de­
partmental and clinic sessions on top­
ics of interest to financial advertising,
business development, and public rela­
tions practitioners, but FPRA Presi­
dent Ernest G. Gearhart has extended
a special invitation to management
level executives to attend, too.

Mr. Gearhart, vice president of the
First National Bank of Miami, Fla.,
said the association’s regional meet­
ings provide “the perfect opportunity
for financial leaders to see FPRA at
work and to learn how the arts of
public relations can be profitably used
in their own institutions.”
The meetings are open to non-mem­
bers and members alike.
All of the association’s national offi­
cers are making the three-city tour
and will make a significant contribu­

tion to the program, a dramatized pres­
entation with the intriguing title, “Our
Bank Has Problems, Too.” In the
presentation, the officers will assume
their roles as members of “a senior^
management committee of a conserva­
tive, well-run bank with sound operat­
ing policies” which finds itself in a
position where growth is essential to
survival. The “plot” is concerned with
the ways public relations affects the
policies and plans for the required
growth.
Participating in the presentation be­
sides Mr. Gearhart will be Harold W.
Lewis, first vice president, and vice-y
president of First National Bank of
Chicago: Charles H. Hoeflich, second
vice president, and president of Union
National Bank & Trust Company, Sou^
derton, Pa.; Frank R. Swan, third vice
president, and executive vice presi­
dent of City National Bank & Trust v
Company, Oklahoma City; Robert A.
Bachle, treasurer, and vice president
of National Boulevard Bank of Chica­
go, and Vernon Schwaegerle, FPRA’sexecutive vice president.
Mr. Gearhart will also deliver a ma­
jor address at each of the meetings, <
“You Can’t Spell PROFIT without
PR.”

HOW TO TURN

REMODELING

PROBLEMS

I NTO

For hundreds of banks, remodeling has been amazingly successful.
But for some, it’s been a first-class headache, even a financial debacle.
They ran into hidden construction faults . . . or found that plans which looked
so good on paper didn’t work out. During remodeling, operations of many were
hamstrung by poorly-timed materials and construction programming. The only
practical approach: choose a specialist who knows bank remodeling.
Unparalleled experience —50 years’ worth

To get the job done right, consult Bank Building Corporation before you make
plans. We’ve remodeled hundreds of banks— everything from creating an extra
floor from existing space to rebuilding huge downtown structures. Regardless
of size, your plans will be created by the country’s top remodeling experts. Their
know-how moves your project ahead faster, quickly overcomes problems, keeps
business operating as usual. . . and assures the best possible quarters for your
investment. Interested? Let’s talk it over soon.

Says Winthrop W.
Spencer, board
chairman, The
Colonial Bank &
Trust Co.,
Waterbury, Conn.:

"C o lo n ia l's w a s n o t an e a s y p ro je c t.
W e h a d to co n tin u e u sin g o u r b u ild in g
durin g a t w o - y e a r p e rio d o f m a jo r
rem o d elin g . T h a n k s to B a n k Build in g
\C o rp o ra tio n 's e ffic ie n t p ro g ra m m in g ,
we

w e re a b le to o p e ra te a s

a ll during

c o n stru c tio n .

The

u su a i
d esig n

th e y g a v e u s n o t o n ly e n a b le d u s to
s ta y in d o w n to w n

W a terb u ry , it a lso

g re a tly stre n g th e n e d o u r c o m p e titiv e
p o sitio n h e r e ."

JU S T O U T!

Handsome new main office of Colonial Bank & Trust Company incorporates (inset) original
quarters of Citizens and Manufacturers National Bank, merged into Colonial in 1959.

N e w m o n e y -s a v in g , p h o to -fille d d ig e s t o f
n a tio n -w id e b a n k re m o d e lin g e x p e rie n c e .

“ HOW TO TAKE THE RISK OUT OF
REMODELING”
In v a lu a b le b u ild in g le s s o n s g a in e d fr o m
h u n d re d s o f b a n k re m o d e lin g p ro je c ts .
W R IT E

St. Louis, 1130 Hampton Avenue

T O D A Y fo r y o u r c o m p lim e n ta ry

c o p y o f th is in fo r m a tiv e n e w b o o k .


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

A tla n ta

•

C hicag o

•

D allas

•

New Y o rk

•

San

F ra n c is c o

10

Interstate Finance
Expands Operations

R esources
Cash and D ue from B a n k s ..............................................................$245,944,934.50
U . S. Government S e c u r i t ie s ....................................................

269,246,314.26

State and Municipal S e c u r i t ie s ..............................................

88,655,209.92

Other Bonds and Securities.........................................................

14,439,661.39

$ 618,286,120.07

Loans and D is c o u n t s .......................................................................................................

587,740,544.01

Federal Reserve Bank S t o c k ......................................................................................

1,950,000.00

Bank Buildings, Vaults, Furniture and Fixtures, etc............................................

16,874,084.86

Interest Earned N o t Received, etc................................................................... .
Customers’ Liability under Letters of Credit and Acceptances

.

6,352,307.73

. . . .

10,498,509.13

T O T A L .........................................................................................................................$1,241,701,565.80

L ia b ilitie s
Capital S to c k ...................................................................................... $ 27,400,000.00
S u rp lu s..................................................................................................

37,600,000.00

Undivided P r o f i t s ...........................................................................

31,312,960.24

$

96,312,960.24

Reserve for Interest, Taxes, etc.....................................................................................

9,041,644.53

Discount Collected N o t E a r n e d .................................................................................

8,621,182.76

Letters of Credit and A c c e p t a n c e s ...........................................................................

10,498,509.13

D e p o s i t s ..............................................................................................................................

1,117,227,269.14

T O T A L .........................................................................................................................$1,241,701,565.80

D ire cto rs
LA W R EN C E M . ARN O LD

C HARLES H. IN G R A M

Honorary Chairman

Director,
Weyerhaeuser Company

W ELLW O O D E. BEALL

CHARLES D. SAUN DERS

Chairman,
Executive Com m ittee

Expansion of operations into the
Minneapolis-St. Paul area and the ad­
dition of offices in Illinois and Iowa
h i g h l i g h t e d the<
1962 operations of
In tersta te Fi­
nance C o r p o r a ­
t i o n , Dubuque,
I o w a , according
to George L. Cassat, president.*.
The company now
has a total of 48
o f f i c e s in six
states—Iowa, Illi­
G. L. C A S S A T
nois, Minnesota,
Wisconsin, Kansas and Oklahoma —
compared with 33 offices in five states,*,
a year ago, he stated.
The purchase of nine offices total­
ing almost $3 million in receivables
from Capitol Acceptance Corporation,
St. Paul, Minn., represents Interstate’s
first operations in the state of Minne­
sota although business relationships^
have been long established in that
area through the major Twin Cities
banks and the company’s prime insur­
ance carrier, Northland Insurance
Company of St. Paul.
A 75.8 per cent increase in direct
loan outstandings and a 24.4 per cent
increase in loan volume exclusive of
acquisitions were major accomplish­
ments during the year, Mr. Cassat
said. The company experienced de­
creases in dealer originated automo­
bile finance paper and to augment this
category is expanding its activités in
the financing of mobile homes, home
improvements, dairy cattle, and fleet
and industrial equipment leases.
1

ADO LPH D. SCH M ID T, JR .

Senior V ice President,
T h e Boeing Company

President,
Olympia Brewing Company
FRA N K E. JER O M E

Vice Chairman of the Board
H EN RY BRO DERICK

ERIC A . JO H N ST O N

President,
H enry Broderick, Inc.

President, Motion Picture
Producers and Distributors
of America, Inc.

ALFRED SH EM AN SKI

President,
Eastern Outfitting Company

RICHARD E. LA N G

Chairman, Lang & Co.
N O R TO N CLAPP

President,
Weyerhaeuser Company
O . D. FISHER

A N S O N B. M O O D Y

ELBR ID G E H. STUART

Chairman,
Carnation Company

Everett
W . G . REED

Chairman, Fisher Flouring
M ills Company
L. C . H EN RY

Chairman,
Simpson Timber Company
V O LN EY R IC H M O N D , JR .

President, H. C. H enry
Investm ent Company

G E O R G E V A N W ATERS

Honorary Chairman.
Van Waters & Rogers, Inc.

President, Northern
Commercial Company

y o u ftb a llw -a yA t& cß co m c a t - - -

Seattle-First
National Bank
MEMBER

F E D E R A L D E P O S IT IN S U R A N C E

Northwestern Banker, February, 7963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

CORPORATION

Visitors View Reopened
Remodeled Money Museum
Ancient coins of silver and gold glit­
tered like new recently when the
Chase Manhattan Bank’s Money Mu>
seum in Rockefeller Center reopened
its doors after being closed for seven
months.
The museum—which has one of the
most comprehensive currency collec­
tions in the world—had been closed
for extensive remodeling.
v
About 5,000 items from the bank’s
collection of 75,000 specimens of
money from every period in history
are now on display in the museum at y
1254 Avenue of the Americas.
Other exhibits show the evolution
of paper money in the United States^
from Continental Currency of 1775 to
a modern $10,000 Federal Reserve note
of the United States.
The museum is open from 10 a.m. \
to 5 p.m. Tuesday through Saturday.
Admission is free.

11

NCR

ADDING MACHINES
p||pp||

designed with BANKS in mind!

«5^1

That's right—the long line of NCR Add­
ing Machines includes special models
and special features, designed to fit the
exacting requirements of banks.

You have a Choice
of Models and Features:

.. ■

• 10, 12, and 14-column Models.

;

• Group and Grand Total and Selective Total Models.
• Shuttle Carriage Models.
• Exclusive “ Live” Keyboard Models.

ji Mar * 9 e. wf

Mj

/

>• * y « /

• Wide, movable carriages in 121A " and 15” widths.
Instantly adjustable for listing on columnar forms.
• Keyboard “ splits” for entering two or more amounts

SI
ì

j

(columns) at one time.
• Item Counter and Printer.
• Consecutive Number Printer.
• Visible Print Line. (You can see what and where you print.)

^

^

^

^

^

Va^ O

y

• Subtractions and credit balances print in red.
• Large, easy-to-read “ Answer Dials.”
• Descriptive word and character keys.

Of course, you get Rugged Duty Construction on
every model. Precision-made, heavy-duty parts, plus

and manufactured by The National Cash Register
Company, producers of quality business machines

numerous inspections and tests which go into every

for 79 years.

step of production, assure longer service and lower

You, too, can benefit from the many time- and
money-saving features of a quality NCR System.

cost per year.
All new NCR adding machines are uncondition­
ally guaranteed for one full year. They’re engineered

For more information — call your nearest NCR
Office or Dealer. No Obligation.

NCR PROVIDES TOTAL S Y S T E M S —FROM ORIGINAL ENTRY TO FINAL REPORT —
THROUGH ACCOUNTING MACHINES, CASH REGISTERS OR ADDING MACHINES, AND DATA PROCESSING

T h e N a t i o n a l C a s h R e g i s t e r C o . • 1,133 o f f i c e s i n 151 c o u n t r i e s » 7 9 y e a r s o f h e l p i n g b u s i n e s s s a v e m o n e y

N C R

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

12

M r s . C lifford W t* I * h i/
RS. CLIFFORD
PUY,
wide­
M
ly known in Des Moines music
circles, a prominent clubwoman in the
De

s t ill

TRADE M ARK®

COIN
. . .

WRAPPER

has a

©

"p e U O M Îd ifr

WITH THIS

f AMOUNT
AND
WINDOWS
ALWAYS
IN
L REGISTER!

70,

area and wife of the long-time pub­
lisher of the N o r t h w e st e r n B an k er
and the Underwriters Review, died
last mo n th at
Iowa M et ho di st
Ho sp i t al in Des
Moines.
Death was
caused by a heart
failure, c o m p l i ­
cated by diabetes
from w h i c h she
had suffered fo r
many years.
Mrs. D e P u y,
M R S . C. D E P U Y
who lived at 3333
Grand Avenue, was the former Fran­
ces L. Prouty, daughter of the late
Congressman and Mrs. S. F. Prouty.
Her father, an attorney, prominent
in Des Moines business with lumber
interests throughout the midwest, had
served in the Iowa House of Repre­
sentatives and was a Polk District
Court judge.
Born in Des Moines, Mrs. De Puy
was a lifetime resident here except
from 1911 to 1915 when she lived in
Washington, D. C., with her father
when he represented the old Seventh
Iowa District in Congress.
She was graduated from old West
High School here in 1910. She at­
tended N o r t h w e s t e r n University,
Evanston, 111.; George Washington
University, Washington, D. C.; and the
New England Conservatory of Music,
Boston, Mass., where she studied
piano and organ.
Mrs. De Puy was president two
terms, 1932-34, of the Fortnightly Mu­
sical Club. For 12 years she managed

the club’s scholarship fund, used to
help worthy musical students.
She was a board member 15 years
of the Des Moines Civic Music Associa-,
tion. For many years she was a
board member of the Des Moines Sym­
phony Orchestra Association.
Mrs. De Puy, in 1920, served as pres-1
ident of the Panhellenic Association of
Des Moines, an association of all na­
tional college sororities.
.
She also was a past president of the
Proteus Club, Comment Club and the
alumnae chapter of Sigma Alpha Iota.
She was a former director on the Sal- <
vation Army board and a former mem­
ber of the Des Moines Women’s Club.
Mrs. De Puy was a member of Plyrn^
outh Congregational Church.
When attending Northwestern Uni­
versity, Mrs. De Puy became a mem­
ber of Alpha Phi Sorority. At the \
New England Conservatory she affili­
ated with Sigma Alpha Iota, music
sorority.
She is survived by her husband
Clifford; a son, Emerson De Puy,
Menlo Park, Calif., and a daughter,
Mrs. Talbot Peterson, Appleton, Wis.
Also surviving are two sisters, Mrs.
Earl S. Linn, Des Moines, and Mrs. Mal­
colm Sedgwick, New Canaan, Conn.,
and four grandchildren.
k

NABAC School Announcement
The 1963 session of the NABAC
School for Bank Audit and Control
will be August 4-17 at the University
of Wisconsin, Madison, according to
the new school catalog just issued by
NABAC.
T
The new catalog, detailing admis­
sion requirements and curriculum,
sets March 1, 1963, as the deadline for ,
applications.

Federal Home Loan Bank of Des Moines
W R A P S

A L L

C O IN S

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Northwestern Banker, February, 7963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

DES MOINES, IOWA
STATEMENT OF CONDITION— December 31, 1962

ASSETS
Cash .................................................................................................................................. $ 11,617,619.45
Investm ents
................................................................................................................ 92,168,547.93
A dvances O utstanding ............................................................................................... 190,869,174.27
A ccru ed Interest R eceiva b le ..................................................................................
439,772.17
D eferred Charges .........................................................................................................
104,439.68
O ther A ssets ..................................................................................................................
676.00
T o ta l A ssets

......................................................................................................... $295,200,229.50

L I A B I L I T I E S
A N D
C A P I T A L
D ep osits ................................................................................
$109,321,390.67
A ccru ed Interest P ayable
............
1,383,143.67
A ccou n ts P ayable .........................................................................................................
1-40
*C onsolidated F H L B O b liga tion s .......................................................................... 108,125,000.00
U nam ortized Prem ium on C onsolidated O b liga tion s .....................................
31,307.74
Capital Stock— M em bers .....................................................
70,768,200.00
Surplus Earned ...........................................................................................................
5,571,186.02
T otal L ia b ilitie s and Capital ..........................................................................$295,200,229.50
*C onsolidated Federal H om e Loan Bank O b liga tion s now outstanding, in the amount
o f $2,707,035,000, are the jo in t and several o b lig a tion s o f all Federal H om e Loan
Banks.

13

This young man, helping a Christmas Club member, could
easily be a teller in your institution. He’s capable and he
wants to make friends with all his customers.
He wears his “ Let’s be Friends” card proudly, because
from experience he knows that friendship begets friendship.
He knows that people want to be friends, want to deal with
friends, come to depend upon friends. That’s why he takes
special interest in Christmas Club members. He knows they
are the finest prospects possible for the other services his
financial institution provides. For many years, he has seen

^ f)riS tlT l£ lS i C l u b

them grow and develop as friends and valued customers.
This young man sets the theme for our 1963 commu­
nications with our banking friends and customers— a theme
designed to help you develop an even warmer relationship
with your public. A new booklet “ Let’s be Friends” will
be off the press in March and we will be glad to reserve
a copy for you. There is no charge. Just drop us a line or
ask any staff member of Christmas Club a Corporation.
It contains many suggestions for programs that you can use
to make friends — and customers — in your community.

a Corporation

230 Park Avenue, New York, N. Y.
Founded by H erbert F. Rawll
Builds Character

•

Builds Savings

•

Builds Business for Financial Institutions

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

14

TOP LEFT— Les Curran, ag rep., 1st Natl. B&T, Lincoln; Charles
H. Boedeker, pres., Murray State; George V . Keller, exec, v.p., Lex­
ington State, and R. L. Davenport, pres., Nebraska State, Valen­
tine. TOP RIGHT— A. S. Chaves, v.p., 1st Natl, of Lincoln; Mrs.
Chaves; Mrs. Gurg, who dressed Mrs. Cliaves in a formal “ sari”
from India, and M. C. Gurg, banker from Jodhpur, India. Mr.

Gurg and Mr. Chaves have exchanged coats to acquaint Mr. Chaves
also with Indian attire. RIGHT— Wheaton Battey, chm, 1st Natl,
of Lincoln; Mayor D. L. Tyrrell; A . W . Griffin, exec, v.p.; Carl
Selmer, asst, coach of Nebraska H. football team, and Burnham
Yates, pres., of host bank.

C on feren ce T h em e 9 !'M an a gem en t ’
By BEN HALLER, JR.
Editor

emphasis on the tech­
SPECIAL
niques of management was a prin­
cipal feature of the Second Corre­
spondent Bank Conference held last
month by the First National Bank &
Trust Company of Lincoln.
Nearly 250 bankers and wives reg­
istered for the meeting, despite se­
verely cold weather and falling snow.
Friday was devoted to the several
talks by guest speakers and First Na­
tional officers, and Saturday morning
was devoted to a “ Bank Management
Game” in which nine teams of five
bankers each were given the financial
status of a $50 million model bank.
The briefing consisted of a review of
its financial status including loan, de­
posit and investment status.
The “Bank Management Game,” pre­
pared by IBM as “Dynamic Simula­
tion for Predictive Bank Manage­
ment,” was made possible with the
use of sample information stored on
IBM 1401 processing equipment in use
at Woodmen Accident & Life Com­
pany in Lincoln. The goal of each
group was to manage the bank in such
a way as to produce the greatest profit
consistent with sound management.
Awards were made to the three teams
producing most profits, best deposit
growth and best cashiering. A more
detailed report will appear in the next
issue.
Burnham Yates, president of First
Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

National Bank & Trust, keynoted the
conference with his emphasis on man­
agement and the need for bankers to­
day to bring to the public eye the
type of service it needs and demands,
while producing for ownership (stock­
holders) and staff a proper return.
The business session was opened
with a talk on “ Frontiers in Food,
Things and Ideas” by Dr. Lowell S.
Hardin, head of the department of
agricultural economics at Purdue Uni­
versity. With the use of color slides
filmed on trips abroad in company
with Chancellor Hardin of the Uni­
versity of Nebraska, he showed the
desperate needs of the world today,
the food many nations require but do
not have, the meager output of many
countries and the ideas and concepts
that such living breeds in the peoples
of these nations.
An excellent panel discussion took
place on “ The Bankers Role in Ne­
braska’s Growing Cattle Industry."
Moderated by Lester S. Curran, ag
representative for First National, the
three Nebraska livestock bankers on
the panel told about methods used in
their parts of the state. Here are
some of their comments:
R. L. Davenport, president, Nebras­
ka State at Valentine: “Ranchers are
making 2 to 3 per cent return on
their investment. Small operators of
20-30 head are about done for. Our
beef advertising is a pitiful thing. If
we ran advertising in national publi­
cations showing how to lose five

pounds in two weeks on a beef diet
we couldn’t produce beef fast enough!
Bankers must keep credit needs sup­
plied to keep out PCA competition
and others.”
Charles H. Boedeker, president,*
Murray State: “All farmers can’t be
successful as feeders. They must be
a good judge of cattle to buy the best
and right; they must be able to rec­
ognize disease, to know buying, feed­
ing, marketing and other aspects.
Generally, we like to see feeders buy
lighter cattle and have more potential
gain. Feeders want to do business*
with a bank that understands feed­
ing and is willing to work consistent­
ly with them.”
George V. Keller, executive vice
president, Lexington State: “The num­
ber of cattle fed in our area is about
the same—ranging on the average o f
from 200 head to 2,000 head—but our
increase is in the number of feeders
and these are young men coming up
from 4-H, FFA, as well as others who
want to get in the business. We have
three new yards buildings for live­
stock in Lexington. We have a cattlev
killing plant erected by feeders, with
a $52,000 annual payroll,and a $250,000
volume handling about 52,000 head of
our 180,000 head in the area per year.
Selling of stock for a hog slaughter­
ing plant is now underway.”
William Smith, assistant vice pres­
ident, investment department of First
National, discussed “ Investment DeciMANÂGEMENT . . .

(Turn to page 132, please)

15

i

ÍI
Jill

If

ANOTHER REASON WHY DIEBOLD VUt-,..«. iu DHnninu
IS THE MOST ADVANCED TELEVISION BANKING SYSTEM
YOU CAN B U Y ! ! ! ! ! !
Your bank never loses the personal touch
with Diebold Vue-Matic banking, because big
picture television and high fidelity, fullytransistorized intercom system provide a
person-to-person feeling that’s important to
your customers, invaluable to your bank.
This is only one of the many superior
features Diebold Vue-Matic banking offers
you. Send for complete information that
will convince you to investigate Diebold
Vue-Matic banking before you invest.

Dept. B- 123
DIEBOLD, Incorporated, Canton 2, Ohio
Gentlem en: Please send me com plete inform a­
tion on Diebold Vue-Matic banking.
Name

VUE-MATIC

Firm

BANKING

Address
C ity -----

State

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

16

View M o d e l o f Nine ituililini/

ties now in preparation indicates that
public attention will be called to the
current and future role of banks, as
well as their past contributions, in
developing the nation’s economy.

Plan Personnel Course

MODEL of The Northern Trust Company’s new building addition, now under con­
struction, is viewed by Solomon B. Smith, vice chairman (left foreground);
Solomon A . Smith, chairman, and Edward Byron Smith, president (right fore­

ground) ; bank officers participating in planning of the building project, and
representatives of the architectural and construction firms.
Excavation of the site, adjacent on the west to the present bank building at
LaSalle and Monroe Streets, in the heart of downtown Chicago, is now in progress.
When complete, the new addition will be 12 stories high and contain approximate­
ly 450,000 square feet of floor space.

S tu rt C entennial f*lans
observance of the
A NATIONWIDE
Centennial of the U. S. dual bank­

ing system will get underway in Feb­
ruary and continue through the 1963
Convention of The American Bankers
Association in October.
The kickoff event at the national
level will be a Symposium on Econom­
ic Growth to be addressed by Presi­
dent John F. Kennedy in Washington,
D. C., on February 25. The date will
mark the 100th anniversary of the
signing by President Lincoln of the
National Currency Act, which resulted
in America’s dual system of state and

federally chartered commercial banks.
Cooordinating plans for the Centen­
nial observance is the A.B.A.’s Cen­
tennial Commission, chairmanned by
Ben H. Wooten, chairman of the
board, First National Bank in Dallas,
Texas.
The Centennial theme is “Progress
Through Service—A Century of Com­
mercial Banking.” Joining the A.B.A.
and state and local banking groups in
the observance will be government
officials and leaders in the business
and academic communities.
A wide variety of Centennial activi-

The first of a continuing series of
regional school-type programs in the
fundamentals of bank personnel ad- >
ministration will be held in Cincinnati
and Minneapolis during March, it has
been announced by C. Edward Berry­
man, chairman of the Personnel Ad-'
ministration and Management Devel­
opment Committee of The American
Bankers Association.
i
The programs are being co-spon­
sored by the state bankers associa­
tions in the areas where they will be
held, and the A.B.A. Committee. O . E . v
Anderson, executive manager, Ohio
Bankers Association, and Kenneth A.
Wales, executive secretary of the Min- 4
nesota Bankers Association, are chair­
men of the co-sponsoring committee
of executive officers of the state asso­
ciations in states served by the firsttwo schools.
Mr. Berryman, who is senior vice
president, Marine Trust Company of
Western New York, Buffalo, said that
the session in Cincinnati will be held
March 3-8 at the Sheraton-Gibson
Hotel, and the one in Minneapolis'
from March 17 to 22 at the Hotel Radisson. Complete details will be mailed
in January to banks located in Ohio,
West Virginia, Kentucky, Indiana, Il­
linois, Michigan, Wisconsin, Minne­
sota, Iowa, North Dakota, South Dako­
ta, Nebraska, and Montana. Attend­
ance at any one session will be lim­
ited to 50 students.
i

New Collections Booklet

GrB
FOUNDED 1931 W y

How do Banks put Surplus
Federal Funds to Work?
Federal Funds are a convenient instrument for profit conscious bankers who
review their reserve position daily. Lending those surplus funds over legal
requirements, most banks call Garvin Bantel to find the other party to the loan.
The time stringencies of the federal funds market require swift, sure action
to effect these transfers. Garvin Bantel has the demonstrated know-how.
COMPLETE MONEY SERVICES FOR BANKS AND BROKERS
• Federal Funds
• Securities Financing
• Brokers Loans
• Securities Brokerage

Garvin, Bantel & Co.
M em bers N ew York & A m erican S to c k Exch a n ges

120 Broadway, New York 5, N. Y.

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

A new banking industry technical
m a n u a l , “ Collection of Non-Cash
Items,” has been published and issued
to member banks by NABAC, The
Association for Bank Audit, Control^ *
and Operation.
Designed to assist banks in in­
creasing the efficiency of collection ^
department operations as well as in­
crease effectiveness of internal con­
trols and safeguards in collection
matters, the new manual concerns4"
itself with acceptances, certificates of
deposit, commercial paper, drafts,
notes, real estate mortgages, bonds,
coupons and other unusual or outof-the-orclinary transactions that re­
quire individual treatment.
Copies of “ Collection of Non-Cash'
Items” may be purchased from the
NABAC Headquarters Office, P.O. Box
500, Park Ridge, Illinois. The cost is _
$2 each to members, and $4 each to
non-members.

17

WITH Maslerlapes) B a c k g r o u n d M u sic!
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your bank a warmer, friendlier place in which cheer­
ful employees serve contented customers, simply by
installing Mastertapes Background Music.
Banks across the country which are now using Mas­
tertapes Background Music report that their cus­
tomers do not fret while waiting as before. And the
banks also report higher employee morale and less
employee fatigue.
And now you can get completely automatic back­
ground music without expensive wired music line
costs and the problems of record selection and re­
placement.
Best of all, you can obtain as many completely new
instrumental music programs from Mastertapes as
you need — at LOW-COST MONTHLY RENTALS.

employees enjoy the finest instrumental music for
hours without repetition. The cartridge will play con­
tinuously, without adjustment, unless you wish to
substitute a new program.
Mastertapes Background Music is selected from a li­
brary containing more than 12,000 selections of the
finest instrumental music available. You will not get
noisy jazz or rock and roll music when you subscribe
to the Mastertapes Background Music Service.
Make your customers happy and raise employee
morale and efficiency with Mastertapes Background
Music.

Serving Iowa, Nebraska, Kansas, Missouri & Illinois Banks
MAIL COUPON FOR COMPLETE INFORMATION

The revolutionary Mastertapes cartridge is a tape
magazine that is simply inserted into the specially
constructed automatic player. Then, customers and

A i a s îe F ta g ë s )
MUSIC, INC.
709 RAILROAD AVE.

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MASTERTAPES MUSIC, INC.
709 Railroad Avenue
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Please see that ! receive full information about the
MASTERTAPES Background Music Service. ! understand that
1 am under no obligation to subscribe.

i

NAME.........................................................................................................................

i

NAME OF BANK................................................................................................

,

ADDRESS..................................................................................................................

I

CITY...................................................................STATE..........................................

|

WEST DES MOINES, IOWA

TELEPHONE 274-1588

_________________________________________________________ J
Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

18

Everything
grows in
IOWA

H a n k ers in S ta te L eg isla tu res

GAS REVENUE
INCREASES
SINCE '47
IOWA POWER

. . . in clu d in g

386

Io w a P o w e r’s gas

%

an d electric

INDUSTRY'S
AVERAGE

reven u es—
co n sisten tly ah ead

350

o f in d u stry
a verages. Io w a
P o w e r serves 2 4
cou n ties— a
b alan ced
agricu ltu ralindu strial area.
F or Annual
R e p o r t, w rite
ad dress below .

ELECTRIC REVENUE
INCREASES
SINCE '47
IOWA POWER
INDUSTRY’S
AVERAGE

161
0/Q

141

%

■ I
louua POUJGR
AND LIGHT COMPANY
D E S M O IN E S 3 , IOW A

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

TO TA L of 30 bankers are serving in the state legislatures of the eight
state s in the N O RTH W ESTERN BANKER are a . North Dakota has the highest
number with seven, while Iow a has the second larg est to tal with six. The legis­
lator-bankers in other state s are: South Dakota, five; Nebraska and Wyoming,
three e ach ; Co lorad o , Minnesota and Montana, tw o each. In addition, Co lorad o
has three other legislato rs who are bank d irectors, and Nebraska has a t least
one.
A number of other senators or rep resen tatives in the other states also are bank
directors, but they have not been identified for the listing below, except for
Colorado and Nebraska.
Here is the list of bankers serving in the state legislatures of these eight
state s, with p arty affiliation where th at information w as furnished:

A

C O LO R A D O
Senate
C a rl J. Magnuson (R e p .), director, First N ational Bank, G reeley.
Paul E. W enke (R e p .), v ice president, Rocky Mountain Bank & Trust Co ., Fort
Collins.
House
Frank Evans (R e p .), director, A rkansas Valley Bank, Pueblo.
Robert Schafer (R e p .), director, 1st N ational Bank, Hugo.
John D. Vanderhoof (R e p .), president, Glenwood Springs S tate Bank, Glenwood
Springs; Speaker of the House.
IO W A
Senate
Kenneth J. Benda (R e p .), executive v ice president, H artw ick S tate Bank, Hartwick.
Earl Elijah (R e p .), president, C la re n ce Savings Bank, C lare n ce .
Robert R. Rigler (R e p .), executive vice president, Secu rity S ta te Bank, New
Hampton.
John A. W alker (R e p .), director, W illiam s Savings Bank, W illiam s.
House
Joseph G . Knock (R e p .), president, Iow a S ta te Savings Bank, Creston.
Mrs. Katherine Falv e y (D em .), v ice president, First Iow a State Bank, A lbia.
M IN N ESO TA
House
Pat DuBois, executive vice president, First S tate Bank, Sauk Cen tre.
W illiam G . Kirchner, executive vice president, Richfield Bank & Trust C o ., Rich­
field.
M ON TAN A
Senate
W. A. Groff, president, Farm ers S tate Bank, Victor.
House
Dan Dykstra, vice president, Union Bank & Trust C o ., Helena.
N EBRASKA
(U nicam eral Leg islatu re)
W illiam Brandt, se c re ta ry and general counsel, First N ational Bank, U nadilla.
H. L. G erhart, president, First N ational Bank, Newman G rove.
S. H. Bridenbaugh, director, N ebraska S tate Bank, South Sioux C ity .
W . H. H asebroock, v ice president. First N ational Bank, W est Point.
(J . O. Peck, chairm an, First N ational Bank & Trust Co ., Columbus, w as elected
but resigned a t the end of 1962 prior to the leg islative session for personal
reasons.)
NORTH DAKOTA
Senate
H. B. B aeverstad, v ice president, First S ta te Bank, Cando.
H arry George, president, Bank of Steele, Steele.
G a il Hernett, president, McIntosh County Bank, Ashley.
Emil Kautzmann, a ssista n t v ice president, First N ational Bank, Mandan.
R. E. Meidinger, president, S tate Bank of Streeter, Streeter.
H arry W. W adeson, president, Fingal S ta te Bank, Fingal.
House
Jam es E. Leahy, vice president and trust officer, M erchants N ational Bank & Trust
Co ., Fargo.
SO UTH DAKOTA
Senate
Jam es M. Lloyd, president, Am erican S tate Bank, Yankton.
John T. Sanger, recen tly retired vice president, N ational Bank of South Dakota,
Vermillion branch.
House
Jam es D. Je lb ert, vice president and m anager, First N ational Bank of Black
H ills, Spearfish office. (H e serves as chairm an of the House Banking and
Com m erce Com m ittee.)
W. Paul Jones, retired former president, C itizen s S tate Bank, Mobridge.
Dan Stuelpnagel, v ice president. V alley S ta te Bank, Yankton.
W YO M IN G
C h arles G . Irwin, vice president, The Co nverse County Bank, Douglas.
A. Edw ard Kendig, vice president and cashier, S ta te Bank of W heatland, W heatland.
C a rl Robinson, president, S tar V alley S ta te Bank, Afton.

RE W A RD

This is Ev Dovale, assistant vice president of the American National
Bank § Trust Company of Chicago. He escaped from the Phoenix ter­
ritory several years ago and has since been concentrating on banks
in Missouri and downstate Illinois.

N eat dresser. E xp ert on trust and estate problem s.
H ig h ly regarded by fellow travelers. M a k e s g eta­
w ays in bank ear.

Has a le rt o rganization in Chicago fu lly prepared to back up his
jobs.
Rewards are substantial for bankers who apprehend this man for
important information.
We serve thousands of p e o p le ...b u t we serve them one a t a tim e

A m e r ic a n IMaiional B a n k
AND TRUST COMPANY OF CHICAGO/LASALLE AT WASHINGTON
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

FRANKLIN 2-9200

20
I:!;!

«A'jì ££
■3*JXt

N A T IO N A L B A N K
and Trust Company

ÉU

FIFTH AND LOCUST STREET

•

DES MOINES

Member Federal Deposit Insurance Corporation

dfaftcCttCG it d t @ ¿044, <%£ “£>UdCKCdd.

CCCttt&C'Z 3 / , f 9 6 2

ASSETS
Cash and due from Fed. Reserve & Other Banks......$77,569,329.61
*U. S. Government Securities . . . ....................... ................ 27,703,012.34
Obligations of U. S. Governmental Agencies.............
1,733,334.12
Municipal Securities .............................................................................................
Market Bonds ..............................................................................
Other Investments ................. ........ ..... .............................
Loans and Discounts.....................
Overdrafts ................ .................................. .........................
Stock in Federal Reserve Bank..........................................................................
Accrued Interest Receivable .............................................
Furniture, Fixtures and Equipment......................................................
TOTAL

$107,005,676.07
11,626,802.07
322 102 20
1 qo

57,279,423.32
2 809 26
150,000.00
¿21 374 21
438,721.29
$177,446,909.42

LIABILITIES
$ 2,500,000.00
Common Stock ......................
Surplus .................................................................................
2,500,000.00
Undivided Profit and Reserves........................................
5,057,000.58
$ 10,057,000.58
Reserve for Taxes, Interest and Other Expenses...........................................
525,249.76
Discount Collected ........................... .......... ...................................................
409 871.79
Deposits
........................................................................................................
152,299,775.78
Other Liabilities ....................................................................................................
14,155,011.51
TOTAL.................................................................................... $177,446,909.42
» U n ite d S ta te s G o v e r n m e n t o b lig a t io n s c a r r ie d a t $ 6 ,5 1 6 ,8 7 3 .8 4 a re p le d g e d to se cu re U n ite d S ta te s G o v e rn m e n t
a n d o th e r p u b lic d e p o s its , tr u s t d e p o s its , a n d f o r o th e r p u rp o s e s a s r e q u ir e d , o r p e r m it t e d , b y la w .

DIRECTORS
E. F. BUCKLEY....C h a irm a n , B o a rd o f D ire cto rs
KRIEGH G. CARNEY........... P re sid e n t, Consumers

BERNHARD C. GRANGAARD..................... P resid en t
LESTER T. JONES ..............................................P re sid e n t,

C o n so lid a te d C o a l C o m p a n y

A llie d M u tu a l In s. C o .

ROSS J. CLEMENS................. C h a irm a n , S ta n d a rd
G la ss & P aint Co.
JAMES F. CONNAUGHTON ................. P re sid e n t,

GUY E. LOGAN*
A. B. LUNDAHL.......................................................D ire c to r,

B ell In te rc o n tin e n ta l C o rp o ra tio n

GEORGE D. O'NEILL.....................................C h a irm a n ,

A. T. DONHOWE
SHERRY R. FISHER.................C o n n ecticu t M u tu a l

Im p le m en t M a n u fa c tu re , D e e re & C o m p a n y
E x e c u tiv e C o m m itte e, B ell In te rc o n tin e n ta l

GEORGE S. PEAK................................P a rtn e r-O w n e r

Life In su ra n c e C o .

JOHN H. GHRIST........... C h a irm a n o f th e B o a rd ,
C o lo n ia l B a k in g C o .

ROBERT K. GOODWIN .............................C h a irm a n ,

Ins. E x c h a n g e B ld g .

WALTER L. STEWART..............................................

..........................................G ib so n , S te w a rt & G a rre tt

JAMES W. WALLACE.....................................P re sid e n t,

E x e c u tiv e C o m m ittee

WM. J. GOODWIN, SR.*. .H o n o ra ry C h a irm a n ,
B o a rd o f D ire cto rs

W. J. GOODWIN, JR ......................V ic e C h a irm a n ,
B o a rd o f D ire cto rs

N o r t h w e s t e r n Banker, F e b r u a r y ,


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1963

P io n e e r H i-B red C o rn C o .

FRANK R. WARDEN
DENNIS N. WARTERS..Chairman o f the B o a rd ,
B a n k e rs L ife C o .
*Honorary Member

*

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

«Ü

22

CDsuxá^ ÿ a m & A . j?. S c vc ü tl :

(b & W c

Comptroller of the Currency,
Washington, D. C.
Appearing on the program of the ABA Na­
tional Credit Conference in Chicago last month,
you reaffirmed your stand in favor of enlarged
branching powers for national banks.

Chairman of House Banking Committee,
Washing ton, D. C.
You have always described yourself as “ the
friend of the small banks, the medium size banks
and all other banks who are not pursuing a
greedy policy.”
There is little doubt that under your jurisdic­
tion the House Banking Committee will become
more active. Judging from some of your recent
studies, hearings and research projects, it re­
mains to be seen whether or not you are the
“ bankers friend.”
It will be interesting to see how the new Con­
gress accepts your proposals against branch bank­
ing while at the same time it will be reviewing
the proposals for branching by Comptroller James
J. Saxon. Some authorities feel that the Congress
will be so busy debating tax reform bills and
Medicare that banking legislation will be given a
back seat.

You stated that your principal concern is to
provide adequacy of banking facilities in a
growth economy. The following remarks were
particularly noteworthy :
“ Unreasonable limitations over branching im­
prison established banks, and deprive the public
of the skills, experience, and resources of proved
institutions.
“ There is, under present circumstances, a spe­
cial reason for chartering new banking institu­
tions. Branching laws in many states have pro­
hibited the expansion of banking facilities in ex­
isting institutions to meet public needs.
“ There are many circumstances in which bank
expansion through mergers or holding companies
will be socially preferable to new charters or the
establishment of branches.”
While a substantial number of bankers agree
that banking facilities should be expanded, we
can understand why they do not view policy
toward bank expansion with the same degree of
unanimity.
W ho is to decide whether or not a particular
community or area has adequate banking facili­
ties? It is reported that in granting new charters
you have abandoned the practice of consulting
with the Fed and the FDIC as had been the cus­
tom up until about a year ago. Furthermore, it
is our understanding that you have no legal ob­
ligation to check with the Fed before granting a
charter or an office.
Irrespective of the many other pros and cons
on the subject of bank expansion, it seems to us
that your office is assuming a great deal of au­
thority, and much of this authority belongs to
the individual states. When our government was
organized, the founders could foresee problems
of this nature, and deliberately set up a system
of checks and balances. W e should follow this
pattern in planning the future of the banking
business.
Northwestern Banker, February, 7963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

(O h u fh L

(p a im a r L :
-i

4

i

*

W

V

M

LD&jcUv

(R a y m o n jcL

(J ic k o A i^ :

Director, Feed and Grain Division,
U. S. Department of Agriculture’s Foreign
Agriculture Service, Washington, D. C.
According to your opinion the American farm­
er has a $2 billion stake in Europe’s Common Mar­
ket.
Your analysis includes these figures:
1. Total annual agricultural exports have grown
from $2.8 billion eight years ago to $5 billion
today.
2. Over 40 per cent of this has been sold for dollars
to the six-nation European Economic Commu­
nity ( or Common Market) and to its prospective
new member the United Kingdom.
3. This Common Market is the foundation of the
wealthiest trading area in the world, and the
United States exports about $20 billion worth of
products a year including $5 billion worth of
agricultural commodities and goods to these
countries.
This session of Congress has a real problem to
solve on tariffs which must be adjusted so that the
United States can secure its share of business from
the Common Market countries.
The tariff wall right now is a bigger problem
than the Berlin wall.

a

4

A

23

THOUGHTFUL
lili!

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Commerce Trust men like Tom Cannon always
take time to think out the proper solutions to
your banking problems. Experienced and capa­
ble bankers, they are now providing 1500 banks
with the finest in correspondent services. They'd
like to work for your bank too.

(om m erce J r u s t (o m p a n y
K a n sa s C ity’s O ldest .an d L a rg est B a n k
Member Federal Deposit Insurance Corporation

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

24

Federal Discount Reports
John H. Jansen, president, Federal
Discount Corporation, Dubuque, re­
ported that Federal Discount earnings
before taxes for 1962 were $896,159,
against $1,046,311
for 1961, and that
e a r n i ng s after
taxes were about
$61,000 less than
during 1961. He
stated that the de­
cline in earnings
was the result of 4
i n c r e a s e d costs
i n c u r r e d in the
d e v e l o p m e n t of
J. J A N S E N
its insurance sub­
sidiary, the Life of Mid-America In­
surance Company.
Mr. Jansen reported that Federal r
Discount Corporation showed an in­
crease in loans of more than $1.8 mil­
lion or 8 per cent. Dividends of $2.50
per share were paid on common stock
and surplus was increased by more
than $300,000.
In another portion of the year-end-♦
report, Mr. Jansen said the firm ac­
quired two loan offices during the year
and merged two offices, ending the
year with 70 offices in five states.
The retirement of M. E. Patrick, ex­
ecutive vice president, and O. I. Stev­
ens, assistant vice president, also was >
announced in the annual report.
Paul A. Siedenburg, president of the
new Mid-America Insurance Compa­
ny, in his year-end report said that
the company started ordinary life in­
surance in June and by year-end more
than $2 million of ordinary life insur­
ance had been placed in force. The
firm’s first agency life office was <
opened in Cedar Rapids. Prior to the
entrance into ordinary life production,
Mid-America Insurance operated as a
direct writer of credit life and credit
accident and health insurance in Iowa
and as a reinsurer of credit insurance
originated by Federal Discount Cor-.*
poration.

Plans for FPRA School
That was back in 1 8 7 1 . W e're still m aking the safest check paper. But
w e’ve added special qualities. Today our paper is m ade to withstand
m achine sorting, surfaced for superior m agnetic ink encoding. T h a t’s
why La M onte rem ains the quality nam e in safety paper fo r checks.

THE

WAVY

T IN C T IV E

L IN E S .®

GEORGE L AM O NT E

& SON

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

THE

BASKETW EAVE

NAME

BASKETW EAVE®

LIN E S AR E

•

AND

THE

D IS ­

L A M O N T E T R A D E -M A R K S .

NUTLEY

10,

NEW J ERS EY

The 16th annual session of the
School of Financial Public Relations,
is still mo nt hs
away, but plans
for the term are
a l r e a dy in the
“firmed up” stage,
a c c o r d i n g to <
Thomas O. Coop­
er, c h a i r ma n of
the school’s board
of managers, and'1
president of the
Jefferson S t a t e
T . O. C O O P E R
j-»
T rr
B a n k-i , Jefferson,
x
Iowa. The two week session begins
July 7 at Northwestern University.

ZD

HIGHLIGHTS OF 1962 ANNUAL REPORTDECEMBER 31, 1962
MERCANTILE TRUST COMPANY
Total R esources......................................................
Total Loans...............................................................
Total Investm ents..................................................
Unallocated Reserves..........................................
Total D eposits.........................................................
Capital Funds...........................................................
Book Value Per Sh are.........................................
*Book Value Per Unit of Beneficial Interest

•«

>

Mercantile
Trust
Company
$ 7 9 1 ,1 5 4 ,5 9 7
3 8 1 ,6 2 5 ,3 5 1
1 9 3 ,6 5 1 ,1 1 4
1 2 ,8 8 7 ,6 6 8
7 0 6 ,1 1 9 ,9 1 6
6 8 ,8 1 7 ,0 7 4
3 7 .91

MercantileCommerce
National Bank
in St. Louis
$ 4 4 ,1 5 8 ,2 4 2
1 7 ,4 7 2 ,0 3 1
1 6 ,3 4 6 ,0 8 2
6 2 4 ,9 2 2
3 9 ,3 3 4 ,9 9 2
4 ,2 9 9 ,2 0 6
2 .3 6

(C om bined B o o k Value—$40.27)

>

>

Gross Incom e........., ................................................

$ 2 8 ,0 1 4 ,5 9 9

Net Operating Incom e:
T o ta l...................................................................
Per S h a re.........................................................
*Per Unit o f Beneficial In terest..............

$
$

6 ,6 1 5 ,1 2 5
3 .6 4

$ 1 ,5 3 7 ,8 3 3

$

3 2 7 ,5 8 3

$

0.1 8

$

3 0 4 ,8 4 4

$

0.1 6

(C om bined N et Operating In co m e—$3.8 2 )

Net Income:
T o ta l....................................................................
Per S h a re .........................................................
*Per Unit o f Beneficial In terest..............

Y

$
$

6 ,1 3 5 ,4 9 4
3 .3 8

(C om bined N et In co m e—$ 3 .5 4 )

Dividends Declared:
T o ta l....................................................................
Per S h a re .........................................................

*

$
$

3 ,2 6 7 ,0 0 0
1.80

------------------- STATEMENT OF CONDITION
D e c e m b e r 31, 1 9 6 2
RESOURCES
CASH
*

AND

DUE

FROM

B A N K S ..........................................................$205,098,542

In vestm en ts

U. S. Government Securities (including $62,505,072 pledged)............. 143,389,897
Municipal and State Bonds (including $1,426,937 pledged)................... 44,659,424
Federal Reserve Bank Stock........................................................................
1,500,000
Other Securities.............................................................................................
4,101,793

^i

Loans

Loans Guaranteed or Insured by the
U. S. Government or its Agencies. . . .................................................
11,563,452
Other Loans and Discounts......................................................................... 370,061,899
F ixed

A ssets

Bank Buildings..............................................................................................
Other Real Estate..........................................................................................

3,168,173
5,710

O ther R e s o u r c e s

Customers’ Liability on Acceptances and Letters of Credit....................
3,711,284
Accrued Earnings Receivable and Other Resources................................
3,894,423
TOTAL RESOURCES........................................................................................$791,154,597
LIABILITIES
To

D epositors

Demand Deposits...........................................................$553,617,348
Time Deposits................................................................ 152,502,568
TOTAL DEPOSITS.............................................................................................$706,119,916
To O thers

Dividend Declared, Payable January 2, 1963...........................................
816,750
Interest Collected, Not Earned...................................................................
3,234,065
Reserve for Taxes, Interest, etc..................................................................
8,007,582
Acceptances and Letters of Credit..............................................................
3,843,550
Other Liabilities............................................................................................
315,660
TOTAL LIABILITIES.........................................................................................$722,337,523
S T O C K H O L D E R S ’ CAPITAL

A


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ACCOUNTS

Capital Stock.................................................................. $ 22,687,500
Surplus............................................................................ 27,312,500
Undivided Profits...........................................................
18,817,074
TOTAL CAPITAL ACCOUNTS....................................................................... 68,817,074
TOTAL LIABILITIES AND CAPITAL ACCOUNTS.................................. $791,154,597

None

26

On Ju n e 1 0 , 1 8 5 7 , the firs t m em b er o f the Con tinen tal fam ily began b u sin e s s in this
building on La Sa lle S tre e t a t the C hicago R iver.

We got a head s ta rt...
Commercial banking, as we know it today, celebrates its 100th
Anniversary this year. But for us, it’s the 106th. Our bank, for­
tunately, got a head start doing business in Chicago. We’ve been
striving to stay ahead ever since . . . moving swiftly to meet the
growing needs of industry and the banking business.
Over the years, Continental has pioneered many of the methods
and services that are standard practice in correspondent banking
today. We shall continue to do so, whenever we see opportunities
to serve our customers better.

Moving ahead...to stay ahead of your needs

CONTINENTAL

ILLINOIS
N A TIO N A L

BANK

A N D TRUST C O M P A N Y OF CH ICAG O

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

106

27

In 88th Congress

Hank Hills
Face D ela y
Priority to Tax Reform, Medicare

F irst in a Series W ritten fo r
The NO RTH W E STE RN B AN K E R

B y U.V. WILCOX
Political Analyst
Washington, D. C.

HE current session of Congress
which formally convened early
in January is likely to be one of
agitation, discussion and frustrations.
This situation will be in evidence in
matters referring to banking bills and
programs.
Congress organizes itself somewhat
slowly. There are vacancies in com­
mittees to be filled and chairmen of
the committees to be elected. The
latter will outline the programs to be
followed and may be expected to clear
them with spokesmen of the White
House.

T

Controversial Issues

For the banking industry there are
a plethora of proposals for consider­
ation. These include a report out of
the President’s committee which is
chairmanned by Walter Heller, who
heads the Council of Economic Ad­
visers. This report must be cleared
with the White House and formal rec­
ommendations to Congress must be
made.
Then there is the recent study made
by Rep. Wright Patman, as chairman
of the House Small Business Commit­
tee, on the subject of chain banking.
The Federal Reserve Board cooper­
ated in securing the information.
In the case of the chain banking
study, as well as proposals for a re­
vamping of the supervisory agencies
as keyed in the Heller Report, there
must be bills prepared for Congres­
sional consideration and a referring of
them to the banking committees.
There are, too, a score of other pro­
posals, some hanging over from last
year. A new one is the “one big
supervisory agency” as detailed by
Reserve Board Governor Robertson.

Comptroller’s Changes

There are possible changes as of­
fered by Comptroller of the Currency
James Saxon in the national bank act.
A committee of national bankers made
many suggestions for up-dating the
act. Included are such suggestions as
permitting national banks to establish
branches beyond state lines. Other
proposals are largely technical. It
seems unlikely that C o mp t r o l l e r
Saxon will agitate for what is often
called trade area branch banking.
Also proposed is the removal of the
Comptroller from the board of the
Federal Deposit Insurance Corpora­
tion, which may encounter opposition,
especially as respects a successor. The
National Association of Supervisors of
State Banks will want a representa­
tive of state chartered banking to take
the place of the Comptroller.
In addition to the foregoing, the
chairman of the Federal Deposit In­
surance Corporation and the Federal
Home Loan Bank Board, have for­
mally proposed that insurance of ac­
counts in banks and savings and loan
associations be increased from the
present $10,000 ceiling to $25,000. De­
spite official support of the two agen­
cies to the idea, objections seem to be
likely until the status of the two in­
suring agencies have been investi­
gated. This would presumably in­
volve the effect on their resources
including additional costs involved.
New S&li Competition

The outlook for intensive competi­
tion with the savings and loan indus­
try will be heightened under plans
proposed and contemplated by Home
Loan Bank Board Chairman McMur-

ray. These include broader invest­
ments by them and possibly leading
into a form of handling installment
credit accounts when these involve
home furnishings or, for that matter,
anything having to do with housing.
There is also the bill which was en­
tered last year and will be re-entered
this year to grant Federal charters to
mutual savings banks. The National
Association of Mutual Savings Banks
is counting heavily on this legislation.
Two earlier bills were before Con­
gress, but except for speeches and dis­
cussions, no action was taken.
S&L, Mutuals Join

In this instance, however, there is
a degree of cooperation in evidence
between the savings and loan industry
and the mutuals. The new bill would
take the insurance of mutual savings
banks out of the FDIC and into the
Home Loan Bank System. Also, the
regulation of the mutuals would be by
the Home Loan Bank Board if they
are granted Federal charters.
Mutual savings banks have been
joining the Home Loan Bank System.
More than 30 have lined up with the
savings and loans in anticipation of
the passage of the proposed bill. How­
ever, all is not smooth sailing for such
legislation. Indications are for oppo­
sition from the American Bankers
Association and the State Bank Super­
visors. Also, the FDIC is unlikely to
acquiesce to a loss of approximately
300 mutuals which it now insures.
There are also other bills, such as
a private insurance agency of mort­
gages which the ABA has formally
W ASHINGTON OUTLOOK . . .

(Turn to page 54, please)
Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

P a r t I : F in d in g P r o iptern A r e a s

By EDWARD F. LYLE, Sr. V.P. & Comp., City National Bank & Trust Co., Kansas C

HE starting point in cost control is to have or to
obtain adequate knowledge concerning the operation
of one’s own bank. In addition to the usual operat­
ing reports, we should also develop operating ratios and
compare these operating ratios with those of banks of
comparable size. Ratios tell a better story of the trends
of a bank than dollar figures, and are a valuable aid to
the management of our bank. To fully utilize these
ratios, of course, it is necessary to compare them with
operating ratios of other banks, which are usually avail­
able from the Federal Reserve Bank and the state bank­
ing associations.
Unfortunately, most of the ratios in those reports are
based on gross income which is not a stable denominator.
The ratios that are based on total assets are a better com­
mon denominator. These ratios can tell you whether
your expenses for a particular classification are greater
or less than the ratios for the same expense classification
for other banks in your area. The ratios will show you
whether or not you are averaging as high a yield on your
assets as other banks.
You can also compare your operating ratios with your
own ratios for prior years to determine whether the trend
is favorable or unfavorable. You can determine by com­
paring with other banks whether you are paying too large
a proportion of your gross income out in interest on time
deposits.

T

Cost Analysis

Cost analysis is another tool that can be used to in­
crease profits or to reduce losses. A cost analysis of your
installment loan department, for example, would inform
you of your breakeven point. It is possible that you
are handling a substantial percentage of loans below cost
which should pay a minimum charge to cover the cost.
There are probably a number of banks that are paying
4 per cent on time deposits that are not realizing a real
net profit on these deposits. An accurate analysis of the
profit or loss on time deposits is not too difficult to make.
It involves, of course, the average rate of return or yield
Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

on the loans and investments in which you invest time
deposit money. It also depends on the average rate
which you are paying on time deposits, and on the cost of
servicing those deposits.
Adequate production figures are also helpful in contro'
ling the costs. These production figures, such as th
number of items handled by your bookkeepers, transit
operators, and tellers, can be used as an index to deter
mine whether you are handling these items with tht
same efficiency as you were in prior years. You can also
compare your production figures with production yard­
sticks such as are available through NABAC Research
Institute. Larger banks that handle a very substantial
volume reduce the items handled and the accounts posted
down to units of time. They can then determine the aver­
age number of units that should be handled per person.
A well planned operating system and modern equip­
ment are, of course, important. It isn’t possible to
achieve high efficiency with a system that “grew like
Topsy” over a period of years, or with equipment that is
obsolete.
Supervision

Assuming that a bank has good operating systems and
modern equipment, good supervision is still the most
important factor in obtaining efficiency. Entire books
have been written on the subject of supervision, and cer­
tainly the subject cannot be adequately covered in a para­
graph or two. It should be pointed out that knowledge
of a job alone does not qualify a person to be a supervisor.
Certain qualities, which to some degree are probably in­
herent, are essential in a good supervisor. Clerical work­
ers prefer to work under a supervisor who is well in­
formed on his responsibilities and on the duties of those
whom he is supervising. They also prefer to work ur.
der a strict supervisor who sets up performance stand­
ards so that each person knows what is expected of him
with respect to quantity and quality of work.
Accuracy and increased production can sometimes be
achieved by equitable incentive bonuses for operations

29

9 C ost C o n tro l i d e a s
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
B y ROBERT K. WILMOUTH
Vice President
First ISational Bank
Chicago

is much that can be done to improve pres­
T HERE
ent banking procedures and simultaneously reduce,

souri

4 where there are a number of people performing compa4 rable work.
These can be worked for paying and receiv­
ing tellers, proof operators, machine bookkeepers, transit
Mset clerks, clearing house clerks, etc. These same people
/ill also work better where production and accuracy rec­
ords are posted on a bulletin board even though no in­
centive bonus is offered. Any person likes recognition
’ md likes to see his name at the head of a merit list of
.hat type.
Automation

Computers bring old problems to us in a new format.
p Those banks with electronic data processing departments
must develop data on such things as the per cent of
labor utilization to the total labor paid for; the per cent
of machine utilization to the total machine hours paid
for; the average machine hour cost including labor, ma­
chine rental, power, space rental, etc., so that improve­
ment or deterioration in efficiency can be measured from
month to month. This information is also a basic step in
determining the net cost. Many of the banks that have
electronic data processing departments are still in the
conversion stage, but sooner or later, they will face the
recessity of developing data along the above lines.
Moving on into generalities, we might consider purchas­
in g . It is worthwhile to get bids on all printing and large
^ supply orders. After bids have been submitted and the
low bidder granted the order, it is usually safe to place
additional orders at the same price without a resubmis­
sion of bids for several years.
► In banks of more than a dozen employees, it is almost
a necessity to maintain what is known in military service
as a Table of Organization. A Table of Organization sets
up the number of employees for each unit of operation.
" "his control should be followed until adequate proof is
offered that additional personnel is needed.
Work standards referred to earlier are the most imporFINDING PROBLEM AREAS . . .

(Turn to page 32, please)

or, at a minimum, control rising expenses without
automation. Following are a few brief suggestions:
• 1. Prepare or make better use of procedural man­
uals as training devices for newly-hired personnel and
as a check list for periodic review of departmental
operations.
• 2. Request supervisors to prepare operating re­
ports or surveys covering such relevant items as vol­
ume of business, number of people, operating costs,
and compare these statistics to last year’s figures or
those of a bank of comparable size and activity.
• 3. Similarly, have a supervisor produce a work
flow chart of departmental procedures to see what
modifications might be made and, at the same time,
note what extraneous operations might have filtered
into the system.
• 4. Using a simple cost accounting system (similar
to that described in NABAC’s Bank Cost Manual), ar­
rive at departmental or unit costs and then, with the
assistance of the respective managers, establish a real­
istic budget for each department and adhere to it.
• 5. Review your service charges and re-evaluate
your systems design, with a view to installing a Cen­
tral Information File, No Passbook Savings, or a com­
bined check filing and signature paying system—in
fact, any tool or procedure that could be beneficial to
your operations.
• 6. A simple work scheduling and production con­
trol program in check departments — based upon a
study of such variable factors as daily fluctuation of
volume, types of items, mail and delivery schedules,
clearing house hours, productivity of personnel, and
type and availability of equipment—will enable you to
focus attention on significant weaknesses that have
crept into your operations and to take the necessary
corrective action.
• 7. Similarly, the work measurement approach, us­
ing a technique such as a self-log or stop-watch time
study, has many advantages that enable you to realize
proper staffing, make projections for future personnel
requirements, achieve a more equitable distribution of
the work load, and obtain many other related benefits,
all of which are aids in controlling operating expenses.
• 8. In conjunction with the two above-mentioned
techniques, work standardization helps to form a foun­
dation for job control which will enable you to deter­
mine whether your shop is operated as efficiently as
other comparable banks and also to help determine the
number of persons required to operate a department.
• 9. If these latter three high-sounding techniques in
the area of systems and procedures frighten you as
being too technical, remember that numerous sources
of assistance—ranging from correspondent banks to
management consultant firms—are available to the
smaller bank for facilitating the installation of any
cost control procedure.
Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

A NORTHWESTERN BANKER Survey

NCREASES in competition and
decline of profit margins make it
imperative that each bank control
its operating costs. The three general
areas that must be considered are per­
sonnel policies, physical properties
and production procedures. Following
are suggestions from leading bankers
on how costs can be c o n t r o l l e d in
these areas:

I

■«ami
jjjjf
WEB& ^
* * "■ * *

■ H ER m a n A .
Brockmeier? c
ior v*ce Vresident>
& Savi ngs B a n k .

^ ■ ■ ■ 1 Lincoln, Neb.:

In a family situation facing a cost
squeeze, the first thought is to budget.
The word “budget” has been over­
worked and means many things to
many people. To some people it is a
method of conserving costs; to others
it is a maximum amount allowed for
expenditures.
A budget is a useful tool in many
ways. It can be used as a means of
establishing a management policy. It
could serve as a means of communi­
cation to employees. It may serve as
a reminder that banking should show
profits. It may serve to change habits
that are a luxury instead of a neces­
sity. One of the most important ways
Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

a budget will serve is the by product
of studying and measuring of produc­
tive work performed by all personnel.
From these studies a bank may estab­
lish work standards and job descrip­
tions.
Salary is the one single item that is
putting a squeeze on profits. Depart­
mental efficiency, including time and
motion studies, of items handled per
person or department, and the shift­
ing or reassigning of employees to
work they are better suited for or
more adept at, is not considered as a
part of the budget. These added stuies will help the end result, an efficient
budget.
Many tasks are performed by em­
ployees on the basis “ This is the way
we always did it.” Unless someone
can analyze many of these tasks, un­
productive labor costs will continue to
rise in many banks. Many tasks are
performed on check handling which
should be reviewed: The checking of
endorsements on checks received in
transit could be eliminated and the
b o o k k e e p e r checking only the en­
dorsement of checks for specific ac­
counts; the daily watching for stop
payment orders for lost checks pay­
able to reliable firms could be elimi­
nated.
These are only two examples of
many hours of labor lost in banks.
Banks need to take a “calculated risk”
on small exposures rather than in­
crease labor costs to prevent minor
errors.

Advertising

The advertising budget should be
reviewed to determine if items placed
in this classification are an advertis­
ing expense. The Financial Public Re­
lations Association publishes a guide
for the review of items most banks
consider as proper advertising expen-

costs of printing, stationery and sup­
plies increase from year to year. The
items creating this expense are many.
They are spread over the entire bank
which make them very susceptible to
a high degree of waste.
We feel that all employees should
become cost conscious and accept their
responsibility toward controlling cost.
To help bring this to their attention,
we are currently running a contest
with a prize of some monetary value
to the winner. Our contest will in­
volve the displaying of various forms
and stationery used in the bank. The
contestants will be asked to estimate
the cost of each item displayed. As a
follow-up, a second contest will be
held. This will involve a similar dis­
play of items with the objective that
the contestants estimate the quantity
and cost of the items used by the bank
last year.

P a r t E i:
S olu tion s
For
P r o b le m
A reas

■ A.

clitures. Once a policy of classification
of advertising expenditures has been
established, it can be followed each
year for uniformity in the budget. The
total expenditure on a d v e r t i s i n g
should be a management decision.
The proper media to be used should
be based on the market of potential
customers for the services the bank
wishes to sell. Often certain media
reach beyond the market and the cost
is higher than the result obtained.
Centralization of supply purchasing
has resulted in a savings for larger
banks. The purchasing of odd sizes,
too small or too large a quantity could
vbe a supplier’s profit, but a loss to
the bank. You can save money on the
kind of paper you use. With most
forms processed by machines, sulphite
paper will usually perform satisfac­
torily as compared to the more expen­
sive rag content bond paper formerly
used in most banks.
A survey of telephone toll charges
will indicate approximately a double
charge for person to person calls over
station to station calls. It has been
reported that 73 percent of all station
to station calls could be completed on
the first attempt.
Postage Savings

Postage is going to be 25 percent
more for most banks. An accurate
scale will be important for borderline
cases rather than p a y i n g the next
higher rate. A survey of required
mailings vs. unnecessary mailings will

be important to hold the increasing
cost of postage. Mailing procedure and
mailing lists should be reviewed for
their value in light of new postage
rates. Banks can deliver statements
to business accounts via the teller
taking their daily deposit rather than
mailing a large statement.
Controlling costs is like taking in­
ventory; you can do a review at the
beginning of the year or you can have
a perpetual system of maintaining a
good record throughout the year.

■ H. D. M c N a c o n tr o ile r ,
Midland National
Bank, Minneapo­
lis, Minnesota:
The rising bank
costs of today
suggest that a keen look should be
taken at all expenditures. A lot has
been written and even more said about
what can be done to control costs. Too
often, however, only the major items
of expenditure receive attention. Cer­
tainly, this is a must, but in addition,
all items of expenses should be ex­
amined to determine that the expense
is justified and that value is received.
High operating efficiency should be
maintained and waste of time and ma­
terials eliminated. As an example, the
mee,

J. M enzies ,

vice president and
cashier, The First
National Bank of
Omaha, Nebraska.
Control of rising costs is considered
seriously each day in our bank. The
o p e r at i on s officer should know the
functions of each department; and fre­
quently watch their operations to as­
certain what day, and time of day,
they have peak, or lull, periods; to de­
termine if one department is putting
in 30 hours a week, or less, while an­
other department is working 40 hours,
or more, and frequently running into
o ver time.
Thus, you are able to
streamline departments through con­
solidation. We have consolidated de­
partments where previously but one
function was being performed.
We, in our bank, train as many peo­
ple as possible for different jobs with­
in a given area; particularly in de­
partments such as Proof, Transit, On
Us Clearings, Bookkeeping and BankBy-Mail, which enables us to shift
these people as the work load changes.
We also maintain a utility force com­
prised of experienced personnel who
are well versed in all major areas of
operation.
Part Time Help

We have had very efficient, and ca­
pable, employees leave us due to fam­
ily ties. However, we find them will­
ing and happy to come down and give
us a few hours time in the evening
SOLUTIONS . . .

(Turn to page 32, please)
Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

32
test is an important screen or selection tool. Here again,
intelligence as measured by an IQ test is only one of a
number of qualities that are essential for successful per­
formance on a job, but it is an important one, and the
use of IQ tests will screen out or eliminate many per*-*
sons who have little possibility of succeeding. This as­
sumes that you are familiar with the use of the tests, and ’
have established standards for the various positions to be
filled in your bank. The desirable IQ rating will vary
according to jobs. It is possible to employ a person with
too high an IQ for a routine clerical job, as the probable
result would be an early resignation.
v

P a r t t : F in d la y P r o b le m A r e a s
(Continued from page 29)
tant standards for determining how many persons are
better training program. Inadequacies in any of those
factors can result in the same symptoms of apparent over­
work for the present staff. It is also possible for all of
those factors to be favorable, but if the work load does
become too heavy, an increase in turnover may result.
In either case, some means of work measurement and job
control is needed.
For many years, many banks have been using person­
nel tests for the selection of new personnel and for the
placement of old personnel. The personnel test is only
one of several factors necessary in the selection and place­
ment of personnel, but it is a very important factor.
These tests screen out many of those who have limited
potential. The correlation for clerical aptitude tests for
such work as machine bookkeeping and transit proof
operation is very high, possibly 80 per cent assuming
that careful selection is exercised with respect to other
qualities desirable in an employee.
needed to handle a given volume of items. Unless you
have work measurement and job control, department
heads may ask for additional help when the real need
may be better supervision; a better system; a higher pay
scale and less turnover; better employee selection; or a
Clerical aptitude tests are not as important for positions
requiring reasoning, judgment, and experience, such as
those of a discount teller or a bond teller, or an auditor;
but for those types of positions, an IQ or intelligence

Business Promotion

In studying cost control, careful consideration should
be given to the expenditures in the areas of business pro­
motion, advertising, and entertainment. Expenditures in
these areas are certainly necessary for a progressive
bank, but a periodic review and study should be made to#
determine whether the money is being spent in the most
effective way. Mediums of advertising; styles of adver- 1
tising; promotional methods; forms of entertainment, etc.,
that were successful three years ago might be losing
their effectiveness simply because they have been worn
out. People may have become so accustomed to the meth­
ods that you are using that they are no longer inspired*
by the old approach.
Control of cost is a continual battle. It has been for *
many years, and it will continue to be in the future. The
players and sometimes the rules are changed, but the
objectives of the battle remain the same.-—End.

P a r t i i : Findinii th e S olu tion s
(Continued from page 31)
and Saturday mornings in our proof
and transit departments; giving us
more hours of use from our equip­
ment, cutting overtime and the need
for additional equipment.
We try to control the high cost of
advertising by analyzing carefully our
advertising expenditures which en­
ables us to develop the least costly,
but most profitable type of business
for our bank as opposed to institu­
tional advertising.
We have found a time saver in the
use of snap-out forms in our safety
deposit vault department, for cashier’s
checks and bank drafts. We have pro­
moted the sale of personal money or­
ders where the teller has to merely
cut in the amount and write in the
figures. We also utilize incoming mail
advices, and certain other departmen­
tal advices as actual debit and credit
entries rather than typing new ones
and having to file the originals.
We make joint mailings wherever
possible between departments which
is a great savings in postal costs.
In certain sized banks the cycle bill­
ing of statements is feasible. By using
this system, we do not file the checks,
but keep them in batches as they
come from the Bookkeeping Depart­
ment. Our Statement Department then
Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

>

uses peg boards to prepare the state­
ments, and by doing this, we can re­
lease filing personnel for other duties.
A close study of needs for equip­
ment is practical. Do teller’s machines
save you time and money, or do they
just look nice? Are the use of auto­
matic change machines at each teler’s cage necessary? We do not use
teller machines, and automatic change
machines are used only in the Payroll
and Master Teller cages.
We have revised our method of
computing service charges, and thus
have increased our revenue which
helps to offset the rising costs of op­
erations.

supervisor can play a very important
part in the picture by being alert to
production, waste of time, and mate­
rial, plus equipment needs in the de­
partment.
Careful evaluation should be made
of forms in use. Proper design for
general format, properly aligned for
type spacing and continuity should be*
kept in mind. Designing forms for
multiple uses where small quantities
are normally ordered may produce a
price break. Eliminate unnecessary
forms, either originals or copies, use
obsolete forms where practical for
scratch pads. Quite often the quality^
of paper used for copies may be too
high. The use of continuous forms or
snapouts may be less costly than as­
sembling if quantity warrants. A new
impression paper now offered for tab­
ulating rolls and journals appears to
be less costly with results as good or4~
better than carbon rolls.
New Equipment

D.
v ic e
' p r e s i d e n t and
ca sh ier, Uni t ed
States Nat i onal
Bank, Omaha, Ne­
braska:
Continuing changes in o p e r at i on s
and procedures call for constant study
on the part of management to keep
costs under control. The departmental
■ A

A

rthur

nderson,

The purchase of additional equip­
ment is often warranted with the sav­
ings of a few minutes of a person’s
time each day. This might be in the,,
form of dictating equipment, photo­
copy, calculators or even a small add- „
ing machine. Charts have been pub­
lished to use as a guide in determining
the relationship between the time savFINDING SOLUTIONS . . .

(Turn to page 129, please)

33

With Higher Postal Rates

Get the M ost from Your 3fait ttutUfet
v TT, FFECTIVE January 7, 1963, everyJ L one using the United States mail
system began paying higher postage
rates. Like all other businesses, banks
are finding they are paying 25 per cent
more for postage on first-class mail
and about 15 per cent more for mateArial sent air mail, first-class.
Regular first class mail has gone
from 4 cents per ounce to 5 cents,
while air mail has gone from 7 cents
per ounce to 8 cents. The bulk mail­
ing fee, held by most banks, took a
50 per cent jump, going from $20 per
*year to $30.
The tremendous importance of bank­
ing by mail is being brought home
more sharply by postal increases, for
banks are finding costs climbing again
on mail either sent to the customer
in connection with Bank-by-Mail serv* ice, or mail received on which the
bank has paid postage or pays it when
received.

turn envelope it sends to a customer
($50 per thousand) then it must re­
ceive at least 715 per 1,000 of these
envelopes to make such pre-payment
of postage worthwhile. If fewer than
715 envelopes per 1,000 are used as
returns, the bank would pay less in
postage by paying the “Business Re­
ply Mail” rate of 7 cents per letter.
This does not take into considera­
tion any merits of the psychology of
a prepaid envelope versus the obvi­

Bank-by-Mail Postage

Envelopes being re tu rn e d from
Bank-by-Mail service, on which the
bank pays postage, can come in under
two different rates.
r First, envelopes that the bank en­
closes with its mailing and expects to
have the customer use as a return en­
velope can be stamped 5 cents with a
postage meter (envelope must be spe­
cially printed) or by affixing a 5 cent
stamp.
” Second, regular business reply en­
velopes can be used in the same way
but the bank pays postage only on
those envelopes actually returned;
however, the rate for this is the usual
5 cents plus a 2 cent penalty, provid­
ing the envelope weighs less than two
ounces, otherwise it would carry a
penalty of 5 cents. Thus, business re­
ply envelopes c a r r y in g the usual
“Business Reply Mail” imprint cost
the receiver no postage until actually
delivered by the post office, and then
the rate is 7 cents on usual letters.
Check on Return Postage

Conseqeuntly, a bank must ascer­
tain from its own experience how
many return envelopes, on which it
agrees to pay the postage, actually are
used by customers. If, for instance, a
bank affixes 5 cents postage to each re­

ously commercial imprint of “No Post­
age Required” on the business reply
type of envelope.
When the new postal rates went
into effect January 7, many business
firms had stamped, return envelopes
in the hands of persons outside the
business. Some of these had 4 cent
stamps, others had 4 cent postage
meter stamping. In either case, when
such envelopes are returned, the bank
or other business firm pays only the
amount that will total the new post­
age rate—there is no penalty. If a
bank’s return envelope is delivered to
the bank with the old 4 cent stamp,
therefore, the postman will collect
only an additional 1 cent.
Third Class Rates

Sweeping changes have been made
in third class mail. Basically, mail in
sealed envelopes may be sent by third
class in any size if it is plainly marked
“Third Class” (spelled out, not abbre­
viated in any w ay). Payment of third
class postage is the mailer’s consent to
inspection.
The “Pull Out for Postal Inspection”
notice on postage-saver envelopes is
no longer necessary, because an enve­

lope of this type is now considered
unsealed, and unsealed third class
mail does not require marking “Third
Class.”
Prepayment of postage is required
for third class mail and this costs 4
cents for the first two ounces and 2
cents per ounce thereafter. Bulk rates
under a bulk mailing fee of $30 per
year carry specific rates for different
types of organizations.
Train a Postal “Expert”

It is recommended that every busi­
ness, regardless of size, have at least
one person who is thoroughly familiar
with postal rates. This will help the
bank or firm gain maximum benefit
from the postal system at the most
efficient cost, as well as save mailing
time in many cases.
For example, it is recommended by
the post office department that the
sender identify large envelopes as first
class mail when this rate is being paid,
in order to insure getting first class
service. One way of doing this is to
have your e n v e lo p e manufacturer
print a diamond border around the
edges with the words “First Class”
overprinted on the diamond. This dia­
mond may be green or any other color,
and this symbol is approved by postal
authorities for it quickly identifies
first class mail for postal clerks.
Mail which does not actually war­
rant first class rates may be sent at
lower postal rates if an additional two
or three days for delivery is not vital.
With the increased postal rates now
in effect, it will pay banks and other
businesses to screen their mail care­
fully in order to send mail at the most
economical rates consistent with serv­
ice so as to hold down their postal
costs.
Make Envelopes “ Sell”

The public generally judges a busi­
ness in three ways—by its merchan­
dise, by the people it deals with in the
firm, and by the correspondence it has
with the company. With the increased
mobility of the American public and
continued spreading out of residential
areas, more and more business with
banks is being done by mail.
POSTAL INCREASE . . .

(Turn to page 64, please)
Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Bank Statement Comparisons
Figures of December 31, 1962

Present
Rank
1
2
3
4
5
6
7
8
9
10

Deposits
Bank
Dec. 31, 1962
Bank of America, NT&SA, San Francisco--$12,095,965,067
Chase Manhattan Bank, New Y ork________ 9,631,948,000
First Natl. City Bank, New Y ork__________
9,141,539,398
Manufacturers-Hanover Trust, New Y ork___ 5,674,455,000
Chemical Bank New York Trust, New Y ork- 4,562,502,942
Morgan Guaranty Trust Co., New T ork____ 4,381,189,847
Security-First National Bank, Los Angeles-- 3,949,766,726
Continental-Illinois Natl. B&T, Chicago____ 3,542,054,783
Bankers Trust Co., New Y ork____________
3,476,441,549
First National Bank, Chicago_______________
3,314,590,000

Deposits
1961
Dec. 31, 1961 Rank
$11,475,436,133
1
8,875,793,657
2
8,371,837,000
3
5,521,092,564
4
4,352,767,712
5
4,135,554,504
6
3,661,896,479
7
3,312,740,739
9
3,390,921,225
8
3.142,110,532
10

W h a t It a illi S ta tem en ts Shmv
(L ast three figures om itted)

December 31, 1962
Deposits
Loans

December 31, 1961
Deposits
Loans

Chicago
American Natl......$ 513,699 $ 233,071 $ 478,125 $ 205,392
Cont. Illinois ...... 3.542,055 2,032,048 3,312,741 1,591,199
Drovers Natl......... 144,227
45,115 *136,574
*42,643
First National .... 3.314,590 1,936,787 3,142,111 1,770,453
Harris Trust ...... 1,089,500
559,070 1,059,390
516,489
LaSalle Natl......... 225,921
98,145
186,956
80,945
Live Stock Natl. ..
48,807
18,008
51,348
15,780
Natl. Blvd. Bk. .... 107,967
54,737
102,630
50,327
Northern Trust ... 855,369
412,995
828,547
355,771

Denver
Central Bk. & Tr. .
Colorado Natl......
Denver-U. S.........
First Natl.............

154.459
193,352
320,852
376,771

90,248
104,822
188,502
199,300

142,870
179,113
429,662
347,242

82,727
99,990
177,259
173,088

265,468
471,708
349,461

119,414
221,019
171,709

273,210
470,517
343,432

123,167
215,709
157,816

Security First __ 3,949,767
United Calif. Bk... 2,389,193

1,932,801
1,516,917

Kansas City
City National __
Commerce Trust ..
First National ....

Los Angeles
3,661,896 1,739,637
2,136,978 1,266,403

Phoenix
First National ....
Valley Natl. ........

436,381
743,792

263,935
528,677

386,388
682,450

213,974
427,273

33,261
41,573
12,753
44,398

11,875
17,370
3,896
17,102

33,561
41,104
12,477
41,381

10,919
16,617
3,307
15,360

675,735
706,120

386,448
381,625

617,508
633,226

316,014
353,315^

St. Joseph
American Natl. ....
First Natl.............
First Stock Yds. ..
Tootle-Enright ....

St. Louis
First Natl.............
Mercantile Tr. ....

San Francisco
Bk. of America ....12,095,965
Bank of Calif.......
765,455
Crocker-Anglo __ 2,134,493
Wells FargoAmer. Tr........... 2,941,295

3.476,442 1,825,408 3,390,921
9.631,948 5,417,449 8,875,794
4,562,503 2,562,959 4,352,768
9,141,540 4,960,933 8,371,837
2,354,059 1,282,607 2,266,363

Northwestern Banker, February, 7963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1,696,757
4,847,598
2,441,792
4,395,176
1,155,495

7,587,993 11,475,436
386,867
716,741
1,231,978 1,953,841

6,827,609
330,160
1,066,042

1,682,566 2,711,984

1,460,639

Seattle
Seattle 1st Natl. .. 1,117,227

New York
Bankers Trust ....
Chase Manhattan..
Chem.-N. Y. Tr. ..
First Natl. City ....
Irving Trust ......

December 31, 1962
December 31, 1961
Deposits
Loans
Deposits
Loans
Manuf.-Han. Tr. .. 5,674,455 2,769,708 5,521,093 2,371,921
Morgan Guaranty.. 4,381,190 2,712,856 4,135,555 2,454,647

587,741

1,055,741

550,654

178,555
130,834

350,093
332,612

169,023
120,215

Tulsa
1st Natl. B. & T. ..
Natl. Bk., Tulsa ....

398,745
324,678

‘"Includes Drovers Trust figures fo r 1961.

35

IS im iiilii/ i

o f

A n n u a l M e e t in g s
a n d
P r o m o t io n s

New Harris Trust Director

ing pattern of management relation­
ships.

Stockholders of Harris Trust and
Savings Bank elected a new director
at their annual meeting, while two
members of the
bank’s board did
not stand for re»
election.
Joining the Har­
», ¿«3
ris board is Rob­
ert C. G unness,
e x e c u tiv e v ic e
president, Stand­
ard Oil Company
(Indiana). R e t ir ­
fW k ,
ing
directors are
R. C. G U N N E S S
C h arles C. Jarchow, director and chairman, Amsted
Industries Incorporated, and William
V. Kahler, chairman, Illinois Bell Tel­
ephone Company. Both have served
on the Harris board since 1952.

Mr. Peterson, former president of
Bank of Hawaii, rejoined Bank of
America as vice chairman in Novem­
ber, 1961. His appointment marked a
return to the Bank of America organi­
zation, with which he served as a
vice president in the forties and early
fifties.

B of A Management Plan

On Bank Board

Rudolph A. Peterson, vice chairman
of the board, has been assigned respon»sibility for the general management
of Bank of America. President S.
Clark Beise continues as the bank’s
chief executive officer.
In announcing the assignment the
bank’s board of directors indicated
that the action taken at the board’s
meeting formalized the already exist­

¡■H
S. C. B E IS E

R. A . P E T E R S O N

high deposits at Northwestern of $646,428,920 on December 31, 1962, up $113
million from the 1961 year end figure.
Total resources reached a new peak
of $716,493,357.
Northwestern ranked 48th in the na­
tion in size among commercial banks
as of December 31, 1962, according to
figures compiled by the American
Banker, national daily newspaper of
banking.
In addition to being president and
chairman of the board of GambleSkogmo, Inc., Mr. Gamble is presi­
dent and a director of the Allegheny
Corporation. He is also on the boards

B.
C. Gamble, president and chair­
man of the board of Gamble-Skogmo,
B. C. G A M B L E
O. M . W I L S O N
Inc., and Dr. O. Meredith Wilson, pres­
of
Investors
Syndicate
of
Canada and
ident of the University of Minnesota,
General
Outdoor
Advertising
Com­
were elected to the board of directors
of the Northwestern National Bank of pany
Minneapolis at the bank’s annual
stockholders’ meeting recently.
Chicago Fed Promotes Two
George W. Cloos and Lynn A Stiles
At the same meeting, John A. Moor­
head, bank president, reported record have been elected officers of the FedNorth western Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

36

Meetings, Promotions —
eral Reserve Bank of Chicago with
the title senior economist, according
to announcement by Charles J. Scan­
lon, president.
Mr. Cloos has been with the bank
since 1949 as business economist; Mr.
Stiles, since 1953 as financial econo­
mist.

A m erica n N a tion a l Hi r e c to r s
new members were elected to
T WO
the board and one director did not
stand for re-election at the annual

Elect Director to Succeed
J. Stuart at Northern Trust
At the annual meeting of the stock­
holders of The Northern Trust Com­
pany, announcement was made of the
retirement from the board of John
Stuart, who has served as a director
for 48 years.
One of the nation’s prominent busi­
ness executives, Mr. Stuart has been
associated with the Quaker Oats Com­
pany since 1900, serving as chairman
of the board from 1942 to 1956.
Thomas G. Murdough, president of
American Hospital Supply Corpora­
tion, was elected to fill the vacancy
created by Mr. Stuart’s retirement.

N. A . S T E P E L T O N

L . G. M A E C H T L E N

stockholders’ meeting of the Ameri­
can National Bank and Trust Com­
pany of Chicago, thus increasing the
board’s total membership from 17 to
18.

Robert E. Straus, American Nation­
al’s president, stated: “We are pleased f
to welcome these prominent execu­
tives to our board, and we look for-1*
ward to benefiting from their com­
bined business experience for many
years to come. I take this opportunity
on behalf of the entire staff of the
bank to express our deep appreciation
for the assistance and guidance we
have received from Mr. McNamara"'
through the years.”

Changes at Kansas City
Taylor S. Abernathy, board chair­
man, First National Bank of Kansas
City, has announced the following
changes in the official family:
Robert J. Wharton has been pro­
moted from assistant trust officer to
trust officer and Mont C. Draper III
and Walter W. Gonce have been made
assistant trust officers.

W HARTON

DRAPER

GONCE

Mr. Abernathy also announced that
Robert Sunderland, vice president and
treasurer of Ash Grove Lime and Port­
land Cement Company, has been elect­
ed a director of the bank.

La Salle National Changes
Joseph G. Porter, senior vice presi­
dent and head of the trust depart­
ment of the La Salle National Bank,
Chicago, retired December 31, 1962,
after 22 years’ service. Under his
leadership, the trust department has
grown from a “two man operation”
to one of the most diversified in Chi­
cago.
Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

Mr. Porter joined La Salle in 1940
and was named vice president in 1942.
In 1960 he became the first senior vice
president of La Salle.
Also, at their annual meeting, stock­
holders elected Fred B. Mattingly,
treasurer of International Harvester
Company, a director. Mr. Mattingly
has been with International Harvester
since 1923, serving in many capacities,
including a term as president of Inter­
national Harvester Credit Corporation.
All other La Salle directors were re­
elected, with the exception of William
C. Schumacher, who did not stand for
re-election.
At the directors’ meeting, January
10, James J. Carmody was elected as­
sistant vice president. Mr. Carmody,
who joined the bank recently, is a
member of the Metropolitan Group.

St. Louis First National
Announces Plan, Promotions
Stockholders of First National Bank
in St. Louis at their annual meeting
approved a plan which calls for the
authorization of 125,000 of $10 par
value shares to be reserved for options
to key personnel.
The plan was approved by the
bank’s directors in December and has
been favorably reviewed by the Comp­
troller of the Currency. It was drawn
up pursuant to the October announce­
ment by the Comptroller’s office of a
proposed regulation authorizing na­
tional banks to grant stock options at

100 per cent of market price on the
date the option is granted.
*
Stockholders re-elected the members m
of the board.
James Lee Johnson, vice president
and trea su rer, International Shoe
Company, was named to membership
on the advisory board, and Major B.
Einstein, vice president, was promoted
to senior vice president.
Also, James P. Hickok, board chair­
man, has announced the promotions <
of Ira H. Green, assistant cashier, mu­
nicipal bond department, and Martin
J. Crowe, representative, same depart­
ment, to assistant vice presidents.

At United California Bank
Shareholders of United California¥
Bank in their annual meeting elected
six new directors and approved the
elevation of Director Allen Hancock
to the post of founder director, it was
announced by Frank L. King, board
chairman.
New directors are: C. A. Barker, Jr.,
chairman, finance committee, Lock­
heed Aircraft Corporation; Asa V. Call,
chairman of the board, Pacific Mutual
Life Insurance Company; Edward W.
Carter, p resid en t, Broadway - Hale1
Stores, Inc.; Henry T. Mudd, presi­
dent, Cyprus Mines Corp.; Harold
Quinton, chairman of the board and
chief executive officer, Southern Cal­
ifornia Edison Co., and Charles B.
Thornton, chairman of the board,
Litton Industries, Inc.

37

2$

m

t k

o f A t t t t f t r t r a

NATIONAL JavYn^g s ASSOCIATION
C o n d en sed S ta tem en t o f C o n d itio n D e c e m b e r 31, 1962
(Figures of Overseas Branches are as of December 24, 1962)

RESOURCES
Cash and Due from B a n k s ............................................................................................ $ 2 ,1 6 2 ,7 8 2 ,3 7 8 .9 1
United States Governm ent Securities and Securities
Guaranteed by the G o v e rn m e n t.....................................................................
2 ,0 1 3 ,2 6 5 ,4 7 2 .8 1
Federal Agency S e c u ritie s ............................................................................................
126,61 1 ,3 51.09
State, County, and M unicipal S e c u r it ie s ......................................................
8 4 6 ,4 1 5 ,0 1 9 .5 1
O ther S e c u r i t i e s ............................................................................................................
1 1 8 ,2 1 4 ,7 3 6 .8 8
Loans Guaranteed or Insured by the United
States Governm ent or its A g e n c ie s .............................................................
1 ,4 5 0 ,2 6 0 ,8 2 6 .3 5
O ther Loans and D is c o u n t s .....................................................................................
6 ,1 3 7 ,7 3 1 ,8 7 1 .0 4
Custom ers' L ia b ility for A c c e p ta n c e s ..............................................................
2 2 0 ,9 0 0 ,0 7 7 .4 0
Bank Prem ises, Fixtu res, etc........................................................................................
2 3 9 ,9 3 8 ,6 3 1 .6 6
A ccrued Interest and O ther R e so u rc e s..............................................................
1 0 1 ,0 2 0 ,4 4 3 .6 5

TO TAL R E S O U R C E S ...................................................................... $13,417,140,809.30

LIABILITIES
C a p i t a l ......................................................
Surplus
......................................................
Undivided Profits and Reserves .

$ 1 7 8 ,0 0 0 ,0 0 0 .0 0
4 8 2 ,0 0 0 ,0 0 0 .0 0
1 4 3 ,7 0 8 ,5 4 7 .8 7
8 0 3 ,7 0 8 ,5 4 7 .8 7
1 4 3 ,0 8 1 ,3 3 6 .3 7

T O T A L C A P IT A L FU N D S .
Reserve for Possible Loan Losses

DEPOSITS !^emand

*

*

.$ 5 ,5 6 4 ,1 2 7 ,1 8 2 .6 4 \
.$ 6 ,5 3 1 ,8 3 7 ,8 8 4 .6 2 (

'

(Savings and I ime .
L ia b ility on Acceptances .
Reserve for Interest, T a xe s, etc.

2 ,0 9 5 ,9 6 5 ,0 6 7 .2 6
2 2 1 ,6 1 9 ,2 8 6 .1 3
1 5 2 ,7 6 6 ,5 7 1 .6 7

TO TAL LIABILITIES

$13,417,140,809.30

Main Offices in the two Reserve Cities of California

SAN FRA N CISCO • LOS A N G ELES
Branches throughout California
Overseas branches: London, Manila, Tokyo, Yokohama, Kobe, Osaka, Bangkok, Guam, Okinawa,
Lagos, Buenos Aires, Karachi, Amsterdam
Member Federal Deposit Insurance Corporation • Member Federal Reserve System

Bank of America
(International)
A wholly-owned subsidiary

Condensed Statement of Condition December 31, 1962
Home Office— New York, N. Y .

Branches: Duesseldorf, Singapore, Paris, Beirut, Guatemala City, Hong Kong, Kuala Lumpur
(Branch figures are as of December 24, 1962)

RESOURCES
Cash and Due from Banks . . .
United States Government
O b lig a t io n s ...........................................
Other S e c u r i t i e s ....................................
Loans and D isc o u n ts .............................
Customers' Liability for Acceptances
and Endorsed B i l l s .............................
Bank Premises, Furniture and
F i x t u r e s ..................................................
Accrued Interest and Other
R e so u rce s..................................................
TOTAL RESOURCES

. . . .

LIABILITIES
$201,364,824.66
10,125,000.00
11,594,897.70
255,566,059.04
45,343,136.11
4,181,060.39
4,416,908.39
$532,591,886.29

Capital . . . .
$34,000,000.00
Surplus . . . .
6,800,000.00
Undivided Profits
3,913,933.27
TO TA L C A P IT A L FUNDS . . .
Reserve for Possible Loan Losses .
D e p o s its .........................................................
Foreign Funds Borrowed . . . .
Liability on Acceptances . . . .
Liability on Endorsed Bills . . .
Reserve for Interest, Taxes, etc. .
TOTAL LIABILITIES

. . . .

$ 44,713,933.27
4,214,135.90
431,539,470.54
1,362,250.87
40,284,246.66
6,131,456.51
4,346,392.54
$532,591,886.29

N o r th w e s t e r n B a n ke r, F e b r u a r y , 1963


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Federal Reserve Bank of St. Louis

38

Meetings, Prom otions

—— ■

—

■

V on tin en tai M in o is A d va n cem en ts
B R IT T A IN , JR., has
BERFORD
been elected senior vice president
in the commercial department of Con­
tinental Illinois National Bank and
Trust Company of Chicago, to be in
charge of the national banking divi­
sion, succeeding Fred M. Naber, who
retired as senior
vice president in
December.
Robert C. Suhr,
v ic e presid en t,
will assum e Mr.
Brittain’s former
position as assist­
ant administrator
of the national di­
v is io n , and will
continue heading
B. B R I T T A I N , JR.
t h e commercial
banking group serving customers in
eastern states.
Mr. Brittain joined the Continental
organization in 1929, serving exten­
sively in the credit division before be­
ing assigned to the national division.
Also, three new directors are being
proposed for election to the board,
according to the proxy statement
mailed to shareholders.
They are George R. Cain, board
chairman and president, Abbott Lab­
oratories; Lester Crown, vice presi­
dent, General Dynamics Corp., and of
the Materials Service Division of that
firm, and Joseph S. Wright, president,
Zenith Radio Corp.
The proxy statement showed also
that three present directors are not
standing for re-election: Alfred Cowles
of Cowles Properties; Robert H. Morse,
Jr., Fairbanks, Morse & Company, and
Rawleigh Warner, chairman, Pure Oil
Company.

sistant vice president and becomes one
of two Valley Bank women officers
holding that rank. She has been an
assistant cashier since 1952.
Mr. Toth joined Valley Bank in 1947
and served as assistant manager of its
Douglas Office before being trans­
ferred in 1952 to agricultural-livestock
loan headquarters in Phoenix. He
was named an assistant vice president
in 1957 and, since 1960, has been serv­
ing as VNB cotton department man­
ager.
Mrs. May is one of the southwest’s
best known personalities in the fields
of banking and community services.
She launched both careers in 1931,
joining VNB in 1944 and heading its
special services department since 1949.
Active in a long list of community or­
ganizations, she has won many public
service awards, including the Distin­
guished Service Medal of the Ameri­
can Cancer Society.
Other promotions include:
R.
M. Long to deputy controller,
Phoenix home office, and Joe E. Burk­
hart and Warren E. Campbell to as­
sistant vice presidents, home office
mortgage loan department.

B of A Changes
The following appointments have
been announced by the Bank of Amer­
ica for its head office in San Francisco
and at Los Angeles.
Executive Vice President Louis B.
Lundborg at the San Francisco Head
Office was selected for a newly created
general administrative post at the Los
Angeles Headquarters of the bank.

Valley Promotions
Richard A. Toth and Mrs. Robert
E. (Mildred) May headed a list of pro­
motions and appointments approved
by Valley National Bank’s board of
directors, P r e s i­
dent Jam es E.
Patrick announces.
Mr. Toth, assist­
ant vice president
in the b a n k ’ s
P h o e n i x a g r i­
cultural - livestock
loan h ea d q u a r­
ters, was elected
vice president.
Mrs. May, direc­
tor of special services, was named as
N o r t h w e s t e r n Ba n ker, F e b r u a r y , 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

L. B. L U N D B O R G

D. C. S U T H E R L A N D

At the same time, Senior Vice Presi­
dent D. C. Sutherland was named ex­
ecutive officer in charge of the bank’s
statewide and national business rela­
tionships, the position being vacated
by Mr. Lundborg to accept his new
appointment.
President S. Clark Beise announced
that Mr. Lundborg, as a senior execu­
tive, will work closely with Chairman
of the Board Jesse W. Tapp and Exec-

ecutive Vice President Harry M. Bardt
in the administration and direction of'
the bank’s activities in southern Cali­
'i
fornia.
Mr. Sutherland, as senior vice presi­
dent for loans the past three years,
has headed statewide real estate and F
Timeplan lending as well as northern
California commercial lending activB
ties.
Mr. Sutherland started with the i
Bank of America organization 30 years
ago at a then affiliated Reno bank.

W . W . W IL L IA M S

G. E. C A R T E R

Also announced were new appoint­
ments for two public relations execu­
tives at Bank of America’s San Fran- <
cisco head office and Los Angeles
headquarters.
Promoted to assistant vice president ,
is Willard W. Williams, who moves
up from publicity officer at the San
Francisco head office to assume new
duties at Los Angeles headquarters
where he will have charge of the
bank’s southern California public rela­
tions activities.
Moving to the San Francisco head
office to take up new responsibilities ^
as head of publicity activities is As­
sistant Vice President Glenn E. Carter,
public relations officer at Los Angeles
headquarters for the past 17 years.
For Mr. Williams, the appointment
means a return to southern California
where he held administrative and,*
branch positions for 17 years before
moving to the San Francisco head
office in 1954. He has headed public­
ity activities in the Public Relations
department for the past seven years.
Malcolm S. Kelley of New York
City has been appointed vice presi- ^
dent, Trust Investments of Bank of
America at its Head Office in San
Francisco.
Mr. Kelley will have statewide re­
sponsibility for the analysis and in­
vestment of Bank of America’s trust
accounts.

Joins Security First National
Earl J. Thompson has been appoint­
ed an officer of Security First Nation­
al Bank, Los Angeles. He was named
bank insurance manager, head office

A n e w r e a s o n f o r N e w Y o r k e r s t o lo o k u p
There’s a new sight to see on Park Ave­
nue. It’s the brand new Bankers Trust
Building, a prime example of warmth
and style in modern architecture. Con­
structed with a double setback to pro­
vide light and air, it also features a
gleaming exterior of a new material
called Mo-Sai. You’ll find the building a
handsome addition to New York’s most
beautiful thoroughfare.
But the real story is on the inside. For

B A N K E R S

here Bankers Trust can meet its friends
in one of the most efficient settings that
mid-century architecture could conceive.
With the opening of its Park Avenue
building, Bankers Trust adds a second
headquarters for the convenience of its
midtown customers and out-of-town cus­
tomers who prefer to stay in midtown.
The next time you’re in New York why
not stop by and see us. We’ll be happy
to show you around.

T R U S T

C O M P A N Y

PA RK AV EN U E BETW EEN
) B a n k e rs T r u s t C o m p a n y 1 9 6 2


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Federal Reserve Bank of St. Louis

48th A N D 49th S T R E E T S

_____________

M em b er F e d e ra l D e p o sit In s u ra n c e C o rp o ra tio n

40

Meetings, Promotions —
planning and control services depart­
ment.
A native of Wadena, Iowa, he gradu­
ated from Upper Iowa University and
also attended the University of Iowa.
He joined Security in 1952.

C om m erce T ru st A d cu n ees #.# .iten ■

World Bank President
Joins Cliase-Manhattan
Eugene R. Black, whose resignation
as president of the International Bank
for Reconstruction and Development
became effective
January 1, h a s
joined the Chase
Manhattan Bank
as a director and
consultant.
Mr. Black will
maintain an office
at the b a n k ’ s
head office build­
ing in the Wall
Street area and
E. R. B L A C K
will be available
for consultation on a wide variety of
banking matters, particularly in the
international sphere. He will also
serve on the executive committee of
the bank’s board of directors, and as
a director of the bank’s foreign financ­
ing subsidiary, Chase International In­
vestment Corporation.
Mr. Black had served with the
Chase National Bank, predecessor to
Chase Manhattan, from 1933 to 1949,
when he became president of the
World Bank.

At Bank of New York
The appointment of Daniel C. O’Con­
nor as assistant treasurer at The Bank
of New York has been announced by
Albert C. Simmonds, Jr., chairman.
Mr. O’Connor has been assigned to
the international department.

At Live Stock National
John J. Beatty has been appointed
assistant trust officer of The LiveS tock N ationa l
Bank of Chicago,
D avid H. Reimers, president, an­
il o u n c e d l a s t
month.
M r. B e a t t y
jo in e d the Live
S t o c k staff i n
May, 1962, coming
to the bank from
the c a su a lty de­
partment of Ar­
mour & Company. He received a law
degree from DePaul University in
1952.
N o r t h w e s t e r n Ba n ker, F e b r u a r y , 1963


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Federal Reserve Bank of St. Louis

PROMOTIONS in Commerce Trust Company’s correspondent bank division included,
from left: Eugene B. Foncannon and Norman R. Cowperthwaite, v.p.’s; John Fowler
and Homer Lyle, a.v.p.’s, and Don Echtermeyer, a.c.

OMMERCE TRUST announces the
C
promotion of five of its officers to
vice presidents and the advancement
of three of its officers to assistant
vice presidents. Seven staff members
were elected as new officers.
Leslie Bowman, vice president, is in
the commençai loan department. He
joined the bank in 1925; was elected
assistant cashier in 1949 and elected
as assistant vice president in 1960.
Norman R. Cowperthwaite, vice
president, is active in commercial busi­
ness development and also in corres­
pondent bank activities. He recently
assumed charge of the bank’s newlycreated Kansas City metropolitan ter­
ritory of the correspondent bank
division. He joined Commerce Trust
in 1949; was elected assistant cashier
in 1953 and elected assistant vice pres­
ident in 1957. He earned his degree
in B u sin ess Administration from
Washburn College.
Eugene B. Foncannon, vice presi­
dent, heads up the cattle loan depart­
ment. He joined Commerce Trust in
1959. Prior to that he was farm loan
supervisor in western Kansas for
Northwestern Mutual Life Insurance
Company. He is a graduate of Kan­
sas State College. His World War II
military record included two years as
commander of a motor torpedo boat
in the South Pacific.
Henry F. Mayfield, vice president, is
manager of the bond department. He
joined Commerce Trust in 1958; was
elected assistant cashier in 1959 and

was advanced to assistant vice presi­
dent in 1961. He is a graduate of the
University of Missouri.
William C. Thompson, vice presi­
dent, is in commercial business devel­
opment. He joined Commerce Trust
in 1947. From 1953 until 1959 he
served as vice president of the Plaza
Bank of Commerce. He returned to
Commerce Trust as assistant vice
president in 1959. He earned his Mas­
ter’s degree in Business Administra- <
tion at the University of Pennsylva­
nia.
John Fowler, assistant vice presi­
dent, is with the correspondent bank
department and travels Kansas. He
joined Commerce Trust in 1959 and *
was elected assistant cashier in 1961.
He is a graduate of Kansas State Col­
lege.
Homer Lyle, assistant vice presi­
dent, is with the correspondent bank
department and travels Missouri. He
joined Commere Trust in 1958 an dv
was elected assistant cashier in 1961.
He is a graduate of Northwest Mis­
souri State Teachers College.
Leo Stolzer, assistant vice president,
is in the commercial loan department.
He came to Commerce Trust as assist­
ant cashier in 1951 after having served
13 years at the Stockyards National
Bank.
The following seven staff members
were elected as new officers of Com­
merce Trust Company:
Don Echtermeyer, assistant cashier,
joined Commerce Trust in 1959. He

41

T H E C H A S E
M A N H A T T A N
B A N K
HEAD OFFICE: 1 Chase Manhattan Plaza, New York 15, N. Y.

Statement of Condition, December 31, 1962
ASSETS
Cash and Due from B a n k s .....................................................$
U.

3 ,0 5 4 ,2 1 5 ,0 5 3

S. Governm ent O b l i g a t i o n s .....................................

1 ,4 5 9 ,6 0 0 ,5 9 9

State, M unicipal and Public S e c u r itie s ............................

7 2 1 ,7 2 8 ,3 6 0

O ther S e c u r it ie s ........................................................................

5 9 ,5 8 8 ,8 0 9

M o r t g a g e s ......................................................................................

3 1 1 ,6 0 1 ,6 2 3

L o a n s ............................................................................................

5 ,1 0 5 ,8 4 7 ,0 7 8

Less: Reserve fo r L o a n s ...........................................................................

132,100,023

Banking Premises and Investment in Realty Affiliates

9 2 ,4 9 3 ,8 36

Custom ers’ Acceptance L ia b ilit y ........................................

1 8 6 ,0 1 8 ,1 0 8

O ther A s s e t s ...............................................................................

7 3 ,3 2 9 ,6 5 2

$10,932,323,095
LIABILITIES
D e p o s i t s ..................................................................................... $ 9 ,6 3 1 ,9 4 7 ,8 1 5
Funds B o r r o w e d .........................................................................

1 6 8 ,7 9 6 ,6 9 4

Reserve for T a x e s ..................................................................

4 9 ,7 9 3 ,5 0 6

Acceptances O u t s t a n d in g .....................................................

1 9 0 ,7 5 5 ,3 4 3

O ther L ia b ilit ie s ........................................................................

1 0 3 ,5 7 3 ,4 2 0

Reserve for C o n tin g e n c ie s .....................................................

3 8 ,5 8 5 ,1 2 3

Capital Funds:
Capital Stock

(Par Value $12 .50 Per Share)

. $ 1 7 4 ,5 9 4 ,4 2 5

1 3,9 67 ,5 5 4 Shares Outstanding o f
14,639,071 Shares Authorized

Surplus

..............................................

5 0 0 ,0 0 0 ,0 0 0

U ndivided P r o fit s .................................

7 4 ,2 7 6 ,7 6 9

7 4 8 ,8 7 1 ,1 9 4

$10,932,323,095
Of the above assets $813,876,837 are pledged to secure public deposits and for other
purposes, and trust and certain other deposits are preferred as provided by law.
Securities with a book value of $67,735,348 are loaned to customers against collateral.
Member Federal Deposit Insurance Corporation

N o r th w e s t e r n Ba n ker, F e b r u a r y , 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

42

Meetings, Promotions
is attached to the correspondent bank
division and travels Kansas. He is
a graduate of the University of Omaha
OHN E. HAMPEL, national sales
and is the son of Herbert Echtervice president, The Mosler Safe
meyer, vice president of the Omaha
Company, has been named to the new
National Bank.
Myron Edwards, assistant cashier, position of vice president-marketing,
is assigned to the electronic data according to John Mosler, president.
Mr. Hampel will be responsible for
processing, planning.
John Messina, assistant cashier, is sales, advertising, public relations and
manager of the bookkeeping depart­ the Mosler Protection Advisory Bu­
reau.
ment. He joined the bank in 1948.
T. A. Peschke, assistant secretary, is
an attorney in the legal department.
He is a graduate of the University of
Kansas Law School and joined Com­
merce Trust in 1960.
I.
A. Warden, assistant cashier, is
in the commercial department. He
joined Commerce Trust in 1926 and
for some time was head teller.
C. W. Wilson, assistant cashier, is in
charge of operations at Commerce
Trust’s new facility, the Civic Center
R. L. A D A M S
J. E. H A M P E L
Bank at 12th and Charlotte Streets.
Mr. Hampel joined the firm in 1952
He joined Commerce Trust in 1923.
Helen Curdy, assistant cashier, as chief accountant and has served as
joined the bank in 1941 and has served comptroller, vice president-central and
in nearly all of its departments since western regions, and national sales
vice president. He is also vice presithat time.

A p p o in tm en ts at M o s le r Safe

J

dent-operations of Mosler Dropository
Corporation, Grandview, Mo.
Also, Raymond L. Adams has been
named assistant vice president-sales
and will office in Danbury, Conn. With
the U. S. Army counter-intelligence <
corps, 1951-53, he has since specialized
in burglar alarm systems and security 1
equipment.
Joseph E. Tierney has been ap­
pointed bank salesman in the southern
Illinois territory of Mosler Safe and,
according to Mr. Hampel, who made >
the announcement, Mr. Tierney, who
has a background of more than 10
years in vaults and security equip­
ment, will headquarter in Springfield,
111 .

At First National City
First National City Bank, New York,
has announced the appointments of
Robert L. Hoguet, Jr., as executive
vice president and Norris O. Johnson
as senior vice president and econo­
mist. The bank also appointed 12 vice
presidents and four resident vice
presidents.

Make your
next move
to

R. L. H O G U E T , JR.

N. O. J O H N S O N

Mr. Hoguet, formerly a senior vice
president, is head of the bank’s Trust'
Division. Mr. Johnson, formerly a
vice president, is in charge of the Eco­
nomics Department which produces
the Monthly Economic Letter.

U

Wells Fargo Promotions

United States Check Book Company
1201 SOUTH I6TH STREET

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

OMAHA, NEBRASKA

The promotions of Robert L. Kemper
to controller and Herbert W. Faulkner
to vice president and manager, com­
puter and tabulating department, have
been announced by Ransom M. Cook,
president, Wells Fargo Bank, San
Francisco.
Mr. Kemper, 34, succeeds O. T.4
Jones, who has been advanced to sen­
ior vice president and chief operations
officer.
Mr. Faulkner, 45, has been with the
bank in San Francisco since 1936, be­
coming assistant vice president in
1959.

43

S T A T E M E N T O F C O N D IT IO N
December 31, 1962

Board of Directors

RESOURCES
Cash on H and and D ue from B anks. . . . $ 263,112,520.28
U. S. Governm ent Securities.....................

232,510,290.35

State and M unicipal Securities.................

98,552,828.61

Other Bonds and Securities........................

1,430,824.04

Loans and D iscou n ts....................................

559,069,784.70

Federal Reserve Bank S to c k ......................

1,950,000.00

Custom ers’ Liability on A cce p ta n ce s... .

287,730.63

Accrued Interest and Other R esou rces. .

5,922,874.64

Bank P rem ises................................................

17,000,000.00

T o t a l...................... $1,179,836,853.25

STANLEY G. HARRIS, Chairman
HAROLD H. ANDERSON
President, Field Newspaper
Syndicate

JOSEPH B. LANTERMAN
President, Amsted Industries
Incorporated

LESTER ARMOUR
Vice Chairman

EDWIN A. LOCKE, JR.
President
Union Tank Car Company

HARRY 0. BERCHER
President
International Harvester
Company

ERNEST S. MARSH
President
The Atchison, Topeka
and Santa Fe Railway
Company

GEORGE R. BIRKELUND
Director
Baker, Fentress & Co.
BURTON A. BRANNEN
Executive Vice President

LIABILITIES

WESLEY M. DIXON
Chairman of Board
Container Corporation
of America

D em and D ep osits............ $830,947,209.21
Tim e D e p o s its.................. 258,553,055.22
T ota l D e p o sits.............................................$1,089,500,264.43
D ividend Payable January 2, 1963............

682,500.00

A ccep ta n ces....................................................

287,730.63

Reserves for Taxes, Interest, e tc...............

11,882,057.50

General R eserve.............................................

5,000,000.00

C a p ita l................................$ 27,300,000.00
Surplus................................

37,700,000.00

U ndivided P rofits............

7,484,300.69

T otal Capital F u n d s.................................

S ta te s

G overn m en t

O b l ig a t io n s

and

O th e r

STANLEY G. HARRIS, JR.
Vice President
RALPH F. HUCK
Chapman and Cutler
CHARLES C. JARCH0W
Director, Amsted Industries
Incorporated

72,484,300.69

T o t a l................ $1,179,836,853.25

U n ite d

ROBERT W. GALVIN
President, Motorola, Inc.

S e c u r it ie s c a r r ie d

at

$ 1 3 2 ,6 7 3 ,0 0 2 a re p le d g e d to secu re P u b lic a n d T r u s t D e p o s i t s a n d fo r o th e r

PAUL L. MORRISON
Chairman
Executive Committee
General Finance
Corporation
JAMES L. PALMER
President, Marshall Field
& Company
WILLIAM A. PATTERSON
President
United Air Lines, Inc.
CHARLES H. PERCY
Chairman of Board
Bell & Howell Company
JOHN T. RETTALIATA
President, Illinois Institute
of Technology
JOHN G. SEARLE
President
G. D. Searle & Co.

WAYNE A. JOHNSTON
President
Illinois Central Railroad

DONALD P. WELLES
Executive Vice President

WILLIAM V. KAHLER
Chairman of Board, Illinois
Bell Telephone Company

FRANK H. WOODS
President, Sahara Coal
Company, Inc.

p u r p o se s a s re q u ire d or p e r m it t e d b y la w .

KENNETH V. ZWIENER, President

H A R R IS

BANK

Organized as N. W. Harris & Co. 1882— Incorporated 1907— Member Federal Reserve System...Federal Deposit Insurance Corporation

111 W E S T

M O N R O E S T R E E T — C H IC A G O 90

N o r t h w e s t e r n Ba n ker, F e b r u a r y , 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

44

Meetings, Promotions —

■— — —
Mr. Schweppe is a member of the
bond department.

F ir st N a tion a l Chirag o . C hanges
om er j.

L i v i n g s t o n , chairman

of the board of The First Na­
H
tional Bank of Chicago, announced,
after the annual stockholders’ meet­
ing, the election of three new board
members: Austin T. Cushman, chair­
man of the board, Sears Roebuck and
Company; Harmon S. Eberhard, chair­
man of the board, Caterpillar Tractor
Company, and Robert D. Stuart, presi­
dent, The Quaker Oats Company.
Also, The First National announced
the retirement at the end of the year
of six officers under the provisions of
the bank’s pension plan:
Clarence W. Weldon, vice president,
Division “A ” of the Commercial Bank­
ing Department, which specializes in
loans r e la tin g to livestock, grains,
feed, seed and similar fields. He is
also treasurer of the University of
Illinois, director of John Morrell &
Company, and trustee of the Farm
Foundation.
Harold J. Schluter, vice president,
Bond Department, and head of the
bank’s New York Correspondent Of­
fice.

Robert P. Keeth, vice president,
Term Loan Division.
Warren Sm etters, assistant vice
president, Personnel Department.
Otto F. Hass, assistant vice presi­
dent, Trust Department.
Arthur Gustafson, assistant cashier,
Discount Department.
The combined banking careers of
these six officers total more than 234
years, with Mr. Hass completing more
than 51 years.

Mercantile Trust Promotions

Denver Promotion
Eugene Hultman, whose promotion
to vice president
in the correspondent d ep a rtm en t
was among those A
at the Colorado
National Bank of
D en v er reported
in last month’s issu e o f th e
N
E. H U L T M A N

Kenton R. Cravens, board chairman.
Mercantile Trust Company, St. Louis,
has announced these promotions:
Frank X. Fitzpatrick and Harry N.
Schweppe, Jr., were elected assistant
vice presidents. Richard L. Johannesman, Donald H. Ludwig, and William
M. Wilcox were appointed assistant
cashiers.
Mr. Fitzpatrick has been in the real
estate department since joining the
bank in 1947, and was appointed a
real estate officer in January, 1955.

O R T H W E S T F .R N

B anker is sh ow n
here
'

TT

,A

Mr. H ultm an
formerly was assistant vice president.

Morgan Guaranty Election
Election of Martin T. Griffith, Don­
ald B. Riefler and James R. Brugger
as vice president of Morgan Guaranty^
Trust Company of New York was an­
nounced recently by Henry C. Alex­
ander, chairman of the board.
Messrs. Griffin and Riefler are in the
bank’s government bond department.
Mr. Brugger heads the public rela­
tions department.
‘

F E D E R A L D IS C O U N T
¡H|i ,
DUBUQUE

IO W A

A

(31)

Burlington (2)
Cedar Rapids (2)
Clinton (2)
Council Bluffs (2)
Davenport (2)
Des Moines (2)
Dubuque (3)
Fairfield
Fort Dodge
Iowa C ity ( 2 )
Keolculc
Marshalltown
Mason C ity (2)
Muscatine (2)
Oskaloosa (2)
Ottumwa
W aterloo (3)

M IN N ESO TA (18)
Alexandria
Bemidji
Duluth
East Grand Forks
Fairmont
Faribault
Fergus Falls
Little Falls
Mankato
Marshall
Minneapolis (2)
Owatonna
Red Wing
Rochester
St. Cloud
St. Paul (2)
O F F IC E R S

ILLIN O IS (12)
Aurora
Belvidere
Bloomington
Bradley
DeKalb
Dixon
Jo liet
Mattoon
Peoria
Peru
Rock Island
Sterling

JOHN H. JANSEN
B. W. NOWLIN
ALOIS M. HOFFMANN
Secretary
President
Vice President
J. H. CALLAHAN
H. M. GANS
H. A. PORTER
Vice President
Vice President
Vice President
JOHN G. KIEFER
J. W. RANSDELL
Treasurer
Asst. Secretary

N o r t h w e s t e r n Ba n ker, F e b r u a r y , 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

W IS C O N SIN

(8)

Appleton
Fond Du Lac
LaCrosse
Madison
Manitowoc
Racine (2)
Tomah
ALBERT WHARTON
Vice President
J. P. HALLENBECK
Vice President
E. A. SPAHN
Asst. Treasurer

NORTH DAKOTA (1 )
Grand Forks

70 Offices
In Five States
C a p ita l Funds
And Net W orth
$7,603,627.85

45

MANUFACTURERS
TRUST
U ptown

COMPANY

Headquarters:

Downtown

350

H eadquarters: 40

PARK

HANOVER
.

New Y ork

AVENUE

WALL STREET

Over 130 Banking Offices in Greater New York

D IR E C T O R S

Statem ent o f C on d itio n , D ecem b er 37, 1962

BAR N EY BALABAN
President, Paramount Pictures Corporation
THOM AS M. BAN CROFT
President, Mount Vernon Mills, Inc.
W ILLIAM S. B EIN ECKE
President, The Sperry and Hutchinson Company
CLIN TON R. BLA CK, JR.
Chairman, C. R. Black, Jr. Corporation
A LV IN G. BRUSH
Chairman, American Home Products
Corporation
JO H N B. CLARK
President, Coats & Clark Inc.
JO H N A. CO LEM AN
Partner, Adler, Coleman & Company
LOU R. CRAND ALL
Chairman, George A. Fuller Company
RICHARD G . CROFT
Chairman, Great Northern Paper Company

ASSETS
Cash and Due from B a n k s.......................................

$1,758,636,403

U. S. Government O bligations................................

975,087,515

State, Municipal and Public Securities..................

519,416,847

Other Securities.........................................................

64,852,607

Loans ...........................................................................

2,769,708,362

U. S. Government Insured F.H.A. Mortgages . . . .

82,625,008

Other M ortgages.......................................................

69,469,205

Banking Premises and Equipm ent.........................

49,399,990

Customers' Liability on A cceptances.....................

208,183,385

Accrued Interest and Other A ssets.........................

35,023,233
$6,532,402,555

M ORSE G. DIAL
Chairman, Union Carbide Corporation
H O R A C E C. FLA N IG A N
Consultant
W ILLIAM S. G R A Y
New York
GA B RIEL H A U G E
Vice Chairman of the Board
J. V IC TO R HERD
Chairman of the Boards,
The Continental Insurance Companies
JO H N E. H EYKE, JR.
President, The Brooklyn Union Gas Company

L IA B IL IT IE S
Deposits .......................................................................

$5,674,454,983

Acceptances................................................................

218,481,367

Reserve for Taxes, Accrued Expenses, etc..............

46,165,233

Dividend Payable January 2, 1963 .......................

5,859,334

Other Liabilities.........................................................

16,107,307

Reserve for Possible Loan Losses...........................

108,786,773

Capital Funds:

BARRY T. LEITHEAD
President, Cluett, Peabody & Co., Inc.

Capital Stock ($15 P a r ) .........

$175,780,005

JO H N T. MADDEN
Chairman, Emigrant Industrial Savings Bank

Surplus.......................................

200,000,000

Undivided Profits.....................

86,767,553

EU G EN E J. M cNEELY
President,
American Telephone and Telegraph Company
R. E. M cNEILL, JR.
President

462,547,558
$6,532,402,555

U . S. G o v e r n m e n t o b lig a t io n s a n d o th e r s e c u r itie s c a r r ie d a t $ 2 6 8 ,7 5 8 ,5 9 2
w e r e p le d g e d f o r v a r io u s p u rp o s e s a s r e q u ir e d o r p e r m it t e d b y la w .

EU GEN E S. NORTHROP
Executive Vice President
ROBERT G. P A G E
President, Phelps Dodge Corporation
RICHARD S. REYN OLDS, JR.
President, Reynolds Metals Company
CHARLES J. STEW ART
Chairman of the Board
G EO R G E G. W ALKER
President, Electric Bond and Share Company
J. HUBER W ETENHALL
President, National Dairy Products Corporation

In t e r n a t io n a l D iv is io n :

44 Wall Street, New York
O v e rse a s B ra n ch e s:

7 Princes Street, E. C. 2; 10 Mount Street, W. 1, London
R e p r e s e n t a t iv e O ffic e s :

Paris, Frankfurt am Main, Rome, Tokyo, Beirut, Manila
M e m b e r F e d e r a l De p o s i t I n s u r a n c e C o r p o r a t i o n

N o r t h w e s t e r n B a n ke r, F e b r u a r y , 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

46

Meetings, Promotions

T ootie-E n rifjh t A d va n eem en ts
changes at The TootleEXECUTIVE
Enright National Bank, St. Jo­

seph, Mo., have been announced as
follows:
Milton Tootle, Jr., has been pro­
moted from vice president and cashier
to executive vice president; William
F. Enright, from vice president to vice
president and cashier, and Charles F.
Burri, Arthur E. LaBouff and H. Mar­
shall Nauman, from assistant vice
presidents to vice presidents.

Mr. Tootle did summer work at the
bank—then The Tootle-Lacy National
—starting in 1936, then joined the staff
full time after five years in the Navy
during World War II. He became as­
sistant cashier in 1948 and vice presi­
dent and cashier in 1952.
Mr. Enright did summer work at
Empire Trust of St. Joseph and after
serving General Electric, Schenectady,
N. Y., 1941-42, and the U. S. Air Force,
1942-46, he joined Empire Trust in

Vacation In The Heart of The
O R M O N D - D A Y T O N A

M . T O O T L E , JR.

W . F. E N R I G H T , JR.

1946. He became assistant secretary
in 1948 and, after a recall to the serv- t
ice, returned to become assistant vice
president in 1953 and vice president *
and a director in 1955.

B E A C H

Fabulous Resort Area . . . .

BURRI

A T T H E B E A U T IF U L

“ORM OND
O CEA N
_ H O M ES”

ENJOY COM PLETE PR IV A C Y and
casual, informal comfort in your own luxurious 1, 2,
3, or 4-Bedroom Unit (all ground floor) . . . while
surrounded by a galaxy of wonderful recreational
facilities, entertainment features, sporting events and
amusements. All Units have tile baths, TV, and are
fully equipped for housekeeping. Two complete Shop­
ping Centers, Country Club, Tennis, Golf Course,
Dining . . . within a few short blocks. Surf-fishing is
practically at your doorstep . . . the big, new Ormond
Fishing Pier, a few minutes drive.
. . . for the “ W orld’s Best Vacation” at the “ W orld’s
Most Famous Beach” . . . in glorious

FLORIDA!
- S E N D TH IS C O UPON TODAY! “
IIUMI

“ OR M O ND OCEAN H O M E S " Dept. 502 !
O rm ond B each, F lo rid a
P le ase send fu rth e r va c a tio n in fo rm a tio n and *
s c h e d u le o f rate s to:
■

m

N A M E ..............

9
g

A D D R E S S _________________________________________ ^

1
C IT Y ___________________________ S TA TE ------------------- g

N o r t h w e s t e r n Ba n ker, F e b r u a r y , 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

N AUM AN

LA BOUFF

Mr. Burri was secretary, Missouri k
Valley Trust Company, St. Joseph,
when it merged in 1949 with T h eA
Tootle-Lacy National, at which time
he became assistant vice president. He ^
has been secretary, St. Joseph Clear­
ing House Association, and past presi­
dent, St. Joseph Chapter of A.I.B.
Mr. LaBouff started in 1915 as a
messenger with The Tootle-Lacy Na­
tional and served as clerk, bookkeeper,
teller and transit manager, becoming *
auditor in 1947, assistant cashier and
auditor in 1949 and assistant vice pres- *
ident in 1962.
Mr. Nauman started with Empire
Trust in 1924, was elected assistant
secretary in 1945, treasurer in 1957,
secretary-treasurer in 1960 and assist-"*
ant vice president a month later when
Empire Trust merged with The Tootle
National.

Royal Bank Elects Director
The Royal Bank of Canada has an­
nounced the election to the board ofv
directors of Arthur A. Schmon of
Thorold, Ont.
Mr. Schmon is chairman and pres­
ident of The Ontario Paper Company
Limited and other associated compa­
nies including Quebec North Shore
Paper Company Limited. He is also^
vice chairman of Canadian British
Aluminum Company Limited and a '
director of Industrial Acceptance Cor­
poration L im ited , Foster Wheeler
Limited, the Canada Trust Company
and the Huron and Erie Mortgage
Corporation.

47

Chemical

W w Y o r lv

CHEMICAL BANK NEW YORK TRUST COMPANY

t y v n c f e i i ù e t f ///a f e i n e n / e f ^ o n e f i f i o n
At the close o f business December 31, 1962

LIABILITIES

ASSETS
Cash and Due from Banks
U. S. Government Obligations
State, Municipal and Public Securities
Other Bonds and Investments
Loans..................................................
Banking Premises and Equipment
Customers’ Liability on Acceptances.
Accrued Interest and Accounts Receivable
Other A s s e t s .......................................

SI, 157,190,072
636,986,862
587,514,703
42,119,085
2,562,959,142
66,402,839
165,961,331
22,293,930
4,707,654

$101,719,080
Capital Stock ($12. par)
S u rp lu s................................. 298,280,920
47,006,939 $ 447,006,939
Undivided Profits . . . .
14,742,710
Reserve for Contingencies .
28,255,727
Reserves for Taxes, Expenses, etc.
5,933,613
Dividend Payable January 1, 1963
170,447,849
Acceptances Outstanding (Net)
17,245,838
Other Liabilities
. . . .
4,562,502,942
Deposits.................................

$5,246,135,618

$5,246,135,618

Securities carried at $260,439,967 in the foregoing statement are
deposited to secure public funds and for other purposes required by law.

Copies of the 1962 Annual Report will be available after January 15, 1963 and may be
obtained by writing to the Public Relations Division, 20 Pine Street, New York 15.

Ç fêtec/ciù
N. B a x t e r Ja c k s o n
Chairman ot Executive Committee
H e n r y U p h a m H a r r is
Partner, Harris, Upham & Co.
H a r o l d H . H elm

Chairman

H . E . H u m p h r e y s , Jr .
Chairman,
United States Rubber Company
R o b e r t 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 & M oore
R ic h a r d K . P a y n t e r , J r .
Chairman o f the Board,
New York L ife Insurance Company
J. A l b e r t W o o d s
Chairman
Courtaulds North America, Inc.
R o b e r t G . G oelet

Real Estate
and Investment Management

H u l b e r t S. A l d r ic h
Vice Chairman,
Chairman o f Trust Committee
Jam es B. B l a c k
Chairman o f the Board,
Pacific Gas and E lectric Company,
San Francisco, Cal.
P er c y L . D o u glas

President,
Otis Elevator Company

A r th u r K . W atso n
President,
I B M W orld Trade Corporation

K en n eth E. B l a c k
President
The Home Insurance Company
H e n r y L . H il l m a n
President,
Pittsburgh Coke & Chemical Company,
Pittsburgh, Pa.
C h a r les H . K el l st a d t
Chairman o f the Board o f Trustees,
P rofit Sharing Fund, and D irector o f
Sears, Roebuck and Co., Chicago, III.
H . I. R om nes
President,
Western E lectric Company, Inc.
L a m m o t d u P. C o p e l a n d
President,
E. I. duPont de Nemours & Company,
Wilmington, Del.
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 .
Vice Chairman
H a r o l d W . C o m fo r t
President,
The Borden Company
G r a n t K eehn
Senior Vice President,
The Equitable L ife Assurance Society o f
the United States
C h a r les E. D a n ie l
Chairman,
Daniel Construction Company, Inc.,
Greenville, S. C.
A u stin R . Z en d er
President,
National Distillers and Chemical Corporation
J. I r w in M ill er
Chairman o f the Board,
Cummins Engine Company, Inc., Columbus, Ind.

F r a n k K . H ou ston
Honorary Chairman o f the Board
R obert S. D r y sd a l e
Senior Partner, Drysdale & Co.
D u n h a m B. S h erer
New York
C. W . N ic h o l s
Director, Nichols
Engineering & Research Corporation
Joseph A . B o w e r
Retired
T h om as R . W ill ia m s
President,
Ichabod T. Williams & Sons, Inc.
J oh n K . R oo se ve lt Partner, Roosevelt & Son
G rah am H . A n th on y
Chairman o f Finance Committee,
Veeder-Root, Incorporated, Hartford, Conn.
A d r ia n M . M assie
Consultant
F r e d e r ic k E . H a sl er
Chairman,
Haytian American Sugar Company, S. A.
Jam es B r u c e

D irector— Various Corporations

B. F . F e w

Trustee and Vice Chairman,
The Duke Endowment
W il l ia m P. W o r t h in g t o n
Chairman o f the Board,
Hom e L ife Insurance Company
G il b er t H . P er k in s
Vice Chairman,
Chemical International Finance, Ltd.
I s a a c B. G r a in g e r
Consultant to the Bank

111 Convenient Offices in the New York Area
MAIN OFFICE: 20 Pine Street, New York 15, N. Y.

•

LONDON BRANCH: 25-31 Moorgate, London, E.C. 2

REPRESENTATIVE OFFICE: Edificio Torre Latinoamericana, Mexico 1, D. F.
Correspondent Banks Throughout America and Abroad
C harter M em b er N e w Y o r k Clearing H ou se A sso ciation • M em b er Federal Reserve S y ste m * M em ber Federal D eposit Insurance C orp oration

N o r t h w e s t e r n B a n ke r, F e b r u a r y , 1961


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

48

P rogress R ep ort

Meetings, Promotions

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—

A d d re s s —
City

.

-S ta te -

N orthwestern Banker, F e b r u a r y , 1963


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Federal Reserve Bank of St. Louis

i

X n tio n u lt

HE board of directors of the City
National Bank and Trust Com­
pany, Kansas City, Mo., has announced
additions to its board of directors, a
re a lig n m e n t of
d u ties w i t h i n
its correspondent
banks
depart­
ment a n d n i n e
major promotions
within its staff of
officers.
Elected full di­
rectors were Paul
D. B a rtle tt, Jr.,
p
resid en t, Bart­
G. W . S H E R M A N
lett & Company,
and John P. Miller, executive vice
president of Spencer Chemical Com­
pany. Named as advisory directors
are Byron Spencer and Louis Fox.
Mr. Spencer, a senior partner in the
law firm of Spencer, Fane, Britt &
Browne, is the newly installed presi­
dent of the Kansas City Chamber of
Commerce and also president of the
Kansas City Club. Mr. Fox is gen­
eral manager of Associated Grocers,
Incorporated, and serves as current
president of the Missouri Valley Food
Distributors Association and vice pres­
ident of the Beaver Valley Canning
Company of Grimes, Iowa. It was also
announced that Director J. C. Higdon,
chairman of the board of Business
Men’s Assurance Company, was named
to City National’s trust advisory com­
mittee.
Top advancements went to three
men: Martin A. Bertsch, Harold R.
Hollister and Byron G. Thompson, all
of whom were elected vice presidents.
Mr. Bertsch joined the commercial
loan department of City National in
June, 1947. He is a Salisbury, Mo.,
native and a present resident of Inde­
pendence, Mo., who started his bank­
ing career in City National after
graduating from Notre Dame Univer­
sity where he majored in Business Ad­
ministration. Mr. Hollister and Mr.
Thompson were promoted from with­
in the bond department. Mr. Thomp­
son, a graduate of St. Benedict’s Col­
lege, joined City National in February,
1956, and was promoted to assistant
vice president in 1961. He is past
president of the local chapter of the
St. Benedicts alumni association. Mr.
Hollister is a graduate of Stanford
University who began banking career
in his birthplace, Muskegon, Mich. He
was also associated with the First
National Bank of Portland, Ore., be­
fore joining the City National staff in

han y v s A n n ou n ced

September, 1953. He was elevated to
assistant vice president in 1961.
A d d itio n a l officer responsibilities
have been established within the cor­
respondent banks department, headed
by executive vice president, Dale R.
Ainsworth. Vice Presidents John A.
Kramer and Samuel A. Blasco are
charged with general supervision and
direct responsibility of the western
and eastern divisions respectively.
Mr. Kramer, with City National since
1937, will have charge of correspond­
ent bank relations in all states west
of the Kansas-Missouri state line, exeluding the state of Texas. Mr. Blasco,
who joined City National in 1938, will

J. K R A M E R

S. B L A S C O

take charge of all states east of the
Missouri-Kansas state line and will
also have supervision of the state of
Texas where he has traveled for City
National for many years.
In another move within the cor­
respondent banks department, George
W. Sherman has been promoted to
assistant vice president. He started
his banking career with City National
in 1958 with the commercial business
department. Mr. Sherman, a graduate
of Dartmouth College, was promoted
to assistant cashier when he trans­
ferred to the correspondent banks
department in 1961.
Two men were promoted within the
bank’s credit department: H. Glenn
Jester was elected an assistant vice
president while Deraid J. Slagle was
elected an assistant cashier. Mr. Jes­
ter has been with City National for
16 years while Mr. Slagle joined the
bank’s staff in 1953. He is a Univer­
sity of Missouri graduate, former
president of the local chapter of the
American Institute of Banking and
currently first vice president of the
Kansas City, Mo. Junior Chamber of
Commerce.
Miss Elizabeth Schlecht, in charge
of the bank’s women’s department,
was elected an assistant cashier. With
degrees from the University of Mis­
souri and Kansas City University Law

i

f
f

^
«

49

D IR E C T O R S
W A K E F IE L D B A K E R
P resident, B aker & Ham ilton
K E N N E T H K. B E C H T E L
Chairman o f the Board, Industrial
Indem nity Com pany

W ELLS FARGO BANK

P A U L A . B ISSIN G ER
V ice P resident, B issinger & Co.
COLBERT COLDW ELL
Coldwell, B anker & Com pany

FORMERLY WELLS FARGO BANK AMERICAN TRUST COMPANY

P E T E R COOK, JR.
General Farm ing
Central Valley o f California

S a n F r a n c is c o
Statement of Condition, December 31,1962

R A N S O M M. COOK
P residen t
P A U L L. D A V IE S
Chairman o f the Board
FMC C orporation
♦H ECTOR ESCOBOSA
President, I. M agnin & Co.

ASSETS

JA M E S FLOOD
Trustee, Flood E state

Cash on Hand and in Banks .

.

.

$ 564,249,393

U. S. Government Obligations .

.

.

651,943,985

J. A. FOLG ER
P resident, J. A . F olger & Co.

228,008,200

W . P. F U L L E R III
Director, W estern Glass Sales
P ittsburgh P late Glass Com pany

State, County, and Municipal Bonds
.

.

1,125,409

Stock in Federal Reserve Bank .

.

4,950,000

Loans and D i s c o u n t s ......................

1,682,565,821

Other Bonds and Securities

.

Bank Premises and Equipment

.

35,351,726

.

1

Other Real E s t a t e ...........................

B. R . F U N ST E N
President, B. R. F un sten & Co.
F. J. H E L L M A N
E xecu tive V ice President
I. W . H E L L M A N
Chairman o f the Board

Customers’ Liability under Acceptances

19,976,077

Accrued Interest Receivable
and Other A s s e t s .................................

♦W ILLIA M L. K E A D Y
Woodside
♦JOSEPH R. K N O W L A N D
Publisher, The Tribune Publishing Co.

43,058,104

D A N IE L E. K O SH L A N D
Chairman o f the E xecu tive Com m ittee
L evi Strauss & Com pany

Total A s s e t s ............................

$3,231,228,716

E DM U N D W . L IT T L E F IE L D
P residen t and General M anager
Utah C onstruction & M ining Co.
JA M E S K. LO C H E A D
P resident, A m erican Trust Com pany
- ; Chairman,

L IA B IL IT IE S

1938 56

Demand D e p o s its ......................................

$1,421,722,612

Tim e D e p o s it s ............................................

1,519,572,425

Total D e p o s i t s .................................

$2,941,295,037

Acceptances O u t s t a n d in g ......................

20,063,538

Reserve for Unearned Discount .

.

.

17,384,712

Reserve for Interest, Taxes, etc. .

.

.

19,965,373

Bills P a y a b l e ............................................

3,500,000

Other L i a b i li t i e s ......................................

18,313,993

Capital Funds:
Capital Stock . . .
($10.00 Par)
S u r p lu s ......................
Undivided Profits

♦J. W . M A IL L IA R D III
President, Mailliard & Schmiedell
♦d o n a l d h . M cL a u g h l i n
Chairman o f the Board
H om estake M ining Com pany
W IL SO N M E Y E R
Chairman o f the Board
W ilson & Geo. M eyer <fe Co.
R O B E R T W . M IL L E R
Chairman o f the Board
Pacific L igh ting C orporation
GEORGE G. M O N TG O M E R Y
Chairman o f the Board
K ern C ounty Land Com pany

$ 49,755,350

♦H E N R Y D. N ICH O LS
Chairman o f the Board
Tubbs Cordage Co.

115,244,650
210,706,063

45,706,063

Total Liabilities

1956-57

♦GEORGE I. LONG, JR.
W oodside
DONALD M ACLEAN
President, C alifornia and H awaiian
Sugar R efining C orporation

$3,231,228,716

U nited States Governm ent and other securities carried at $469,271,031 are pledged
to secure U. S. Governm ent Deposits, other public funds, trust deposits, and fo r other
purposes as required or perm itted by law.

R O B E R T S. O D E L L
President, Allied P rop erties
H ERM AN PH LEGER
B robeck, P h leger & H arrison
A tto rn ey s at L aw
A L L A N SP R O U L
E co n o m ist; President, Federal R eserve
B ank o f N . Y.,
^

19 1-56

J. D. Z E L L E R B A C H
Chairman o f the Board
C row n Zellerbach C orporation

Member Federal Deposit Insurance Corporation

* A d visory D irectors
BANKING

O FFICES

THROUG HOUT

NORTHERN

C ALIFO R N IA

N o r th w e s t e r n Ba n ker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

50

Meetings, Promotions
School, Miss Schlecht joined City Na­
tional in 1961.
Two other assistant vice presidents
were elected by the bank’s board:
Francis G. Foster, Jr., in the commer­
cial business department, and Robert
DeWitt in the discount department.
Mr. Foster, a University of Missouri
graduate, came to City National in
1959 while DeWitt started his bank­
ing career with City National in 1955
and was promoted to assistant cashier
in 1961.

In addition, six men were advanced
by the board in the bank’s trust de­
partment. Coye Wilson was named a
general trust officer; John M. P. Miller,
a trust accounting officer and James L.
Parker an assistant trust accounting
officer. Donald Silverman was named
estate analysis and planning officer
while Frank R. Terry was named per­
sonal trust officer and George Ken­
nedy an assistant corporate trust offi­
cer.

THE BANK OF CALIFORNIA

STATEM EN T o f C O N D I T I O N
AS O F D E C E M B E R 31, 1962
ASSETS
Cash and due from b a n k s .......................................$175,643,751
U.S. Government securities (less reserve) . . . 170,921,200
State, municipal and other
securities (less r e s e r v e )....................................
74,828,233
386,867,128
Loans and discounts (less r e s e r v e )....................
Customers’ letters of credit and
acceptance liability..............................................
31,375,593
Bank premises and equipment...............................
13,364,966
Accrued in t e r e s t ...................................................
3,815,311
Other assets.............................................................
1,833,712
Securities carried at $147,495,984 are
$858,649,894
pledged to secure public and trust deposits
and for other purposes required by law.

.............

LIABILITIES
Deposits:
D e m a n d ................................................................$405,815,960
Savings and t i m e .............................................. 275,386,807
U.S. Government and p u b l i c ..........................
84,251,896
T o t a l D e p o s i t s ............................................$765,454,663
Accrued taxes and other expenses..........................
3,396,266
Dividends payable...................................................
616,632
Letters of credit and acceptances..........................
31,377,701
Other liabilities........................................................
3,105,122
T o t a l L i a b i l i t i e s .......................................$803,950,384

CAPITAL FUNDS
Capital stock (par value $ 1 0 ) ...............................$ 15,415,800
S u r p lu s ..................................................................
34,584,200
Undivided p ro fits...................................................
4,699,510
T o t a l C a p i t a l F u n d s ...............................$ 54,699,510
$858,649,894

THE BANK OF
CALIFORNIA
N ATIO N AL ASSOCIATION

Only bank with direct offices in all three west coast states
HEAD OFFICE: 400 CALIFORNIA STREET, SAN FRANCISCO

N o r t h w e s t e r n Ba n ker, F e b r u a r y , 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

H o n o r V isito r
i

100,000th VISITOR— Miss Susan Griffen «
appeared at First National City Bank’s
educational exhibit in New York to see «
“ The Story of Banking.” John K. M. McCaffery, the bank’s TV newscaster, is
shown as he presents a $100 U. S. Sav­
ings Bond to the distinguished visitor dur­
ing one of his regularly scheduled pro­
grams.
Miss Griffen is a graduate student at*“
Columbia University.

Bank of California Activity
Richard L. Shanaman has joined the ^
Bank of California as assistant vice
p re s id e n t, it was announced by ^
Charles de Bretteville, president. He
will be attached to the business de- r
velopment section.
Mr. Shanaman has served as an of­
ficial of the First National City Bank
of New York the past four years.
Alfred J. Mayman, senior vice pres­
ident, retired December 31 after 41
years of service.
He joined the bank in 1921, was ap- *
pointed vice president in 1946, vice
president and cashier in 1953 and has
served as senior vice president since
1957.

Independent Bankers Assn.
Announces Official Changes
Eugene Moore, community newspa­
perman for 25 years, has begun new
duties as secretary of the Independent
Bankers Association at its headquar- r
ters in Sauk Centre, Minn.
The new secretary succeeds Howard
F. Bell, who moved up to executive
director, the post vacated by the re­
tirement of the veteran Ben DuBois.
Mr. DuBois helped found the associa­
tion of independent banks three dec- <.
ades ago.
Herschel Schooley, former director *
of information for the U. S. Depart­
ments of Defense and Interior, has
been named manager of the new
Washington, D. C., office at Suite 530,
Bowen Building, 815 15th Street, N.W.

51

F I R S T N A T IO N A L C I T Y B A N K

S TA TE M E N T O F C O N D IT IO N
AS O F DECEM BER
3 1 , 1 9 6 2

ASSETS

LIABILITIES

Cash and Due from Banks.....................................
U. S. Government Obligations............................
State and Municipal Securities...........................
Other Securities..........................................................
Loans.................................................................................
Customers’ Acceptance Liability.........................
Federal Reserve Bank Stock.................................
International Banking Corporation...................
Bank Premises and Equipment..............................
Items in Transit with Overseas
Branches.....................................................................
Other Assets..................................................................

$2,564,266,368
1,493,724,419
744,105,249
93,391,240
4,960,933,305
166,902,074
19,679,850
7,000,000
I 16,913,310

Total ........................................................................

$10,280,323,775

Deposits...........................................................................
Liability on Acceptances...................................
Foreign Funds Borrowed........................................
Bills Payable ...............................................................
Reserves:
Unearned Income............................................
Taxes and Accrued Expenses...................
Dividend...............................................................
Shareholders' Equity:
Capital..................................... $255,689,920

$9,141,539,698
172,015,071
3,962,300
33,827,500
49,943,088
64,979,312
9,588,372

(12,784,496 shares— $20 par)

78,71 1,905
34,696,055

Surplus.....................................
Undivided Profits................
Total

400,304,000
148,474,514

804,468,434

.......................................................... $10,280,323,775

Figures of Overseas Branches are as of December 23. U. S. Government obligations and other assets carried at
$733,236,154 are pledged to secure public and trust deposits and for other purposes reauired or permitted by law.
The Capital Funds of the Bank’s Trust Affiliate, First National City Trust Company, total $24,761,414.
Member Federal Deposit Insurance Corporation.

D IR E C T O R S A N D

TRUST B O A R D

S ta n le y C . A lly n

R o b e rt W . D o w lin g t

A m o ry H o u g h to n , J r . t

C lifto n W . P halen

Chairman Executive Committee,
The National Cash Register Company

President,
City Investing Company

President,
Corning Glass Works

P re side n t,

S am ue l S lo a n D u ry e e t

Jo hn R. K im b e rly

Jam es S. R o c k e fe lle r*

G e o rg e F. B a ke r, J r.*

Trustee,
George F. Baker Trust

Parker, Duryee, Benjamin, Zunino & Malone

Chairman of the Board,
Kimberly-Clark Corporation

Chairman

W illia m M . B atten

President,
J. C. Penney Company
Jo hn E. B ie rw irth

Chairman of the Board,
National Distillers and Chemical Corporation
C h a rle s M . B rin c k e rh o ff

President,
The Anaconda Company
Percy C h u b b , 2 n d

President,
Chubb & Son Inc.

F re d ric k M . E a to n t
R. G w in F ollis

Chairman of the Board,
Standard Oil Company of California
J. P eter G ra c e

H a rry C . H a g e rty

W illia m Rogers C o e t

Director,
Metropolitan Life Insurance Company

President,
The Coe Foundation

H. M a n s fie ld H o rn e r

H u n t T. D ic k in s o n t

405 Lexington Avenue

Chairman of the Executive Committee,
Corning G lass Works

1 9 5 B ra n c h e s , O ff ic e s a n d A f f ilia t e s T h ro u g h o u t th e W o r l d

H e n ry C. T a y lo r t

President

Taylor, Pinkham & Co., Inc.
R e g in a ld B. T a y lo r*

•

Williamsville, New York
E arle S. T h o m p s o n !

A le x a n d e r C. N a g le

President,
American Radiator &
Standard Sanitary Corporation

Chairman,
United Aircraft Corporation

Chairman of the Board,
American Can Company

G e o rg e S. M o o re *

Chairman,
General Foods Corporation

Joseph A . G ra z ie r

A m o ry H o u g h to n

W illia m C. S to lk

President,
Deering Milliken, Inc.

C h a rle s G . M o rtim e r

President,
W . R. G race & Co.

Perkins, Daniels, McCormack & Collins

H o w a rd C . S h e p e rd t

399 Park Avenue

R o ge r M illik e n

Shearman & Sterling

F reem an J. D a n ie ls t

New York Telephone Company

399 Park Avenue

Chairman of the Board,
Allegheny Power System, Inc.

Jam es M . N ic e ly t

J. Ed. W a r r e n t

Vice-President and Treasurer,
The Ford Foundation

P re side n t,

Cities Service Company

W illia m F. O liv e r t

Leo D. W e lc h

President,
The American Sugar Refining Company

Chairman of the Board,
Standard Oil Company (New Jersey)

C h a rle s C. P a rlin

R o be rt W in th r o p *

Shearman & Sterling

Robert Winthrop & Co.

R ich a rd S. P erkins*

* Director and Member Trust Board
f Member Trust Board

Chairman of the Executive Committee

1 0 4 in th e N e w Y o r k M e t r o p o l i t a n A r e a

•

9 1 in 3 2 C o u n trie s O v e r s e a s

Our 150th Anniversary Year
N o r t h w e s t e r n Ba n ker, F e b r u a r y , 7963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

52

Meetings, Promotions

N a tion a l iU m leva rd Mtank E lects

ida where he was vacationing. Mr.
B a r t l i n g was
w e ll-k n o w n to
RVING SEAMAN, JR., president, ous phases of bank operations.
bankers throughNational Boulevard Bank of Chi­
Robert F.Halligan,
president and
o u t the u p p er
cago, has announced the following pro­ chiefexecutive
officer of The Hallimidwest through
motion and new elections:
crafters Com pa­
his affiliation for
ny, has been elect­
Richard G. Riley, formerly assist­
many years with
ed to the board.
ant cashier, has been named cashier;
the correspondent
He is a graduate
Herbert E. Brehm, Jr., has been elect­
bank department
o f the U n ited
ed auditor and Albert E. Stratz and
States M ilita ry
of the First Na­
Charles B. F. Weeks have been named
Academy at West
tional.
assistant cashiers.
Point and served
v. l . b a r t l i n g
M r. B a r t l i n g
Mr. Riley has been with the bank
as an Air Force
was born in Wavsince 1947, progressing through varipilot and electron­ erly, Iowa, and was a state bank ex­
ics officer before aminer there before moving to Chi­
joining Hallicraft- cago in the employ of the ForemanR. F. H A L L IG A N
EQUIPMENT FOR SALE
ers. After holding State National Bank in 1927. When
executive positions in the company’s the Foreman banks merged with First
In connection with the transfer of our
p u rch a sin g , manufacturing, finance National of Chicago in 1931 he was
Accounting System to Electronic Data
and e n g in e e rin g departments, he elected assistant cashier. He was
Processing and our move into enlarged
served as vice president, executive named assistant vice president in 1945
and rearranged quarters, we have for
vice president, was elected president and vice president in 1955. He headed
sale various items of bank equipment, in­
in March of 1961, and chief executive the northwest division of the corre­
cluding the larger items listed below:
officer in December of 1962.
spondent bank department for many
THREE
years.
N C R P O S T R O N IC B O O K K E E P IN G
Verne L. Bartling
Mr. Bartling is survived by his wife,
M A C H IN E S
Verne L. Bartling, 70, who retired Sadie, and they had continued to
Model 29-2-4-17 (137)
as vice president of the First National make their home at 212 North Grove
THREE
Bank of Chicago on December 31,1958, in Oak Park, 111. Burial was in Oak
N C R P O S T IN G M A C H IN E S
died of pneumonia January 23 in Flor- Park.

I

Model 20417 (137) EO
ONE

T H E F I N E S T IN F L O R I D A

NCR

B O O K K E E P IN G

W IT H

T Y P E W R IT E R

T RO PI CA L L IVI NG

M A C H IN E

Model 31-10-10 (18) 26-ST
Suitable for general or liability ledger
work
ON T H E O C E A N

ONE
ADDRESSOGRAPK

G RAPHOTYPE

Colorful luxury everywhere!—
Beautiful, spacious iobby and
exquisitely furnished accommodations,
all air-conditioned and with private
terraces and 21" TV . . . Crystal
clear Swimming Poo! . . . 200 ft.
Private Beach . . . Pool and Beach
Patios, and Sun Deck overlooking
the blue Atlantic . . . Shuffleboard
. . . Badminton . . . “ 19” -Hole
Putting Green . . . Poolside Coffee
Shop . . . lavish Golden Falcon
Dining Room and Cocktail Lounge.
—Truly a completely wonderful
A
“ vacation world” !

No. 6340, Serial No. 708008, for man­
ufacturing plastic customer account
number identification cards, together
with supplemental equipment including
a number of counter machines for use
by customers for imprinting name and
address on deposit tickets.
These are offered at reasonable prices.
All operating machinery has been main­
tained under service contract and we
believe that by arrangement with the
manufacturer's service agency, continued
service can be maintained.
The equipment is offered subject to
prior sale, F.O .B. C edar Rapids, and is
available for inspection during regular
banking hours. C all or write A . E. L in d ­
q u ist, J r ., Vice President; L. W . B roulik,
Vice President or E. C . P ra tt, Vice Presi­
dent.

The Merchants National Bank
C e d a r R a p id s , Io w a
E M p ir e 5-0 4 1 I

N o r t h w e s t e r n Banker, F e b r u a r y , 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

(O n A 1 A m id w ay betw een M iam i & P alm B e a c h )

1350 S O U T H

OCEAN BLVD.

POMPANO BEACH,FLORIDA
hi

IP

CHAMPIONSHIP
GOLF COURSES
MINUTES FROM
OUR DOOR

53

The First National Bank
of Chicago
Board of Directors

Statement of Condition

J o se p h L . B l o c k
Chairman,
Inland Steel Company

December 31, 1962

M arsh all F ie l d , J r.
President and Publisher,
Chicago Sun-Times
Chicago Daily News

ASSETS

Ja m e s B . F o r g a n

Cash and Due from Banks

Honorary Chairman o f the Board

G aylord

A.

F reem an,

.

.

.

$

.

655,990,689.58

Jr.

Vice Chairman of the Board

U nited States Governm ent Obligations

737,856,535.48

.

W alter M . H eym ann
Banker

Other Bonds and Securities .

.

.

.

«

.

347,463,496.15

Loans and Discounts

.

.

.

«

.

1,936,787,479.58

.

.

.

6,654,137.75

.

.

.

9,450,000.00

R o b e r t S. I n g e r s o l l
Chairman o f the Board,
Borg-Warner Corporation

H e n r y P . I sham
Chairman of the Board,
Clearing Industrial District, Inc.

H o m e r J. L iv in g s t o n

.

.

Bank Premises and Equipment

.

Federal Reserve Bank Stock .

.

.
.

Chairman o f the Board

H u g h s t o n M . M c B ain
Director,
Marshall Field A Company

3,761,356.40

Customers’ Liability A ccount o f Acceptances

13,160,360.11

Interest Earned, but not Collected

B r o o k s M c C o r m ic k
Executive Vice President,
International Harvester Company

Other Assets

.

.

.

.

5,608,169.93

.

$3,716,732,224.98

R e m ic k M c D o w e l l
Chairman, T h e Peoples Gas Light
and Coke Company

H arry C. M urphy
President, Chicago, Burlington
A Quincy Railroad Company

LIABILITIES

L o u is B . N e u m il l e r
Director,
Caterpillar Tractor Co.

Ja m e s F . O a t e s , J r .

*

Chairman of the Board
and President,
T h e Equitable Life Assurance
Society of the United States

W i l l i a m W o o d P r in c e
Chairman of the Board,
Armour A Company

H erbert V . P ro ch n o w
President

G i l b e r t H . S c r ib n e r
Chairman,
Scribner A Co.

G erald

A.

Surplus

.

«

.

.

U ndivided Profits .

•
.

•

•

.

.

165,000,000.00

.

.

.

.

.

23,431,906.78

D iscount Collected, but not Earned

.

D ividend Declared, but U npaid

.

A.

S m it h

*

.

.
•

.
•

Reserves for Taxes, etc...............................................
Liability A ccount o f Acceptances

Winston, Strawn,
Smith and Patterson

.

.

.

6,923,316.18
•

3,000,000.00

•

45,776,779.71

.

3,793,049.60

.$2,203,082,088.91

D em and Deposits

1,111,508,081.03

3,314,590,169.94

...............................................................

4,217,002.77

Tim e Deposits
Other Liabilities

R . D o u g l a s St u a r t

$3,716,732,224.98

Director,
T h e Quaker Oats Company

John

E.

150,000,000.00

•
.

S iv a g e

Executive Vice President and
General Manager,
Marshall Field A Company

H arold

Capital Stock ........................................................................ $

Sw e a r in g e n

President, Standard Oil
Company (Indiana)

L o u is W are

A
►

Chairman of the Board,
International Minerals A
Chemical Corp.

R obert

E.

United States government obligations carried at $433,379,707.98 are pledged to secure United States government
and other public deposits, trust deposits, and for other purposes as required or permitted by law.

W ood

Director,
Sears Roebuck and Co.

European O ffice— L on don
38 W albrook

Far East Office—T ok yo
629 Chiyoda Building
1-14, M arunouchi 2 -ch ôm e
Chiyoda-ku

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 TIO N

N o r t h w e s t e rn B an ke r, F e b ru a ry , 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

54

F irst tinnii Storti itr r o r ii H itfhs
ir s t b a n k sto c k c o r p o r a ­
t io n has reported new all-time

been rising largely as a result of the
higher interest rates offered on time
money by banks generally. Interest
paid on deposits, he said, accounted for
the largest single increase in expense.
First Bank Stock Corporation has
87 affiliated banks and trust compa­
nies, operating at 98 locations in 78
communities in Minnesota, North and
South Dakota, Montana, and Wiscon­
sin.

F
highs in operating revenues,

consoli­
dated net operating earnings, depos­
its, loans and total resources.
Commenting upon o p e r a tio n s for
1962, Granger Costikyan, president, re­
ported consolidated operating reve­
nues of $98,190,000 compared to $89,437,000 for 1961. Consolidated net op­
erating ea rn in g s were $15,533,000,
equivalent to $4.47 per share in 1962,
as against $15,200,000, or $4.38 per
share for 1961. Deposits reported by
the corporation’s affiliates at Decem­
ber 31 1962, amounted to $2,004,232,000
—compared with $1,797,549,000 at yearend 1961. Loans totaled $1,039,304,000
compared to $913,090,000 a year ear­
lier. Total resources rose to $2,259,656,000 at year end.
Commenting on the deposit struc­
ture, Mr. Costikyan said that the com­
position is changing in First Bank
Stock banks as it is with most banks
in the country. The percentage of
time deposits to total deposits has

W H O

Foreign Exchange Folder
Manufactures Hanover Trust Com­
pany is distributing a new edition of
its “Foreign Exchange Quotations”
folder. The folder lists 182 foreign ex­
change rates and contains two tables
showing the decimal equivalents of
(a) shillings and pence and (b) com­
mon fractions. Manufacturers Han­
over Trust Company has been pub­
lishing this folder at intervals since
1939.
Copies are avilable at the bank’s
International Division, 44 Wall Street,
New York 15, New York.

C A R E S ?

A

To Host Convention
Chairmen of committees for the 61st
Annual Convention of the American
Institute of Banking, educational section of The American Bankers Associ­
ation, have been announced by A.I.B. ,
P re s id e n t F red
W. Brush, assistisf
ant v ic e p re s i­
dent, Central Na­
tio n a l Bank o f
Cleveland, Oh i o . *
The c o n v e n tio n
w ill be h eld in
Denver, May 2731.
Roger D. Knight,
R. D. K N IG H T , JR .

<5 ^

\

t

Banks are continually searching

But herein lies the problem. How

for ways to better bank-customer

do banks get their customer con­

relationships. One such path to

tact people to show sincere interest

WASHINGTON OUTLOOK . . .

improved

may

in what check the customer uses . . .

have been overlooked, concerns

to devote a few extra minutes,

the checks their customers use.

when the customer opens his ac­

(Continued from page 27)
proposed. In this, however, the sav­
ings and loan industry does not see
eye to eye on such legislation. It
may offer a bill of its own.

relations,

which

W e ’d like to beat the drum a

count, to showing the selection of

little for the satisfaction customers

check forms available and explain­

get when they are using a check

ing their uses and advantages? How

form that is exactly suitable for

will they get them to realize how
important it all is to the customer

their type o f business.
We

believe

there

are

many

customers using ordinary conven­
tional checks when they would be

and what a powerful tool they have
in the bank check for improving
customer relations?

much happier with window enve­

W e think we have some o f these

lope checks . . . many who are

answers in our new illustrated

struggling with checks having

booklet entitled “ Building Bank-

inadequate space for listing in­

Customer Relations W ith Catalog

voices and amounts when more

Checks.” W e ’ll be pleased to send

suitable voucher style checks are

you as many copies as you need

available . . . and many others

for your customer contact people.

who would find just exactly what

They may help create a new aware­

they need, instead o f what they

ness o f custom ers’ wants and

are using, in our DeLuxe catalog

needs. Simply write our nearest

o f business checks.

plant.

DELUXE
C L IF T O N
C H IC A O O

K A N S A S C IT Y

N o r t h w e s t e r n B a n ke r, F e b r u a r y , 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

CHECK

NORW ALK

PAOLI

PRINTERS

CLEVELAND

ST . P A U L

DALLAS

D E T R O IT

INC.

IN D IA N A P O L IS

CH ATSW O RTH

PORTLAN D

*

United States National Bank, will serve as general
chairman. General vice chairmen, all
of Denver, are: Arthur W. Brown,
American National Bank; James J.
Durkin, Colorado National Bank; Don­
ald D. Hoffman, Central Bank and
Trust Company; Cecil Puckett, Feder- “
al Reserve Bank, and James H. Skin­
ner, National City Bank of Denver.
William J. Garrison of D en v er
United States National Bank, will be
convention secretary; John E. Renstrom, First National Bank of Den­
ver, will be convention treasurer.

Bank Holding, Mergers Studied

H
A revision of the bank holding com­
pany act and possibly that of the bank
merger act may be undertaken. The
chain banking study proposed a revi­
sion of the former and there is wide
dissatisfaction under the latter. Re- T
serve Board members are far from
satisfied as indicated by the dissents
they have filed to past decisions. The
In d e p e n d e n t Bankers Association
would support a revision if keyed to
certain reforms.
A key recommendation out of the r
study on chain banking was a revision
of the bank holding company act.
Rep. Patman has asked for a closing
of loopholes such as the 25 per cent
stock ownership. The Reserve Board
is known to desire that all bank hold­
ing companies be subject to regula- ^
tion. Present laws include only two
or more banks in a holding company. ^
If House Banking Committee Chair­
man Patman has his way — and his
study of chain banking supports him
— he would take another look at
branch banking. He feels that there

55

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They will not only improve your
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present operation, but they will
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more elaborate computer when
Service with all benefits of full
you need to change. Special
au to m a tio n at BBS S ervice
ODP coupons are now available
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ters in all areas can provide
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CUMMINS-CHICAGO CORPORATION
1740 N R AVEN SW O O D A V E . • C H IC A G O 40. ILL
S A L E S AND S E R V IC E IN ALL P R IN C IP A L C IT IE S

N o r th w e s t e r n Ba n ker, F e b r u a r y , 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

56

W a sh in g ton O u tlook . . .
are loopholes in the present law. He
said that “by far the preponderance
of bank stock loan activities has oc­
curred in states where branch bank­
ing is prohibited and in many states
where bank holding companies are
prohibited.”
President W ill Come First

The outlook on banking and sav­
ings and loan legislation, so far as
any early action by Congress, is
clouded by preferred Presidential pro­
grams. High on White House lists
are tax reforms; these compared to
changes in banking are of far wider
popular interest. There are two—Med­
icare, foreign aid, and other contro­
versial issues. Also, slow but steady
seepage of the nation’s gold will get
attention. Several proposals counter
to the course being followed by the
Administration have come out of Con­
gressional committees in recent weeks.
Behind all of the foregoing propos­
als and programs, bills and resolutions
are Congressional attitudes. Since
there are two banking committees—
the House and the Senate—there must
be some degree of coordination before
any legislation can be approved and
sent to the President.

Senate-House Liaison

As for general financial legislation,
there must be a broad degree of co­
operation as between the House Ways
and Means Committee and the Senate
Finance Committee. Each has the
right of holding hearings on such bills
that are within its sphere. Whatever
action they take individually must
then be not only subject to passage,
but compromised with the work of
either the Senate or House commit­
tees.
For banking matters especially this
involves personalities. House Bank­
ing Committee Chairman Patman does
not see eye to eye with Chairman Rob­
ertson of Virginia of the Senate Com­
mittee. Ever since Sen. Robertson’s
bill known as the Financial Institu­
tions Act was by-passed by the House
Banking Committee, the Virginia Sen­
ator has awaited initial action by the
House Committee. This attitude still
obtains.
Thus, first revisions of banking laws
outlined here will have to clear the
House Committee first, then the
House itself and then go to the Senate
and its banking committee. The same
holds true as respects tax and related
bills including the increase in the debt
ceiling.
Long Haul for Bills

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M D SO UTH ER N
L IF E IN S U R A N C E
C O M PA N Y
■V i
A MUTUAL C O M P A N Y

William C. Safford, President

N o r t h w e s t e r n B a n ke r, F e b r u a r y , 7963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

There will be scores of bills entered
in the first weeks of Congress. Each
will have its sponsors. These spon­
sors are keys to the likely fate of the
measures. A general rule is that Ad­
ministration supported bills will be
proposed by the chairmen of the
House or Senate banking committees.
These will be the bills to watch. Other
measures may come to the hearings
stage later. This will depend upon
lobbying pressures. Also involved are
the attitudes of banking groups.
Bills once entered follow a pre­
scribed course. They are referred to
the several agencies of government
which would be involved if they were
passed. Such comment will weigh
heavily for or against the passage of
the legislation.
Thus, it is apparent that banking
and financial measures have a long
route to follow to secure passage. Dur­
ing the period from their introduction
to passage the opinions and views of
the financial world must be made pub­
lic either through testimony or public
letters.
Holdover Bills

The last Congress considered 37
varied proposals of primary concern
to banking. While most of them were

of a technical nature, the ABA ex­
pressed opinions on all of them. High­
lights of such legislation involved
taxes for savings and loan associations
and mutual savings banks. Bank serv­
ice corporations was another, each of
which were passed into laws. The
Douglas Disclosure Bill was another v
which never was approved but is ex­
pected to be entered again since it has Va measure of support by the Kennedy
Administration. The banking world *
was divided on the need for the bill.
Many b a n k in g bills will never
achieve a hearing before Congression­
al committees. The outlook for any
early affirmative action on the more
publicized measures is none too good.
Since this is the first session of a
new Congress, the tendency will be
to delay considerations until the Pres­
ident’s program is acted upon. Bank­
ing legislation has rarely held a top
priority in Congressional affairs, ex­
cept for the early New Deal period.

4

This will be the period for discus­
sions of the merits of the bills and ; i
the forming of opinions and the ana­
lyzing of the measures. This period
will be important and will have influ­
ence when the outlined legislation is
ready for committee hearings.
Why S&L’s Have Edge

In weighing legislative proposals
such as, for example, the curbing of
savings and loan branches, likely to
be again introduced, although never
passed by Congress, there is a notable
difference. The Home Loan Bank
Board is the single Federal agency
which must pass upon pending meas­
ures, approving or disapproving.
On the other hand there are three
bank supervisory agencies which of­
ten disagree among themselves as to
what is good for banking. This is a
major reason why bills enhancing the
operations of the savings and loan
associations are given preference in
Congressional committees. Another is
that the chairmen of the two banking
committees are more favorably in­
clined toward institutions which em­
phasize savings.
It would hardly be surprising that
among the early bills passed at this
session are those supported by the
savings and loan industry.
Any appraisal of the outlook for leg­
islation during this first session of
Congress would emphasize discussion
of the issues, much agitation, but
slow, if any, progress toward passage
of the numerous measures which have
been publicized during recent months.
The threats to banking will be
many and bankers will wish to keep
abreast of these threats.— End.

<
*

^

r

c

57

S E C U R IT Y

F IR S T

H E A D O F F iC E

N A T IO N A L B A N K

. L O S A N G E L E S , C A L IF O R N IA

S T A T E M E N T O F C O N D IT IO N
D E C E M B E R 31, 1962

LIABILITIES

RESOURCES
Cash and Due from Banks . . . .

$ 676,560,667.94

U. S. Government
Securities.
. $1,138,330,157.47

$ 89,573,275.00

Surpl us. . . .

110,426,725.00

Undivided Profits___ 84,899,782.46

State and Municipal
Securities.
.
Other Bonds and
Securities.
.

Capi tal . . . .

.390,506,528.41
66,290,210.70

Loans (less r e s e r v e s ) ..................
Earned Interest Receivable

.

1,595,126,896.58
1,932,800,610.88

. .

16,443,201.35

Bank Premises and Equipment

59,957,280.66

. .

Reserves for Interest, Taxes, etc. .

.

25,057,357.66

Interest Collected — Unearned

.

22,930,203.83

Credit L i a b i l i t y .........................

16,443,201.35

Other L ia b ilities..............................

2,827,914.64

.

Acceptances and Letters of

18,302,003.51

Customers’ Liability under
Acceptances and L /C
. . . .

$ 284,899,782.46

Deposits—Time

$1,767,754,869.79

-D em and 2,182,011,855.89

Other A s s e t s ................................. .............. 2,734,524,70

3,949,766,725.68

T O T A L .................................. $4,301,925,185.62

T O T A L .............................$4,301,925,185.62

Securities carried at $640,172,119.23 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.

B O A R D O F D IR E C T O R S
Lloyd L. Austin, Chairman
Eiden Smith
Vice Chairman

Frederick G. Larkin, Jr.
President
Norman Chandler
President
Times-Mirror Co.

J. G. Boswell, II
President
J. G. Boswell Company

Peter Colefax
Chairman & President
American Potash &
Chemical Corp.

Philip L. Boyd
Property Development
and Management

Shannon Crandall, Jr.
President, California
Hardware Co.

Walter W. Candy, Jr.
President
Bullock’s, Inc.

Charles E. Ducommun
President, Ducommun
Incorporated.

O VER
MEMBER

280

B A N K IN G

FEDERAL

John O'Melveny
Attorney
Fred H. Rohr
Bryant Essick
President and
President, Essick
General Manager
Manufacturing Co.
Rohr Corporation
Philip S. Fogg
Chester A. Rude
Chairman of the
Vice Chairman,
Board, Consolidated
Electrodynamics Corp. Retired
Edmund F. Schnieders
Richard A. Grant
Senior Vice President,
President, California
Asst, to Chairman
Portland Cement Co.
of the Board
James E. Shelton
Oscar Lawler
Chairman Emeritus
A ttorney
Gabriel C. Duque
Attorney

Arnold O. Beckman
President, Beckman
Instruments, Inc.

L O C A T IO N S

RESERVE SYSTEM

•

S E R V IN G

MEMBER

FEDERAL

SOUTHERN
DEPOSIT

Elbridge H. Stuart
Chairman of the
Board, Carnation Co.
Allen J. Sutherland
Chairman, San Diego
Division Board
Milton M. Teague
Vice President and
General Manager,
Limoneira Co.
Edward R. Valentine
Chairman of the
Board, Robinson
Building Co.

C A L IF O R N IA

INSURANCE CORPORATION

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Stock Yards Fire

Drovers National Bank

C élébrâ t es
February 12, 1883, the Drovers
ONNational
Bank opened for busi­

ness with resources of $69,757.69.
D r o v e r s 1962 year-end statement
showed total capital funds and re­
serves of $13,540,748.17 and total as­
sets of $157,767,725.04, making it the
largest bank on the South Side of
Chicago.
The intervening 80 years of con­
tinuous banking service show consist­
ent growth despite wars, major eco­
nomic depressions, and the disastrous
Stock Yards fire of 1934 which burned
Drovers Bank building to the ground.
We hear little of the word “drovers”
now, but it was a common term when
the Drovers National Bank opened
80 years ago. It referred to a man
who drove cattle, sheep or hogs over­
land to market. Back in 1883, thou­

lètti h
sands of drovers brought livestock to
the Union Stock Yards in Chicago. So,
it was only natural that the founders
of the new bank, close by the yards,
should name it the “Drovers National
Bank.”
During the first few years, much of
the bank’s business was national and
international in character. Its early
customers were largely commission
m e rch a n ts, packers, correspondent
banks, and hundreds of eastern and
foreign firms whose buyers regularly
purchased livestock at the Union
Stock Yards.
When the Drovers National Bank
opened, there were no telephones or
typewriters. Drovers staff answered
the bank’s correspondence in longhand, and gas lamps lighted the bank
offices. A few months after the bank
opened, Chicago’s horse-car system
extended its Halsted Street tracks
past the door.
Then, as scores of new manufactur­
ing plants, hundreds of stores and
offices, and many prosperous residen­
tial neighborhoods sprang up on the
prairie lands adjacent to the Stock
Yards, Drovers expanded its facilities
to render complete banking service to
these, as well as the livestock and
packing industries.
In New Quarters

BE P R E P A R E D ON B A D W E A T H E R D A Y S . Roll o u t
a c o u r te s y u m b r e lla ra c k a n d
k e e p y o u r c u s t o m e r s dry a n d
h a p p y . T h e c o s t is low, a n d it
in c lu d e s th irty -s ix b e a u ti­
ful u m b re lla s , im p r in te d with
y o u r n a m e , a p o r t a b le rac k
a n d p o s te r. M o r e t h a n 4 0 0
b a n k s a re le n d in g c o u r te s y
u m b re lla s . R e s u lts ? T r e m e n ­
dous! W h y n o t o f f e r y o u r c u s ­
to m e r s this n o -c o s t lo an s e r v ­
ice? F o r m o re d e ta ils w rite
to J. E D W A R D C O N N E L L Y
A S S O C IA T E S , 3 3 5 F IF T H
A V E ., P IT T S B U R G H 2 2 , PA.
Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

By 1895, the bank had outgrown its
original quarters, and a modern fourstory building was built. It was then
that safe deposit boxes were made
a v a ila b le to Drover’s customers.
Seven years later, Drovers Trust and
Savings Bank opened in the same
quarters, the better to accommodate
the increasing number of savings ac­
count customers.
The combined resources of the two
affiliated Drovers Banks totaled over
$ 6 million on December 31, 1902. They
increased steadily, to more than $30
million, before the country-wide mora­
torium of March, 1933. Drovers Banks
handled drafts and checks for foods,
medicines and distress situations dur­
ing the bank holiday, and Drovers
vaults and the trust department trans­
acted some business daily.
When the bank holiday ended, on
March 13, Drovers Banks immediately
resumed full scale operations, thus
maintaining intact their record of
“continuous banking service since
1883.” Deposits and total resources
then increased at a greatly accelerated
pace, and by 1945 the Drovers Banks
had become a $ 1 0 0 million institution.

On Saturday, May 19, 1934, the
great Stock Yards fire destroyed the
Drovers bank building at 42nd and
Halsted Streets, along with virtually
everything else in a twenty-block
area. D ro v e rs officers and staff
worked tirelessly through the week­
end, and the banks opened for busi­
ness at the regular time Monday morn­
ing, May 21, in the present location
at 47th Street and Ashland Avenue.
For five days, until the vaults in
the burned building had cooled suf­
ficiently to be opened, a banking
business was conducted on faith. When
the ledgers were available, it was
found approximately $1,500 had been
paid in overdrafts, every cent of
which was subsequently collected. At
the end of that week, savings de­
posits were up $2 0 0 , 0 0 0 and commer­
cial deposits were up $1 ,0 0 0 ,0 0 0 .
Not only were the bank’s records
in Drovers vaults intact but not one'
safe deposit box customer suffered any
loss due to the fire.
Drovers Banks developed and pros­
pered in an era that encompassed
sweeping changes. Business, finance,
government and individual living in
1883 bear little resemblance to their
counterparts of today. Economic re­
lationships were relatively simple in
1883; are intensely complex and inter­
related today. Business executives
recognized that Drovers combined a
high degree of progressiveness with
sound banking practices; and Drovers
Banks grew accordingly.
On July 1, 1962, The Drovers Trust
& Savings Bank was merged into The
Drovers National Bank.
Since 1883, the American economy
has gone through three major wars,
five eras of high-level prosperity, five
periods of recession. Through all
these times of stress, Drovers record
has been outstanding; its reputation
has grown with the years. With cor­
respondent banks, businesses and in­
dividuals, Drovers will continue to
promote the sound prosperity of the
nation and the great mid-west.

\/Rk Gross Co
BANK REMODELING
Waterloo, Iowa

59

If you’re withholding or limiting credit to promising
feedlot operators only because of insufficient collateral
protection, then it’s time to let the L a w r e n c e System
help you make larger, more secure loans.
When you put Lawrence in the picture. . . (1) Y ou
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shipped only upon your signed release; (2) Y ou are
assured maximum protection by the industry’s most
comprehensive bond coverage; (3) Y o u benefit from re­
duced clerical detail with the Lawrence-IBM Monthly
Loan Officer’s Collateral Report, providing complete
San Francisco

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Whether your borrower’s inventory is cattle, feed or
any other commodity —Lawrence is your key to both a
profitable loan and a grateful customer. For a dramatic
case history, write your nearest Lawrence office.

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Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

60

Y ea r-E n d Hand
S lu m s
T ax E x em p t 1 d a m e 4lim b s
bond offering vol­
T AX-EXEMPT
ume reached record proportions in
19.62, though total bonds offering vol­
ume declined. Halsey, Stuart & Com­
pany, Incorporated, reported in its
annual year-end bond market survey.
Tax-exempt bond volume in 1962
exceeded that of 1961 by about $100
million, while corporate volume was
off an estimated $425 million.
Demand for both classes of bonds
was “virtually constant” throughout
the year, with pension funds the big
buyers of corporate bonds and com­
mercial banks the chief factor in the
tax-exempt market. Prices remained
“remarkably level” despite sharp fluc­
tuations in other markets and greatly
increased offering volume at times.
And though the U. S. economy as a
whole was marked by a “notable lack
of vigor,” there was no shortage of
funds se e k in g investment, Halsey,
Stuart said.
Corporate bond financing totaled $7.3
billion in the first 10 months of 1962,
as against $7.8 billion in the first 10
months of 1961. Volume for the full
year is estimated at $9 billion, or 4%
per cent below the 1961 total. Taxexempt bond volume, however, in­
creased from about $8.4 billion in 1961,
to $8.5 billion in 1962.
Outstanding among the year’s cor­
porate bond issues were the two big
American Telephone and Telegraph
Company issues totaling $550 million,
followed by nine financings aggregat­

ing $465 million by members of the
Telephone operating family. Largest
of the tax-exempt offerings during the
past 12 months was that of the Massa­
chusetts Turnpike Authority, a single
offering of $180 million.
The nation’s money policy managers
—Federal Reserve and Treasury offi­
cials—worked closely together in de­
termining their credit policies and
financing programs during the year.
Federal Reserve policy, since mid-1960
one of monetary ease, has been de­
signed to maintain ready availability
of credit as a business stimulant. At
the same time upward influences have
had to be applied on short-term inter­
est rates to help in easing U. S. inter­
national balance of payments prob­
lems. Assisting the Federal Reserve
in its efforts to increase credit avail­
ability this year were: ( 1 ) the longerthan-expected bank loan demand; ( 2 )
the increase in bank deposits follow­
ing the December, 1961, change in Reg­
ulation Q permitting higher interest
rates on savings and time deposits,
and (3) the reduction in legal reserve
minimums which commercial banks
are required to maintain against time
deposits.
Short Term Favored

Treasury new money financing in
1962 was concentrated chiefly in the
short-term sector, mainly 13- and 26week bill offering additions of $ 1 0 0 or
$200 million each. Long-term Treas­
ury new money financings were held

to three offerings, about $4 billion,
in January, April and July.
Halsey, Stuart said that a “feeling
of optimism now appears to be de­
veloping which . . . seems to foretell ’
a modest improvement in business in
coming months.” Corporate bond vol­
ume, lower in 1962 than 1961, is not
likely to be much changed. Tax-ex­
empt volume appears likely to grow
and dealers in tax-exempt issues may
see greater competition from commer- -1
cial banks.
The proposed cut in federal income *
taxes, likely to be pressed by the ad­
ministration in the coming year, would
not appreciably lessen the value of
tax-exemption for most investors, the
survey pointed out, nor would a tax <
cut have much effect on bond prices.
Short-term interest rates will con- 4
tinue to be influenced by our balance
of payments problems — “problems
which are aggravated by the fact that
other countries are developing strong
currencies and furnishing increased1competition for the dollar.”
Treasury financing to offset the “al- *
ready substantial deficit which may be
enlarged even further by tax cuts” is
expected to occur largely in the second
half, with the Treasury seizing every
opportunity to finance its deficit in the Along-term area. This threat of com­
petition from Treasury financing may r
put pressure on long-term prices.
“Nevertheless, the pool of funds avail­
able for investing keeps growing and,
in the early months of the year at
least, should continue to balance the
bond supply, a factor tending to main­
tain a generally level bond price struc­
ture much like that of 1962.”

Ziegler Record Sales

C a n c e lla tio n b y P e r f o r a t io n *
Cummim-Chicega Cera.

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p a id ch eck s, s a fe fo r d e p o s ito r s to k e e p th e m a s lo n g a s t h e y
w a n t, a n d m a k e s e a c h c a n c e le d ch e ck a n u n d is p u te d p ro o f o f
p a y m e n t . I t e x p la in s h o w t h is b e tte r m e t h o d o f c a n c e lin g is th e
o n ly o n e g iv in g a ll o f th e s e a d v a n t a g e s to th e d e p o s it o r —t h a t its
u s e is ju s t o n e v is ib le e x a m p le o f th e m a n y w a y s y o u p ro te c t
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f StMÇe t w

N o r t h w e s t e r n B a n ke r, F e b r u a r y , 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

/

CUMMINS-CMICAGO CORPORATION
4740 N RAVENSWOOD AVE • CHICAGO 40. ILL.
SALES AND SERVICE
ALL PRIN CIPAL C ITIE S

Underwriting issues for new hospi­
tal construction of many denomina­
tions highlighted record sales of the
B. C. Ziegler and Company, W estr
Bend, Wis., institutional bond special- ^
ists, during 1962. The firm recorded
a business increase of 46 per cent on
a volume of $138,764,000.
D. J. Kenny, president, stated the
increase was attributable to sales by
two divisions of the West Bend based r
firm. The largest gain, 67 per cent, „
resulted from underwritings and sales
of in s titu tio n a l bonds involving
churches, schools and hospitals in
which 79 issues grossed $90,251,457 as
compared to 56 issues totaling $54,167,000 in 1961.
The remaining over-all increase in­
volved sales of short term institution­
al interim paper which the Ziegler
firm undertook more than 18 months
ago. The 1962 volume was $48,000,000 of sales, plus $44,000,000 of renew­
als.

■■ x■■ ...

:

61

How First National s knowledge of
Electronic Banking can benefit you
à

In another move to provide better-than-ever
banking service, First National has installed
a General Electric “ 210” Data Processing
System.
Now we want to share with you the knowl­
edge and experience we have gained in this
exciting and progressive new banking activity.
First, we may be able to help you answer the
question: “ Does our bank really need elec­
tronic data processing equipment to serve
our customers?”
If the answer is yes, we’re prepared to assist
STATEMENT

V

OF

by advising you about customer-education
procedures, conversion to machine-readable
checks and forms, and the many other EDP
problems we’ve met and solved the last two
and one-half years.
If the answer is no—and if your bank is within
two hours’ driving distance of First National,
we’re prepared to take over all demanddeposit accounting for you, process your items
overnight and have them ready for you to
pick up first thing in the morning.
W e’re eager to help. Just let us know how we
can help you most.

CONDI TI ON,

DECEMBER

31,

1962

RESOURCES

LIABILITIES

Cash and Due from Banks . . . $193,945,975.30
U.S. Government Securities . .
110,781,024.50
Loans and D isc o u n ts.................
313,859,548.73
Loans Wholly or Partially
Guaranteed by U.S. Government 39,017,127.75
Federal Funds Loaned..................
33,571,000.00
Other Bonds and Stocks . . . .
41,289,900.13
Stock in Federal Reserve Bank .
1,350,000.00
Banking House, Furniture
and Fixtu res.......
2,048,912.67
Customers’ Liability on Acceptances
15,185.08
Income Earned but Not Collected
2,372,407.27
Other R eso u rces...
204,510.86

Demand D e p o s i t s ......................... $543,724,621.57
Time D eposits..............................
132,010,755.57
Total Deposits......................... $675,735,377.14
Reserve for Taxes and Expenses
3,628,604.79
Income Collected but Not Earned
2,378,502.01
Acceptances..................................
29,991.19
Other L iab ilities..........................
266,814.24
Total L iab ilities..................... $882,039,289.37

Total R esou rces................. $738,455,592.29

AND

CAPITAL

ACCOUNTS

FIRST
NATIONAL.
BANK
IN

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 .......................................
28,060,000.00
Undivided Profits . . . . . .
11,416,302.92
Total Capital Accounts . . $ 56,416,302.92
Total Liabilities
and Capital Accounts . . $738,455,592.29

ST. L O U I S

w

i i /

MEMBER FEDERAL DEPOSIT
INSURANCE CORPORATION

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

62

ttim son A n sw ers C om plaint
f r o m V . S. A tto rn ei/ C en era i
A LETTER to stockholders last
I Nmonth
Walter R. Bimson, chair­

man of the board, Valley National
B a n k , Phoenix,
A r iz ., presented
the position of
t h e Valley Na­
tional regarding a
complaint filed by
the Attorney Gen­
eral of the United
States.
T h e complaint
alleged that the
Valley National,
w. R. B IM S O N
The Ar i z o na
Bank and the Arizona Bancorporation
had violated Section 1 of the Sherman
Act and Section 15 of the Clayton Act,
both of which are for the purpose of
protecting trade and commerce against
unlawful restraint and monopolies.
Mr. Bimson states in the letter that
the Valley National learned that the
complaint had been filed from the
local press on December 28. Official
notice was received on January 2,
Mr. Bimson said.
Following are Mr. Bimson’s com-

ments regarding this action by the
Attorney General:
“The Attorney General complains
that competition between the Valley
National Bank and The Arizona Bank
has been substantially lessened and
unreasonably restrained.
“He also complains that because of
the relationship between the Valley
National Bank and The Arizona Bank,
competition in commercial banking in
general in Arizona has been re­
strained.
“He further complains that con­
centration in commercial banking in
Arizona has been increased.
In order to correct the conditions
he complains of, he asks the Court to:
“1. Require Arizona Bancorpora­
tion to divest itself of all stock
held in The Arizona Bank. (Ari­
zona Bancorporation owns 358,317
shares of Arizona Bank stock,
amounting to 51 per cent.)
“2. The Attorney General asks the
Court to prohibit officers and di­
rectors of Arizona Bancorporation
from serving at the same time as
officers of any bank in the state

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Western Life Insurance Company

N o r t h w e s t e r n Banker, F e b r u a r y , 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

other than Valley National Bank.
“ In answer to this complaint, we
shall categorically deny and prove
that we have not lessened competition
between the Valley National Bank and<
The Arizona Bank nor that we have
lessened competition generally in com- *
mercial banking in Arizona.
“The purpose of assuring competi­
tion is to bring to the public the best
and broadest services at the lowest
cost. It has always been our policy^
to give the people of Arizona the best,
the most complete, and the lowest v
cost banking service that we are ca­
pable of. Rather than restricting com­
petition, we have aided it and inten­
sified it by constantly innovating
improved and more complete banking <
service.
“That our service has been ap- 4
proved by the public is indicated by
the bank’s highly satisfactory rate of
growth.
“ In the Attorney General’s com­
plaint, he actually says, in referring^
to The Arizona Bank, “ It has been
one of the fastest growing banks in *
the nation in recent years, having in­
creased its total assets from $47,501,000
in December 1951, to $188,071,000 in
June 1962, an increase of 400 per cent.
“And yet he charges in the samej.
breath that by virtue of Arizona Bancorporation’s ownership of stock in r
this bank, we have limited and re­
stricted banking competition between
this bank and the Valley National
Bank and other commercial banks in
Arizona.
“An amusing sidelight to the Ari­
zona Bank/Valley Bank relationship ,
is that our new business and loan
officers finds them ‘tougher’ competi- *
tion than any other bank in the state.
“As to the complaint that we have
encouraged a concentration of com­
mercial banking in Arizona, we shall
readily admit that we have tried-r
zealously to increase our deposits and
loans and to serve more people all the
time. And we think that this is a
proper and worthy undertaking.
“Furthermore, statistics of Arizona
bank growth do not support the Attor­
ney General’s contention that a con-r
centration of Arizona Bank deposits
has resulted from our actions.
“At the time Arizona Bancorpora­
tion purchased stock in The Arizona
Bank, there were six banks operating
in Arizona; today there are eleven.
During the period we were charged^
with limiting competition, the num­
ber of independent banks in the state *
practically doubled.
“The distribution of bank deposits
in Arizona indicates that there has
been a substantial and ever increasing
dispersal of business, rather than a

63

I r v in g T r u s t C o m p a n y
NEW

YORK

S T A T E M E N T OF C O N D I T I O N , D E C E M B E R 31,

1962

1)1 It K C T O IK S

ASSETS
Cash and Due from B a n k s ..................$

6 2 2 ,4 3 9 ,7 7 9

GEORGE A. MURPHY
Chairman of the Board

Securities:
U. S. Governm ent Securities . . .

4 7 0 ,5 2 9 ,1 2 4

Securities Issued or Underwritten
by U. S. Governm ent Agencies .

6 1 ,7 0 5 ,3 8 0

Other S e c u r itie s.

President

8 2 ,6 3 0 ,7 0 3

ARTHUR G. BOARDMAN, JR.

6 1 4 ,8 6 5 ,2 0 7

Loans:

Other L o a n s ........

Executive Vice President

THOMAS C. FOGARTY

Loans Guaranteed or Insured
by U. S. Governm ent
or i ts A g e n c ie s...............................:
Loans Secured by
U. S. Governm ent Securities

W ILLIAM E. PETERSEN

Chairman of the Board
C o n tin e n ta l C a n C o m p a n y , In c .

7 0 ,4 1 7 ,2 1 2

I. J. HARVEY, JR.
Chairman, T h e

. .

1 5 3 ,8 6 7 ,9 7 9

1 ,0 4 3 ,8 9 7 ,5 0 6

President,

1 ,2 6 8 ,1 8 2 ,6 9 7

M ortgages:

F lin tk o te C o m p a n y

ROBERT C. KIRKWOOD
F . W . W o o lw q r th C o .

DAVID L. LUKE
Chairman of the Board

U. S. G overnm ent Insured
F .H .A . M o r t g a g e s ........

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

1 4 ,2 4 4 ,3 0 5

Conventional First Mortgages on
Real E s t a t e ....................................... ....................1 8 0 ,0 0 0
1 4 ,4 2 4 ,3 0 5
Banking Houses and Equipm ent . .
C ustom ers’ Liability for
Acceptances Outstanding . . . .
Accrued Interest and
Other Assets
.......................................

2 4 ,3 9 2 ,2 6 8

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
Chairman and Chief Executive Officer
A m e ric a n C y a n a m id C o m p a n y

9 5 ,5 2 4 ,4 6 4

john

w. M cG o v e r n

Director

1 7 ,0 3 6 ,1 6 6

U n ite d S ta te s R u b b e r C o m p a n y

MINOT K. MILLIKEN

Total A s s e t s ...................... $ 2 ,6 5 6 ,8 6 4 ,8 8 6

Vice President and Treasurer
D e e r in g M illik e n , In c .

L IA 1IIL IT IK S

DON G. MITCHELL

Deposits .............................................................$ 2 ,3 5 4 ,0 5 8 ,8 4 9
.

Taxes and Other E x p e n s e s

1 9 ,1 0 1 ,7 5 4

Dividend Payable January 2, 1963. .
Acceptances: Less A m o u n t in
P o r t f o l i o .............................

N ew Y ork , N . Y .

ROY W . MOORE

2 ,2 0 8 ,1 6 2

Chairman,

C a n a d a D r y C o r p o ra tio n

PETER S. PAINE
President

1 0 1 ,5 9 1 ,4 4 5

Other L ia b ilitie s.....................

1 6 ,2 1 0 ,9 0 9

Total L ia b ilitie s ............

2 ,4 9 3 ,1 7 1 ,1 1 9

G re a t N o rth e rn P ap er C o m p a n y

LeROY A. PETERSEN
Chairman of the Board
O tis E le v a to r C o m p a n y

C A P IT A L ACCOUNTS
Capital Stock {5,520,405 shares— $10par)

DONALD C. POWER

5 5 ,2 0 4 ,0 5 0

S u r p l u s ......................................

6 9 ,8 7 4 ,6 3 5

Undivided P r o f i t s ................

3 8 ,6 1 5 ,0 8 2

T otal Capital A ccou n ts.

Chairman of the Board,

G eneral

T e l e 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

RAYMOND H. REISS
President,

1 6 3 ,6 9 3 ,7 6 7

R o n t h o r R e is s C o r p o ra tio n

E. E. STEWART
Former Chairman of the Board

Total Liabilities and
Capital A ccou n ts............. $ 2 ,6 5 6 ,8 6 4 ,8 8 6

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 $ 1 6 8 ,6 2 1 ,0 9 1 .

M E M B E R

F E D E R A L

D E P O S I T

FRANCIS L. WHITM ARSH
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

N o r t h w e s t e r n Banker, February, Ï963


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Federal Reserve Bank of St. Louis

64

Ihm in > to Hu i lit

O ffice

ARCHITECT’S sketch of Doane Agricultural’s new home office.

J. B E R W IC K , president of
The new building will be in subur­
• Doane Agricultural Service, Inc., ban Brentwood at Brentwood Boule­
announced last month that construc­ vard and Manchester Road. Occupan­
tion is underway on a new home office cy is scheduled for October 1.
building. It will be a one-story brick
Doane Agricultural, founded in 1919,
structure with 28,000 square feet of fu r n is h e s professional agricultural
space, including 18,500 square feet of service to farmers and ranchers na­
office space. It will be air-conditioned tionwide, with branch offices in sev­
throughout.
eral cities.

A

concentration from that time to the
present.
“ The six banks existing in Arizona
at the end of 1953 have all made fine
records of growth. The five new banks
organized since then show substantial
gains in deposits, clearly indicating
that competition of the older banks
did not restrict their growth.
“Heretofore, it has been assumed
that the Federal and State banking
authorities had exclusive jurisdiction
over banking matters. However, in
the last two years the Attorney Gen­
eral has filed many suits in opposition
to bank mergers and acquisitions.
None of these suits has, as yet, re­
ceived the final approval of the Su­
preme Court of the United States.
“While it is hardly necessary to
make this point, the records clearly
show that whatever has been done in
the Valley National Bank, in The Ari­
zona Bank, and in Arizona Bancorporation in the way of expansion,

through opening new branches, pur­
chasing banks, or bank stocks, has
been done with the approval of all
governmental agencies having juris­
diction over these several corpora­
tions—the Comptroller of the Cur­
rency, the Federal Deposit Insurance
Corporation, the F e d e r a l Reserve
Banks, the State Banking Department
of Arizona, and the Security Ex­
change Commission. In each instance,
we have been able to show to the
satisfaction of the appropriate gov­
ernmental agency that such action on
our part was in the public interest.
“Therefore, not only were we as­
tounded by the Attorney General’s
action, but a spokesman of the Fed­
eral Reserve Board was quoted in the
American Banker as saying their legal
counsel was taken by surprise.
“The rapid growth of Arizona, with
the great increase in business activity,
industrial production, retail trade,
home building, and non-agricultural
P.

‘ J.-Z", ' ,

I»r - ,¡

no n e e d to b a ttle
UST INVESTMENT PROBLEMS

Studley, Shupert Trust Investment Council m em bers call on the
research facilities, group experience and group thinking of the
Council Staff to help meet their tough investment problems.
You can get this help, too! Write for details.

STUDLEY, SHUPERT TRUST INVESTMENT COUNCIL
1617

PENNSYLVANIA

BOULEVARD

Northwestern Senker, Februorf , 1963


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Federal Reserve Bank of St. Louis

PHILADELPHIA

3,

PA.T

employment, has created a demand
for greater and better banking serv­
ices. The banks of this state, all of
them, have done their best not only
by using their own resources to the
limit of prudence, but by encouraging
the use of out-of-state capital to sup­
plement those resources.
“ It has been the policy of the Val­
ley National Bank to encourage the
formation of new businesses, new in­
surance companies, new savings and
loan associations, new lending agen­
cies, to supply the capital require­
ments of our growing population. And
where new banks have been proposed,
we have in every case offered our co­
operation and services.
“Our bank has been dedicated to
the task of building Arizona and sup­
porting every worthy project that
would further the growth and pros­
perity of this state.
“We are confident that the Attorney
General’s claims can be shown to be
unfounded and unsupported.”

POSTAL INCREASE . . .
(Continued from page 33)
Obviously, banks must put their
“best foot forward” with the impres­
sion made in any mailing sent to a
customer or prospective customer.
One of the best ways this first impres­
sion can be enhanced is by gaining
maximum usage from the envelope it­
self, which is the first contact a cus­
tomer has when he receives mail from
his bank.
It is estimated by competent bank
authorities that it takes approximate­
ly $ 1 2 0 per thousand to prepare bank
statements. Postage for these state­
ments is an additional $50 per thou­
sand minimum. Thus, a bank is talk­
ing about $170 per thousand for pre­
paring and mailing statements.
Special Designing

For approximately $1 per thousand
additional, an attractive design or
sales message, or combination of both,
can be imprinted on the envelopes
now being purchased for such mail­
ings. The same design may be incor­
porated as well on other envelopes
used by the bank.
Topnotch designing and printing of
this type is available from first class
e n v e lo p e manufacturers and their
sales departments will be glad to sub­
mit samples for your inspection —
those used by banks from all over the
country or possibly a design sample
drawn especially for your bank.
By making the most of the vehicle
that carries business back and forth
between the bank and its customers—
the envelope—the bank can get extra
mileage with sales promotion that
costs practically nothing in addition
to its present fixed costs.—End.

65

A Real Service . . .
For YOUR Depositors

A Sound Plan . . .
You Can HONESTLY Recommend

A Business Builder. . .
Backed by a REPUTABLE Company and
A CONSCIENTIOUS Marketing Team
M a n y farm co m m u n ity banks now cooperate in b rin gin g to their
depositors the benefits o f H osp ital and Surgical and L ife Insurance
w ritten by Bankers L ife C om p an y o f D es M oin es, Iow a.
U sin g m od ern m arketing m eth od s, the com pan y brings to the plan
stream lined insurance w ith low cost and better benefits to your de­
positors— better coverage at better

rates.

The

plan

pays

its

lu ll

schedule o f benefits despite any other coverage the depositor m ay
have and also extends protection beyon d age 6 5 .
O peration is sim p le. Insurance is sold on ly through an established
local agent recom m en ded b y the b an k .

For com plete details, w rite:

O ld N orthw est A g en cy o f Iow a, In c., A ttn . J. F . L am ou reu x, P . O .
B o x 4 0 4 , D es M oines 2 . Iow a.

B

A

N

K

E

R

S

DES

C

MOINES,

O

M

P

A

N

Y

IOWA

N o r t h w e s t e r n Banke r, F e b r u a r y ,


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1963

DIRECTORS
D eW a lt H. A n k e n y
V ic e P re s id e n t,

Theo. H am m B rew ing Company
C harles H. B ell
C h a irm a n o f th e B oard,

General Mills, Inc.
Benton J. Case
D ir e c to r ,

S. T. M cK night Co.
G eorge B. C lifford, J r .
J o h n H. D an iels
P re s id e n t,

A rcher-Daniels-M idland Co.
T h om a s L. D an iels
C h a irm a n o f th e B oard,

A rcher-D aniels-M idland Co.
D onald C. D ayton
P re s id e n t,

The Dayton Com pany
S tephen P . D uffy
P res id en t,

Our Own H ardw are Com pany
A lbert G. E germayer
S e n io r V ic e P re s id e n t,

Cargill, Incorporated
R obert F aegre
P re s id e n t,

M innesota & O ntario P aper Co.
P au l S. Gerot
P re s id e n t,

The Pillsbury Com pany
F. P eavey H effelfinger
C h a irm a n o f th e B oard,

F . H. Peavey & Com pany
A llen S. K ing
P re s id e n t,

N orthern States P ow er Co.
F r a n k P. L eslie
P re s id e n t,

T he John Leslie P aper Company
Goodrich L owry
P re s id e n t,

N orthw est B an corporation
J o h n A . M oorhead
P re s id e n t

J o h n S. P illsbury , J r.
P re s id e n t,

N orthwestern N ational L ife
Insurance Com pany
Sa m u e l H. R ogers
S e n io r V ic e P re s id e n t
and E x e c u tiv e T r u s t Officer

H en ry T . R utledge
E x e c u tiv e V ic e P re s id e n t

L u c ian S. S trong
C h a irm a n o f th e B o a rd

The Strong Scott M fg. Co.
H arold W . S w eatt
C h a irm a n o f th e F in a n c e
C o m m itte e

M inneapolis-H oneywell
R egulator Co.
H arold H . T earse
P res id en t,

Searle Grain Com pany
A lfred M. W ilson
E x e c u tiv e

V ic e P re s id e n t,

M inneapolis-H oneywell
R egulator Co.
J o h n S. P illsbury
D ir e c to r E m e ritu s

STATEMENT OF CONDITION
DECEMBER 31, 1962
RESOURCES
Cash and Due from Banks...... $225,519,193.73
U. S. Government Obligations.. 119,716,472.05
Other Bonds and Securities ..... 29,440,259.01
Loans and Discounts ............... 324,400,059.15
Stock in Federal Reserve Bank
1,200,000.00
Customers’ Liability
on Acceptances .....................
4,719,726.76
Income Earned
but not Collected .................
2,241,433.49
Bank Premises, Furniture
and Fixtures .........................
8,775,471.24
Other Resources .......................
480,742.07

LIABILITIES
S 15,000,000.00
Capital Stock ............
. 25,000,000.00
Surplus ......................
Undivided Profits ......
9,455,513.71
Reserve for Possible
Future Loan Losses
5.686.869.18
Reserve for Interest,
4,596,093.67
Taxes, etc................
Income Collected
but not Earned ......
5.606.234.18
Letters of Credit
4,719,726.76
and Acceptances ....
. 646,428,920.00
Deposits .....................

Total Resources ............. $716,493,357.50

Total Liabilities ............... $716,493,357.50

United States Government and other securities carried at $102,922,347.43 are pledged to secure public
funds and trust deposits and for other purposes as required or permitted by law.

NORTHWESTERN

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

NATIONAL

BANK OF MINNEAPOLIS

Marquette Avenue, Sixth to Seventh Streets

Federal Deposit Insurance Corporation

Minnesota

N EW S
W . BLACKMARR
K. A . W A LES

President
Secretary

W ayzata
Minneapolis

Albert Lea
Robert Blong, with the Waucoma
office of the State Bank of Lawler the
past five years, most recently as as­
sistant cashier and office manager, has
joined the staff of the First National
in Albert Lea.

Austin
Miss Edna McCarthy, assistant trust
officer and secretary to the president
of the First National here, has retired
after 45 years’ service to the Austin
financial community. She began as
bookkeeper and has served as teller,
becoming the only woman bank offi­
cer in the community in 1942, a dis­
tinction she held until her present
retirement.
Since the Austin N a tio n a l was
merged with the First National in
1931 she has handled several estates
and trust funds.

Barnum
Henry Johnson, 67, former cashier
of the Barnum State Bank, died un­
expectedly recently at Albert Lea enroute to a winter vacation at Hot
Springs, Ark.
Mr. Johnson was cashier of the
bank from 1925 until his retirement in
1944 and had served also as cashier of
banks at Minot, N. D., and Shell Lake
and Wrenshall, Minn.

Belle Plaine
A former palatial mansion and one
of Belle Plaine’s most spacious land­
marks is being torn down to make
room for a new bank building for the
State Bank of Belle Plaine.

Cannon Calls

Lester L. Hanson, assistant cashier
and manager of the Turtle Lake office
of the Farmers Security Bank of
Washburn, N. D., the past seven
years, has been named assistant cash­
ier of the First National in Cannon
Falls. Mr. Hanson also has had ex­
perience at the Union Bank, Monte­
video.

Chaska
Elected at the annual meeting of
First National of Chaska were: George
C. Klein, president; R. W. Dols, vice
president and cashier; G. A. Rekow
and G. R. Hunziker, assistant cashier.

Crookston
M. O. Lyngholm has been promoted
from cashier to vice president and
Gene H. Sipe, from assistant cashier
to cashier, at the annual meeting of
the First National of Crookston. Other
officers and directors were re-elected.

New officers of the Dakota County
Bankers Association are: E. L. Peters,
president, First National of Hastings,
president; John Exley, vice president,
Stock Yards National of South St.
Paul, vice president; Dan H. Nicolai,
executive vice president, First State
of Castle Rock, secretary-treasurer,
and these directors: Orin Samstad,
president, Northwestern National of
Hastings; Ralph Toombs, president,
First State of Rosemount, and Herb
Swanson, president, Drovers State of
South St. Paul.
Retiring president is C. E. Cadwell,
president, First National of Farmington.

Dawson

Fred T. Olson, 76, retired Cyrus
banker, died recently after a five-week
illness. Linked with the history of
the community, he had served on
many boards and committees in the
area and was with a Cyrus bank from
1920 to 1955.

Duluth

Detroit Lakes

Cyrus

Willis D. W yard, president, and
Joseph C. Jorgensen, assistant vice
president, have retired at the First

R. H. Welle, formerly vice president,
is now executive vice president, and
James Welle is now an assistant cash­
ier of the First National of Bemidji.
Other officers were re-elected at recent
annual meeting.

B. C. Barrett has announced his re­
tirement as vice president of the De­
troit State Bank after almost 20 years’
service. He will, however, remain on
the board.
Parnell Sanford remains as presi­
dent, but moving up are: George
Maruska, from cashier to vice presi­
dent; Bruce Barrett, from assistant
cashier to cashier; Dorothy Daily and
Robert A. Coalwell, from tellers to
assistant cashiers.

Grand Rapids
W . W. W YARD

John A. Berg, 80, who had been
with the Oakley National Bank, Buf­
falo, for many years after several
terms as Wright County Auditor, died
last month after a lengthy illness.

Dakota County

Elton L. Falness has been advanced
from cashier to vice president and
cashier; Charles W. Skordahl, from
assistant cashier to assistant vice pres­
ident, and Steve Paschke, to assistant
cashier, of the State Bank of Dawson.
Gerald L. Michaelson, former coun­
ty agent presently engaged in farm­
ing, has been elected to the board to
succeed Henry G. Bolstad, who re­
tired recently after 20 years on the
board.

Bemidji

Buffalo

since 1952, is the new president of the
bank. He joined the staff in 1927, be­
coming assistant cashier in 1937, as­
sistant vice president the next year,
and vice president in 1942.
Mr. Wyard, president of the bank
for 20 years, joined the bank as vice
president in 1937. He will continue to
serve as a director, a member of the
executive and trust committees.
Mr. Jorgensen has been with the
First American since 1915, becoming
assistant cashier in 1949 and assistant
vice president in 1956.

E. W . C O L L IN S

American National Bank under the re­
tirement age terms of the bank’s pen­
sion plan.
Emmons W. Collins, executive vice
president since 1957 and a director

Clarence C. Carlson, with the First
National of Grand Rapids since 1942,
has been elected cashier. Mr. Carlson
became an assistant cashier in 1944
MINNESOTA NEWS . . .

(Turn to page 75, please)
N o r t h w e t t e r n Banke r, F e b r u a r y ,


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1963

S T A N D I N G L to R : L a r r y K enned y , D ic k Swanberg, J oh n M u lle n , J oh n W oold rid ge, R on H ohm an
SEATED

N o r t h w e s t e r n Ba nke r, F e b r u a r y , 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

L to R : W a lly Boss, D o n B uckm an, E lm e r V d k e n a n t, H a n k Snyder, Dave Shern

69

. FO RW AR D TO

’ 6

3

Year-end at the First of Saint Paul is always a pleasant time, especially for those of us in
Division V. It is the one time of year when we’re all in town and we make it a point to get
‘together and review the year just past. We also take the opportunity to make plans for the
+ year ahead and do a lot of thinking about ways we can be more helpful to our correspondent
bank friends in the Ninth District. As we look at the figures for 1962, we are reminded to
say thank you for the business you have done with us. We look forward to mutually re­
warding relationships in the coming year.
DI RECTORS
STATEMENT OF CONDITION
THE FIRST NATIONAL BANK OF SAINT PAUL
December 31, 1962

JU L IA N B . B A IR D

L O U IS W . H IL L

Cha irm an o f the Board
The F ir s t N a tio n a l Bank
o f S a in t P a u l

Trustee,
G reat N o rth e rn Ir o n Ore
P rop erties

♦ H A R O L D P. B E N D

JO H N S. H O L L

B e n d -S o u th a ll-M cB ra tn ie Co.

RESOURCES
Cash and Due from B anks.................. $116,562,643.98
a

United States Government Securities

42,998,636.12

Loans and Discounts..............................

215,348,447.64

Interest Earned but not Collected . . .

1,832,237.66

J, Customers’ Acceptance Liability. . . .

81,804.00

Bank and Office Buildings...................

6,920,000.00

Other A ssets...............................................

311,417.57

D ire ctor,
W h irlp o o l Corporation

Presiden t,
G reat N o rth e rn R ailw ay Co.

A. B . JA C K S O N

H E R B E R T P. B U E T O W

73,413,253.66

Other Bonds and Securities.................

JO H N M . B U D D

President,
M in nesota M in in g and
M a n u fa c tu rin g Co.

P A T R IC K B U T L E R

P residen t,
N o rth e rn P a c ific R ailw ay Co.

N O R R IS K . C A R N E S

E D W A R D L. M U R P H Y , JR.

♦CH A R L E S F. C O D E R E

JO H N M . M U S SE R

G R A N G E R C O S T IK Y A N

P H IL IP H . N ASO N

B E R T S. CRO SS
E xecu tive V ic e P residen t,
M in n es ota M in in g and
M a n u fa c tu rin g Co.

Capital S tock .............................................$ 10,000,000.00
Surplus..........................................................

23,000,000.00

VUndivided Profits.....................................

6,909,880.75

H A R O L D J. C U M M IN G S
President,
M in n es ota M u tu a l L ife
In su ra n ce Co.

C H A R L E S J. C U R L E Y

v Reserve for Interest, Expenses,
3,019,825.22

Taxes, E tc...............................................

2,157,363.96

Discount Collected but not Earned
.

81,804.00

Other Liabilities........................................

376,216.92

Deposits.......................................................

411,923,349.78

Acceptances and Letters of Credit

President,
The F ir s t N a tio n a l Bank
o f S a in t P a u l

DONALD W. N YROP
President,
N orthw est A irlin e s , In c .

R IC H A R D O R D W A Y
President,
Crane & Ordway Co.

♦I. A. O ’SH A U G H N E SS Y
President,
Globe O il & R efin in g Co.

A L B E R T H. D A G G E T T

J A M E S F. O W E N S, JR.

R I C H A R D G. D O N O V A N
Presid en t,
D onovan C onstruction Com pany

L . E. F E L T O N
P residen t,
Green G ia n t Com pany

»M IL T O N W . G R IG G S

Securities carried at $61,538,800.31 in the foregoing
statement are deposited to secure public funds and for
other purposes required by law.

V ice Presiden t,
Weyerhaeuser Com pany

C hairm an o f the B oard,
F i r s t T ru s t Com pany
o f S a in t P a u l
C ha irm an o f the Board
and C h ie f E xecutive Officer,
G o u ld -N a tio n a l Batteries, In c .

$457,468,440.63

President,
M u r p h y M o to r F re ig h t Lines, In c .

C hairm an o f the B oa rd ,
S t. P a u l F ir e and
M a r in e Insurance Co.
P residen t,
F ir s t Bank Stock Corporation

LI A B I L I T I E S

R O B E R T S. M A C F A R L A N E

M in in g
G eneral M anager,
C entral Livestock A ssociation, In c .

$457,468,440.63

President,
S t. P a u l F ir e and
M a r in e Insurance Co.

H o n o ra ry Chairm an o f the B oard,
G riggs, Cooper & Co., In c .

W IL L IA M H A M M , JR .
C ha irm an , B oard o f Directors,
Theo. H a m m Brew ing Co.

♦Advisory Directors

V ice President,
N o rth e rn States Pow er Com pany

♦ P H IL IP L. R A Y
P res id en t,
G reat N o rth e rn Ir o n Ore
P roperties

P A U L A. S C H IL L IN G
President,
W a ld o rf P a p e r Prod ucts Co.

♦ H AR O LD O. W A S H B U R N
Retired

F. K . W E Y E R H A E U S E R
Cha irm an o f the B oard,
Weyerhaeuser Com pany

F IR S T in service to St. Paul and the Upper M idw est . . .

FIRST NATIONAL BANK0FSAINT PAUL
D IV IS IO N

V—BANKS

AND

BANKERS

W a lla c e L . B o s s , D o n a ld W . B u c k m a n , E lm e r M .

V o lk e n a n t , V ic e P r e sid e n ts • D a v i d A . S h e rn , A s s is t a n t V ic e P r e s id e n t • L a u r e n c e R . K e n n e d y ,
H e n r y N . S n y d e r , R ic h a r d C . S w a n b e r g , A s s is t a n t C a sh ie rs •

R o la n d W . H o h m a n , T r u s t A d ­

v is o r y S p e c ia lis t • J o h n F . M u l l e n a n d J o h n M . W o o ld r i d g e , B o n d A d v i s o r y S p e c ia lis ts

★ 1st
N o r t h w e s t e r n Banker, F e b r u a r y ,


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Federal Reserve Bank of St. Louis

1963

70

y
K

y
y
w

O. BISHOP has announced
ROLLIN
his retirement as chairman of the
board of the American National Bank
of St. Paul. He will continue to serve
as a consultant.
Mr. Bishop joined the official staff of
the bank in June, 1948, as first vice
president and director, becoming pres­
ident in October, 1949, and chairman
in January, 1962.
For 10 years prior to joining the
bank he was supervising examiner for
the FDIC, Ninth District, St. Paul.
Also, he had been an examiner with
the Kansas State Banking Depart­
ment, Topeka, for more than four
years, advancing to chief examiner,
then he served as national bank direc­
tor in the Tenth District, Kansas City,
before being transferred to the Wash­
ington office of the Comptroller of the
Currency. When the FDIC was es­
tablished in 1933, he was loaned to that
agency to assist in formulating poli­
cies and procedures. Resigning from
that position, he became a permanent
member of the FDIC staff as review
examiner before his transfer to St.
Paul as supervising examiner.
The Farmers & Merchants Savings
Bank of Minneapolis has opened the
first completed major segment of its
$514 million building expansion and
remodeling program with a grand
opening of its mortgage department
and an overhead walkway to Penney’s
Department Store. The department
has been housed temporarily in the
old Marquette Bank Building across
the street.
The new quarters—more than 25,000
square feet—is on the second and
third floors, with a mezzanine be­
tween. Mortgage application section
is on the second floor, mortgage clos­
ing and servicing on the third. This
space is triple that occupied in the old
quarters in the F&M Building, Hermon J. Arnott, president, has pointed
out.
Next major portion of the rebuild­
ing program to open is a drive-in fa­
cility with a unique car-pointing turnN o r t h w e s t e r n Banker, F e b r u a r y ,


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Federal Reserve Bank of St. Louis

1963

table. It was scheduled to be opened
late last month. Next is a safe deposit
department late in March, with the
grand opening of the entire 11-story
expanded building in May.
'■¥ =1= *
John 1). Hawkland, head teller and

acting auditor since 1957, has been
elected an assistant cashier at the
Fifth Northwestern National Bank,
Minneapolis, reports Carl F. Wieseke,
president.
Mr. Hawkland began his banking ca­
reer in 1948 as a bookkeeper with
Northwestern National Bank, moving
to the bookkeeping department of the
Fifth Northwestern National in 1949,
becoming supervisor of the depart­
ment in 1950.
Also announced was the election of
Arthur T. Erickson as a director of
the bank. He is president and a direc­
tor of Erickson Petroleum Corpora­
tion. Mr. Erickson also is the founder
of World Wide, Inc., a distributor and
importer of general merchandise, and
serves as secretary-treasurer of the
firm, and was a principal founder of
Holiday Discount Stores in Minneapo­
lis and Omaha. He is also a past presi­
dent of Northwestern Refining Com­
pany.
=1= *

*

Edward C. Brown, Jr., of Deephaven

has become president of First Bankstock Equity Corporation, small busi­
ness investment company and whollyowned affiliate of First Bank Stock
Corporation, announces Granger Costikyan, president
of the c o r p o r a ­
tion.
Mr. Brown has
been v ic e presi­
dent of the First
National of Min­
n e a p o lis in the
co m m e rcia l de­
partment the past
eight years.
Mr. B r o w n
E. C. B R O W N , JR.
com es from a
family of successful bankers, his fa­
ther being a recently-retired executive

vice president, First National of St.
Paul, and his grandfather, former
president of that bank.
*

*

*

1

Gordon Murray, president of the
4
First National of Minneapolis, has an­
nounced the election of three new vice
presidents and promotions of 12 other
staff members.
'1
Donald S. Oren, 33-year veteran in ^
banking, has moved up from assistant
vice president and manager to vice v
president and manager, St. Anthony

OREN

M acD O N A L D

K R O N IN G

Falls office, and a member of the ad­
visory committee.
George A. MacDonald, with the bank
since 1933 and assistant vice president
in the investment department since
1959, was named vice president.

*

x

Clarence H. Kroning, assistant vice
president, installment banking depart­
ment, was elected vice president. He
has been with the bank since 1949.
The 12 promotions include: Robert
*
B. Willette, assistant manager, West
Broadway office, to assistant vice pres­
ident and assistant manager, same of­
fice; Welles B. Eastman and James P.
Hesketh, assistant secretaries, trust r
department, to assistant vice presi­
dents; David B. Boies and Garrett W.
^
Boss to assistant secretaries; Marvin
R. Swenson, from area branch man­
ager, Remington Rand Univac, to as­
sistant vice president assigned to Na­
tional Corporations Division; Ross ^
E. Bartz to personnel officer; Richard
P. Conlin, David R. Delaney and Rob­
ert R. Helmerichs to assistant cash­
iers, commercial department; John T.
Coulter to assistant cashier, invest­
ment department, and Richard P.
Lowry to assistant cashier, operating

71

FIRST NATIONAL
BANK OF MINNEAPOLIS

«

STATEMENT OF CONDITION
December 31,1962
ir

RESOURCES
Cash and Due from B ank s.......................................................................................................
United States Government Securities and Securities Guaranteed by the Government
Other Bonds and S ecu rities......................................................................................................
Loans and D iscou nts.................................................................................................................
Interest Earned, N ot C ollected ..............................................................................................
Customers’ Acceptance L ia b ility............................................................................................
Bank Premises and Furniture and Fixtures........................................................................
Other Assets..................................................................................................................................
Total Resources...........................................................................................................................

$183,173,457.72
97,754,807.13
41,762,702.24
313,106,265.88
1,783,974.57
11,255,738.72
9,653,956.62
856,043.26
$659,346,946.14

L IA B IL IT IE S
Capital S to ck .........................................................
$ 15,000,000.00
Surplus.....................................................................
25,000,000.00
Undivided P rofits.................................................
7,306,192.07
Reserve for Interest, Expenses and T a x e s...........................................................................
Interest Collected, N ot E arned.................................................................................................
Acceptances and Letters o f C redit.........................................................................................
Other L iabilities..........................................................................................................................
Demand D eposits.................................................
$433,570,987.34
Time D eposits.......................................................
154,776,494.44
Total Liabilities...........................................................................................................................

$ 47,306,192.07
4,738,246.38
4,736,455.78
11,255,738.72
2,962,831.41
588,347,481.78
$659,346,946.14

United States Government obligations and other securities carried at
$86,540,068.30 in the foregoing statement are deposited to secure
public funds, United States Government deposits and trust deposits totaling
$63,914,494.23, and for other purposes required by law.

D IR E C T O R S
Clarke Bassett

S e n io r V ic e P re s id e n t a n d
C h a irm a n o f T r u s t C om m ittee

1

Theodore W . Bennett M i n i n g E n g i n e e r
Conley Brooks P re s id e n t,
B r o o k s -S c a n lo n , I n c .

Joseph H. Colman

C h a irm a n o f the B o a rd ,
F i r s t B a n k Sto ck C o rp o ra tio n

4

Granger Costikyan

P re s id e n t, F i r s t B a n k

Stock C o rp o ra tio n

John Cowles

P re s id e n t, M in n e a p o lis
S ta r a n d T r ib u n e C o .

y

George C. Crosby

C h a irm a n o f the B o a rd ,
S . T . M c K n i g h t Co.

Bruce B. Dayton

E x e c u tiv e V ic e P re s id e n t,
T h e D a y to n C o m p a n y

Rufus W . Hanson E x e c u tiv e V ic e P re s id e n t
John H. Hauschild D ire c to r, C h a s. W.
S e x to n C o.

Totton P. Heffelfinger
F . H . P e a v e y & C o.

P re s id e n t,

David M. Lilly

P re s id e n t, T o ro
M a n u f a c t u r in g C o rp o ra tio n
G. Allan MacNamara C h a ir m a n o f the
B o a r d , So o L i n e R a ilr o a d C o m p a n y
H. Terry Morrison C h a ir m a n o f the B o a rd ,
C a r g ill, I n c .
Gordon Murray P r e s id e n t
Philip W . Pillsbury C h a ir m a n o f the B o a rd ,
T h e P ills b u r y C o
G. Slade Schuster S e ctio n on A d m in is tr a tio n
M a y o C lin ic , R o ch este r, M i n n .
Don A. Stevens V ic e P r e s id e n t a n d
D ire c to r, G e n e ra l M i l l s , I n c .

Charles J. Winton, Jr.

C o -C h a irm a n o f the

B o a rd , T h e W in to n C o .

Paul B. Wishart

C h a ir m a n o f the B o a rd ,
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 m p a n y

Robert C. Wood

P re s id e n t, M in n e a p o lis
E le c t r i c Ste el C a s tin g s Co.

James T. Wyman

E x e c u tiv e V ic e P re s id e n t,
S u p e r V a lu S to re s, I n c .

N orthw estern


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Banker,

February,

1963

72

Minnesota News

department, in charge of the bank’s
computer center.
*

*

*

Julian B. Baird has announced his

retirement as chairman of the board,
First National of St. Paul. With the
bank since 1920, he will continue as
an advisory director as well as a di­
rector of two of its affiliates—First
Bank Stock Corporation and First
Trust Company of St. Paul.
In 1957 when Mr. Baird was prepar­
ing to retire as an active executive of
the bank, President Eisenhower urged
him to be Under Secretary of the
Treasury for Monetary Affairs, a posi­

tion he held until January of 1961.
Upon his return from Washington he
resumed his duties as board chairman,
but only in an advisory capacity.
He started his career in the bond
department of the National City Bank
of New York, coming to St. Paul as a
representative of the National City
Company, after World War I. In 1920
he entered the bond department of
Merchants Trust and Savings Compa­
ny which later merged into the First
National. In 1930 he became presi­
dent, First Securities Corporation. In
1936 he transferred into the commer­
cial banking phase of the business and

was elected vice president of The First
National of St. Paul, becoming presi­
dent in 1945 and chairman in 1954.
Mr. Baird will occupy a sixth-floor
office of the bank.
*

*

president of
Webb Publishing Company, has been
elected a director of the First Nation­
al of St. Paul. Mr. Harmon is a past
president, Printing Industry, St. Paul;
Printing Industry of the Twin Cities;
mayor of Sunfish Lake; current president of the Minnesota Club and active
in various other civic and trade orReuel

D.

Harmon,

Minnesota Mtanh Statement
From Reports Received by January 15, 1963
(L ast three figures om itted)

OLLOWING are the 15 largest banks in Minnesota,
listed according to the amount of deposits shown on
year-end statements:

Litchfield,

Top 15 Banks
December 31, 1962
December 31, 1962
N. W . N atl. Bank, M inneapolis ....646,429
324,400
First N atl. Bank, M inneapolis ......588,347
313,106
215,348
First N atl. Bank, St. Paul ................ 411,923
A m erican N atl. Bank, St. Paul ......117,242
50,333
M arquette N atl. Bank, M inneapolis 93,397
43,925
M idland N atl. Bk., M inneapolis .... 83,105
50,628
F irst A m erican N atl. Bk., Duluth .. 78,413
34,916
N orthern City N atl. Bk., Duluth .... 72,009
34,326
N orthw estern Natl. Bk., St. Paul .... 62,077
32,159
M idway N atl. Bank, St. Paul .......... 32,116
16,302
First Natl. Bank, Rochester ............ 29,634
13,927
12,684
Stock Yards N atl. Bk., St. Paul ..... 27,666
Olmstead Bk. & Tr., Rochester ...... 27,665
13,394
N orthw estern N atl., R ochester ........ 26,828
16,155
Fidelity Bk. & Tr., M inneapolis .... 25,277
15,528

Adam s, Farm ers State .................... .
A lexandria State ........................... . ..
A ppleton, N orthw estern State ...... ..
Barnesville, F irst N atl, o f ............ .
Baudette, F irst N ational .................. .
Belview State .................. ............. ..... ..
B em idji, F irst N ational .................. ..
Benson, F irst State .......................... .
Benson, S w ift County Bank ............ ..
B ird Island, State Bank o f .... ...... .
B loom ing Prairie, F irst N atl........... .
Blue E arth State .................................. .
Bovey, F irst N ational ____________ .
Braham, F irst State ....................... .
Brainerd, Citizens State ............... ......
Brandon, Citizens State ..................... .
B rewster, F irst N ational ................ .
Browns V alley, U nion State ........... .
Cam bridge, Peoples State ............... .
Clarkfield, Farm . & Merch. State. ..
Crosby, F irst N ational _____________
Dawson, N orthwestern State ...... .
Detroit Lakes F irst N a tl................... .
Duluth
Duluth N ational ................................ .
F irst A m erican N ational ............. .
N orthern C ity N ational ...... ...... .
N orthw estern Bk. o f Commerce... .
W estern N ational ............................ .
East Grand Forks, F irst N a tl.......... .
E llsw orth State ....................................
F airm ont N ational ......................... . .
Faribault, State Bank o f ...... ............
Fergus Falls
F irst N ational .................................. .
Natl. Bk. & Tr. Co...........................
Graceville, F irst State o f .................
Grand Rapids, F irst N ational ......
Hallock, N orthw estern State ...........
H eron Lake State ................................ .
H opkins, F irst N ational ...................
H utchinson. Citizens Bank ............... .
Jackson, F irst N ational .... ................ .
Jackson State ........................................
Jasper State ........................................ .
Jeffers, State Bank o f ....................... ..
Jordan, N orthw estern State ........... .
LeR oy, F irst N ational ............... . .

3,096
7,451
2,596
2,913
3,512
1,418
7,516
4,041
6,341
3,791
3,118
5,660
2,262
5,276
8,152
2,031
2,153
2,295
5,157
3,302
4,995
4,402
7,808

1,324
2,727
1,187
812
1,339
743
3,541
1,765
3,659
1,732
1,609
2,948
903
2,629
3,615
1,070
828
577
3,096
1,680
1,527
1,776
3,502

2,928
6,928
2,485
2,725
3,433
1,304
6,840
3,563
5,361
3,352
3,041
5,269
2,107
4,499
7,498
1,980
2,060
2,024
4,847
3,111
4,981
4,007
6,867

1,375
2,285
1,107
838
1,379
617
3,066
1,595
3,292
1.425
1,556
3,014
763
2,469
3,411
964
915
569
3,910
1,398
1,552
1,832
3,053

11,561
78,413
72,009
13,139
6,808
7,474
1,609
7,870
8,328

6,549
34,916
34,326
6,695
2,748
4.302
724
2,598
4,062

10,368
83,258
68,204
11,348
6,218
7,437
1,514
7,383
7,752

6,313
35,480
83,936
5,707
2,676
3,829
688
2,571
3,841

8,097
11,731
1,666
10,164
6,441
2,369
13,117
7,573
6,610
971
1,632
1,981
2,507
1,635

2,459
4,991
608
4,912
3,276
1,224
6,384
3,946
3,976
360
477
1,115
1,222
869

7,348
10,093
1,602
9,691
6,121
2,261
11,910
7,202
5,760
942
1,486
1,829
2,264
1,419

2,298
4,459
683
4,750
2,646
974
5,948
3,857
3,311
373
475
1,066
1,236
821

N o r t h w e s t e r n Banker, F e b r u a r y ,


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

December 31, 1961
December 31, 1961
533,431
277,015
511,204
252,997
389,082
193,328
110,364
52,055
87,030
42,105
80,298
45,895
83,258
35,480
68,204
33,936
28,042
56,865
32,532
17,113
12,649
27,228
27,321
11,035
23,454
10,881
22,158
13,551
23,621
14,535

1963

___
___
___
___
....
......
.....

Deposits
Deposits
4,153
6,699
7,118
4,894
6,631
5,676
2,894

Loans
Loans
2,012
3,067
2,928
2,172
3,506
3,670
1,853

Mankato

M inneapolis
F irst N ational ......
Fidelity Bk. & Tr.
M arquette N ational

Red W in g, F irst N ational
Redwood Falls, State .......
Robbinsdale State ...........
Rochester

8,243
6,817
11,095
7,112
1,752

16,062
12,639
19,232
11,041
4,732

8,051
6,694
10,307
5,940
1,728

...... 588,347
.... 25,277
...... 93,397
...... 83,105
......646,429
:e... 3,326
___ 15,724
..... 3,243
...... 4,691
.
15,052
...... 2,186
...... 3,404
..... 7,957
...... 2,554
- . 12,530

313,106
15,528
43,925
50,628
324,400
2,143
9,708
1,349
2,663
7,584
858
1,474
4,193
861
5,591

511,204
23,621
87,030
80,298
533,431
3,210
13,576
3,108
4,112
14,493
2,121
3,172
7,207
2,210
11,021

252,997
14,535
42,105
45,895
277,015
1,852
7,705
1,306
2,538
7,375
739
1,420
4,441
836
5,192

...... 29,634
...... 26,828
..... 27,565
..... 1,740
St. 2,060

13,927
16,155
13,394
788
883

27,228
22,158
23,454
1,669
1,854

12,649
13,551
10,881
797
871

Co.

6,712

3,975

6,248

3,687

..... 117,242
...... 20,450
..... 15,509
..... 411,923
..... 32,116
...... 6,295
...... 62,077
..... 27,666
..... 8,055
..... 5,027
..... 3,884
..... 3,689
----- 4,092
..... 13,398

50,333
7,504
8,647
215,348
16,302
3,199
32,159
12,684
3,688
3,166
1,742
2,238
1,810
6,941

110,364
18,264
14,287
389,082
32,532
5,488
66,865
27,321
7,274
4,640
3,610
3,404
3,402
12,649

52,055
7,219
7,799
193,328
17,113
2,916
28,042
11,035
3,016
2,873
1,772
1,602
1,738
6,236

5,569
7,667
6,067

1,608
4,191
3,683

4,731
7,003
5,457

1,285
3,983
3,261

..... 13,989
..... 15,733
..... 2,496
..... 2,721

6,701
9,073
1,620
1,503

13,142
15,066
2,364
2,748

6,711
7,242
1,344
1,570

.... 11,372
.... 6,903
.... 5,746
.... 3,678

4,300
4,150
2,832
1,965

10,877
6,071
5,333
3,321

4,311
3,397
2,782
1,756

.... 17,490
.... 22,963
..... 16,564
.... 1,456

9,519
11,289
9,284
815

15,916
20,931
15,362
1,449

9,381
10,710
7,976
754

St. Paul

M idw ay N ational, St. Paul

Loans
Loans
1,452
2,084
2,719
1,804
3,025
3,061
1,599

___ 12,730
___ 20,295
___ 12,239
...... 5,142

St. Cloud

Drovers

Deposits
Deposits
3,666
4,609
6,379
4,653
5,180
5,267
2,885

T h ief R iver Falls
......
.....
.....
V irginia

W ilm ar

W inona

y

73

U

n d iv id e d

A

t t e n t io n

n e w a c tio n b y th e F e d e ra l

o f y o u r sp e cific area. I t co v e rs all sides o f fa rm in g :

R e s e r v e B o a r d crosses y o u r d esk , you read it care­

liv e s to c k , cro p s, m a ch in e r y , b u ild in g s, taxes, leases,

fully. Y o u give it y o u r undivided attention. In fa c t,

soils, fe rtilizers, e tc. A n d b e ca u se Farming for Profit

y o u ex a m in e a n y in fo r m a tio n th a t w ill h a v e a d ir e ct

is p u b lish e d b y D o a n e , an a c c e p te d , re sp e cted a u ­

W

h e n in f o r m a t io n o n

e ffe c t o n y o u r b a n k ’s o p e r a t io n . . . w h e th e r it ’ s a b o u t

th o r ity o n fa rm in g , th is se rv ice to y o u r cu sto m e rs

n e w so rtin g o r a c c o u n tin g m a ch in es, b u sin ess o u t ­

w ill b e re c o g n iz e d a n d a p p re c ia te d .

lo o k , th e b o n d m a rk e t, n ew p u b lic re la tio n s ideas,

E a c h Farming for Profit R e p o r t goes o u t u n d e r y o u r

o r im p e n d in g g o v e rn m e n t leg isla tion .

le tte rh e a d . Y o u r b a n k n am e, illu str a tio n a n d m es­

T h e sam e th in g h o ld s tru e fo r y o u r fa rm cu sto m e r s

sage are p rin te d p r o m in e n tly a t th e to p o f ea ch

a n d p ro sp e cts. S e n d a fa rm e r v ita l fa c ts a b o u t his

rep ort. A n d Farming for Profit is fu rn ish ed o n a

b u sin ess, fro m a q u a lifie d s o u rce h e trusts, a n d he

p r o te c te d te r r ito r y basis. A s a clie n t, y o u are th e

w ill read e v e ry w o rd . H e w ill n ev er p ass u p th e o p ­

o n ly b u sin ess in y o u r area th a t ca n d is trib u te th ese

p o r tu n it y . H e c a n ’ t a ffo rd to ig n o re his liv e lih o o d .
M a n y b a n k s a cro ss th e c o u n tr y to d a y u se th is fa c t

c o p y r ig h te d rep orts. I f y o u p refer, D o a n e ca n also
a d d re ss a n d m a il Farming for Profit fo r y o u .

t o g et th eir farm d e p o s ito r s ’ undivided attention b y

F o r sa m p le co p ie s o f Farming for Profit, p lu s c o m ­

se n d in g th e m F A R M I N G F O R P R O F I T ® . . . th e

p le te in fo r m a tio n o n im p rin tin g , m a ilin g a n d q u a n ­

m o n th ly farm n e w sle tte r e s p e c ia lly d e sig n e d to in ­

tity p rices, w rite to d a y . F in d o u t fo r y o u r se lf h ow

cre a se th e in c o m e o f y o u r fa rm cu sto m e rs, a n d gain

y o u ca n k eep y o u r fa rm cu s to m e r s ’ undivided atten­

m o r e farm b u sin ess fo r y o u r b a n k .

tion, a n d a p p re c ia tio n .

Farming for Profit, th ro u g h o n e o f seven re g ion a l
e d itio n s, d eals d ir e c tly w ith m a n a g e m e n t p ro b le m s

DOANE
AGRICULTURAL

S E R V I C E , INC.

5 1 4 4 O E L M A R B O U L E V A R D . D E P T. F47. ST. L O U IS 8. M IS S O U R I

Northwestern


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Federal Reserve Bank of St. Louis

Banker,

February,

1963

74

Minnesota

News

ganizations. He recently was named
“Jaycee Boss of the Year for 1962” by
the St. Paul Junior Chamber and is a
past president of the St. Paul Cham­
ber of Commerce.
*

*

*

cilities and completion of interior re­
modeling, no event was planned for
the anniversary.
*

*

*

Robert G. Bredeson, president of

Super Radiator Corporation, has been
elected a director of Fourth North­
have been named assistant general western National of Minneapolis. He
auditors at the Federal Reserve Bank began his business career with Minne­
of Minneapolis. Mr. Bjork has been apolis Moline in 1938, moved to the
with the Fed 33 years, in the audit A. C. Spark Plug Division of General
department since 1934. Mr. Dreitzler • Motors in 1940 and served as produc­
joined the bank in 1940, serving in the tion superintendent until 1945 when
examination department since 1948. he joined Super Radiator. He was
He was first senior examiner in that elected president of the firm in 1948.
department prior to this recent elec­
*
*
*
tion.
*
*
*
Ronald M. Hubbs and Cecil C. March
Ernest V. Klopp has been promoted have been elected directors of First
from assistant vice president to vice Trust Company of St. Paul, announces
president of Fidelity Bank & Trust Charles J. Curley, chairman, and
of Minneapolis. A graduate of the Harry L. Holtz, president.
School of Mortgage Banking at North­
Mr. Hubbs is executive vice presi­
western and the School of Income dent and director of St. Paul Fire &
Property Financing at Michigan State, Marine and St. Paul Mercury insur­
he joined the staff in July, 1961, as ance companies and Mr. March is a
manager of the mortgage department. group vice president of Minnesota
Mining and Manufacturing Company.
*
*
*
Both men are prominent in their
C. H. Gieske, president, First Secu­
rity State of St. Paul, announced that fields and have served in top-notch
the bank observed its 50th anniver­ positions in trade and civic organiza­
sary January 2. As the bank held an tions.
open house last year in connection
*
4= *
with the opening of new drive-in faRobert B. McCreight, president of
the Saint Paul Union Stock Yards
Company, has been elected a director
o f th e S t o c k
Y ards N a tion a l
Do your ß i c a t f o
Bank in South St.
have questions about
Paul. He replaces
A. A. Bibus, who
has retired as a
Custom Duties in
v ic e p re s id e n t
and d ir e c to r of
the bank after 45
years’ service.
The bank has
C u s to m d u tie s a re h ig h lig h te d in
also reported the
H.
W
.
L
A
T
H
E
N
• 'Y o u r G u id e to B u s in e s s in
p r o m o t i o n of
C a n a d a " a lo n g w it h f a c t s on
Hoyt W. Rathen from assistant vice
C a n a d ia n ta x e s , how to fo rm a
president to vice president. He has
b u s in e s s in C a n a d a a n d o th e r
been with the bank since January,
e s s e n tia l s u b je c ts w h ic h m a y in ­
1957, and was formerly with the Farm­
te r e s t y o u r c lie n ts . W rite on y o u r
ers State Bank, Winner, S. D.
le tte r h e a d fo r th is n e w 4 8 -p a g e
Chris Bjork and Ralph Dreitzler

Merrill F. Bittes and John F. Behlke

have been elected assistant managers
of the Lincoln Office of Northwestern
National Bank, announces John A.
Moorhead, president.
4= *

*

William R. Chapman, president, Mid­
land National Bank of Minneapolis,
has announced these staff changes:
Douglas M. Johnson, correspondent
bank department,
h a s b e e n ad­
vanced from as­
sistant vice presi­
dent to vice pres­
ident; Ra lph L.
Brown, commer­
c i a l department,
has been promot­
ed from assistant
cashier to assist­
ant v ic e p re s i­
dent; Andrew J.
Goetten and William J. Wallman,
trust-investment department, from as­
sistant trust officers to trust officers;
Glenn E. Johnson, trust-investment
department, to trust officer, and Ervin
A. Bernard and Jack W. Weber, com­
mercial department, to assistant cash­
iers.
Also, G. L. Heegaard and J. R. Ran­
dall have retired as directors of the
Midland National and were honored

r

Canada?

b ro c h u re p u b lis h e d by C a n a d a ’s
F irs t B a n k as a s e rv ic e to U . S.
e x e c u tiv e s .

B ank,
M on tr

of
e a l

New York: T w o W a ll S t.
San Francisco: 333 California St.
Chicago: 141 West Jackson Blvd
Head Office: Montreal


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Federal Reserve Bank of St. Louis

*

ACCIDENT, SICKNESS and HOSPITAL
INSURANCE AT COST!

Minnesota Commercial Men’s Association
2550 P illsbu ry A v e . S.

RESOURCES EXCEED $3,300.000.000

N o r t h w e s t e r n Banker, F e b r u a r y ,

a n d J . R . R a n d a ll ( r i g h t ) , w ith A r n u l f
U e l a n d , d ir . a n d f o r m e r p r e s ., a n d W m .
R . C h ap m an , pres.

B ankers a re S e le ct R isks a n d w e h a v e s p e c ia l c o v e r a g e
d e s ig n e d for Bank M en a n d W o m e n . W rite for A p p lic a tio n
a n d Inform ation.

850 Branches Across C an a d a

npi

R E T I R I N G d ir e c to r s G . L . H e e g a a r d ( l e f t )

7963

M in n e a p o lis 4, M in n esota

A

Minnesota News
following the December board meeting
at a luncheon at the Minneapolis Club
by fellow directors and officers of the
bank.
Mr. Heegaard was elected to the
board in 1914 and has served as execu­
tive committee member more than 45
years. Mr. Randall has served the
board since 1940 and as executive com­
mittee member since 1944.

T

Also, Joseph D. Bond, executive vice
president, Soo Line Railroad Compa­
ny; Darrel M. Holt, executive vice
president, The Towle Company, and
Paul J. Schmitt, president, Northwest
Industries, have been elected to the
board.
*

=k *

MINNESOTA NEWS . . .
(Continued from page 67)
and assistant cashier and auditor in
1955.

Granite Falls
Officers and directors of the Yellow
Medicine County Bank invited friends
and customers to a 75th anniversary
open house recently and a good turn­
out of area people shared coffee
donuts and complimentary remarks
with the people of the bank.
Hutchinson
W. T. Richards, president of the
First National Bank of Hutchinson
announced last month that directors

Robert H. Schumacher has been
elected auditor at Northwestern Na­
tional of Hopkins, announces John J.
Tarasar, president,

J

w

Mr. Schumacher started at the bank
in 1951 after serving the Twin City
Transit Company. He worked in the
bank’s proof and discount departments
before going to Northwestern of Hop­
kins in the auditing department in
1957.
It was announced also that capital
and surplus of the Northwestern of
Hopkins has been increased by $150,000. This increases capital accounts
to $750,000. Total resources have risen
from $8,258,836 in 1956 to $13,438,789
today.
*

*

*

John M. Johnson, with the North­
western National Bank, Minneapolis,
in various departments since 1958, has
been nam ed a
representative in
the b an k s and
bankers d e p a rt­
ment. He w ill
cover North Da­
kota and M on­
tana.
It w as a n ­
nounced also that
Raymond
J. M. J O H N S O N

F .

Johnson and Mar­
vin I j. Melehert,

both with the bank’s commercial de­
partment, have been elected assistant
vice presidents.
Mr. Johnson started as a messenger
in 1927, working in various depart­
ments, and was named manager, proof
department. He became assistant
cashier in 1954.
Mr. Melehert began in 1950 as a
clerk and was named assistant cash­
ier in 1959 with assignment in the re­
search and planning department. In
1962 he worked in the computer de­
partment, which he will now head.—

75

have voted to increase capital stock
from $50,000 to $100,000. The bank’s
new building on Main Street south is
nearing completion and Mr. Richards
hopes to announce at an early date
when the bank can move into the new
quarters.

Jasper
The surplus account of the Jasper
State Bank has been increased from
$60,000 to $80,000 by transfer from un­
divided profits, reports C. H. Sander­
son, cashier.

Le Roy
Elected at the annual meeting of
the First National were: C. B. Hall,

STATEMENT OF CONDITION
D e c e m b e r 31, 1962
RESOURCES
Cash and D u e from Banks ......................$ 6,337,744.66
U. S. G overn m en t O bligation s .............

6,930,494.28

M u n icip a l O bligation s .............................

3,893,615.69

O ther B onds and Securities ....................

277,125.00

T ota l Cash, D u e fro m Banks and Investm ents ..........

$17,438,979.63

Loans and D iscounts ............................................................
Interest E arn ed N ot C o lle cte d .................................
Vaults and Fixtures .....................................................

12,684,223.69
221,684.61
25.000. 00

L ea seh old Im provem ents ..........................

70.000. 00

C ustom ers L iab ility on Guarantees and Letters
o f C red it .........................................
T otal

100,000.00

R esources ........................................................... $30,539,887.93

C apital

.....

L IA B IL IT IE S
........................................... .......... ... $

900,000.00

Surplus .........................................................................
U n d iv id ed Profits and Reserves .......................................

900,000.00
643,170.06

R eserved fo r Interest, E xpenses and Taxes .................

216,346.33

Interest C o lle cte d not E arn ed ......... ....... ......................

114,463.27

Letters o f C red it and Guarantees Issued ...................
D ep osits ..............

100,000.00
27,665,908.27

T otal L iabilities ........................................................... $30,539,887.93
D IR E CTO RS
A. A. HIRUS
A. L. OLSON
V ice President
Retired
M. E. BARNES
R. E. O R C H AR D
Gen. M gr., A rm our & C o., South St. Paul
V ice President
D A V ID L . GRANN IS, JR.
R. L. SM ITH
Grannis & Grannis, Attorneys-at-Law
President
H. D . KLEIN
W . H . SW EN EY, JR.
D irector o f P ublic Relations
President, W . H. Sweney Co.
The Fanner
H ENRY W E R T H E IM E R , JR.
R. V. K O CH EN DORFER
V
ice Pres., W ertheim er Cattle C o., Inc.
V ice President
K. W . M cKEE
J. RAY M O N D YOUNG
President, K. W . M cK ee, Inc.
President, Young Motors, Inc.

STOCK YARDS NATIONAL BANK
South Saint Paul, Minnesota
A F F IL IA T ED W ITH N O R TH W EST B A N CO R PO R A TIO N
MEMBER FED ER A L D EPO SIT IN SU R A N C E C O R P O R A T IO N

End.
Northwestern


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Federal Reserve Bank of St. Louis

Banker,

February,

1963

76

Minnesota

News

chairman; F. Stuart Hale, president;
H. S. Larson, vice president and cash­
ier, and Arthur Flikki, assistant cash­
ier.

huge number of townspeople who
turned out. Free gifts and souvenirs
were given all guests and several
other presents were given lucky vis­
itors. Among gifts were special prizes
for first 100 ladies to register, a $50
savings account and a $5 gift cer­
tificate every hour on the hour dur­
ing the day.

Long Prairie
The Bank of Long Prairie has
changed its name, effective January 2,
to First National Bank of Long
Prairie. This change is due to the
conversion to a national bank charter.

Western State Bank

Marshall
First. National Bank

Myron J. Thielgas was promoted
from assistant vice president to vice
president; Frank J. Luedtke, from as­
sistant cashier to assistant vice presi­
dent, and David S. White, to assistant
cashier, at the annual meeting.

Luverne
The First National Bank held its
Second First National Christmas Par­
ty just before the big holiday recently
and served coffee and cookies to the

Also, plans are being made for a
new building to be constructed in the
near future. A site has been pur­
chased at the corner of Main and
Fourth Streets and construction will
start when present occupants of the
building there have moved and the
buildings torn down. Occupancy is
anticipated for the summer of 1963.
Earl D. Gibson has been appointed
cashier after joining Western State
last November. He had been at the
Beaver Creek State Bank the past
five years. Robert H. Johnson, Rob­
ert W. McVenes and Mrs. Donna Gay
were elected assistant cashiers.

Y

Maynard

F IR S T

A M E R IC A N

National Bank

OF DULUTH
STATEMENT OF CONDITION
DECEMBER 2 8 , 1962

All officers and directors were re­
elected at the annual meetings held by
Security State Bank. Stockholders re­
ceived a report showing good results
for 1962 with anticipated good outlook
for 1963. The area economy should
benefit from a good fall, with ground
preparations all ready for spring and
apparently plenty of moisture on
hand, according to the bank’s report.

Minnesota Lake

RESOURCES
Cash on Hand and Due from Banks ........................................ $12,535,352.69
United States Government Securities .................................... 22,243,025.73
Municipal Securities ..................................................................... 10,231,222.40
Other Marketable Securities ..................................................... 2,818,998.88
Loans and Discounts ................................................................... 37,500,297.39
Federal Reserve Bank Stock .....................................................
240,000.00
Bank Premises and Equipment ............................................
4,230,246.25
Other Assets ..................................................................................
414,467.51

E. L. Kauffmann, formerly cashier,
has been named executive vice presi­
dent and cashier at the Farmers Na­
tional Bank. He has been with the
bank since 1924, becoming cashier in
1945. Other officers and directors were
re-elected.

$90,213,610.85
LIABILITIES
Capital Stock ............................................ ........$ 3,500,000.00
Surplus* ............................................................. 4,500,000.00
Undivided Profits ............................................. 2,056,172.14

Moorhead

Total Capital Accounts ....................................................... $10,056,172.14
Reserve for Interest, Taxes, etc................................................
730,324.50
Interest Unearned ......
571,364.73
Deposits:
Demand ...................
$48,444,734.74
Time ............................................................. 27,887,887.49
U. S. Government .................................... 2,523,127.25
Total Deposits ..................................

$78,855,749.48
$90,213,610.85

♦On Decem ber 20, 1962, the Surplus A ccou n t was increased by $500,000.00 giv in g us
a com bined Capital and Surplus o f $8,000,000.00.

F irst A merican
National Bank
Duluth. Minnesota

Robert V. Sullivan, formerly assist­
ant cashier, has been promoted to as­
sistant vice president in charge of the
installment loan dep artm en t. He
joined the bank in 1957 and is active
in civic affairs, currently serving as
president, Moorhead Junior Chamber
of Commerce, and treasurer, United
Fund.

Montevideo
Lee Winge has been promoted from
assistant vice president to vice presi­
dent and Paul Boettcher, from assist­
ant cashier to auditor and cashier, of
the Northwestern State Bank, due to
the recent resignation of Roger Kuhlmann, vice president and cashier, who
has purchased Graves Insurance Serv­
ice.

Owatonna
M EM BER F E D E R A L D E PO SIT
IN SU R A N C E C O R P O R A T IO N

N o r t h w e s t e r n Ban ke r, F e b r u a r y ,


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

7963

Edward F. Skalicky was promoted
to assistant vice president by directors
of Security Bank and Trust Company
last month. He will complete 47 years
of service with the bank on June 26.

■*

Minnesota

77

News

Proctor

Andrew Johnson, 87, vice president
and director of the First National
Bank, died recently. He retired in
* 1941 after 35 years’ service as main­
tenance foreman in the weight depart­
ment, Duluth, Mesabi and Iron Range
* Railway Company. Mr. Johnson also
had served in various civic responsi­
bilities including the presidency of
the Proctor School Board and city
* councilman.
It was announced also that Orville
>
S. Petersen, well-known area insur­
ance man has joined the staff of the
First National.

v

Roscoe

The First State Bank, in which
members of the Muggli family have
been officers for more than half a cen^ tury, has been sold to a group of five
men: Lloyd Peterson, Donald Sonstegard and Clifford Heitke, of Paynesville, and Delbert W. Jimmerson and
Oscar Thorbeck, of Minneapolis.
Miss Louise Muggli is retiring from
k
the presidency after more than 50
^ years, but I. J. Muggli, her brother
who is cashier, will continue to be
active in the bank.

w

Springfield

Officers and directors of the State
Bank of Springfield held open house
w recently to celebrate the completion of
an extensive remodeling program
which has been in progress since last
Spring. Highlight of the tours of the
bank was inspection of the new DriveIn Auto Bank. Refreshments, prizes
and souvenirs were given.

St. James
An estimated 2,000 persons attended
the recent “Appreciation Day” open

H O L ID A Y open house at First National
of St. James, Minn., was a big success.

**

house at the First National Bank,
sponsored by the bank as a token of
a p p r e c ia tio n to the institution’s
friends and customers in the area. The
people came from at least 16 communi­
ties in the area to enjoy the St. James
High School choir, a trio of girl sing­
ers from the bank and refreshments.

Collateral . . . bonded, prime collateral . . . is the
keystone to the security and availability of your
loan services. Through field warehousing, St. Paul
Terminal Warehouse provides you with Preferred
Warehouse Receipts—the best collateral for credit
extension beyond open line limits. By converting
your customers inventories into this kind of prime
collateral, your bank makes more loans—and the
loans you make are more secure.
St. Paul Terminal’s dependability, flexibility and
security in field warehousing is unmatched. So keep
the many benefits of this valuable service working
for your bank . . . contact St. Paul Terminal today!

ST. P A U L T E R M I N A L
WAREHOUSE COMPANY
Offices in principal cities
A 25

East

8th

Street

•

St . P a u l ,

N orthw estern


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Federal Reserve Bank of St. Louis

Minnesota

Banker,

February,

1963

78

Minnesota

News

was feted by officers, directors and
employees of the bank and their wives
at the Annual Christmas party.

Stillwater
Farmers & Merchants Bank

Two Harbors

A two-day open house was held re­
cently at the Commercial State Bank
so customers and friends could see the
vast changes in the bank’s appearance,
Thief River Falls
G.
A. Beito, Jr., vice president of both inside and out.
The classic style exterior, complete
Northern State Bank, was elected
president of the Chamber of Com­ with marble pillars on the outside and
merce at that group’s recent annual teller “cages” on the inside, has been
changed to an all modern look.
meeting.
Free gifts, souvenirs and refresh­
ments
were given at the celebration,
Trim out
a highlight being the presentation of
Open house was held last month at
a stereo set to a lucky guest.
the Farmers State Bank in recogni­
tion of the bank’s 50th Anniversary.

The new Auto Bank of the Farmers
& Merchants State Bank was opened
last month and driving customers, as
well as pedestrians, already have
found the facility a great convenience.
Also, local community leaders hail
the Drive-In’s appearance as one of
the best Main Street improvements in
many years.
First National Bank

Walter A. Klein, assistant cashier,
has retired after 45 years’ service with
the bank, and late in December he

Wayzata

U

M

Application has been made for a
new state bank in Wayzata by Wheelock Whitney, Jr., vice president and
director, J. M. Dain & Company, and
chairman, Minnesota group, Invest­
ment Bankers of America; William S.
Bloomer, owner and president of Vil­
lage Chevrolet, and Oscar A. Schultz,
president of the Crystal State Bank,
also with the Park Plaza State Bank.
A hearing on the application was
scheduled for late in January in the
State Office Building in St. Paul.

com e
to

SIOUX CITY
and

Wayzata State Bank

Iowa Group 1 Meeting
February 12

William Lee, formerly owner of his
own real estate and appraisal and
brokerage business, has been named
head of the new mortgage and loan
department of the Wayzata State
Bank.

W inona
First National Bank

Loyel Hoseck, assistant vice presi­
dent and agricultural representative,
has been elected vice president and ag
re p re se n ta tiv e . Also, Richard W.
O’Bryan, with the installment loan
department since August, 1961, has
been elected an assistant cashier.

CLIFF ADAMS

Merchants National

STANLEY EVANS

ED. NEWELL

DICK DRAPER

The Live Stock National Bank
SIOUX CITY, IO W A
MEMBER

FED ER A L

N o r t h w e s t e r n Banker, F e b r u a r y ,


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Federal Reserve Bank of St. Louis

D E P O S IT

1963

IN S U R A N C E

C O R P O R A T IO N

Van H. Kahl, vice president of the
Merchants National, retired the first
of the year after service with the
bank since 1916. He was feted at an
employees’ Christmas party and given
a $3,000 check as a gift. Mr. Kahl was
made assistant cashier in 1929, assist­
ant vice president in 1959 and vice
president in 1961. An elaborate pro­
gram of music and skits entertained
more than 95 officers, directors, em­
ployees and wives at the dinner party.

Lake Benton
Stockholders have voted to increase
capital of the Farmers State Bank of
Lake Benton by $10,000, which now
gives the bank $100,000 in capital and
surplus.

79

Alexandria

Ted Wilson, formerly manager of
the Rapid City office for the Time Fi­
nance Company of Deadwood, has
joined the Security State Bank, Alex­
andria, as assistant cashier.

Soul li Dakota

NEWS

Chamberlain
C. F. STILGEBOUER
A. S. GULLICKSON

Secretary

Gettysburg
Huron

Convention

>

h

V

A
A

*
>

4
r<

A

4

A
>

President

H. WALRATH, President, First
• Citizens National Bank, Watertown, is chairman of the 1963 state
convention committee for the South
Dakota Bankers Association’s annual
convention to be held in Watertown
May 16-18.
Chairmen of the various committees
are as follows:
Registration, L. H. Karbo, vice pres­
ident, First Citizens National. Ban­
quet, V. D. Basart, vice president and
chairman, Farmers & Merchants. Res­
ervations and Housing, R. P. Kelley,
assistant cashier and assistant trust
officer, First Citizens National. Friday
Buffet, J. S. Holen, senior vice presi­
dent and trust officer, First Citizens
National. Golf, R. T. Matz, vice presi­
dent, Farmers & Merchants. Trans­
portation, Wilson Leech, vice presi­
dent, First Citizens National. Public­
ity, Wayne Bredeson, assistant cash­
ier, Farmers & Merchants. Exhibits,
G. H. Wein, assistant cashier, Farmers
& Merchants, and Jerry Miller, First
Citizens. Thursday Evening Dutch
Treat, Bill Hanten, Farmers and Mer­
chants.

R

Temporary Headquarters
During the 1963 session of the South
Dakota legislature. A. E. Gullickson,
executive secretary of the South Da­
kota B a n k ers Association, may be
reached at the Terrace Motel in Pierre.
The SDBA was host at several im­
portant meetings in Pierre during Jan­
uary. On January 16 the SDBA hosted
the state constitutional officers and
members of the state Senate at a buf­
fet supper. On January 17, members
of the state House of Representatives
were guests at a similar function. On
January 23, SDBA Key County Bank­
ers met in Pierre for a conference on
pending legislation and to give key
county bankers an opportunity to
meet with their legislators.

Banking Department Action
O scar
banks in
following
partment

B rosz, superintendent of
South Dakota, reports the
action was taken by his de­
last month.

Commit
Approval for articles of incorpora­
tion for the Sully County Bank at
Onida. The incorporations are: John
W. Day, James E. Baxter, John E.
Sutton, Wilbur M. Day of Onida and
L. D. Warne of Blunt. Capital will be
$100,000, surplus $50,000, and undi­
vided profits, $10,000.
The commission received an appli­
cation for a new bank at Britton. It
would have a proposed capital of $50,000; surplus, $50,000, and undivided
profits, $25,000. Applicants are: John
Miller, Merl Grupe and Leo Butler of
Britton; L. A. Lundeen of Bristol, and
George Gilbertson of Roslyn.
No further action was taken on the
proposal to move the Bank of Alpena
to Wessington Springs.

Washington Trip
A. S. Gullickson, executive secretary,
South Dakota Bankers Association,
reports that the annual SDBA legisla­
tive trip to Washington, D. C., has
been scheduled for March 26-29.
The delegation will fly from WoldChamberlain Field, St. Paul-Minneapolis, on March 26 and return there on
March 29. Reservations have been
made at the new International Inn
at Washington.

Aberdeen
Aberdeen National

The Aberdeen National has been
granted authority by the Comptroller
of the Currency to conduct a trust
business as an additional service of
the bank. L. H. Ickler, Jr., president,
will be trust officer. James Scheurenbrand will be assistant trust officer.
Farmers & Merchants

G. L. Hill, executive vice president,
Farmers & Merchants Bank, reports
that $50,000 has been transferred from
undivided profits to surplus.
At the same time directors author­
ized an increase in the rate of interest
on savings accounts to 3 per cent.
Certificates of deposit remain at 3 per
cent.

More than 1,250 persons attended
the formal open house of the TriCounty State Bank here last month.
The bank had been in operation since
October 9, but the grand opening was
postponed until final work on remod­
eling could be nearly completed.
The bank was previously known as
the Bank of Kimball, but was char­
tered as the Tri-County State Bank
when headquarters was moved to
Chamberlain. Offices are maintained
at Kimball and Pukwana.
A drive-up window was still under
construction when the grand opening
was held.

Fort Pierre

F. R. Fackelman, vice president and
director of the Fort Pierre National
Bank, has purchased the interests of
Karl Goldsmith, president, and Rex
Terry, cashier. Mr. Terry had been
active manager of the bank.
Mr. Fackelman now becomes man­
aging officer of the bank.

Gettysburg
C. F. Stilgebouer, president, First
Potter County State Bank, reports
that the following changes took place
at the annual meeting:
Howard J. Peterka was promoted
from assistant vice president and cash­
ier to vice p re s id e n t and cashier;
Douglas R. Pringle was p ro m o te d
from assistant cashier to assistant vice
president and farm representative,
and Frank A. Osowski was promoted
to assistant cashier and auditor.
Mr. Stilgebouer also stated that cap­
ital has been increased $50,000 by an
addition to the surplus account. Capi­
tal structure now totals $549,010.

Miller

W. L. Wilson has been elected as­
sistant cashier at the First National
Bank. All other officers and directors
were re-elected at the annual meeting.

Mitchell
Commercial Trust & Savings

H.
R. Kibbee was elected chairman
of the board and G. W. Toft was
named president at the annual meet­
ing. Mr. Kibbee was president and
Mr. Toft was executive vice president.
Also at the annual meeting, D. R.
Johnson was named assistant cashier.
Other officers were re-elected, as were
all directors.
N o r t h w e s t e r n Banker, F e b r u a r y ,


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1963

80

South

Dakota

News

South Dakota Dank Statement Figures
From Reports Received by January 15, 1963
(L a st three figures om itted)
December
Deposits
Herreid, Campbell County ................ 2,363
Huron
Farm ers & Merchants .................... 13,969
Irene, Farm ers State ........................... 1,662
Kennebec, Lym an County ................ 1,903
L ake Andes, Andes State .................. 1,351
Lem mon, Bank o f ............................... 5,743
Lennox, E xch an ge Bank o f ............ 3,408
M ellette, Farm ers State .................... 1,175
M enno State Bank ............................... 2,785
M itchell
Com m ercial Trust ........................ 12,605
M itchell N ational ................
12,328
P ierre, P ierre N ational .................... 11,216
R apid City
A m erican N ational ........................ 48,522
1st Natl, o f B lack Hills ............ 68,082
Sioux Falls
F irst N ational ................................. 37,734
N atl. Bk. o f S. D ............................ 49,375
N orthw est N ational .................... 78,422
U nion Savings Bank .................... 11,365
Sisseton, R obert Co. N atl................... 4,791
T ripp, D akota State ......................... 2,001
V ivian State .........................................
986
W akonda, S ecurity State ................ 2,397
W atertow n
Farm ers & Merchants ................ 11,246
F irst Citizens N ational ................ 14,339
W ebster, Security State ................ 3,856
Y ankton, A m erican State ................ 15,793

are the 10 largest banks in South Dakota,
FOLLOWING
listed according to the amount of deposits shown on
year-end statements:

10 Banks
December 31, 1962
Loans
Deposits
$39,961
N orthw est N ational, Sioux Falls .....$78,422
38,905
F irst B lack Hills, R apid C ity ..... .. 68,082
26,777
F irst N ational, Aberdeen ................... 49,530
26,001
N atl. Bk. o f S .D ., Sioux Falls ..... ... 49,375
26,223
A m erican N ational, Rapid City ....... 48,522
17,504
F irst N ational, Sioux Falls ............... 37,734
A m erican State, Y ankton .............. .. 15,793
5,288
F irst Citizens, W atertow n ................. 14,339
7,798
Farm ers & M erch., H uron ............ .. 13,969
7,246
Com m ercial Trust, M itchell ......... .. 12,605
4,604
Aberdeen
Farm ers & M erchants ...... ............ 6,095
First N ational ..................... .............. 49,530
A rm our, F irst State ........................ ... 2,175
Belle Fourche, Bank o f ............... .. 7,885
B eresford, F irst N ational ................... 5,323
Centerville, Bank o f ........... ........ ........... 2,952
Clarks, F irst N ational ....... ...... ... ... 2,838
Elk P oint, Bk. o f U nion Co................ 3,423
Estelline, Farm ers State ............... ... 1,705
Geddes, Security State ..................... 1,548
Gettysburg, F irst P otter Co................ ... 5,550
H ayti, Com m unity State ............... ... 1,996

December 31, 1961
Deposits Loans
$34,804
$71,207
64,977
37,933
46,753
22,707
33,560
18,608
34,089
16,420
16,792
35,629
4,560
14,170
13,722
6,990
6,599
12,086
4,473
12,385

3,719
26,777
858
3,885
2,831
1,151
1,162
1,766
854
492
2,516
1,152

Oldham
Lynn D. Kalvig has resigned as
cashier of the Oldham State Bank to
become an insurance agent with Mu­
tual Benefit Life Insurance Company
of Newark, N. J. He will continue
living in Oldham. Mr. Kalvig had
been with the Oldham bank for the

3,156
22,707
704
2,767
2,426
1,061
1,065
1,779
729
390
2,354
1,078

5,424
46,753
1,924
8,343
4,731
2,831
2,615
3,199
1,542
1,350
4,885
1,867

past seven years.
H. Kopperud, president, announced
that Francis Malone was promoted
from assistant cashier to cashier to
fill the vacancy. In addition, Thomas
J. Duffy was elected to the board of
directors. Other officers and directors
continue the same.

S t a t e m e n t

o j

Decem ber 31, 1961
Deposits
Loans
2,086
1,033
12,086
6,599
7,246
1,392
607
701
1,512
927
1,345
(N
ew
Bank
in
1962)
494
2,205
1,352
187
1,282
4,604
5,079
7,403
26,223
38,905
17,504
26,001
39,961
7,609
1,458
737
619
1,555

35,629
33,560
71,207
11,051
4,231
1,919
705
2,140

16,792
18,608
34,804
6,332
1,245
596
432

1,112

6,815
7,798
1,148
5,288

Selby
Max Gutz, president, First National
Bank, announced last month that the
bank now is remaining open during
the noon hour Monday through Fri­
day. Hours now are from 9 a.m. to
3 p.m. and from 9 a.m. to 12 noon on
Saturday.

C^onclitii

D E C E M B E R 31, 19G2
ASSETS

L I A B I L I T I E S

C a s h a n d d u e from b a n k s ................... $ 7,929,383.36

C a p ita l ....................................................... $ 1,500,000.00
S urplus .......................................................
1,500,000.00
U n d iv id e d Profits ...................................
906,196.50

U. S. G ov ern m e n t O b lig a tio n s ..........

15,030,587.58

O th er B on ds a n d Securities ...............

4,058,564.42

B an k in g h o u se s a n d furniture
& fix t u r e s .................................................

1,198,975.41

Interest a c c r u e d ........................................

349,452.20

C u stom ers Liability on A c c e p ta n c e s
O u tsta n d in g ..........................................

23,366.62

Total C ap ital A cc o u n ts ...............$ 3,906,196.50
A c c r u e d E xp en se, T a x es & Interest ..
573,544.49
In com e C o lle cte d but Not E arned ....
607,482.13
A c c e p t a n c e s E xecuted &
O u tsta n d in g ..........................................
23,366.62
O ther Liabilities ........................................
113,065.37
D e m a n d D ep osits ....$31,220,402.59
T im e D ep osits .......... 18,154,990.37

O th er A ssets ............................................

7,958.36

T otal D ep osits .......................................... 49,375,392.96

T O T A L A SSE TS ........................$54,599,048.07

T O T A L LIABILITIES ................. $54,599,048.07

L oa n s a n d D iscou n ts ............................ 26,000,760.12

O F

S O U T H

D A K O T A

Member of Federal Deposit Insurance Corporation
N orthw estern

Banker,

February,


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1963

CORSICA
HURON
• PLATTE
PRESHO
VERMILLION

WESSINGTON SPRINGS
SIOUX FALLS
Phillips at 9th
S. Minnesota at 33rd
E. 10th at Omaha
: , v . t . v ; ' v y . V; :
‘y;

Affiliated with F IR ST B A N K STO CK CORPORATION

South

Philip
Retirement of H. B. Lovald, presi­
dent, First National Bank, was an­
nounced at the annual meeting. He
is succeeded by
his son, Scott Lo­
vald.
S co tt L o v a ld
started with the
bank in 1941, and
after s e r v i c e in
World War II he
was named assist­
ant cashier, cash­
ier, board mem­
ber and executive
v i c e p r e s id e n t
successively. He has been executive
vice president since 1959.
George A. Weber, cashier, who
joined the bank in early 1962 after
being with the Citizens State Bank,
Echo, Minn., was elected to the board
of directors at the annual meeting.

W . J. H E IM E R M A N

A. L O D M E L L

Stockyards Office—Clyde H. Fischer
has been transferred from the main
office to the Sioux Falls Stockyards
office and has been named assistant
cashier there. He will serve in that
office while Thomas A. Ryan, assistant
cashier, undertakes a training pro­
gram in the field of operations.
Dell Rapids Office—Gordon S. Lovell,
formerly assistant cashier here, was
elected assistant vice president and
assistant manager, and William T.
Larson was named assistant vice pres-

Dakota

News

81

ident. Mr. Lovell succeeds Merrill
E. Wick who has retired.
Madison Office— Larry J. Cornell, as­
sistant cashier, was elected assistant
vice president, and David W. Arm­
strong, formerly of the Sioux Falls
Office, was elected assistant vice presi­
dent at Dell Rapids.
Huron Office— Glen R. Rames has
been named assistant cashier and will
manage the installment loan depart­
ment at Huron.
Brookings Office—Gerald V. Wethor
was named assistant cashier and will
be in charge of the installment loan
department here.
Union Savings

Three new directors have been
elected. They are H. A. Billion, presi­
dent, Billion Motors; D. J. Dinsmore,
president and treasurer, D. J. Dins­
more Company, Inc., and Frank K.
Weatherwax, president, F. H. Weatherwax & Company, Inc.
Two new director posts were cre­
ated at the annual meeting in addition

Rapid City
American National

Walter Pailing, president, announced
an increase in the bank’s capital stock
account to $1,400,000 from $1,170,000
by a stock dividend. Surplus also
was increased to $1,400,000.
First National of the Black Hills

Harold R. Horlocker, president, an­
nounced at the annual meeting that
new highs of $75,719,000 in total re­
sources and $68,081,000 in deposits
were reached in 1962.
Donald Ondriezek was named assist­
ant cashier at the Deadwood office and
all other officers and directors were
re-elected.
Rush more State

William E. Troutman, president, re­
ported a 34y2 per cent deposit growth
during the past year at the annual
meeting.

Sioux Falls
Northwestern National

The following promotions have been
announced by C. A. Lovre, president,
following the annual meeting:
Head Office— Alvin A. Schock, presi­
dent, Terrace Park Dairy, Sioux Palls,
was added to the board of directors.
W. J. Heimerman, vice president, was
named senior vice president. Adolph
Lodmell, vice president and trust offi­
cer, was named vice president and
senior trust officer. Arthur R. Olson
and R. D. Reitan, both of the trust
department, were elected assistant
trust officers. Richard O. Wold, as­
sistant vice president at the Brookings
office, was transferred to Sioux Falls
where he will serve as assistant vice
president in the real estate mortgage
department.

AMERICAN NATIONAL BANK
AND

TRUST COM PANY

RAPID C IT Y

H O T SP R IN G S

ST U R G IS

Statem ent of Condition, December 31, 1962
RESOURCES
Cash in Banks and on Hand ..................... - ............. - ......................... - ...............
United States Bonds .......................... ............................................................................
Municipal & Federal Agency Bonds ........................................................................
Federal Reserve Bank Stock ...............- .................... - .............................................
FHA and First Mortgage Loans .............................................................................
Loans and Discounts ....................................................................................................
Bank Building and Equipment ....................................................................................
Interest Accrued Receivable, Etc. ...............................................- ........................
T o t a l ..........- .................... - ........... - .........................................................................

LIABILITIES
Deposits ............................ ..................................
Capital _________________________________
Surplus .............. -...............................-...............
Undivided Profits ------------------------Dividend Declared ....... ......................................
Reserved for Taxes, Interest, Etc...........-........ .
Total
A. E. DAHL, Chairman
M em ber

F e d e ra l

D e p o s it

$ 5 3 ,1 1 4 ,9 1 3 .6 2
$ 4 8 ,5 2 2 ,2 7 9 .5 2
1 .4 0 0 .0 0 0 . 00
1 .4 0 0 .0 0 0 . 00
5 1 7 ,9 0 5 .8 5
5 6 ,0 0 0 .0 0
1 ,2 1 8 ,7 2 8 .2 5
$ 5 3 ,1 1 4 ,9 1 3 .6 2

of Board

In s u ra n c e

C o r p o r a t io n

T H E P IE R R E N A T I O N A L B A N K
PIERRE, SOUTH DAKOTA
Statement of Condition as of D ecem ber 28, 1962
AS S ET S

$ 7,402,774.12
2,052,395.94
899,287.25
100,000.00
19,500.00
2,019.93
81,882.15
1,515,268.47
25.00
$12,073,152.86

L I A B I L I T I E S

$

250,000.00
400,000.00
82,897.90
30,452.03
8,466,392.85
2,749,367.31
94,042.77

$12,073,152.86
OFFICERS
W alter H. Burke, President
M elvin R. C unningham , A ssistant Cashier
Curtis B. M ateer, E xecutive V ic e President
A lm a Pulles, Assistant C ashier
C harles H. Burke, V ice President
A lic e H. N ickel, Assistant C ashier
Karl Goldsmith, V ice President
R. I- F ineran, Farm S ervice Director and
E. W . Stephens, V ice President
Assistant V ice President
R oya l V an Cam p, C ashier
Chester C. B oyle, Assistant Cashier
Northw estern


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

$ 8 ,9 9 0 , 0 3 5 . 8 0
1 6 ,1 4 8 ,1 2 0 .7 9
4 3 2 ,6 7 7 .8 3
7 5 ,0 0 0 .0 0
7 ,3 6 1 , 0 1 9 . 7 0
1 8 ,8 6 3 ,0 3 6 .1 2
7 7 1 ,2 1 1 .2 0
4 7 3 ,8 1 2 .1 8

Banker,

February,

1963

82

South

Dakota

News

to filling the vacancy left by the death
of Frank D. Burke.
National Bank of South Dakota

The following advancements were
a n n o u n ce d following meetings of
stockholders and directors of the Na­
tional Bank of South Dakota:
Harold Thomson, Presho, was elect­
ed vice president and director; V. L.
Albers was named vice president and
manager of the South Branch in Sioux
Falls; David E. Cleveland was named
assistant vice p r e s id e nt at South
Branch, Darrell Knudson was named
assistant cashier there, and John T.
Nelson was named to the advisory
board of South Branch.

Donald G. Jorgensen was advanced
to assistant trust officer. Lloyd A.
Johnson, who was vice president and
manager of South Branch, was trans­
ferred to the main office as vice pres­
ident.

^

N

A

T I O

N

Farmers & Merchants

^

D. Basart, president of Farmers
Watertown
& Merchants Bank, announced the-*
B.
C. Solum and R. D. Bonfoey were promotion of three men last month.
promoted from assistant cashiers to Karl F. Berggren was advanced from
assistant vice presidents at the annual assistant cashier to assistant vice pres- ,
meeting of the First Citizens National ident; Norris R. Hansen, ag represent- 1
Bank. All other officers and directors ative, was named assistant vice presi- „
were re-elected and K. H. Johnson, dent, and Terry Waba was elected
assistant cashier, was elected as a assistant cashier.
**
member of the discount committee.
In other action, directors voted to Waubay
V.

N & rthwe stern
™

purchase property directly north of
the bank. This will be used for fu­
ture expansion with the rear of the
property being revamped immediately
to provide customer parking.

A

L

B A N

K

:

SIOUX FALLS, SOUTH DAKOTA

STATEMENT OF CONDITION
A t th e C l o s e o f B u s in e s s D e c e m b e r 31, 1 9 6 2

RESOURCES
Cash on Hand and in Bank .................................................... $13,067,013.46
U. S. Government Obligations ................................
State, County & Municipal Bonds ......................................
Other Bonds & Securities ......................................................

22,827,632.67
5,842,174.14
500,571.52

Conrad Mogen, president, State
Bank of Waubay, died recently at the
Day County Hospital in Webster. He
had been associated with the Waubay
bank since his high school days and
was honored as a 50-Year Banker at
the annual convention of the South
Dakota Bankers Association in 1961.
H. P. Mogen, cashier, has been
elected president and cashier. Conrad
Mogen was his uncle.
Stockholders voted to raise capital
to $50,000.

¥

*
k
^
^

Webster
Harry Bailly has joined the staff of
the Security Bank here. He recently
completed four years service with the
U. S. Navy.

Winner

Final approval has been granted for
the new Ranchers National Bank here
and the bank opened for business Jan- v
Stock in Federal Reserve Bank ..........................................
105,000.00
uary 4.
Loans and Discounts ................................................................ 39,960,895.94
Directors of the new bank are Rob­
Bank Premises and Equipment ............................................ 1,328,553.85
ert Brezina, president, Rapid City; W.
Other Assets ..............................................................................
788,224.54
H. Hinselman, vice president, Winner;
Jack Peters, executive vice president
TOTAL .................................................................................$84,420,066.12
and cashier, Winner; Howard Richter,
Wood; Leo DeJong, Kennebec; John «
LIABILITIES
Engelgau, Winner; Van Collins, Car­
Deposits ....................................................................................... $78,422,461.39
ter; Jack Verschoor, Mitchell; G. J.
Capital Stock— Common ..............................$1,500,000.00
Danforth, Sioux Falls; S. I. Rigers,
Sioux Falls, and Dempster Christen- m
Surplus ....................................................
2,000,000.00
sen,
Sioux Falls.
Undivided Profits .......................................... 1,218,972.45
$4,718,972.45
The new bank has been capitalized
Other Liabilities ......................................................................
1,278,632.28
at $450,000.
TOTAL .................................................................................$84,420.066.12

Honored for 50 Years
W e're proud to present this — the first
statement under our new name — "N orth­
western

National

Bank o f Sioux Falls".

OVER 70 YEARS OF HELPFUL BANKING
Member Federal Deposit Insurance Corporation

N o r t h w e s t e r n Banker, F e b ru a ry ,


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1963

Taylor S. Abernathy, chairman of v
the board, and Barret S. Heddens, Jr.,
president, First National Bank of Kan­
sas City, were hosts at a recent lunch­
eon honoring Howard C. Shepherd, *
the bank’s comptroller, who has com­
pleted 50 years of active service.
Mr. Shepherd joined the bank in *»
December, 1912. In 1931, he set up
the bank’s accrual accounting depart­
ment and became assistant auditor in
1949 and comptroller in 1953.

83

Beach
More than 1,500 persons braved sub­
zero weather to attend the 13th A n ­
nual Christmas Party of the Farmers
& Merchants Bank and register for
several cash prizes.

North Dakota

NEWS
>

Bismarck
A . M. ERIKSMOEN
W . J . DANER

President

Fargo

Secretary

Bismarck

At First NDBA Ag Credit Conference

„ Farmers * Comments to

MORE
the

than 100 bankers attended
First Agricultural Credit
Conference of the North Dakota Bank­
ers Association recently at Hotel Gard­
ner in Fargo to hear a panel of ranch­
ers and farmers tell what they expect
v from their banker.
Morris O. Broschat, vice president,
American State Bank, Minot, was mod­
erator and introduced farm men from
McLeod, Wing and Velva, who pointed
> out several opinions about banks, the
following being a selected few of their
a ideas:
Banks are not providing ade­
quate lending facilities.
Banks have not done an ade­
quate job of telling the community
what they can or cannot do.
Banks should be more familiar
*
with community problems.
Banks should have a man with
time and inclination to study and
remedy above listed shortcomings.
Bankers were urged to acquaint
themselves with all aspects of agricul­
ture, too many refusing to change

North

their minds to keep pace with mod­
ern ideas, trends.
Most critical need for North Dakota
farmers is long term, low interest real
estate loans to help younger farmer
to get started.
Bankers too often are interested
only in something absolutely secure
without regard for building the com­
munity.
Top-notch speakers included E. A.
Erickson, former official of the Pro­
duction Credit Association, now as­
sistant cashier, Citizens Bank of Mon­
tana; Clark Jenkins, director, Greater
North Dakota Association’s ag depart­
ment: John McClung, state director,
Farmers Home Administration; Fred
D. Sobering, extension economist, and
Dr. Herman Albrecht, president, both
of North Dakota State University, and
Elvin Thue, vice president, First Na­
tional of Worthington.
Chairman of the conference was T.
H. Bartholomay, assistant vice pres­
ident, Merchants National Bank &
Trust of Fargo.

tPahota

The State Bank of Burleigh County
held open house recently in its new
location in the state’s capital city and
townspeople saw a beautifully-remod­
eled building, complete with the latest
in banking facilities. Highlights in­
clude off-hours walk-up service, drivein conveniences, parking lot, auto­
matic air control for all seasons, at­
tractive indirect lighting effects and
luxurious carpeting.
H. E. Wildfang, with the bank more
than 49 years, is president; Ted Sette,
with the bank since April, 1962, when
he resigned as manager, Bank of
North Dakota, is executive vice presi­
dent (he had served the Bank of
North Dakota since 1928, starting as
teller and advancing to manager); Lee
M. Stenehjem is vice president; Chris­
tie Miller, cashier; Don Olson, assist­
ant cashier, and Floyd Stebleton and
Ralph Molbert, loan officers.
A reception for bankers was held
the day before the general two-day
open house.

Carrington
After 38 years in banking, John H.
Spink, vice president, Foster County
State Bank, has announced his retire­
ment. In June of last year, Mr. Spink
suffered a stroke and he has been mak­
ing good progress toward recovery,

HankStatement

From Reports Received by January 15, 1963
(L a st three figures om itted)

OLLOWING are the 10 largest banks in North Dakota,
listed according to the amount of deposits shown on
3rear-end. statements:

F

Top 10 Banks
December 31, 1962
Deposits
Loans
Bank o f N orth Dakota, Bismarck. ... 96,786
9,225
First N ational Bank, F a rgo ......... ... 37,333
18,069
F irst N ational, Grand Forks .... ... 28,128
13,778
First N ational, M inot ................. ... 27,300
13,996
F irst N ational, B ism arck ......... ... 26,419
13,665
M erchants N ational, F a rgo ............. 25,552
13,793
Dakota N ational Bank, F argo ..... .. 25,158
9,313
Dakota N ational, B ism arck ...... ... 21,389
11,630
A m erican State Bank, W illiston .... 17,749
10,980
Bed R iver N atl., Grand Forks .... ... 17,228
8,440

Ashley, M cIntosh County ........... ....
Bism arck
Bank o f N orth Dakota .............. ....
Dakota N ational ....... .. .......... ....
First N ational ........................ ....
Devils Lake, Ram sey N ational .... ....
Dickinson, Liberty N ational ....... ....
F airm ount, Peoples State ............ ....
F argo
Dakota N ational ........................ ....
F a rgo N ational .......................... ....
First N atl. B & T ........................ ....
M erchants N ational .................. ....

December 31, 1961
Deposits Loans
14,181
96,407
29,291
15,290
12,080
26,240
22,717
11,616
24,122
13.425
23,730
11,498
23,851
8,910
19,427
10,398
15,520
8,654
16,212
7,424

4,836

2,597

4,589

1,774

96,787
21,389
26,419
8,926
10,188
1,114

9,225
11,630
13,665
3,861
5,439
440

96,407
19,427
24,122
7,555
8,363
1,080

14,181
10,398
13,425
3,366
4,452
325

25,158
16,475
37,333
25,552

9,313
9,174
18,069
13,793

23,851
14.575
29,291
23,730

8,910
8,068
15,290
11,498

December 31, 1962
Deposits
Loans
G rafton
5,522
G rafton N ational ................ ......... 9,491
W alsh County ...................... .......... 9,454
4,935
Grand Forks
First N ational _________ .... ......... 28,128
13,778
Red R iver N ational ......... ......... 17,228
8,440
1,430
Hankinson, L incoln State ... .......... 3,186
1,721
H illsboro, N orthw estern State ........ 3,684
Hope, First State ........... ......... ......... 3,834
2,701
Jam estown, First James River ....... 11,834
5,423
Jam estow n N ational ...... ....... ......... 12,215
6,768
Kildeer, Bank o f ..... .......................... 2,722
942
Lidgerw ood, F irst N ational ... ......... 2,663
1,338
2,886
Lisbon, Farm ers State .......... ......... 5,330
Maddock, Farm ers State ...... ......... 3,089
1,723
Mandan, F irst N ational ........ . ..... . 11,849
6,466
McClusky, F irst N ational __ ........ 2,174
1,219
Minnewaukan, Farm ers State ....... 3,289
1,829
M inot
A m erican State ....................... ..... . 17,880
10,752
F irst N ational ....................... ......... 27,300
13,996
U nion N ational ................... ......... 14,622
7,434
N ew R ockford , First State ... ........ 4,290
1,932
N orthw ood State __ ____ ____ .. ...... 4,000
2,113
Park R iver, F irst State o f ... ____
1,452
4,123
P ortland, First & Farm ers .... ____
1,874
478
Powers Lake, L iberty State ... ........
1,452
788
Rolla, First Bank o f ............... ____
5,122
3,384
R ugby, Citizens State ............... ........ 3,499
784
V alley City
A m erican N ational .............. ........ 7,762
4,095
First N ational .................. . ...... .
7,956
4,203
W ahpeton N ational Bank .... ........ 6,794
2,659
W illiston, A m erican State ...... ...... .. 17,749
10,980

N orthw estern


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Decem ber :31, 1961
Loans
Deposits
8,459
8,576

4,764
4,616

26,240
16,212
2,883
3,256
3,101
10,771
10,701
2,421
2,406
4,626
2,660
11,213
1,694
2,721

12,080
7,424
928
1,172
1,855
4,189
4,718
588
864
2,705
786
5,740
636
1,508

14,497
22,717
11,640
3,691
3,745
3,378
1,635
1,081
3,941
2,916

6,950
11,616
6,079
793
1,576
1,066
499
387
2,056
451

6,736
7,200
6,596
15,520

3,354
3,002
2,914
8,654

Banker, F e b ru a ry ,

1963

84

North

Dakota

News

I*hin .1#un ngem en 1 (Unie for \ovth Ihihntn thin hers
as well as interesting program is
A NinENLIGHTENING
store for bankers planning to attend the Bank
Management Clinic of the North Dakota Bankers Asso­
ciation, February 14-15, at the University of North Da­
kota, Grand Forks.
Highlights of the program include:

bouer, SDBA president, and president of the First
Potter County Bank, Gettysburg, S. D.
11:00 “Automation-Data Processing” — John Sanders,
computer specialist, Burroughs Corp., Chicago.
Noon Luncheon—Student Union Cafeteria.
P.M.

February 14
A.M.
9:30

v

1:00

Presiding—R. W. Blaine, president, Red River
National Bank, Grand Forks.
Welcome—Dr. George W. Starcher, president, Uni­
versity of North Dakota.

“ Trends in Installment Credit” — T. A. Solheim,
president, American State Bank, Minot, moderator.
“Auto Financing”—Robert G. Olson, assistant vice
president, Fargo National Bank, Fargo.
“ Improvement Loans Including FHA I” — George
Neigum, assistant cashier, Dakota National Bank,
Bismarck.
»
“ Collections”—E. A. Schaefer, assistant vice presi­
dent, Union National Bank, Minot.
“ Installment Loan Financing in the Smaller N. D.
Bank”-—Carl A. Berg, president, First Merchants
& Farmers Bank, Cavalier.
February 15

A.M.
9:30

C. F. S T IL G E B O U E R

10:00

F. L. D E M IN G

Remarks—A. M. Ericksmoen, NDBA president,
and executive vice president of the Dakota Na­
tional Bank, Fargo.
“Bank Operations— Country Style” — C. F. Stilge-

but his doctor has advised curtailment
of activity until recovery is complete.
A paying and receiving station for
the bank has been established at Kensal. It will be operated by H. E. Nich­
ols, who has operated an exchange
and insurance business in Kensal sev­
eral years. The Kensal station was
opened January 2.

Address—Frederick L. Deming, president, Federal
Reserve Bank of Minneapolis.
10:15 “ Status of Proposed State Legislation”—William J.
Daner, NDBA secretary.
12:30 Luncheon—The Bronze Boot.
There will be several question and answer and discus­
sion periods throughout the two-day clinic, as well as
“bull sessions” before, between and after sessions.

other sites are being considered at this
time. Several prizes were offered
lucky registrants at the opening and
souvenirs were given all visitors.
Donald L. Scott, assistant cashier,
Dakota National, is manager of the
bank and Kenneth H. Hageman is as­
sistant manager. Two additional staff
members will be named.
Merchants National Bank & Trust

Fargo
The Dakota National Bank of Fargo
opened a branch bank at 1621 S. Uni­
versity Drive recently and A. M.
Eriksmoen, executive vice president,
said the location is temporary and two

Clark J. Jenkins has been elected
manager of the agricultural depart­
ment, announces A. O. McLellan, pres­
ident, who has explained that the ag
department is being enlarged and that
Mr. Jenkins will work closely with

FIRST M T I0M L BAM IN GRAND FORKS
GRAND FO RKS, NORTH DAKOTA
Statem ent of Condition December 31, 1962
_
,
,
RESOURCES
C ash a n d Due f r o m Banks ...............................................
S e c u ritie s o f U . S. G o v e rn m e n t a n d A g e n c ie s
S ta te a n d M u n ic ip a l S e c u ritie s
L oa ns a n d D is c o u n ts .............................
B a n k in g H o u s e ..........................................
F e d e ra l R e serve B ank S to c k
In te re s t E a rn e d N o t C o lle c t e d

$ 4,893,504.33
10,699,184.00
1,333,750.72
13,778,333.66
400,000.00
75,000.00

212,668.88

$31,392,441.59
L IA B IL IT IE S

?.urJ?.lu.*J

...................

R e serve f o r Taxes,

In te re s t a n d

........ .................................... ..........
E xpense

....... .........

......

1,500,000.00
R72 794 70

Dep ° ^ ............................ ...... ........... ......... .................................... 28,121:227:09

Thomas H. Bartholomay, assistant 4
vice president and secretary of the
trust department, in managing farms
and handling ag loans, as well as loans A
closely related to agriculture.
Mr. Jenkin’s background is out­
standing as he has served with the
Farm Security Administration, the U.
S. Air Force as a major, as owner and
manager of a Cass County livestock
farm and as manager of the ag depart­
ment of the Greater North Dakota
Association, the latter being his most *
recent position.

Minot

*

Charles Westlie, president and gen­
eral manager of the Westlie Motor
Company, has been elected a director
of the Union National of Minot, bring­
ing the number of directors to six,
announces W. D. Johnson, president.

Sheyenne
Bjorn Garnaas, former manager and
secretary, Garnaas Brothers, Inc., of *
Sheyenne, has assumed his duties as
active vice president of the Farmers
and Merchants Bank, Sheyenne.

$31,392,441.59
O F F IC E R S

FRED R. O RTH , Chairman of the Board
C . S. YO U LD EN , J R ., Assistant Cashier
F. PH ILLIPS G ILT N ER , President
FRED G . STEW ART, Auditor
EDW ARD L. O LSO N , Vice President
W . B. JO H N S O N , J R ., A g r. Representative
L. S. BUE, Vice President and Cashier
I n s ta llm e n t L o a n D e p a r tm e n t
A . G .M O EN , Assistant Cashier
B. P. McDERM OTT, Vice President
ROBERT M. BURRIS, Assistant Cashier
S. W . FOSS, Loan O fficer
HERBERT J . STENNES, Assistant Cashier
RAY V. H EW ITT, Loan O fficer
Member Federal Deposit Insurance Corporation
N orthw estern

Banker,

February,


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1963

Underwood
The First Security Bank of Under- *
wood observes its 60th year of service
to citizens of the area February 23,
according to C. O. Thompson, presi­
dent.

85
m m

Montana

NEWS
£. L. KUNKEL, JR .

President

R. C. W A LLA C E

Secretary

m

Anaconda
Helena

Billings
O. M. Jorgenson, chairman, Security
Trust & Savings, has announced that
‘approval has been received to increase
capital stock from $1,250,000 to $1,500,000. The increase was accomplished by
„ a stock dividend declared at a special
stockholders’ meeting in December.
♦ Capital and surplus now total $3 mil­
lion.
v Mr. Jorgenson also reported that at
the annual meeting all officers and di­
rectors were re-elected.
In another statement, Mr. Jorgenson
said that during January steps were
> taken so that all checking accounts
will be posted electronically. During
-the year all accounting operations will
be automated. The Security Bank is
the first in Montana to install elec­
tronic equipment.
t

Fort Benton
Lawrence C. Siebenaler was elected
^auditor of the First Chouteau County
Bank at Fort Benton at the annual
meeting. He has been with the bank
since 1957.

board meeting. Allan D. Faechner,
assistant cashier since 1959 in charge
of operations, advertising and public
relations, was advanced to cashier.
Robert M. Pancich and Duane I. Voeller were elected assistant cashiers.
Mr. Pancich has been operations
manager and will also have the title
of auditor. Mr. Voeller has been man­
ager of the real estate department.

rector and board chairman of both
banks. Mr. Baxter will continue as
president of the Ravalli County Bank
and as vice president of the Stevens­
ville bank; Mr. Scothorn as president
of the Stevensville bank and vice pres­
ident of the Hamilton bank and Doug­
las J. McDonald will remain as vice
president of both banks and cashier
of the Hamilton bank. K. J. McDonald
will be an inactive officer.
The Ravalli County Bank recently
was moved to modern new quarters
and an open house was conducted just
prior to Christmas.

Helena
First National Bank and Trust

Russell H. Cowen was elected as­
sistant cashier of First National Bank
& Trust, it was announced last month
by Nels Turnquist, president. With
the bank since 1957, Mr. Cowen has
worked in most of the departments of
Hamilton
the bank and presently is assistant
Citizens Bank
V.
C. Hollingsworth, president, an­ manager in the Timepay department.
nounced that the bank is installing a
Mr. Turnquist reported to the board
drive-in window on the northwest that substantial gains in deposits and
corner of the bank building.
loans indicate a vigorous economic
growth in the area and were respon­
Ravalli County Bank
K.
J. McDonald, chairman, and Mrs. sible for an excellent year for the
McDonald have sold their interests in bank and the community.
Union Bank and Trust
the bank at Hamilton and in the First
S.
Clark Pyfer was elected a direc­
State Bank of Stevensville to their
son and two sons-in-law, Douglas J. tor of Union Bank & Trust Company
McDonald, R. Wickham Baxter and at the stockholders’ meeting last
month. Directors promoted Edwin
Donald L. Scothorn.
K. J. McDonald will continue as di­ H. Jasmin to assistant trust officer,

UNION BANK and TRU ST COMPANY

* Glendive
Phil Hagan retired recently as vice
president of the First National Bank.
He will remain a member of the board
*of directors.
T.
E. Snell, cashier, was promoted
to assistant vice president and cashv ier. Elmer Wuest was advanced from
assistant cashier to assistant vice
president. At the annual meeting it
was voted to transfer $25,000 from un­
divided profits to surplus.

HELENA, M O N T A N A
Statem ent of C on dition , D e c e m b e r 31, 1962
RESO U RCES
L o a n s a n d D iscou n ts .................................................................................................................$ 1 5 ,6 5 3 ,9 5 9 .1 5
U . S. T r e a s u r y B ills, U . S. G o v e rn m e n t a n d M u n ic ip a l B on ds ............ 1 0 ,4 3 9 ,3 1 5 .1 2
Stock in F e d e r a l R e s e r v e B ank .....................................................................................
B an k P r e m ise s O w n e d , Furniture a n d F ixtu res .................................................

4 5 ,0 0 0 .0 0
1 ,0 8 1 ,9 3 6 .4 3

Interest E a rn e d not C o lle c te d ........................................................................................
O th er A s s e ts ..................................................................................................................................
C a s h a n d D u e from B a n k s ................................................................................................

1 7 7 ,6 5 1 .1 0
4 3 ,1 7 8 .1 5
1 0 ,6 6 8 ,7 7 1 .2 3

T o ta l

R e so u rc e s

.................................................................................................................$ 3 8 ,1 0 9 ,8 1 1 .1 8
LIA BILITIES

Great Falls
>

First National

Stockholders of the First National
Bank were told at their annual meet­
ing that deposits as well as total as­
se ts of the bank reached an all-time
peak during 1962, which was in keep­
ing with the trend of commercial
banking for the entire state. All di­
rectors and officers were re-elected at
the meetings.
First Westside National

J.
W. Connelly, president of First
Westside National, announced the ad­
vancement of one officer and the elec­
tion of two new officers at the annual

C a p ita l Stock ..................................................................................................................................$
S u rp lu s ...............................................................................................................................................
U n d iv id e d Profits ........................................................................................................................
R e s e r v e for L o a n L o s s e s .................................................. ...................................................
O th er L iab ilities ..........................................................................................................................
D e p o sits
.............................................................................................................................................
T o ta l L iab ilities

4 3 0 ,8 1 5 .1 1
7 4 0 ,0 0 0 .0 0
5 7 4 ,9 8 1 .4 9
3 4 ,8 6 4 ,0 1 4 .5 8

................................................................................................................... $ 3 8 ,1 0 9 ,8 1 1 .1 8

OFFICERS
John C arlson, President
F . M. G annon, V ice President
R. L. Sam son, V ice President
W . B. A n d rew s, V ice President
_ ,
. TT
, r. „
Robert H. Ziegler, Asst. V ice P es.
C. E. Sullivan, Jr., V ice Pres.
Ben R. Draper, C ashier
Francis M ortieau, Assistant C ashier
Paul E. Paulsen, Assistant C ashier

W . E. Trerise, Assistant C ashier
H. J* H ess, Auditor
TRUST DEPARTMENT
~ T„ . o ffice r
J. H. Dion, V ice Pres. & Irust O nicer
D aniel Dykstra, Trust Officer
m .
M athew s, Jr., Trust Invest. Officer
G ord on A . Sam uelson, Asst. Trust Officer
Herman P. M ayer, Asst. Trust Officer
Edwin H. Jasmin, Asst. Trust Officer

M em ber F ed eral Deposit Insurance C orporation
Northw estern


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

7 5 0 ,0 0 0 .0 0
7 5 0 ,0 0 0 .0 0

Banker,

February,

1963

86

Montana

News

Montana Kant» Statement Figures
From Reports Received by January 15, 1963
(L ast three figures om itted)

OLLOWING are the 10 largest banks in Montana,
listed according to the amount of deposits shown on
year-end statements.

F

Top 10 Banks
December 31, 1962
Loans
Deposits
24,582
52,769
30,848
51,330
44,231
25,199
38,293
19,740
37,401
19,828
37,080
15,078
15,654
34,864
25,471
13,479
23,056
10,680
22,330
10,742

First N ational, Great Falls ........ ....
Sec. Tr. & Sav. Bk., B illings .... ....
Midland N ational Bank, Billings ...
Metals Bk. & Tr. Co., Butte ........ ....
Great Falls N ational .................... ....
First N ational, Helena .............. ....
U nion Bank & Trust Co.. Helena
M ontana Bank, Great Falls ....... ....
First N ational, Billings .............. ....
W estern Mont, N atl., Missoula .... ....

December 31, 1961
Deposits Loans
20,224
49,195
48,445
25,435
40,310
21,295
18,667
35,750
35,515
17,612
35,889
13,357
31,705
13,063
23,224
11,770
10,364
21,588
20,583
10,205

00
Big Tim ber, Citizens B&T ........ .....
Billings
Billings State ............. .......... .....
F irst N ational .......................... ......
Midland N ational .................... .....
Security Trust & Savings ..... .....
Bozeman
Gallatin Tr. & Sav...........................
Security Bank & Trust ...... . ......

5,070

1,329

4,722

1,151

9,991
23,056
44,231
51,330

4,063
10,680
25,199
30,848

9.554
21,588
40,310
48,445

3,785
10,364
21,295
25,435

4,257
12,812

2,093
7,166

4,258
11,536

2,126
6,915

it was announced by John Carlson,
president.

December 31, 1962
Loans
Deposits
Butte
First N ational
........ ........ .... ...
Metals Bank & Trust . .............. ...
Cascade, Stockm en’ s Bank ..... ... ...
Columbus, Yellow stone Bank ........ ...
Cut Bank, Bank o f Glacier Co....... ...
Dillon, First N ational ............ ..... ...
Forsythe, First State ...... ............ ...
Glasgow, First Security ............... ...
Glendive, First N ational ............. ...
Great Falls
F irst N ational ________________ ...
Great Falls N ational
...... . ...
M ontana Bank .......................... ....
H am ilton, Citizens State ............ ....
H avre, First N ational ................. ....
Helena
First N atl. Bk. & T r.................... ....
U nion Bank & Trust .... ........... ....
....
Laurel, Yellow stone Bank
Lew istow n, N orthwestern Bank.. ....
Libby, First State ............................ ....
Livingston. First Natl. Park ..... ....
Missoula, W estern Mont. N a tl....... ....
R ichey, First State ..................... . ...
Ronan State Bank ........................ ....
Shelby, First State ........................ ....
Stanford, Basin State ................ ....
Townsend, State Bank of ............ ....

bank since February, 1962, and prior
to that was with the Midland National
Bank at Billings.

Livingston
Missoula

Stan Regele, consumer finance de­
partment manager for the First Na­
tional Park Bank, has been named as­
sistant cashier. He has been with the

The following promotions were an­
nounced after the annual meeting of
the Western Montana Bank:

Deposits
Forty-six
Y ears
of Growth
With Billings
and the
Midland
Empire

D e cem b er 31, 1916
$426,846.72

D e cem b er 31, 1921
$871,165.34

D e cem b er 31, 1931
$2,064,261.08

D e cem b er 31, 1941

$5,226,034.34
D ecem b er 31, 1946

$21,664,099.78
D ecem b er 31, 1951

$27,952,288.74
D ecem b er 31, 1955

$37,428,677.40
D e cem b er 31, 1960

$47,030,391.57
D ecem b er 31, 1961

$48 ,445 ,056.6
D e cem b er 31, 1962

$51 ,330 ,291.53

SECURITY
T R U S T & SAVING S

BANK
BILLIN G S, M O N T A N A

...

/S a sd

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 r p o r a t io n

Northwestern Banker, F e b r u a r y , 7963

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Decem ber 31, 1961
Loans
Deposits

17,676
38,293
1,263
5,556
6,798
5,639
5,756
9,087
7,685

4,299
19,740
522
3,139
3,649
2,573
1,918
4,635
4,441

17,490
35,750
1,343
4,990
5,828
5,489
5,287
8,534
7,039

3,777
18,667
372 *
2,734
2,922
2,636
1,729
4,488
3,682 i

52,769
37,401
25,471
4,942
9,728

24,582
19,828
13,749
2,249
4,424

49,195
35,515
23,224
4,394
9,219

20,224
17,612
11,770
2,024
4,289 **

37,080
34,864
5,951
10,894
6,144
10,134
22,330
1,206
3,820
6,786
4,477
3,447

15,078
15,654
2,851
5,157
1,891
3,930
10,742
618
1,780
2,146
851
388

35,889
31,705
5,722
9,369
5,541 9,303
20,583
1,019
3,257
6,720
4,133
3,110

13,357
13,063
2,381
4,358
1,869
3,804
10,205
400
1,722
2,057 ,
710 *
265

H. O. Worden from assistant vice
president to vice president; Robert L. l
Kenyon from assistant vice president
lo vice president and manager of the
time-pay department; Robert F. Burke
from assistant cashier to assistant'"
vice president; and William D. Erick­
son, Elwood Olson and George P.
Rhoades were named assistant cash- 4
iers.

Kalispell

A. K. Sample, Jr., president of the A
Conrad National Bank, reports that
all directors and officers of the bank
were re-elected at January meetings.
Mr. Sample reported to the stockhold­
ers and directors that total deposits of
the bank reached an all-time high in v
the bank’s history, aggregating $19,300,000. He stated that as a result
of the increase from 3 to 4 per cent *
on CD’s that the bank had paid a
total of $277,633 in savings interest
during 1962.

Pinedale
James F. Mickelson, representing a
group of Pinedale and Big Piney residents, reports that he has received
tentative approval for the establish­
ment of a state bank at Pinedale, Wyo.
Two other groups also had ex- <
pressed interest in opening a bank
here and an application for a national
bank charter had been filed.
The group, headed by Mr. Mickel-v
son, includes Dan H. Budd, John Jake
Pfisterer, Robert W. Wilson, Vernon
Delgardo and Mildred M. Miller. Mr. ,
Budd, Mr. Mickelson and Mrs. Miller
are directors of the State Bank of
Piney. Mr. Pfisterer is a Sublette
county commissioner and Bondurant
rancher, Mr. Wilson is a Pinedale
Rancher and Mr. Delgado is a Pinedale
businessman.

87

Colorado-Wyoming News

V. EASTMAN
Thermopolis
President
Wyoming Bankers Assn.
E. H. ADAMS, Denver
President
Colorado Bankers Assn.

I
►

5

New Vice Presidents Named

IRECTORS of the Denver United
D
States National Bank have cre­
ated five senior vice presidencies, elect­
ed two vice presidents, two trust offi­
cers, advanced four other officers and
named 13 other new officers.

New officers, in addition to Mr. Hen­
richs, are Kenneth G. Christianssen,
Gus D. Cladis, William L. Funk, and
Charles R. Hazelrigg, assistant trust
officers; Glenn H. Adams, William G.
Bell, Robert W. Lasham, Nick Mani-

V

>

*
ANDERSON

HERSHNER

JACOBS

The five senior vice presidents are
Harry G. Anderson, John D. Hershner,
Rollo E. Jacobs, and Robert H. Shepler, formerly vice presidents, and
Arch L. Metzner, Jr., formerly vice
president and trust officer who has
been advanced to senior vice presi­
dent and trust officer. The senior vice
presidents—positions new to the Den­
ver U. S.—head the four major divi­
sions and the large expansion project
of the bank.
John H. Ferry, assistant vice presi­
dent and petroleum engineer, and Eu­
Vgene Franklie, assistant vice presi­
dent, were elected vice presidents. Leo
F. Henrichs, who joined the bank in
► December, 1961 and M. E. Timmins,
assistant trust officer, were named
trust officers. Promoted from assistant
cashier to assistant vice pr e si d e n t
were Donald D. Buchanan, Richard A.
Kirk, Oscar F. Nelson and John S.
Potter, Jr.

SHEPLER

METZNER

ates, A r t h u r C. McIntosh, John A.
Smith, Eugene C. Theimer, A. Allan
Vickers, assistant cashiers, and H.
Duane Black, named assistant auditor.

Colorado Springs
First National

Frank Wind was promoted from as­
sistant cashier to assistant vice presi­
dent; H. Edwin Coupland was made
assistant cashier; James C. Cates was
promoted to assistant trust officer;
Marc Millison was made assistant
mortgage loan officer, and Lawrence
T. Likness, Jr., was advanced to as­
sistant auditor at the annual meeting.
All other officers and all directors
were reelected, according to K. M.
Hall, vice president.
Pikes Peak Bank of Commerce

Mark J. Griffin, assistant vice presi­
dent was elected to the board of di­
rectors; William C. Henderson, vice
president, was promoted to executive
vice president, and Herbert N. Sheer,
assistant cashier, was promoted to as­
sistant vice president at the annual
meeting.
Stockholders also approved conver­
sion to a national bank. It will be
known as the Pikes Peak National
Bank after February 1. Preliminary
approval had previously been received
from the Comptroller of the Currency.
Stockholders also approved a six-forone stock split. New stock will have
a par value of $10 and a total of 20,000
shares are being issued, according to
William C. Henderson, executive vice
president.

Fort Collins
Robert J. Frank, administrative vice
president, has been elected to the

Film Given to University
PRESEN TATIO N

o f th e
film “ M o r e T h a n M o u n ­
ta in s — M o r e T h a n G o ld ”
w a s m a d e to th e U n i v e r ­
s i t y o f C o lo r a d o b y t h e
F ir s t N a tio n a l o f D e n ­
v e r . T h e film w a s a h i g h ­
lig h t o f th e b a n k ’s 1 0 0 th
a n n iv e r sa r y
c e l e b r a t io n
la st y e a r .
S h o w n h ere
a r e Neil L. King, v i c e
p r e s id e n t , a t l e f t ; W il­
liam Grimes o f t h e u n i ­
v e r s i t y a n d Mrs. Louis
Riddlie, u n i v e r s i t y film
l ib r a r i a n .

Wyoming Bank Statement Figures
From Reports Received by January 15, 1963
(L ast three figures om itted)
December 31, 1962
Deposits
Loans
Basin, Security State ................ ....... 3,680
2,059
Buffalo, First N ational ............ ....... 4.531
1,563
Casper, F irst N ational ............ ....... 47,792
26,706
Cheyenne
A m erican N ational ................ ........ 34,869
9,411
Stock Growers National ............ 28,801
12,424
Cody, S hoshone-lst N atl......... ....... 12,134
5,022

December 31, 1961
Deposits
Loans
3,982
1,971
4,215
1,491
23,844
49,787
33,943
26,314
10.952

9,998
10.722
4,364

December 31, 1962
Deposits
Loans
Gillette, Stockm en’s Bank .......... ...... 11,260
6,842
Greybull, F irst N ational ........... ..... 3,114
1,350
Kemmerer. First N ational .......... ..... 9,302
2,045
Lusk State ....................................... ..... 3,336
1,687
Rock Spring N ational ................ ..... 13,657
6,439
Sheridan, Bank o f Comm. ... .... ..... 12,965
7,233
Sundance State ............................. ..... 6,483
2,780
W orland, Stockgrow ers State .. ..... 6,482
3,308

Decem ber 31, 1961
Deposits
Loans
10.242
5,296
2,913
1,351
8,126
1,548
2,953
1,394
13,451
5.761
12,694
7,192
6,411
2,239
6,439
3,129

N o r t h w e s t e r n Banke r, F e b r u a r y ,


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Federal Reserve Bank of St. Louis

1963

88

Colorado-W yom ing

News

board of directors of the First Na­ sistant cashier and assistant manager
tional Bank.
of the personal loan department, and
Promotions and title changes made Bill Ward to assistant cashier.
All other officers and directors were
at the annual meeting include the fol­
lowing: Tom J. Gleason from cashier re-elected.
to vice president and cashier; Paul A.
E. Miller from trust officer to vice Lakewood
president and trust officer; Roland
Del Cooper, president, Rocky Moun­
Muhrer from assistant cashier to as­ tain Bank, announced that Robert E.
sistant vice president; H. C. Howerton Caudel has been appointed vice presi­
from assistant cashier and manager dent and cashier, succeeding E. G.
of the personal loan department to as­ Agena, who has joined the Mercantile
sistant vice president and manager of Bank and Trust Company, Boulder.
that department; Jack Williams from
Mr. Caudel formerly was assistant
mortgage loan officer to assistant vice cashier and commercial loan officer at
president and head of the mortgage the American National Bank in Den­
loan department; Drexel Cloos to as­ ver.

Mr. Cooper also announced the elec­
tion of C. E. “Gene” Adams as assist­
ant cashier in charge of the install­
ment loan department.
W

i j o m i n f j

Cheyenne
American National

4

Gordon Murphy, former vice presi­
dent of the American National, has
joined the Crocker-Anglo National
Bank of San Francisco.
Cheyenne National

A. H. Trautwein, president, an- f
nounced that the bank’s capital ac-^
counts have been increased to $675,000
by a transfer of $75,000 from undi­
vided profits to surplus.

Lusk
Burke Petersen, formerly vice pres- >
ident, has been elected executive vice
president of the Lusk State Bank. AID
other officers were re-elected at the
annual meeting.

Keinmerer

w

Plans are being completed for the
remodeling and expansion of the First
National Bank of Kemmerer, according to John A. Reed, president.
The present bank building will be
remodeled and an adjoining building
will be demolished to make way for a 4
new building which will be integrated
into the existing structure. Drive-in
facilities and a new two-story front JL_
structure are planned.
Construction is to begin this spring. >

Rawlins
First National

Two new directors were named at v
the annual meeting. They are L. E.
“ Barney” Harris, Rawlins insurance
agent, and George Hutt, First National
vice president.
All other directors and officers were
re-elected.

As DYNAMIC as the great state of
C olorado itself — where every day
brings something new, exciting and
significant.

Rawlins National

as SUBSTANTIAL as the majes­
tic Rockies — an integral part of the
scene, to be depended upon.
As CONTEMPORARY as tomor­
row — with a philosophy based upon
Service, which is the foundation of
our endeavor.

Riverton
William L. Spencer was elected au­
ditor at the annual meeting of the V
First National Bank. All other offi­
cers and directors were re-elected. Mr.
Spencer formerly was head of the
bookkeeping department.

THAT’S US. THE COLORADO NATIONAL BANK
IS COLORADO. YOUR COLORADO BUSINESS
DESERVES OUR SERVICE.

C O L O R A D O

N A T I O N A L
OF

S e v e n te e n th S tre e t a t C h a m p a
N o r t h w e s t e r n Banker, F e b r u a r y ,


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1963

*

Directors have transferred $100,000
from undivided profits to surplus, for
a total capital account of $700,000, con­
sisting of $100,000 capital and $600,000 4
surplus.
All officers and directors were re­
elected at the annual meeting.

B A N K
DENVER

M e m b e r F. D . I . C .

Shoshone
Bruce W. Ritchie, 75, one of the or- ,
ganizers and a director of the Ameri­
can National Bank in Riverton, died
last month at his home after a lengthy
illness.

89

V -v

'\

V .

“ W hy w e chose the NCR 315 Com puter.”
*

— DENVER UNITED STATES NATIONAL BANK, Denver, Colorado

"W e ll over two years ag o , we recognized

we selected the N CR 315 Computer. N CR

satisfy our requirements — much of their

the need to obtain high-speed equipment

is very fam iliar with banking requirements

time in N CR plants and with N CR people.

to help handle the load of data required

of a ccu ra cy and speed

in the proper operation of a commercial

315 System could grow with us.

Also, its modular

bank. The need w as obviously going to

"W e are alread y pleased with the c a ­

become greater as the Denver U. S. grew

pabilities and the potential of this system.

and expanded its banking services.

Several of our staff have devoted the last

"A fter thorough and extensive eva lu a­

18 months to learning about this equip­

tion of our needs, both present and future,

ment, and in developing the program s to

NCR

P R O V ID E S

T OTAL

S Y S T E M S — FROM

O R IG IN A L

ENTRY

TO

"The progressive steps taken in obtain­
ing the best equipment will insure our cus­

F IN A L

tomers of the very best banking service."

Ne il F. Roberts, President
Denver U. S. National Bank

REPORT —

THROUGH ACCOUNTING MACHINES, CASH REGISTERS OR ADDING MACHINES, AND DATA PROCESSING

The N ational Cash R egister C o .-1,133 o ffic e s in 151 c o u n trie s • 79 years of he lp ing bu sin ess save m oney

Northw estern


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Federal Reserve Bank of St. Louis

Banker, F e b r u a r y ,

1963

90

Losing the space race?
Soon — electronics can give you elbow-room to spare — as w ell as h elp y o u
save tim e an d o ffe r faster, m o re e ffic ie n t service! T h r o u g h e le ctr o n ics, y o u
ca n h av e u p -to -th e -m in u te fa c ts a n d figu res a t y o u r fin g e rtip s w h e n e v e r y o u
n e e d th em . A s b a n k in g p ro c e d u re s b e c o m e m o re c o m p le x , as y o u r v o lu m e o f
re c o rd p o stin g a n d s to ra g e grow s a n d as y o u o ffe r m o r e c o m p le te b a n k in g
services — e le ctr o n ics ca n h elp y o u serve y o u r d e p o s ito rs b e tte r a n d save
y o u sp a ce! B y p u ttin g e le ctr o n ics to w o rk fo r U. S. — w e ’ll s o o n he p a ssin g
th e se a d v a n ta g e s on to y o u . W a n t t o k n o w e x a c t l y w h a t w e m e a n ?
Just watch U. S.! There’ll be a complete announcement soon!
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 rp o ra tio n

N o r t h w e s t e r n Banker, F e b ru a ry ,


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Federal Reserve Bank of St. Louis

1963

91

Nebraska

NEWS
LYMAN M. STUCKEY
HARRIS V. OSTERBERG

»

President

Lexington

Secretary

Omaha

Hunts Bills Get Favorable
Reception in
Holding Company Application Denied
p p r o x im a t e l y

300 bills were

introduced into the Nebraska leg­
A
islature during the first month of the
current session which commenced Jan­
uary 1, 1963. At least a dozen of
these bills directly concern banks,
with the two most prominent ones un­
j der discussion being a bill to ban hold­
ing companies in Nebraska and an­
/
other requiring all hanks to have
FDIC insurance.
The holding company hill, LB59, was
introduced January 4 by Senators H.
L. Gerhart, president of First National
Bank at Newman Grove; Harold Stryk­
er of Rising City and W. H. Hasebroock of West Point. The bill was
endorsed at that time by 23 other Sen­
ators and is reported to have further
support among the remaining legisla­
tors.
>

Application Denied
*

t

►

►

4

►

LB59 received what was considered
by many to be added impetus for its
passage last month when it was an­
nounced in Washington, D. C., that it
was recommended by a Federal Re­
serve Board hearing examiner, David
London, that the application for a
holding company by Trans-Nebraska
Company of Lincoln be denied. TransNebraska had filed last fall for such
permission. A hearing subsequently
was held at the Federal Reserve build­
ing in Omaha, at which time a number
of Nebraska banks testified to give
their objections.
Trans-Nebraska’s a p p l ic a ti o n can
still be acted on further by the Fed­
eral Reserve Board but no indication
of this action was noted last month.
If the application is not appealed or is
not approved, and LB59 passes, it is
felt this would effectively eliminate
formation of bank holding companies
in Nebraska by any banks, state or
national.
Mr. London cited in his report that
the “management and direction of the
affairs of these two banks (Harrison
and Crawford) will thus be provided

by directors and officers who reside,
and are otherwise engaged, approxi­
mately 450 miles away.”
Not in Public Interest

Mr. London further stated that the
applicant, Howard Hall, age 58, is
agency manager in eastern Nebraska
for Woodmen Accident & Life Com­
pany of Lincoln, and would probably
be required to devote about 75 per
cent of his time to his insurance busi­
ness. Citing this, with the fact that
applicant testified that “substantially
more than half the capital required to
launch the holding company, $400,000,
is to be provided by the general pub­
lic,” and further that there would not
be too much more opportunity for
young men to progress to greater re­
sponsibility within the framework of
the holding company than there would
be under common control of the three
banks involved, and for other reasons
stated, Mr. London recommended the
application be denied since it was not
in the public interest. The three
banks involved are at Martell, Craw­
ford and Harrison.

McCook

LB33, a bill to make it compulsory
for Nebraska banks to be members of
the Federal Deposit Insurance Corpo­
ration, was introduced by Senators
Sam Klaver of Omaha and Senator
Foster. Since all national banks al­
ready must have FDIC insurance, the
bill basically is aimed at non-FDIC in­
sured state banks. The bill was
prompted by the recent defalcation of
nearly a half-million dollars at the
Gresham State Bank where deposits
were only about $725,000. Subsequent­
ly, a successor bank was organized by
Dean and Roger Sack, bankers in
York, and the new bank opened just
before Christmas. Depositors of the
old bank were saved from material
loss by fidelity bonds and personal
property pledged by the owners.

It is reported that more than half
the 24 state banks in Nebraska who
did not have FDIC insurance at the
time have now applied for such cov­
erage. Many legislators are reported
to be anxious to remedy the non-FDIC
situation.
LB49 calls for adoption of the Uni­
form Commercial Code, a bill proposed
by the Nebraska Bankers Association
with support of the Nebraska Bar
Association. The bill is more than
400 pages long and presented a prob­
lem to the legislature’s print shop.
Finally, other bills were printed and
the printing of LB49 was reported to
proceed in between printing of other
bills. This bill also is reported to have
wide support among legislators.
LBS proposed by Senator Terry Car­
penter, is an escheat bill designed to
give to the state bank deposits left un­
claimed after a certain number of
years.
Hearings on these and other bills
were proceeding at press time.

Orive-In Facility

SS SS .

w3 s B B S B H S S s S r m

Ì 2 »2 *2 S* S* S* H* 1*S »^ e5 *■ • ** ■ *• ®
^

;

âf * * * * «* S* »

l* « « M

1

N E W D R IV E -IN F A C ILITIE S at the McCook National Bank, McCook, Nebr., include
the latest modern, efficient drive-in window, at left, and night depository, at right. The
Gross Feibel Company manufactured the equipment and F. E. Davenport & Company,
Omaha, furnished the equipment plus two walk-up and bandit barrier doors for the
inside of the building, according to D. E. Berg, manager, F. E. Davenport.
Northw estern


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Federal Reserve Bank of St. Louis

=

Banker, F e b r u a r y ,

1963

92

and 16 others, coast to coast, are now
operating under the Walston name.

O v in i l i a X e w s

From New York, president V. C.
Walston announced the appointment
of Robert L. Soener as the firm’s v

ENNETH G. HARVEY, president
of Douglas County Bank, became
K
president last month of the Omaha
Bankers Association.
Other o f f i c e r s
of the association
are: A. J. Hallas,
p r e s i d e n t of
Stock Yards Na­
tional Bank, first
vice president; J.
A. Irvin g, presi­
de nt of Fi r s t
West Side Bank,
second vice presi­
dent, and H. V.
K . G. H A R V E Y
Osterberg, s ec re ­
tary of Nebraska Bankers Association,
secretary-treasurer.

representing an increase slightly more
than 13 per cent. At the same time,
deposits showed a gain of $13 million,
which was only a gain of slightly more
than 2 per cent.
Good crop and livestock conditions
throughout the state were generally
credited forgiving continued strong
u n d e r p i n n i n g to Omaha’shealthy
economy, with prospects reported to
be for similar or improved conditions
in 1963.
*

* jjj

Mrs. Walter AY. Clark, 35, died last

month of a cerebral hemorrhage. She
is survived by her husband, who is
senior vice president of the Douglas
County Bank; a son, Edwin Dale, 15,
and a daughter, Kim Denise, 11.

* +*

Year-end statements of condition of
Om a h a ’ s 12 banks s ho w a much
stronger loan demand for the area
economy than was recorded nation­
wide. Total loans t h r o u gh Omaha
banks were up more than $40 million,

AValston & Co., Inc., has completed
its merger with Cruttenden, Podesta
& Miller, according to a joint an­

nouncement from the two New York
Stock Exchange-member firms.
CP&M’s Omaha and Lincoln offices,

Municipal and Corporate Bonds
Listed Stocks
Unlisted and Local Stocks
OR D E R S EXE CU TE D ON A L L P R IN C IP A L E XCH AN G ES

CHILES & COMPANY
OMAHA, NEBRASKA
412 Farm Credit Building

LINCOLN, NEBRASKA
1321 P Street

P h on e 346-6677

P h on e 432-3324

LEXINGTON, NEBRASKA
Ernst & Bieck Building

CHADRON, NEBRASKA
999 East 6th Street

N o r t h w e s t e r n Banke r, F e b r u a r y ,


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Federal Reserve Bank of St. Louis

1963

resident manager in Omaha. Mr. Soe- v
ner has been CP&M’s resident man­
ager here since 1956.
*
The other CP&M resident manager
in Nebraska, Ward E. Simpson, of
Lincoln, is continuing in that capacity
with Walston & Co., Inc.
Robert A. Podesta, CP&M’s manag­
ing partner since 1949, will become a
senior vice president of Walston, in <■
charge of its Midwest division, and a
d i r e c t o r and member of the firm’s
management committee. Nine other
former CP&M partners are becoming
vice presidents with the Walston or­
ganization. They include Walter W.
Cruttenden (new business), Glenn R. \
Miller (in charge of the underwriting
department); and Donald R. Bonniwell (in charge of the municipal bond
c
department).
Mr. Soener confirmed that the presv
ent CP&M office at 1801 Farnam Street
will be retained by Walston, and that >the following registered representa­
tives are now affiliated with Walston:
Cecil W. Slocum, Justin II. Horwich,
K. R. Bredensteiner, Paul V. Shirley,

*

lr.
*

*

*

Official opening of the Bank of Bellevue’s Offutt Air Base facility, just

west of the Base Commissary, has
been scheduled for 8:45 a.m., Monday,
February 4.
Center Bank
Robert D. Brady has been elected

V

cashier of The Center Bank and an in­
crease approved for an additional t
$100,000 to surplus, bringing capital
structure to $900,000, including $500,000 capital and $400,000 surplus. In
banking 13 years, Mr. Brady joined *
The Center Bank in 1957 and was
elected an assistant cashier in 1958.
Douglas County Bank
*
Kenneth G. Harvey, president, re­

ports that all directors were re-elected
and in addition the following have
v
been elected to the board: Ernest Hyslop, r a n c h e r and cattle feeder at
Broken Bow; Walter \\T. Clark, senior
vice president; Charles J. Wright, first ^
vice president and cashier, and War­
ren T. Rushing, first vice president.
The following were elected officers:

^

Henry R. Corson, assistant vice presi­
dent, and Harlan Falk, Jack K. Har­
vey, Mike E. Hood and Dick Lines, all

as assistant cashiers.
promoted
from assistant cashier to vice presi­
dent. Regina Nagle was promoted
Lloyd L.

Warner was

<

93

The

DIRECTORS AN D
A D V IS O R Y COUNCIL

O m aha National
Bank

C L IF T O N B . B A T C H E LD E R
P r e s id e n t
_
U n ite d S ta te s C h eck B o o k Co.

Member Federal Deposit
Insurance Corporation

E . JO H N B R A N D E IS
P r e s id e n t
J . L . B r a n d e is & S o n s, I n c .
*W . D A L E C LA R K
C h a irm a n o f th e B oard
W o r ld P u b lis h in g Co.

STATEMENT OF CONDITION

E R H A R T D . E D Q U IS T
P r e s id e n t
F a ir m o n t F o o d s C o.

December 31, 1962

*A . W . GORDON
C h a irm a n o f th e B oard
O m aha L o a n & B u ild in g A s s o c ia tio n
H E R B E R T P . H E A TH
W o rk s M a n a ge r
O m ah a W o rk s
W e s te r n E le c t r ic C o.

RESOURCES
Cash and Due from B a n k s ------------------------------------------ $

K E N N E T H C. H O LLAN D
C h a irm a n o f t h e B oard
C a rp e n te r P a p e r C om p a n y
W.

D . H O SF O R D , JR.
V ic e P r e s . & G e n e ra l M gr.
Joh n D eere C om pany
O m aha

19,632,169

Corporation B o n d s _____________________

P E T E R K IE W IT
P r e s id e n t a n d T re a s u re r
P e t e r K ie w it S o n s ’ , I n c.
CLARENCE L . LAN DEN
C h a irm a n o f t h e B oard
C en tra l N a tio n a l In s u ra n ce G roup
D ir e c t o r
A s s o c ia t e s I n v e s tm e n t C om p an y

M ills

JOH N R. M A E N N ER
P r e s id e n t
T . H . M a e n n e r Co.

124,001

59,385,/73

Stock in Federal Reserve B a n k ------------------------------------

660,000

Loans and D isco u n ts----------------------------------------------------

154,212,170

Bank Building and F ix tu r e s--------------------------------------

800,000

Other Real E s ta te ---------------------------------------------------------

1

Other Resources________________________________________

1,917,492

TOTAL

♦LLOYD H . M A T T S O N
P r e s id e n t
In d u s tr ia l C h e m ica l
L a b o r a t o r ie s , In c.
W.

Bonds of United States and Govern­

State and Municipal B o n d s --------------

♦H ENRY C. K A R P F
P r e s id e n t
T h e F ir s t N a tio n a l Bank
M o r r ill, N eb ra ska

A L L A N M A C T IE R
P r e s id e n t
N e b ra sk a C o n s o lid a te d
C om pany

Securities

ment A g e n c ie s-------------------------------$ 39,629,603

JOH N R . JIR D O N
L iv e s t o c k a n d G rain
M o r r ill, N eb ra sk a

J.

______________________________________________ $ 307,757,224

B . M IL L A R D , JR.
C h a irm a n o f th e B oard

LIAB IL IT IES
Unearned Interest C o lle cte d ------------------------------------------ $

C.

M. NEW M AN
P r e s id e n t
H in k y D in k y S tores

JOH N M . SH O NSEY
E x e c u t iv e V ic e P r e s id e n t ana
C h a irm a n o f t h e E x e c u tiv e C o m m itte e
JA M E S R . S IM S
P r e s id e n t
W o o d m e n o f th e W o rld
L if e I n s u r a n c e S o c ie ty
V.

A. STRAUSS
P r e s id e n t
N o r th e r n N a tu ral

G as

Bills Payable ___________________________________________

8,000,000

Accrued and Other L ia b ilitie s------------------------------------

1,671,872

D e p o sits_________________________________________________

270,981,548

Capital Stock (1,000,000 Shares
Par Value $10) ___________________ $ 10,000,000

A. V . SO R E N SE N
C h a irm a n o f th e B oard
M id w e s t E q u ip m e n t Co.
A. E . STO D D A R D
P r e s id e n t
U n io n P a c ific R a ilro a d

884,928

Capital Funds

J. SK U T T
C h a irm a n a n d P r e s id e n t
M u tu a l o f Om aha
I n su r a n c e C om p an y

W.

90,781,788

Surplus

________________________________

12,000,000

Undivided Profits _____________________

4,218,876

_
Co.

26,218,876

^
C om p a n y

G IL B E R T C. S W AN SO N
C h a irm a n a n d P r e s id e n t
B u tte r -N u t F o o d s Co.

TOTAL

______________________________________________ $ 307,757,224

P A U L B . TH O M PSO N
C h a irm a n o f t h e B oard
T h e C u d a h y P a c k in g Co.
♦J. L eR O Y W E L SH
P r e s id e n t
But» ? r -W e ls h G ra in Co.
♦ A d v is o r y

C o u n c il

M em ber

N orthw estern


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Federal Reserve Bank of St. Louis

Banker, F e b ru a ry ,

1963

94

Nebraska

News

from assistant cashier to assistant vice
president.
First National Bank
John Lauritzen has been elected

chairman of the executive committee.
He has served as senior vice president
si nce January,
195 5, a n d h a s
been a member of
the bank’s exec­
u ti ve committee
since it was es­
tablished in Janua r y , 1961. Mr.
L au r it ze n has
been ass oc iat e d
wi th the Fi rst
Nat i onal Bank
for 22 years, serv­
ing on the board since 1953.
Mr. Lauritzen also is president of
numerous other banks and corpora­
tions doing business in this section of
the country. He has served on the
boards of directors of civic and char­
itable organizations in Omaha, as well
as having held officer positions in the
Nebraska Bankers Association and
American Bankers Association.
Other members of the bank’s execu­
tive committee include John F, Davis,
president, and Fred Thomas. Mr.
Thomas, who has held all senior offi­
cer positions at the First National
Bank since joining the bank in 1917 as
cashier, will continue to remain a di­
rector, and will be vice chairman of
the three man executive committee of
the bank.
North Side Bank
Jack B. Conley and Harry E. Holmberg have been elected assistant cash­
iers, according to L. Dale Matthews,

president.
Omaha National Bank
W. B. Millard, Jr., chairman, an­

nounced at the conclusion of the board

of directors’ annual meeting the pro­
motion of four officers and the election
of two new ones.
Promoted to assistant vice presi­
dents were David R. Johnson, Robert
E. Larsen and Thomas J. McGrath.
All were previously assistant cashiers.
Advanced to trust officer was Warren
E. Van Norman.

Newly elected assistant cashiers are

J. P. J E F F R E Y

Mr. Johnson joined Omaha National
in 1958 after being associated with
the cattle buying department of Ar­
mour Company, and specializes in
livestock loans for Omaha National.
Mr. Larsen joined the bank in 1946
after graduating from Harlan High
School at Harlan, Iowa, and is in the
commercial loan department.
Mr. McGrath is in the business de­
velopment division and is a graduate
of the School of Financial Public Rela­
tions. He joined Omaha National in
1931.
Mr. Van Norman is a graduate of
the University of Nebraska College of
Law and joined the bank in 1962 after
five years with an Omaha firm.
Mr. Jeffrey is a member of the cor­
respondent bank di vision, having
started with the bank in 1959.
Mr. Yanney joined the bank in 1961
after three years of previous experi­
ence with Central Bank and Trust
Company in Denver.
Stock Yards National

Five promotions were approved at
the annual meeting, it is reported by
A. J. Hallas, president. Donald A.
Pro ha ska, w h o
has been cashier
si nc e 1959, was
p r o m o t e d to as­
sistant vice presi­
dent. He has been
with the bank 23
years.
Also named as­
sistant vice preside nt was Don

T . j . M cG r a

th

w

.

e

.

van

N o r t h w e s t e r n Banker, F e b r u a r y ,


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

n orm an

1963

D. B A U G H

W . S. G R A V E S

E. J. P R O B A S C O

M. B. Y A N N E Y

John Peter Jeffrey and Michael B.
Yanney.

J. P. C A R L S O N

D. A. P R O H A S K A

B a u g h ,

1948, is a past president of the Omaha
Chapter of A.I.B. and the Omaha v
Chapter of NABAC.
William S. Graves and Edward J.
Probasco were elected assistant cash-^
iers. Both have been with the bank
since 1956.
United States National
Edward W. Lyman, president, an­

nounced the election of seven officers
last month following the annual board
meeting.
Elected vice president was Dennis
J. Cortney, ad­
vanced from trust
officer. Mr. Cort­
n ey has b e e n
wi t h the b a n k
since 1956, is a
CPA and is a
m e m b er of the
A m e r i c a n Insti­
tute of Certified
Public A c c o u n t ­
ants
and the Ne­ 1
D. J. C O R T N E Y
braska Society of
Certified Public Accountants.
David Neely, an attorney who has <
been with the bank since 1958, was
named trust officer.
New assistant vice presidents are:
Joseph Hallas, Robert W. Hasebroock

and Paul B. Whiting. Mr. Hallas has
been with the bank since 1953 and is

who

j o i n ed the bank
last May as manager of the install­
ment loan department.
The new cashier, John I*. Carlson,
who joined Stock Yards National in

D. N E E L Y

J. H A L L A S

v

95

' \

SPECIAL
SERVICE BULLETINS

FIRST NATIONAL
B A M OF OMAHA

Member Federal Deposit Insurance Corporation
Sixteenth and Farnam ■ Omaha, Nebraska

THIS IS OUR CORRESPONDENT BULLETIN SERVICE
All of our correspondent banks are provided with a binder file. In it we try to
anticipate some of their needs and problems. And it keeps them informed on
all of the services available to them. We supplement this at-your-fingertips
file with additional, timely bulletins throughout the year. This is just one of
the many services the First National Bank of Omaha offers correspondent
banks. IF OUR SERVICES INTEREST YOU, CONTACT US.

N o r t h w e s t e r n Banker, F e b r u a r y ,


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Federal Reserve Bank of St. Louis

1963

96

N^braska N e w s

Beatrice

R. J. B R O W N

G. F. S IB E R T

president of the Omaha Junior Cham­
ber of Commerce and vice president
of the Junior Achievement program.
Mr. Hasebroock joined the bank in
1958 and Mr. Whiting in 1962.
Robert J. Brown was elected assist­
ant trust officer and Gary F. Sibert,
personnel manager, was elected assist­
ant cashier.
Leon Langemeier, f o r m e r l y with
Cudahy Packing Company as market­
ing economist, joins the staff of the
U. S. National Bank the first of this
month in the correspondent banking
division. A graduate of the University
of Nebraska, with a Master’s Degree
in ag economics, he has had experi­
ence with the Federal Reserve Bank
System.

Ainsworth
Commercial National Bank

Lyle Williams, successful cattleman,
has been elected a director of the Com­
mercial National of Ainsworth, reports
Dale Sorensen, president.
National Bank of Ainsworth

Officials of the bank have engaged
an architect to design a new banking
home. The structure is to be built on
new lots recently purchased by the
bank and construction is to begin
when approval of the plans and speci­
fications have been received.
Directors of the National Bank of
A i n s w o r t h advanced Hans Rohwer
from president to board chairman and
Rollin S. Rohwer from cashier to pres­
ident. Forrest H. Kern was advanced
from assistant cashier to cashier. Jes­
sie McAndrew was re-elected vice
president.

Allen
William L. Snyder, assistant cashier,
has been elected a director of the Se­
curity State Bank.
N o r t h w e s t e r n Banker, F e b r u a r y ,


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Federal Reserve Bank of St. Louis

1963

Chadron

W.
W. Cook, president, Beatrice Na­ Eugene Bonkiewicz, formerly vice
tional Bank, has been appointed state president and agricultural representa­
chairman for the observance of the tive, Sidney National Bank, was elect­
banking Centennial set to begin Feb­ ed cashier of the Bank of Chadron at "
that bank’s annual meeting. Other ofruary 25.
Mr. Cook, who is also mayor of fleers and directors were re-elected.
Beatrice, is chairman of the public re­
■k
lations committee of the Nebraska Columbus
Bankers Association.
Columbus Bank
He will work closely with J. R. Ken­
Jerry Micek, an employee of the
ner, president, Thayer County Bank, bank since March, 1960, has been elect- *
Hebron, who is vice chairman for Ne­ ed an assistant cashier. All other offibraska, and the Nebraska Bankers cers and directors were re-elected.
A s s o c i a t i o n to promote activities
First National Bank & Trust
•*among banks of the state to focus at­
William
Gerhold,
Jr.,
an
officer
of
tention on the Centennial theme,
“ Progress Through Service — A Cen­ Gerhold Company, contractor firm,
and N. C. Rogers, president, Rogers i
tury of Commercial Banking.”
Motor Company, have been elected to
The Beatrice National recently gave
the board of the bank.
$2,426 to 136 churches in five states as
Also, George Prochaska has been
its Christmas Church Gift Program
promoted from assistant cashier tot
for the bank’s customers. One dollar
cashier. Other officers and directors
is given in the name of each checking
were re-elected.
and savings account customer to the
church of his choice.

Cozad

Beaver City
A new 40 by 48 foot addition is be­
ing made to the present bank building
of the First State Bank, complete with
basement. The extra space will mean
more room in the bank, two meeting
rooms in the basement, one being a
large community room for local serv­
ice and church groups, and larger
quarters for the offices of the ASC and
SCS.

Broken Bow
The Nebraska State Bank moved
into its new quarters the last day of
the old year and held open house
January 26 and 27. A special viewing
for banker friends was January 28.
The new building gives the bank ap­
proximately four times the space it
had in the old building and features
the latest in modern banking even to
including hot water heated sidewalks
to eliminate snow cover in front of
the bank.

Bob Horn, extension agent for Kim­
ball and Banner Counties, has re­
signed to accept a position with the’*
Cozad State Bank. He will eventually
be placed in charge of the agricul­
tural department.
t

David City
An application to transfer the Ulys- v
ses State Bank to David City has been
filed with the State Banking Depart­
ment. Application was made by Les­
ter E. Souba, owner of the bank, who
plans to rename the bank “David City
Bank.”
*
The application proposes capital ac­
counts of $160,000, which includes $50,000 capital stock, $100,000 surplus, and
$10,000 undivided profits.

Decatur

D.
Roy Way, president of the Citi­
zens State Bank at Decatur, recently
completed construction of a new home
in Decatur and has moved into it from *
his former residence on his farm. For
the past several months Mr. Way has
Burwell
commuted to the bank from the farm
W.
F. Manasil and Robert W. John­ outside of town. He now walks to
son were added to the board of the the bank each day.
Bank of Burwell at the annual meet­
ing. Mr. Manasil is district judge; Mr.
Edison
*
Johnson, assistant vice president of
After more than 33 years as man­
the bank;
aging officer of the Farmers & Mer­

Central City
M. W. Dittman, president of the
Central Bank, has announced the
transfer of $25,000 from undivided
profits accounts to surplus, making
the new total $150,000. All officers
and directors were re-elected at the
annual meeting.

chants Bank, Merlin R. Garey has re­
tired as president and has sold his
stock in the bank.
Donald W. Hardin is the new man­
aging officer. A Beaver City native, <
he still has farming interests in that
NEBRASKA NEWS . . .

(Turn to page 100, please)

97

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Dick Wible, department manager, (left) instructs Larry K upke how to handle an item. The machine operators and
sorters process thousands of items daily.

N*B*C helps you cut float time
A s th e o n ly C a p it a l C it y b a n k o p e r a t in g a d a y a n d n ig h t t r a n s it s e r v ic e ,
National Bank of Commerce Trust and Savings helps reduce float time in clearing your
item s. Our a r o u n d -th e -c lo c k p ick -u p s plus cash le tte rs m ailed d a ily to all p r in ­
cipal metropolitan correspondents permit same-day processing. The department manager
fu rth er speeds s erv ice, in case p rob lem s arise, by ca llin g y ou lon g d ista n ce fo r
clarification. Every item, large or small,
receives prompt, careful attention. Call
or write for complete information.
“ There is no substitute for experience ”

NATIONAL mm

BANK ofCOM M ERCE
MEMBER: F. D. I. C.

TRUST»SAVINGS

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Federal Reserve Bank of St. Louis

Banker,

February,

1963

98

First National Bank & Trust
T HE
Company of Lincoln last month

revealed more detailed plans for the
construction of an eight-story addi­
tion to its present banking quarters
at 12th and N Streets in downtown
Lincoln.
The expansion will provide three
floors of additional customer service
area for the bank and four floors of
office rental space for business and
professional firms. The top floor will
include an area for meeting rooms

for the bank and building occupants.
An additional level will be added to
the bank parking garage and provi­
sions will be made for direct access
from the garage to the upper stories
of the new building. An elevator for
garage users will be installed.
“The decision to increase the size
of the new building indicates real
confidence in the economic future of
Lincoln and of Nebraska,” Burnham
Yates, president, stated.
The addition will extend the bank’s

A R C H I T E C T ’ S s k e tc h o f e ig h t-s to r y a d d itio n to F ir s t N a t io n a l B a n k & T r u s t C o m p a n y
L i n c o l n . C o n s t r u c t i o n is n o w u n d e r w a y .

facilities 75 feet east on N Street. The
entrance of the new building will be
recessed eight feet from the sidewalk
line to permit landscaping between
the front of the building and the walk.
Street level facilities of the new ad­
dition will include a lobby for the y
building and a large area for the 4
bank’s installment loan department.
The second floor will house the bank’s
commercial loan department and is
designed to overlook the present main
banking floor. This area will be ac­
cessible either by elevator or by a
new suspended stairway to be con­
structed in the northeast corner of *
the existing main bank lobby.
New quarters for the trust depart­
ment of the bank will occupy the
third floor of the addition.
The next four floors will be avail­
able for lease to business and profes­
sional firms. The top floor will con- 1
tain rooms for use by bank officers
and personnel and for building ten­
ants for conferences. All floors will >
be served by high speed elevators.
In further comment on the project,
Mr. Yates noted the substantial growth
in banking activity over the last sev- ~
eral years. He pointed out in partic­
ular the increase in resources and
loans and in trust department assets.
Mr. Yates noted the large increases
in Lincoln business and manufactur­
ing statistics during the postwar pe­
riod. Need for additional top-class w
office space justifies the four floors of
rental area, he stated.
Architects for the new building are
Clark and Enerson and Davis and Wil­
son. Construction on the building is
now under way and completion within
a year is planned.
* * *
Walter E. Nolte, executive vice pres- *
ident of First National Bank and
Trust Company, has been elected pres­
ident of the Lincoln Better Business
Bureau.
" UlIlIllIoKui ijallK
Marcus
Dittman, who is also

Complete investment service
Underwriters
Dealers
Distributors
F

ir s t

N

ebraska

Member New York Stock Exchange

/

S

e c u r it ie s ,

I nc.

American Stock Exchange (Assoc.)

Municipal and Corporate Bonds • Mutual Funds • Listed and Unlisted Stocks
1001 “ O” St., Lincoln, Nebr.
Area Code 4 0 2 -T e l. 477-9221

Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

237 N. St. Joseph Ave., Hastings, Nebr.
Area Code 4 0 2 -T e l. 463-3141

99

A NNUA L S T A T E M E N T OF C O N D I T I O N
at the close o f business D ecem ber 3 1 ,1 9 6 2

RESOURCES
Cash and Due from Banks........................................................................ $ 27,123,554.82
United States Government Securities....................................................

27,862,745.85

Municipal Bonds and Warrants..............................................................

9,668,120.39

Other Bonds and Securities.....................................................................

351,180.55

Loans and Discounts................................................................................

69,133,184.67

Stock in Federal Reserve Bank...............................................................

255,000.00

Furniture and Fixtures.............................................................................

518,199.94

Investment in Bank Premises.................................................................

1,960,824.04

Accrued Interest Receivable....................................................................

785,334.63

Other Assets..............................................................................................

34,139.87

T otal R e s o u r c e s ................................................................................... $137,692,284.76

L IA B IL IT IE S
Capital Stock.............................................................................................. $ 4,250,000.00
Surplus.......................................................................................................

4,250,000.00

Undivided Profits......................................................................................

2,186,080.63

T otal C a p ita l F u n d s .............................................................................$

10,686,080.63
818,012.58

Interest Collected Not Earned....................
Reserved for Taxes, Interest and Expenses

652,273.75

Deposits..........................................................

125.535.917.80

T otal L i a b i li t i e s .....................................

$137,692,284.76

FIRST NATIONAL B A N K
&

T r u s t

C o m p a n y

L I N C O L N ,

o f

L i n c o l n

N E B R A S K A

Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

300

Nebraska

News

president of Central Bank, Central
City, is the new president of the Cornhusker Bank, Lincoln, succeeding G.
A. Frampton, who will continue to be
active as board chairman. Also, R. D.
Simpson of Herington, Kan., has been
elected cashier of the bank.

Union Bank
Robert Frey was elected assistant

trust officer by directors last month.
All other officers and all directors
were re-elected, reports William E. y
Barkley, president. Mr. Barkley said
1962 was the bank’s best year of ^
growth.

Havelock National

All officers and directors were re­
elected at the annual meeting last
month. President A. E. Eichberg re­
ported a 20 per cent increase in busi­
ness with deposits of $4.5 million,
more than double what they were in
1954. Loans, assets and other state­
ment figures reached new highs, he
stated.

NEBRASKA NEWS . . .
D. A L F O R D

P. L. F O W L E R

National Bank of Commerce

Two new directors were elected,
four new officers were elected and two
officers were promoted at the annual
meetings of stockholders and direc­
tors. The new directors are: Robert
A. Dobson, president of Dobson Bros.
Construction Company, and Gene H.

R. A. D O B S O N

G. H. T A L L M A N

w. B U C K L E Y

L. M . N O V A K

(Continued from page 96)
area, and for the past 11 years has
been with the Farmers National Com- y
pany, managing farms and ranches,
and selling and appraising real estate4in Nebraska.
It has been announced also that
Cora J. Garey, cashier, is retiring after
23 years’ service at the bank.

Emerson
J. C A R B A U G H

R. P. V A N D E B E R G

Tollman, president of Universal Sure­
ty and Inland Insurance Company.
They replace Otto Riebers and O. J.
Shaw, and the latter two now become
members of the board advisory com­
mittee.
New officers are Douglas Alford and
Paul L. Fowler, named assistant vice
presidents, and Jess Carbaugh and R.
P. Vandeberg, elected assistant cash­
iers.
Winton Buckley, assistant cashier
and ag representative, was advanced
to vice president. E. M. Novak was
advanced from assistant cashier to
assistant vice president.
President Glenn Yaussi told stock­
holders the bank had a good year,
with a deposit gain of about $5,000,000
and an increase in loans of more than
$7,000,000. He said operating profits
after taxes reached a new high of
$565,735, an operating earning of $4.35
per share. A cash dividend of $1.60
was paid on each share.

Directors of the First National voted-*
at their annual meeting to increase
the bank’s surplus from $70,000 to $90,000. Capital is $30,000.
Changes in the official staff of the
bank include: Gerald E. Loyd, for­
merly cashier, president of the bank;
Erwin E. Larson, promoted from as-^
sistant cashier to cashier, and Robert
V. Johnson, promoted from teller to
assistant cashier. Lester Wallwey was
re-elected vice president.

Gibbon
Glen T. Gibson, 74, retired president‘s
of the Exchange Bank, died recently
in a Kearney hospital. He had organ­
ized the Lowell State Bank, which la­
ter (1930) was transferred to Gibbon
and renamed the Exchange Bank of Y
Gibbon. Mr. Gibbon operated the bank
until 1960, at which time he sold the
majority interest. Since then he re­
mained board chairman.

Grand Island
Commercial National Bank

THE DOUGLAS COUNTY BANK OF OMAHA
Statem ent of Condition December 31. 1962
R E S O U R C E S
Cash and Due from Banks
.........
........ ................................................................................... 5 2,344,988.08
U. S. Government Bonds ............................................................................................................$3,455,144.10
State and Municipal and Other Bonds
2,113,877.07
5,569,021.17
Loans and Discounts
7,629,305.32
Banking House, Furniture and Fixtures
299,214.22
Interest Earned But Not Collected ................................................................................................................
87,008.62
Prepaid Expense and Other Assets ................................................................................................................
14,123.17
Overdrafts ........................................................................................................
287.42
TO TA L

................... ...................................................................................

$15,943,948.00

L I A B I L I T I E

C A P IT A L A C C O U N TS
C ap ital Stock
.......................................
Surplus .................
Undivided Profits
Reserves ................................
DEPOSITS ......................... ...................................................................................


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Federal Reserve Bank of St. Louis

First National Bank

Clinton E. Cronin has been elected
a director of the bank. All other offi­
cers and directors were re-elected.
Overland National Bank

600,000.00
500,000.00
157,025.77 $ 1,257,025.77
368.132.37
14,318,789.86

TO TA L .......................................................................................................................................................................... $15,943,948 00
O FF IC E R S
K E N N E T H G. H A R V E Y , President
L E O N A R D J. H R U S K A , V ice President
H E R B E R T H. M E IL E , Sr. V ice President
W A R R E N T. R U S H IN G , V ic e President
W A L T E R W . C L A R K , 1st V ic e President
D A N IE L C. D U TC H , Assistant Cashier
C H A R L E S J. W R IG H T , 1st V ice President
JIM P H IL P O T T , Assistant Cashier
and Cashier
R E G IN A N A G L E , A ssistant Cashier
L L O Y D L. W A R N E R , A ssistant Cashier
Member Federal D eposit Insurance C orporation

Northwestern Banker, February, 1963

Floyd Hursh has been advanced
from assistant cashier to assistant vice
president and Roger Ruff and George^
Wanitschke have been elected assist­
ant cashiers.

k

G. W. Monson, formerly executive
vice president, has been elected chair­
man of the board; Willard Westover, 4
vice president, was elevated to senior
vice president; D. R. Erickson was ad­
vanced from assistant cashier to cash- ^
ier, and Richard C. Armstrong, a di­
rector, was elected assistant vice
president. Other officers and directors
were re-elected.

101

If it pertains to livestock— we can serve you better
W e’re located right in the heart of the stockyards — at the center of the
world’s largest livestock market. It’s an integral part of our lives and our
business. Whenever you have a banking transaction which concerns the live­
stock industry, why not call on our more than 75 years of experience?

S
T
O
C
K
Y
A
R
D
SN
A
T
I
O
N
A
LB
A
N
K
THE ONLY BANK ll

Ql

iMAHA’S U » d N STOCK YARDS

' "

:a

MEM BER FED ER A L DEPOSIT IN SU R A N C E CO R PO R A TIO N

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Federal Reserve Bank of St. Louis

102

Nebraska

News

N eb ra sk a B a n k S ta tem en t F ig u res
From Reports Received by January 15, 1963
(L a st three figures om itted)

are the 15 largest banks in Nebraska,
FOLLOWING
listed according to the amount of deposits shown on
year-end statements:
T o p

1 5

B a n k s

December 31, 1962
Deposits
Loans
154,212
...270,982
Omaha N ational ..............................
69,133
First N ational, L incoln
__ ... ...125,536
65,214
U nited States N ational, Omaha ...116,692
69,371
First N ational, Omaha ................ ...110,265
45,583
Natl. Bank o f Comm., L incoln .... ... 78,242
14,527
Stock Yards N ational, Omaha ..... ... 28,405
11,382
First N ational, Grand Island ..... ... 21,893
8,645
F irst N atl. Bk. & Tr., Columbus .... 18,780
4,346
Packers N ational, Omaha ............. ... 18,281
11,075
First N ational, Hastings .... ............ ... 17,909
7,155
Scottsbluff N ational ........ .............. ... 15,420
7,828
City N ational, Hastings ............... ... 15,409
9,298
N orth Side Bank, Omaha ......... ... 15,362
...
15,065
7,657
First N ational, Frem ont .................
5,185
First N ational, N orth Platte ......... ... 14,862

A insw orth
Com m ercial N ational .................. .. 4,102
N ational Bank o f .................. ...... .. 1,944
A lbion, First N ational ---- -------- ... .. 2,871
890
A llen, Security State Bank ........ .
A lliance
A lliance N ational ........................ .. 7,140
Guardian State ........ .................. .. 15,139
Alm a, H arlan County Bank .......... .. 2,995
Ansley, Security State ........ ........... .. 1,232
1,695
Arnold State Bank .................. ........
Ashland
Farm . & Merch. N ational .......... .. 3,905
Auburn State ...... .................. — ........ .. 2,840
A urora
Farm ers State ................................. .. 3,844
First N ational ................................ .. 3,707
A voca, Farm ers State ....................... . 1,335
B an croft, Citizens ........ ............. ...... .. 1,451
B ancroft, First N ational ............... . 1,236
Bassett, Com m ercial Bank __ _____ . 3,473
Bayard, First N ational ..... ............ .. 2,783
Beatrice
Beatrice N ational ...................... . ... 13,658
First N ational
............................. ... 9,327
680
Beaver Crossing, Hom e State .......
Belden. First N ational .................. ... 1,893
...
1,152
B ennington, Bank o f ........ .............
Bloomfield, Farm ers & Merchants .. 2,796
Blue Hill, Com m ercial Bank ......... ... 3,659
Blue Springs State ......................... ... 1,212
544
Boelus State .... .............. .....................
... 1,162
Brady. Bank o f .......... ...... ........
Brainard, Bank o f ........
............... .. 1,421
Broken B ow State ................... .... ... 3,458
Broken Bow, Neb. State .................. ... 6,969
Broken Bow, Security State ......... ... 1,161
B runing State ...................................... ... 2,510
B runswick State ................... ...... ... 1,045
Burwell, Bank o f .......................... . ... 4,046
Bushnell, Kim ball Co. Bk. ........... ... 1,153
Butte State ........................................... ... 1,615
Cairo, State Bank o f ..................... ... 2,674
669
Cam bridge State ........................ ....
Cambridge, First N a tl..................... ... 2,360
762
Carleton, Citizens State Bank ....
618
Cedar Rapids State .........................
Central City
Central Bank ...... ...............
.... ... 1,537
Farm ers N ational ...................... ... 2,805
Ceresco, Farm . & Merch. .... ........ ... 1,180
Chadron
Bank o f Chadron ................. ....... ... 4,915
F irst N ational ................................ ... 5,200
Chappel, Deuel Co. State ............. ... 2,830
780
Clatonia, Farm ers Bank ...............
Coleridge, N ational ......................... ... 1,630
Columbus
First N ational Bk. & Tr. Co. — ... 18,780
Columbus Bank ........................... ... 5,797
Cozad, F irst N ational ..... ..... . ... 3,458
C raw ford State .................................. ... 2,017
Creighton, A m erican N a tl.............. ... 3,774
Crete State .......................... ............. ... 3,922
C rofton State .................................... ... 1.370
Curtis State ....... ..................
...... ... 1,766
David City, First N ational ------- ... 7,156
Daykin. Jefferson County B k........ ... 1,138
982
Decatur, Citizens State ...............
D eW itt State Bank ...........
...... ... 1,739
Dorchester, Citizens State Bank ... 1,029
E lgin, Bank o f .................................. ... 2,420
653
Elk Creek, State Bank o f ----Elkhorn, Farm ers State Bank .... .... 2,248
858
Elsie, Com m ercial State B k............
Emerson, F irst N ational B k............ ... 1,773
F airbury
.... 10,423
First N ational
Fairbury State ........................... .... 4,299
Fairfield State .................................. ... 1,024

Northwestern Banker, February, 7963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

December 31, 1961
Loans
Deposits
137,084
258,991
111,574
60,511
59,648
112,894
62,629
111,590
38,423
73,323
12,248
28,219
11,261
20,028
8,544
16,592
18,662
3,757
9,872
15,830
14,885
6,231
7,194
14,475
8,298
14,486
7,484
14,588
4,636
14,085

1,450
734
1,226
381

3,317
1,973
2,462
760

1,183
713
985
263

1,338
8,849
1,392
601
1,047

6,975
14,035
2,604
1,178
1,479

1,252
8,565
1,282
573
943

1,501
1,037

3,719
2,782

1,283
1,682

2,301
2,166
435
721
950
1,694
1,576

2,969
3,367
1,244
1,338
1,138
2,660
2,490

1,770
1,778
440
527
727
1,414
1,431

7,248
4,942
321
817
560
1,886
1,952
433
402
564
424
662
2,935
172
1,301
689
1,912
677
509
1,430
377
1,331
564
168

11,989
8,010
592
1,638
1,207
2,648
2,897
1,165
464
1,038
1,374
2,894
5,812
1,125
2,083
942
3,572
1,345
1,504
2,495
633
2,183
672
615

5,996
3,817
283
743
424
1,438
1,604
309
258
476
484
582
2,712
233
1,036
604
1,783
671
394
1,187
317
1,036
456
142

853
1,078
488

1,351
2,823
1,001

731
1,231
368

2,865
1,754
1,523
406
1,005

4,212
4,826
2,559
673
1,616

2,504
1,328
1,582
418
922

8,645
3,778
2,080
738
2,104
1,940
731
721
2,663
711
566
825
711
993
403
1,092
658
1,126

16,592
5,525
3,164
1,966
3,555
3,093
1,301
1,702
6,017
833
841
1,459
799
2,176
518
2,137
737
1,519

8,544
2,906
1,800
632
1,761
1,742
497
939
2,272
733
478
886
600
992
259
1,068
568
892

4,954
1,826
545

9,275
3,839
928

4,813
1,671
439

December 31, 1962
Loans
Deposits
615
Fairm ount, Farm ers State .............. .. 1,059
4,154
Falls City, First N ational .............. .. 7,313
563
Filley Bank ...................... ................ . .. 1,020
Frem ont
7,657
First N ational .................... ....... .. 15,065
6,903
Frem ont N ational _____________ .. 13,825
1,102
Friend, First N ational ...................... .. 2,843
4,485
Geneva State ................................ . .. 5,928
1,701
.. 2,840
Genoa N ational ...... .
....
4,272
Gering N ational ........ ............... ........ .. 6,660
1,335
Gibbon, E xchange Bank ..... ....... . .. 2,139
Gordon
2,664
First N ational ......... .................... .. 5,420
1,799
Gordon State ....... ........................... .. 3,059
Gothenburg
2,410
F irst State .... ................ ................. .. 3,196
2,730
Gothenburg State .......................... .. 4,107
Grand Island
6,093
Com m ercial N ational ............... .. 12,239
11,382
F irst N ational ________ ________ ... 21,893
5,775
Overland N ational ..... ................ .. 10,911
748
Gresham State ................................... .. 1,428
566
Gretna State .............................. ......... .. 1,070
319
831
Guide R ock State ..............................
346
807
H ardy State .......................................
1,452
857
H arvard State ........................................
H astings
7,828
City N ational ................................. 15,409
11,075
First N ational ................................. 17,909
1,147
Hay Springs, N orthwestern State..... 1,621
2,118
Hebron, Thayer County Bank ..... ... 4,226
1,197
H em ingford, Bank o f ____ _______ ... 2,729
278
875
H olbrook Security State ..................
7,017
H oldredge, F irst N ational ............. ... 11,745
434
190
H om er, A m erican State ...... ..........
2,322
H ooper, F’irst N ational ............... ... 3,456
1,057
H owells Bank .................................... ... 1,355
296
475
Hubbell Bank ....................................
1,285
H yannis, Bank o f .............................. ... 4,132
577
Im perial, First N ational ................. ... 1,718
260
520
Indianola, Bank of .... ......... ...........
871
Johnson, F’irst N ational ______ __ ... 1,892
6,369
Kearney, First N ational ............. ... 11,957
4,464
...
6,701
Kearney, P latte V alley State ....
1,335
Kenesaw, Adam s Co. B k................. ... 2,246
883
Keystone, Bank o f ......................... ... 1,551
295
K ilgore, Farm ers State ................. ... 1,387
1,698
Kim ball, Bank o f .... ....... .............. ... 4,142
604
929
Lewellen, First N ational _______
2,388
L exin gton, Farm ers State ............. ... 4,005
3,017
L exin gton State .............................. ... 5,868
L incoln
883
Cornhusker ...... ......... ........... .......... ... 1.330
69,133
First N ational ......................... ...... ...125,536
1,595
Gateway ............................................ ... 2,834
2,342
H avelock N ational ---- -------------- ... 4,482
45,583
N at’l. Bank o f Commerce ............. 78,242
4.149
U nion Bank & Trust ..... ........... ... 6,418
704
Loup City, First N ational ............ .... 2,799
1,018
M adison Bank o f Madison ............. ... 2,247
316
1,033
Farm ers N ational ____ _________
111
506
Mason City, Mason State ...............
4,422
M cCook, First N ational ................. ... 7,822
1,014
Merriman, A nch or Bank ..... ......... ... 2,452
1,723
Millard, Farm ers State ................. ... 3,443
271
M illigan, Farm . & M erch.............. ... 1,007
Minden
1,982
First N ational .................................... 3,006
1,850
Exchange N ational ..................... ... 3,409
1,831
M orrill, F irst N ational ..................... 2,302
266
640
Murdock, Corn Growers State ....
821
Murray State .................................... ... 1,733
N ebraska City
763
Farm ers Bank ............................. ... 4,738
1,230
Otoe County N ational ....... ............. 6,100
241
519
Nehawka Bank ................................
1,119
Nelson, Com m ercial ...................... .... 1,938
338
853
N iobrara, Bank o f ........................
4,235
N orfolk, N ational Bank o f ....... .... 7,783
1,824
N orth Bend, P latte V alley .......... .... 2,921
N orth P latte
5,185
First N ational ............................... .... 14,862
2,576
McDonald State
...... ............... .... 8,614
2,281
Oakland, Farm . & Merch. Natl. .... 3,641
Omaha
8,986
Center Bank ................................. .... 13,661
7,629
Douglas County .......................... .... 14,319
69,371
F irst N ational ----- -------------- ----- ...110,265
6,431
....
11,296
First W est Side ............................
9,298
N orth Side ..................................... .... 15,362
154,212
Omaha N ational .......................... ....270,982
4,346
Packers N ational ------ -------------- .... 18,281
3,969
South Omaha
___ ____ ___ ____ .... 8,289
2,468
Southwest Bank .... ................... .... 4,453
14,527
Stock Yards N ational .............. .... 28,405
65,214
U nited States N ational ............ ....116,692
ONeill
728
....
3,326
First N ational ........ ... .................
1,560
N ational Bank ............................ .... 4,303
442
746
Orchard, Bank o f ............................
Ord
1,996
First N ational .............................. .... 3,595
1,701
N ebraska State ........................... .... 3,485

December 31, 1961
I
Loans
V|
Deposits
537
I
990
3,814
I
6,522
519*
909
14,588
12,329
2,417
5,454
2,726
6,061
1,354

7,484
6,286
944
4,030
1,260
3,619
745

5,120
2,827

1,906
1,487^

2,718
3,461

1,795
2,317

I
1
j
1
* 1
1
J
I

1

11,298
20,028
9,965
720
802
793
612
1,478

5,365
11,261 f I
5,489
406
446
N
407
269
727 *

14,475
15,830
1,600
3,469
2,465
813
10,251
408
3,014
1,207
442
3,923
1,754
432
1,807
10,304
5,856
1,885
1,564
1,176
3,244
1,016
3,531
5,190

7,194
9,872
1,093
1,881 .
1,274
246
6,212
J
175
2,013
844 ».
312
1,273
812
]
179
909
4,700
3,728
1,042
I
851
A
276
533
574 u
1,931
2,582

1,146
111,574
2,464
3,593
73,323
5,485
2,738
2,059
1,054
559
7,936
2,606
3,291
917

705
60,511
1,121
1,851
1
38,423 t
3,287 1
630
480
J
341
]
122
3,825 «
980
1,368
204

2,441
3,225
2,452
636
1,550

1,568
1,707
1,712
407
788

4,242
5,729
484
1,781
865
7,270
2,635

895 ^
1,219
346
1,111
360
3,701
1,510 v

14,085
8,249
3,368

4,636
2,169
1,627

12,362
13,528
111,590
9,573
14,486
258,991
18,662
7,678
1,426
28,219
112,894

7,624
5,892
62,629
5,421
8,298
137,084
3,757
4,037
412
12,248
59,648

3,468
4,082
665

487
976
337

3,357
3,261

1,593
1,520

*

L

*

Nebraska

Oshkosh, N ebraska State .........
Osmund State ..............................
Palisade, Frenchm an V alley B.
Palm er State Bank ......................
P alm yra, Bank o f ........................
P aw nee City, Citizens State ....
P ender State ................................
Petersburg State ...........................
Plym outh, Farm ers State .........
P otter State ...............................
P rague, Bank o f .......... ........
Red Cloud, Peoples-W ebster
Rushville, Stockm en’s N atl.
Salem, Bank o f ...
Sargent, Farm ers
Schuyler
Schuyler State
Scottsbluff
^ F irst State .........
Scottsbluff N ati
Seward
Cattle N ational
Jones N ational

December 31, 1962
Loans
Deposits
1,050
.. 2,405
627
.. 1,417
391
796
655
1,109
515
189
429
.. 1,328
2,574
.. 4,094
643
.. 1,107
488
893
628
.. 1,172
513
.. 1,470
660
2,000
250
687
1,745
.. 3,038
3,452
. 5,049
.. 2,094
731
.. 2,856
1,247
283
415
968
2,178

D ecem ber 31, 1961
Deposits
Loans
1,014
2,198
614
1,198
614
762
533
1,093
145
457
414
1,229
2,224
3,597
500
935
529
675
594
1,070
322
1,362
845
1,975
260
663
1,268
2,445
4,669
2,926
695
1,838
2,156
1,013
250
332
753
1,735

..

3,584

684

3,558

656

..

7,523
15,420

3,374
7,155

6,549
14,885

2,393
6,231

..
..
..
..

4,092
7,736
1,614
8,584
769

1,884
3,654
1,164
3,236
440

3,951
7,314
1.421
7,756
793

1,423
3,514
992
3,244
406

Silver Creek, Farm ers State

f Fremont
Harvey Jensen and Joe Fuhr have
been elected vice presidents of the
First National Bank. Other officers
A and directors were re-elected.
Mr. Jensen, formerly assistant cash­
ier, has been with the bank since 1948.
_Mr. Fuhr has been ag representative
since 1959. Prior to that he was with
a Beatrice bank 10 years.

Hastings
No opposition was voiced at a recent
public hearing in Hastings on an ap- plication by C. T. Voorhees and asso­
ciates, Hastings, for a charter to estab­
lish a new state bank, The Hastings
State Bank.
Ralph Misko, head of the State
Banking Department, said he planned
to render a decision later in January.
City National Bank

W. Wayne Decker has been ad­
v a n c e d from vice president to senior
vice president; O. J. McDougal, Jr.,
from assistant vice president to vice
president, and Melvin D. Bunde, to
assistant cashier, according to E. B.
Cosgriff, board chairman.
First National Bank

► C. L. Van Horne, who recently re­
signed as president of the bank, has
been elected vice president of the
Crocker-Anglo American National in
San Francisco, effective January 1.
Naming of his successor, Donald J.
Murphy of M in n ea p olis, was anj nouncecl in last month’s Northwestern
Banker.
Hastings State

A charter for the Hastings State
k Bank was granted by the state bank­
ing department last month. Director
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.

News

Decem ber 31, 1961
Loans
Deposits
2,537
6,068
1,005
2,347
598
1,486
979
1,208

December 31, 1962
Loans
Deposits
3,004
South Sioux City, Neb. State ...... ..... 6.538
1,071
Stanton N ational ........................... .... 2,449
1,682
690
Stuart, Tri-C o. Bk. ........................ ...
808
Stapleton, Bank o f ....................... ..... 1,409
Superior
1,793
Farm ers State ...................... .. .... 2,809
1,607
Security N ational ..................... .... 3,392
811
Sutton State .......................... .............. 1,363
3,943
Tekamah, F irst N ational ....... . .... 5,062
1,692
Tekamah, B urt Co. State .......... ..... 2,308
741
T renton, State Bank o f ............... .... 1,333
V alentine
1,824
First N ational ........................ ..... 4,015
N ebraska State .................... .......
829
V alley, Bank o f ............................ ..... 2,024
V alparaiso, Oak Creek V alley ...
1,899
W ahoo, First N ational ................. ..... 5,687
1,145
W althill, F irst N ational .......... ..... 2,119
978
W auneta, W auneta Falls Bk. ----- ..... 1,770
2,117
W ausa, Com m ercial State .......... ..... 2,553
W ayne
2,872
F irst N ational ............................. ..... 3,825
4,582
State N ational ........................... ..... 6,385
3,112
......
4,757
W est P oint, Farm . & Merch. ..
3,270
W est P oint, First N ational ........ ..... 4,933
1,161
W ood R iver, Bank o f .................. ..... 1,791
641
..... 1,963
W ym ore N ational ----------------York
5,991
First N ational ............................ ... 9,261
5,402
Y ork State ................................. ..... 7,590

of Banking Ralph Misko stipulated
that total capital must be $250,000,
rather than $175,000 listed in the ap­
plication, and that the new bank must
open within six months.
Clarence V o orh ees, president of
Harvard State Bank, who heads the
incorporators, said the requirements
would be met and FDIC coverage was
applied for the new bank. He said a
location is being sought in Hastings
for the bank.

Lewellen
The First National Bank of Lewel­
len recently installed 225 new safe
deposit boxes from Mosler Safe Com­
pany. The previous boxes were ruined
by burglars last April and were later
removed from the vault and are no
longer in use, according to J. L. Kats,
cashier.

Hemingford
Two new directors have been added
to the board of the Bank of Heming­
ford. They are Phyllis A. Edmiston
and Arthur J. Abbott.

103

2,434
3,018
1,068
4,436
1,897
1,259

1,545
1,506
617
3,210
1,172
792

3,425
5,213
1,761
1,107
5,103
1,952
1,778
2,277

1,566
3,549
596
589
1,751
981
1,045
1,610

3,575
5,335
4,198
4,294
1,487
1,925

2,121
3,998
2,541
2,509
926
504

8,298
5,368

4,648
4,100

It was announced also that surplus
has been increased from $125,000 to
$135,000.

Nebraska Calendar
Federal Reserve and NBA Eco­
nomic Fornms: April 8—Scottsbluff;

April 9—North Platte; April 10—
Grand Island; April 11 — Lincoln;
April 15—Norfolk; April 16—Oma­
ha.
NBA State Convention: May 6-7,
Hotel Fontanelle, Omaha.
Bank

Management

C o n fe r e n c e :

June, Doane College, Crete.
NBA Agricultural Meetings: August

6—Scottsbluff; August 7—Lexing­
ton; August 8—Norfolk; August 9—
Lincoln.
NBA Group Meetings: Nov. 5—
Group 6, Sidney; Nov. 6—Group 4,
Holdrege; Nov. 7—Group 5, Grand
Island; Nov. 8—Group 1, Lincoln;
Nov. 11—Group 2, Columbus; Nov.
11—Group 3, Norfolk.

A co m p lete, time tested, perfo rm a n ce

g u a r a n t e e d outfit

For A u ctio n S a le C lerks
CO M B IN ES A L L T H E FE A T U R ES YO U

DEMAND

Receipts for Each Buyer

•

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BLACK SALE SYSTEM
*Telephone Nos. 536-2651 or 536-2522

Fullerton, N ebraska
Write Us for Sample Sheets and Information

OM AHA

Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

104

Nebraska

News

N ew T yp e R even u e R on d s is s u e d

North Platte
The McDonald State Bank cele­
brated its 85th anniversary on New
Year’s Day. The bank was established
by Charles McDonald as “The Bank­ V
ing House of Charles McDonald,” in
1878, receiving its present name in V
1902.

Pilger

THE FIRST industry to make use of Industrial Development Amendment revenue
bonds in Nebraska was Magnolia Metals, Inc., at Auburn. The bonds were officially
delivered to the purchasers recently and the above photo shows the principals present
for Die signing. Seated, left to right, are: Mrs. Norma VerMaas, v.p. in trust dept.,
National Bank of Commerce, Lincoln; Governor Frank Morrison; Charles Oldfather,
attorney for Auburn; Floyd Pohlman, Auburn mayor, and John Ferneau, Auburn city
attorney. Standing, left to right, are: James Monroe, division of Nebraska resources;
William E. Grubbs, Fidelity Title Insurance Co., and William March, secy. & treas.,
Schweser Company, Omaha investment firm. This type of revenue bond was authorized
by the last legislature.

Hebron
A new bank building for the Thayer
County Bank is progressing rapidly
diagonally across the street from the
old bank quarters. It is 50 by 80 feet
and should be ready for occupancy in
late February or early March.

Kearney
First National Bank

James D. Lutes, formerly assistant
vice president, was elected vice presi­
dent at the recent annual meeting.
Platte Valley State Bank

Mrs. June Ingram, formerly assist­
ant cashier, has been elected assistant
vice president. She has been with
the bank since 1953. A past president
of the Nebraska Group, National As­
sociation of Bank Women, she is cur­
rently a second-year student at the
Banking School of the South, Louisi­
ana State University, Baton Rouge.

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Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

McCook

P. M. Graff, 39, vice president at
the McCook Na­
tional Bank, has '
been elected pres­
ident of the bank.
He su cce e d s Kimball
George Moss, who
C.
E. Nelson, president of the Amer­
has be en with
ican National Bank, retired the first
the bank 50 years
of the year and was succeeded by Don
and who has been
Bailey, who joined the staff last Sep­
elevated to board
tember as executive vice president.
chairman.
Mr. Bailey had been president of the
I t w a s a n-*Campbell State Bank.
P. M. G R A F F
nounced also that
Mr. Nelson, who came to Kimball
17 years ago and who has now ended M. D. Carroll was elected an assistant
more than 43 years in banking, has cashier.
opened a private business office at 113
West Second.
Sargent
,
Directors have increased the surplus
Mullen
account by $25,000, making capital
At the annual meeting of the Bank $50,000, surplus $75,000 and undivided
of Mullen, the surplus account was profits, $38,700, according to R. A. *
increased $25,000 by transfer from Wekesser, president.
earnings. Capital and surplus accounts
now total $325,000.
Sidney
W. H. Bramer was elevated from
Jerry Dykman, who has been at the
vice president to executive vice presi­ American National Bank’s Drive-In
dent in the only officer change.
Bank, has been elected an assistant
cashier.
*

T
H
I
N
K
I
N
G
O
F
A
U
T
O
M
A
T
I
O
N
?
?
O M AHA

More than 850 persons attended the
recent open house of the newly-re- *•
modeled Farmers Nat i onal Bank.
Highlight was the appearance of Fla- V
vian Goeller, recently-elected national
pork queen, who cut the ribbon to
open the ceremony. Jim Cooper of
Marshalltown, Iowa, chairman of the
board, also participated.
Directors of the bank gave 50 cents
for each visitor present to the church

Omaha 2, Nebraska

South Sioux City
Robert Haggblade, with the Nebras- v
ka State Bank since March, 1962, was
elected an assistant cashier at the
annual meeting.
^
Directors voted to increase the capi­
tal stock from $150,000 to $175,000.

St. Paul

4

More than 200 persons accepted the
invitation of the St. Paul National
Bank to attend the bank’s Annual ^
Open House at the American Legion
Club. Carnations were given the la­
dies and there were refreshments for
all.

Nebraska

Scribner

v

H. E. Vackiner, cashier of the Scrib­
ner Bank, has been elected executive
vice president, together with his du­
ties as cashier,
making him chief
managing officer.
Also, Mrs. Gesina
Steil, c al le d by
many as one of
the s t a t e ’ s out­
standing w o m e n
bankers, has been
elected vice presi­
dent. E ld on G.
Freudenburg, vice
H. E. V A C K I N E R
president, report­
ed that the bank closed the year with
the highest figures in its history, with
totals in excess of $3% million.

York
First National Bank

One hundred thousand dollars has
been added to surplus, making a total
of $150,000 that has been added to
surplus during the past year. Capital
and surplus are now $700,000.
York State Bank

Dean Sack, president of the York
State Bank, was honored by his com­
munity last month, when he was pre­
sented the 1962 Service to Mankind
Award by the York Sertoma Club.
Y utan

James W. Anderson was elected an
assistant cashier at the recent annual
meeting of the Bank of Yutan.

News

105

The bank recently enlarged its quar­
ters by adding a wing on the east side
of the present building, advantages
being a larger bookkeeping room and
an additional office.

Waverly
Mrs. W. H. Dick, cashier of the Lan­
caster County Bank, r e t i r ed last
month after nearly 34 years’ service.
Don L. Dunlap, executive vice presi­
dent, has announced that Dwaine C.
Hendricks, agricultural representative,
Farmers & Merchants Bank, Milford,
has succeeded Mrs. Dick and also will
serve as the bank’s agricultural rep­
resentative.

/I ekamah
L.
L. Loerch, formerly vice presi­
dent and cashier, was elected senior
vice president and cashier at the an> nual meeting of the First National
Bank.
Also, two assistant vice presidents—
B. R. LeMaster and Rex W. Kates—
—
^
were advanced to vice presidents.

AM ERICA N NA'H ON AL BAN K
ST. JOSEPH, MISSOURI

O F F IC IA L

December 3 1, 1962

Thedford
*

At the annual meeting of the Citi­
zens State Bank, Raymond Wernke
was promoted from cashier to execu­
t i v e vice president and John C. Stev­
ens, from assistant cashier to cashier.
T ild e n

G. P. Bauman, formerly executive
r vice president of The Tilden Bank,
was elected president at the annual
meeting, succeeding J. R. Kinder, who
was advanced to board chairman.
9 Also voted was an increase of the
authorized capital from $100,000 to
$200,000.

Wahoo
Mrs. Kenneth Tool, wife of the pres­
ident of the First National, died last
F month after a week’s illness. She had
been office manager the past 17 years
for the Economy Housing Company.

RESOURCES
__

Loans

v West Point
Delwyn L. Wegner, formerly assist­
ant cashier, has been named cashier;
Gerald C. Hunke, formerly assistant
cashier, has been made assistant vice
president, and Ivalo White has been
elected assistant cashier at the First
National Bank.

_________ $11,874,527.14

Municipal and Federal Agency Bonds

6,606,913.02

Banking Premises

______________ _____

180,000.00

Federal Reserve Bank Stock

____________________

60,000.00

United States Obligations

_

Cash and Sight Exchange

___

$10,516,248.82
6,455,631.52

16,971,880.34
$35,693,320.50

L IA B IL IT IE S
___

Capital Stock

$

____________________

Surplus

750,000.00
1,250,000.00
432,817.68

L ndivided Profits and Reserves

_ 33,260,502.82

Deposits

$35,693,320.50

OFFICERS

Wayne
Surplus at the First National Bank
has been increased $50,000 by transfer
from undivided profits. Capital is now
$100,000, surplus $250,000.

STATEM ENT

GEO. U. RICH M OND
Chairman

C H A R L E S J. C O N A N T , JR.
V ice President

B E V E R L Y PITTS
President

ED. H. G IN ZK E Y
A ssistant V ice President

W A L T E R W . L IM B AC K
V ice President

TOM J. B U T L E R
Cashier

BEN TON M. C A L K IN S , JR.
V ice President

W IL L IS JU D A H
Assistant Cashier

C H A R L E S K. RICHM OND
V ice President

R O B E R T E. K IL L E N
A ssistant Cashier

W . F R A N K L IN E V A N S
V ice President

D O N A L D D. FOLK S
Assistant Cashier

Member Federal Deposit Insurance Corporation

Northwestern Banker, February, 7963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ACTION MAKES THE DIFFERENCE AT BANKERS TRUST COMPANY
At Bankers Trust Company it’s more than just a willingness to be of service. Our
people in the Correspondent Bank Department have a lot of know-how in what
they’re doing . . . and they’ll answer your call for service with dispatch.
When it’s ACTION you want . . . call Area Code 515, 283-2421. Ask for Cy Kirk*
or Homer Jensen. These men are familiar with area bank needs. You can depend on their
prompt, expert service.

LARGEST

TRA N SIT SERVICE

CREDIT INFORMATION

CARRYING EXCESS LOANS

CURRENCY SERVICE

SAFEKEEPING

ADVICE ON BANK

INVESTMENT ADVICE

OPERATIONS

PERSONAL SERVICES

TR U S T SERVICES

COLLECTIONS

FOREIGN DEPARTMENT

LOCALLY

C Y R U S D . K IR K

O W N E D B A N K IN D E S M O I N E S

S i x t h a n d L o c u s t S t r e e t • D e s M o in e s 9, Io w a
Member Federal Reserve System...Federal Deposit Insurance Corporation.


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Federal Reserve Bank of St. Louis

H O M E R R. J E N S E N

107

Allied Structural Steel Company of
Chicago and Clinton. Other members
of the group are Roger F. Shaff, Carnanche farmer; Clark A. Depue III,
president, Central Steel Tube Compa­
ny, Camanche; D. W. Franks, lumber
dealer of DeWitt, and Bruce Town­
send, president, City National Bank,
Clinton.

Cantril
* Albia
E. W. Baxter, cashier of Peoples Na­
tional Bank, retired February 1 after
■¿serving with the bank 50 years. He
joined the bank on that same date in
1913. Lester Poole has been elected
cashier to succeed him.
Other promotions announced by
president J. E. King are: Robert Bul­
lock and Jim King to assistant cash­
ie r s , and the election of Jim King as
director.

y

^ A lto n

1961, after serving in the bank at
Andrew, Iowa.
Esther S. Mick, assistant cashier,
has been promoted to cashier.

Blairstown
The Benton County State Bank.
Blairstown, has transferred $50,000
from undivided profits to surplus,
making capital $50,000 and surplus
$150,000, according to Earl Kimm.
cashier.

Cedar Falls

Wayne S. Mathews has been named
president of the Cedar Falls Trust and
Savings Bank. He
s u c c ee ds John
Kyi, who is retir­
ing from ac ti ve
s e r v i c e after 48
y ear s wi t h the
E.
C. Hutchinson, 91, last surviving
bank. Mr. Kyi
member of the original board of di­
will be chairman.
rectors of the College Savings Bank,
Mr. Mat hews
w died recently at an Ames hospital. He
has been execu­
operated a store in Ontario for many
tive v i c e pr e si ­
years.
dent. He came to
W . S. M A T H E W S
Cedar Falls three
Andrew
years ago from Victor, where he had
r
Harold J. Mohlenhoff has been elect­ been the executive officer of The
ed a director of the Andrew Savings Farmers Savings Bank for 10 years.
Bank, according to Ever V. Flint,
cashier.
Camanche
V Mr. Mohlenhoff replaces the late
The state banking board has given
Glenn McCarron. He is the son of approval to the application of a group
the late J. H. Mohlenhoff, long-time headed by R. O. Wilson of Clinton for
► president and original director.
a new bank here. It will be known
The bank currently is observing its as the Camanche State Bank and capi­
50th anniversary.
tal will total $150,000.
Mr. Wilson is vice president of the
Max Kiernan, cashier of The Alton
Savings Bank, reports that surplus of
the bank has been increased from
J $115,000 to $140,000. Officers and di­
rectors have been re-elected.

Common stock of the State Savings
Bank, Cantril, has been increased
from $50,000 to $75,000 by way of a
50 per cent stock dividend from undi­
vided profits, according to Eugene
House, executive vice president and
cashier.

Carlisle
Max McCord, Carlisle contractor,
has been elected to the board of direc­
tors of the Hartford-Carlisle Savings
Bank.

Cedar Rapids
The Merchants National Bank

Five promotions have been an­
nounced by S. E. Coquillette, chair­
man of the board of The Merchants
National Bank.
William O’Hara, commercial loan
department, was named an assistant
cashier; Robert A. Hahn, installment
loans, and Raymond Orr, mortgage
loans, were advanced from assistant
cashiers to vice presidents, and Ernest
J. Buresh and Richard Ryan, former­
ly assistant trust officers, were elected
trust officers.
Peoples Bank & Trust Company

Five promotions have been an­
nounced by Ted J. Welch, president
of the Peoples Bank and Trust Com­
pany.
J. Keith Noll was advanced from
assistant vice president to vice presi­
dent; Dean J. Nordmann was ad­
vanced from assistant cashier to as­
sistant vice president, and Robert K.
Andrews, Leota Brehm and Margie
Livingston, were name d assistant

^ Baldwin
The Baldwin Savings Bank will ob­
serve its 60th anniversary on Febru^ ary 27. The bank opened for business
on this date in 1903. No open house
or elaborate plans are being made,
since the bank held an opening when
* the new building was completed in
May, 1962.

► Bussey

Alvin G. Hansen has been promoted
from executive vice president and
cashier to president, replacing E. G.
^ Doughman, who has been advanced to
chairman of the board at the State
Bank of Bussey.
Mr. Hansen came to Bussey in May,

ÍÍHÍ3 lo tta G rou p M e e t in g s
Town

Date

Group
1

Tuesday

February 12

Sioux City

11
5

Friday
Tuesday

Burlington

6
10

Wednesday
Thursday

February 22
May 7
May 8
May 9
May 10

Keosauqua
Muscatine

Tuesday
Wednesday

May 21

Manchester

May 22

Sumner

Thursday
Friday

May 23

Clear Lake

May 24

Spencer

8
4
7
3
2

Friday

Council Bluffs
Winterset

Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

108

Iow a

News

cashiers. Richard Newland was not
re-elected, having resigned in Septem­
ber, 1962.

zens State Bank. He replaces the late
Dr. E. W. Freeland, who served on
the board for nearly 30 years.
Page County State Bank

Centerville
Mrs. Bernice Craver has been named
assistant cashier at the Centerville
National Bank, according to R. F.
Malmberg, executive vice president.

Cherokee
Miss Virginia I. Herrick has been
elected to the board of the Cherokee
State Bank, according to Loren Ander­
son, president. She replaces the late
L. C. Ary, who died December 29 after
serving on the board for 20 years.

Clarinda
Citizens State Bank

Joe Tunnicliff, local Ford dealer, has
been elected to the board of the Citi­

The Page County State Bank, Cla­
rinda, has option on a lot on the north­
east corner of the town square for
possible drive-in facilities or future
building. The bank, which is located
on the southwest corner of the square,
was recently sold to the Whitmores
at the Okey-Vernon National Bank,
Corning.

Clinton
Gene C. Biermann has been named
an assistant cashier of the Clinton Na­
tional Bank, according to L. J. Derflinger, president. All other officers
and directors were re-elected. Surplus
was increased to $300,000.

COUNCIL BLUFFS SAVINGS BANK
C O U N C I L BLUFFS, IO W A

Council Bluffs
Five promotions were announced by
the State Savings Bank.
Eldon G. Nielsen and Miss Gertrude
Tinley were named vice presidents. N
Mr. Nielsen was an assistant vice pres­
ident in the installment loan depart­
ment. Miss Tinley was an assistant-#
cashier in the savings department.
Charles Tellander was advanced to ^
assistant vice president. He has been
an assistant cashier in the mortgage r
loan department.
New assistant cashiers are Mrs.
Shirley W i c h a e l and Raymond l A
Graalfs.
The bank’s total capital and surplus
has been increased to $1 million.

Crestou
Peter J. Dykema, vice president andi
cashier of the Iowa State Savings
Bank, Creston, has been elected to
the board of directors. All other direc­
tors were re-elected.

STA T EM EN T O F C O N D IT IO N — DECEM BER 31, 1962
ASSETS
United States Bonds .................... ............................................................................... $ 3,900,814.15
Other Bonds .................................................................... ............................................ .... 6,048,574.11
Cash and Due from Correspondent Banks ..................................... ............. 4,472,290.84
Total Cash Resources
............................................................................................ 14,421,679.10
Loans and Discounts .................................................................................................... 17,620,019.93
Banking House ............................. ..........................................................................
85,410.22
$32,127,109.25
LIABILITIES
Capital Stock (Common)
........................... ................................................ $ 1,000,000.00
750,000.00
Surplus ................................................................................................................................
Undivided Profits and Reserves ................................................... ......... ............ 1,238,933.31
Total Capital Accounts
.............................................. ......... ........ .......... . 2,988,933.31
DEPOSITS
......................................................- ..................................... 29,138,175.94
$32,127,109.25
O FFIC E R S
L. W . ROSS, Chairman of the Board
ED H . SPETM AN, J R ., President
PA U L L. G R O N S TA L, Vice-President
LESTER F. H A A S, Vice-President
F. W . RADTKE, Vice-President

ERNEST BO EH M , Vice President
and M gr. of Carson Ranch
RO N ALD S E A LO C K , Assistant Vice President
and Farm Manager
. CR° ^ ! ; ° L.', K I? E.R: C f sll [ e r, .

r o b ' e J / e ^ tar T r ' i i ce-pres!den!
ROBERT E. STARR, Vice-President
E. L. S H O C K E Y , Vice President & Trust O fficer
R. B. G R A EM E, Vice President & Auditor
M EM BER FED ER A L DEPOSIT

¿ a Sr y B u r n e r ,'
S a lh ie i
MARY A . GA RRETT, Assistant Cashier
JO A N M U N C H R A TH , Assistant Cashier
JO H N R. BURROW S, Trust O fficer
IN SU R A N C E CO R PO R A TIO N

CENTRAL STATE BANK
M U S CA TIN E, IO W A
Statement of Condition December 31, 1962
RESO URCES
Cash and Due from Banks ......................................................................................................................... $ 2,941,358.15
U. S. Bonds ............................................................................................................................................................. 4^448] 199.07
M unicipal Bonds ................................................................................................................................................... 2,454)701.75
Other Bonds .............................................................................................................................................................
777,955.00
Loans and Discounts
.................................................................................................................................. 9,615,360.52
Federal Reserve BankStock ..........................................................................................................................
22,500.00
Bank Building
213,301.65
Furniture and Fixtures
46,675.90
Other Assets ....................................................................................................................................
80 087.04
TO TA L
........................................................................................................................... $20,600) 139.08
L IA B ILIT IE S
C ap ital
........................................................................................................................................................... $ 250,000.00
Surplus ..........................................................................................................................................................................
500,000.00
Reserves and Undivided Profits
............................................................................................................
767,363.81
Interest Collected butNot Earned ...........................................................................................................
155,549.52
Other Liab ilities ...................................................................................................................................................
97 500.00
Deposits ............................................................................................................................................................
18,829,725.75
TO TA L ............................................................................................................................................................. $20,600,139.08
O F F IC E R S
S. G.
JOHN
GLEN
R . S„
L . D.

S T E I N ..........................................C h a irm a n o f B o a r d
B. B I G L E R ..................................................... P r e s id e n t
DOW NING,
..............E x e c u tiv e V ic e -P r e s id e n t
JACKSON,
............................ ..
.V ic e -P r e s id e n t
KRUEGER,
.............. V ic e -P r e s . & T r u s t O fficer
H . B . M A U R E R , .................

Northwestern Banker, February, J963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

L» J . H O R S T , ..........................V ic e -P r e s id e n t & C a sh ier
J. W. W A LLIS,
...................... A s s is ta n t V ic e -P r e s id e n t
LEN ORA
E ITM A N ,
................................ A s s is ta n t C a sh ier
ANN H A VEM ANN ,
................................A s s is ta n t C ashier
N. M. G R E E N E ,
...................................A s s is ts a n t C ash ier

.................................... A u d ito r

Dallas Center

^

Three promotions have been an­
nounced at the Brenton State Bank,
Dallas Center, by Thomas N. Scott,
executive vice president.
s
Junius Clyde Brenton has been ad­
vanced from assistant cashier to cash­
ier; Herman H. Harvey, advanced j
from cashier to vice president, and
James R. Johnston, assistant cashier
to assistant vice president. Mr. John­
ston is the manager of the Waukee
office.

Bankers Elect
The Kossuth County Bankers Asso- ^
ciation elected the following officers a t r
its December meeting:
Carl Gerzema, manager, Lakota of­
fice of the Farmers Trust & Savings A
Bank, Buffalo Center, president; Fran­
cis Mullin, assistant cashier, Farmers
State Bank, Whittemore, vice presi­ A
dent; William Nugent, assistant cash­
ier, Security State Bank, Algona, sec­
retary, and Gordon Hall, vice presi­
dent, Iowa State Bank, Algona, treas­
urer.
Mr. Gerzema succeeds Lee Davidson
as president.
q

Decorah
Harold Grimstad, president, Secu- 4
rity Bank and Trust Company, an­
nounced the appointment of Robert
J. Duden as vice president and cash- ^
ier. He formerly was assistant vice
president in the commercial depart­
ment of the Security Bank and Trust
Company of Owatonna, Minn.

109

NEARLY A
CENTURY OF SERVICE
TO THE BANKS AND
PUBLIC OF IOWA

IB
J
à
S
m
Æ
U
L
I
L
I
1 W
Des Moines, Iowa

Walnut at Fourth
F.D.I.C.

Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

110

Iowa

News

Capital Increases
The state department of banking re­
ported last month that three Iowa
banks recently doubled their capital
stock:
The Burlington Bank & Trust Com­
pany increased its capital stock to
$600,000; the Highland Park State
Bank, Des Moines, to $300,000 and the
State Bank of Ledyard to $50,000.

Davenport
The Comptroller of the Currency
has given preliminary approval on an
application of W. Harold Brenton, Des
Moines, to establish the First National
Bank of Davenport.
Officers of the bank will be: Dean

Duben, executive vice president of
South Des Moines National Bank, ap­
pointed active managing officer, and
Junius Clyde Brenton, cashier of
Brenton State Bank at Dallas Center,
cashier.
Proposed capital structure of the
new bank is $200,000 capital, $50,000
surplus, and $50,000 undivided profits.
The new building would be part of
a $1.5 million project under consider­
ation by Town Centre, Ltd., Daven­
port.

Donnellson
Three promotions were listed by
Walter Robinson, chairman of the Cit­
izens State Bank.

Helen Paisley was promoted from
cashier to vice president and cashier;
Robert Leisy was advanced from as­
sistant cashier to assistant vice presi­
dent, and Dorothy F. Beer was elected V
an assistant cashier.

Dubuque

y

Dubuque Bank & Trust

A 100 per cent stock dividend has
been declared making this the first
Dubuque bank to reach the $1 million r
capital stock mark. Capital was increased by a transfer of $500,000 from
the surplus account.
*
First National Bank

Two new directors were named by
the First National Bank. They are
Sherman E. Mapes, general manager
of the John Deere Dubuque Tractor
Works, and John W. Law, owner of

Statement of Condition
December 31, 1962

ASSETS

Cash on Hand and on Deposit with Banks................ $10,311,628.38
United States Government Securities ........................ 13,046,087.08
Other Bonds and Securities......................................... 1,245,960.09
Loans and Discounts..................................................... 26,123,455.82
Security National Bank Building, Vault and Fixtures
561,159.59
Federal Reserve Bank Stock ........................................
111,000.00
8,989.95
Other Assets ..................................................................
$51,408,280.91
LIABILITIES

Capital .........................
Surplus .........................
Undivided Profits ........
Total Capital Accounts
Deposits .......................

..$1,700,000.00
.. 2 ,000 ,000.00

.. 290,628.63
....................... 3,990,628.63
....................... 47,417,652.73
$51,408,280.91
O F F IC E R S

Charles R. Gossett, Chairman o i Board
Charles H. W a lc o tt, P resident
E dw ard C. T hom pson, Jr., V ic e P resident
T hom as C. Horn, V ic e P resident
D aniel L. M id d leton , V ic e P resident
Patrick F. Cook, V ic e P resident
Paul Snyder, V ic e P resid ent
V . H. Cassem , A ssista n t V ic e P resident
John D iefen d orf, A ssista n t V ic e President
O rv ille B oe, Cashier
W illia m T . H ubbard, A uditor

FARM M A N A G E M E N T
W ay n e R. N ow len, V ic e President
REAL ESTATE DEPARTM EN T
James A . D ow n in g, A ssista n t Cashier
W ayne L. T hom pson, A ssista n t Cashier
PE RSO N A L LOANS
R ichard G. O ’ Connor, M anager
T R U S T O F F IC E R S
H ow ard L. Johnson, V ic e P resid ent and
T rust Officer

of Sioux City
Member Federal Deposit Insurance Corporation


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Federal Reserve Bank of St. Louis

J. w . L A W

Emerson
Boyd Nuckols, formerly cashier at
the Farmers Savings Bank, Stratford,
has been named cashier at the Emer- 4
son State Bank. He has been active
in banking 12 years and before that
farmed for six years.
.

Estherville
R. Coleman Egertson of Washing­
ton, D. C., and son of S. T. Egertson, '*
representative of the Iowa Trust &
Savings Bank here, has been named
chief bank examiner of the United 4
States Treasury Department.

L. C. Jensen, A ssista n t Trust Officer

S e c u r it y N a t io n a l B a n k

Northwestern Banker, February, 1963

S. E. M A P E S

a bookkeeping and data processing
service.
^
Officers promoted were L. Richard
Winter, from assistant vice president
to vice president; Paul J. Gisch, from
assistant vice president to vice presi­
dent, and Robert G. Koehler, from as­
sistant cashier and comptroller to
to assistant vice president and comp­
troller.

EQUIPMENT FOR SALE
Due to Postronic installation, a
National Cash Register bookkeep­
ing machine is for sale. No. 20417
(135) purchased in 1954. In good
condition. Has been under contin­
uous NCR maintenance contract.
Very few service calls required.
Osage Farmers National Bank,
Osage, Iowa.

Ill

T

A

K

E

T

w

it h

H

E

C

iT

Ñ A

Y

m

m

. . . Kansas C ity’s most progressive bank!

UP 30.22%
Dec. 31, 1962

$265,468,168

Dec. 31, 1952

$203,864,820

DEPOSITS

UP 135.42%
Dec. 3 I, 1962

$27,411,382

$ I 1,644,22

UP 135.42%
Dec. 31, 1962

$68.53

RESERVES
Dec. 31, 1952

$29.1 I

O ver 1,000
correspondents
share our dynamic growth

BOOK VALUE
PER SHARE

CITY NATIONAL BANK
A N D T R U S T C O M P A N Y OF K A N S A S C I T Y , M I S S O U R I
Tenth

and

Grand

•

Kansas

City 41,

Missouri
Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

112

Iowa

News

Robert Robinson, cashier of the Ex­
change State Bank, reports that sur­
plus has been increased from $75,000
to $100,000.

$100,000. Surplus is $100,000 and un­
divided profits is $120,000. The bank
discontinued paying 4 per cent on
CDs and has gone back to the 3 per
cent rate.

Grundy Bankers Elect

Fort Dodge

Newly elected officers of the Grundy
County Bankers Association are Pres­
ident, Leland D. Luwe, executive vice
president and cashier, Peoples Sav­
ings Bank, Wellsburg; Vice President,
A r n o l d Schultz, f ar m manager,
Grundy National Bank, Grundy Cen­
ter; Secretary-Treasurer, Bernard J.
Harms, assistant cashier, Peoples Sav­
ings Bank, Wellsburg.
The January meeting was held at
the Farmers Savings Bank, Beaman.

Myron S. Berry, president of the
Walker Construction Company, Fort
Dodge, has been named to the board
of directors to fill the vacancy created
by the death of Dr. E. F. Beeh.

Exira

Farnhamville
O. W. Madson, president of the Secu­
rity Savings Bank, reports that capital
has been increased from $50,000 to

election of two new officers. They are
C. K. Batschelet and J. R. Dowd.

Grinnell
Mac Mollison, Madison County ex- 1
tension director for the past two
years, has resigned that post to join
the farm loan department of the Grin-^
nell State Bank. He is a native of
Grinnell.
Poweshiek County National

,

R. S. Kinsey, president, has been
named chairman of the executive
Fort Madison
committee, and Fred A. Wolfe, execu­
The Iowa State Bank has purchased tive vice president, has been namecr
the old post office building at Ninth president. William H. Brenton, pres­
Street and Avenue G. Bank officials ident, National Bank of Des Moines,
have not announced any plans for the was elected to the board of directors i
and vice chairman of the board.
newly acquired property.
In other promotions a n n o u n c e d
after the annual meeting, Donald C.
Guthrie Center
Nebergall and Wayne Geadelmann,1
G.
M. Barnett, Jr., president, Guth­
both assistant cashiers, were named
rie County State Bank, reports the
assistant vice presidents.

S T A T E M E N T O F C O N D IT IO N
E* ' u ' » ' d H

a m

u l i

County National Bank

Harlan
Es‘ f ¿ , ? " d

G A R N E R , IO W A
D ecem b er 31, 1962
RESOURCES
Loans and Discounts .....................................................................
$3,048,792.08
Overdrafts ..........................................................
2,324.05
Municipal Bonds ................. .............. ........ ............
207,799.37
U. S. Government Bonds .....................................................
1,050,895.32
Federal Reserve Bank Stock ............................................................
10,500.00
Banking House ................................................................
20,000.00
Furniture and Fixtures ....................................................................
18,776.48
Cash ................................................................................................
881,018.57
Other Assets ........... ...............................................................................................
672.28

Capitals—
Common

LIABILITIES
............... ....................................................................................

Undivided Profits and Reserves ................................................................
Time D ep osits....... ...................................................................................................
Demand Deposits ....................................................................................................

$5,240,778.15
$

100,000.00
250,000.00
103,470.97
1,850,676.54
2,936,630.64

$5,240,778.15
OFFICERS
H. L . O L L E N B U R G , President
WM. B O E H N K E , Vice President
H A L B E R T H. P O L L O C K , Asst. Cashier
W. L . BAGGS, Vice President and Cashier
S P E N C E R L . O L L E N B U R G , Asst. Cashier
Member of the Federal Deposit Insurance Corporation

Jasper County Savings Bank
NEWTON, IO WA

Leo Mores, editor of the Harlan
newspapers, has been elected a direc-f
tor of the Harlan National Bank, ac­
cording to F. J. Lewis, president.
*

Hayesville
David L. Weber, who joined the
Hayesville Savings Bank in July, has *
been elected an assistant cashier.
Charles E. Sigafoose, who was former­
ly with the First State Bank, What
Cheer, joined the bank last month.

Humboldt
The new Humboldt Trust and Sav­
ings Bank building is expected to be
ready for occupancy by the end of*
February, according to J. L. Camp­
bell, Jr., vice president.

in s ta lls V au lt

At the Close of Business December 31, 1962
RESO URCES
Loans and Discounts
............................................................................................................
$ 9,293,383.89
C C C Certificates of Interest
394,678.35
Bonds and Securities ............
4,415,569.19
Stock in Federal Reserve Bank ..........
30,000.00
Banking House and Fixtures ...............................................................................................................................
140,400.69
Cash and Exchange Due from Other Banks
...
4,420,783.82
Overdrafts ........ 1................................................................................................................................................................
993.17
$18,695,809.11
L IA B ILIT IE S
C ap ital ........................... ............................................................... ,.......................................................................
$ 200,000.00
800,000.00
Surplus ...................
Undivided Profits (net) ..........................................................................................................................................
657,273.08
Reserve Account ................................
322,514.91
Reserve for Unearned Interest
263,333.8i
Deposits .......................................................................................
16,452,687.31
$18,695,809.11
O FFIC ER S

R . E . VANCE,

C h a irm a n o f th e B oard
A. E . P E T E R S , 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 V ic e P re s id e n t
L . B . M A Y T A G , V ic e P r e s id e n t
EA R I, R . YO U N G STRO M , A s s is ta n t V ic e P r e s id e n t
C. R . B A IL E Y , E x e c . V ic e P r e s ., C a s h ier an d
R O B E R T L A R S O N , A s s is ta n t C a sh ier
A s s is t a n t T r u s t O fficer
R O S E M A R Y S H U T T S , A s s is ta n t C a s h ier
M A R K E . SC H A K E L, V ic e P r e s id e n t
M A R K C. EM M ACK , A s s is ta n t C a sh ier
C O L L IN W . F R IT Z , V ic e P res , and T ru s t O fficer
LO W E LL L . G A U S E , A s s is ta n t C a sh ier
R IC H A R D M . F R IT Z , A s s is ta n t V ic e P r e s id e n t
J IM M Y L . M EN G ES, A s s is ta n t C a sh ier
G . M . K R U S E , A s s is ta n t V ic e P r e s id e n t
H . C. S K IN N E R , A s s is ta n t C a sh ier

Northwestern Banker, February, 7963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

N E W V A U L T for Wright County State
Bank at Clarion was part of complete re­
modeling done recently by the bank.

113

BOARD O F DIREC TO RS

>

►

r~

à

H. T. B ERTSCH
Chairm an— Elexsteel Ind., Inc.
D. B. C A SSA T
Chairm an— Interstate Finance Corp.
D. W . E R N S T
President
M A U R IC E A . F R A H E R
D irector— John Deere & Co.
R O Y F. G LA B
F irst V ice-President
W . N. G LA B
President— M orrison B ros. Co.
OTTO F. H E N K E R
R O B E R T G. H Ö LSC H ER
President— H ölscher A pothecaries
M. L. K A P P
President— Interstate P ow er Co.
W . J. K L A U E R
S ecretary-Treasurer—
K lauer M fg. Co.
C H A R L E S J. S CH R U P
V ice-P residen t & T rust Officer
N IC H O L A S J. SCH R U P
V ice-President
A . L. V O G L
V ice-P residen t &
Senior Trust Officer
H. W . W A H L E R T
P resident— Dubuque P acking Co.

H O N O R A R Y D IREC TO RS
N . J. G R E T E M A N
Special Consultant
C. J. K LE IN SC H M ID T
Senior V ice-President

O F F IC E R S
D. W . E R N ST
President
R O Y F. G LA B
F irst V ice-President
Cashier
C. J. K LE IN SC H M ID T
Senior V ice-President
C. F. A RM STR O N G
V ice-President
W . G. B A U M H O V E R
V ice-P residen t
LE O F. K A N E
V ice-President
J. L. R IL E Y
V ice-President
N IC H O L A S J. SC H R U P
V ice-President

TRUST DEPARTMENT
A . L. V O G L
V ice-President
Senior Trust Officer
C H A R L E S J. SCH RU P
V ice-President
Trust Officer
JA M E S R . B U L L A R D
A ssistant Cashier
Trust Officer

American Trust & Savings Bank
S T A T E M E N T OF C O N D IT IO N
December 3 1 , 1 9 6 2

Assets
Cash ................................................................... .$ 7,843,541.10
U. S. Government Securities ........................
7,990,119-24
U. S. Public Housing Authority Bonds ........ 2,183,225.08
Municipal Bonds ..........
3,650,882.32
Federal Reserve Bank Stock .... _..................
67,500.00
Loans ....... ................................... ................... - 16,270,979.11
O verdrafts..........................................................
696.55
Bank Premises— (Including Furniture
and Fixtures) ......... .....
724,347.00
Customers’ Liability on Letters of Credit....
287,000.00
Other Assets ...............
20,892.95
$39,039,183.35

Liabilities
Capital .........................................$ 500,000.00
Surplus ....................................... 1,750,000.00
Undivided P ro fits....................
773,078.31
$ 3,023,078.31
Liabilities under Letters of C redit..................
291,515.49
Other Liabilities ..................... ............................
602,828.85
D ep osits............................. ...................................—. 35,121,760.70
$39,039,183.35

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a
n
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s
t
a n d s a v in g s b a n k
9TH

AND

M A IN ,

DUBUQUE,

IO W A

MEM BER: FDIC • FRS

Northwestern Banker. February. 1963


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Federal Reserve Bank of St. Louis

114

Iow a

H ank S ta tem en t

From Reports Received by January 15, 1963
(L a st three figures om itted)

OLLOWING are the 25 largest banks in Iowa, listed
F
according to the amount of deposits shown on yearend statements:

Top 2 5 Banks

D avenport Bank & Trust ...
Bankers Trust, Des Moines.
First N ational, Sioux City
Toy N ational, Sioux City ..
A m erican Trust, Dubuque ...

L ive Stock N ational, Sioux City
F irst N ational, Dubuque .....
W aterloo Savings .........................
Council Bluffs Savings ....... .......
U nion Bk. & Tr., Ottumwa ___

City

December 31, 1962
December 31, 1962
...158,946
71,587
...152,300
57,279
s..113,525
44,429
...102,948
52,888
... 90,047
48,300
... 47,418
26,123
... 36,543
15,220
... 36,132
19,065
.... 36,041
20,064
... 35,122
16,271
es 34,949
18,742
... 34,342
11,780
... 31,706
16,363
. 31,300
17,929
... 30,380
10,988
... 29,922
18,069
... 29,138
17,620
... 26,650
13,343
... 24,623
11,597
... 24,158
14,625
... 23,596
14,504
... 21,856
8,622
... 21,820
10,906
rt 20,747
11,523
... 19,578
7,566

A ckley State ......................... .... . .... 5,294
Adel, Dallas Ccn State
.... 7,738
A kron First N ational .................. .... 2,539
A lbia, Peoples N ational
........... .... 5,091
A lgona, Iowa State ...................... ... 6,479
Security State ........................... .... 4,846
Alton Savings .................................. .... 1,632
Ames Trust & Savings ............. . . 12,516
Anam osa, Citizens Savings ....... .... 6,241
A ndrew Savings .................
.... 3,061
A nita State .................................... .... 3,584
A tlantic
A tlantic State ......................... .... 10,653
W hitney Loan .... ....................... ... 9,857
Auburn Savings ............................... .... 1,421
Audubon, F irst State .............
.... 5,779
A voca State ............................
.... 3,236
B edford, State Savings ___ ____ .... 3,541
Belle Plaine, Citizens State
.... 5,697
B ettendorf Bank & Trust
.... 8,365
Boone
Boone State .........................
.... 9,014
Citizens N ational _______ _____ .... 9,821
Breda Savings ............................... .... 1,400
B ritt, F irst State ...... .................... .... 5,089
Brunsville, First State .... ............. .... 1,055
B urlington
B urlington Bk. & Tr. Co........... .... 16,182
Farm ers & Merchants ............ .... 13,279
N atl. Bk. o f B urlington ___ __ .... 16,378
Cedar Falls Trust & Savings .... . ... 7,080
Cedar Rapids
City N ational ................................... 5,574
Guaranty Bank & Trust ......... ... 14,200
Merchants N ational
...113,525
Peoples Bank & Trust .............. .... 34,342
Centerville, Iow a Tr. & Sav....... ... 4,776
Chariton, N atl. Bk. & Tr.
.... 4,238
Charles City
Com m ercial Tr. & Sav. .
... 4,875
First Security ....................... ...... . 10,701
Clarinda, Citizens State .... ....... ... 5,612
Clarinda, P age County State ...... ... 6,258
Clarion
First N ational ............................. ... 6,525
W righ t County State _________ .... 2,600
Clinton
City N ational ......... .................... ... 19,578
Clinton N ational ..... ................... ... 14,174
Iow a State Savings .......... .... ... 9,959
C olfax, F irst N ational __ _______ ... 5,724
Coon Rapids, Iow a Savings ........ ... 3,842
Council Bluffs
City N ational .............................
17,611
Council Bluffs Savings ............ ... 29,138
State Savings ............................... ... 13,466
C raw fordsville, Peoples Savings ... 1,456
Creston, First N ational ........ ........ ... 7,096
Crom well State Savings ....... .......
776
Crystal Lake, Farm . Bk. & Tr. __
980
Dallas Center, Brenton State __ ... 6,918
Davenport
Bank & Trust Com pany ..... ....... ...102,948
First Trust ..................................... .... 20,747
N orthw est Bank & Trust ____ ... 23,596
Decorah State ....................... ............ ... 9,667
Denison, First N ational ..........
... 5,603

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

December 31, 1961
December 31, 1961
159,281
67,890
147,704
56,678
113,497
41,767
97,880
54,575
89,958
47,344
46,066
22,998
33,917
14,179
31,139
15,356
33,309
17,256
34,784
14,784
31,589
19,092
32,052
10,629
27,764
15,737
34,058
14,759
27,691
10,353
27,620
15,465
27,793
16,003
26,279
12,785
21,087
10,481
22,901
12,592
20,351
13,309
20,919
7,691
20,988
9,329
19,618
10,156
19,741
6,778

2,669
4,966
1,494
2,592
3,355
3,563
1,109
4,538
2,958
2,340
2,368

4,507
6,857
2,329
4,495
6,187
3,421
1,551
11,511
5,543
2,901
3,034

2,428
4,157
1,236
2,164
3,189
2,001
914
3,748
2,549
2,040
1,973

4,136
4,705
1,015
4,274
2,121
1,655
2,869
4,628

9,918
9,043
1,275
4,839
2,964
3,082
5,179
6,914

4,680
3,759
979
3,292
1,831
1,553
2,557
3,858

5,008
5,134
940
2,933
796

8,103
9,363
1,369
4,453
1,008

4,359
4.397
920
2,505
677

8,940
6,974
9,003
3,902

14,506
13,148
15,543
6,416

8,229
6,598
8,854
3,142

2,096
5,835
44,429
11,780
1,388
1,320

4,651
14,188
113,497
32,052
4,117
3,388

1,720
6,305
41,767
10,629
1,259
1,279

2,631
6,964
2,059
2,327

4,539
9,507
5,050
5,754

2,356
5,840
1,867
2,329

3,609
1,834

5,699
2,306

3,178
1,555

7,566
5,169
6,189
2,450
3,215

19,741
12,062
9,421
5,104
3,261

6,778
4,258
5,560
2,428
2,728

8,953
17,620
8,158
423
3,488
599
618
4,700

15,838
27,793
12,051
1,243
6,340
774
886
6,566

7,028
16,003
7,314
389
3,439
545
649
3,877

52,888
11,523
14,504
3,691
3,334

97,880
19,618
20,351
8,289
5,189

54,575
10,156
13,309
3,149
2,861

Deposits
Deposits
Des Moines
Bankers Trust ................................. 90,047
Capital City State ...................
24,623
Central N ational ........................
152,300
9,565
H ighland Park State ...............
Iowa-Des Moines N ational
......... 158,946
Iowa State ...................................... 19,028
N ational Bank o f ........................... 9,811
N orthw est Des M oines N atl. ____ 7,670
4,595
P laza State ...............................
South Des Moines N a tl____ _____
3,100
V alley Bank & T r..................... 34,949
Donnellson, Citizens State
......... 4,152
Dubuque
A m erican Trust & Savings .......... 35,122
Dubuque Bank & Trust ................ 24,158
First N ational ......
30,380
Dunlap Savings ............
2,152
E agle Grove
Security Savings ............................. 5,604
State Bank ......................
2,321
E arling, Farm ers Savings .............
1,595
Edgewood, Com m unity Savings
.... 2,247
4,793
Elkader, Central State .............
Em m etsburg
Iow a Trust & Savings ..........
4,380
Palo A lto County ........................... 6,056
Estherville, Iow a T r. & Sav......... 8,329
Fairfield
7,750
F irst N ational ..............................
Iow a State Bk. & T r ...............
7,890
Fonda, First N ational ......
2,729
Fontanelle, State Savings ..........
2,527
F ort Dodge
Fort Dodge N ational
................. 18,533
State Bank .............................
14,352
12,621
U nion Trust & Savings ............
F ort Madison
F ort M adison Savings __
9,539
Iow a State ..................
3,382
Lee County Savings ........
5,570
Fredericksburg, First State ............ 1,908
Garner, H ancock County N atl. .......... 4,787
George State ..........
3,617
Grand Mound, U nion Savings ____ 3,656
Greene, First State ........
3,827
5,093
Grinnell State ....................
Grinnell, Poweshiek County .....
7,159
Grundy Center
3,748
Farm ers Savings .........
Guthrie Center, Guthrie County .... 5,342
H am burg, Iowa State ...................
3,570
H am pton, F irst N ational _____
6,348
H arlan N ational ...............
6,847
Hawarden, First N ational ........
2,416
H olstein State ................
5,244
Hudson State ................................
1,497
H um boldt Trust & Savings ............ 7,277
Ida Grove, Ida Co. State ........
7,036
Indianola, W arren County ............
2,144
Iow a City
First N ational
......
21,856
Iow a State ...............................
21,820
Iow a Falls, Citizens State ............ 6,067
Jefferson State ..................................... 7,962
Kalona, Farm ers Savings
.............. 3,249
Keokuk, Security State
................ 10,060
LeMars
F irst N ational ___
5,469
LeM ars Savings .........
9,887
L ynnville, First State _____
1,535
Madrid, City State ..............
3,337
Manson State ....................................... 3,262
Maquoketa, Jackson State ... ........... 12,725
M arion, Farm ers State .......
10,120
M arshalltown
F idelity Savings ............
12,937
Security Savings .....
16,843
Mason City
First N ational ..............
31,706
U nited H om e .........
18,725
M errill, Farm ers State .................
1,968
Miles Savings ....................................... 2,431
Missouri V alley, First N atl. ............ 4,177
M onticello State .....................
18,588
M orning Sun, Iow a State ___
2,884
Mount P leasant Bank & T rust.......
2,771
M oville, First Trust ............................. 3,980
M uscatine
Central State ...................................... 18,830
M uscatine Bank & T rust .............. 19,236
N ew H am pton, F irst N ational ..... 5,642
N ew ton, Jasper County Savings .... 16,453
N ew ton N ational ............................... 6,011
N orw ay, Benton County Savings .... 1,644
Oakland, Citizens State .................... 4,100
Oakland Savings ....................
3,713
Oelwein
F irst N ational .....
8,562
Oelwein State ...............
4,918

Loans
Loans

Deposits
Deposits

Loans
Loans

48,300
11,597
57,279
5,359
71,587
9,151
5,105
4,255
2,492
1,804
18,742
1,748

89,958
21,087
147,704
9,126
159,281
18,822
8,676
6,822
5,047
2,391
31,589
3,744

16,271
14,625
10,988
1,485

34,784
22,901
27,691
1,829

2,719
1,268
1,468
2,139

5,247
1,928
1,538
2,328
4,084

2,784
3,707
4,499

3,786
5,279
8,206

2,540’*
3,282
4,105

4,007
3,897
1,572
639

6,719
7,203
2,632
2,341

3,393
3,259
1,401
586

7,278
7,985
7,836

18,039
13,778
12,069

8,332
6,6491
7,302**

4,181
1,451
1,895
1,037
3,049
2,162
1,938
2,334
4,042

8,713
3,201
4,934
1,762
4,428
3.557
3,288
3.557
4,374
6,193

4,044
1,320
1,987
965
2,530
2,146
2,064
2,146
2,176
3,517

1,993
2,558
2,192
3,658
4,310
1,338
2.987
803
3,823
4.987
1,429

3,205
4,618
3.350
5,817
6,030
2,228
4,797
1,309
6,721
6,122
1,802

1,715
2,032
2,036
2,956
3,31t.
1,321
2,71(
74:
3,57r
4,53
1,06

8,622
12,426
4,687
4,690
1,719
3,230

20,911
20,988
5,644
6,868
2,827
9,415

7,691
9,329
4,179
4,170
1,624
2,899

3,339
7,208
919
1,835
1,403
10,046
4,711

4,608
8,843
1.350
3,024
2,953
11,761
12,964

2,730
6,713
904
1,727
1,325
8,066
4,673

7,932
9,861

12,641
15,846

7,006
8,011

16,363
11,767
1,345
1,416
1,937
13,319
1,944
1,418
2,460

27,764
16,665
1,921
2,088
3,583
16,971
2,454
2,514
3,631

15,737
10,845
1,157
1,185
1,620''
10,880
1,700
1,385
1,002

9,615
9,325
1,880
9,688
2,744
913
2,875
1,632

15,893
17,872
4,856
15,097
5,461
1,369
3,931
3,357

8,288
7,850
1,657
9,2’88
2,455,
810 *
2,399
1,196

4,298
3,089

8,217
4,567

4,086
2,866

1,002

2,210

47,344
10,481.
56,678
5,596
67,890
8,758
3,599
3,426y
1,782
1,389
19,092
1,630
1 5 ,1 3 7 ^
12,592
10,353
1,324
2,217y
1,137T
1,373
921
2,023

115

...Are Proud to Present This STATEMENT
OF CONDITION as of JANUARY 1,1963
a ssets

l ia b i l it ie s

Cash and Due from Banks ................ ....... $33,989,586
19,326,497
U. S. Government Securities .............. .......
1,533,004
Securities of Federal Agencies............ .......
172,192
Municipal and Other Securities ......... ........
135,000
Federal Reserve Bank Stock .............. .......
43,925,138
Loans and Discounts .............................
740,965
Equipment and Improvements ....................

Deposits
Other Liabilities ..............
Capital —
$2,250,000
Common stock ............
2,250,000
Surplus ........................
Undivided profits
.....
1,639,383
and reserve
Total Capital .....

$93,396,868
286,131

6,139,383
$99,822,382

$99,822,382
DEPARTMENT OF BANKS AND BANKERS

CARL R. POHLAD

OTTO H. PREUS

JOHN T. PAIN, JR.

AVERY G . FICK

President

V ice President

A sst. V ice P resident

Asst. V ice President

Strong Friend of the Independent Banker

OF

M IN N E A P O LIS

•

SEVENTH

AT

M ARQUETTE

•

FEDERAL

3-5411

MEMBER FEDERAL DEPO SIT INSURANCE CORPORATION

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

116

Io w a

News

December 31, 1962
Deposits
Loans
Onslow Savings ................................ .. 1,658
1,077
O range City, N orthwestern State. .. 6,548
4,577
Osage, Hom e Trust & Savings ..... .. 5,510
2,782
Osage, Farm ers N ational ......... .. .. 4,540
2,805
Osceola, Clarke County State ..... . 5,477
3,024
Oskaloosa, Iow a Tr. & Sav. ......... . 4,394
1,553
Oskaloosa, Mahaska State ...........
10,150
5,692
Ottum wa, Fidelity Savings ............ .. 8,851
5,094
Ottumwa, U nion Bank & Trust .... .. 26,650
13,343
Pella N ational ...... ..... ..................
11,945
6,707
P erry, First N ational ..... .... .... . 6,882
4,255
P erry State ......................................... . 7,227
3,578
Portsm outh, State Bank o f ............ . 1,588
1,039
P ostville State .................................... . 3,586
1,473
P rinceton, Farm ers Savings ........ .. 3,341
1,953
Red Oak, M ontgom ery Co. Natl.
. 6,159
3,148
R enw ick Savings ..............
. 1,663
1,060
R ippey Savings ...................
...... . 1,620
946
R ock V alley, V alley State ...... ....... . 5,306
3,442
Saint A nsgar, Citizens State .... . 4,026
2,328
Schaller, State Bank o f .............. . 2,018
1,345
Schleswig, Farm ers State .......... .
4,519
3,203
Sheldon, Security State .....______ . 5,593
2,305
Shenandoah, City N ational
. 6,293
2,010
Shenandoah, S ecurity Trust
. 5,789
1,834
Sidney, Frem ont County Savings.. . 3,418
1,504
Sioux City
F irst N ational .............. ....... ....... . 36,132
19,065
L ive Stock N ational
___ ___ . 31,300
17,929

December 31, 1961
Deposits
Loans
1,481
1,001
5,505
3,670
4,926
2,574
4,446
2,518
5,241
3,189
3,827
2,839
9,294
5,053
7,977
5,027
26,279
12,785
9,029
5,688
6,020
3,864
6,306
3,103
1,386
911
2,978
1,365
2,919
1,593
5,425
2,699
1,336
921
1,484
968
4,831
2,644
3,690
2,013
2,068
1,191
4,104
2,631
4,990
2,026
5,672
1,734
5,714
1,774
2,908
1,033
31,139
34,058

15,356
14,759

December 31, 1962
Deposits
Loans
Security N ational ....................... .... 47,418
26,123
T oy N ational
..................
.... 36,041
20,064
Spencer, Farm ers Trust ............... .... 7,413
3,236
Spirit Lake, F irst N ational ....... .... 4,473
1,362
Storm Lake
Citizens F irst N ational ........... .... 11,344
7,809
Com m ercial Trust ...................... .... 4,396
2,776
Security Trust .............................. .... 4,927
2,270
Story City, Story Co. State ....... .... 3,852
1,821
Tama State ...................................... ..... 4,979
3,124
Thurm an, State Savings ................
832
388
W ashington, N ational Bank o f .. .... 4,490
1,577
W ashington State .......................... .... 5,782
2,297
W aterloo
N ational Bank o f ........................ .... 36,543
15,220
Peoples Bank & Trust .............. .... 12,716
6,751
W aterloo Savings .... ................... .... 29,922
18,069
W averly, State Bank o f ............ .... 7,842
4,403
W ebb, Citizens State .................... .... 1,154
723
W ebster City, Farm ers Natl. ..... .... 9,440
5,602
W est Branch, First State ............ .... 2,930
1,886
W est Des Moines, First N a tl........ .... 3,447
673
W est Liberty State ...... .............
.... 5,009
2,083
W estside State .................................
1,569
1,352
W est U nion, First N ational ....... .... 5,830
3,420
W hittem ore, Farm ers State ...... .... 1,465
760
W interset, U nion State ................ .... 4,967
3,813
Zearing, Tri-C ounty State .......... .... 1,780
1,275

December 31, 1961
Deposits
Loans
46,066
22,998
36,309
17,256
6,956
2,774
4,124
1,220
10,383
3,942
4,539
3,514
4,461
715
4,297
5,224

6,595 *
2,505
2,166 ,
1,817
2,858
368*
1,170
2,170

33,917
11,655
27,620
7,420
964
8,369
2,591
2,455
4,411
1,510
4,797
1,372
4,407
1,741

14,179
6,735 »
15,465
5,428
653
4.808
1,763
674*(
1.807
1,132
2,62‘ '
732
3,218
1,269 f

be held at a later date. Kirk Gross of 1
Waterloo
was in charge of the plan­
Robert Sierk was named auditor of
the First National Bank at the annual ning and Spencer Milford Construc­
meeting. All other officers and direc­ tion Company was the general con­ *•
tractor.
tors were re-elected.
O. L. Rogers, vice president of the s
bank,
died recently at Mercy Hospital
Kalona
‘
V.
D. Hochstetler, president of the in Iowa City.
Kalona Savings Bank, reports that re­
modeling of the bank building is near­ Keokuk
ing completion and an open house will
W. T. McGinnis, executive vice pres­
ident of the Keokuk Electro-Metals
Division of Vanadium Corporation of
America, was elected to the board o f,
the Keokuk Savings Bank at the an­
nual meeting. He succeeds HustonDUBUQUE, IO W A
Taylor who resigned after retiring as
manager
of the Midwest Carbide Cor­
“ Iowa’ s Oldest National Bank”
poration.
Statement of Condition— December 3 1 , 1962
All other directors and officers were
RESOURCES
re-elected.

Independence

Iowa City

Murray M. Sorg was elected a direc­
tor of the Farmers State Savings Bank
at the annual meeting. He is the son
of Mrs. E. F. Sorg and the late Elmer
Sorg.
The bank transferred $100,000 from
undivided profits to surplus. Capital
accounts are now: Capital, $200,000;
surplus, $300,000, and undivided prof­
its, $380,496.

THE FIRST NATIONAL BANK
Cash and Due from Banks ............................................................ $ 3,662,217.44
U. S. Government Securities ............... ................................. ......... 12,653,066.94
Municipal and U. S. Agency Bonds ............................................ 4,918,001.52
Federal Reserve Bank Stock ................... ....................................
48,000.00
Loans and Discounts .....................................................
10,987,672.82
Overdrafts .....................................
2,319.53
Banking House, Furniture and Fixtures ......................................
882,661.50
Real Estate other than Bank Premises ........................................
7,677.54
Other Assets .......................................................................................
62,475.20
$33,224,092.49
LIABILITIES
Capital ...............................................................................................$ 800,000.00
Surplus ........................................................ ¿h.................................. 1,000,000.00
Undivided Profits ................................¿ ¿ A ....................................
644,461.05
Total Capital Funds
............................................................ $ 2,444,461.05
Deposits .................... ............................................. .......................... 30,380.357.08
Reserved for Unearned Discount, Taxes and Interest ______ _
399,045.00
Other Liabilities
...................................................................... ..
229.36
$33,224,092.49
OFFIC E RS
W ald o Adams, President
C. A. Firzlaff, V ice President and Cashier
W illiam G. Kruse, V ice President
L. Richard W inter, V ice President
Paul J. Gisch, V ice President
Paul J. Schanbeck, Asst. V ice President, Auditor
Robert G. Koehler, Asst. V ice Pres.,C om ptroller
Frances Firzlaff, Assistant Cashier
D aniel E. W elu, Assistant Cashier
D on ald R. Runger, Assistant Cashier
J. Bruce Meriwether, Assistant Cashier

D IR E CTO RS
W a ld o Adams
George R. Burden
Robert H. Collier
Dr. Leslie M. FitzG erald
C. A. Firzlaff
Frank A. Fluckiger
Joseph V. Keppler
John W . L aw
Sherman E. Mapes
John M. M cD onald III
W ayne A. Norman
Thom as B. Schmid

M em ber Federal Reserve System
M em ber Federal D eposit Insurance Corporation

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Leighton

*

Howard Glendening, cashier of the
Farmers Savings Bank, reports tha£
$25,000 has been added to surplus
making a total of $75,000. Officers and
directors were re-elected.

Lenox
Ralph Zabel, president of the Firs»!
National Bank, reports an increase in
surplus from $50,000 to $100,000, mak­
ing total capital and surplus equal
$150,000.

Sanborn
Robert E. Lowery has been ad­
vanced from assistant cashier to cash­
ier of the Sanborn Savings Bank, ac­
cording to James W. Cravens, vice
president.
Mr. Lowery replaces C. F. Watters,*
who has retired after serving the bank^
since 1927. Mr. Lowery has been with
the bank since 1955.

117

LEND
HIM
M ONEY
?•
Is he “ just another feed dealer,” or is
he hooked onto something solid that will
grow? Is he ahead of his customers with
new services, or is he struggling to catch
them? When you have questions like
that about R. L. Robertson, partner in
the Freshwaters Feed & Grain Co.,
Washington, Iowa, go right to his banker
for a straight answer. Lee A. Holland
(below), executive vice president of
the Washington State Bank, will tell
you why a dealer for the Ralston Purina
C o m p a n y , world leader in anim al
nutrition, is a good man to back.
“ O u r b ig

business is f a r m

b u s i­

ness. W e m a k e a lo t o f c a tt le
a n d h o g lo a n s . W e f e e l o u r f a r m ­
e rs sh o u ld b e tie d u p w ith a f e e d
d e a le r w h o ca n p u t o u t n e w k n o w ­
h o w a n d s e rv ic e . T h a t's w h y w e ’v e
b a c k e d this P u rin a D e a le r s h ip fo r
20

y e a rs . T h a t’s w h y

w e ’v e

b a c k e d R o b o n e v e r y e x p a n s io n
h e ’ s m a d e to im p r o v e his v o lu m e
a n d s e rv ic e . T h a t ’s w h y h e h a s
a n o p e n lin e o f c r e d it w ith us.”

I
F
®
UF
t1 I
S
I
X
V
SERVING

ANIMAL

AGRICULTURE

Northwestern Banker, February, Ì963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

.118

D
e
sM
o
in
e
sN
e
w
s

approval for a new
PRELIMINARY
n at i on al ly -c har te re d bank, the

First National Bank of East Des
Moines, has been given by James J.
Saxon, U. S. Comptroller of the Cur­
rency.
Application was made by Paul T.
Manning, president, Plaza State Bank,
and former auto dealer. The Plaza
State Bank is in the Merle Hay Shop­
ping Center.
Mr. Manning said the new bank,
with capitalization of $500,000, will be
in a shopping center at E. 14th and
Euclid and should be open within the
next five months.
Others associated with Mr. Manning

T
E
N
S
IO
N
ENVELOPES FOR
EVERY BANK SERVICE
BANK
ENVELOPE
SPECIALISTS
BANK
ENVELOPE
SPECIALISTS
BANK
ENVELOPE
SPECIALISTS
BANK
ENVELOPE
SPECIALISTS

• Bank-by-M ail
• Checkbooks
• Transit Mail

in the organization are: J. Stuart Kirk,
James M. Hoak, George J. Buser, Jr.,
R o b e r t M a n n h e im e r, Thomas H.
Stoner, Dr. Neil J. McGarvey and John
J. McLaughlin, all of Des Moines.
* *

*

Bankers Trust Company
Scott C. Pidgeon, vice chairman of
the board, has been elected chairman
to succeed the late James W . Hubbell.
Arthur F. Erickson has been pro­
mo t e d f ro m as­
sistant vice presi­
dent to vice presi­
dent in personnel
and o p e r at i on s
and Melville R.
M arsh , manager
of the office at
Grimes, has been
e l ec te d assistant
cashier.
Mr. Pidgeon has
s. c. P ID G E O N
b e e n w i t h the
bank since it was founded in 1917 and
was its first secretary. Later he was
vice president, becoming president in
1949. He was succeeded as president
last September by Robert J. Sterling.

BANK
ENVELOPE
SPECIALISTS

Central National Bank & Trust
Guy E. Logan, who has held an hon­

orary position on the board, has been
elected a director.
Also, four newly-elected assistanty
cashiers are: Barton R. Peddicord,.
Roger Hicks, R ic h a rd Smith and
Dewey Tullis.

j

B. R. P E D D I C O R D

R. H IC K S

R. S M IT H

D. T U L L I S

• Correspondence
• Drive-in Banking
• M ICR Systems
• Note Notices
• Payrolls
• Savings Books

BANK
ENVELOPE
SPECIALISTS

ed to the board. At age 32, Mr. Speich­
er, a partner of
Bolton & Hay, bec o m e s o ne of
I o w a ’ s youngest
bank directors.
After two years
in the Air Force,
he joined Bolton*'
& Hay in 1954. Hg
is past chairman
of the Manufac­ *>
turers & Whole­
J. S P E IC H E R , JR.
salers Bureau of
the Greater Des Moines Chamber of
Commerce and has been a director of*
the Convention Bureau five years. ^
* =k =k

• Statements

Call your experienced
Tension envelope
specialist

ENVELOPES
Des M oin es F a c to ry and S a le s O ffic e :

TENSION ENVELOPE CORP.
1912 Grand Ave., Des Moines 14, la.
C H erry

4-4126

S a le s O f f i c e s : C e d a r R a p id s + D a v e n p o r t
F a c to rie s : Des M o in e s , Kansas C ity ,
M e m p h is , F o rt W o rth , M in n e a p o lis .
So. Flackensack, N. J.

Northwestern Banker, February, 7963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

A . F. E R IC K S O N

M . R. M A R S H

Mr. Erickson joined the bank in
1921 as bookkeeper and has been tell­
er, assistant cashier and assistant vice
president in charge of personnel.
Mr. Marsh joined the staff in 1940
and was in the installment loan de­
partment before becoming manager of
the Grimes office in December of 1961.
=k * *
Capital City State
Janies Speicher, Jr., has been elect­

Mr. Peddicord, with the bank since
1942, was recently appointed auditor.
Mr. Hicks, with Central National since,
1958, has been in charge of the proof
and transit departments and assisted
in installing the automation program.
Mr. Smith will be assigned to the cor­
respondent bank division, a depart­
ment he has been working with since
coming to the bank last September,*.
Mr. Tullis has worked in various de­
partments, starting in 1941.
f f f
Northwest Des Moines National
Mrs. Margaret Sherman, Mrs. Betty
Steele, Donald H. Jordahl and Robert
C. Wede have been promoted from as*,

sistant cashiers to assistant vice presi­
dents.

Iowa

George M. Urnbreit, c ha i rm a n

of the board and chief executive offi­
cer of the Maytag Company in No­
vember, 1962. A graduate of the Uni­
versity of Wisconsin, Mr. Umbreit
joined the Maytag Company in 1929
as auditor and became comptroller in
1932 and was elected to the board of
directors and named a vice president
in 1934. He held the post of executive
vice president and treasurer from 1940
until being named president in 1960.

of the board of
the Maytag Com­
pany in Newton,
Iowa, was elected
to the board of
di re ct o rs. R a y ­

Mr. Garns, a 34-year veteran of the
Iowa-Des Moines, is a Des Moines na­
tive and has worked in several depart­
ments of the bank. Joining the install­
ment loan department in 1949, he be­
came an assistant cashier in 1952.

Iowa-Des Moines National

Following the annual meeting of the
board of directors of the Iowa-Des
Moines National Bank, Calvin W . Aurand, president, announced the election of a new bank director, four new
officers, and the
p r o m o t i o n of
four officers.

*

News

119

Mr. Harnagel joined the Iowa-Des
Moines in 1929 in the proof depart­
ment and has also worked in many
departments including savings, collec­
tions and installment loans. He was
made an assistant cashier in 1956 and
joined the correspondent bank depart­
ment in 1959.
Mr. Anderson was employed by the
bank in 1942 in the installment loan
department. He has served in vari­
ous capacities in this department and
was made an officer in 1959.
Mr. Buenneke, a native of Maynard,
Iowa, and a graduate of Upper Iowa
University at Fayette, Iowa, joined the
correspondent bank department in

mond I). Garns,
George E. Harnagel, Robert A. Anderson and Robert
L. Buemneke were promoted from
G. M . U M B R E I T

assistant cashiers to assistant vice

BANK

>presidents: E. Leslie Greaves, Robert
E. Nye, Robert A. Krane and Donald
ÏUske were elected assistant cashiers.
Mr. Umbreit was named chairman

O TT U M W A ,

mr
r
IOWA

M em b er of F ederal R e s e r v e S ystem

Statement of Condition December 31, 1962

♦
AS S ET S
C a s h on h a n d a n d on d e p o sit w ith b a n k s ...................................$ 5 ,7 3 8 ,0 0 7 .2 3
U n ited S ta te s G o v e rn m e n t S ecu rities ................................................
6 ,7 6 5 ,1 1 5 .1 0
M u n ic ip a l B on d s ..................................................................................................
2 ,6 7 0 ,2 2 0 .3 1
O th er B on d s a n d S ecu rities ........................................................................
L o a n s a n d D iscou n ts ........................................................................................

7 4 9 ,3 6 6 .7 8
1 3 ,3 4 3 ,1 2 2 .4 9

In co m e E a rn e d bu t N ot C o lle c te d ........................................................
U nion B an k B u ild in g ........................................................................................

1 8 1 ,1 7 9 .9 7
3 3 4 ,6 6 3 .1 5

Furniture a n d F ixtu res ..................................................................................
F e d e r a l R e s e r v e B an k Stock .....................................................................

2 0 ,5 4 9 .5 6
4 9 ,5 0 0 .0 0
$ 2 9 ,8 5 1 ,7 2 4 .5 9

LI ABI LI TI ES
C a p ita l
S u rp lu s

....................................................................................................................... $
.......................................................................................................................

U n d iv id e d Profits ................................................................................................
D iv id e n d P a y a b le J a n u a ry 2, 1963 ...................................................
R e s e r v e d for In terest, T a x e s , e tc .............................................................
In co m e C o lle c te d b u t N ot E a rn e d ........................................................
D ep o sits
.....................................................................................................................

6 5 0 ,0 0 0 .0 0
1 ,0 0 0 ,0 0 0 .0 0
9 3 2 ,9 1 6 .4 3
4 5 ,5 0 0 .0 0
2 5 5 ,6 9 5 .7 4
3 1 7 ,8 4 4 .7 4
2 6 ,6 4 9 ,7 6 7 .6 8

$ 2 9 ,8 5 1 ,7 2 4 .5 9

♦
D IRECTO RS
M A X VON SCHRADER
President
E. P A U L A L L E N
G en eral M anager, John
D eere O ttum wa W orks
S. S. B A R K E R
President, Barker Equipm ent Co.
C A R L M. B E N T ZIN G E R
Live Stock Consultant
J. C. B L A C K F O R D
V ice President

J. R A Y N E R H A R P E R
President, H arper & M clntire Co.
R IC H A R D M. H O FM AN N
H ofm ann Drug Co.
H. L. PO L IN G
Cramblit & Poling
F R A N K M. P O L L A R D
V ice President a n d C ashier
P . C. W A R D E R
W ard er F eed Co.

E U G EN E M. FO STE R
Investm ents

E A R L A . W IM M E R
V ice President

R O B E R T T. FO STE R
V ice President a n d Director
John M orrell & Co.

L L O Y D W IN G E R
President, W in ger M anufacturing
C o., Inc.

S E R V IN G S O U T H E R N IO W A S IN C E 1871
M e m b e r Federal D ep o sit Insurance Corporation

R. A. K R A N E

R. E. N Y E

Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

120

Iow a

News

F irst

F e d e r u l's O fficers

AT THE FIRST FEDERAL STATE BANK, the recently-elected president was re­
elected, a new position of secretary of the board was created and four new directors
were named. In the photo above, are: Seated, from left— Mortimer Goodwin, presi­
dent; Lucius W. Fitch, v.p., Greater Iowa Life Insurance Company, a new director,
and Dean Martin Tollefson, Drake University School of Law, secretary of the board.
Standing, from left: David R. Miller, director; James O. Bragg, director; David Tay­
lor, treasurer of Stevens Industries, Inc., new director; Robert E. Dreher, director, and
William K. Niemann, president, Greater Iowa Life Insurance Company, new director.

1959. He was formerly with the Amer­
ican National Bank in Arlington, Iowa.
Mr. Greaves joined the bank after
graduation from North High School in
1947 as a member of the proof depart­
ment. He worked in the auditing de­
partment before being transferred to
the credit department where he has
served as manager since 1961.
Mr. Nye, a State University of Iowa
graduate, joined the bank in 1956 as
a member of the bank’s training pro­
gram. He worked in many depart­
ments under this program and joined
the bond department in 1961.
Mr. Krane graduated in 1955 from
the University of Iowa and served in
the regular Army until 1959 when he
came to the Iowa-Des Moines. He was
also in the training program and was

made a member of the business devel­
opment department in 1961.
Mr. Fiske graduated from the Uni­
versity of Nebraska and then obtained
his Masters Degree from the Univer­
sity of California. After finishing
school he joined the General Electric
Company on a three year manufactur­
ing training program and was serving
as a sales engineer at the time he
joined the Iowa-Des Moines in 1961 to
head up the newly formed systems
and procedures department.
* *

*

Iowa-Des Moines National
Robert C. Palmer, farm representa­

Des Moines in the trust department.
A graduate of Iowa State University
with a degree in agriculture, Mr.
Palmer is now in a training program
in the probate division of the trust*department.
* * *
Lloyd Roe, head of operations at the
Iowa-Des Moines National Bank, has*
retired after 34 years’ service. He bggan in 1929 as a savings teller and did
relief work in the auditing depart-+
ment. In 1932 when the bank started
full analysis of accounts, he headed up
the analysis department. Later the
bookkeeping department was put urf*
der his supervision and still later, tl^e
proof and transit departments.
Mr. Roe always spent time showing a
each new employee the routine of the
various departments and has given
many talks on “ The Flight of a
Check,” explaining what happens ter”
a check once it reaches the bank.
In June of 1962 he was presented
the Diamond Merit Award of the National Office Managers Association.
* * *
Iowa State Bank
William K. Ferguson has been electtd assistant cashier and R. Glen®
Raines, assistant cashier and trust

officer.
Mr. Ferguson was with Northwest­
ern Bell Telephone before joining the
bank in 1957. Mr. Raines, with a de­
gree from Kansas State University*
and a Masters Degree from Iowa State
University, has attended the Colum­
bia Institute of Commerce and the
National Trust School at Northwest­
ern University.
* *

tive the past two years in the Eddyville office of the Peoples National of
Albia, has joined the staff of the Iowa-

Farmers State Savings Bank
INDEPENDENCE, IOWA
Statement of Condition December 31st, 1962
Resources
Cash and Due from Banks .............................................................................................. $1,320,562.40
U. S. Government S ecu ritie s......... ................................................................................ 2,848,381.69
State, County and Municipal Bonds ........................................................................... L007|s61.69
Commodity Credit Corp. Loans ...................
113,130.19
Commercial Paper .............................................................................................................
80,000.00
Loans and Discounts ..........................................................................
2,734,037.91
Overdrafts .......................................................................................................................... ' R265.62
Bank Premises Owned ..........................................
16,757.24
Furniture and Fixtures ................................................................ _ ................................
14,258.03
Other Assets ......................................................................................................................
3,906.03
Liabilities
Capital Stock (Common) _____________________________
Surplus ____________________________________________________
Undivided Profits and Reserves .......................... .......
Deposits .......................................................................... .

$8,139,860.80

$ 200,000.00

300,000.00
380,496.35
7,259,364.45
$8,139,860.80

42 YEARS OF CONTINUOUS SERVICE

OFFICERS
R U D O L P H L E Y T Z E , President
P. E. SORG, Exec. V ice President
R. E. CONE, V ice President
C. L. F IE STE R , V ice President
R. B. PIE ST E R , V ice President & Cashier
Member Federal Deposit Insurance C orporation

Northwestern Banker, February, 7963


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Federal Reserve Bank of St. Louis

David G. Wright, executive vice pres­
ident of the Northwest Des MoinesH
National Bank, said recently that wor^
on the bank’s new drive-in facility at
the corner of Beaver and Urbandale

Avenues is progressing well. The
completion date depends upon the
weather, but should be completed to­
ward the end of winter weather. He
,said the facility, modern in all re­
spects, will have two drive-up win[~ dows and one walk-up window.
* * *
One hundred forty-four members of
ttie Women’s Division of the Des
Moines Chapter of A.I.B. attended last
|+ month’s Annual Christmas Party at
the Des Moines Club and the following
were highlights.
^ Jane Byers of Central National Bank
& Trust is chairman of the Women’s
division; Collette Downey, Iowa-Des
Moines National, entertainment chair\y man.
* * *
A1 Rodine, Iowa-Des Moines Na­
tional Bank, who is speech chairman,
Des Moines Chapter of A.I.B., has an­
nounced that the topic for the A.I.B.
Speech Contest, February 20, is “A
* Century of Commercial Banking, the
Origin of the Dual System of Ameri­
can Commercial Banking.”
A The contest will be at 7:15 p.m.,
Wednesday, February 20, at the Iowa
#ower & Light Auditorium. Winner
of the contest will compete in the re­
gional contest in April in Omaha.
* * *
Gene Riley, educational chairman of
*the Des Moines Chapter, A.I.B., has
announced that 85 students have suc­
cessfully completed the recent fall se­
mester classes of A.I.B. courses. Fif­
teen banks were represented by class
members. Scholarship winners will be
announced at the Spring Dinner-Dance
in May.
^
* * *
Floyd L. Madden, 54, assistant cash­
ier, Central National Bank and Trust
Company, died last month at Iowa
Methodist Hospital, Des Moines, short­
ly after arrival from his office at the
bank where he had suffered a heart
^attack. Born in Kent, Mr. Madden
moved to Des Moines 35 years ago.
He had been with the bank 34 years,
and was assistant cashier since 1955.
* * *
Gene Riley, Bankers Trust Compa­
ny, educational chairman of the Des
*Moines Chapter of A.I.B., has reported
^hat the following classes were started
last month:
Accounting II, Mary Hiddleson, in­
structor, January 8; Trust Department
Services, Lester Proctor, instructor,
January 8; Principles of Bank Opera­
tio n , Allon McGlothlen, instructor, Jan­
uary 10; Economics, Lewis “Bing”
Cobb, instructor, January 10. All
classes are held from 4 to 7 p.m.—End.


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Federal Reserve Bank of St. Louis

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can be used with any combination of under-counter units.
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122

Iowa

News

Group I to A ttr a c t U an h ers
F rom F o u r-S ta te A r e a

H. P. K N U T H

C. L. A D A M S

R. J. S A M P

attending Group I meet­
BANKERS
ing in Sioux City on February 12
will have an opportunity to hear an
unusual talk on “Pills, Pinkham and
Poison,” given by Robert A. Samp,
M.D., from the University of Wiscon­
sin in Madison. He will be the ban­
quet speaker.
Clifford L. Adams, president of the
Live Stock National Bank, Sioux City,
and newly-elected president of the
Clearing House, will join with H. P.
Knuth, president of the Holstein State
Bank, and chairman of Group I, in pre­
siding at the meeting. Nearly 900
bankers are expected to attend. The
complete program is as follows:
A.M.
9:30 Registration — Municipal Audi­
torium. (Fee of $5 covers regis­
tration, luncheon and evening
banquet.)
10:30 Group Conference of County
Association Officers Committee
—Room H. Municipal Auditori­

H. R. S M IT H

um; H. P. Knuth, chairman;
Frank Warner, secretary.
12:00 Noon Luncheon — Muni ci pa l
Auditorium. Presiding, H. P.
Knuth, president, Holstein
State Bank, Holstein, Iowa.
Invocation—Rev. Arthur Kind­
red, pastor, Grace Methodist
Church, Sioux City, Iowa.
P.M.
1:00 Municipal Auditorium — Meet­
ing called to order and remarks,
H. P. Knuth, Chairman, Group
One; president, Holstein State
Bank, Holstein, Iowa.
Remarks — H. L. Ollenburg,
president, Iowa Bankers Asso­
ciation; president, H a n c o c k
County National Bank, Garner,
Iowa.
Remarks — Clay W. Stafford,
State Superintendent of Banks.
Address — “Trends of Commer­
cial Bank Deposits,” Harry R.
Smith, vice president, Bank of

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Federal Reserve Bank of St. Louis

Registration — Municipal Audi*
torium.
Lounge and Headquarters
Sheraton-Martin Hotel.
12:00 Luncheon — Sheraton-Martin
Hotel. (Bus service between
hotel and auditorium available.)
*
Millinery Magic — Mrs. Neva
Lienemann.
*
Complimentary theater tickets.
6:30 Banquet — Municipal Auditori­
um.

Le Mars

I n c

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O ver a half-century of banking and investment experience
Northwestern Banker, February, 1963

6:30

E. W. “Al” Maser has been promoted
from vice president and cashier to^
executive vice president and cashier
of the First National Bank.
C. L. Eastman, chairman, and his
wife were voted an all expense trip
to Europe in appreciation of his 50
years of continuous service.
Mr. Eastman also announced last"
month that the bank plans to re­
model and enlarge its quarters.
The present remodeling will be com­
pleted this year, Mr. Eastman said.
The top of the building was removed
in 1962, also extensive remodeling of
the interior was completed along with
some exterior refinishing.
^
The American Colonial motif will be
carried out in the new remodeling.
Architects for the expansion are the
Griffith Company, Fort Dodge. The
main building room will be on two
levels with the main lobby on the'
ground level and the directors’ roon^
note tellers’, officers’ space and confer­
ence rooms at a four-foot higher level.

Iow a

News

123

Mason City
Two new directors have been added
by the United Home Bank and Trust
Company. They are C. Frederick
*Beck, attorney and secretary of Beck
Brothers Company real estate firm,
' and Frank R. Jeffrey, president of
£ulligan Soft Water Service.
The only change in officers was the
advancement of Don L. Cottingham
from assistant cashier to assistant vice
♦ president.

Maynard
^ Glen Nicholson has been appointed
a director of the Maynard Savings
Rank to fill the vacancy caused by the
death of Dr. Oscar C. Miehe last Nov vember.

Missouri Valley
Directors of the First National Bank
*have approved an increase of $50,000
in the bank’s surplus account, bring­
ing the total capital structure to $250,, 000.

Newton
Arnold E. Peters has been elected
^president of the Jasper County Sav­
ings Bank. He succeeds the late Ray

A . E, P E T E R S

C. R. B A I L E Y

O. Bailey. Mr. Peters has been serv­
i n g as executive vice president. He
joined the bank in 1938.
► Robert E. Vance, vice president and
secretary of the Maytag Company, was
named chairman of the board.
C. R. Bailey, son of the late presi­
dent of the bank, was elected vice
^president, cashier and assistant trust
officer. He has been serving as vice
¡president and cashier.
L. B. Maytag, Colorado Springs,
Colo., and Homer Denniston of New­
ton were re-elected to the board.
Other members of the board in­
clude Mr. Vance, Mr. Peters, Mr.
Bailey, Collin Fitz, trust officer and
jnce president, and Francis Miller and
J. C. Enyart of Des Moines.
Marie E. VanGilst and George M.
Kruse were named assistant vice pres­
idents. Robert Larson was named as­
sistant cashier.
* Fred Maytag II, chairman of the
¿ioard of Maytag Company, and chair­
man of the bank, died last Novem­
ber 4.

Interstate Finance Corporation
and Subsidiaries
38thYear of Service
CONSOLIDATED BALANCE SHEET
ASSETS

Cash .............. - ..... ...... ...... ....................
United States
Government obligations
Notes and accounts receivable
Deduct reserves for deferred
income and lo sse s................
Other receivables, deferred charges
and prepaid expenses
Vehicles used in operation, less
reserves for depreciation
Real Estate— home office
Furniture, fixtures and leasehold im­
provements, less depreciation and
amortization ______________ _______ ____

November 30
1961
1962
$ 5,295,196.05
$ 3,777,967.49
106,000.00
37,127,255.84
(3,568,548.17)

(3,307,509.67)

954,277.71

676,495.33

104,673.00
80,000.00

123,683.36
90,000.00

237,441.52

1.00

$38,819,067.39

$39,905,793.79

LIABILITIES AND NET W O R T H
$14,969,000.00
Notes payable— short term _____
1,200,000.00
Current maturities of long term debt
1,338,624.83
Other payable and accruals .........
256,858.12
Accrued taxes .....
730,825.72
Reserves ________ __________________________
9.300.000.
Long-term notes payable
3.400.000.
Subordinated promissory note
1.900.000. 00
Capital Debentures (subordinated) ...
Net worth:
2,709,910.00
Capital Stock
64,800.00
Less Treasury Stock
3,078,648.72
Surplus _________________________________
Total Net Worth
Total net worth and
subordinated debt ________

106,000.00
36,921,927.74

$15,125,500.00
600,000.00
1,498,322.87
345.088.38
806.432.38
100
1,000,000.00
3.400.000.
00
00
2.000.
000.00
2,707,260.00
3,023,190.16

$ 5,723,758.72

$ 5,730,450.16

1 1,023,758.72

1 1,130,450.16

$38,819,067.39

$39,905,793.79

W rite for annual report and information on short term notes.

DAVID B. C A S S A T , C H A IR M A N O F T H E
BO ARD O F D IR EC TO R S
G EO R G E L

C A S S A T , PR ESID EN T
O FFICES

IO W A

-

IN

IL L IN O IS - M IN N ESO TA KA N SA S - O K L A H O M A

W IS C O N S IN

Home Office - Dubuque, Iowa
Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

124

Iowa

News

Rock Valley
Warren C.* “Speck” Anderson has
been promoted to vice president of the
Valley State Bank. He will continue
as office manager at Doon.

First National Bank, reports the elec­
tion of Albert Maser as vice president
and farm manager, and Robert M. Zonnefeld as assistant cashier.

Sioux City
Sheldon

Morningside Savings

The Security State Bank, Sheldon,
observed its 35th year last month. At
the annual meeting, Wilbur Vander
Tuig was elected vice president and
cashier. He joined the bank in May,
1948, and was named cashier in De­
cember, 1957.

C. L. Keim has been promoted from
cashier to vice president of the Morn­
ingside Savings Bank. Replacing Mr.
Keim as cashier is D. M. Rich, who
has been advanced from assistant
cashier.
Morningside State

Sibley
E. W. “Al” Maser, president of the

Neal C. Tennis has resigned as vice
president of First National Bank in

STATEMENT OF CONDITION
December 28, 1962

RESOURCES
Cash and Due from Banks .................................................$ 4,461,876.87
Bonds— U. S. Government ................... $ 5,269,558.85
Federal Land Bank .................

998,722.48

Municipals .................................

3,132,419.57

Other Marketable Securities

45,046.62

9,445,747.52

Stock in Federal Reserve Bank ..........................................
Loans and Discounts

36,000.00

.......................................................

7,566,130.57

Banking House and Furniture and Fixtures ...............
Overdrafts ...................................................................................

146,618.91
947.15

Accrued Interest and OtherResources ..........................

91,394.27

Sioux City to purchase controlling in­
terest in and become president of
Morningside State Bank. He succeeds
C. D. Nissen, who is retiring from
active work and will serve the bank *as chairman of the board. Mr. Tennis
also was elected a director, along with
Robert Sevareide, a Sioux City print­
ing firm executive, and William O.*
Verschoor, manager of Wood Brother^
Commission firm. Paul F. Beane, a
director, was elected vice president of »
the bank.
First National

Election of a new member of the**
board and promotion of three officers
were features of the First National
B a n k ’ s annual
meeting.
Lloyd Needham,
president of Needham P a c k i n g *
Company, is the
new director. Pro^
moted were: Richard C. Taylor,
who is in the cor­
respondent diviR. C. T A Y L O R

SÌ011’

fr 0 m

a S S ÌS t’ 4

ant cashier to as­
sistant vice president; John F. Joseph*
Jr., from cashier to assistant vice
president, and Dudley J. McGrath
from assistant cashier to cashier.
Joe T. Grant, president, also an­
nounced the retirement of Homer V. *
Garretson, assistant vice president.
Mr. Garretson has been with the ban!?*
since 1917.
Valley State

$21,748,715.29
LIABILITIES
Capital .........................................

.$

Surplus .........................................

600,000.00

Undivided Profits ....................

600,000.00
658,525.32

Reserve for Contingencies ...

51,968.91

Other Liabilities .......................
Deposits— Demand ................
Time .........................
U. S. Government

260,353.53
.$13,097,294.83
,

J. E. Kelly has been named presi­
dent of the Valley State Bank. He
has been serving as executive vice
president. Fred Davenport, who has ^
been chairman and president, will con­
tinue as chairman.
^
Woodbury Bank and Trust

F. A. Evans, president of the Wood­
bury Bank and Trust Company, re­
ports that Golby C. Uhlir, assistant

6,165,544.94
315,027.76

19,577,867.53
$21,748,715.29

FIFTH AVENUE
SOUTH-226*

NATIONAL

BANK

C&ntcn, <
9civtt

Member of the Federal Deposit Insurance Corporation, Washington, D. C.
$10,000 — Maximum Insurance for Each Depositor — $10,000

Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

G. C. U H L I R

W . F. M U L L IN S

vice president and trust officer, was
promoted to vice president and trust H
officer. William F. Mullins has been4
promoted from a draft teller to audi­
tor.

Iowa

Security National
Chas. H. Walcott, president of Secu­
rity National Bank, has announced the
following promotions: Lavern C. Jen-» sen from assistant trust officer to as­
sistant vice president and trust officer;
Richard H. Muir, Richard G. O’Connor
and Charles J. Tice, to assistant cashîers.

125

building adjacent to the main bank
K.
H. Dietz, cashier of the Walcott building for possible expansion in the
Trust and Savings Bank, has been future. Surplus was increased by $50,000 to $200,000.
elected a director.

Walcott

West Liberty

Walnut
Dwight Wuster has been advanced
from cashier to vice president of the
Walnut State Bank. Ann Paasch, for­
mer teller, replaces Mr. Wuster as
cashier.

Irwin Mosher, executive vice presi­
dent of the West Liberty State Bank,
reports that the bank recently doubled
its capital from $100,000 to $200,000.

West Des Moines

Ernest A. Burger has been elected
to the board of directors of the State
Bank of Worthington, replacing the
late John L. Kramer, according to
Olan F. Tegeler, president.
L.
C. Jaeger has been named as a
new vice president.

Ray H. Kirk, treasurer of litis Lum­
ber Company, has been elected a di­
rector of the First National Bank. He
replaces B. L. Stewart, who has served
for 25 years.
The bank recently purchased the

L. C. J E N S E N

News

Worthington

R. H. M U I R

F R E D

D . C U M M IN G S

V IC E P R E S ID E N T

W

d r overs na tio n a l ba n k
o f CHICAGO

R. G. O ’ C O N N O R

C. J. T IC E

Sloan

Peter H. Nielsen, assistant cashier,
“ was elected a director of the Sloan
State Bank at the annual meeting. He
will continue to manage the bank.

Spencer

r

The board of directors of the Clay
County National Bank voted to trans­
fer $100,000 into the surplus, raising
it to $400,000.

B E R N A R D

Spirit Lake

a c c ic t a

r

J. Robert Cornell, president, First
National Bank, has been named Spirit
Lake “Citizen of the Year” by the
Kiwanis Club.

NT v ic e

D.

M

I L L E R

p r e s id e n t

A N D IOWA RE P R E S E N TA TIV E

d r o vers n a tio n a l ba n k

OF CHICAGO

^Stockport
y Hugh Newman, cashier of the Iowa

S e e y o u at th e

State Bank, reports the election of a
new director. L. E. Workman re­
places Harry L. Miner, resigned.

#Thornton
Earl W. Nelson, formerly vice presi­
dent of the Clear Lake Bank and
Trust Company, has resigned that po­
sition to become executive vice presi­
dent, director and managing officer of
the First State Bank, Thornton. He
had been with the Clear Lake Bank
’’ since 1957 after coming from Crooks^on, Minn.
His resignation becomes effective
February 15.

G r o u p M e e t i n g s in

S I O U X CITY FEB. Ilth and 12th
and B U R L I N G T O N FEB. 22nd

DroversNational Bank
47th S T R E E T & ASHLA N D AVENUE
MEMBER

FEDERAL

DEPOSIT

• Y A R D S 7-7000

INSURANCE

CORPORATION

Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

126

Iowa

News

(¿rimp I I H an kers to H ea r
S e c r e ta r y o f Ohio A sso cia tio n

O. E. A N D E R S O N

F. L. K O S

C. H. W A L S H

C. W . S T A F F O R D

E. ANDERSON, secretary of the lington. A social hour and buffet din­
« Ohio Bankers Association, Co­ ner will be held at the hotel, starting
lumbus, Ohio, will be the featured at 6 p.m. on the 21st, following the
luncheon speaker at the annual meet­ custom of previous years.
ing of Group 11 in Burlington on Fri­
The Group 11 business meeting will
day, February 22.
be held in the Capital Theater from 10
Registration will start at 4 p.m. on a.m. to 12 noon on February 22. Frank
Thursday, February 21, at Hotel Bur- L. Kos, vice president of the Wash-

O

NATIONAL BANK OF BURLINGTON
B URLIN GTON, IO W A
Statement of Condition December 28, 1962
ASSETS
Cash and Due from B a n k s___ $
U. S. Government Securities..
State, County and
Municipal Bonds ...................
Other Bonds ..............................
Loans and Discounts ................
Overdrafts .................................
Stock in Federal Reserve Bank
Bank Building ........
Furniture & Fixtures ................
Other A s s e t s ..............................

2,727,392.06
4,414,738.49
1,663,334.49
601,361.03
9,003,487.26
1,940.84
39,000.00
111,090.00
80,198.07
2,756.50

LIABILITIES
Capital Stock ............................ $
Surplus
Undivided
Reserves

.......................................
Profits

300,000.00
1,000,000.00

....................

371,360.47

.....................................

227,887.51

Unearned Discount ....................

368,527.96

Deposits

..................................... 16,377,522.80
$18,645,298.74

$18,645,298.74
O FFICERS

JOHN H. WITTE, JR., Chairman of Board
Y. P. CULLEN, President
DALE KELLEY, Executive Vice President
FRANCIS W. KAMMAN, Vice President
R. K. PEARSON, Vice President
E. L. HAUSKNECHT, Cashier
F. J NORTON, Assistant Cashier
FRANCES FLYNN, Assistant Cashier
M e m b e r F e d e ra l

PAUL A. ABEL, Assistant Cashier and
Farm Representative
E. E. WISCHMEIER, Assistant Cashier
WILLIAM R. RUTHER, Trust Officer
E. W. WISCHMEIER, Assistant Trust Officer
E. J. BREDAR, Assistant Cashier and
Manager Installment Loan Department
A. N. STOLZE, Auditor
D e p osit In su ra n ce C o rp o ra tio n

ington State Bank, Washington, will
preside as chairman of Group 11.
Featured on the program will be
Herbert Ollenburg, president of the
Iowa Bankers Association; Clay Staf-*.
ford, superintendent of banking; Glenn
Ingle, state director, United States
Savings Bonds; Charles Walsh, secre­
tary of Group 11, and Frank Warner*
IBA secretary. One of the highlights
of the business meeting will be the
election of officers.
r
Group 11 has placed itself on record
as sponsoring 100 per cent the candi­
dacy of Charles H. Walsh for president
of the Iowa Bankers Association iri
October, 1963. Mr. Walsh is president
of the Farmers and Merchants Sav­
ings Bank in Burlington. It is ex-^
pected that the group will reaffirm this r
sponsorship during the group meeting.
Ed Ebersole, vice president and
cashier, The State Central Savings
Bank, Keokuk, is again preparing a
unique “formal announcement” of tlfe
meeting.

West Union
C. W. Grimes has been named presi­
dent of the First National Bank. H^
formerly served as executive vice pres­
ident. Judge
H. Antes, who has
been president,
h a s b e e n ad­
vanced to chair­
man of the board.'1*
Other promo-Â
tions include: Carl
Schori from cash­
ier to vice presi­
dent and cashier,
and C. W. Antes,
c. w . G R IM E S
a di rect or, was
named vice president and general
counsel. George B. Woodard, Jr., ar?
insurance agent, was elected as a new
board member.
M

NORTHWEST BANK & TRUST COMPANY
Waterloo

Davenport, Iowa
AT THE CLOSE OF BUSINESS DECEMBER 31, 1962

AS S ET S
C a s h in v a u lt a n d in other b a n k s

................................................................................$ 2 ,8 1 1 ,7 7 2 .5 4

U . S. G o v e rn m e n t B onds .....................................................................................................
O th er B o n d s .....................................................................................................................................
L o a n s a n d D iscou n ts .............................................................................................................
O v e r d r a fts .......................................................................................................................................
B an k B u ild in g, Furniture a n d Fixtu res .....................................................................
O th er A s s e t s

4 ,5 7 4 ,0 6 3 .8 7
3 ,7 9 5 ,8 9 0 .6 2
1 4 ,5 0 3 ,8 9 0 .5 9
3 ,0 5 7 .6 1
3 1 2 ,0 6 6 .2 3

..................................................................................................................................

LI ABI LI TI ES
C a p ita l Stock ..................................................... .................................
S u rp lu s .....................................................................................................
U n d iv id e d Profits a n d R e s e r v e s ........................................
T otal D e p o sits .....................................................................................

1 5 ,3 0 0 .9 8
$ 2 6 ,0 1 6 ,0 4 2 .4 4
$

6 0 0 ,0 0 0 .0 0
5 0 0 ,0 0 0 .0 0
1 ,3 1 9 ,8 3 7 .7 0
2 3 ,5 9 6 ,2 0 4 .7 4

$ 2 6 ,0 1 6 ,0 4 2 .4 4
O F F IC E R S

W. F. Meiburg, President
E. F. Moeller, Jr., Comptroller
F. W. Yeadon, Jr., Executive Vice President
H. P. Becke, Assistant Cashier
and Trust Officer
John D. Hiett, Assistant Cashier
B. F. McGee, Senior Vice Pres, and Cashier
Wm. A. Klauer, Assistant Cashier
Ben Selling, Vice President
O. R. Roehs, Assistant Cashier
R. L. McCrary, Assistant Vice President
W. A. Schloemer, Auditor
Member Federal Deposit Insurance Corporation

Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

National Bank
Robert L. Penne, president of the
National Bank of Waterloo since 1950?

R. L. P E N N E

R. L . K I L G O R E

was made vice chairman of the board
and R. L. Kilgore was made president*
at the annual meeting.
4
In his new capacity Mr. Penne will
be primarily concerned with the

Io w a

bank’s investment accounts. James
M. Graham will continue as board
chairman.
Mr. Kilgore will serve as chief oper­
ating officer.
Both men have been with the bank
' since it was founded on July 15, 1933.
i Mr. Penne, who started as assistant
cashier, has served as cashier, vice
president and since 1950 as president.
Mr. Kilgore started as a teller and
^subsequently served as assistant cash­
ier, assistant vice president and cash­
ier prior to being promoted to senior
>Tice president last year.
Mr. Kilgore and Mr. Penne reported
t© stockholders that the bank had an
exceptionally good year in 1962, with
'deposits at year-end up about 12 per
cent with a gain of $2,625,000. General
activity in all departments was up,
£hey said.
They also said that the bank had
transferred $300,000 from undivided
profits to surplus. After this transfer
the bank had $700,000 in the capital ac­
count, $1,300,000 in the surplus ac­
count, $973,000 in undivided profits
^ind a $500,000 reserve for contingen­
cies, making a total of $3,473,000 in the
capital structure.
Peoples Bank

E. E. “Dick” Baily, a special repre­
sentative of the Peoples Bank and

Trust Company during the past year,
has been elected assistant vice presi­
dent.
The bank has also reported the res­
ignation of E. D. Kadera, assistant
cashier and auditor, effective Febru­
ary 1.
Directors have approved transfer of
$100,000 from undivided profits to sur­
plus, increasing the surplus account
to $500,000. Capital and surplus now
total $1 million with undivided profits
of about $250,000.

News

127

Waterloo Savings

Dale DeKoster, president of the
Waterloo Savings Bank, announced
last month that the bank’s board
voted to increase the surplus account
by a transfer of $400,000 from undi­
vided profits. This brings surplus to
a total of $1,400,000. The capital stock
of the bank stands at $700,000.
In addition, an extra dividend of 30c
per share was authorized by the
board. This is apart from the regular

N ew H u rlin yton M h'ive-fn F a c ility

B A N K E R S attending the Group 11 meeting will have an opportunity to see the new

drive-in facility completed recently by the Burlington Bank & Trust Company.
The fa cility ‘ was equipped by Diebold, Inc., and it features three drive-in windows
and two walk-up windows. It also has a night depository. Stephen Beckford is man­
ager of the motor bank.
The bank declared a 100 per cent stock dividend last month, transferring $300,000
from surplus to capital, making a total of $600,000 capital and $600,000 surplus.

Follow the Parade
to Burlington

Group 11 Meets in Burlington February 22
Group 11 bankers will once more enjoy the
.

traditionally outstanding program scheduled for

A

them at the annual meeting here in Burlington.
Join us in renewing old friendships.

And Don H Miss the
Pre-Convention Party
Thursday Evening
February 21
—

>
Burlington Bank & Trust Co.
National Bank of Burlington
k Farmers & Merchants Savings Bank
Northwestern Banker, February, 7963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

128

Io w a

News

semi-annual dividend of $1.20.
Mr. DeKoster also commented on
the bank’s new drive-in to be opened
February 13th. “ Some time ago,” he
said, “the board and our bank execu­
tive staff realized the necessity of in­
creasing our drive-in and parking
facilities, but could not see the wis­
dom of just enlarging our present
operation. Instead, we began working
on a drive-in facility and parking area

Home & Garden—
Real Pleasures
If You "Know H ow "
I f you’ve conquered drippy faucets;
graciously accepted guests’ compli­
ments on your roses; saluted a $50
drop in your fuel bills, you know that
good “ know-how” feeling — the same
feeling readers of Doane’s “ Home and
Garden Care” have.

W inning Friends
Is Profitable
It is pleasant to send advertising
messages that prospects appreciate.
Banks everywhere build good will
among depositors and borrowers with
monthly “ Home and Garden Care.”
Timely, practical advice on how to
beautify the home, save money on
upkeep, get the most from tax and
insurance dollars. Exclusive in your
area.
Write For An
Introductory C o p y

DOAN
E serviceLT|ncAL
5144 Delmar Blvd.
St. Louis 8, Mo.

to be located apart from our bank
building. We wanted something with
great individuality. Most of all, we
wanted a drive-in bank that could
really handle traffic trouble-free. We
believe our architect has designed
such a facility.”
The Waterloo Drive-In consists of
four windows, a large walk-in lobby,
and a large parking area with room
for more than 50 cars for customers.
Myron L. Lorenzen, president of the
Hawkeye Steel Products Company,
was elected a new
director at the an­
nual meeting.
Earl J. Under­
brink, vice presi­
dent and cashier,
was elected to the
n e w l y cr eat e d
post of senior vice
president
and
cashier.
Other
title
M . L. L O R E N Z E N
changes i nc lude
the promotion of Merle W. Rodgers
and Robert V. Cooper, assistant vice
presidents, to the position of vice
presidents. E. James O’Connor, assist­
ant cashier, was elevated to the position of assistant vice president.
The annual report presented to the
directors by Mr. DeKoster also pointed
out that in 1962 new highs were
reached in total deposits, savings de­
posits, and total assets.

E. J. U N D E R B R IN K

M. W . R O D G E R S

R. V . C O O P E R

E. J. O ’ C O N N O R

E. F. Peters Joins
Mutual Fund Firm

James F. Toy, Founder

SIO U X C IT Y . IO W A

OF

CONDITION

December 31, 1962
ASSETS
Cash and Due from Banks ................. $ 6,814,197.95
U. S. Government Securities ............. 10,312,274.37
1,329,147.35
State and Municipal Bonds ...............
Stock in Federal Reserve Bank ........
75,000.00
Other Marketable Bonds ......................
4,929.00
Loans and Discounts ............................ 18,790,405.37
C. C. C. Loans Gov't Guaranteed......
1,273,239.42
Banking House
Furniture and Fixtures ......................
338,206.57
Other Assets ............................................
240,429.03

LIABILITIES
Capital Stock (common) ..................... $
Surplus .......................................................
Undivided Profits .....................................
Demand Deposits ....$24,119,956.52
Time D ep osits............. 11,920,920.15
Total D ep o sits.................................. $36,040,876.67
Other Liabilities .......................................

$39,177,829.03

256,256.09
$39,177,829.06

OFFICERS
J. W m . V a n D y k e , C h a irm a n o f the B o a rd
E. E. E rick son, V ic e P resid en t
H o m er M . B o y d , A s s is t a n t V ic e P resid en t
Burton L. P o u lso n , A s s is t a n t V ic e P resid en t

C a rle to n C . V a n

C . A rth u r Johnson, V ic e P resid en t
C o n ra d A r o n s o n , A s s is t a n t V ic e P resid en t
L e slie H . O ls o n , C a s h ie r

D yke,

P resid en t

U . H . B u n k ers, V ic e P resid en t
H e n ry K. L a rsen , A s s is t a n t V ic e P resid en t
C la r k W . W a t k in , A s s is ta n t C a sh ie r

W a y n e N . H ettin ger, A s s is ta n t C a s h ie r
R ic h ard B r e y fo g le , A s s is t a n t C a s h ie r
Leon V . H a rb e c k , A s s is t a n t C a sh ie r
R o n a ld G . W i ll , A s s is t a n t C a s h ie r
Jam es V . Tritz, A s s is ta n t C a s h ie r

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

^

f

Edwin F. Peters, former president
of the First Federal State Bank o£
Des Moines, has been appointed man­
ager of the Southern Iowa division <sf
King Merritt & Company, with offices
at 2915 Ingersoll Avenue. King Mer­
ritt sells mutual funds. Before his
association with the bank, Mr. Peters
was president of the College of Osteox
pathic Medicine and Surgery here.

Member of Federal Deposit Insurance Corporation

STATEMENT

i

Iow a News

FINDING SOLUTIONS . . .
(Continued from page 32)
ings and equipment costs. Of course,
a definite time sa v in g s should be
Mproved before buying equipment pro­
miscuously and a follow up to see
that it is used if purchased. When
Jpuying equipment, we should evaluate
the item from many angles—construc­
tion, low down-time, ease of operation,
training and availability of service
a when needed. Price, of course, may be
a factor but in some instances, types
of equipment of low price have been
found to be superior, to competitive
machines priced several times higher.
Quite often one is tempted to buy
equipment that is more sophisticated
than the job calls for. This should not
be done unless there is a very good as­
surance that costly extra features are
to be used within a relatively short
period of time. We don’t always need
a tractor to do a shovel job. On the
other hand, improved equipment may
mean greater production with less
effort.
Operations

* There are many operations which,
if studied, may show a potential sav­
ings in time, material, or floor space.
Where available, outside messenger
service and use of part-time help can
often save money. Use of photocopy
to replace typing copy, date filing of
-checks, and statement cycling handled
by trained clerks, is worthwhile where
Volume warrants. Eliminate printed

129

Open A tiel Drive-In

NEW DRIVE-IN at the Dallas County State Bank, Adel, was opened recently.
Among the first depositors were Dennis Pyland and Craig Hawbaker, age 12, who drove
up in Dennis’ buggy with his team of ponies. A total of 135 customers used the new
window from 8:30 to 12:00 noon on opening day, according to H. B. Jacobson, president.
A 7:30 breakfast was held in the bank’s social room at which a number of Adel busi­
nessmen were present.

service charge slips by posting direct
to statement. Open-shelf filing or use
of 6 drawer files instead of 4 or 5
drawer if practical may conserve floor
space as will redesigning some forms
to fit smaller files. Destruction of ob­
solete records, microfilming of others
will conserve space. Use of coupons

instead of passbooks is much less ex­
pensive when used on installment
loans. Good, properly adjusted scales
can save money on postage. This, of
course, works both ways but in addi­
tion to embarrassment, it is some­
times expensive to adjust errors in
mail sent with too little postage.

Serving Northeast Iowa
Banks with fast, efficient

►
►

correspondent services
,__________ T ik e .___________ ,

►

NATIONAL BANK
O F W A TER LO O
1 10 EAST PARK AVENUE

WATERLOO,

I OWA

M ay we also serve

r

?

Member . . . Federal Deposit Insurance Corporation • Federal Reserve System
Northwestern Banker, February, 1963


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Federal Reserve Bank of St. Louis

Iowa News

130

Iowa-Des Moines Computer in Operation
. - A - '"

i

MAJOR COMPONENTS of the Iowa-Des Moines automation center include the magnetic tape units at left. Larry Betsinger is
shown demonstrating the units. At right, Donald Fiske sits at the central console, mastermind of the General Electric System.

4
LECTRONIC automation became
a reality for the Iowa-Des
Moines National B a n k last
month when its GE 225 computer sys­
tem was placed in actual operation.
This culminated several years of de­
tailed planning and inspection of var­
ious types of equipment, plus a
number of months of training for
selected employees who are working
in the new computer department.
Although the 225 is designed to
carry out the same basic bookkeep­
ing work demanded of every com­
puter system, it has high speed, stor­
age and transmission features that are

E

particularly adapted to the needs of
the Iowa-Des Moines National. It is
classified as a medium-size computer,
affording great latitude in operation,
and ample capacity for projected
usage. Deposits of the bank presently
are $159,000,000.
In preparing to take delivery on
the equipment, the Iowa-Des Moines
shifted present bookkeeping and tran­
sit to another location and completely
cleared the fourth floor. A special,
air-controlled room was constructed
there for the entire 225 system. The
balance of this floor provides office
space for the other workers in the

Statement of Condition of

DUBUQUE BANK & TRUST COMPANY
DUBUQUE, IOWA
December 31, 1962
RESOURCES
Cash and due from banks
.................................................................... ..$ 2,720,896.69
U. S. Government Bonds
...... ............................................................. 4,383,250.00
Municipal and U. S. Agency Bonds
.................................................... 4,568,417.40
$11,672,564.09
Loans: Collateral, Commercia and Mortgages ............................................................ 8,884 650.87
Commercial Paper ____ ____
....................................................................................
5,740 000.00
Banking House and Furniture and Fixtures .....................................................................
281 508.13
Overdrafts
8.72
Other Assets
.........
342.57
$26,587,074.38
LIABILITIES
Capital Stock
$ 500,000.00
Surplus
. I ,000,000.00
544,805.82
Undivided Profits
Reserves
253,384.37
$ 2,298,190.19
Deposits—
$11,342,712.87
Demand
Time
12,474,664.10
U. S. Government
340,616.62
$24,157,993.59
130,890.60
Other Liabilities
$26,587,074.38
O FFICERS
J . M. Burch, J r ., President
Kenneth J . Ganahl, Asst. Cash.
G . W . Corken, Vice President
Lynn Fuller, Exec. Vice Pres.
Jo s. J . Peryon, Vice President
K. J . Kilby, Asst. Cashier
Genevieve McEvoy, Asst. Cash.
John H . Jansen, Vice President
W m . R. Jansen, Cashier
Member Federal Deposit Insurance Corporation

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

department, as well as a battery cff
19 IBM 1203 inscribers. These ma­
chines inscribe the dollar amount and
other necessary MICR data that is
missing.
Donald C. Fiske is manager of the
computer department. He has 20
other men directly involved in com-^
puter work with him. They include
a program manager, several program­
mers (their duty is to translate a
bookkeeping operation into a work­
able instruction program for the 225),
a computer room manager, seven
other men in the computer room it­
self.
Additional Jobs
^
In addition there will be at least 27
operators of IBM 1203 inscribers.
This will represent one and one-half
shifts per day. Another full-time job
for some months to come is that of.*
the form designer. The woman per­
forming this task has been with the*
bank several years and is designing
most of the card and paper forms
that will be used in the computer or
the records it will make possible.
Other personnel eventually will bring
the computer department total com­
plement to about 100 employees. *Immediately after taking official de­
livery, the Iowa-Des Moines swung
into its first phase of work with the
computer. This involved putting all
transit operations through the com­
puter. This complete transit function
will include sorting, distribution, casl^
letter preparation (float computation
and item counts), non-par charges and

Iow a N ew s
advices, and statistical activity re­
ports of incoming and outgoing cash
letters.
During the transit operation, the
^ 225 also is capturing on magnetic tape
all “on us” items. This information
then goes into updating demand de­
posit accounting by running this tape
through the computer and updating
the ledger information of all accounts
which are also maintained on magA netic tape.
If items come into the bank already
fully encoded with the transit number
and dollar amount, they can be placed
^directly into the 225 work sequence
without having to go through the
?203 encoding step.

subsequent cash letter.
From these transit operations are
obtained all control totals necessary
to balance the proof transit operation.
Much of the transit work is now be­
ing processed on the 225, and by 1963
all transit functions will be performed
on it.
The second step now planned is to
place all demand deposit accounting
on the computer. It is hoped to ac­
complish this early in 1963. All
personal and business accounts will
go on tape by use of a punched con­
version card. This gives the 225 a
starting point from which all future
records will stem and can then be

131

kept current electronically on t?pe.
A daily record of demand deposit
accounting will be furnished by the
printer equipment. It will also fur­
nish exception reports, print state­
ments automatically on a cycled basis,
perform other accounting functions,
as well as providing statistical reports.
The third step will be to take per­
sonal trust accounting from its pres­
ent tab equipment, and convert it to
computer records.
The fourth step will be to incorpo­
rate installment loans into other com­
puter records, and it is hoped to have
this completed by late 1963.
One attraction of the 225 is that it

Tape Storage

Once the various bank items are
started through the check sorter
♦(known as GE Document Handler),
they are translated electronically into
tape language and permanently stored
^ there until a demand is made on the
equipment to print out any desired
information. The first step is placing
items in the check sorter which will
'»read 1,200 items per minute. If this
is operating “on line,” all information
fs retained on magnetic tape and
prints out an entry list (listing and
balancing) for batch totals.
In this primary sort there are many
concurrent steps being performed in
“*the computer. In the secondary sort,
J;wo Document Handlers can be oper­
ated simultaneously for a speed of
2,400 items per minute. On this final
sort, items are written onto magnetic
tape and from this is printed the cash
letter listing.
In the physical printing of this cash
letter, 10 different bank cash letters
can be printed on columns across the
^vidth of the paper. Since 900 lines
per minute are printed this will per­
mit the printing of up to 9,000 items
per minute. This printed copy is then
run through a cutting device which
cuts the page into strips so each cash
^letter can be included for the right
Jtank.

STATEMENT OF CONDITION
at Close of Business December 31, 1962
ASSETS
Cash on Hand and Due from Banks
United States Government Bonds
State, County and Municipal Bonds
Federal Reserve Bank Stock
Loans and Discounts
_
Overdrafts
Bank Premises
Furniture and Fixtures
Other Assets

$32,878,215.91

LIABILITIES
Capital Stock
.... __________________
Surplus
_____________
Undivided Profits
Reserves _____________________________________
Deposits

Only one cash letter is mailed per
day, but several batch totals with item
count and dollar amount may be
Sprinted on the letter before it is
jnailed. This results from constant
usage of the equipment throughout
the day, so that batches of transit
items are being processed several
times daily. This makes it possible
to include the last items of the day
^with the first ones processed before
the cash letter actually is sealed and
mailed. Previously, items arriving
late in the day were handled in a

$

700,000.00
1,400,000.00
572,989.68
283,175.28
29,922,050.95

$32,878,215.91

OFFICERS
LOWELL J. WALKER

ROBERT V. COOPER

C h a irm a n o f th e B oard

V ic e P re s id e n t

DALE K. DeKOSTER

WILLIS J. VOLLENWEIDER

P re s id e n t

EARL J. UNDERBRINK
S e n io r V ic e P re s id e n t a n d C a s h ie r

Continuous Processing

$ 5,265,115.77
5,886,795.91
3,208,236.86
63,000.00
18,069,207.44
2,357.36
267,349.97
26,467.50
89,685.10

A s s is ta n t V ic e P re s id e n t

E. JAMES O'CONNOR
A s s is ta n t V ic e P re s id e n t

GERALD J. CURRAN

FREDERICK KOCH

A s s is ta n t C a s h ie r

V ic e P re s id e n t a n d T ru st O ff ic e r

FORREST D. LOFTON

MERLE W. RODGERS
V ic e P re s id e n t

A u d ito r

CHARLES P. BEARD
Trust O ff ic e r

ntErlaa savings hank
WEST FOURTH

S T R E E T AT C O M M E R C I A L ! WA TE RL OO .

IOWA

D ia l 2 3 4 -1 4 3 1

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

132

is tape compatible with the IBM 7330
tape series (the comparable equip­
ment of IBM used by The Omaha Na­
tional Bank and described in a re­
cent issue.) This opens the possibil­
ity of exchanging tapes in the future
with other banks, or doing work for
commercial accounts who may have
tape equipment.
Being a general purpose computer,
the 225 is not only compatible with
some other systems but affords the
Iowa-Des Moines National an oppor­
tunity to offer varied services to all
kinds of commercial and scientific
groups.
Keeping such an electronic installa-

tion occupied with work is foremost
in the minds of all bank executives
who have this responsibility. Simi­
larly, keeping it in first class working
order is a vital necessity. The former
task is a challenge being met by ex­
ecutive officers and business develop­
ment officers of the Iowa-Des Moines.
The latter task, keeping the equip­
ment operating, is one that has been
solved by having two GE computer
representatives in an office inside the
computer room on full-time duty.
This is part of the service of the in-

MANAGEMENT . . .
(Continued from page 22)

sions for 1963,” outlining comparisons
of various government issues and the
considerations banks must give in
buying a certain issue compared to
a seemingly more profitable issue. ,
Howard Chapin, vice president of
the host bank, told bankers “YoVt
Can’t Take It With You,” but that
what one has can better be preserved^
through the judicious use of trust fa­
cilities and a properly drawn will.
b. M. Schwartz, president of Citi*
zens State at Paola, Kan., and a wellknown A.B.A. figure, showed thal'
“ Savings Can Be Profitable” in his
talk that covered the acquisition of
time deposits and their wise use in
producing added revenue for banks
of various sizes.
*
M. C. Gurg, a banker from Jodhpur^
India, who is spending about a year
at First National of Lincoln, gave his
impressions of American banking,
comparing the favorable things he
found here with banking methods in
India.
Board Chairman Wheaton Battey
and Executive Vice President A. W*
Griffin presided at the luncheon an^
banquet sessions. “Football High­
lights of ’62” was a color film shown
at the noon luncheon.—E n d .

OUTSTANDING CHOICE

OF OUTSTANDING BANKERS

THE FARM PICTURE
SELLS . . .
Full Service Banking . . .
Your Bank . . .

YOU . . .
Get full PR Power with your public
relations and advertising dollars. Send
the whole FARM PICTURE— 4-pages
of farm outlook, management, income
tax guides, estate planning and much,
much more— PLUS a banker’s point
of view! Let your farm customers see
a copy of THE FARM PICTURE and
they will tell you how you can invest
your budget to best advantage.

SERVICE FOR BANKERS

Do you want to relocate? Im­
prove your position? Let us help
you make contacts and get re­
sults.
Our service confidential,

DEPT. 37, P. O. BOX 221, URBANA, ILLIN O IS

Northwestern Banker, February, J963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

*

pffppti VP

BANK PERSONNEL
CLEARING HOUSE
and Employment Agency
503 N. Washington,
Naperville, Illinois

Write for the PR Power brochure.
It tells all about the Preference Rat­
ing SURVEYS and how you can give
your farm customers a chance to tell
you how much more they would appre­
ciate the whole FARM PICTURE.
Every heading is especially designed
to carry the good image of your bank
to your customers. Sold on an exclu­
sive territory basis. Complete address­
ing and mailing service available.

the FARM PICTURE

„

ACORN

Registers

"Accepted Sale Registers by Bank
Clerks Everyw here"
For information write
S T A T IO N E R S \
OFFICE O UTFITTERS

G rand A v e . at Fourth

/ BOOK B IN D E R S
BUSINESS MACHINES

De s M o in e s , IX

.

THE A C O R N PRINTING CO .
Oakland, Iowa

i
\

|

133

The Bankers’ Market Place
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.

SPECIAL 54-page edition of En­
velope Economies, a copyrighted
service publication of Tension Enve­
lope Corporation, has been written
►under the title, “U. S. Postal Guide,”
and is available free to banks and
other business firms.
The 5 x 8 inch booklet has a chart
*of recent postage rate increases for
each class of mail, then goes into a
detailed review of rules pertaining to
First, Second, Third and Fourth Class
Mail, treating each in separate chap­
ters. In addition, all other special
uses of mail and handling are covered
*in a final chapter.
The booklet gives a chart showing
parcel post rates, both surface and air,
up to 70 pounds, as well as four pages
of charts showing the domestic postal
zones for 90 cities, so postage can be
figured quickly to these other cities.
*■ Throughout the 54-page booklet are
pictures of various envelopes, stamps,
postage meter imprints and other
samples to illustrate each rule pro­
mulgated by the post office. A num­
ber of suggestions for getting the most
from business mailings are included,
u, A complimentary copy may be ob­
tained by writing Tension Envelope
Corporation, 1912 Grand Avenue, Des
Moines 14, Iowa.

A

er, Model PKL-46, will accommodate 16
and 35mm film jackets up to 4 by 6
inches. Model PKL-58 accepts micro­
film file jackets in larger sizes up to 5
by 8 inches. Both models are also en­
gineered to accommodate microfilm
images mounted in aperture cards or
reproduced on sheet film cut to stand­
ard file-card sizes.
The optical systems in the new uni­

tized microfilm readers provide for
uniform illumination over the entire
12 by 12 inch screen surface at a fixed
magnification of 24 to 1. Vertical or
horizontal scanning of any segment
of a film image is accomplished by a
single control knob within easy reach
of the operator. Alignment guides
provide for fast, positive centering of
the projected image on the screen,
which is tinted to minimize operator
eye-fatigue.
Glass flats enclose the microfilm
jacket and hold the film images in a
fixed plane for optimum clarity and
sharpness of projection and for con­
stant focus during scanning.

remember
the

ECORDAK CORPORATION has
introduced two new microfilm
R
readers designed primarily for ref­
erence to microfilm retained in trans­
parent file jackets.
The Recordak Unitized Film Read-

we’ll be 1st on hand to welcome
you to our Group One
meeting in Sioux City
FEBRUARY 12
V,.

U N IT IZ E D R E A D E R

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.

t N a tio n a l B a n k
M e m b e r F ed era l D ep osit I n s u r a n c e C o r p o ra tio n

i n S i o u x C it y

OMAHA
Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

134

»

*
*
H e’s On His Way
Bill’s wife spent his money like a
sailor on shore leave.
“ Betty,” he moaned, “if you don’t
stop this spending you’ll be driving
me to the poor house.”
“Driving heck,” she replied, “you’ll
have to walk. They came and got
your car this morning.”
Neiv Package Deal
A prospective groom told the jew­
eler: “ I’d like to see an engagement
ring.”
“Why not try our new package
deal? Would you like to see our threepiece combination ring?”
“What’s that?”
“Engagement, wedding and teeth­
ing.”

One of the Hazards
A super salesman told his new
boss, “ I’ll be a whiz at selling life in­
surance. Just point me toward a
tough prospect.”
“Okay, go see Jim Stokes across the
street.”
A little later the super salesman re­
turned and said, “Well, I got two
orders.”
“You did?”
“Yes (1) Get out, and (2) stay out!”
Matter of Choice
“Got any wallpaper?” she asked the
clerk.
“Yes.”
“ Is it the kind I can put on myself?”
“Yes, but it’d look a heck of a lot
better on the wall!”
F

FEBRUARY, 1963
A c o r n P r in t in g - C o m p a n y ................................ 1 3 2
A m e r i c a n N a t i o n a l B a n k — S t. J o s e p h . . 105
A m e r ic a n N a tio n a l B a n k an d T r u s t
C o m p a n y — C h i c a g o ........................................... 1 9
A m e r ic a n N a tio n a l B a n k an d T r u s t
C o m p a n y — R a p i d C i t y ................................... 8 1
A m e r ic a n T r u s t an d S a v in g s B a n k —
D u b u q u e ....................................................................... 1 1 3
A s h w e l l a n d C o m p a n y .............................
8

F a r m B u s i n e s s C o u n c il, I n c o r p o r a t e d . 133
F a r m e r s S ta te S a v in g s B a n k —
In d ep en d en ce
..........................................................120
F e d e r a l D i s c o u n t C o r p o r a t i o n ................... 44
F ed eral H om e L oan B a n k of
D e s M o i n e s .............................................................. 1 2
F ir s t A m e r ic a n N a tio n a l B a n k —
D u l u t h ........................................................................... 7 6
F i r s t N a t i o n a l B a n k — C h i c a g o ................... 53
F ir s t N a tio n a l B a n k — D u b u q u e
...............116
F i r s t N a t i o n a l B a n k in G r a n d F o r k s . . 84
F i r s t N a t i o n a l B a n k — M i n n e a p o l i s . . . . 71
F ir s t N a tio n a l B a n k — O m a h a
................... 95
F i r s t N a t i o n a l B a n k — S t. L o u i s ................ 61
F ir s t N a tio n a l B a n k — S t. P a u l
. . . . 6 8 , 69
F i r s t N a t i o n a l B a n k — S i o u x C i t y ............ 133
F ir s t N a tio n a l B a n k an d T r u st
C o m p a n y — L in c o ln
........................................... 99
F i r s t N a t i o n a l C i t y B a n k o f N e w Y o r k . 51
F i r s t N e b r a s k a S e c u r i t i e s , I n c ..................... 98

is
B a n k o f A m e r i c a ...................................................... 3 7
B a n k B u ild in g an d E q u ip m e n t
C o r p o r a t i o n ..............................................................
9
B a n k o f C a l i f o r n i a ........................................... .. . 5 0
B a n k o f M o n t r e a l ................................................... 7 4
B a n k e r s R i f e C o m p a n y — D e s M o i n e s . . 65
B a n k e r s T r u s t C o m p a n y — D e s M o i n e s . 106
B a n k e r s T r u s t C o m p a n y — N e w Y o r k . . . 39
B l a c k S a l e S y s t e m .................................................... 103
B u r l i n g t o n B a n k s .....................................................127

C
C e n tra l N a tio n a l B a n k an d T ru st
C o m p a n y — D e s M o i n e s ................................... 20
C e n t r a l S t a t e B a n k — M u s c a t i n e ..................108
C e n tra l S ta te s H e a lth an d L ife C o. . . . 1 3 5
C h a s e M a n h a t t a n B a n k T h e ........................ 41
C h e m i c a l B a n k N e w Y o ‘ r k T r u s t C o . . . 47
C h i l e s & C o m p a n y ................................................. 92
C h r i s t m a s C l u b a C o r p o r a t i o n ................... 13
C i t y N a t i o n a l B a n k — C l i n t o n ..........................124
C ity N a tio n a l B a n k an d T r u s t
C o m p a n y — K a n s a s C i t y ..................................I l l
C o lo r a d o N a t i o n a l B a n k ................................... 88
C o m m e r c e T r u s t C o m p a n y .............................. 23
C o n n e l l y A s s o c i a t e s , J. E d w a r d .............. 58
C o n tin e n ta l I llin o is N a tio n a l B a n k
a n d T r u s t C o m p a n y ......................................... 26
C o u n c il B l u f f s S a v i n g s B a n k ....................... 108
C u m m in s -C h ic a g o
C o r p o r a tio n
. . . . 5 5 , 60

D
D a v e n p o r t , P . E . C o m p a n y .............. 1 03, 133
D e L u x e C h e c k P r i n t e r s , I n c ........................... 54
D i e b o l d , I n c o r p o r a t e d ......................................... 15
D o a n e A g r i c u l t u r a l S e r v ic e ,
In c o rp o ra te d
..............................................73, 128
D o u g l a s C o u n t y B a n k o f O m a h a ............... 1 00
D o w n e y , C. L ., C o m p a n y ................................... 12
D r o v e r s N a t i o n a l B a n k .................................... 125
D u b u q u e B a n k a n d T r u s t C o m p a n y .1 3 0

Northwestern Banker, February, 1963


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

(i
G a r v i n . B a n t e l & C o m p a n y .............................. 16
G o l d e n F a l c o n H o t e l ........................................... 52
G r o s s , K i r k , C o m p a n y ..........................................132

II
H a n c o c k C o u n ty N a tio n a l B a n k —
G a r n e r ............................................................................. 1 1 2
H a r r i s T r u s t a n d S a v i n g s B a n k .............. 43

1
I n t e r s t a t e F i n a n c e C o r p o r a t i o n ............... 123
I o w a - D e s M o i n e s N a t i o n a l B a n k ............... 136
I o w a P o w e r a n d L i g h t C o m p a n y .............. 18
I r v i n g T r u s t C o m p a n y ........................................ 63
J

J a s p e r C o u n t y S a v i n g s B a n k — - N e w t o n . 112

K
K o c h B r o t h e r s ............................................................... 132

L
L a M o n t e , G e o r g e & S o n ................................... 24
L a w r e n c e W a r e h o u s e C o m p a n y ................ 59
L e F e b u r e C o r p o r a t i o n ..........................................121
L i v e S t o c k N a t i o n a l B a n k — S i o u x C i t y . 78

M
M
M
M
M
M
M

a n u f a c t u r e r s H a n o v e r T r u s t C o ................. 45
a r q u e t t e N a t i o n a l B a n k ..................................115
a s t e r t a p e s M u s ic , I n c ........................................ 17
e r c a n t i l e T r u s t C o m p a n y .............................. 25
e r c h a n t s N a t i o n a l B a n k ...........................2, 52
in n e s o ta C o m m e r c ia l M e n ’ s
A s s o c i a t i o n ................................................................. 7 4

]V
N a t i o n a l B a n k o f B u r l i n g t o n ......................126
N a tio n a l B a n k o f C o m m erce T ru st
a n d S a v i n g s .............................................................. 97
N a t i o n a l B a n k o f S o u t h D a k o t a , T h e . . 80

Old Joke Modernized
“Will you love me when my hair is
gray?”
“Why not? I’ve loved you through#
red and black and six different colors
of wigs.”
Kids Are Quick!
Mother: Never do anything you
would be ashamed of having the
whole world watch you do.
*
Boy: Hooray, no more Saturday
night baths!
y
Taking No Chances
Teacher: What’s your name?
Pupil 1: Jule.
Teacher: No, you mean Julius. And'4
you in the corner, what’s your name?
Pupil 2: Billious!
*
N a tio n a l B a n k o f W a te r lo o
..........................129
N a t i o n a l C a s h R e g i s t e r C o m p a n y . . 1 1 , 89
N o r t h e r n T r u s t C o m p a n y .................................
3
N o r th w e st B a n k and T ru st C o m p a n y —
D a v e n p o r t .....................................................................126
N o r th w e ste r n N a tio n a l B a n k —
>,
........... i ............................................. 66
M in n e a p o lis
N o r th w e ste r n N a tio n a l B a n k —
S io u x F a lls
.............................................................. 824>

O
O m a h a N a t i o n a l B a n k ......................................... 93
O m a h a P r i n t i n g C o m p a n y ............................... 104
O r m o n d O c e a n H o m e s ......................................... 46
P

P i e r r e N a t i o n a l B a n k — P ie r r e ,
S o u t h D a k o t a ........................................................

81

R
R a l s t o n P u r i n a C o m p a n y ................................117 R e c o r d a k C o r p o r a t i o n ...................................... 6, 7 ^
S
*
S t. P a u l F i r e a n d M a r i n e I n s u r a n c e
*
C o m p a n y ...................................................................... 62
S t. P a u l T e r m i n a l W a r e h o u s e C o ............. 77
S e a t t l e - F i r s t N a t i o n a l B a n k ................ . . . 10
S e c u r ity -F ir s t N a tio n a l B a n k —
L o s A n g e le s
........................................................... 57
S e c u r i t y N a t i o n a l B a n k — S i o u x C i t y . . . 110
S e c u r ity T r u s t an d S a v in g s B a n k —
B i l l i n g s , M o n t a n a .............................................. 8 6 » *
S to c k Y a r d s N a tio n a l B a n k — O m ah a . . 1 0 1
'
S to c k Y a r d s N a t io n a l B a n k — S o u th
S t. P a u l ......................................................................... 7 7 *
S tu d le y , S h u p e r t T r u s t I n v e s tm e n t
C o u n c il
......................................................................... 64
T

T V B a n k C o r p o r a t i o n ........................................ 48
T e n s i o n E n v e l o p e C o r p o r a t i o n ..................118
T o y N a t i o n a l B a n k ............................................... 128

IT
U n io n B a n k a n d T r u s t C o m p a n y H e l e n a , M o n t a n a ..................................
8J
U n io n B a n k an d T r u s t C o m p a n y —
O ttu m w a
.....................................................................119
U n i t e d S t a t e s C h e c k B o o k C o m p a n y . . 42
U n i t e d S t a t e s N a t i o n a l B a n k — O m a h a . 90

V
V a lle y B a n k an d T r u st C o m p a n y —
D e s M o i n e s .................................................................. 109
V a l l e y N a t i o n a l B a n k o f A r i z o n a ..............5
V a n H o rn e In v e stm e n ts, In c o r p o r a te d .1 2 2 Y

W
W a t e r l o o S a v i n g s B a n k ................................... 1 3 1«#
W e l l s F a r g o B a n k .................................................... 49
W e s t e r n an d S o u th e rn L ife In s u ra n c e
Com pany
...................................................................... 56

Introducing CENTRAL STATES

insurance protection
. . . A new service for bank customers!
This new coverag-e offers desirable and liberal income
benefits... when the “breadwinner” is unable to work be­
cause of sickness.. .disabled by accident.. .for loss by dis­
memberment... in case of accidental death...and in other
instances.
Loss of Income protection will be available to customers
of banks who participate in Central States Bank Health
Program; and can result in additional revenue for these
banks.
We are pleased, furthermore, to introduce Martin
Zinda, who has joined Central States to work with
this important new phase of our activities. Mr.
Zinda will be in contact with all present partici­
pating- banks.
If your bank is interested in offering your
customers Central States protection... in earning
profitable extra revenue...please write, wire or
phone for details.

M A R T IN Z IN D A

Ce n t r a l S ta te s
H e a l t h * L if e Co .
of O m ah a
T. LESLIE KIZER, President
CENTRAL STATES INSURANCE BUILDING
HOWARD AT 18TH STREET • OMAHA
U N D ER W R ITER S O F CO N SU M E R C R E D IT IN SU R A N C E
AND

LIFE.

HEALTH.

A C CID EN T

IN SU R A N C E T H R O U G H


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

AND

F IN A N C IA L

H O S P ITA L

IN S TITU TIO N S

LYON

DICKINSON
SIOUX

HOWARD
*ALO ALTO
CHICKASAW

l PLYMOUTH

,ucmanani

MONONA
MARSHALL

C *d «r R«p*ds
CLINTON

Clintons

VoX*y
HARRISON

SHELBY 1

.è.Cow"«il Bluffi

amm

°

Ottumwa®

mills

DES MOINES

IM
o
w
"'aiw
A

DECATUR

^»INGGOLD

Jerry Nelson, Vice President

Geo. Harnagel, Ass’t Cashier

Bob Buenneke. Ass’t Cashier

Ben Eilders. Ass’t Cashier

John Hunt, Ass t Cashier

Transit timetable: always a little faster
W e race the clock and beat it! W e 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

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.
A
The five men in our department are here to prove it. Just
call them and name the time. Your convenience, of course.

We*re here to help you get what you want

Io w a -De s M o in e s •National Bank
6th and Walnut, Des Moines 4, Iowa • CHerry 3-1191


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis