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Most important
service offered
by correspondent

Check C earance - 87%


¡ H


■ h


How do you rate
your present



Exceller t and Gc od - 92. r %

Will new Fed
regulations affect
your correspon­
dent relationships

banks outweigh
Fed in importance
to you

No - 86%

Yes - (I4%

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Ê Ê Ê Ê Ê È Ê Ê Ê Ê tÊ Ê Ê Ê Ê ■ ■ ■






1981 Correspondent Bank Survey
• IBAA Meets in Las Vegas, March 22-26
Federal Reserve Bank of St. Louis

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"Providing our customers w ith qual­
ity service demands more from us
than simply a surface response. We go
deeper. Take overline and liquidity
loans, for example.
"At MNB, we act decisively on all
overline loan requests. But first, our
qualified experienced loan specialists
study the situation and apply fresh,
innovative thinking in tailoring a loan
package to your bank and your bor­
rower's individual needs."
An opportunity to serve.
"We believe a loan request is an op­
portunity to serve — not only the bor­

rower but the respondent bank and
the community it serves. So, the close
working relationship we create and
m aintain w ith each of our respondent
banks and their overline customers
assures continued growth, stability
and quality in their loan portfolios
and ours."
If quality service is im portant to
you, too, call 319/398-4320, or call, toll
free, 1-800-332-5991 and talk to Jerry or
MNB Correspondent Banker John E.
Mangold, Stan R. Farmer, Terry M.
Martin or Dale C. Froehlich.

Merchants National Bank i :i

Cedar Rapids, Iowa 52401
Federal Reserve Bank of St. Louis

Member F.D.I.C.



A lo t o f people are counting on us.
T h a t ’s w h y w e ’ve m a d e a n o th e r $ 1 .5 m illio n c o m m itm e n t t o
m anufacturing systems, research and developm ent, and q u a lity control.
Today, if a p a rt doesn’t m atch th e p rin t, i t ’s rejected. Period. When a
B randt p ro du ct comes o ff th e production line we w a n t i t to fu nctio n like a
Swiss w atch. T h a t’s where Arnie Buchholz comes in. A fte r 5 4 years and
7 0 patents, Arnie has earned a re p u ta tio n as a craftsm an o f m oney
handling equipm ent. If our sophisticated e qu ip m en t doesn’t s p o t a
q u a lity problem , Arnie w ill.
Skilled craftsm an. M odem technology. W e’re dedicated to th e best of
b oth w orlds.
Because, when i t comes rig h t dow n to it, a lo t o f im p o rta n t people are
counting on us.

Brandt, Inc. W atertown, Wl 53094

Above: Assistant V.P. Engineering Arnie Buchholz inspects
parts using an optical comparator.
Inset: Production standards are monitored with up to 86
quality checks.
Brandt® Cashier® Countess®

everyone counts on us
Federal Reserve Bank of St. Louis

FEBRUARY 1981 • 88th Year • No. 1409



1981 Correspondent bank survey

Community bankers relate their preferences for services rendered by city
correspondent banks, cite their reasons for choosing their present
correspondents, and state strongly their preference for the correspondent bank
system over service offered by the Federal Reserve Banks. This in-depth report is
the latest in a series of exclusive Northwestern Banker Correspondent Bank
Surveys that began more than 55 years ago.



Loan support for Stock Yards

Drovers Bank of Chicago commits $5 million for historic area


First of Chicago restructures

Chairman Barry Sullivan emphasizes customer relationships


I BAA convention program

Independent bankers to meet in Las Vegas, March 22-26


Bank Promotions
Corporate News
Twin Cities
South Dakota
North Dakota


Super Marketing
Conference program
Des Moines
Index of Advertisers

30615th Street, Des Moines, Iowa 50309

Phone (515) 244-8163



Business Manager

Malcolm K. Freeland

Ben Haller, Jr.

Mike Freeland


Field Representative

Field Representative

Debbie Hlbbert

Glen Hicks

Paul Masters

No. 1409Northwestern Banker (USPS 397-620) is published monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des
Moines, Iowa 50309. Subscription $1.00 per copy, $12 per year. Second class postage paid at Des Moines and at additional mailing office.
Address all mail (subscriptions, change of address Form 3579, manuscripts, mail items) to above address.
Digitized Northwestern
for FRASER Banker, February, 1981
Federal Reserve Bank of St. Louis

“LOOK, M A,

No charges fo r dental checkups by employees
and their families.
That’s ju s t one reason for the popularity
of the Dental Assistance Plan offered exclusively
by Manufacturers Hanover to correspondent banks
of all sizes.
The MHT Plan provides a new and continuing
source of employee goodwill. By paying all
“ reasonable and customary” costs for preventive
services and a goodly portion of the costs for most
dental procedures, employees are relieved of the
anxiety over large dental bills.
By forming one large group of employees from
many banks, MHT is able to provide this popular
coverage to participating banks at a truly
reasonable cost. Every dollar you contribute is tax
deductible. No tying up of your Personnel Depart­
ment, either, since claims— handled prom ptly
Federal Reserve Bank of St. Louis

and efficiently— are filed directly by the employee
or the dentist w ith our insurance carrier.
MHT has long been the innovator in employee
benefit plans for correspondents— group life, group
major medical, long-term income protection,
retirement. So i t ’s not surprising th a t we should
come up w ith group dental, the “ fringe” th a t
nearly all employees can put to use.
For more information regarding MHT’s Dental
Assistance Plan, w rite to Charles R. Burrows at the
address below. Or call him at (212) 350-3359.
And put teeth in your employee benefit

America’s premier correspondent bank
National Division, 350 Park Avenue, New York, N.Y. 10022

Mp ^ £


C on ven tion C alendar
ABA— American Bankers Association
AIB—American Institute of Banking
BAI— Bank Administration Institute
BMA— Bank Marketing Association
IBAA— Independent Bankers Association
of America
NABW— National Association of Bank
Women, Inc.
RM A— Robert Morris Associates

National Conventions & Schools
Feb. 15-18—ABA Annual Community Bank
Executive Conference, Hyatt Regency,
Phoenix, Ari.
Feb. 18-20— ABA Corporate/Commercial
Marketing Conference, Fairmont Hotel.
Dallas, Tex.
Mar. 1-4—ABA Salary Administration
Workshop, Stouffers Denver Inn, Denver,
Mar. 3-5— ABA Risk & Insurance Manage­
ment in Banking Seminar, Sheraton, San
Diego, Cal.
Mar. 6 -8 — RMA Financial Statem ent
Analysis, Denver.
Mar. 8-11— RMA Commercial Loan Docu­
mentation, Denver.
Mar. 8-11— ABA Bankers Education &
Training Forum, Galleria, Houston, Tex.
Mar. 15-18—ABA National Compliance
Conference, Fairmont Hotel, Dallas, Tex.
Mar. 15-18— BMA Community Bank CEO
Seminar, San Diego, Cal.
Mar. 22-24—ABA National Credit Confer­
ence, Chicago Marriott.
Mar. 22-25— ABA National Instalment
Credit Conference, Los Angeles Bonaventure.
Mar. 22-26— IBAA 51 st Annual Convention,
Las Vegas Hilton, Las Vegas, Nev.
Mar. 26-27— RMA Loan Portfolio Manage­
ment, San Diego.
Mar. 29-Apr. 4— ABA Business of Banking
School, University of Notre Dame, South
Bend, Ind.
Mar. 29-Apr. 2— BAI Bank Auditors’
Conference, Loews Anatole, Dallas, Tex.
Apr. 12-17—ABA Management Seminar on
Retail Banking, Vero Beach, Fla.
Apr. 22-24— BAI 2nd Annual Accounting &
Finance Conference, Chicago Marriott,
Apr. 27-28— RMA Branch Bank Loan
Administration, Columbus, Ohio.
May 18-20— BAI 4th Annual Bank Tax
Conference, Hyatt Regency/Crown Cen­
ter, Kansas City, Mo.
May 20-22—Association of Bank Holding
Com panies, 23rd Annual M eeting,
Waldorf Astoria, New York, N.Y.
June 8 -9 — RMA Branch Bank Loan
Administration, Boston.
July 25-Aug. 7— BAI School for Bank
Administration, University of Wisconsin,
Madison, Wise.
Aug. 9-14—Central States Conference,
Graduate School of Banking Post­
graduate Course, Univ. of Wise.-Madi­
son, Madison, Wise.
Aug. 9-22—Central States Conference,
Graduate School of Banking, Univ. of
Wise.-Madison, Madison, Wise.
Sept. 13-16— ABA National Personnel
Digitized Northwestern
for FRASER Banker, February, 1981
Federal Reserve Bank of St. Louis

Conference, Loews Anatole, Dallas, Tex.
Sept. 13-16— BMA 66th Annual Conven­
tion, Washington, D.C.
Sept. 27-30— National Association of Bank
Women’s annual convention, Hyatt Re­
gency, Chicago.
Oct. 3-7— ABA Annual Convention, San
Francisco, Cal.
Oct. 18-21— BMA Commercial Marketing
Conference, Boston, Mass.
Oct. 28-30— BMA Marketing in a Communi­
ty Bank Seminar, Dallas, Tex.
Nov. 8-11— ABA National Agricultural
Bankers Conference, Sheraton Washing­
ton, Washington, D.C.
Nov. 15-18— ABA National Correspondent
Banking Conference, Hyatt Regency
Kansas City, Kansas City, Mo.

State Conventions & Schools
Feb. 15-18—CBA Consumer Credit Confer­
ence, Broadmoor H otel, Colorado
Springs, Col.
Mar. 8-10— CBA Agricultural Credit Conference, Broadmoor H otel, Colorado
Springs, Col.
June3-6— CBA Annual Convention, Broad­
moor Hotel, Colorado Springs, Col.
Feb. 25-26— IBA Marketing & Public
Relations Conference, Holiday Inn-East,
Mar. 4-6— AMBI Consumer Credit Confer­
ence, Marriott Hotel, Chicago.
May 25-June 6— IBA Illinois Bankers
School, Southern Illinois Univ., Carbondale, III.
June 7 -1 3 — IBA A gricultural Lending
School, Illinois State University, Normal,
June 10-13— IBA Advanced Agricultural
Lending Clinic, Illinois State Univ.,
Normal, III.
June 14-16— IBA Annual Convention,
Chicago Marriott Hotel, Chicago.
June 21-27— IBA Commercial Lending
School, University of Illinois, Urbana, III.
Sept. 16-17 — IBA A gricultural Credit
Conference, Ramada Inn, Champaign,
Feb. 13-14— IBA Group 1 Meeting, Sioux
Feb. 15-16— IBA Group 11 Meeting,
July 16-18— Iowa Independent Bankers
10th Annual Convention, Lake Okoboji.
Feb. 18-19— MBA Senior Management
Conference, RadissonSt. Paul Hotel, St.
June 15-16— MBA Annual Convention,
Radison South, Bloomington, Minn.
June 24-26— MBA Annual Convention, Big
Sky of Montana, Big Sky, Mont.
Feb. 19-24— NBA Bank Presidents Confer-

ence, Orlando, Fla.
Mar. 19-20— NBA Agricultural O utlooks
Conference, Holiday Inn, Kearney.
May 7-9— NBA Annual convention, Lin­
North Dakota:
Apr. 7-8— NDBA Consumer Credit Confer-^
enee, Ramada Inn, Jamestown, N.D. ™
Apr. 21-24— NDBA Teller/Staff Confèr­
ences, N.D.
May 17-19— NDBA 96th Annual Conven­
tion, Holiday Inn, Fargo, N.D.
South Dakota:
May 11-12— SDBA Annual Convention,
Downtown Holiday Inn, Sioux Falls, S.D.
June 10-12—WBA Annual Convention,
Jackson Lake Lodge, Moran, Wyo.

Fed’s Gross Earnings
Climb 24% in 1980
Preliminary figures indicate that
gross earnings of the Federal Reserve
Banks amounted to $12,802 million
during 1980, a 24.2% increase from a
year earlier. Current expenses for thi#
12 Reserve Banks and their branches
totaled $791 million—14.1 % above a
year earlier.
Assessment for expenditures of the
Board of Governors amounted to $62®
million. There was a net deduction in
the profit and loss account of $115
million, resulting primarily from a
net loss of $199 million on sales of
U.S. Government securities and a n e #
profit of $96 million on foreign
exchange operations.
Net earnings before payments to
the Treasury totaled $11,834 million.
Payments to the Treasury as interes#
on Federal Reserve notes amounted
to $11,707 million; statutory divid­
ends to member banks, $70 million;
and additions to Reserve Bank
surplus, $57 million.
Under the policy adopted by the
Board of Governors at the end of
1964, all net earnings after the
statutory dividend to member banks
and additions to surplus to bring it t(P
the level of paid-in capital were paid
to the U.S. Treasury as interest on
Federal Reserve notes.
Compared with 1979, gross
earnings were up $2,492 million, du®
mainly to an increase of $2,407
million on U.S. Government securi­
Earnings of the Federal Reserves
System are derived primarily frorrF
interest accrued on U.S. Government
securities that the Federal Reserve
has acquired through Open Market
Operations, one of the tools oU
monetary policy.


A recent national study shows that people who ask for
travelers cheques by name ask for American Express at
least 9 times more often than they ask for BankAmerica?
So if you’re not selling American Express, you’re disappointing an awful lot of customers.

American ExpressTravelers Cheques

*Reliable at the 95% confidence level.
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981


Bank P ro m o tio n s
ROMOTIONS and other chang­
es have been announced by the
following banks:

the only place
you can hold
your meeting
for $54.95
per person/per day
M cCorm ick Inn, Chi­
cago’s finest business
hotel, has a new corpo­
rate meeting program
that gives you deluxe
double room, meeting
room , three superb
meals; either catered or
in our “ Steak House” , 2
coffee breaks, all taxes
and tips for only $54.95
per person/per day.
Can you afford not to call or
write for more information?
Talk To Our Corporate Sales

For Reservations

23rd and Lake Shore Dr.
Chicago, Illinois 60616

(312) 791-4900
Member of Convention
Associates International
for FRASERBanker, February, 1981
Federal Reserve Bank of St. Louis

American National Bank and
Trust Company, Chicago: William J.
Huck, 55, has
been elected a
senior vice presi­
dent and will
continue as direc­
tor of personnel.
Mr. Huck joined
the bank in 1973
f o llo w in g 20
years of experi­
ence in industry
and education.
Following graduation from Mar­
quette University, Milwaukee, he
worked with Abbott Laboratories,
Uniroyal Inc. and as an elementary
school principal.
Three officers at American Nation­
al have been named vice presidents:
John L. Losquadro, 35, and Joseph
P. Walker, 41, in the commercial
banking department, and J. Michael
Whelan, 41, in the trust department.
Promoted to second vice presidents
are: F. Amyre Coleman, manager of
compensation and benefits; William
R. Grady, manager of item entry
processing; Kathlyne E. Irvine,
group head of retail banking, and
Robert J. Rogoz, commercial bank­
ing department at the Elk Grove
business service office.
Continental Bank, Chicago: A
number of promotions were an­
nounced in recent weeks.
New vice presidents are: Donald C.
Antikauskas, bond and treasury
services department; Ibrahim M.
Ibrahim and Charles C. Eby,
international banking services de­
partment, and Thomas M. Cleary
and Richard J. Jurgovan, trust and
investment services department.
New second vice presidents are:
John E. Górecki and Frank A. Goss
III, bond and treasury services
department; Dorothy Osborn Wal­
ton, international banking services
department; James L. Barrett,
Averill C. Colby III, John E.
Houlihan, John C. Mull, Jr., and
Kenneth G. Neeley, trust and
investm ent services departm ent;
John F. Balevic, Nancy Miller,

B ernadette L. P etrauskas andH>
Michael A. Smith, financial services
Drovers Bank of Chicago: Max A.
Roy has been advanced from vice
president to senior vice president,
Correspondent bank department.
Two additional promotions in theft
department include Kathleen T.
Hardy, to assistant vice president,



and Bruce W. Taylor, to correspond
dent banking officer.
Mr. Roy joined the bank in May,
1979 after serving 19 years with
LaSalle National Bank, Chicago. A
graduate of Iowa State University,
he started his career with Merrill
Lynch, Pierce, Fenner & Smith, Inc.,
and later spent five years with
Iowa-Des Moines National Bank. .
Mrs. Hardy joined Drovers in
December 1978 after seven years with
the correspondent department at
LaSalle National Bank.
Mr. Taylor started his career witlw
Main Bank in Chicago following™
graduation from Babson College. He
joined Drovers in July, 1979.
Other promotions announced in­
clude: Victor R. Komasinski, to vic<
president and senior auditor; Michae
Wozek, to vice president; Dennis E.
Laria, to vice president; Nancy
Szkodzinski, to auditor; James
Corkery, to loan officer; Bfirry E j
Sloat, to trust officer; Edna Coffey,
to operations officer, and Phyllis
Sowinski, to operations officer.
The bank also announced the
retirement last month of Robert S.<
Ruwitch, vice president and head of
the general merchandising lending
division in the commercial banking
services department. Mr. Ruwitch
retired December 31 after more than*
20 years of service.


A recent national study shows that people who ask for
travelers cheques by name ask for American Express at
least 9 times more often than they ask for Citicorp? So if
you’re not selling American Express, you’re disappointing
an awful lot of customers.


American Express Travelers Cheques

Reliable at the 95% confidence level.
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981


First National Bank of Arizona,
Phoenix: F. Harlan Loffman has been
named vice presi­
dent and trust
officer in charge
of trust and es­
tate administra­
tion, it was an­
nounced by Ed­
ward M. Carson,
p re s id e n t and
chief executive
officer. He will be
responsible tor
the operation and future development
of branch trust offices currently
located in Phoenix, Tucson, Mesa,
Scottsdale and Sun City. Mr.
Loffman, who began his career in
trust work with The First in 1969,
returns to the bank following two
years in private law practice.

Mr. Haseltine most recently has
been vice president/section head of
Morgan Guaranty Trust Company’s
international money management
group. Since 1977 he has managed all
of the New York bank’s treasury
consulting activities, including mar­
keting this service to senior
executives of multinational compan­
ies. Previously, he had been general
manager for the bank’s operations in
Germany. He joined Morgan Guar­
anty in 1964 after receiving BA and
MBA degrees from Drury College
and George Washington University.
He also has an MBA degree from the
European Institute of Business
Administration in Fontainebleau,

First National Bank in St. Louis:
Allan G. Curtis has been elected a
vice president in the metro division.
First National Bank of Chicago: In addition, four were advanced to
Two new key senior posts have been assistant vice president: Larry K.
filled, it was announced recently by Allin and Gordon K. Love, data
Barry F. Sullivan, chairman and processing; Charles M. S tout,
commercial banking, and Mildred B.
chief executive officer.
Leo Mullin, 37, joined the bank in Yahl, personal banking.
mid-January as senior vice president
First National Charter Corpora­
tion, Kansas City: Michael W. Gegen
joined the holding company last
month as vice president and loan
coordinator. He had been president of
the First National Bank of Liberty,
Mo., since 1977. Prior to that, he was
with Charter’s largest affiliate, First
National Bank of Kansas City, for 10
First National Bank of Kansas
City announced seven officer promo­
and department head-corporate plan­ tions and the election of two officers.
ning, and will report directly to the
Promoted to vice president were
John Haseltine, 41, will become a
senior vice president and directorinstitutional relations. He will report
to James A. Cassin, executive vice
president and head of the worldwide
banking department.
Mr. Mullin has been senior vice
president, planning, control and
information systems for Conrail in
Philadelphia, where he supervised
more than 1,000 people involved in
corporate planning, capital budget­
ing, costing and performance anal­
ysis, financial reporting, information
systems and operating budgeting. At
First National, he will be responsible
for developing corporate strategies as
well as assisting managers of
business units in maximizing their
future growth and profitability. He
received his BS, MS and MBA
degrees from Harvard University.

Northwestern Banker, February, 1981
Federal Reserve Bank of St. Louis

Donald O. Borgman, farm manage­
ment program; JenniferD. Nicholsoi# 1
and Steven E. Pohle, personal trust
section, and James K. Shineman,
corporate trust division.
N. Elaine Crider was advanced to
assistant vice president.
William T. Marks and Barbara A.
Romines were promoted to trust
officers and James H. Conley and
Julia B. Femerwere elected assistant^
trust officers.

Harris Bank, Chicago: Edmund A.
Schroer, chairman, president an #
chief executive officer of Northern
Indiana Public Service Company,
Hammond, has been elected a
director of Harris Bankcorp, Inc.,
and its subsidiary, Harris Trust a n #
Savings Bank.
David S. Finch, senior vice
president, has been named head of
the Harris Bank trust department.
He replaces F. Wendell Gooch#
executive vice president, who re­
signed effective February 1 to pursue
a second career as owner and
publisher of The Paoli News-Repub­
lican, Paoli, Inc., a company w hic#
publishes two weekly newspapers in
Orange County, Ind. Mr. Gooch, 48,
joined Harris in 1955 and has headed
the trust department for the past
three years. Mr. Finch, 39, firs®
joined Harris Bank in 1967 as a
trainee. He left the bank in 1970 for
the agribusiness field, then rejoined
Harris bank in 1973 in the tru st
The election of seven senior vice
presidents also has been announced
at Harris Bank. In the trust
department they include: Joan M^.
B aratta, Edw ard B. Dillmann,
Thomas F. Jones, Jr., and Victor M.
Woldridge. Mrs. Baratta, the first
woman to be named senior vice
president among Chicago’s fouj|
largest banks, is group executive or
personal trust, of which Mr. Jones
also is a member. Mr. Dillmann and
Mr. Woldridge direct, respectively,
the institutional equity and corporate
trust and operations groups.
Dennis E. LeJeune was named
senior vice president and heads the
investm ent departm ent-treasury
Edward W. Lyman and Edward J.
Williams also were named senior vice
presidents. Mr. Lyman is group
executive in the metropolitan bank­
ing department. Mr. Williams head||
the consumer banking group.


A recent national study shows that people who ask for
travelers cheques by name ask for American Express at
least 11 times more often than they ask for Barclays* So if
you’re not selling American Express, you’re disappointing
an awful lot of customers.

American Express Travelers Cheques

*Reliable at the 95% confidence level.
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981


N ational Boulevard Bank of
Chicago: James J. Doyle, executive
vice president and a director of
International Harvester Company,
was elected to the bank’s board of
directors last month, according to
Henry K. Gardner, president. He
succeeds Robert H. Burnside,
International Harvester executive
who was on the board since 1967 and
retired recently.
Mr. Gardner also announced the
election of George J. Butvilas as a
senior vice presi­
dent. Mr. But­
vilas will head
the bank’s opera­
tio n s d e p a r t­
A graduate of
the U.S. Naval
Academy at An­
napolis with a BS
degree in engin­ i É à j k
eering, Mr. But­
vilas also received his MBA degree
from Illinois Institute of Technology,
where he had completed courses
toward a PhD.
Prior to joining National Boule­
vard, Mr. Butvilas was vice president
at American National Bank of
Chicago, where he concurrently held

the title of president of Tel-A-Data
Corporation, a wholly owned subsidi­
ary of that bank, providing data
processing services to more than 45
savings and loans in the Chicago

Salt Lake City. He has been with the
bank since 1968.
Mr. Persons received a BS degree
from Brigham Young University in
1967 and an MBA from the
University of Utah in 1968.

Northern Trust Company, Chica­
go: Promoted to senior vice
presidents in the
banking depart­
m ent re c e n tly
were Craig W .
Schopf, William
S. Trukenbrod
and Harry B.
W illiam B.
Doepke and Har­
old J. Wiadick,
Jr., were promo-

Northern Trust Reports
Net Income Up 17.9%
Northern Trust Corporation, par­
ent holding company of The Norther ®
Trust Company, Chicago, reported
prelim inary unaudited operating
results for the year ended December
31, 1980. Income before security
transactions totaled a recorcr
$33,091,000 or $6.89 per share for the
year, a 9% increase from the
$30,357,000 or $6.32 per share earned
in 1979. Net income, after reflecting^
security losses of $1,848,000, totalecr
$31,243,000 or $6.51 per share,
compared with $26,497,000 or $5.52
per share for 1979, a 17.9% increase.
E. Norman Staub, chairman ancL.
chief executive officer, stated that et
strong increase in net interest income
was the most important factor
contributing to the higher earnings
for the year. Net interest incom ^
stated on a fully taxable equivalent
basis totaled $145,671,000, up 13%
from the $128,586,000 reported in
1979. This record performance was
the result of an 8% increase in»
average earning assets combinea
with an improved net interest margin
of 3.29% , compared with 3.15% last
Total loans averaged 14% highei|)
than in 1979 and reached a new high
of $2.9 billion at year-end.
The provision for loan losses
charged to earnings was $4,000,000,
compared with net charge-offs o^)
$2 ,668,000, bringing the reserve for
loan losses to $27,477,000.
Trust fees reached a record
$48,844,000, a 16% increase from a
year ago. Highly volatile interest(||
rates throughout 1980 contributed to
lower bond trading profits which were
$1,381,000 compared with $4,106,000
in 1979. Other income increased
during the year, reflecting higher®
foreign exchange profits and increas­
es in domestic and international
banking fees. Operating expenses
were up 17 % from a year ago due to
the impact of inflation and increased®
staff to service a greater volume of
Total assets of the Corporation
reached a record level of $5.8 billion at
year-end, and for the year averaged!
$5.6 billion, 10% higher than in 1979.


For Installm ent Loans

• A u to m a te d
• M anual



call or write:

T K 7 G.D. VAN
1678 Northwestern Bank Bldg.
Minneapolis, MN 55402
(612) 333-2261

V __________

Northwestern Banker, February, 1981
Federal Reserve Bank of St. Louis




ted to vice president in the banking
department. Riley J. Morgan was
named a vice president in the bond
department. Other new vice presi­
dents are: Sue A. Rageas and Charles
E.B. Jessopp in the corporate
communications department; Fried­
rich Burian at the bank’s London
branch, and Naran J. Patel in the
international services division.
Robert A. Bailey, Barbara E.
Lundberg, Rosemary A. Martin and
James M. Snyder were elected vice
presidents in the trust department.
Sheila A. Penrose was elected vice
president and economist in the
economic research department.
Zions First National Bank, Orem:
Rich Persons has been appointed
executive vice
president and a
director. Prior to
th is a p p o in t­
ment, Mr. Per­
sons was assis­
tant vice presi­
dent of Zions
Bank’s Universi­
ty Branch in
Provo and opera­
tions officer at
the Zions Bank First South office in


A recent national study shows that people who ask for
travelers cheques by name ask for American Express at
least 16 times more often than they ask for Visa? So if
you’re not selling American Express, you’re disappointing
an awful lot of customers.

American Express Travelers Cheques

*Reliable at the 95% confidence level.
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981



Minneapolis: Michael Wanchena and—.
Andrew S. Duff have joined thew
public finance department of this
Minneapolis-based investment firm.
Previously, Mr. Wanchena was a
Orlando, Fla.: William C. Pollard has registered representative with Offer- q
man & Co., Inc., in St. Louis Park for
been promoted to
three years.
senior vice presi­
dent of finance.
Mr. Pollard join­
Travelers Express Company, Inc.,
ed the company
The board of directors®
in September,
has elected Donald D. Dix as vice
1979. Prior to
president for region administration
joining the com­
and has elected Dennis C. Feit as
pany, he received
his MBA degree
Mr. Dix joined Travelers Express®
from Memphis
as a Florida area supervisor in 1966.
S ta te U n iv erW C’ P0LLARD
extensive field service, he was
named product manager for official
checks and assigned to the homeLeFebure, Cedar Rapids, la.: office in 1980.
Mr. Feit joined the company as a
Robert W. Kappmeyer has joined the
staff accountant in 1967 and became
firm as manager
chief accountant in 1978.
of product plan­
Travelers Express, a Greyhound^
n in g , s u r v e il­
subsidiary, is one of the largest**
lance and alarm
money order issuers and credit union
systems. A grad­
share draft processors in the United
uate of Coe Col­
States. It also provides financial
lege in Cedar
institutions with official checks,^
R a p i d s , M r.
clearing services for NOWs and is
Kappmeyer has
actively engaged in the nation’s
extensive exper­
developing electronic payment sys­
ience in electron­
ics systems deR. KAPPMEYER
velopment and m arketing. At
Walter E. Heller & Co., Chicago:
Grumman Aircraft he was a systems
engineer and a member of the lunar Maynard I. Wishner, president, has
module launch team for the Apollo announced the appointments of
Space Program. For the past 11 years Thomas L. Henderson and Gary
he has been associated with Mrazsko as senior vice president of^
Rockwell-Collins in various aspects the company.
Mr. Henderson will be senior vice
of engineering and marketing for
communications equipm ent and president of the central factoring
division, with added responsibilities
voice security products.
as senior vice president of the central®
North Central Life Insurance credit services division. Mr. Hender­
Company, St. Paul, Minn.: Bruce A. son, 40, moves up from vice
Glewwe, formerly credit insurance president, central factoring division,
regional vice president for the a position he has held since 1975. He
southeastern United States, has been began his Heller career in 1965 in the®
named regional vice president for Chicago office.
Mr. Mrazsko is senior vice
Minnesota, Iowa, North and South
D akota. His appointm ent was president of the central commercial
announced by Walter A. Griffin, finance division. Mr. Mrazsko, 32,
senior vice president and sales steps up from vice president and®
general manager of the division,
Mr. Glewwe will be responsible for which serves 16 states out of offices in
all credit insurance sales through Chicago, Cleveland, Denver, Detroit,
financial institutions in his region Kansas City and Minneapolis. He
and will assist Roger Pulkrabek, retains his responsibilities as general®
national sales manager, in developing manager. He joined Heller in 1972,
business in other areas of the then in 1974 was named assistant vice
country. He joined North Central president in charge of the Denver
asset-based financing operation
Life in June, 1973.
serving Colorado, Wyoming . and®
Piper, Jaffray & Hopwood, Inc., Nebraska.

C orporate

ROMOTIONS and other an­
nouncements have been made by
the following firms:
Diebold, Incorporated, Canton,
Ohio: Three new appointments have
been announced
by the company.
The appoint­
ment of Timothy
A. Reed to vice
p re s id e n t and
director of infor­
mation systems
was announced
by H arry E.
Parr, Jr., vice
president of fi-



nance and treasurer of the firm. Mr.
Reed is responsible for management
of the information systems, data
center and telecommunications. He
has been with Diebold since October,
William R. Aitken was appointed
director of customer development
systems by Frank G. D’Angelo, vice
president of bank/systems division.
Mr. A itken is responsible for
customer software production and
software quality assurance, which
supports the TABS (Total Automatic
Banking Systems) line. He joined
Diebold in June, 1979, from
Burroughs Corporation in New York.
Stanley Fronzaglia has been
named manager of ABS operations
by Robert Barone, vice president and
general manager of the Automatic
Banking Systems Group. In this new
position, Mr. Fronzaglia will be
responsible for coordinating and
managing all of the financial and
operational areas of the TABS
business. He has been with Diebold
since July, 1978, and prior to that
was an Army officer stationed at Ohio
University ROTC office.
Florida Computer Services, Inc.,

Northwestern Banker, February, 1981
Federal Reserve Bank of St. Louis


A recent national study shows that people who ask for
travelers cheques by name ask for American Express at
least 16 times more often than they ask for Thomas Cookf
So if you’re not selling American Express, you’re disap­
pointing an awful lot of customers.

American Express Travelers Cheques

*Reliable at the 95% confidence level.
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981


Daktronics Presents Booster Awards

Warren Williamson (2nd from left) and John Beatty (3rd from left), recipients of the 1980
Daktronics Booster Award, are shown with Aelred Kurtenbach (left) and Duane Sander
(right), founders of the manufacturing firm.

WO residents of Brookings,
S.D., are recipients of the 1980
Daktronics Booster Award, made
annually to individuals who have
contributed to the grow th of
Daktronics, Inc., located in Brook­
ings. They are John Beatty and
W arren W illiamson, who were
presented the awards by Aelred
Kurtenbach, president, and Duane
Sander, a co-founder of the firm.
Mr. Beatty, a long-time member of
the Brookings Industrial Develop­
ment Committee, initially encour­
aged Mr. Kurtenbach, then a member
of the electrical engineering depart­
ment at South D akota S tate
University in Brookings, to start an
industry in that city in the spring of

1965. This encouragem ent was
continued until December 9, 1968,
when Daktronics was formed and
opened by Mr. Kurtenbach and
Duane Sander, also a professor in
engineering at the university.
Mr. Williamson has been acquain­
ted with the Kurtenbach family since
a recruiting trip to the family farm in
1956. Frank Kurtenbach, standard
scoreboard manager at Daktronics,
wrestled under Coach Williamson at
SDSU from 1957-1961. Mr. William­
son was instrumented in Daktronics
entering the scoreboard business. He
encouraged design of the scoreboard
suited for wrestling during the early
days of Daktronics’ history. After
that floor level scoreboard was

ALL MAJOR basketball and hockey scoreboards manufactured by Daktronics, Inc.,
Brookings, S.D., are now listed by Electronic Testing Laboratory of Cortland, N.Y., a
nationally recognized independent safety testing laboratory. Jim Morgan, Daktronics v.p.,
states that the Daktronics “All Sport” indoor scoreboard has met ETL specifications for
safety in wiring types, resistance, insulation and access to line electrical parts. Listed
scoreboards are available from stock for immediate shipment. Daktronics is also a premier
manufacturer of electronic identification and message signs for banks. Allen VanBemmel,
standard scoreboard production manager for Daktronics, is pictured above with one of the
firm’s basketball scoreboards.
Digitized Northwestern
for FRASER Banker, February, 1981
Federal Reserve Bank of St. Louis

developed, he introduced Aelred
Kurtenbach to members of thdfc
national rules committee and other
influential people in wrestling in the
United States. It was through these
contacts that Daktronics was able to
gain a foothold in the w restling
scoreboard market. From that point,
Daktronics broadened its scoreboard
offerings until today it offers the
most complete line of scoreboards
available from any single manufac-®
turer in the United States. This
position was recognized when
D aktronics was named official
supplier of electronic scoreboards to
the 1980 Olympic Winter Games at^
Lake Placid, N.Y.
Chicago Fed Makes
Three Staff Changes
The board of directors of the
Federal Reserve Bank of Chicago has
announced three changes in its
official staff.
Gary L. Benjamin has been®
promoted to economic advisor and
vice president. Mr. Benjamin joined
the bank’s research department staff
in 1971, after receiving a Ph.D. in
agricultural economics from the®
University of Illinois.
Charles L. Schultz, manager in
com puter operations, has been
appointed assistant vice president in
that department. Prior to joining the®
bank in 1976, Mr. Schultz held
several positions in the computer
operations field.
Janet Terry, manager of facilities^
support, was promoted to assistant®
vice president. Mr. Terry has
bachelors degrees in math and
psychology and entered the computer
field in 1967.
Northern Trust, Morgan
Sign Processing Agreement
The Northern Trust Company^
Chicago, in its capacity as transfe®
agent for various corporations has
entered into an agreement with
Morgan Guaranty Trust Company,
New York, whereby Morgan will b a
The N orthern T ru st’s securit®
processing agent.
Robert F. Reusche, Northern
T ru st executive vice president,
stated that the new arrangement witlv
Morgan provides Northern’s trust
department with a versatile, on-line
stock transfer system which produces
quality service for its corporate
customers at improved cost effective^



•The resource to tap when a customer
wants to borrow more than
^ou want to lend.
When a customer or prospect
requests a larger loan than you may
be willing to provide, you don’t have to
0ose him.
A Bank/Heller participation loan
lets you maximize your customer’s
credit availability. You continue to
provide his normal banking
¿functions, retain his deposit
balances and generate interest
from your portion of the loan. Heller
assumes responsibility for all
administrative and supervisory
Heller has provided banks
with this kind of financial
creativity for over a half century.
Which is why more resourceful
^bankers today are tapping
n^inancial Fuel from Heller —
the proven money resource.

Financial Services

"Financial Fuel from Heller" is a service mark of Walter E. Heller & Company

Walter E. Heller & Company 105 W. Adams St., Chicago, III. 60603. Other Heller offices in New York • Boston • Philadelphia • Baltimore • Syracuse • Minneapolis
Detroit • Kansas City • Denver • Atlanta • Charlotte • Miami • Birmingham • Columbia, S.C. • New Orleans • Houston • Dallas • San Antonio • Phoenix • Tucson
Albuquerque • E l Paso • Salt Lake City • Los Angeles • San Francisco • Newport Beach, CA • Portland • Seattle • Spokane • San Juan, Puerto Rico.
Heller services are also available in Canada and twenty other countries around the world.
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981


Honored for Support of The Arts

MERICAN Express Company was honored recently for its international program in
support of the arts. James D. Robinson III, chmn. of American Express, is shown
receiving the New Perspectives Award for 1981 from Russell E. Palmer (right), managing
partner and c.e.o. of Touche Ross & Co., the international accounting and management
consulting firm. Touche Ross presents the award annually to firms, institutions and
individuals who have demonstrated boldness, courage and creativity in approaching some
of the problems facing mankind.


Mosler Given Plaque for Security Film

A PLAQUE in recognition of its efforts toward the development of a training film, “Safe
Deposit Security,” for persons and organizations engaged in the safe deposit business
was presented recently to Mosler Safe Company. Shown above at the award ceremony are,
from left: RoySatchell, sr. v.p., American Standard, Inc., parent firm of Mosler; Robert F.
Murphy, pres, of Mosler, receiving the award from Robert W. Martin, 2nd v.p. of the
American Safe Deposit Assn., which sponsored the award, and Joe MacDonald, sr.
v.p.-sales, installation and service for Mosler. The 16mm color/sound motion picture was
produced by Robert R. Rosberg of Mosler’s Anti-Crime Bureau, the company’s security
training unit. The education committee of ASDA assisted Mosler in production of the film.
for FRASERBanker, February, 1981
Federal Reserve Bank of St. Louis

Rocky Mountain “PLUS”
To Support Docutel ATMs
DocutelCorporation, Dallas, Tex.,
has received a commitment from
Rocky M ountain B ankC ard’s
“PLUS” System for support of its®
TOTAL TELLER® 2300 series
automated teller machines (ATMs).
The PLUS System, the nation’s
largest shared interstate electronic
banking network, will support®
Docutel’s TT2300 ATMs in the
native mode acording to D. Dale
Browning, president of Rocky
Mountain BankCard, who added that
the System is expected to operate®
TT2300 machines by April, 1981.
Frank R. Marlow, Docutel’s vice
president of marketing, pointed out
that the system’s support of Docutel
will “not only prove beneficial for®
existing TT2300 customers in the
PLUS geographic region but also
enhance the attractiveness of Docutel
ATMs to other financial institu­
Started as a proprietary Colorado
credit card service in 1966, Rocky
Mountain BankCard today serves
institutions of all varieties in eight
states and, said Mr. Browning, is®
about to expand to 12 states. The
System presently comprises 181 live
ATMs, up from 76 a year ago, which
perform more than 650,000 transac­
tions per month. In all, participating®
institutions represent a base of some
1.7 million cards, with 65% of these
being Visa cards, noted Mr.
First Chicago Consolidates
Five Edge Corporations
The First National Bank of^
Chicago has reorganized its five
separate Edge corporations under a
single “parent” corporation, First
Chicago International, headquar­
tered in Chicago.
The predecessor corporations,
located in New York City, Los
Angeles, San Francisco, Houston
and Boston, were converted into
branches of the new parent Edge, q
The reorganization, which took
place December 31, was made
possible by a 1979 revision in the
Federal Reserve System’s Regulation
K governing international banking®
operations. The revision allows
federally-chartered Edge corpora­
tions to establish branches in the
United States. Previously, a separate
corporation had to be set up in each®


CHICAGO Mayor Jane M. Byrne helps Sidney J. Taylor, chmn., and Robert I. Logan, sr. v.p. & exec. tr. off., announce that Drovers Bank
H o f Chicago has put aside $5 million in prime rate interim construction money for use by qualified businesses that establish plants in the
Stock Yards Industrial Park.

Drovers Bank, Chicago, Commits $5 Million
«For Construction Loans in Yards Area
ROVERS Bank of Chicago, 47th
& South A shland Avenue,
C hicago, has set aside $5 million in
prime rate construction loans for
businesses that build plants in the
Stockyards Industrial Park, accor­
d i n g to Sidney J. Taylor, chairman of
^Drovers Bank.
Mr. Taylor stated, “The low cost
loans will be available to organiza­
tions qualifying for conventional
financing Under The Chicago Plan.
^V e estimate that a company with a
Drovers prime rate loan will save
about $50,000 per one million dollars
in interest over 18 months, compared
a typical two points plus 2 % over
" rim e interim construction loan
covering the same period.”
Chicago Mayor Jane M. Byrne, in
applauding the Drovers plan, said,
J ‘This kind of cooperation between
^private enterprise and government
benefits everyone: business, the
public and the city. I hope Drovers
sets a precedent for similar commitjn e n ts by banks in other areas of our
" ity .”
Mr. Taylor noted that the Drovers
plan would help bring business back
into the inner-city and further the
Jpank goal of bringing more jobs into
the “Back of the Yards community.”
In addition to the low cost, short
term construction financing available
through Drovers, the Chicago Econ­
o m ic Development Commission of­
fers a wide range of incentives to
Federal Reserve Bank of St. Louis

helpful to those who have a client
responsibility with agricultural com­
A majority of the classroom time
will be at the Midland Hotel.
Approximately a half day will be at
the Chicago Board of Trade, utilizing
their classroom, where the enrollees
will have an opportunity to talk
firsthand with the brokers. Emphasis
will be on marketing and not
necessarily on the Board of Trade.
Registration fee for the program is
$390.00. Enrollment forms and
additional inform ation may be
obtained from the Manager, Continu­
ing Education, American Society of
Farm Managers and Rural Apprais­
ers, 360 S. Monroe, Suite 460, P.O.
Box 6857, Denver, Colorado 80206.

companies establishing in the yards.
Among them: Industrial Revenue
Bonds; property tax relief on
industrial construction; land cost
write down; job training funds;
reduced carrying charges on industri­
al parks through joint ventures;
federally guaranteed loans; public
works and infra-structure, sales and
use tax on manufacturing equipment;
on-site improvements.
One hundred eighty acres of the
Yards is ready for immediate
development. Forty-two business
and industrial firms reside there.
Recent projects include National Can
Company; Bienenfeld Glass Corp.,
and the Sears Roebuck & Company
Joins CSBS Staff
Chicago freight terminal.
Keith H. Ellis has joined the
staff of the Conference of
Plan Advanced Commodity
State Bank Supervisors as assistant
Marketing School
director of federal legislation, it was
A comprehensive school on com­ announced by Lawrence E. Kreider,
modity marketing has been an­ executive vice president-economist of
nounced by the American Society of CSBS, at Washington, D.C., head­
Farm Managers and Rural Apprais­ quarters.
ers for March 3-5 in Chicago.
Mr. Ellis, 30, joins the Conference
This in-depth program is designed from the House Committee on
for attorneys, public accountants, Banking, Finance and Urban Affairs
CPA’s, farm owners, farmer-ranch­ where he served as minority counsel
ers, trust officers, finance or loan for the subcommittee on the city from
personnel, and others responsible for August of 1979. Previously, he
marketing agricultural commodities. served as a law clerk for firms in
The program will offer an Bethesda, Maryland, and Washing­
opportunity for individuals to have a ton, DC, and then was associated
better understanding of the commod­ with the DC law firm of Conner,
ities marketing system. It will be Moore & Corber for three years.
Northwestern Banker, February, 1981


First of Chicago’s Chairman Sullivan
Announces New Organization Structure
ARRY F. Sullivan, chairman
and chief executive officer of The
F irst N ational
Bank of Chicago,
has announced a
re a lig n e d and
b ro a d e n e d o r ­
structure design­
ed to serve cus­
to m e r s m o re
effectively d u r­
ing the 1980s.
Mr. Sullivan said




the changes reflect management’s
strong emphasis on customer rela­
tionships, particularly in the bank’s
traditional Chicago and midwest
To be implemented over the next
few months, the reorganization plan
calls for Mr. Sullivan, as chairman
and chief executive officer, to set the
strategic direction for the corpora­
Richard L. Thomas, president, will
oversee all banking functions.
Neil McKay, vice chairman, will
have responsibility for key adminis­
trative functions.
The worldwide Banking depart­
ment has been significantly recast
and expanded to improve service to
its global customers. Headed by
James A. Cassin, executive vice
president, it will continue to serve
established overseas clients and focus
on multinational, energy and trans­
portation companies, both in the
United States and abroad. A special
group will be formed to serve
international financial institutions
and central banks on a worldwide



"A ccepted Sale Registers by Bank
Clerks E veryw here"
Tor i n f o r m a t i o n w r i t e

O akland, Iowa

Northwestern Banker, February, 1981
Federal Reserve Bank of St. Louis

The U.S. banking department will
be organized around specific industry
markets. Special emphasis will be
placed on correspondent banks and
thrift institutions. Pursuant to the
bank’s goal of becoming the premier
bank in the midwest, Mr. Sullivan
said, a division covering Illinois an
surrounding states will be estab­
lished to service middle-market and
large corporate custom ers not
included in specialized industry
groups. A national division will serve
these same customers through the
bank’s regional offices. Mr. Thomas
will serve a acting head of the U.S.
banking department until a successor
is named.
The financial products department
will encompass such financial ser­
vices as international merchant
banking, private placements, project
finance, public finance and leasing.
Special emphasis will be given to
trade finance and venture capital.
The department will be formed after a
head has been named.
The service products department
will develop and manage noncredit
products for the worldwide and U.S.
banking departments. A head of this
department will be named in the near
The personal banking and trust
department, directed by Charles W.
Woodford, senior vice president, will
provide personal banking and trust
services to high income and high net
worth individuals, as well as to
institutions and corporations, on a
worldwide basis.
The retail banking department will
continue to offer a full range of
consumer services through its
downtown facilities and will oversee
VISA credit card and travelers
cheque operations. A. Ray Einsel,
senior vice president, will head the
Five departments reporting to Mr.
McKay are law, control, building
corporate/security, audit, and com­
The asset and liability manage­
ment committee will be chaired by
Executive Vice President William J .
McDonough. The bond and treasury
departments will report to him.
The credit policy committee will be
chaired by D. John Stavropoulos,
who will be responsible for the quality
of the bank’s loan portfolio, credit

policy administration, country risk
analysis and loan workouts.
The personnel department will be
headed by Senior Vice President
Arthur J. Massolo. The newly formed
planning department will be headed
by Leo Mullin, senior vice president ™
It will be responsible for developing
corporate strategies as well as
assisting managers of business units
in achieving their growth an d .
profitability objectives.
To broaden its support services,
the First National has created a
worldwide systems & MIS depart­
ment to develop necessary strategies^
to meet worldwide requirements of^
the bank in terms of data processing
and management information sys­
Council Would Ban Credit
Life Fees to All Banks
If a recommendation by the
Federal Financial Institutions Exam®
ination Council is adopted, all
financial institutions officers and
staff would be banned from personal­
ly benefitting from the sale of credit
life insurance. Presently, the banl®
extends to the 4,700 national banks
affected by a Comptroller of the
Currency regulation stemming from a
1979 recommendation.
The proposed recommendation
extending the ban to all thrift
institutions and banks would affect
an estimated 33,000 institutions.
The Supreme Court sustained tha.
Comptroller, in effect, last October*
by dism issing the Independent
Bankers Association of America suit
aimed at stopping the Comptroller’s
Hardest hit would be an estimatecr
8,300 state chartered commercial
banks which are heavily engaged in
the sale of credit life insurance. Thenregulators at the federal level, the~
Federal Reserve Board and t h ^
FDIC, could adopt the proposed
policy, and the Federal Home Loan
Bank Board could do the same, thus
affecting the 4,000 FSLIC covered^
The recommendation proposes two
years in which to comply with the
regulation, and if hardship is
demonstrated, that period could bc^
extended. Employes and officers
could share in the credit life sale
income through a bonus or incentive
arrangement within the institution,
but such bonuses could not exceetjm
5 % of the recipient’s salary.

At United Bank of Denver we have
the best Correspondent Bankers
in the Rockies and Eastern Plains.
And to stay out in front, we’re
always trying to find ways to serve
our customers better.
In the field of Correspondent
Banking that means seeing our
customers more often. Getting to
know their banks and their needs.
In short, we believe the best
service comes from knowing the
customer best.
That’s why our nineteen Corre­
spondent Bankers are going to be
spending up to 40% of their time

Dorit call us.
We're calling onyou.
Federal Reserve Bank of St. Louis

on the road calling on you. Not sit­
ting behind their desks. The phone
company may not like our style,
but we’re sure our customers will.

38 United Bank of Denver
Correspondent Banking Group
1740 Broadway
Denver, Colorado, 80217
(303) 861-8811
National Association,
Member FDIC


Cfii :


The check
w ho cam e in
from the cold.

W hen people ask how good our check
processing is, we tell them the story of the check
who came in from the cold:
The check arrived at 6a.m. Continental Bank
couriers met his flight. He hadn’t expected that.
He w as still half-frozen from his ride in the plane’s
cargo hold. He thought he’d have time to relax,
warm up. But no.
They whisked him by helicopter to the
processing center. Funny, he hadn’t expected to be
cleared ’til late morning.
No one had time for small talk. The pace
they worked at was dizzying. In the space of an
hour, he and over one hundred thousand other
checks had been captured, microfilmed, endorsed,

sorted and sent on their way. And the kicker?
The whole thing happened so fast he never had time
to thaw out.
It was as buttoned-up an organization as he’d
ever come across. And he’d come across plenty.
He’d come in cold and skeptical. He left mighty
If your cash letter’s turnaround time is less
than impressive, call John Tingleff at (312) 828-2191.
Get the heartwarming facts about how good our
turnaround is. How good yours could be.
Outstanding availability.
It’s w hat you expect from a top correspondent
At Continental Bank, it’s reality.

Continental Illinois National Bank and Trust Company of Chicago
231 South LaSalle Street, Chicago, Illinois 60693

Northwestern Banker, February, 1981
Federal Reserve Bank of St. Louis


1981 Correspondent
Bank Survey

A N orthwestern B anker S urvey

In response to some detailed
questions, the executives replying to
^ th e survey have stated these key
1. 87.7% say Check Clearance is
the most important service offered by
their city correspondents. Safekeep0 ing and over lines are rated as the
second and third most important
services, with 64.8% and 55.8%
2. 60% say Location is their
0 reason for selecting their city
correspondent, and 58 % say Reputa­
tion is their second choice for such
3. While community banks still
^furnish more balances than fees in
payment for services (86% presently,
Federal Reserve Bank of St. Louis

30% state they would prefer to pay
fees if given the choice; 5% would be
interested in a combination, and a
whopping 25% say “it doesn’t
4. 52% of those responding to the
question say they will close their
accounts with major money market
banks which attempt to expand their
markets nationwide, stating they
“will not deal with competitors.”
Also, 40% of the respondents say
such action by major banks “will
have no effect.”
5. In a series of questions relating
to correspondent bank service also
offered by the Fed, as well as the

subject of required new reserves to be
held at the Fed by non-members and
how correspondent bank services
compare with the Fed, the commun­
ity banks have opted overwhelmingly
in favor of their city banks. For
• 86% say the Fed requirements
will have no effect on their
correspondent relationships.
• Of the banks who may have to
carry reserves at the Fed, 74% say
they would rather deal through their
correspondents on a “pass-through”
basis, and 13% are not yet decided.
• 84% of the respondents say
correspondent banks will outweigh

Q. What is the most important service your correspondent now renders you?
Check Clearance
■ ■ ■ ™ » * * b* « ì ^ ^ ^ « « b« « « 6 4 .8 %
■ ■ ■ ■ ■ ^ ^ ■ ^ ^ ^ ■ ■ 1 5 5 .8 %
Investment Advice
M M Ü H H H 43.3%
i ^ M H P B B a 4 1 .7%
Currency Service
Advice on Operations
■ ■18.4%
Personal Services
Info, on Other Banks
Credit Information
m h 8.7%
mm 6%


Northwestern Banker, February, 1981


January N
, 21
executives who head their respective
city correspondent bank departments
expressed their views about Corres­
pondent Banking in the 1980s. These
officials examined the services most
frequently used by their banks by
community correspondents and their
listing of services coincides closely
with the findings in the current
In the current survey, a few states
put Investment Advice ahead of
Overlines, and in some states, EDP
or Currency Service was placed a
little ahead of one of them, all of these
changes being by slight margins. All
in all, it is noteworthy that the first
six places each garnered more than
40% of the votes from all
Q. 2. For what reasons did you
choose your present correspondent
Respondents chose Location by a
hair over Reputation (59.3 % to 58 % )
as their first reason for selecting a
city correspondent. Interestingly,
Reputation was selected first in
several of the states, with Location
second by a handful of points, but
more responses were received from
larger states that selected Location.
The findings from this question are
shown in Chart No. 2.
Q. 3. How many correspondent bank
accounts do you maintain: Primary
_____ Secondary____ !_ Dormant

_____ ? If more than one primary
account, please explain.
All of the respondents combined
show an average of 1.4 primary
accounts, 2.16 secondary accounts
and 2.16 dormant accounts. How­
ever, there is an interesting split®
among the states. Those question­
naires which were not identified by
state or bank name, and those from
Iowa, Nebraska, Illinois, Minnesota
and South Dakota had a range from®
1.1 to 1.3 primary accounts. Then, in
North Dakota, Montana, Wyoming
and Colorado, the range moved up to
1.4 to 2.3 primary accounts. The
same differences prevail in the other®
two categories. The first group of
states listed 2 to 2.1 secondary
accounts, while N orth D akota,
Montana, Wyoming and Colorado
have a range of 2.3 to 3.1 secondary®
accounts. The same thing prevails in
dormant accounts where the range for
the first group of states is 1.7 to 2,
while in the second group of states the
range is from 1.6 to 2.5 dormant®
accounts per bank. The only
variation here is in Nebraska, which
listed 2.6 dormant accounts per
community bank. A summary by
states of these account relationships®
appears in Chart No. 3.
Q. 4. How do you rate your present
correspondent service? Respondents
were asked to rate their Primary and^
Secondary accounts as Excellent,
Good, Fair or Poor.
These results are shown in Chart
No. 4.
As noted earlier, Community|j)
Bankers gave their city correspon­
dent high marks in answering this
question, since 50.5% rated their
Primary accounts as Excellent, while
an additional 42.2% rated them^
Good, for a combined total of 92.7 %.
The other votes on Primary accounts,
compiled among all responding
states, were 6.8 % Fair and .5% Poor.
In fact, in only one state did banks^
rate any Primary account Poor in



Q. How do you rate your present
correspondent service?

Q. How do you rate the calling
personnel of correspondent banks?

—^ » 42.2%
« 6 .8 %
■ .5%


^ » » 4 5 .3 %
M 4 Ö .1 %
» 1 2 .5 %
■ 2.6%


» » 2 8 .6 %
i^ » » 4 3 .2 %
» 1 7 .2 %
■ 4.7%

Q. For what reasons did you choose your present correspondent bank(s)?
Excess Loans
21.3 %
» ■ 1 7 .2 %
To Serve a
Certain Customer wmm 7.5%

the Fed in importance to them.
• The most valuable aspects of
correspondent banking that the Fed
can’t achieve, in the opinion of most
respondents, are personalized ser­
vice, overlines and investm ent
Many other important findings are
contained in the results of this
extensive, exclusive survey and they
are detailed in the following answers
to the questions as stated:
Q. 1. What is the most important
service your correspondent now
renders you?
Following this was a list of 14
services suggested by a panel of
bankers who helped prepare the
questionnaire. Since a total of 14
rankings could be made, each
category was weighted in reverse
order; i.e., each No. 1 vote was given
14 points, each No. 2 vote was given
13 points, and so on until No. 14 was
given one point.
To determine if there were any
distinct differences by states or
geographical regions this question
was compiled by individual states.
This process, though lengthy and
tedious, showed strikingly similar
selections among the 200 answers
furnished from bankers in the nine
states surveyed. For example, each
state voted Check Clearance as its
No. 1 choice, except for Montana,
where it was second by five weighted
points to Safekeeping, which was
selected by all the other eight states
as their No. 2 choice. Since all the
states were very close in their
tabulation throughout this question,
the answers were finally consolidated
into one summary chart of all states
iChart No. 1). In last month’s
Q. How many correspondent bank
accounts do you maintain?
P rim ary.......................1.4 accounts
Secondary.................. 2.16 accounts
Dormant .................... 2.16 accounts
for FRASER Banker, February, 1981
Federal Reserve Bank of St. Louis

o r t h w e s t e r n

a n k e r

Excellent » » ■ 37%
» ^ » 45.3%
m 1%

first was “Willingness to work with
our b an k ” and the response,
Q. What do you like most about your
interestingly, was stated in those
correspondent bank(s)?
words by so many of the respondents.
Willingness to work with
A total of 34.4% of all respondents
our bank 34.4%
listed this as the trait they liked most
They take care of us 24.5%
about their city correspondents.
Personnel 13.5%
Convenience 5.7%
The second distinct grouping of
Investment Help 4.2%
responses, described by many in
EDP Service 4.2%
these exact words, was “They take
Know personally 2.6%
care of us” and this was then
Compliance Help 2.6%
described further as dependability,
Communications 2.6%
to handle overlines,
Other factors mentioned once or
provide service, be flexible, or just
twice were: No fee, independent
bank ownership so profit returns to
rated as performance. This general
us, necessary evil, lending advice,
heading accounted for 24.5% of the
confidentiality, accuracy, Fed Funds
service, finance bank stock, improv­
The third largest segment of votes
ing check collection, safekeeping.
went to Personnel, frequently
service and that was the vote from identified as “their professionalism,”
and this segment garnered 13.5% of
^ one Illinois bank.
The assessment of service from the voting.
These results and the balance of the
Secondary accounts was 37%
Excellent, 45.3% Good, for a total of votes cast are reflected in Chart No.
82.3%, and 13% Fair and 1 % Poor. 6 .
0 Q. 5. How do you rate the calling Q. 7. What is the chief criticism you
personnel of correspondent banks?
would make about correspondent
Again, the respondents were asked service? Comment.
to rank Primary and Secondary
First of all, 84 of the responding
account personnel from city corres- banks, or 44%, said they had no
% pondent banks as Excellent, Good, criticism or did not answer this
Fair or Poor.
question. Of the 108 banks offering
In this case, the personnel comments, 1 1 % said “lack of
themselves did not rate as highly as performance after the account was
their institutions did in the preceding opened” was their chief criticism. The
# question. Among Primary accounts, second most frequently voiced
personnel were rated 45.3% Excel­ criticism, from 7.4% of those
lent and 40.1% Good, for a total of commenting, was “infrequent calls,”
85.4%, with 12.5% Fair and 2.6% and “slow getting credit.” In third
Poor. Among Secondary account place with 6.5% votes was “weak on
# personnel, the rating was 28.6% overlines.” Poor back room service
Excellent and 43.2 % Good, for a total and lack of knowledge were the fourth
of 71.8% , and 17.2% Fair and 4.7% and fifth criticisms.
Poor. These results are shown as
Results of this question are shown
Chart No. 5.
in Chart No. 7.
Charts for Questions 8 through 19
® Q. 6. What do you like most about
your correspondent bank[s]? Com­ are self-explanatory and the results
may be observed quickly by
Respondents were given no list to reviewing the charts.
A further comment on Question 14
^ check off with this question, but were
^ asked instead to fill in their own results from asking “if services go
choices. These resulted in a long list, more to a fee basis, how will this
with similar preferences expressed in affect the correspondent system’s
various ways. Two categories stood ability to obtain the necessary money
^ out from the rest of the answers. The to give mobility to funds through

“Lack of performance after the account
was opened” was the chief criticism
voiced by 11% of banks making
Federal Reserve Bank of St. Louis

Q. What is the chief criticism you
would make about correspondent
No Answer or No Criticism
Lack of Performance 11%
Infrequent Calls 7.4%
Slow Getting Credit 7.4%
Overlines Weak 6.5%


Other criticisms mentioned one to
four times were these: Too big and
complex, too few correspondent
personnel, trouble on participations,
difficult in tight money times, calling
personnel too pushy, no grasp of
small community problems, EDP
needs improving, failure to answer
correspondence, big versus little
attitude, arbitrary in dealing with
country banks, slow getting advice
slips out, red tape, distance, safe­
keeping department needs work,
currency service, lack of knowledge,
slow to offer new services/products,
EDP costs, adapting to their policies
and not ours, no credit balances for
bond business, principal to two
banks in same community, lack of
use of deposit funds, personal touch
is gone, inconsistency in philoso­
phy, fees too high, missing items
cash letters, no follow-up, poor
investment advice, poor back room
service, mail sloppy, do not live up to
advertised claims, too little service,
no toll free number (South Dakota
and Montana), do not give average
credit, second class service because
we’re small and not a holding
company bank.

over lines to respondent banks?” In
response to this, 25% stated flatly
this could curtail availability of
overlines and an added 14 % said they
would have to reduce balances
accordingly. Other answers were
On Question 19, respondents were
asked to tell why they have their own
in-house computer or, if not, under
what conditions they would convert
to an in-house computer. The reasons
given to both these queries follow:
From those who presently are on an
in-house computer (43 of the 197
banks included in this part), three
distinct answers stood out. The first
was “better control on premise,”
listed by 14 banks. The second was
“to stabilize costs,” listed by nine
banks. The third was “better
customer service,” listed by six
banks. Three banks said they are part
of a holding company which has
on-premise computer and three listed
poor weather and courier service in
the Rocky Mountain states as
reasons. The others were for various
reasons, such as convenience, own
preference, coop with other banks
and volume.
Northwestern Banker, February, 1981

Q. Will the new reserve requirements
of the Federal Reserve have any
effect on your correspondent bank

m b

11 %
■ 85.9%

No Answer a 3.1 %

Fed) I just don’t need the Fed. They
seem to need me. (Re in-house
computer) Just converted to in-house
computer. Cannot afford EDP by
correspondent. Mini computer prices
are finally reasonable for a bank our
Iowa, $9 million deposits: “You
can never get an exact comment on
any subject you call the Fed about, no
matter who you talk to. I can call a
correspondent banker and he can give
me an answer or he will get it for me.”
Iowa, $14.5 million: “ I like my
correspondents’ ready response to
our request for service or advice. I
would like to have them contact us
through their representatives calling
on our bank on a more regular basis.
Most of their calls are in response to
our requests. (On the Fed) In our
particular case, we feel that we have a
much closer relationship with our
primary correspondent than we ever
could with the Fed.”

From those who are not presently
on an in-house computer (131 banks),
the ones responding gave these
conditions under which they would
convert. Better cost control, 42
banks; satisfactory equipm ent,
growth or if have to, six banks each; if
present source unavailable, five
banks; manpower, four banks.
Several other reasons were listed by
one bank each. A total of 21 of the 131
banks said they would not consider
an in-house computer under any
Following are a few of the
comments offered by respondents to
some of the questions. The first two
comments below did not list their
“I like our correspondents’
“You only need to deal with the
willingness to help small
Fed and its personnel a short period
banks get and keep
of time to realize their inability to
whose credit
handle their current workload.”
“ (On topic of fees) balances should
needs exceed their small
then return interest to avoid
bank lending lim its.”
overcharges . . . If m ajor money
market banks continue to expand
naitonwide we will close (accounts)
and go to a non-com petitive
relationship such as the Federal
Iowa, $11.5 million deposits:
Reserve or seek out a regional bank
of the (correspondent)
that has not generated a competitive
of the departments
position against our bank.”
Iowa, $16 million deposits: I like has gone down due to the change in
the dependability of my correspon­ personnel. Lots of errors that
dents. When I need them I want to previously would not have occurred,
know my needs will be taken care of particularly in proof transit. (On Fed)
without hassle. (Criticism) The Would rather not go to the federal
change in personnel and/or areas of agency for anything if we can contin­
responsibility. I want to do business ue to have a choice. We get personal,
with people who will be there on-the-spot service from our corres­
tomorrow—continuity. I don’t want pondents without calling someone to
to get reacquainted with a correspon­ see if it is OK to say yes. (On major
dent officer every six months. (Re banks expanding) Our bank would
probably close the accounts and move
the funds back to Iowa to help local
correspondents work the fight to hold
Q. If you are not now a member of the
the local markets. (On in-house
Fed, will your bank be required to
computers) We are planning to
carry reserves with the Fed during
convert to an in-house computer
because I like to control my own
business and not have to depend on
telephones and/or some sort of
No Answer
transportation. Small, in-house com­
Present Fed
puters can and will do more than the
a 10.7%
correspondents presently offer.”
Banker, February, 1981
Federal Reserve Bank of St. Louis


Q. If you are not now a member of the
Fed, has your primary correspon­
dents) offered to accept your
pass-through reserve account?
« 4 .7 %
No Answer
■ ■ 1 1 .5 %
Present Fed Member«« 15.2%

68.6% ©

If you have to pay reserves, will you
elect to pay those reserves direct to
the Fed or will you elect to use a
correspondent bank’s pass-through
P a s s -T h ro u g h *M B iM *« « 73.5%
Pay Direct
No Answer

Iowa, $10 million deposits: “There
is nothing the Fed can do better than
any of our correspondents. Doing©
business with the Fed is like doing
business with any governm ent
agency. They are unable to eliminate
red tape. Can you imagine someone
calling on you from the Fed and©
saying, ‘I ’m from the Fed and here to
help you?’ (On fees) I am not opposed
to fee payments if reasonable.”
Nebraska, $15 million deposits: “I
like our correspondents’ willingness©
to help small banks get and keep
customers whose credit needs exceed
their small bank lending limits. I do
think they pay too much attention to
details before approving overline©
requests. We are not dealing with the
same individual or group of
individuals. (On Fed) Fed does not
care if they lose an account
relationship. A correspondent will try®
harder to keep an account. (On fees
and their effect on mobility of money
for overlines) I believe money will
have to be purchased. No more free
balances. This will make the cost of®
funds more expensive and we will
have to pass this additional cost
through in the form of higher rates on
Nebraska, $21 million deposits:®
“We have a good, dependable work­
ing relationship with our correspon­
dents; we know who we are working
with. If they can’t answer our ques­
tions they’ll admit it and find some-®
Q. Will correspondent banks and
their traditional services outweigh
the Fed in importance to you?


■■ 11.2%
No Answer« 4.8%





one who can. (On fees) Would rather
see a fee amount and be able to relate
actual cost versus actual benefit.
Q. What is the most valuable aspect
Currently, our correspondent gives
of correespondent banking that you
us the specific fee amount and then
cannot achieve with a Fed relation­
relates it to the required balance amount to offset that fee, which is the
Personal Relations
best of both options. (On major banks
Overlines Handling
Investment Advice
expanding) There would be very little
change unless advantages are
Other comments included these: Fed
superior. We would rather deal with
too formal, too much red tape, local
the known, versus the unknown.
knowledge, credit information, know
Only time and experience will tell.”
small bank operations, prompt
Nebraska, $14 million deposits:
service, bank stock loans.
“Our experience with the Fed
indicates that they cannot compete
with our correspondent in services
rendered. The Fed has nothing to can do better than the Fed) None. (On
offer us. (On in-house computer) fees) I would rather pay the fees.”
Would consider one only under
Illinois, $39 million deposits:
conditions in which the supplier “When I need help, I know they (my
correspondents) will help. (Criticism)
Many times you have to go from area
to area to get the correct solution.
Q. What are the services you value
most that you feel your correspondent(s) can provide better than the
All Services
Check Clearing
Personal Service ^mm
EDP Service
Advice and Closer«
Personal Loans ■
Less Red Tape


Others (1% or less each) Management advice, contacts, credit information, efficiency, operations advice Fed Funds.






Illinois, $35 million deposits: (On
fees) “We will probably see more of
this and properly so. (On major banks
expanding) It would appear that they
should attend to their own ‘houses’
rather than trying to usurp ours!”
Illinois, $87 million deposits:
“Data processing aspects cause most
concern (in correspondent service).
(On correspondent service outweigh­
ing the Fed in importance) Not at this
early stage, but if Fed charges
continually rise, this may happen.
We value most from our correspon­
dents their banking assistance in all
areas of banking except with
regulations. Bankers are dealing with
bankers, not government employes.
(On fees) Much fairer to all involved.
(On major bank expansion) All
smaller banks will be endangered to
being purchased and lose their
individuality. Over-all service to the

“Our experience with the
Fed indicates they
cannot compete with
our correspondent in
services rendered.”

Q. Since city correspondents will be
obligated now to pay the Fed for the
services rendered to them by the Fed,
will you increase your balances or
pay fees to offset those added costs?
Increase B a la n c e s ^ M M « ^ 5 6 %
Pay Fees
■ b^ m 40%
Whatever Needed « 5 %
a 4%
No Effect
i1 %
1 1%
(Above figures do not total 100%
since some respondents checked
more than one.)

One person can’t seem to take care of public would probably be increased;
more than one thing. (On major however, our relationship with our
banks expanding) I will probably quit primary account would be greatly
would underw rite the cost of doing business with them. (On in- strengthened, I believe.”
house computers) I would consider
obsolescence to the user.”
Illinois, $13 million deposits: “The
Nebraska, $11 million deposits: one only if the price fell drastically use of checks and drafts will soon
“We get prompt, courteous service and the need for programmers, etc., cease. The method of the future is
without back slapping and a lot of lip on a full-time basis did not exist.”
EFTS. I support its need and feel a
service. (Criticism) The large corres­
cost savings by using the pass­
pondents call on us in the rural areas
through method will be realized. (On
and ask for business. When we call
With such an unpredictable
them for an overline it is very difficult
market, fee pay may allow greater
Q. With primary correspondent
to place with them. My secondary
flexibility for daily investment.”
account(s), how much of yourservice
correspondents are small banks that I
Minnesota $6.5 million deposits:
is based on balances and how much
have no problem overlining with.”
on fees?
“(Criticism) They wish to know as
Nebraska, $66 million deposits:
much personal inform ation as
(On what do you like most about
possible, while being unwilling to
■ 4%
correspondents) Nothing. We are
No A n s w e r« 10%
make pertinent comments about their
trying to eliminate our primary and
findings. (On in-house computers)
What is your feeling about fee
become completely independent. Our
payments as opposed to traditional
We went on an in-house computer.
secondary correspondent banks do an
We felt we would have more
excellent job of pricing funds. What
flexibility, while being better able to
Prefer Balances a « « « 40%
is sold to a bank is not what happens
Prefer Fees
m m m 30%
control future costs. Also, documents
Doesn’t Matter mmm 25%
in actual day-to-day operation. But
don’t have to leave the bank.”
■ 5%
once you’re tied in you have no
Minnesota, $38 million deposits:
choice. (On services correspondent
“(On major bank expansion) Probab-
Federal Reserve Bank of St. Louis

Northwestern Banker. February, 1981


share of their requests are beneficial,
as they require us to update outdated

Q. If major money market banks
continue to expand their markets
nationwide, how will this affect your
account relationships with them?
Will Close Accounts
No Effect
Will Compete


* “Not good for small banks, ’ “will be
squeezed out or bought out,’ “can do

North Dakota, $18 million depos­
its: “Because we are smaller, and not
part of a holding company, we get the
second class service (from correspon­
dent banks). (On Fed) The Fed is part
of the bureaucratic system. I believe
better service comes from private
enterprise. (On major bank expan­
sion) Rural areas should not receive
too much after shock. The S&Ls have
fairly well penetrated the western
area county seat towns, and then
some! (On in-house computer)
Serious thought being given this—
will wait.”
North Dakota, $14 million depos­
its: (On fees) “Balances allow the
respondent a greater degree of
Montana, $11 million deposits: “I
like their (correspondents’) good,
competent service and advice when I
need it. However, the ‘correspondent
banker’ working out of many large
regional banks is typically someone

ly no effect in rural area. They should
offer no more competition than we
now have from money funds, such as
Lutheran Brotherhood, offers now.”
Minnesota, $28 million: “ (On
correspondent service outweighing
Fed) Qualifiedly. We may begin
utilizing the Fed in some areas and
services where correspondents are
currently being used. (On fees) A rose
by any other name would smell the
same! There is no such thing as a free
lunch. The cost must be borne for the
service and whether the cost is via a
fee or a balance doesn’t make too
Balances or Fees?
much difference—it’s still a cost!”
South Dakota, $27 million: “You
“A rose by any other
can hold your correspondent respon­
name would smell the
sible for what they do. The Fed does
what they please—they lose a check
same! There is no such
and charge it to you. I believe that
thing as a free lunch.”
correspondents can do all services
cheaper and more efficiently than the
Fed and all business in time will
who cannot do many of the things his
switch to them.”
customers must do daily and,
South Dakota, $8 million: “Our consequently, he fails to understand
correspondents have a tendency to a country bank’s needs.”
ask us to adhere to their ideas and
Montana, $8.5 million deposits:
mechanics of doing business. They (On in-house computer) We have one
recently asked us to go to variable and will change. We are stuck with
rate on overlines. We are not on a mini-computer. When we can get
computer so this would involve a rid of it we will then go through a
considerable amount of adjustment correspondent.”
on our part. We do feel that a good
Montana, $14 million deposits: “I
feel banks of a size to establish
correspondent relationships should
have WATS number for access. Gen­
erally, there are a minimum of two
Q. Of the EDP services offered by
phone calls a day from us to
correspondent banks, how do you
correspondent banks. (On in-house
rate them in order of importance to
computer) We have one because we
prefer to keep records private—can
DDA 25%
get program we want rather than
Savings & CDs 24%
having to take the program offered by
Loans 15%
off-premises service.”
Bond Accounting 15%
General Ledger 7%
Wyoming, $29 million deposits:
Payroll 6%
“We like the prompt, capable
Cl F 4%
attention (of correspondent banks) to
Cost & Income Analysis 4%
our requests for service; their

Banker, February, 1981
Federal Reserve Bank of St. Louis

Q. Is your bank presently on cash or
accrual basis?
i^ ^ m m m 55%
No A nsw er» 10%


If on “Cash” basis, do you plan to
switch to “Accrual” during 1981?
m m 24%
m ^ m m ^ m h 74%
No Answer» 2%


preciseness in handling our business;
mistakes and errors at a minimum;
quick response to getting m istakes^
corrected; pleasant, willing, helpful
attitude to give us service; availabil­
ity when we call for help. (Criticism)
Lack of competent persons to see th a t^
a problem is promptly corrected. N o ^
one is there to give an answer when
we call. Not enough incoming phone
lines or persons to handle calls
Colorado, $10 million deposits:
(Criticism of correspondents) “Check
clearing one day beyond actual float.
No advice offered on operations or
investments. Unwilling to assist in -^
vestment of bank’s idle funds by
passing overlines down. (On major
bank expansion) Support indepen­
dent correspondent bank concept.”
Colorado, $15 million deposits: (O n f
fees) “Fee payment may not reflect
the service rendered as fees are
averaged for all correspondents,
regardless of the amount of service or
volume handled. (On major b a n k ^
expansion) The rise of Bankers’
Banks is the answer. Colorado is
getting one now; also, the defining of
loyalty to their smaller corresondents
by big banks will be carefully studied <§
and resulting action taken. The
possibility of small bank pools or
cooperative, joint transactions by
small rural or regional banks could
evolve in the next two to three <|[|
Q. Are you on an in-house computer
now (not just automated bookkeep­
ing machine)?

m b



No A n s w e r« 12%
If above answer is “No,” are you
planning to convert to an in-house



No Answer* 6%



“The Bank of North Dakota Philosophy”


To encourage and prom ote A griculture
Commerce, and Industry
in North Dakota

To provide the most efficient and economical
financial services to the State,
its Agencies, and
Instrum entalities

700 Main Street
P.O. Box 1657
North Dakota 58505

To provide professional assistance whenever
possible and wherever it w ill encourage
and prom ote the well being and
Advancement of North Dakota
and its citizens

December 31,1980

Cash and Due from Banks....................... $44,284,629.90
U.S. Government Securities................... 72,952,351.37
Federal Agencies Securities ................. 64,475,135.87
Bankers Acceptances and
Other Investments............................... 36,010,724.02
State and Municipal S ecurities............. 14,067,630.59
Federal Funds S o ld ................................. 135,000,000.00
FmHA Business &
Industry Guaranty...................
FmHA Housing Guaranty..........
FHA and Gl
Home Loans............................. 156,691,744.33
Farm R.E. L oan s......................... 30,552,815.23
R.E. Contracts.............................
Loans to
State Institutions.....................
Bank Stock L o a n s .......................
SBA Participation Loans ..........
N.D. Bank Participation
L o a n s ....................................... 103,865,274.34
Other Loans.................................
TOTAL LOANS.......................................
Accrued Interest Receivable.................
Bank Building Equipment ...................
Unamortized Bond Issue C o s ts ..........
Other A s s e ts .........................................
TOTAL RESOURCES ....................... $706,696,034.86

T his Bank is ow ned, operated and c o n tro lle d by the
State of N orth Dakota under the sup ervision of the
In d u stria l C o m m issio n .

Demand Deposits:
Individuals, Partnerships
and Corporations........
Deposits of Banks..........
State and Political
Official Checks, etc.........

$ 4,897,729.01

Time and Savings Deposits:
Individuals, Partnerships
and Corporations..................... 17,811,467.53
State and Political
Subdivisions........................... 312,408,128.49
TOTAL DEPOSITS............................... 436,764,341.46
Fed. Fds. Purch. & Sec. Sold
under Agreement to Repurchase . . . . 171,557,340.28
Accrued Interest Payable.......................
Other Liabilities.......................................
Long Term Debt.-Mtg. Bonds ............... 45,000,000.00
Capital ............................................... 16,000,000.00
Surplus............................................... 12,000,000.00
Undivided Profits............................... 10,847,124.87
RESERVE & CAPITAL....................... $706,696,034.86


Ranked as the 34th largest bank a g ric u ltu ra l lender in
1979 by the A .B .A .




A tto rn ey General

Com m , of A griculture

Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981


IBAA M eets in
Las Vegas,
March 22-26



than 3,000 bankers and wives are expected to
attend the 51st annual convention of the

Independent Bankers Association of America March
22-26 at the Las Vegas Hilton Hotel in Las Vegas, Nev.
IBAA President Thomas F. Bolger, president of
McHenry State Bank at McHenry, 111., will preside at
the general sessions featuring speakers from
government, banking, business and academic life. More
than 80 exhibitors will staff booths in the giant
exhibition hall.
Slated to succeed Mr. Bolger as president is W.C.
Bennett, chief executive officer of the Arthur State Bank
at Union, S.C., and Mr. Bennett will be succeeded as
first vice president by Robert L. McCormick, Jr.,
president of Stillwater National Bank & Trust Co.,
Stillwater, Okla. A new second vice president and a new
treasurer will be elected.
The complete program follows:
Sunday, March 22
8:30- 5:30 Registration.
8:30- 5:30 Dinner table reservation desk open.
8:30- 5:30 Exhibits open—Pavilion sections 4-8.
Committee meetings: Agriculture, Bank
Education, Bank Operations, Federal Leg­
islation, Regulation Review, Resolutions,
State Legislation.
1:30- 5:00 Executive Council.
Hostess Coffee Party—IBAA President’s
Monday, March 23
8:30- 5:00 Registration.
for FRASERBanker, February, 1981
Federal Reserve Bank of St. Louis

8:30- 5:00 Dinner table reservations.
8:30-11:00 Buffet Breakfast—Ballrooms, A.B.C.
9:00- 5:00 Continuous showing of IBAA 50th Anni­
versary film and the Colorado Victory in
Referendum film.
10:00-Noon Ladies get-acquainted session.
Luncheon—Conference of State Indepen-®
dent Bankers Association
Executives—Conference Rooms 1 -2 .
Special Interest Session. “Prospects for^
Inter-State Branching’’—Panel of Con­
gressional staff members—Pavilions 9-10.
Special Interest Session. “How to Improve
Asset/Liability Management—Michael P.
McCarthy, CPA, and Dr. Bill H andorf,^
professor, George Washington University,
Washington, D.C. —Pavilions 9-10.
Reception—Pavilions 1-3.
Festive Dinner—Ballrooms A-G.
Floor show featuring The Warrens an d ^
Comedian Johnny O’Brien, followed by

Tuesday, March 24
8:30- 4:30 Registration.
8:30- 4:30 Dinner table reservation desk open.
9:00- 5:00 Exhibits Open.
First General Session—Ballrooms A-B.
Presiding—IBAA President Thomas F.
Address—William Monroe, moderator^
NBC Meet the Press.
Report of nominating committee and elec­
tion of officers.
Address—Donald E. Wilkinson, Governor
of Farm Credit Administration.
P anel—The F u tu re of Your B ankT
Panelists:A lex Sheshunoff, president,
Sheshunoff & Co., Austin, Tex.; Robert L.
McCormick, IBAA second vice president,
and Angelo Bianchi, New Jersey commis^
sioner of banks and president, C.S.B.S.
Men’s and Women’s Luncheons.
Balance of day open.
Wednesday, March 25
8:30- 2:00 Registration.
8:30- 2:00 Dinner table reservation desk open.
Exhibits open.
Second General Session—Ballrooms A-B.
Presiding—IBAA President Bolger.
Address—The Mixed Bag for Agriculture
in the 1980s—Prof. Donald G. Sisler, Cor-0
nell University, Ithaca, N.Y.
“The Triumph of Independent Initiative in
the Colorado Referendum’’— Presentation
(Turn to page 88, please)


Bob Jacobson


We look forw ard to seeing our N inth Federal Reserve District
banker friends at the Independent Bankers of America
Come jo in us in our hospitality suite at the Las Vegas Hilton,
Ballroom D-G, on Tuesday, March 24 from 5:30 - 7:30 p.m.


Do stop by and let us talk w ith you about h o w American's full line of
correspondent services can benefit your bank.

Am erican National Bank
and Trust C om pany
Correspondent Division • 5th & Minnesota Street, St. Paul, Minnesota 55101 • (612) 298-6331 • Member FDIC
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981


Two ways to find out
what w e can do for you.
1. Send for one of our booklets
Our “Guide to Correspondent
Banking Services” is designed to
give you an overview of the dif­
ferent types of services we offer
your bank. Call or write and we’ll
be glad to send one your way.
2. Send for one of us
If you want to find out exactly
what we can do for you, send for
one of us.
We’ll come to your bank to dis­
cuss your specific needs and ex-

plain how we could work with
you on a correspondent basis.
And, when you deal with us, you
don’t deal with a correspondent
bank. You deal with a correspon­
dent banker.
One who is assigned to you on a
permanent basis so you develop
a long-term, personal relation-

ship that will help set long-range
plans and goals.
To request a booklet or a
banker, write or call (toll free)
(800) 322-2212.

the Human
Interest bank
Commercial National
Bank of Peoria m e m b e r f .d .i .c .
PHONE: (309) 655-5000

to oUr
° e rv i o

c u ff



Banker, February, 1981
Federal Reserve Bank of St. Louis



Officer Promotions Told
F irstB ank E vanston has an ­
nounced four officer promotions.
Howard I. Kain was promoted to
senior vice president, Ann C. Casas
was promoted to trust officer,
Madelon B. Saltzman was promoted
personnel officer and John
J. D. Lemmerman, pres., Monmouth
was promoted to commer­
W. J. Hocter, exec. v.p., Chicago
cial banking officer.
Mr. Kain’s responsibilities include
finance, personal banking, personnel,
long-range planning and co-ordina­
Steven Irvin Named Naperville President
ting of data processing services. He
T HE board of directors at the American Institute of Banking, and holds a AB and MBA from the
Naperville National Bank and attended the Illinois Bankers Assoc­ University of Chicago.
Mrs. Casas is an officer of
Trust Company named Steven A. Ir­ iation Commercial Lending School.
FirstBank Evanston’s trust depart­
vin president and a director. Mr. Ir­ Baratta Joins Sears
ment. She holds a BA degree from
vin replaces Warren Wood, who will
Lawrence University.
continue to serve the bank in the Bank and Trust Co.
Mrs. Saltzman holds a BA degree
capacity of senior vice president and a
Philip J. Baratta has joined Sears
Northwestern University. She
member of the board of directors. Bank and Trust Company of Chicago
is head of the bank’s personnel
During Mr. Wood’s tenure as as vice president
president (1964-1980), bank assets in charge of the
Mr. Schellinger, an officer in the
grew from $18 million to $106 million. bank’s real estate
banking department,
Mr. Irvin has been with the bank construction
holds a BS degree from Northwestern
for eight years, recently serving as lending depart­
senior vice president and chief ment, according
executive officer. He is the head of the to Emory Wil­
bank’s loan department. Mr. Irvin is liams, chairman
AMBI to Hold Consumer
a graduate of Southern Illinois and chief execu­
Credit Conference
University School of Banking, the tive officer.
The A ssociation for Modern
Graduate School of Commercial
Mr. B aratta
Banking in Illinois will conduct its
Lending at the U niversity of was formerly vice
Oklahoma and the Graduate School president in the real estate lending 1981 Consumer Credit Conference
of Banking at the University of division of the Harris Trust and March 4-6 at the Chicago Marriott
Savings Bank which he joined in Hotel, it was announced by James B.
The board of directors also 1972. Prior to that time he was Watt, president. Conference theme
announced the appointm ent of associated with Continental Illinois will be “Retail Game Plan for the
Jo Ann M. Baumgartner as vice National Bank in its real estate 80s.”
Featured speakers will include
president of marketing, Laurel A. division.
Jack Whittle, chairman of Whittle,
Bierovic as assistant vice president in
Raddon, Motley and Hanks Finan­
the loan department and Richard A. Application Approved
The Federal Reserve Board has cial Marketing Group, Chicago, and
Davenport as assistant vice president
announced its approval of an Dr. Beryl W. Sprinkel, executive vice
and cashier.
Ms. Baumgartner joined the bank application by Hutsonville Bank president, Harris Trust and Savings
as business development officer. She Corp., Hutsonville, to become a bank Bank, Chicago. Others on the
attended Loyola University, is a holding company by acquiring program represent a wide range of
graduate of the Bank Marketing Farmers and Merchants Bank of interests from banking and govern­
ment ranks.
School at Temple University, atten­ Hutsonville.
ded the American Institute of
Banking and is enrolled in the School
of Bank Marketing at Boulder, Colo,
1980 IBA Group Meetings
for 1981.
Mrs. Bierovic has been in banking
March 3
Ramada Inn, Champaign
Group 7
for eight years; she has been
March 4
SIU, Carbondale
associated with the bank since 1974.
March 5
Group 9
Augustine’s, Belleville
In her previous position she was loan
Holiday Inn East, Springfield
administrative officer. Mrs. Bierovic
March 18 Group 8
Holiday Inn, Decatur
is a graduate of the Illinois Bankers
March 19 Group 6
Continental Regency, Peoria
School at Southern Illinois Univer­
Hills Country Club, Sterling
sity in Carbondale.
O’Hare, Rosemont
Mr. Davenport joined the bank in
April 2
Group 2
Bon Vivant, Bourbonais
1976. He is a graduate of the College
April 3
Group 1
Bismarck Hotel, Chicago
of DuPage, has earned the Founda­
tion of Banking Certificate from the


Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981

M inn esota
R. E. Gandrud, pres., Glenwood
T. L. Jeffers, exec, v.p., Minneapolis

Northwestern Nat’l Opens Northside Office

THE NORTHWESTERN National Bank of Rochester opened its Northside Office recently.
Rochester Mayor Chuck Hazama joined bank President John Cochran and Northside
manager Peg Mattke in the ribbon cutting ceremony. Bank directors and the Ambassadors
of the Rochester Chamber of Commerce also participated. The bank’s newest facility is
operating in a module office until a permanent building, now in construction, is

Adams Bank Is Sold
The Farmers State Bank of Adams
announces that agreements have
been completed transferring owner­
ship of the bank from Mr. and Mrs.
Vance Torgerson to Robert D.
Hanson and Gordon H. Klaudt,
effective January 15, 1981.
President Torgerson, who has been
with the bank since 1940, will
continue as chairman of the board.
Robert D. Hanson will become
president of the bank and Gordon H .
Klaudt will assume duties of vice
president and cashier. Both Mr.
Hanson and Mr. Klaudt have been
with the bank for over 15 years.
Acquisition Approved
The Federal Reserve Bank of
Minneapolis has announced its
approval of the application by
Pipestone Bancshares, Inc., Pipe­
stone, to become a bank holding
company through the acquisition of
The F irst N ational Bank of

Banker, February, 1981
Federal Reserve Bank of St. Louis

Rejoins Mankato Bank
Starr J. Kirklin, president of First
Bank Mankato, has announced the
election of Rich­
ard M. Thomas
as vice presidentsenior commer­
cial loan officer.
Mr. Thomas
began his bank­
ing career at
First Bank Man­
kato, an affiliate
of First Bank
System , as a
trainee while attending Mankato
State University. He completed his
B.S. degree in Business Administra­
tion at Mankato State University in
1972 and began employment with
First Bank Austin as an instalment
loan officer. During his employment
at First Bank Austin, also an affiliate
of first Bank System, Mr. Thomas
has held positions of commercial loan
officer, assistant vice president and
most recently vice president of the
commercial loan department.

Queenan Named President
William H. Queenan has been
named to succeed Eugene G. “Bud”
Precht as presi­
dent and chief
executive officer
of Northwestern
N ational Bank
S o u th w e s t, a
Banco affiliate,
in Bloomington.
Mr. Queenan is
currently execu­
tive vice presi­
dent of the w H queenan
Bloomington bank.
Mr. Precht is leaving Northwest­
ern National to accept the position of
president and chief executive officer
at Iowa-Des moines National Bank in
Des Moines, la.
Mr. Queenan was associated with
First Bank/ St. Paul for 11 years
prior to joining Banco in 1973, when
he was named vice president of
commercial lending at Northwestern #
National Bank of St. Paul. He was
elected group vice president of the St.
Paul bank in 1977. In 1979, Mr.
Queenan became executive vice
president of the Bloomington bank. #
Elected in Brainerd
The board of directors of the
Citizens State Bank of Brainerd has
announced the election of Thomas E .
Welle to the position of executive vice
Mr. Welle, an honor graduate in
business and finance at Bemidji State
University joined Citizens State
Bank as assistant vice president in
1975. He was formerly associated
with the Bremer Service Company of
St. Paul.
Most recently, Mr. Welle served as
vice president and controller for
operations at Citizens State Bank,
and as head of the real estate loan
department. He graduated this year
from the Graduate School of Banking
in Madison, Wis.





National Boulevard Has
Record Net Income
N ational Boulevard Bank of
Chicago reported record 1980 net
earnings of $3,076,000 or $15.38 per |||||
share. These earnings represent a
slight increase over the previous high
achieved in 1978, and a substantial
improvement over 1979, a year which
was adversely affected by non-recur- (jfy
ring loan charges.


Business relationships. They’re the core of
banking. Perhaps in no other area of banking
are they as vital as in agricultural financing.
And perhaps in no other area of banking are
they put to the test as often.
As a banker in a rural community, you
sit at the center of a number of growing
business relationships. Your custom ers—
farmers, ranchers, and agri-businessmen,—
are dependent on your insight and
resources to help them through present and
future opportunities or challenges. Their
business depends on yours, and yours on
But, as a partner in a correspondent
banking relationship you may not find
yourself in as mutually cooperative a
situation. Although your ag business may
rely heavily on the help of your regional
bank, the reverse may not seem to hold true.
And if your regional bank no longer meets
that growing need for help, it’s time to move.
But whether you’re looking for a new
correspondent relationship or merely taking
a critical look at your existing relationship,
there are certain criteria banks can and do
use to evaluate a correspondent bank.

Of course the regional bank must have the
financial resources to meet your ag
financing needs. The bank must have the
capacity that can give you the flexibility to
plan for today and tomorrow.
And large dollar lending limits are not
enough. Capability should also be measured
in terms of human resources— professional
skills and expertise.
The bank’s size is important, because it
certainly affects not only the amount of ag
loans that can be funded, but also the
number of ways in which those loans can be
funded. A “ bankers acceptance,” for
example, is one such means of funding.

Solid banking relationships can’t be
transient. Bankers must share the mutual
trust and understanding necessary for long­
term growth.
Unfortunately, many financial institutions
and associations get into the ag lending
market without a long-run commitment to
that market. They “ dabble" while times are
good, and somehow disappear when times
are troubled.
Dependability isn’t easily discerned. It’s
a quality proven over time and based on a
bank’s reputation, the risks it’s willing to take,
and its availability when you need help.

For one reason or another, some
correspondent financial institutions and
associations may try to "run” a loan. This
may confuse customers and make local
banks less sensititive to their needs. Even
worse, it indicates poor trust in both the
borrower’s and the local lender’s judgement.
A good regional bank, on the other
hand, listens to the need to stay flexible
enough to let local banks adapt to changing

Using financial tools in new and different
ways can be the lifeblood of a good
correspondent banking relationship. And
because a local bank can never predict the
changing needs of customers years in
advance, it pays to develop a relationship
with a regional bank which not only has
financial tools, but also the expertise, desire,
and commitment to continuously work with
And in a world where interest rates can
rise and fall in a matter of days, the best
regional bank is the one with the talent and
desire to innovate and react thoughtfully and

First, a country bank must be dedicated to its
own business— ag financing. To do this
effectively its regional bank must recognize
the needs of the local bank's own
customers, and offer help with needed
services. Services like regional agricultural
econom ic advice, estate planning, trust
services, or speedy collection of large
deposits. Not all banks can readily offer
Secondly, a regional bank must be
dedicated to the country bank's welfare in its
ag business market. Correspondent bankers
must be willing to join local bankers out in
the field, to become acquainted with
customers and their problems first-hand,

and, if necessary, to help educate them in
the growing complexities of ag finance. For
example, the process of hedging as a
market tool, and what it means for bankers
and borrowers alike.

Look for an expert.
Obviously, this isn’t a complete laundry list of
criteria, and it’s not really meant to be. What
it is designed to do, however, is to give you a
solid starting point for a realistic evaluation
of your correspondent relationship.
At Northwestern National Bank of
Minneapolis, we know how important an ag
banking correspondent relationship is to you,
and how important your selection of your
regional bank can be to your success. And
of course we like ag loan assets and
recognize the tremendous importance of
agriculture in this region.
That’s why we’re so deeply involved in
that area. From top management on down,
w e’ve made a sincere commitment to
servicing the ag needs of local banks and
their customers.
And we can offer local banks the types
of overlines and related banking products
they need to keep their customers growing.
Our commitment, coupled with our
flexibility, our expertise, and our size, has
helped our bank grow rapidly over the past
four years, to now rank 30th in size nationally
in ag loan volume.
When you’re looking for an ag partner,
ask the experts. Ask us. We’ll help you serve
the needs of your most important
custom ers—the farmers, ranchers, and agri­
businesses in your community. We’re on
your side.


Correspondent Banking

i N orthw estern
M National b a n k
\A j Of Minneapolis
Federal Reserve Bank of St. Louis

-T- .

~---- Dana#*#«

Minnesota News

Minnesota Energy Problems Need Careful
Analysis, Economics Expert Advises
6i p

ROPOSALS calling for Min­
nesota to become nearly selfsufficient in energy production need
careful analysis,” according to Dr.
Larry J. Wipf, assistant vice pres­
ident and director of regional eco­
nomics at Northwestern National
Bank of Minneapolis. ‘‘Concern over
the instability of energy sources and
our dependence on outside sources of
energy should not lead us to adopt
measures that may actually result in
higher energy prices for the state or
that would hamper economic devel­
“ Since M innesota is alm ost
completely dependent on outside
sources of energy, stability of supply
is a key concern,” said Mr. Wipf.
“Fears of supply disruptions have
been heightened by the Iraqi-Iranian
War. In addition, some analysts
argue that traditional fuels such as
oil, natural gas and coal drain dollars
out of M innesota which then
jeopardizes the economic health of
the state.”
“The key question is how far
should the government, both federal
and state, go and what should the
government do in intervening in the
private sector in an effort to deal with
our energy problems,” he said.
“ Proposals calling for Minnesota
to become nearly self-sufficient in
energy production are ill-advised,”
said Mr. Wipf. “The premature
switch to non-conventional sources of

energy could saddle the state with
higher-priced energy sources relative
to other areas of the country. This
would hamper our overall economic
growth. The most valuable contribu­
tion the government could make in
solving the energy crisis would be to
encourage greater reliance on the free
market system.”
“Minnesota’s overriding energy
goal should be the development of the
most efficient sources of energy,
whether produced in Minnesota or in
some other stable supplying area, ’’ he
said. “This does not mean that there
is no future for certain Minnesotabased energy sources. The crucial
question is “How should this be
brought about?” In the search for
alternative energy sources, it is
preferable to allow the free market
system to guide the choices. We must
guard against giving incentives to
new sources while hampering the
development and use of traditional

Changes at Owatonna
Joseph A. Slezak, assistant vice
president of Northwestern National
Bank of Owatonna, elected to take
early retirement as announced by
Kenneth E. Wilcox, president.
Mr. Slezak’s banking career
commenced April 1, 1950, and he has
worked in a variety of departments at
the bank, including operations,
audit, teller supervisor, instalment
Joins Citizens Bank
lending, commercial loans and
Michael J. Bissen, formerly cashier customer service. In addition to this,
and head of operations at the State he has been in charge of the physical
structure known as the “Sullivan
Bank & Trust
Masterpiece” bank building.
Co., New Ulm,
Also at Northwestern Dwight D.
has joined Citi­
Randall has been elected to the
zens Bank &
position of vice president manager of
Trust Co. as the
the personal banking department.
new personnel
Mr. Randall comes to Owatonna
and operations
from Grand Rapids, where he most
recently served as branch manager of
Prior to his
the First National Bank of Deer
association with
River. Prior to that, he was employed
the bank at New
at the First Northwestern National
Ulm, he was
employed as senior assistant examin­ Bank of Eveleth and the First
er, operations and loan analyst with Northwestern National Bank of Hoyt
the Federal D eposit Insurance Lakes.
Mr. Randall has been active in
He is a graduate of St. John’s various civic and business organiza­
University with a BA in business tions and has attended several
banking seminars and schools.
administration and German.

Northwestern Banker, February, 1981
Federal Reserve Bank of St. Louis

Hopkins Personnel Changes #
The board of directors of First
Bank Hopkins has announced the
following management changes:





Bill Behrenbrinker has been named
commercial banking and real e sta te ^
loan officer. He joined the staff a t ^
First Bank Hopkins in 1978. His
most recent position has been
commercial lending officer.
Jim Damato has been named ^
personal banking officer. He began w
with First Bank Hopkins in 1978. His
most recent position has been
personal banker.
Cynthia Johnson has been named ^
commercial banking officer. She has
been with First Bank Hopkins since
September 1979 as a mortgage lender
in the real estate department.
Bruce Senske has been named £
assistant vice president and commer­
cial loan manager. He has been with
First Bank Hopkins since May 1977,
and his most recent position has been
commercial loan officer.
Seminars Successful
Attendance at the Minnesota
Bankers Association sponsored Bank ®
Staff Seminars reached 5,500.
Trish Faulbender, senior vice
president for Financial Shares
Corporation, Chicago, was the
speaker for the series. Titled “The®
Winning Team,” the seminars were
designed to provide practiced infor­
mation to staff members on being
team members and make them aware
of the fast and increasing changes in ®
the competitive marketplace.


I C a p ita l
F in an cial Corp.

__ *

C a p ita l
N o rth w e s t



Asset Power.

G et m ore m ileage out of each dollar.

Your clients’ assets can secure a tailor-made
revolving credit line. Accounts receivable,
inventories, machinery, equipment, land and build­
ings can be turned into Asset Money™ It’s the
smoothest route for companies short on working
capital, those looking toward expansion or growing
firms eager to increase sales. Or money for
buy-outs, mergers and acquisitions.
Bank participations.
Banco Financial Corporation can help get your
clients off to a great future with Asset Money.
Contact John Olson, Lee Mork, Robert Olson,
Paul Weingart, or Jack Hart, (612) 372-7988, 830
Northwestern Bank Building, Minneapolis,
Minnesota 55402.

Clients with considerable working capital may wish
to conserve it by leasing needed equipment.
Decide on a Lease Purchase Contract with a
guaranteed purchase option at the end of the term.
Go with a leverage lease or purchase
equipment outright.
Whatever your clients’ business, whatever the
equipment they need — Lease Northwest, Inc. has
the financing options that put it to work.
Contact Dave Michael in Minneapolis at
(612) 372-7416, Roger Meier in Omaha at
(402) 536-2310, Jim Sheedy in Des Moines at
(515) 245-3392, or Chris Hoss in Fargo at
(701) 293-8136

Lease northwest,Inc.

a 3 c 5®

Affiliated with Northwest Bancorporation ------

Financial Corporation
An Affiliate of Northwest Bancorporation
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981


Jim Gowan, Vice President, Correspondent Bank Division (612) 291-5577

“ My 25 year’s experience in banking
could be your competitive edge.’’
The banking experience you’ll find at The First
National Bank of Saint Paul means banking
service you can depend on.
“ To make sure you get the service you
need, when you need it, my division has seven
correspondent bankers and a supporting staff
of trained professionals. Together, we offer you
all the experience and resources of First Bank
Saint Paul.
“ To maintain our high level of service, our
correspondent bankers attend seminars and
workshops so as to stay abreast of the latest
developments in all phases of banking.
“ By spending time in the field, our people
make certain that they have first-hand
knowledge of the day-to-day operations of their

Northwestern Banker, February, 1981
Federal Reserve Bank of St. Louis

customers. And if complex questions arise, they
can draw upon my 25 year’s experience to help
solve them.
“ In today’s competitive financial world,
experience is like money in the bank.
If we can help you, give me a call.”


First Bank
Saint Paul

Correspondent Bank Division

We do our job.
You get the credit.
The First National Bank of Saint Paul • Member FDIC


R ECENTLY representatives

Midland National Bank of Minn©eapolis, state and St. Louis Park
officials reviewed progress on the
construction of Midland Bank’s new
branch office.
Midland’s new St. Louis Park
• Branch will consist of a six lane
drive-thru facility with complete
customer serving capabilities and a
full service bank office on the ground
level of the Freidheim Building.
• Construction, which began in Octo­
ber is scheduled for completion by
April 1 , 1981.
Banking services will be provided
in a 1,700 square foot area in the
• Freidheim Building, 3601 Park
Center Boulevard, adjoining the new
drive-thru facility. Midland’s longrange plans include eventual expan­
sion to 4,500 square feet in that
® building.

Tom James, assistant vice presi­
dent, was appointed branch manager
-St. Louis Park. He came to Midland
from the Third National Bank and
Trust Company of Dayton, Oh.
where he served as an assistant vice
president in the commercial lending
Mr. James is a graduate of the
University of Illinois with a BA
degree in business administration.
Nancy Rasm ussen, assistan t
branch manager-St. Louis Park,
joined Midland as a credit analyst in
1974. In 1978 she was elected
personal banking officer and became
a mortgage banking officer in 1979.
Ms. Rasmussen attended Mar­
shalltow n Community College,
Marshalltown, la., and received her
BS degree in business from Drake
University, Des Moines, la.

the systems and procedures division.
Mr. Bole recently joined National
City’s staff. He received his BA from
Macalester College in St. Paul, his
MA from Central Michigan Univer­
sity in Mt. Pleasant, Mich. , and his
PhD from the University of Illinois in
Champaign, 111.





Mr. Kjonaas has served as
assistant cashier of National City
Bank since December 1973. He
attended Valley City State College in
Valley City, N.D.
MIDLAND National’s new St. Louis Park branch will feature six lane drive-through facilities
Mr. Mericle has served as a
and a full service bank office.
commercial loan officer in the
The new 1,900 square foot
C. Bernard Jacobs, chairman of the international division of the commer­
^ drive-thru unit, being built at a cost board and chief executive officer of cial loan department since June 1977.
of approximately $300,000, will National City Bank of Minneapolis, He received his BS from Iowa State
provide five drive-thru lanes in has announced several changes in the University in Ames, la., and his
addition to a special lane for business bank’s official staff. Ronald E. Bole masters of international management
customers. Instant Cash machines in was named investm ent officer. from the American Graduate School
^ each location will provide 7-day, 24 Donald W. Kjonaas was made an of International Management in
hour service for consumers. The new assistant vice president in the Glendale, Ariz.
light-colored building, designed by operations departm ent. In the
Mr. Woods has been with National
BWBR Architects of St. Paul, commercial loan department, KentC. City Bank since October 1970. He
harmonizes architecturally with the Mericle was elected assistant vice was previously associated with the
£ Freidheim Building utilizing a dark president, and Oliver A. Woods was Liberty National Bank of Savannah,
aluminum fascia panel.
named an assistant vice president in Ga.
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981
Federal Reserve Bank of St. Louis

When your
community needs
a clinic,you have
to be on call.
W h e n o n e of y o u r c u s to m e r s n e e d s m o n e y fo r
h is f in a n c ia l h e a lth , h e re lie s o n y o u . T h a t’s w h y y o u
n e e d a c o rre s p o n d e n t y o u c a n r e ly on. D u rin g
g o o d tim e s. B a d tim e s. A n y tim e .
A c o r r e s p o n d e n t lik e F ir s t B a n k M in n e a p o lis.
F ir s t B a n k M in n e a p o lis g iv e s y o u o n e sim p le
c o m m itm e n t. W h e n y o u n e e d u s, w e’ll b e th e re .
P e rio d .
R e m e m b e r t h a t n e x t tim e a c u s to m e r n e e d s
c a p ita l. W h e n h e c a lls y o u , y o u c a n c a ll u s. A n d
w e’ll b e read y .
If y o u h a v e a n y q u e s tio n s a b o u t a n y of o u r
C o rre s p o n d e n t S e rv ic e s, c a ll K en W ales, S e n io r
V ice P re s id e n t, (612) 370-4687. Y ou’ll g e t a n s w e rs
a n d a c o m m itm e n t y o u c a n c o u n t on.


F ir st B a n k M in n ea p o lis

"When you need us,we’ll be there."
F irst N a tio n a l B a n k of M in n ea p o lis, 120 S o u th S ix th S tr e e t • M in n ea p o lis, MN 55402 • M em ber FDIC.
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981

Minnesota News
Northwestern National of Minnea­
polis also announced a series of
promotions and
new a p p o in t­
Advanced to
senior vice presi­
dent are: Dharani [Darin] P.
Narayana, inter­
national finance
division. In the
bond and trust
H. Andrews, international services;
C. Roger Bailey, individual services;
Robert B. Mersky, investm ent
services, and Richard J. Schneebeli,
operating systems and financial




Newly-elected vice presidents are:
Bond and trust group—Gregg S.
Hannah, employe benefits invest­
ment services; Ralph H. Lott, central
operations, and George S. Warren,
Banco trust project and president­
elect of Northwestern Trust Com­
pany, New York.
Regional Banking Group —A.
Rodney Boren, Jr., eastern division
of the national-international banking
group; Jeffrey G. Jacobsen, manu­
facturing and electronic division, and
Craig B. Jones, correspondent
commercial credit division.
International division—Michael
B. Moore, Mexico City representa­
Property management department
—Thomas J. Parish.
Corporate economics department
—Richard Sidwell Smith.
The following have been promoted
to assistant vice president: R. Jeffrey
Maas, corporate finance division;
Donald R. Oliver, central operations
division; John S. Free, Theresa Jean
Morrison, Sheila [Peggy] O’Connell,
John P. Rodrigues and Robert W.
Wiarda, international department;
Darlene M. Barnes and Gary R.
Lundquist, consumer banking divi­
sion; John T. Carroll, Banco Trust
Project, and Paul E. von Juster,
trust investment department.
Sally J. Rigler
was elected
commercial banking officer in the
agribusiness division. Lola N.
Johnson was appointed communica­
tions officer.







Banker, February, 1981
Federal Reserve Bank of St. Louis


Mark H. Willes has been elected to
the board of directors of Northwest­
ern National Bank of Minneapolis.
A well-known figure in banking
circles, Mr. Willes served as
president of the Federal Reserve
Bank of Minneapolis from 1977 until
July 1980 when he joined General
Mills, Inc., as executive vice
president and chief financial officer.
Willis F. Rich, Jr., has also been
elected a director of Northwestern
National Bank of Minneapolis. He

remains an executive vice president
and a member of the bank’s
management policy committee.
Mr. Rich will also assume full
responsibility as chief credit officer of
the bank as well as chairman of the
loan committee of the board.
A 1941 graduate of Princeton
Unviersity, he joined Northwestern
in 1947. He was elected a vice
president in 1955, promoted to senior
vice president in 1968, and named
executive vice president in 1973.
* * *
Ernest B. Corrick, vice president
and general manager of the Rocky
Mountain operation of Champion
Timberlands, Milltown, Mont., has
been appointed as vice chairman of
the Helena Branch of the Federal
Reserve Bank of Minneapolis.
Harry W. Newlon, president of the
First National Bank in Bozeman, and
Jase O. Norsworthy, president of the
N.R.G. Company in Billings, were
reappointed to two-year terms on the
Branch Board.
* * *
Michael R. Sill has been elected to ^
the First Bank Minneapolis board of
directors. Mr. Sill is president and
director of Road Machinery &
Supplies of Minneapolis, Inc. He was
a director of Franklin National Bank £
for the past three years and currently
is director of Reach-All Manufactur­
ing & Engineering Co.
* * *
George L. Michael has joined®
Olson Associates, Inc., Minneapolis,
as a consultant according to Glenn
W. Olson, president of the firm.
Olson Associates, Foshay Tower, *
M inneapolis, is a m anagem ent®
consulting firm assisting financial
institutions and others in becoming
more productive and profitable
through goal setting, human resour- ^
ces development and a higher level of w
commitment to carry out goals,
marketing and sales. Mr. Michael
will specialize in developing market­
ing programs and plans.
Mr. Michael recently retired from
American National Bank and Trust
Co. in St. Paul. He joined the bank in
1964 as vice president in charge of the
instalment division and later headed ^
the retail division. He was appointed
vice president and director of
marketing in 1973. Prior to joining
American, he was vice president and
division manager for Universal CIT q
Credit Corporation in Minneapolis.

Statement of Condition
National City Bank
December 31,1980 and 1979
December 31




Cash and Due from Banks........................................
Interest Bearing Time Deposits with Foreign Banks
Investment Securities:
U.S. Treasury..........................................................
U.S. Government A gencies..................................
Obligations of States and Political Subdivisions .
Other Securities......................................................

$ 29,383,800

$ 26,096,126



Total Investment Securities..............................
Trading Account Securities......................................
Federal Funds Sold ..................................................
Loans Net of Reserve for Loan Losses
1980 $1,988,087; 1979 $1,933,144 and unearned
discount 1980 $608,939; 1979 $897,752 ................
Leasehold Improvements and E quipm ent..............
Accrued Income Receivable.......................................
Other Assets ..............................................................





Total Resources..................................................



$ 72,412,047

$ 73,191,361

Total D eposits............................................
Federal Funds Purchased and Securities Sold
Under Agreements to Repurchase................
Other Borrowed Funds ....................................
Other Liabilities ................................................
Subordinated Note ..........................................





Total Liabilities................ .........................
Stockholders’ Equity:
Common Stock, Par Value $5.00
Authorized Shares—2,500,000
Issued and Outstanding—2,000,000 ........
Surplus ............................................................
Undivided P ro fits..........................................



10, 000,000
10, 000,000

10, 000,000



20 , 000,000

2 , 000,000

Liabilities & Stockholders’ Equity
D em and..........................................................
T im e................................................................
Foreign B ranch..............................................

10, 000,000

Total Stockholders’ Equity ......................



Total Liabilities and Stockholders’ Equity



Board of Directors
C. Bernard Jacobs

Howard E. Barnhill

Kenneth H. Dahlberg

James H. Hearon, III

Chairman o f the Board &
C hief Executive Officer

President, Chairman o f
the Board & C hief
Executive Officer

President, Chairman o f
the Board & C hief
Executive Officer

President & Chief
Operating Officer

North American Life
and Casualty Company

Dahlberg Electronics, Inc.

David L. Andreas

Marvin Borman


Vice President


Maslon, Kaplan, Edelman,
Borman, Brand and McNulty

National City

University of Minnesota

National City

James B . Goetz


Sister Mary Madonna
Ashton, CSJ

Business Consultant

Minnesota Fabrics, Inc.

Retired President

President & C hief
Executive Officer

Edward C. Brown, Jr.

Frederick L. Deming

Walter W. Heller

Regents’ Professor
o f Economics
C. Wilbur Peters

Ralph C. Turnquist

National City Bank

Chairman o f the Board &
C hief Executive Officer

St. Mary’s Hospital

Turnquist Paper Company

75 South Fifth Street
Minneapolis, Minnesota 55402
Federal Reserve Bank of St. Louis

National City Bank

*national City Bancorporation Affiliate

M ember F.D .I.C .

Northwestern Banker, February, 1981


Minnesota News

Richard H. Klovstad has been
elected vice president of risk and
insurance management by Northwest
Bancorporation. Mr. Klovstad has
worked at Banco’s corporate head­
quarters since 1975, most recently as
director of the risk and insurance
management department.
Also at Banco, William J. Brechtel
has been elected vice president of
Mr. Brechtel has been with Banco
since 1975, when he joined as
assistant controller in the corporate
office. He was previously employed
as senior accountant at Peat,
Marwick, Mitchell & Co., Chicago.
The board of directors of Banco has
elected William G. Stocks and
William G. Roth directors.
Mr. Stocks is chairman and chief
executive officer of the Peavy
Company, a grain and retail
merchandising and food processing
company based in Minneapolis. Mr.
Roth is chairman and chief executive
officer of The Trane Company in
LaCrosse, Wis., an air conditioning
systems manufacturer.
* * *
Two promotions have been an­
nounced by the Bank of Minneapolis
and Trust Company. Paul E.
Oberstar has been promoted to senior
vice president in the b a n k ’s
commercial loan department and
Mark A. Scheidhauer was named an
instalment loan officer.

Sharyl F. Reppenhagen has been
named real estate banking officer of
National Bank of
Saint Paul, G.
Richard Slade,
president, has
Ms. Reppen­
hagen has atten­
ded the School of
Mortgage Bank­
ing at Stanford
U niversity and S F- REPPENHAGEN
numerous clinics and sem inars
pertaining to mortgage underwri­
ting. She has worked at various
mortgage companies since 1965 and
joined Northwestern in December
1979 following her association with
Banco Mortgage Co.
* * *
W. Merton Dresser, president of
Northwestern National Bank South
(formerly Fourth N orthw estern
National Bank), has announced the
election of Laura J. Nemcek as credit
Mrs. Nemcek joined Northwestern
National Bank South in August 1978.
She has successfully completed
Northwest Bancorporation’s Man­
agement Training Program. Mrs.
Nemcek is a native of Bloomingdale,
111., and is a graduate of St. Olaf
College, Northfield, with a degree in
* * *

Farmers & Mechanics Savings
Bank of Minneapolis has announced
that it has filed an appliation with the
Federal Home Loan Bank in Des
Moines, la. to change its charter and
become a Federal Mutual Savings
According to Henry S. Kingman,
Jr., chairman of the board of trustees
of F&M Savings Bank, F&M will
continue to work with federal officials
Mr. Oberstar joined the bank in to secure approval for the conversion.
1975 as a commercial loan officer and Now that an application has been
was elected an assistan t vice filed with the Federal Home Loan
president in mid-1976 and vice Bank, final approval is expected
president in December 1977. Prior to within four to six months.
joining the Bank of Minneapolis, Mr.
Upon conversion to a federal
Oberstar was affiliated with the charter, F&M depositors would
National City Bank of Minneapolis, continue to have their deposits
and as an examiner with the insured up to $ 100,000 by an agency
of the federal government.
Comptroller of the Currency.
Founded in 1874, F&M is
Mr. Scheidhauer joined the bank in
September 1979 and attended the Minnesota’s only mutual savings
North Hennepin Junior College and bank, with assets in excess of $1
billion and deposits of $864 million.
the University of Minnesota.

Banker, February. 1981
Federal Reserve Bank of St. Louis

Holding Company Approved ^
The Federal Reserve Bank of
M inneapolis has announced its
approval of the application by Green
Lake Bancorporation, Inc., Spicer, to
become a bank holding company ||i
through the acquisition of the Green
Lake State Bank, Spicer.
Belle Plaine Open House
The State Bank of Belle Plaine if)
recently celebrated its 98th anniver­
sary with an Appreciation Day open
house. Refreshments were served and
prizes given away.
Application Approved
The Federal Reserve Bank of
Minneapolis announced its approval
of the application by Northstar
Bancorporation, Inc., Wayzata, to <§
acquire control of the Minnetonka
State Bank, Excelsior.
Equipment Leasing Approved 9
The Federal Reserve Bank of
M inneapolis has announced its
approval of the application of
Northwest Investment Company of
Cloquet, Inc., Cloquet, to continue to #
engage in equipment leasing activi­
Savings Bonds Chairman
Wilmore W. Whitmore, president •
of First National Bank of Houma,
Houma, La., has been named
chairman of the Savings Bonds
Committee of the American Bankers
Association, ABA President Lee ®
Gunderson has announced.
Insurance Approved
The Federal Reserve Bank of £
M inneapolis has announced its
approval of the applications by
Summit Agency, Inc., Minneapolis,
Summit Agency of Richfield, Inc.,
Minneapolis, and Summit Southview q
Holding Corporation, Minneapolis,
to continue to sell insurance directly
related to extensions of credit by their
respective subsidiary banks and
insurance for the respective bank f
holding company and its subsidiary
Application Approved
The Federal Reserve Bank of ^
Minneapolis announced its approval
of the application by Nimrod
Enterprises, Inc., Foley, to become a
bank holding company through the
acquisition of the State Bank of f


* Are you working harder
than your portfolio?

i 99-28 9 9 .2 7

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40 7-2

3 97.20 9 7 -2 0
7-2 98
9 6 .2 8


97-26 9 8 ,2

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DA 1LY . 7*2
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97 28 S8-4

9 7 12 97.21

M ajor tests lie ahead — for the Fed, for money
markets and for the economy. New offerings are
flooding the markets and interest rates continue to
How do you keep pace w ith an uncertain
market? For m any banks, the answer is First Bank
Saint Paul. Our Investm ent Services Group has 36
full-tim e professionals ready to help you w ith the
m ost sophisticated investm ent to o ls available.
Our “ Blue List Bond Ticker” makes available by
com puter new listings and price changes as they
occur. And the latest money market news is just a
phone call away on our Money Market Hotline.

8 ________I
18 -6 -8 (1
Z B i i i ' i i mm
25 m m e is
|Í2Q 8 5 0
75 li 50- 8 5 0
m * 8 875
i m


We also have the largest inventory of m unicipal
bonds in this region, plus a wide variety of
government securities, repurchase agreements,
com m ercial paper and other money market
investm ents so we can tailor a program to meet your
specific objectives.
We can execute your transactions rapidly,
provide safe-keeping and give you a m onthly
com puter report on your po rtfo lio ’s performance.
Meet Clayton Johnson
our A ssistant Vice
President. Clayton is
responsible for
Southern M innesota
and Iowa. Give him a
call at (612) 291-5664.
He’ll be happy to
answer any questions
you may have.

F ir s t B a n k S a in t P a u l
Member First Bank System
Investm ent Services Group
A Full Service Bank
Federal Reserve Bank of St. Louis

The First National Bank of Saint Paul
332 Minnesota Street
Saint Paul, Minnesota55101 (612)291-5659

Member FDIC
Northwestern Banker, February, 1981


How MGIC can help
We've raised underwriting ratios
on home mortgages so that more
people can get into a home of their
own. We've increased the permissible
level for basic housing debt from 25 to
33 percent. And raised the total debt
level from 35 to 38 percent.
Our eight percent increase in the
housing ratio will open the gate for
more families, particularly first-time
buyers. And the modest three percent
increase in total debt will keep non­
housing spending in line.

Banker. February, 1981
Federal Reserve Bank of St. Louis

MGIC's new guidelines, however,
are not meant to replace prudent
underwriting of mortgage loans.
Higher ratios may not apply in
your market. But with big home prices
and high interest rates in many locali­
ties, there is a need for flexibility.
FHLMC, which purchased $5.5 bil­
lion of conventional loans last year,
raised their ratios, too. And, like
MGIC, they're now stressing each
applicant's debt-carrying ability.
Lenders also see the need for more


■keep the gate open.


realistic mortgage guidelines.
David J. Reed, executive vice pres­
ident at California Federal Savings and
Loan Association: “ People are willing
to make sacrifices just to get into
homes. We need to take steps like
raising the housing expense-toincome ratio to help them achieve
Simple solutions to housing affordability do not exist. But initiatives like
higher underwriting ratios, the FHLBB's
40-year mortgages and our proposed
Federal Reserve Bank of St. Louis

tax-free Housing Savings Certificates
can help more people realize the
American dream of owning a home.
For local inform ation and service, contact in
Wisconsin and Iow a: M G IC , M G IC Plaza, M ilw a u ke e,
W l 53201. (414) 347-6442. In M innesota, Nebraska,
N o rth D akota and South D akota: M G IC , 822
M a rq u e tte A ve., M inneapolis, M N 55402. (612)


Working hard to earn your business
Mortgage Guaranty Insurance Corporation
A Mem ber of the M G IC Investment Corporation Family

Northwestern Banker, February, 1981


Minnesota News

MBA Manual Completed,
Surveys Conducted
The completion of the Minnesota
Bankers Association Agricultural
Lending Procedures and Forms
Manual was announced by project
chairman John Berg, president,
Wayzata Bank and Trust Company.
The Agricultural Manual is the
second to be completed in the series of
four manuals being developed by the
MBA. The Consumer Manual was
completed during the spring of 1980
and the two remaining manuals on
Real Estate and Commercial Lending
are targeted for completion by the
end of 1981, according to Mr. Berg.
Mr. Berg said there are presently
550 Minnesota banks subscribing to
the four manuals.
In a continuing effort to meet the
needs of today’s bankers, MBA has
conducted two needs assessment
surveys. MBA President Richard
Gandrud said the surveys were done
to determine the educational needs of
Minnesota banking.
The two areas of research were
bank investments and operations.
Mr. Gandrud said there was an
overwhelming response to the survey
and after evaluations, one must
conclude that Minnesota bankers are
aware of the changing industry and
want to respond to it.
Mr. Gandrud, also president of
Pope County State Bank, Glenwood,
called the survey a scientific
approach to better educational
programs for Minnesota bankers. He
said the Association has taken this
approach to get accurate assessment
of the needs.
Elected in Mankato
Starr J. Kirklin, president of First
Bank M ankato, announced the
election of Calvin
A. Johnson as
vice presidentagriculture and
re a l
e s ta te
Mr. Johnson
began his bank­
ing career in 1971
as the adjuster in
the instalm ent
loan department
of First Bank Mankato and most
recently as assistant vice president
handling agriculture and commercial
loans. He received his BS degree in
business administration from Man­
kato State University in 1967.

Banker, February, 1981
Federal Reserve Bank of St. Louis

Elk River Officers Elected
James M. Simpson, president,
announced that the board of directors
of the Bank of Elk River has elected
Patrick H. Dwyer vice president and
cashier and Steward T. Wilson
assistant vice president.



Mr. Dwyer graduated from St.
Cloud State University with a degree
in business administration and has
been with the bank since 1971.
Mr. Wilson received his bachelors
degree from Hamline University and
has been with the bank since 1975.
Joins First Northwestern
Don Skinner recently joined the
staff at the First Northwestern
National Bank of
Grand Rapids as
instalment loan
officer. He a t­
tended the Uni­
versity of North
Dakota, major­
ing in business
The past four
years, he has
e m p lo y e d b y
Thorp Credit and Thrift where he
became branch manager in March
Holding Company Approved
The Federal Reserve Bank of
M inneapolis has announced its
approval of the application by First
Breck Holding Company, Breckenridge, to become a bank holding
company through the acquisition of
The F irst N ational Bank of
Certification Announced
The Federal Reserve Board
announced the issuance of a prior tax
certification pursuant to the Bank
Holding Company Tax Act of 1976
relating to a proposed divestiture by
Aarestad Farm Products, Inc.,
Halstad, of 946 Vz shares of Red
River State Bank, Halstad.

To Acquire Bank and
Insurance Company
The Federal Reserve Bank of
Minneapolis has announced its
approval of the application of Norkitt
Bancorp, Inc., Hallock, to become a #
bank holding company through the
acquisition of 100% of the outstand­
ing voting shares of C-D-L
Corporation, Hallock, a one-bank
holding company owning 97.7% of®
the outstanding voting shares of
Northwestern State Bank of Hallock,
and the application of Norkitt
Bancorp, Inc. and C-D-L Corpora­
tion to respectively acquire and retain •
indirect control of the assets of
Northwestern Insurance Agency, a
general insurance agency in a
community with a population not
exceeding 5,000.
Promoted at Lake Crystal
James Clark, president of Lake
Crystal National Bank, announced
the promotion of
Dean Meyer to
the position of
a s s is ta n t vice
president. Mr.
Meyer is the agri­
cultural loan of­
ficer for the bank
and manager of
the A gro-Sys­
tems accounting
Mr. Meyer came to the Lake
Crystal National Bank in 1977. At
the present time he is a member of the
Mankato area Board of Governors of
the American Institute of Banking.
Named A .V .P . at Ridgedale
Barbara J. Anderson has been
appointed assistant vice president for
Ridgedale State
Bank of Minne­
Ms. Anderson
has served on the
Board of Gover­
nors of the Amer­
ican Institute of
B a n k in g . She
joined Ridgedale
State Bank in
May 1978 when
the bank opened at 1730 Plymouth
Ms. Anderson began her banking
career 10 years ago and was promoted
to assistant cashier in 1979.

to assistant vice president and
commercial lending officer, Carol J.
Atkinson was promoted to assistant
vice president
and assistan t
instalment department manager and
Frank A. Flicek was promoted to
commercial lending officer.
Minnesota News

Rochester Re-alignment
The Northwestern National Bank
of Rochester has announced the
election of three new officers and the
promotion of eight officers, according
to John R. Cochran, president and
chief executive officer.


Deborah L. Teske was elected
downtown drive-in manager, Janet
M. Schlosnagle was elected consumer
compliance officer and Debra M.
Hamilton was elected instalment
lending officer.
Ken R. Blazing was promoted to
operations officer of Northside office,
Peg L. Mattke was promoted to
operations officer of Northside office,
Ken G. Rohde was promoted to vice
president and security officer, David
G. Wittenberg was promoted to
assistant vice president and commer­
cial lending officer, Robert B. Clowes
was promoted to assistant vice
president and agricultural lending
officer, Ben F. Wiebke was promoted

Fed Approves Holding Co.
The Federal Reserve Bank of
Minneapolis has announced its
approval of the application by Middle
River Bancshares, Inc., Middle
River, to become a bank holding
company through the acquisition of
the First National Bank of Middle


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Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981

Sioux Falls Promotion
The board of directors of North­
w estern Bank of Sioux Falls
announced the
following promo­
tion, according
to C.P. “Buck”
J. W. Thomson, pres., Centerville
M oore, p r e s i­
J. M. Schwartz, exec, mgr., Pierre
dent. Arlen R.
In’t Veld was
V __________ ___________
promoted to op­
erations officer,
Purchase Agreement Reached
Colonial Branch.
Mr. In’t Veld, a
B OYD Knox, chairman of the been managed continuously by a
native of Hull,
board of directors of Commercial member of the Brisbine family for la., attended Nettleton Business S
Banshares Inc. and T.R. Brisbine, over 56 years going through the College in Sioux Falls. Prior to
president of the Sanborn County depression years of the 1920s and joining the Colonial Branch staff in
Bank Woonsocket, have announced 1930s. The original board of directors November 1979 as operations super­
that an agreement has been reached included T.M . Brisbine, A.R. visor, Mr. In’t Veld held various
for the purchase of the Sanborn Bratsberg, R.L. Collignon, Jim Hall positions in the operations area from #
County Bank by Commercial Ban- and R.E. Hazen.
shares, Inc.

S o u th D akota

Commercial Banshares is a onebank holding company owning 100%
of the shares of the Commercial Trust
& Savings Bank of M itchell.
Commercial Bank has assets total­
ing 87,000,000 as of December 31,
1980. The Sanborn County Bank has
assets of 13,000,000 as of December
31, 1980. An application will be filed
with the Federal Reserve System to
convert Commercial Banshares to a
multi-bank holding company. The
purchase is subject to approval by the
Board of Governors of the Federal
Reserve System.
Mr. Brisbine will remain president
and chief executive officer of the
Sanborn County Bank and it is
anticipated that there will be no
changes in the staff or policies due to
the change of ownership. The
Sanborn County Bank was organized
in 1924 by T.M. Brisbine and has

Black Hills Bank Elects
Two New Officers
Two new bank officers were elected
recently at First National Bank of the
Black Hills, Rapid City, president
Charles T. Undlin announced.



Robert Worth was elected vice
president and manager of the Sturgis
branch and Edward Toms was elected
vice president and manager of the
J. Virgil Lowe Dies
Lead branch.
Mr. Worth graduated from Black
J. Virgil Lowe, 86, passed away
recently in Mesa, Arizona. Mr. Lowe Hills State College in 1974 with a BS
retired in 1959 as president of degree in business administration.
Northwestern National Bank of He began his banking career in 1973
Sioux Falls. His retirement came 47 at the Sturgis branch and has held his
years after he began his banking position as vice president and
career as a messenger.
manager of the Lead branch since
February 1979.
Mr. Toms received a BA degree in
New Castlewood Manager
governm ent in 1971 from the
Larry Fluegge has joined the University of South Dakota. During
United National Bank of Watertown the past nine years with the bank he
as vice president and branch manager has held various positions at the Lead
of the Castlewood branch.
branch, including adjustor, personal
Mr. Fluegge was formerly assis­ loan officer, and for the past
tant vice president of the Peoples two-and-a-half years, loan officer and
assistant manager.
National Bank of Mora, Minn.

Northwestern Banker, February, 1981
Federal Reserve Bank of St. Louis

Ross Fenn Leads Rotary
International Team
District 561 of Rotary Interna­
tional has selected the Group
Study Exchange team to visit New
South Wales, Australia for six
weeks in March and April, 1981.
The district governor’s representa­
tive and team leader is Ross Fenn,
vice president of Northwestern
National Bank of Sioux Falls, and
currently president of the Sioux
Falls Downtown Rotary Club,
largest in the district.
Group Study Exchange is an
educational activity of The Rotary
Foundation which provides travel
grants for the exchange of teams,
within a two-year period between
paired R otary D istricts and
different countries. The Austral­
ian GSE team from District 970,
New South Wales, visited this
district during April and May of
1980 and traveled extensively
through South Dakota.






Fed Approves Application
The Federal Reserve Bank of
Minneapolis has announced its
approval of the application by
South Dakota Bancshares, Inc., to
acquire Sully County Bank, Onida.


Application Approved
The Federal Reserve Bank of 0
M inneapolis has announced its
approval of the application by Great
Plains Bank Corporation, Eureka, to
become a bank holding company
through the acquisition of the Eureka #
State Bank.



Elected at Valley City
Harlee Olafson has been elected
instalm ent loan officer of the
Northwestern National Bank of
Valley City. Mr. Olafson has been
with the bank since March 1979. He
obtained a BA degree in business
administration from Valley City
State College in 1979.


North D akota
C. K Davis, pres., Cando
H. J. Argue, exec, dir., Bismarck

North Dakota “Mid-Winter Break” Schedule
0 T











HE Bank of North Dakota will
I hold its “Mid-Winter Break”
February 18, 19 and 20 at the
Bismarck Holiday Inn.
The program will begin at 11:15
February 18. H.L. Thorndal, presi­
dent of the Bank of North Dakota,
will deliver the welcome and resume
of the the conference. Opening
remarks will be made by the
Honorable Allen I. Olson, Governor,
State of North Dakota.
Featured speakers at the afternoon
session will include Marlin D.
Jackson, chairm an, agricultural
committee, ABA chairman and
president of Security Bank in
Paragould, Ark.; Robert H. Long,
assistant to the president, Bank
A dm inistration In stitu te , Park
Ridge, 111., and the Honorable
H. Kent Jones, Commissioner of
Agriculture, State of North Dakota.
Speakers at the February 19
session will include R.C. “Dick”
Crockett, president, Greater North
Dakota Association, ND Chamber of
Commerce, Fargo; Dr. Hiram
Drache, professor, author, farmer,

Concordia College, Moorhead,
Minn.; Dr. John Martin, staff
economist, Farm Journal Magazine,
and Jeff Judy, international banking
officer, Northwest National Bank,
Minneapolis, Minn.
The morning session on February
20 will feature Dorothy Stager,
Pipestone, Minn, and Thomas R.
Smith, president, Fidelity Brenton
Bank and Trust, Marshalltown, la.
A full wive’s program is also
planned, which will include an
address by Mrs. Nancy Thorndal,
Educational Equality Coordinator
for the State Board for Vocational
Education, and a style show
featuring b an k ers’ wives from
throughout North Dakota as models.

Page State Promotions
R. Paul Pederson, president of
Page State Bank, has announced the
following changes in staff:
Merland L. Carlson has been
promoted from cashier to executive
vice president and a member of the
board of directors and Janeen Conrad
has been promoted to assistant
Elected in Grafton
Mr. Carlson has served as cashier
Dan Lessard, president of the and managing officer of the bank
Walsh County Bank and Trust Co. of since 1965 and continues as executive
Grafton, has announced the election officer as well as a director.
of Gary E. Lloyd as executive vice
Mrs. Conrad worked at the bank
president. His main duties will be in from 1974 to 1976 when she left to
the areas of business development, work at banks in West Fargo, Fargo
marketing and commercial lending. and Mayville, before returning to
Mr. Lloyd attended the University Page State Bank in May 1980 as
of North Dakota in Grand Forks, operations supervisor.
receiving a BSBA degree in business
administration in 1970. Following his
graduation he was employed by the Fed Approves Holding Co.
The Federal Reserve Bank of
Comptroller of the Currency as a
national bank examiner for four M inneapolis has announced its
years, headquartered at Madison, approval of the application by. New
Wis. In 1974 he joined the staff of the Salem Bancorporation, Inc., New
Walsh County Bank and Trust Co. as Salem, to become a bank holding
an assistant cashier. He was later company through the acquisition of
elected to assistant vice president the Security State Bank of New
and vice president.
Federal Reserve Bank of St. Louis

Promoted at Grand Forks
Richard O. Wold and the board of
directors of the First National Bank
in Grand Forks announced the
following promotions: Dale Arel has
been promoted to vice president. Mr.
Arel has been with the bank since
1962. He was promoted to assistant
vice president in 1978.
Victoria Phillips has been promo­
ted to assistant vice president. Mrs.
Phillips joined the bank in December
1977. She was promoted to opera­
tions officer in May 1979.
Jenny Dick has been promoted to
assistant cashier. Miss Dick began
her banking career at First National
Bank in 1975. She later graduated
from the University of North Dakota
with a major in banking finance.
Robert Harkison Retires
First National Bank ofFargo
announces the retirem ent
Robert D. Hark­
ison after 41
years of service
with Northwest
affiliates. Mr.
Harkison retires
as chairman and
chief executive
officer of First
National Bank of
Mr. Harkison began his banking
career with Grafton National Bank in
1939. He interrupted his career to
serve in the United States Air Corps
for four years, returning to Grafton in
1944. He was elected president of
Grafton National Bank in 1956.
In January 1960 Mr. Harkison
became president of First National
Bank in Moorhead, Minn. He joined
First National Bank of Fargo in 1963
as senior vice president and was
elected president of the bank in 1966.
A graduate of Dakota Business
College, Fargo, and School of
Banking, University of Wisconsin,
Mr. Harkison has served as president
of North Dakota Bankers Associa­
Northwestern Banker, February, 1981


North Dakota News

Bank of North Dakota
Invests in Home Loans
The Bank of North Dakota has
invested $35.5 million in 904 home
process of reassessing the policies loans throughout the state in 1980.
and maximum amounts to be Nearly all of these were purchased •
enforced during the 1981/82 academ­ from savings & loan associations and
ic year. While the bottom line in this banks throughout North Dakota. At
program is the North Dakota year end, the Bank was holding 4,921
student, this program has generated loans, to talin g $156.6 million.
over $26 million in interest income Despite high interest rates, the Bank ®
during the 13 years it has been in anticipates heavy demand for house
existence. This has been available loans during 1981.
and included in the transfers to the
general fund by the Bank of North Harwood Increases Stock
Dakota by legislative action.
The application of Harwood State ®
Bank to amend their articles of
Promoted at Fargo
incorporation to increase capital
Joe Lempe has been promoted to stock from $50,000 to $100,000 by
vice president and controller of the stock dividend has been approved. ^
Fargo National Bank and Trust
Company, according to C.S. Miller, Bank Transfers Profits
The Bank of North Dakota has
He is a graduate of the University transferred $1.5 million from its
of North Dakota and the Graduate profits to the state treasurer’s office a
School of Banking at the University to be deposited in the state’s general
of Wisconsin. Prior to joining the fund.
H.L. Thomdal, president of the
bank he was employed as a national
bank, said the $1.5 million represents
bank examiner.
part of the $14 million appropriated £
the 1979 legislative session. It is
American Bank Promotions
the bank’s policy to transmit part of
One new staff member and four the bank’s profits every six months
promotions at American Bank and throughout the biennium.
Trust Company in Minot have been
announced by President Orin Capital Stock Increase
The application of Farmers and
Edwin Schmidt has joined the
Bank of Beach to amend
bank as manager of the Max branch.
He attended Minot State College. their articles of incorporation to
Prior to joining the bank staff, he increase capital stock from $200,000 IP
worked for the Kirchen Agency of to $400,000 by stock dividend has
Garrison for seven years as a licensed been approved.
real estate broker.
Lorna Olson, an employe of Valley Natl, of Arizona
American Bank since 1964, has been Files Stock Offering
promoted from assistant cashier to
The Valley National Bank of
assistant vice president. Ms. Olson, Arizona, Phoenix, filed a preliminary
also manager of the Dakota Square offering circular with the Comptroller
branch, attended Dakota Business of the Currency relating to the ^
School in Jamestown.
proposed public offering of 1 ,000,000
William Kolb, an employe of shares of common stock, expected to
American Bank since 1978, has been be made during January.
promoted from personnel officer to
Based on deposits as of June 30,
personnel and marketing officer. He 1980, the bank is the 27th largest q
attended Florida State University.
commercial bank in the United States
Jerry Spitzer, a bank employe and the largest in Arizona where it
since 1979, has been promoted to holds 42% of all bank deposits.
assistant cashier and will maintain
The net proceeds from the sale of
his responsibilities in the insurance the common stock will be used to 9
and instalment loan department.
provide additional equity capital to
Terry Kesler, a bank employe since the bank to support the growth of its
1974, was promoted to officer status, general banking business and will
but will maintain her current position augm ent the b an k ’s resources
as supervisor of the bookkeeping available to fund loans and invest- i(||)

Bank of North Dakota Processes
100,000 Student Loans

E. STENEHJEM, vice presi­
d e n t of the Bank of North
Dakota, Bismarck, has announced
that since the inception of theFederal
Insured Student Loan Program at
the Bank of North Dakota, the
student loan department has proces­
sed a total of 100,000 loans to over
40,000 North Dakota students and
thus provided $100 million to assist
North Dakota students in obtaining
their educational goals. Loans have
been made to North Dakota students
attending schools within and outside
of the state.
$40 million of the total has been
repaid by former students now
residing in every state. However, a
large majority have chosen to remain
in North Dakota. The present
outstanding balance of $60 million
consists of 32,000 loans in the amount
of $38 million to 15,000 students who
are in school at the present time.
There are 16,000 students with $22
million that have reached the
repayment status and are being billed
monthly. $6,500,000 is being received
in payments annually. An annual
default rate of 3 percent is being
maintained, which compares very
favorably with the national average.
The Bank of North Dakota is in the
Named at Valley City
Walt Bauer, president of First
Bank-Valley City announced that
William A. (Bill) Harbeke has been
named assistant vice president and
agriculture representative. He will
work in the commercial and
agricultural loan department.
Mr. Harbeke, before coming to
Valley City, was agriculture repre­
sentative at First Bank-Langdon for
three years. He graduated from
North Dakota State University with
a degree in agricultural economics
and attended the Midwest School of
Banking in Morris, Minn.
Also at First Bank, Russell C.
Mauch has been prom oted to
assistant vice president. He will
continue responsibilities in the
commercial and agricultural loan
department, along with his compli­
ance officer position. Mr. Mauch is a
graduate of NDSU with a degree in
agriculture. He started his banking
career at First Bank-Wahpeton in
1979 and transferred to Valley City in
November 1979.

Banker, February, 1981
Federal Reserve Bank of St. Louis

• r

M ontana
J. B. Waliander, pres., Froid
J. T. Cadby, exec, v.p., Helena

Promoted at Bozeman
Four employes have been pro­
moted to manager of the personal
^banking center. Mr. Walter began
working for F irst N ational in
September 1970 as a teller. He was
promoted to assistant vice president
in February 1979. In August 1979 he
iwas promoted to assistant manager
of the personal banking center.

officer in 1975 and assistant manager
of the personal banking center and
marketing officer in September 1978.
In January 1979 he assumed the
duties of manager of the personal
banking center, marketing officer
and was elected assistant vice
president. Mr. Beyrodt graduated
from Montana State University with
a BS degree in accounting.
Kathy Spracklen was elected
personal banking officer. Ms.
Spracklen joined First National Bank
in June 1976 as a teller. She was
promoted to personal banking
assistant II in July 1979 and
management associate trainee in
November 1979.

Elected at Billings
A1 Winegardner, president of First
Northwestern Bank, Billings, has
announced the election of two
officers. Linda Jahnke has been
promoted to commercial loan officer
and Marty Derrig has been elected
assistant vice president.
Mrs. Jahnke earned a degree in
finance and accounting from the
University of Southern California in
1978. She was previously with the
Union Bank of California as a trainee
prior to joining First Northwestern in
Mr. Derrig graduated from Carroll
Peter W. Hespen has been
promoted to operations officer and College with a BS in education. He
electronic data processing manager. was previously associated with the
Mr. Hespen began his banking career Northwestern Bank of Great Falls
at First National Bank in Havre, and served as branch manager and
Mont, in 1974 as an assistant division director for First Federal
bookkeeper. He came to work for Savings and Loan of Billings before
First National Bank of Bozeman in joining the bank in September 1980.
September 1975 as a universal teller.
Mr. Hespen was promoted to
management trainee in July 1979
where he concentrated on the data
processing area of the operations
Ted Beyrodt has been promoted to
vice president and cashier. Mr.
Beyrodt began his banking career in
1963 when he joined First National
Bank in management training. He
was named marketing and personnel
Federal Reserve Bank of St. Louis

Robert M. Waters Dies
Robert M. Waters, 78, retired
president of the Security Bank of
Billings, died recently of an apparent
heart attack. Following his retire­
ment from the bank in 1970, he
remained as chairman of the board.
He served as president of the
Montana Bankers Association for the
1960-61 term.
Mr. W aters graduated from
Billings High School in 1967 and a
week later got his first job. He
became a bookkeeper at Lake Basin
State Bank in Rapelje. He credited
his success in part to his experience in
country banking where he said he
learned a lot about banking in a shorttime. “I was a little bit of everything,
including cashier and janitor,” he
His career as a country banker
lated four years, then he moved to the
city and joined Security, the smallest
of the five banks in Billings in 1921.
The young bookkeeper was the 13th
employe to be hired by the bank.
During his early days at Security,
he enrolled in correspondence bank­
ing courses from LaSalle Intitute. He
later organized the Billings chapter of
the American Institute of Banking.
He was a past president of the
50-year club of the MBA and a past
member of the executive council of
the American Bankers Association.
Security Bank Promotions
Pete Cochran, a ssista n t vice
president of Security Bank of
Billings, has been promoted to vice
president of commercial loan. Mr.
Cochran started with Security Bank
in December 1970 in trust operations
and in January 1973 was made a trust
operations officer. He graduated
from the University of Denver.
Thomas Jochim has been promoted
to vice president of the industrial
division. He started with the bank in
February 1975 as an instalment loan
officer. Mr. Jochim graduated from
the University of Montana with a
degree in business administration.
Stan Bradley, agricultural loan
officer, has been promoted to
assistant vice president.
MHT Leasing Opens Office
Manufacturers Hanover Leasing
Corporation, an affiliate of Manufac­
turers Hanover Trust Company of
New York, the nation’s fourth largest
bank, has established a branch in
Seattle, Wash.
Northwestern Banker, February, 1981

supervised the new accounts depart­


N ebraska

Albion Promotion, Election
Gary Kruse, executive vice presi­
dent of the Albion National Bank,
has announced the promotion of
Kendal Kucera from vice president to
senior vice president, and that Doug
Haave has joined the bank as a loan

J. E. Roe, pres., Bennington
R. M. Beverage, exec, v.p., Lincoln

Promoted in Harrison
Wayne H oskinson has been
promoted to president of the Sioux
National Bank of
H a rris o n . He
succeeds Charles
R. Leffler, who
resigned as presi­
dent, but will
remain on as
chairman. Prior
to joining Sioux
N ational, Mr.
Hoskinson was
vice president of W. HOSKINSON
the First National Bank of York. He
joined Sioux National in 1979 as
executive vice president.
Two Appointed at NBA
The Nebraska Bankers Associa­
tion has selected Ilene M. Reed as
public relations manager and has
appointed Kathy Powers as confer­
ence coordinator.
Ms. Reed comes to NBA with a
banking and computer background.
Her experience ranges from the
keypunch departm ent to bank
manager, which she gained at the
National Bank of Commerce in
Ms. Powers has been with NBA for
five years, serving most recently as
executive secretary in the communi­
cations department.
Named Bank Examiner
Michael D. Bazata has received his
commission as a national bank
examiner. Mr. Bazata is a graduate of
the University of Nebraska at
Lincoln. He has been employed by
the Comptroller of the Currency as an
assistant national bank examiner
since 1976. Mr. Bazata will remain
headquartered in Lincoln.

the National Association of Bank
Women’s recent meeting. The dinner
meeting was held at Ross’ Steak
House in Omaha.
Mr. Beveridge spoke on “Why
Banks Need to Get Their Act
Together” and covered other current
legislation affecting Nebraska bank­
ers. He previously was a partner in
the law firm of Baylor, Evnen,
Curtiss and Grimit of Lincoln.
DeLay Celebrates 50th
The DeLay First National Bank &
Trust Company of Norfolk, Nebraska
celebrated their 50th banking anni­
versary recently.
The bank paid special recognition
to its founder, J .J. DeLay, and to
past directors and staff who had
contributed tow ard the b a n k ’s
growth and progress.
Bernard M. DeLay, president,
thanked the loyal customers and
present directors and staff for their
It was estimated that approxi­
mately 15,000 people visited the bank
during the 50th anniversary celebra­
Promoted in Ralston
The Ralston Bank has announced
two promotions. In addition to her
title of operations officer, Geri Kidder
has been named auditor.
Donna Lynn, who has been with
the Ralston Bank for 12 V2 years, has
been named operations officer. Ms.
Lynn has been in the loan processing
areas as well as various aspects of
operations. She currently is handling
the NOW account program.

Named Operations Officer
Kathleen K. Bagley has been
named operations officer of the First
Bank Women Meet in Omaha National Bank in Bellevue. Mrs.
Roger Beverage, executive vice Bagley has been with First National
president of the Nebraska Bankers since July 1979 and has been
Association, Inc., was the featured secretary to the president since that
speaker at the Mid Plains Group of time. Since October 1980 she has

Banker, February, 1981
Federal Reserve Bank of St. Louis

1st National, St. Joe,
Names John Karn V.P.
John E. Karn has been elected vice
president in charge of the correspon­
dent banking and agricultural
department at First National Bank in
St. Joseph, Mo., and will continue in
his current post as president of First
Stock Yards Bank of St. Joseph. The
announcement was made by Jacob
M. Ford, II, chairman of First
Midwest Bancorp, Inc., with which
both banks are affiliated.



Mr. Karn’s responsibilities have
been greatly expanded. He will be
working closely with correspondent
bankers and ag-oriented customers of
both First National and First Stock
Yards Banks. He has been with the
First Midwest Bancorp organization
since 1960 and is widely known in
correspondent bank and ag circles in
surrounding states.
H.H. Broadhead, Jr., chairman of
First Stock Yards Bank, announced
the elections of Robert Azelton, Jr.,
as assistant vice president and
Michael Krawczyk as assistant
cashier at First Stock Yards Bank.
Mr. Azelton started with the bank
last year after more than seven yeari
in ag related activities. This
experience included serving as the
director of the St. Joseph Livestock
Market Foundation and as the farm
service director for KFEQ radio
station in St. Joseph. He will
continue working in correspondent
and ag banking areas.
Mr. Krawczyk joined the bank in
1977 and will continue his work as a
loan officer.






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Several officer appointments have
been announced by John D. Woods,
board chairman
and chief execu­
tive officer of the
Omaha National
Kenneth Kroeker and Gary
Thrasher were
nam ed sen io r
vice presidents.
Mr. Kroeker
joined the OmaK. KROEKER





administrative analyst in 1970. He
became vice president in 1974 and
since 1979 has been in charge of the
resource management and credit
review departments. He received a
BS degree in business administration
from the University of Nebraska at
Lincoln. He received an MS degree
from the University of Southern
Promoted to second vice president
were James R. Hill, Mary Sturm and
Daniel J. Wintz.
Mr. Hill was appointed a
commercial instalment collector in
1979. He was named to his present
position as manager of credit card
collections later that year.
Mrs. Sturm, an Omaha National
employe since 1956, joined credit card
operations in 1968. Currently, she is
manager of credit card operations.
Mr. Wintz joined the bank’s estate
and trust division in 1975. He was
appointed a trust officer in 1977, and
is presently senior employe benefits
trust administrator.
Other officer appointments: Jo­
seph P. Egger, Jr., systems officer;
Marcus S. Ward, corporate banking
officer; Judy Zaiman Gotsdiner, legal
officer; Keneth J. Faucher, assistant
systems officer; John E. Nahas,
assistant commercial banking officer;
Debra J. Rockhold, assistant opera­
tions officer, and Brian Zdan,
assistant trust officer.
* * *

ha National Bank in January 1969 as
Donald J. Murphy, chairman and
a securities analyst. In 1977 he was chief executive officer of the United
named department head of trust States National Bank of Omaha, has
investments, later becoming vice announced several organizational
president of trust investments, his changes within the bank.
current position. Mr. Kroeker
Vice President John C. Nelson,
received a BA degree in education former manager of the Regency
from Kearney State College and an office, has been named to a new
MA degree from the University of position as m anager of retail
Nebraska at Lincoln.
banking. Vice President Joseph T.
Mr. Thrasher joined the bank as an Sullivan, Jr., formerly a commercial

Banker, February. 1981
Federal Reserve Bank of St. Louis




loan officer, succeeds Mr. Nelson as
Regency office manager. Also created
has been a new executive lending
function which will be headed by
John R. Burnham, vice president of
commercial banking. C. Fred Mateer
has been named second vice president
and personnel manager.
Mr. Nelson has been with U.S.
National Bank 14 years. He was
named manager of the systems
department in 1968 and manager of
the Regency office in 1979. He
graduated from the University of
Kansas and received an MBA from
the University of Nebraska at
Omaha. In 1978, Mr. Nelson
graduated from the Stonier Graduate
School of Banking at Rutgers
Mr. Sullivan joined U.S. National
Bank in 1975 as a commercial
banking officer with 11 years
experience. He was elected vice
president of commercial lending in
1977. Mr. Sullivan is a graduate of
Creighton University and the Nation­
al Commercial Lending School.
Mr. Burnham joined U.S. National
Bank in 1966 as assistant vice
president in the instalment loan
division, and in 1967 was elected vice
president and manager. He attended
The University of Nebraska at
Mr. Mateer previously served as
vice president and director of human
resources for First National Bank of
Aberdeen, S.D. He completed his
undergraduate work at the Univer­
sity of Illinois, Urbana. He is a
graduate of the Princeton University
Bank Personnel Graduate School and

Jim Flodine, George McFadden, Fred Kuehl, Don Ostrand, Ralph Peterson.

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- In Nebraska call us toll free a t-800-642-9907. Outside Nebraska call us toll tree at
800-228-9533. Member FDIC.


Nebraska News

the American Bankers Association Chapter. RMA is a national
association of bank loan and credit
National Personnel School.
Marshall E. Faith, president and officers.
chief executive officer of the Scoular
Other officers elected were William
Company, and Dr. Delbert D. Weber, Keeffe, vice president of the
chancellor of the University of American National Bank in Omaha,
Nebraska at Omaha, have been vice chairman, and Jim Kruger,
elected to the board of directors of the executive vice president of the
United States National Bank of Gateway Bank and Trust Co. in
Linocln, secretary-treasurer.
* * *
Elected directors were Gordon
Robert W. Tritsch, vice president Kuhn, president of the Havelock
of the First National Bank of Omaha, Bank in Lincoln; Robert Morris,
has been elected chairman of the senior vice president of the Overland
Midlands Group of The Robert National Bank in Gand Island; Ron
Morris Associates’ Missouri Valley Schneider, vice president of the

United States National Bank i n f
Omaha; Larry Comine, vice president
of The Omaha National Bank; Duane
Schainost, vice president of the First
National Bank of Lincoln, and Roger
Buhrdorf, vice president of the F irst#
West Side Bank in Omaha.
* * *
Harold M. Walton, president of
Center Bank, has announced the#
p ro m o tio n of
three Center
Bank officers:
Thomas J. Jaksich, Anne R.
James K. Ster­
Mr. Jaksich
was promoted
from assistan t
vice president to



We are extremely pleased to announce that our President has
been selected by the Omaha Jaycees as one of the TEN
consecutive year.
24th & L Sts.
Omaha, Nebraska

packers m i
national bank



vice president. He has been at the
Center Bank since 1972 and holds a
bachelors degree from the University
of Nebraska at Omaha. He recently
received his MBA from UNO.
Mr. Sterling has been promoted
from assistant vice president to vice
president. He is the manager of the
instalment loan department and has
worked at Center Bank for over te n #
years. Mr. Sterling was promoted to
an officer in 1973.
Ms. Jensen, personnel officer, has
been promoted to assistant vice
president. She began working a t #
Center Bank in 1972. She was
promoted to facility manager at the
auto bank in 1977. She became the
personnel officer in May 1978 and
heads that department.
* * *
An application for consent to
establish a remote service facility by
First West Side Bank, in the Safeway •
Store at 12006 West Center Road, has
been approved.
* * *
Edward A. Kohout, president of®
the Northwestern National Bank, has

Northwestern Banker, February, 1981
Federal Reserve Bank of St. Louis


High Performance Banking
in a Highly Competitive
National Bank of Commerce
presents another Alex
Sheshunoff seminar
focusing on asset/liability

NBC President Jim Nissen (left) with Alex Sheshunoff

On March 17, National Bank of Commerce will
continue its series of Sheshunoff seminars when
it brings Alex Sheshunoff to Lincoln.
In discussing asset/liability management,
Sheshunoff’s presentation will include:
• Protecting bank profits
• Determining loan portfolio interest rate
• Determining liability rate sensitivity
• Managing the interest “gap” through variable
rate notes, investment portfolio strategies,
use of hedging with T-bill futures and, asset/
liability management models
NBC believes in taking an aggressive approach
to correspondent banking. That’s why we
continue to bring you information you can use,
like the Sheshunoff seminars. These sessions
have proven to be a most valuable experience
in the past and we know this year’s seminar
will be no exception.
1981 will be a year of vigorous competition
for our industry and NBC’s Correspondent
Division is ready to help.
If you would like to attend the March 17th
seminar, please contact the Correspondent
Division of National Bank of Commerce.


National B an k of Commerce
The B an k w ith the Plus
NBC Center, 13th & O St., Lincoln, NE 68508
Telephone (402) 472-4321, WATS 800-742-7317
Accounts Insured to $100,000
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981

announced the
election of Thom­
as H. Jensen as
an agricultural
loan officer.
M r. J e n s e n
graduated from
the University of
N e b r a s k a at
Omaha with a BS
degree in busi­
ness administra­
tion. He began his career at
Northwestern National Bank in April
1977 on a part-time teller basis. His
experience included working at the
96th & L facility as night manager.
Upon graduation he moved to the
Livestock Exchange facility as an
agricultural administration assis­
* * *
The executive committee of the
First National Bank of Omaha has
announced the following appoint­
William R. Bohl as operations
officer, systems development depart­
Jody Grewe as international
officer, international department.



Edward J. Kelleher as loan officer,
commercial loan department.
George A. Rushing, as instalment
loan officer, instalment loan depart­
The executive committee also
made the following appointments:
Named assistant operations offi-


Serving the


• M u n ic ip a l B o n d s

F is c a l A g e n ts

• C o rp o ra te B o n d s

L is te d a n d U n lis te d S e c u ritie s

• G o v e rn m e n t

In v e s tm e n t B a n k in g

A gency Bonds

Municipal Bond Department 100 Continental Building
19th & Douglas Omaha, Nebraska 68102
Call collect 402-444-1900

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Federal Reserve Bank of St. Louis

cers were: Joseph W. Barry, John G. $
Langenfeld and Stella L. Standifer,
all in BankCard department; Nancy
F. Cordahl, tru s t departm ent;
Rodney D. Everson, personnel
department; Frances A. Flairty,#
mortgage loan department; Richard
Huddleston, data processing depart­
ment, and Geraldine Huth, market­
ing department.
Jan E. DeRoin was n a m e d #
assistant trust officer in the trust
Mr. Bohl is a graduate of Nebraska
Vocational Technical College and
joined the bank in 1977.
Ms. Grewe is a graduate of the
University of Nebraska-Lincoln with
a BS in Business Administration.
She joined First National in 1976.
Mr. Kelleher received his BA #
degree with a major in Sociology from
Creighton University in Omaha and
joined the bank in 1974.
Mr. Rushing holds an Associate of
Arts degree from Miami Dade ®
Community College and a BS degree
from the University of Maryland in
1977, the year he joined the bank.
* * *
Dennis R. Wood, president of
Packers National Bank, has been
selected as one of
the Ten Ou t ­
standing Young
Omahans for the
second consecu­
tive year.
Mr. Wood is
also a director of
Packers National
Bank. He is pres­
i d e n t - e l e c t of
Girls Club of
Omaha; president of the South#
Omaha M erchants A ssociation;
board member of Omaha Chapter of
the National Conference of Christians
and Jews and the Metropolitan Arts
* * *
Karen Kennedy has been promoted
to second vice president of Realbanc,
Inc., an Omaha<
based mortgage
firm, according
to Keith L. Morph ew , board
c h a i r ma n and
p r e s i d e n t of
Ms. Kennedy
joined the firm in
1974 as a loan

Nebraska News

_ Dennis R. Wood, president of
^Packers National Bank announced
the following promotions following a
meeting of the board of directors:
James R. Riha to vice president
l^md comptroller; Robert L. Schilke to
^cashier, and Laura A. Kearney and
Donald F. Holst to assistant vice


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Mr. Riha joined Packers National
Bank in 1969 as a teller and became
cashier in 1974. He has a BSBA from
^Creighton and is a graduate of the
^Colorado School of Banking and the
N ational Commercial Lending
Mr. Schilke joined Packers in 1970
^as supervisor of bookkeeping. He was
promoted to assistant vice president
in 1974. He is a member of AIB and
BAI and serves on the board and as
secretary of the BAI.
^ Ms. Kearney has been with
Packers since 1975. She was made
auditor and loan officer in 1978. She is
a member of AIB where she also
serves as a director.
^ Mr. Holst joined Packers in 1979 as
a loan officer, having prior experience
at another Omaha bank. He attended
the University of Iowa and the
Graduate School of Banking in
Pender Names President
The Pender State Bank has named
^G ary R. Condon president and CEO.
Mr. Condon joined the bank in 1965
as agriculture representative and was
previously executive vice president.
It was also announced that Kevin
^K irby has been promoted to vice
Federal Reserve Bank of St. Louis

Security Correspondent Bankers
Top to Bottom
Jim Hongslo
Steve Hatz
Ken Roeder
Wilma Weeks
Jim Young

Western Iowa’s Largest

7 1 2 / 277-6554 MEMBER F.DJ.C.

© 1 9 8 0 Security National Bank

Northwestern Banker, February, 1981

William C. Smith, president, First
National Lincoln, has announced the
following promotions and appoint­
ments of officer personnel:
Gareth D. Schrock and Everett L.
Shirk were elected vice presidents,
instalment lending, by the board of
directors. Mr. Schrock is manager of
the direct lending department and
Mr. Shirk is manager of the indirect
lending department.
Other officers appointed to new
positions include: Perry R. Myers,
assistant vice president, collection
manager; Michael A. Renken,
assistant vice president, commercial
banking; Timothy L. Thietje,
assistant vice president & manager,
trust marketing; Mark A. Elste,
trust investment officer; C. John
Guenzel, trust officer; Gary L.
Hoemann, trust investment officer;

Michael D. Rees, trust investment
officer, and Jim G. Farber, farm
management supervisor.
Individuals promoted to officer
positions were: Karen Chloupek,
Visa/Master Card collection section
manager; Lyle D. Hiatt, Municipal
bond underwriting officer, and Craig
Moyer, commercial banking officer.
* * *
The board of directors of National
Bank of Commerce approved five
officer promotions at a recent
Stuart Bartruff was elected loan
analysis officer. Mr. Bartruff joined
NBC in May 1979 as a management
trainee. He joined the loan analysis
department and became manager of
that department in October 1980. He
has a masters of science degree from
UNL in agricultural economics.

S te v e S u tto n ^
For C om plete L
Credit Insurance
Service . . .
Call Toll Free in Nebraska 800-742-7335
or call collect 402-475-4061
Bank Programs for
Group •Individual Life* Accident & Sickness

Where BENEFIT is more
than a middle name
L in c o ln , N eb raska 68508

Northwestern Banker, February, 1981
Federal Reserve Bank of St. Louis

Steve W. Sutton
Vice President


Pam Hunzeker has been promotedL
to marketing officer. Ms. Hunzeker is^
a graduate of UNL and joined NBC in
August 1978. She held the position of
credit supervisor in the bank credit
card department and transferred t h i ^
past month to manage the marketing
Karen Kleman was elected person­
nel officer. Ms. Kleman has been with
the bank since May 1974 when s h ^
started in the position of personnel
secretary. She has held the position of
salary and benefits administrator
since October 1977.
Janet LaPage was promoted to^
teller operations officer. Joining NBC
as a teller in July 1964, she has since
assumed a variety of teller supervi­
sory positions. She became the main
bank teller manager in Septembers
Tom Lintel was elected assistant
controller. Mr. Lintel started in
auditing in April 1979 and moved to
control in April 1980. He has a BS^
degree in accounting from UNL.
* * *
The New York Stock Exchange hasc
announced that Charles J. Burmeister has been ap­
proved as a mem­
ber of the New
York Stock Exchange. Mr. Bur9
meister is presi­
dent and chief
executive officer
of F irst Mid
America Inc., a
regional invest- C.J.
ment banking firm which is entering
its 20th year as a member firm of the^
New York Stock Exchange.
Cecil W. Means Dies
Cecil W. Means, 75, retired senior^
vice president of Stockyards National
Bank which is
now known s
National Bank,
died recently in
Loveland, Colo­
rado of kidney
Mr. Means, a
former Omaha
civic leader, re­
tired from bank­
ing in 1971 and moved to Colorado
after 42 years in business, banking,#
and education.


Specialists in
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Vice President

Vice President



Vice President

Assistant Vice President



Correspondent Bank Officer


Correspondent Bank Officer

Correspondent Bank Officer

13th & M Sts. • P.O. Box 81008 • Lincoln, NE 68501
Phone: (800) 742-7462
Member, F.D.I.C.
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981


G. E. Cooke, pres., Powell
M. C. Mundell, exec, dir., Laramie

S Banks to Be Western Bancorp Subsidiaries
PINOLA, chairman of the transactions would be subject to
board of Western Bancorpora­ necessary approvals of regulatory
announced that Western authorities, and of the boards and
B ancorporation intends to file
registration statements with the
Securities and Exchange Commis­
sion and seek approval from bank
regulatory authorities for consolida­
tion transactions which, if approved,
would make an additional eight of its
subsidiary banks wholly-owned sub­
sidiaries of Western Bancorporation.
The eight banks, and Western
Bancorporation’s present percentage
ownership of each, are as follows:
The American National Bank of
Denver (Colorado), 97.5.
The First National Bank of
Laramie (Wyoming), 96.0.
The First National Bank of
Riverton (Wyoming), 88.9.
Bank of New Mexico (Albuquer­
que), 91.1.
New Mexico Bank and Trust
Company (Hobbs), 65.3.
First State Bank at Gallup (New
Mexico), 90.1.
Montana Bank (Great Falls), 89.9.
Bank of Glacier County (Cut Bank,
Montana), 85.9.
It is contemplated, upon consum­
mation of these transactions, that the
minority shareholders of each bank
would receive Western Bancorpora­
tion common stock in exchange for
their bank shares in ratios which have
not yet been determined. The

shareholders of each of the eight
Named Wheatland V.P.
Jerry Gebhart, a loan officer for
seven years at First Wyoming Bank
of Wheatland, has been named a vice
president, according to president
Gene Hayes.
Promoted at Shoshoni
Promoted at First State Bank of
Shoshoni, were Robert J. Crocker, to
vice president, and Barbara Eller, to
assistant vice president.
Joins First National
Dean M. Bartels, president of the
First National Bank of Worland has
announced Mike Blackburn has
assumed the position of loan officer.
He was formerly vice president of
Avco Industrial Bank.
Promoted at Casper
At the American Bank of
Casper, Susan Cox has been
promoted to administrative assistant
to the president and Douglas F.
Bryden was promoted to assistant
vice president in charge of business

(Continued from page 30)
by IBAA Past Pres. Ivan Fugate,
chairman and president of Western Nation­
al Bank, Denver, and James P. Thomas,
executive manager, Independent Bankers
of Colorado.
Address—Medical speaker to be an­
Resolutions—John E. McDavid, Charles­
ton, W.Va.
Program for spouses.
Banker, February, 1981
Federal Reserve Bank of St. Louis

Citicorp Files with Fed
To Open Denver Office
Citicorp of New York has filed an
application with the Federal Reserve
Bank of New York to open a loan
production office in Denver, C olo.,#
one of the nation’s fastest growing
cities. The office would have an
energy unit and representatives of its
national division. If approved, this
would be the 111 th loan production#
office authorized for large banks from
other states and nations.

Valley of Arizona
Net Income Gains 14%
Valley National Bank of Arizona,
Phoenix, announces that prelimi- #
nary, unaudited figures show net in­
come for 1980 of $53,211,000, com­
pared to $46,522,000 for 1979, an in­
dicated increase of 14 %. Income be­
fore securities gains or losses w as#
$53,243,000 for 1980, compared to
$47,545,000 for 1979, an increase of
Announcement was made by
Board Chairman Gilbert F. Bradley.<
Per share net income for 1980 was
$5.26, an increase of $.61 or 13% over
the $4.65 reported for 1979. Per share
income before securities gains or
losses for 1980 was also $5.26,^
compared to $4.75 for 1979, an
increase of 11 %.
At year-end 1980, total resources
were $5.7 billion, up $343 million or
6 % above the same date of 1979.*
Deposits were $4.8 billion, up $454
million or 10 %, and loans net of
unearned income and reserve for
possible loan losses were $3.6 billion,
up $281 million or 8%.
The bank’s net loan losses for 1980
were $13.4 million. The provision for
loan losses in 1980 was $19.0 million.
The bank’s year-end 1980 loan loss
reserve was $43.7 million, an increase
of $5.6 million over year-end 1979.


Reception—Ballrooms A-G.
Banquet—Ballrooms A-G.
Installation of new officers.
Entertainment—“Evolution of the Big
Bands”—Ernie Heckscher and his orches­
9:30-11:00 Dancing.
Thursday, March 26


Administrative committee breakfast.




J. J. O’Dell, pres., Brighton
D. A. Childears, exec. mgr., Denver

New Colorado Bank Holding Co. Formed
HE formation of a new Colorado and Rocky Ford National Bank.
bank holding company, Central
The complex and unique divesti­
ture plan, which was approved by the
Inc. (CBI), be­
came effective
January 1, 1981,
0 according to Max
G. Brooks, chair­
man of the board.
The formation
of CBI resulted
# from the divesti­
ture of twelve
Colorado banks
by Baldwin-United Corporation, a
diversified financial services com• pany whose interests include insur-

g . m c k in l e y

d .d . h o f f m a n

ance, savings and loan, other
financial services and the manufac• ture and distribution of Baldwin
pianos, organs and other musical
instruments. Under terms of the
Bank Holding Company Act of 1970,
B-U was required to cease being a
® bank holding company by January 1 ,
1981, because of its ownership of
various non-banking subsidiaries.
Banks involved in the divestiture
include: First National Bank in
® Aspen; Central Bank of Aurora;
Central Bank of Academy Boulevard,
Colorado Springs; Central Bank of
Colorado Springs; First National
Bank in Craig; Central Bank of
® Denver; Central Bank of North
Denver; First National Bank of
Glenwood Springs; First National
Bank in Grand Junction; First
N ational Bank-N orth in Grand
9 Junction; Central Bank of Greeley,
Federal Reserve Bank of St. Louis

Federal Reserve Board last July,
places the ownership of the banks in a
limited partnership with three classes
of partners, a General Partner and
Class 1 and Class 2 limited partners.
The banks’ directors., officers and
employes as General Partners will
have management control of the
The Class 1 limited partners are
institutional investors who pur­
chased interests in conjunction with
an issue of senior term debentures
due in 1996. The debentures have
transferable warrants attached, en­
titling the holders to purchase
Baldwin’s interest in the partnership
between 1986 and 1995 at exercise
prices related to accumulated book
Baldwin-United is the sole owner of
the Class 2 limited partnership
interest and retains approximately 92
percent of the economic interest, but
on a non-voting basis.
The divestiture transfers control of
the banks to the officers and directors
of the banks, thereby assuring
ongoing management and regional
control. The new company will have
additional capital available immedi­
ately from the formation of the
partnership, plus an additional $10
million over the period 1982-1986.
Max G. Brooks, chairman of the
board of Centred Bank of Denver
since 1964, is CBI’s chairman and
chief executive officer. Donald D.
Hoffman, president of Centred Bank
of Denver since 1967, is serving as
vice chairman of the board. George B .
McKinley, chairman of the board of
First National Bemk in Grand
Junction since 1976, is holding the
position of president and chief
operating officer.
In addition to the twelve existing
banks, CBI has received approval to
acquire the stock of Central

Industrial Bank, which was organ­
ized in 1980, and the stock of Central
Bank of West Greeley, a newly
organized bank which will open for
business in mid-1981.

United Bank of Denver
Names New Senior V.P.s
The board of directors of United
Bank of Denver has announced the
appointments of
Jed J. Burnham,
manager of the
real estate bank­
ing group; Rob­
ert H. Dressel,
manager of the
regional banking
group and Thom­
as R. Ruha, man­
ager of the ener­ J.J. BURNHAM
gy and minerals
group to the position of senior vice



Mr. Burnham joined UBD in
November 1970. He holds an MBA
degree in finance from the University
of Colorado, Boulder. He is a board
member of Robert Morris Associa­
tion and a member of the National
N om inating Committee & Real
Estate Committee and the Colorado
Bankers Association.
Mr. Dressel received a BS degree in
accounting from Pennsylvania State
University, University Park, Pa. and
an MBA degree in finance from the
University of Denver. He has been
with UBD for 13 years and was
named vice president in 1976.
Mr. Ruha joined UBD in
September 1977 as one of the
managers in the energy market. His
17 years of banking experience
include 14 years in California with
two major energy lending banks.
Fed Denies Application
The Federal Reserve Board has
announced its denial of the applica­
tion of Platte Valley Bancorp, Inc.,
Brighton, to acquire Valley Bancorp,
Inc., Steamboat Springs, Colorado.
Northwestern Banker, February, 1981


Colorado N ew s

Northwest Bancorporation, first in Joins Western National
Minneapolis and later in Great Falls,
Russell L. Truitt, president and
Mont., at Northwestern National chairman of the board of the Western
Bank. He left that bank in 1973 as
As announced late last December, executive vice president and chief National Bank of Colorado Springs
Robert E. Lee, 45, has been elected operating officer to accept a similar has announced the appointment of
Jack O’Brien as vice president of the %
p re s id e n t and
position with the larger Old National mortgage loan department.
chief executive
Bank of Washington in Spokane. He
officer of The
became president there in 1975, but
F irst N ational
left the bank in May, 1979, to become
Bank of Denver.
president of the Iowa-Des Moines
He is the ninth
National. His appointent as chief
president in the
executive officer followed last
120-year history
of the bank. He
Mr. Lee has been active in
will join the bank
numerous civic and charitable
March 1.
Mr. Lee’s elec­
tion by the board of directors was
announced by Theodore D. Brown, United Banks Promotes Two
N. Berne Hart, president and
chairman of the bank and chief
A 28-year veteran of the mortgage %
executive office of the parent firm, chairman of U nited Banks of loans business, Mr. O’Brien joined
The First National Bancorporation, Colorado, Inc., announced that the bank in December 1980. He has
Inc., the state’s largest bank holding Frank Blatter has been promoted been with other mortgage loan
from senior vice president and
departments in Colorado Springs as
Mr. Lee is moving to Denver from treasurer to executive vice president, well as Denver.
Des Moines, la., where he has been and Dennis Erickson has been
chief executive officer since last promoted from vice president and Newton has been named assistant
February of the Iowa-Des Moines controller to vice president and vice president. The 12-year banking
National Bank. With $1 billion in treasurer.
Mr. Blatter, a certified public veteran joined Western National
assets, it is the largest bank in Iowa
Bank in 1974 as a teller and was #
and the second largest affiliate of accountant, joined United Banks of named assistant cashier of the bank
Northwest Bancorporation, which Colorado in 1963 as an accountant. in 1979.
operates 86 commercial banks in He is a member of the Management
Group at United Banks of Colorado.
seven upper Midwest states.
Mr. Brown stated “We have In addition, he is chairman of the Elected in Denver
conducted a long, intensive nation­ board and director of the United
Mrs. Jerry Sheely, president of
wide search to find the individual Bank of Arvada and a director of Boulevard Colorado National Bank in
particularly qualified to head First of United Banks Service Company. He Denver, has announced that the
Denver in a dramatically changing is a graduate of Regis College.
board of directors recently elected
Mr. Erickson joined United Banks Mrs. Jeanece Snead to the position of ^
economic and regulatory environ­
ment. We wanted someone with of Colorado in 1969 as corporate tax cashier and Ms. Carolyn McDaniel to
broad-based and first-hand know­ manager. He is director and treasurer assistant cashier of the bank.
ledge of various sections of the nation of Fidelity National Life and Lincoln
Mrs. Snead joined Boulevard
to direct the bank’s future. Bob Lee’s Agency. He is also a member of the Colorado N ational Bank on a
more than 20 years of banking American Institute of Certified part-time basis in 1964. As cashier, | |
experience, together with a record of Public Accountants and the Finan­ she is responsible for overall
community service, will enable him to cial Executives Institute.
operations of the bank.
complement the excellent staff First
Ms. McDaniel joined Boulevard
of Denver already has in place.’’
Colorado National Bank as personnel
Mr. Lee is no stranger to the Promotions Announced
coordinator in July and works in both •
Gale Sellens, chairman of thepersonnel and operations.
mountain states. He was born and
reared in Cut Bank, M ont., board and chief executive officer of
headquarters for his father’s oil Denver National Bank, has an­
drilling business in the surrounding nounced the promotions of Dee L. Appointed in Denver
United Bank of Denver has £
energy-rich area. He received busi­ Lower to assistant cashier and Gloria
announced the appointment of Lynn
ness and engineering degrees from S. Schofield to trust officer.
Formerly with First National Bank M. Murphy to the position of
Dartmouth College, his BA in 1957
and MS in 1958. He also holds a 1969 of Englewood, Ms. Lower joined petroleum engineering officer.
Ms. Murphy holds a BS in
diploma from Stonier Graduate Denver National Bank as new
chemical and petroleum refining £
School of Banking at Rutgers accounts supervisor in 1979.
Ms. Schofield joined Denver engineering from the Colorado School
University, where his thesis was
entitled “ Financing the Small National Bank in 1980 as assistant of Mines, Golden.
Prior to joining UBD in June 1980,
trust officer specializing in retirement
Independent Oil Producer.”
Mr. Lee began his banking career trusts. She was formerly with Lincoln Ms. Murphy was associated with
in April, 1959, in a three-year Trust Company. She holds a degree Amoco Production Company for five %
management training program with from Colorado Women’s College.
Bob Lee Named President
At 1st National, Denver

Banker, February, 1981
Federal Reserve Bank of St. Louis

Colorado N ew s

'Community Cash Flow Fund Organized
I N a unique blending of community

resources, United Bank of Denver,
The Piton Foundation, a local private
^grantmaking organization, and the
Technical A ssistance Center, a
non-profit corporation providing
management consulting services to
other non-profit organizations, have
^joined forces to provide a new
financial service to the Colorado
non-profit community.
Known as the Community Cash
Flow Fund, the service makes
^available short-term financing and
cash flow management assistance to
Colorado nonprofit organizations
experiencing critical cash flow
problems. Non-profit organizations,
©perhaps more so than their for-profit
counterparts, continually are faced
with cash flow problems due, in large
part, to the inherent time/payment
problems that accompany reliance on
©charitable contributions, grants and
contracts. An acute problem can
occur when an organization is unable
to match its cash needs with the time
timing from its funding sources. It is
©expected that the Community Cash
Flow fund will help bridge the gap,
allowing an organization to continue
providing service to the community
until receipt of committed funds.
© The Community Cash Flow Fund
will include an initial pool of $500,000
made available through United Bank
of Denver. Loans of up to $50,000 in
size with an interest rate tied to the
©prime rate will be made to qualified
organizations for a maximum of 180
Appointed at Denver Bank
> C. Gale Sellens, chairman of the
board and chief executive officer of
Denver National
Bank, has an­
nounced the ap­
p o in tm e n t of
Thomas Dozier
to senior vice
p r e s i d e n t in
charge of invest*ments of Denver
National Bank.
Formerly with
W illiam B la ir
and Company in Chicago, 111., Mr.
1Dozier joined Affiliated Bankshares
of Colorado as investment officer in
1975. He will continue to be an officer
of Affiliated Bankshares. He received
his MBA from Northern Illinois
Federal Reserve Bank of St. Louis


Promoted in Cortez
The board of directors of First
National Bank, Cortez, through its
chairman, Douglas H. Hindmarsh,
has announced the following promo­
tions: Stephen G. Mortimer, to
executive vice president; Peter F.
Sadowski, to senior vice president;
Charles A. Haley, to vice president;
Wilma Hersch, to cashier, and
Thelma Gregory, to operations

days. Initially, funds will be limited
to emergency situations that threat­
en to shut down or severely curtail
services. It is anticipated that, as the
program develops, additional funds
will be available to cover other less
critical situations.
United Bank of Denver is the first
of what is hoped to be several
participating banks in the program.
United Bank of Denver is a leading
commercial bank in the Rocky Named at Colorado Springs
Mountain region and a long time
George B. Acker was recently
supporter of the non-profit commun­ named chairman of the board and
ity through its public affairs and chief executive
special events programs and also officer for Cen­
through its Government and Institu­ tral Bank of Col­
tions Market, the source of the funds orado Springs,
to be utilized for the Community one of twelve
Cash Flow Fund.
banks in the Cen­
The community Cash Flow Fund is tral Bancorporathe first program of its kind in the tion, Inc., finan­
United States to combine the cial system loca­
resources of the banking community, ted in Colorado.
the foundation community and a
Mr. Acker, a
management support organization. 33-year veteran
It will be one of the largest cash flow of the banking industry, most
loan programs for non-profit organi­ recently was senior vice president and
zations in the country.
coordinator of affiliate bank activities
at First National Bank, Denver.
Prior to that, he held the position of
Joins Colorado National
executive vice president and director,
Kenneth T. Hanson has joined First National Bank of Greeley,
Colorado National Bank of Denver Greeley, Colo, from 1975 to 1979.
His earlier banking career was
as vice president
spent as vice president at First
and manager of
National Bank of Black Hills, Rapid
their energy and
City, S.D.; president and director,
natural resources
Bank of Commerce, Sheridan, Wyo.
and executive vice president and
Mr. Hanson, a
director, Scotts Bluff National Bank,
financial energy
Scotts Bluff, Neb.
specialist, for­
merly was vice
Elected at Arapahoe
p re s id e n t and
manager of Hi­
John Diedrich, president of
bernia National
Arapahoe Colorado National Bank,
Bank’s energy department in New has announced that the board of
Orleans, La. since 1978. Prior to that, directors has elected Gail Rogers,
he was senior account manager in the customer service officer and Leila
energy department for the Bank of (Lee) Lundberg, loan operations
Oklahoma in Tulsa for more than officer.
three years. From 1972 to 1975, Mr.
Mrs. Rogers joined Arapahoe
Hanson held the position of assistant Colorado National Bank as a teller in
vice president of United Virginia 1973, and managed the new accounts
Bank’s national division in Rich­ area before her recent promotion. She
mond, Va.
has 10 years experience in banking.
In his new position at Colorado
Mrs. Lundberg began her career at
National Bank, Mr. Hanson will be Arapahoe Colorado National Bank in
responsible for business development 1974 as a teller, and became a loan
and financial services to the oil and operations supervisor before her
gas industries.
promotion. She has 11 years
He is a graduate of the University experience in banking, and has been
of Minnesota, where he earned a BA assistant head bookkeeper at another
in business and economics.
commercial bank.
Northwestern Banker, February, 1981



A Trust Assistance Program
for banks that want to size up.
Now you can provide your
customers with the same trust
service expertise we otter
to ours.
It's possible through "TAP"-a
new Trust Assistance Program
from Bankers Trust.
Our staff works with you to
otter a variety of services in­
cluding trusts, estate planning,
investing, pensions and re­
tirement accounts — the types
of services your customers might
now be seeking elsewhere.
And to help assure success,
we will conduct tor you
and your customers a series

of seminars dealing with
trust services.
We've developed "TAP" to
encourage better trust services
throughout Iowa communities,
and to help you grow in
today's competitive financial
To initiate or expand the
scope of trust services at your
bank, call on Bankers Trust,
Correspondent Banking Dept.,
2nd Floor, Ruan Center, Des
Moines, Iowa 50309. Or simply
phone us at 1-800-362-1688 or
(515) 245-2475.

B a n k e rs
Come G row l T | I Q
With Us 1 1 U v



Iowa’s Largest Locally Owned Independent Bank
Member FDIC

for FRASERBanker, February, 1981
Federal Reserve Bank of St. Louis

“Super Marketing” Conference Planned
appropriate theme for the
lowa Bankers Association’s market­
ing extravaganza scheduled March
9-11 at Stouffer’s Five Seasons Hotel
in Cedar Rapids.
^ An outstanding program that lives
up to the conference theme has been
announced by Mike Mahlendorf,
chairman of the IBA marketing
division, and Tom Clarkson, IBA
^vice president for marketing. Mr.
Mahlendorf is assistant cashier, Iowa
Trust & Savings Bank, Emmetsburg.
Registration begins at 4:00 p.m.
^Monday, March 9. The exhibit area
will open at the same time. A social
hour and dinner will follow that
evening. The business conference
starts at 9:00 a.m. Tuesday.
•T h e full program follows:
Monday, March 9
4:00 Registration.
# 4:00 Exhibits open.
6:00 Social hour.
7:00 Dinner.




8:00 Address—Dr. Roger D. Blackwell, senior consulting associate,
Management Horizons, Inc., Colum­
bus, O.
Tuesday, March 10
8:00 Registration.
8:00 Exhibits open.
9:00 Welcome—Mike Mahlendorf,
chairman, IBA marketing division.
9:15 “Research for Small Banks”—
Dan Wiese, vice president, director
research services, Creswell, Munsell,
Fultz & Zirbel, Inc., Cedar Rapids.
10:00 Break.
10:15 “Banking Success and Experi­
ences in Texas” —Don W. Neuenschwander, president, Medical Cen­
ter Bank, Houston, Tex.
11:15 “ Stress Sem inar’’—K athy
Fisher, IBA director of human
12:15 Luncheon.
1:00 “There He Is . . . Mr. Iowa
Banker” —Jeanne Robertson, hu­
morist and professional speaker,
Burlington, N.C.


Federal Reserve Bank of St. Louis



2:00 Mini-Sessions. Five concur­
rent sessions will run for 45 minutes
each, then will be repeated so each
re g istra n t may atten d selected
Panelists and topics:
“Critiquing Ads Used by the Iowa
Banking Industry”—Bill Hillsman,
Bozell & Jacobs Advertising, Minne­
“ATMs”—James Hanisch, electron­
ic banking officer, Iowa-Des Moines
National Bank, Des Moines.
“Public Relations for Banks” —Allen
V olkenant, vice president-public
relations, First Bank System, Inc.,
“ I.D .E .A . A nnuity Program ” —
Margie Schaefer, vice president,
group life & disability, Iowa Bankers
Insurance & Services, Inc.
“Advertising Alternatives in Presen­
ting Your Bank”—Peter Bryant,
public relations account executive,
Creswell, Munsell, Fultz & Zirbel,
Cedar Rapids.
2:45 Break to change rooms.
2:50 Mini-Sessions repeated.
3:30 Coffee and resume to class­
3:40 Panel—“Banking Directions
for the ’80s.” Panelists: Lt. Gov.
Terry Branstad, State Capitol, Des
Moines; Gene Wandling, Wandling&
Associates, Inc., Iowa City, and
Richard Krumme, managing editor,
Successful Farming, Des Moines.
Question and Answer period follows.
5:00 Adjourn.
6:00 Bus to Amanas for dinner.
6:30 Dinner and cocktails.
Wednesday, March 11
7:30 Full “Iowa” breakfast served.
8:00 Exhibits open.
8:20 “Best of T V -1980” - 3 0
minute film produced by the Bank
M arketing A sociation. Includes
IB A ’s “ P a rtn e rs’’ advertisem ent
among the 31 selections in the film.
9:00 Iowa bank case history from
research to creative products.
9:45 Coffee and pop break.
10:00 Panel—“NOW Accounts and
Share Drafts.” Panelists: Ms. Rae
Schupack, regional counsel, FDIC,
Omaha; Jim Haahr, president, First
Federal Savings & Loan, Storm
Lake, la., and Gary Plank, executive
vice president, Iowa Credit Union
League, Des Moines.
11:15 Address—Bill Stauffer, vice
president and c.e.o. —Iowa, North­
western Bell Telephone Co., Des
Moines. Adjourn.
Northwestern Banker, February, 1981


Iowa News

Appointed in Waterloo
R. Scott Fetner, president of the
National Bank of Waterloo, an­
nounced the ap­
pointment of By­
ron Loving as
senior vice presi­
dent in charge of
loan department.
He replaces Bob
Mexdorf, who re­
tired in May. Mr.
Loving joins Wa­
terloo from Burn­
sville, Minn., where he was the senior
vice president of the credit division of
the Bremer Service Co., Inc. of St.
Paul, a subsidiary of the Otto Bremer
Co., a large bank holding company
with twenty-nine affiliated banks in
the Ninth Federal Reserve District.
Prior to his association with the
Bremer Co., he was the vice president
and credit manager of the Marquette
National Bank in Minneapolis. From
1957 to 1970 he served as a senior
examiner with the Federal Reserve
Bank of Chicago examining member
state chartered banks in the Seventh
Federal Reserve District. In 1961 he
moved from Chicago to Ames and
served primarily in the state of Iowa
as a bank examiner.
Mr. Loving attended the Univer­
sity of Iowa and graduated from

Buena Vista College at Storm Lake.
He has attended the National
Commercial Lending G raduate
School at the University of Oklaho­
ma, Agricultural Credit School of the
Iowa State University at Ames,
various examiner schools in Wash­
ington, D.C. and is a designated
Certified Commercial Lender through
the American Bankers Association.

Arlene L. Boots was promoted to
personnel officer. She joined People#
Bank in February of this year after 20
years with Rockwell-Collins in a
personnel support position to the air
transport personnel programs man­
George J. Matias was promoted to
security officer. Mr. Matias, a former
Cedar Rapids police chief, also joined
the bank in February of this year.
Dee Ann Womachka was prom ote#
to secretary of the board of directors.
Ms. Womachka joined the bank in
July 1973.

Promoted at Waukon
President E. Richard Lomen
announced the following promotions
at Waukon State Bank: Roger W.
Kemdt, senior vice president and Banks of Iowa Appoints
cashier; Nyda Mae Rodman, vice
president, and Lavon Kaeser, Ganoe and Timmins
Holmes Foster, president and chief
executive officer of Banks of Iowa,
Inc., has an­
Four Officers Promoted
nounced the ap­
Ted J. Welch, chairman of the pointment
board of Peoples Bank and Trust JohnE. Ganoe as
Company, Cedar Rapids, has an­ vice
nounced the promotion of four bank and chief finan­
cial officer, Mich­
James D. Masterson was promoted ael J. Timmins
from auditor to assistant vice as comptroller,
president and auditor. Mr. Master- and Michael K.
son joined Peoples Bank in 1976. He Hollinger as di­
received his BS degree from Culver rector of operaStockton College in Canton, Mo., in tions.
1974 and his MBA degree from Drake
University in 1975.

Muscatine, Iowa
DECEMBER 31,1980

Cash and Due from Banks .................................................... $ 10,604,000.00
United States Government S ecurities .........................
Other B onds..............................................................
State, County and Other Municipal Obligations . .
Federal Reserve Bank S to c k .................................
Federal Funds S o ld .................................................
Loans (excluding unearned income) $72,240,000.00
Less— Reserve for Loan Losses........
Net L o an s ..................................................................
Bank, Parking Lot, Office and F ixtu res................
Other Assets..............................................................
Income Earned but Not Collected ....................................
Total Assets
Capital ................................................................................................ $ 2,000,000.00
S urplu s .............................................................................................
Undivided Profits .......................................................................
Other Liabilities and Deferred T a x e s ............................
Interest-Bearing Demand Notes .......................................
D eposits ...........................................................................................
Total Liabilities

C.D. OBERWORTMANN, Chairman of the Board
GEORGE A. SHEPLEY, President and C .E.O .
ROBERT A. LOTHRINGER, Exec. Vice President
ROBERT P. SOLHEIM, Sr. Vice Pres. & Trust O ffice r
H.W. OGILVIE, JR., Vice President
LOUIS RECHTFERTIG, Vice Pres.— instalm e n t Loans
MARGARET MATHES, Vice Pres. & Trust O ffice r
JUDD W. LELAND, Vice Pres. & Farm Manager

for FRASER Banker, February, 1981
Federal Reserve Bank of St. Louis

L.G. SULZBERGER, Vice President & Cashier
E.S. “ KELLY” BURNS, A sst. Vice President
JO MERCER, A sst. Vice Pres. & Secretary
JOHN VOLKM AN, A sst. Vice President
JAMES V. PULLIAM, A sst. Vice Pres. — Mgr. Mall O ffice
LEO KOSSIVES, A u d ito r
JANICE METZGER, Mgr. — Bookkeeping Dept.



Mr. Ganoe, a graduate of lo w #
State University, was most recently
corporate treasurer of Unicare
Services, Inc., Milwaukee, Wis.
Mr. Timmins, a graduate of Iowa
State University, was most recently #
senior assistant accountant with
Deloitte, Haskins and Sells in
Chicago and Des Moines.
Both are certified public accoun­
tants and members of the A m erica#
Institute of Certified Public Accoun­
tants and the Iowa Society of
Certified Public Accountants.
Mr. Hollinger attended Iowa State
University and is a graduate o®
Simpson College, Indianola. He had
been associated with Brenton Banks,
Inc., since 1971, most recently as
senior vice president of Brenton
National Bank of South Des Moines.®


•Statement of

Senior Officers
Nicholas J. Schrup,
Chairman of the Board

• December 31, 1980

Christy F. Armstrong,
D. W. Ernst,
Chairman Exec. Committee

Senior Vice Presidents

® C a s h ..................................
U.S. Government Securities
U.S. Public Housing Bonds
U.S. Agency B onds...........

Leo F. Kane,
Executive Vice President

......................... $ 19,033,918.01

Municipal B onds.......................
Federal Reserve Bank Stock. . . .
Federal Funds S o ld ...................
Loans ........................................
• Bank Premises & Equipment . . .
Accrued Interest & Other Assets

Robert G. Scott,
Senior Vice President
Robert G. Holscher,
Senior Vice President

Trust Department
Charles J. Schrup,
Executive Vice President &
Trust Officer

TOTAL $176,176,246.16

Leo J. Meier,
Senior Vice President,
Secretary & Trust Officer

Board of Directors
F. Collier Altman, President —
Spahn & Rose Lumber Co.
Christy F. Armstrong, President
Frank H. Bertsch, President —
Flexsteel Industries, Inc.
Paul D. Dale. Chairman of the Board
— Thermolyne Corp.
D. W. Ernst, Chairman of the
Executive Committee

0 Capital Debentures
Capital Stock . . .
S u rp lus.............
Undivided Profits

C. P. Frommelt, Chairman of the
Board — Frommelt Industries

$ 700,000.00

Courtland Hillyard, Retired; formerly
President Midland Laboratories

2 , 000, 000.00

Robert G. Holscher, Senior
Vice President
Arnold N. Honkamp, President
John W. Law Company


Provision for Taxes, Interest & Expenses.........
Other Liabilities..................................................
Securities Sold Under Agreement to Repurchase
D eposits.............................................................

David P. Hopley, Vice President
Deere and Company


Herbert L. Hughes, Financial Vice
President— Flexsteel
Industries, Inc.
W. J. Klauer, President — Klauer
Manufacturing Co.


J. Bruce McDonald, Vice President
— A.Y. McDonald
Manufacturing Co.


John M. McDonald, III, President —
Brock-McVey Companies,
Lexington, Ky.
Robert E. Molo, President —
Molo Oil Company
Louis H. Pfohl — The Fischer
Charles J. Schrup, Executive
Vice President
Nicholas J. Schrup, Chairman
of the Board
R. W. Steele, Chairman of the
Board and CEO— Interstate
Power Co.
Leo A. Theisen, President —
Theisen's, Inc.

AmcricanWTrust6 SavingsDanK

Robert C. W ahlert, Chairman
Executive Committee — Dubuque
Packing Co.

Honorary Directors
D. B. Cassat



m e m b e r : fd ic

b federal

N. J. Greteman
reserve system

Otto F. Henker
M. L. Kapp
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981


Banker, February, 1981
Federal Reserve Bank of St. Louis


Know your
Look around. Banking has become one of
today’s most competitive businesses.
^ Your customers are being wooed by every
financial institution in your market area.
The trick to keeping your customers loyal,
and to increasing your profits, is knowing as
much about them as possible and keeping
0 h a t information updated daily.
Unfortunately, complete up-to-the-minute
customer profiles are rare. Background in­
formation is often gathered randomly and
stored in many different places, making it
(difficult to obtain for useful purposes.
* Until now. Until Banks of Iowa Computer
Services Central Information File (CIF).
With Banks of Iowa Computer Services’
CIF, complete information on your custom­
ers can be obtained in moments, either on a
|display terminal or as hard copy.

The operative word is exhaustive. Since
every possible piece of information gathered
is centrally stored, you have immediate ac­
cess to such things as the status and history
of a given customer’s account and his ac­
count relationships. The businesses he’s in
and how they’re doing. And any pertinent
family information.
This information is critical in making quick,
knowledgeable, profitable decisions.
CIF is the most economical, efficient and
sensible way to gather all this information
and to use it for increased profits.
D on’t kid yourself.
There aren’t many new
customers around. What
you need to do is expand
the ways your existing cus­
tomers use your bank.

Because a lot of other financial institutions
would like them as customers. And are trying
to get them.
Can you trust your customers? Yes — if
you can trust your information retrieval sys­
And that means CIF.
Contact us today for an appointment.
We’ll be glad to explain our system at your
For more information call Joe Phernetton
or BICS marketing at (319) 399-3600.

Banks of Iowa Computer Services

Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981


Iowa N ew s

DESERTED highway gas station will soon be new home of the Tingley State Savings Bank
in Mount Ayr.
ARCHITECT’S drawing of the Tingley bank after renovation.

Tingley State Plans Major Renovation
ARL RIGGS, president of the
Tingley State Savings Bank,
announced that a unique construc­
tion program for the new Tingley
State Savings Bank in Mount Ayr
has started.
A deserted gas station located on
Highway 2 in Mount Ayr offered the
ideal site for a new bank building.
After studying the existing structure
and current tax laws, it was
determined that a new facility could
be created from the abandoned gas
The photographs indicate the
unique “ Before” and “ A fter”
changes that will take place.
The existing building will be
refaced and enlarged to provide 4407
square feet for banking services.
Drive-up lanes, on-site parking and a
special access area for the bank to

Banker, February, 1981
Federal Reserve Bank of St. Louis

discharge and pick-up senior citizens
at their homes with it’s own
“Curb-to-curb service” banking bus
are included in the plan.
The interior will have a large safety
deposit box vault, private coupon
booths, teller line with a sitdown
counter and bookkeeping space. Five
private offices will be located
opposite the teller line with lobby
space for receptionist and new
accounts activities. The waiting
areas will have a good view of the
skylights planned for over the lobby.
The Kirk Gross Company of
Waterloo, specialists in the Turn Key
development of financial institutions,
is in charge of the project and barring
an unusual winter, estimates comple­
tion in six to seven months. Local
subcontractors will be utilized where

Promoted in Spencer
President William Griggs of the
Clay County National Bank of
Spencer has announced the following
promotions and changes of person­
David Woodcock has been promo­
ted to cashier. He was previously in
the commercial loan department, and
has been with the bank since June
Tom Malmgren has moved from
the position of vice president
instalment loan manager to vice
president and commercial loan
officer. He has been with the bank®
since April 1974.
Steve Charlson has moved from
instalment loan officer to manager of
instalment loan department. He has
been with the bank since April 1978.®
Candi Whittenburg has moved
from her secretarial position to
a ssistan t loan officer in the
instalment loan department. She has
been with the bank since July 1973.®
Randy Carlson has been elected to
vice president. He is head of the
agricultural loan department. Mr.
Carlson came to
Clay County
National Bank in September 1979®
from the First National Bank of
Promoted at Ames
At a recent board meeting of First
National Bank, Ames, four officers
were promoted to assistant vice
Larry Cole, operations officer ,f|
joined First National in 1977. He
attended Iowa State University and
graduated from the University of
Northern Iowa in 1975. He was
promoted from assistant cashier. ®
Frances Robinson, assistant man­
ager of First National’s university
office, joined the bank in 1968. She
was promoted from assistant cashier.
Barbara Werner, operations offi-®
cer, joined the bank in 1972. She
previously was an assistant cashier.
Joan I. Burrell, an instalment loan
officer, joined the bank in 1976. A
graduate of ISU, she was promoted®
from assistant cashier.
Promoted at Ackley
Gary Homan has been promoted to ^
senior vice president, Delbert Harken
has been promoted to vice president
and cashier and Chas. R. Ray has
been promoted to vice president of
the Ackley State Bank, according to®
Stan Squires, president.

H is banker has to be there
in good tim es and bad.
When credit is easy, a successful farmer
has lots of bankers knocking on his door.
But chances are he’ll stick with the banker
who stuck by him when money was tight.
It takes a banker with a lot of foresight
to build a relationship with someone in a
cyclical business like this.
And it helps if your correspondent
Federal Reserve Bank of St. Louis

bank has the same kind of foresight.
At American National, we’ve never
backed away from correspondent business
when money got tight.
Because bad times can be the best times
to start a relationship with an aggressive
correspondent bank. Shake hands with
American National. The bank for business.


Iowa N ew s

West Liberty State Move Completed

ARCHITECT’S drawing of the newly-completed West Liberty State Bank.

RESIDENT Robert T. Rehmke
reports the West Liberty State
Bank moved to its new bank building
recently. The new facility has 8000
sq. ft. on the first floor with a full
basem ent for storage and a
community room. Glen Huntington
and Associates of Storm Lake was
the architect and Walter Becker of
Alta was the consultant.
An open house for area bankers and
the contractors involved in the
construction was attended by over
300 guests. A public open house was
also held.

Promotions Made at
1st National, Ottumwa
John S. Zdychnec, president and
chief executive officer at First
N ational Bank, O ttum w a, has
announced the following organiza­
tional changes that were approved at
the January board meeting:
Ernest L. Harms, senior vice
president, will assume all lending
responsibilities for the bank. He
joined First National in April, 1977,
and has more than 23 years of
banking experience.

Statement as of December 31,1980
Cash and Due from Banks ............................................................................... $ 7,217,851
U.S. Treasury Securities .................................................................................
Obligations of Other U.S. Government Agencies and Corporations . . .
Obligations ofStates and Political Subdivisions ......................................
Federal Reserve Bank Stock ...........................................................................
Federal Funds Sold ..........................................................................................
Loans [net of unearned interest and valuation reserve] ............................
Bank Premises ..................................................................................................
Furniture and Fixtures ....................................................................................
Accrued Interest and Other Assets ..............................................................
Demand .................................................................................. $21,371,049
Time ........................................................................................ 74,134,205 $ 95,505,254
Accrued Interest, Taxes, Etc.....................................................
Stock ......................................................................................
Surplus ..................................................................................
Undivided Profits and Reserves .......................................
Ronald E. Fenton, President
W.A. Lane, Jr., Chairman of the Board
R.M. W ilson, Chairman of the Executive Committee
SamW. Neill, Senior Vice President
G.G. Leth, Senior Vice President
Wendell Stanley, Vice President and Cashier
F.R. Dunham, Vice President and Personal Loan Manager
Leo E. Herrick, Vice President
Michael W. Bloom, Vice President and Trust Officer
J. W illiam Lankelma, Vice President
Eugene M. Yordy, A uditor
Richard A. Beasley, Assistant Vice President
Dan J. Bomar, Assistant Vice President
Michael F. Baltes, Farm Manager
Barbara J. Atha, Assistant Trust Officer


Elected at Morningside
Jack B. Conley, president of Morningside State Bank, Sioux City, has
announced that
Gary Krai has
b e en e le c te d
Mr. Krai be­
gan his career
with the Clay
County National
Bank in 1973 at
Spencer, a Hawkeye BancorporG. KRAL
ationBank. He is
a graduate of Hamilton Business^
College and Spencer School of


Vernelle Clay, Assistant Cashier
Craig R. Cordt, Personal Loan Officer
Gai| A. Davis, Assistant Cashier
LindaS. Ketcham, Assistant Cashier
M yrnaK. Muench, Assistant Cashier
Janet W ills, Personnel Officer
i a iir f i d f f ic f
Richard Thorson, Vice President and Manager
Mavis McMahon, Assistant Cashier
E. Lynn Reinhard, Vice President
Debra H . Lansing, Assistant Cashier
Michael W. Hurd, Assistant Cashier and Manager

Mem ber of the Federal Reserve System

for FRASERBanker, February, 1981
Federal Reserve Bank of St. Louis


Betty L. Bruch, vice president and
cashier, will assume a d d itio n a l
responsibilities of commercial and
small business lending. She has been
with the bank since 1968.
Mary Lou Hagglund was advanced
to vice president from assistant v ic ^
president. She will be in charge of all
main bank teller operations. She has
been with the bank since 1965.
Steven D. Beck was promoted to
vice president from assistant vie®
president. An employe since July,
1977, Mr. Beck will be responsible for
all personal lending and dealer
Charles Celania, who joined Firs®
National in 1979 with eight years of
ag lending experience, was promoted
from assistant cashier to vice
president in charge of all agricultural
Newly appointed assistant vice
presidents are Rita I. Swainey,
manager of the Northgate office;
Hugh Stufflebeam, manager of t h ^
Burgason office, and Charles E.
Moehring, Jr., operations.
M. Jones and Charles
Painter were elected assistan t
cashiers in the personal lending are a^

University Bank Promotion
The University Bank & Trust
Company of Ames has announced the
promotion of Robert O. Grathwohl to
executive vice president and cashier"
Mr. Grathwohl has been associated
with the University Bank since 1979
and was previously vice president
and cashier of the bank operations


’Should havecalled
They don't
a loan.

W ant straight talk
and fast action?
Then ... bank where
the bull stops.
^Drovers Bank.
W ork w ith correspondent
banking pros like
John C rotty, Max Roy,
»Andy Ruments and Kathy Hardy.
They w o n ’t keep you
hanging on a loan ...
or a line.
Put us to the test.

Drovers Bank of Chicago
47th Street & A shland A venue, C hicago, IL 60609 (312) 927-7000

M em ber Fédéral Reserve System
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1981


Iowa N ew s

Two Senior Officer
Promotions Announced
R.K. Sverdahl, chairman of the
board and president of Peoples Bank
and Trust Company and Peoples
Bankshares, Ltd., of Waterloo,#
announced the promotion of two
Peoples Bank senior officers.
The board of directors of Peoples
Bank and Trust Company in regular
meeting elected Donald L. Porchet#
joined the staff of Peoples Bank on a
full-time basis in April 1957. He
subsequently worked in many areas
of the bank and became manager of
the bank’s real estate loan depart-#
ment in July 1963. He was elected to
the office of senior vice president in
September 1974.
INTERIOR view of the expansion recently completed at Union Bank and Trust Co. in

Union Bank and Trust Doubles Space
HE expansion at Union Bank
and Trust Co. in Ottumwa has
almost doubled the space on the first
floor. By carving out a large space
directly beneath its new parking lot,
the bank has added 5,000 square feet
to the first floor’s 6,000 square feet.
Now located in the new part of the
bank are the commercial loan and real
estate loan officers and the commer­
cial loan note department, a room for
the board of directors, a large store­
room and restrooms.
Loan officers will now have private
offices rather than desks in an open
area. The bank also plans to increase
the size of the main vault, allowing
for approximately 500 additional safe
deposit boxes to relieve what has
been a short supply.
Another improvement is the new
elevator available now for parking lot
users. Before, it was necessary to
take a flight of stairs down to the
service area on the first floor. It
was not necessary to sacrifice any
parking spaces for the building’s

Security Savings Bank, Scranton,
succeeding Tom Hunt, who has
retired after 33 years service with the
Mr. Marso has been vice president
and ag rep for the Brenton State
Bank in Eagle Grove.
Mitchellville Promotions
A. Emsley Chittenden, chairman
of the board of the Farmers Savings
Bank, Mitchellville and Bondurant,
announced the following promotions:
Robert E. Chittenden, formerly vice
president and cashier, has been
promoted to president, and George C.
Ballard, formerly assistant cashier,
has been promoted to cashier.
Laurens Promotions
John Blake has been added to the
Laurens State Bank as assistant vice
president, according to E.B. Pannkuk, president. Gene Myers has been
named manager of the Gavelock
office and Viola Philp has been
appointed office assistant there.




In a separate meeting, the board of
directors of Peoples Bankshares,
Ltd., a locally owned one-bank
holding company organized in 1976^
which owns the common stock of*
Peoples Bank and Trust Company,
elected John L. Calton to the office of
executive vice president of Peoples
Bankshares, Ltd.
Mr. Calton is a graduate of the*
University of Chicago Law School.
He joined Peoples Bank and Trust
Company in 1969, and was elected
senior vice president and trust officer-,
in April 1979.
Mr. Calton will currently retain his
office as senior vice president and
trust officer of Peoples Bank and
Trust Company in addition to his new^
responsibilities as executive vice
president of Peoples Bankshares,

Gerzema Elected President *
Joins Bloomfield Staff
Scranton Change
W.D. Ley, chairman of the board,
Richard Nyswonger has joined the
Gerald M. Marso has been elected
announced that C.J. Gerzema
executive vice president of the
Bank in Bloomfield as vice president. was elected president of the Farmers
Prior to joining the bank, Mr. Trust & Savings Bank of Buffalo®
Nyswonger managed a 2500 acre Center. Mr. Gerzema has been with
farm for two years and prior to that he the bank since 1958. He is a graduate
was employed by the Davis County of the School of Banking at the
Savings Bank for nearly eight years. University of Wisconsin and Agricul­
His primary job responsibilities will ture Credit School, Iowa State®
be in the area of agricultural finance. University.
for FRASERBanker, February, 1981
Federal Reserve Bank of St. Louis







Banks are banks






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are alike.
Not us.
We’re owned by Iowa
banks. And do business
only with Iowa banks. Big
ones. Small ones. Medium^ sized ones.
And we know the


differences in individual
bank insurance needs.
That’s why we bring
over 1 0 0 years of combined
bank insurance experience
to bear on every member

bank. To tailor insurance to .
their specific requirements.
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possible, m ost efficient plan.
Anything else would
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Providing insurance protection just to banks.
Federal Reserve Bank of St. Louis


Iowa N ew s

Northwestern National Joins Sioux City Plan

ARCHITECT’S model of a new structure planned for downtown Sioux City, which will be
the home of Northwestern National Bank and several other businesses.

D OWNTOWN development plans join with several other business

for Sioux City, which have been
stymied for years on the launching
pad, have zoomed several stories into
the air with the announcement that
Northwestern National Bank plans to

interests in building a towering new
structure in the city’s downtown
‘‘Block 70 ”.
Stanley W. Evans, president of
Northwestern, revealed that the

firm’s present building at 500
Jackson will be converted to £
medical construction, and that the
bank plans to become co-tenants with
Terra Chemicals International, Inc.
in a combination bank and office
building that will climb to th £
multi-story level at the intersection of
4th & Nebraska.
The present home of Northwestern
National Bank, itself a distinctively styled structure less than a decad£
old, will be remodeled and enlarged
for conversion to doctors’ offices and
medically related facilities. One of the
major tenants of that facility will be
the Marian Health Center, whicl^
according to hospital president and
chief executive officer Sister Eliza­
beth Mary Burns, will turn to the new
property for “improved and access­
ible meeting rooms and office spac®
and the further integration of support
services, as well as completion of
parking needs adjacent to the site of
our new building.”
Plans call for the present b a n *
property, as well as the site of the new
bank home, to be developed by the
Kraus-Anderson Realty Company, a
M inneapolis-based d ev elo p m en t
firm. Daniel W. Englesma, vie®

A Comprehensive Marketing Conference
designed for A L L members of the Banking Industry
A Midwest MUST
for those concerned with Marketing in the ’80s
Presented by the Iowa Bankers Association
Stouffer’s Five Seasons Hotel

March 9-11

Cedar Rapids, Iowa

Look for more information in upcoming Northwestern Banker News Letters
for FRASER Banker, February, 1981
Federal Reserve Bank of St. Louis

president of the firm, said the medical
Center will include not only the
approximate 66,000 square feet in the
present bank building, but a new four
story 40,000 square foot building to
be constructed as an addition. What
currently serves as the bank’s
drive-in will be converted to an arcade
devoted to related commercial uses,
including retail shops, and a
^Northwestern Bank office which will
offer all banking services.
The bank’s occupancy encompas­
ses the ground level and second story
of the stru ctu re, w ith Terra
XJiemicals’ offices occupying the top
floors, with the exception of the top
level, where an executive dining room
for use of the building’s occupants is
projected. Some floors would be
^.vailable for leasing to meet the
aemand for professional and business
office space in the downtown area. In
addition to the two floors matching
the size and shape of the entire
building, the bank area projects
triangularly on the southern side of
the structure, paralleling Nebraska
Street. Permission to move the
bank’s charter to the new location
^must be received from the Comptrol­
ler of the Currency.
Iowa City Changes
^ John E. Thompson and Lynn E.
Rowat have been promoted to second
vice presidents at First National
Bank, Iowa City.
Mr. Thompson was assistant
^ashier from 1966 until being named a
customer service officer in February,
Mr. Rowat was appointed as
customer service officer for teller
operations in February, 1977, and
advanced to commercial loan officer
in February, 1979.

ment officer to vice president-invest­
ments; Richard A. Bean, assistant
vice president-West Dubuque branch
manager to vice president-finance;
John J. Savary, assistant vice
president-North Dubuque branch
manager to assistant vice president-

Federal Reserve Bank of St. Louis


DECEMBER 31, 1980

Cash and Due from Banks

$ 11,455,218.33
United States Bonds

Ed H. Spetman, Jr., President
and Chairman of the Board
Thomas D. Whitson,
Exec. Vice President and Trust Officer
Ronald F. Sealock,
Executive Vice President
R. B. Graeme,
Vice President and Cashier

Other Bonds

Douglas Goodman, Assistant Cashier


Agricultural and Commercial Loans


Donald D. Fox, Vice President
Ronald P. Searcy, Vice President
Gary D. Woods, Vice President
Craig S. Lovstad, Asst. Vice President

Loans and Discounts
Bank Building and Fixtures


Instalment Loans


Douglas M. Schuster, Vice President
Ronald W. King, Asst. Cashier
George A. Rossum, Asst. Cashier

Other Assets

Real Estate Loans
James L. Beneke, Vice President

Trust Department
GaryR. Faust, Trust Officer
Wesley D. Lacy, Trust Investment Officer
Dorothy D. Sloma, Asst. Trust Officer
Gary L. Thien, Trust Farm Manager
Kelly E. Summy, Asst. Cashier

Capital Stock (Common)

Data Processing Department


Gary F. Kirkendall, Vice President
Data Processing Officer
Dennis D. Weeks,
Asst. Vice President, D.P.
Donald L. Malick, Asst. D.P. Officer

2 , 000 , 000.00


2 , 000 , 000.00
Undivided Profits


Personnel Department
Gayle A. Beddow, Asst. Cashier

Total Capital
Funds Purchased


Audit Department
Emmet Tinley, III, A uditor


Patio East Office
Charlene K. W illiam s, Asst. Cashier

Other Liabilities

tiHtle Changes Announced
William G. Kruse, president of the
First National Bank of Dubuque,
announced the following officer
appointm ents, assignments and title
"hanges: Paul J. Gisch, senior vice
president-loan adm inistration to
senior vice president-special lending;
Thomas W. Buelow, vice president to
^ ic e president-loan administration;
D an iel E. Welu, vice president-opera­
tions to vice president and cashier;
Thomas J. Stecher, vice presidentdirector of personnel to vice
^president-operations & director of
personnel; John M. Hansen, invest­

low a News 81
West Dubuque branch manager;
Alan L. Schuster, personal banking
officer-assistant branch m anager
North Dubuque to personal banking
officer-North Dubuque branch mana­
ger, and Mark E. Small, credit
analyst to offership as credit officer.

Patio West Office


Mary Lou Wrinkle, Asst. Vice President


Don D. Fletcher, Manager

Total Deposits

Carson Office


McClelland Office
Franklin H. Geiger, Manager

Council Bluffs
Savings Bank IB I
Member F.D.I.C.



Council Bluffs, Carson and McClelland, Iowa

Northwestern Banker, February, 1981


Iowa N ew s

before joining Security in 1976. He
currently manages the dealer loa®
and service department.
Barbara Orzechowski has been
named estate administration officer
for the bank’s trust department. Mrsu
Orzechowski graduated from Drake
University. After graduation, she
worked for the Job Service of Iowa for
six years before graduating from the
University of South Dakota’s L a ^
School. She was admitted to the Iowa
Bar in June 1980.
Steven W. Corrie has been
appointed controller for the bank.
Mr. Corrie joined Security Bank th i^
past year after three years experience
with local financial institutions. He
majored in business administration
and economics, graduating from
Morningside College in 1976.
Diane L. Spain has been named
teller operations officer. She attended
the University of Iowa. Previous
banking experience included a year
and a half with the Iowa State Banj^
and Trust in Iowa City. She joined
Security in July 1979 as teller
operations supervisor.

Sioux City Promotions
Gene Hagen, president of the
Security National Bank of Sioux
City, has announced six promotions.
Stephen J. Hatz has been named
vice president of the correspondent
bank division. Mr. Hatz served the
bank in various officer capacities
before being named vice president.
He served as assistant cashier of the
First Trust & Savings Bank for four
and a half years. He holds his
bachelors degree from Westmar
College in LeMars.
Douglas Rice has been elected vice
president and general auditor. Mr.
Rice began his association with the
bank as a part-time employe while
attending Morningside College. He
became a full-time employe after
receiving his degree in business
administration in 1975, and has
worked most recently as general
auditor. Mr. Rice also completed
studies this past summer at the
School for Bank Administration,
University of Wisconsin.
Robert Linn has been named senior
instalment loan officer. Mr. Linn
graduated from Kearney S tate
College and was later associated with
Commercial Credit Corporation



4015 Alexandra Drive
Waterloo, Iowa 50702
Phone 319/234-6641
Ask for Dick or Jerry

 Banker. February. 1981
Federal Reserve Bank of St. Louis

Kirk Gross Co. has an outstanding
record for designing and/or remodeling
financial institutions in Iowa. At last
count, more than 130 since January,
1971! Best part of this unequaled
record is that so many are repeat,
satisfied customers. We take the
responsibility and worry of building or
remodeling off your shoulders and put
it in the professional hands of our
designers and planners. And you get a
Turn Key program. If you’re thinking
about a new facility, but you haven’t
talked to Kirk Gross Co., do it now. Our
old friends do it every day!

Leaves Nevada National
Kermit J. Anderson has left the
Nevada National Bank after over 20
years of service. He served as
president for several years, and wqn
most recently vice chairman of the
board. Mr. Anderson will continue to
serve as a member of the board of
directors of the Nevada National. He
plans to become actively associate^
with Rec-Chek, Inc., which he helped
develop over 15 years ago.
Application Approved
E.C. Thompson, president and
chairman of the Security National
Corporation of Sioux City, and John
R. Welch, president of the First State
Bank of Mapleton announced than
the Federal Reserve Bank of Chicago
approved the application of Security
National Corporation to acquire the
First State Bank.
The Security National Corporation
is a bank holding company, also
owning controlling interest in the
Security National Bank of Sioux City
and the Northwestern State Bank of
Orange City.
Grant Trust Powers
An application for consent to
exercise limited trust powers
Sloan State Bank has been approved/

Iowa N ew s

Andalusia Bank Moves
Andalusia Community Bank of
Andalusia moved into its new
quarters recently. The architect was
Kirk-Gross Company of Waterloo,
q la. and the general contractor was El
View Construction of Bettendorf, la.
Open house was held on January 10
for the banking industry and an open
house for the general public was
^ January 11 .
Joins Missouri Valley Staff
The First National Bank of
• Missouri Valley has announced the
addition of Gregory D. Pollard to
their staff. Mr. Pollard will hold the
office of vice president and agricul­
tural representative. He is a 1978
® graduate of the University of
Nebraska and has been with the
Federal Land Bank Association of
O’Neill, Nebr.

Fed Approval Announced
The Federal Reserve Board has
announced approval of the applica­
te tions of Panhandle Aviation, Inc.,
Clarinda, to acquire Farmers Savings
Bank, Freemont, and to acquire
Johnson Insurance Agency, Free­
mont, and thereby to engage directly
• in the sale of general insurance in a
town of less than 5,000 population.
Brenton Agrees to Buy
# Bank in Knoxville
Brenton Banks, Inc., Des Moines,
has executed an agreement to acquire
more than 80% of The Community
• National Bank and Trust Company of
Knoxville, subject to approval by the
Federal Reserve Board and othe
regulatory authorities.
Community National has assets of
® more than $45 million and is the
largest bank in the county seat
community of nearly 8,000 people.
James Bellamy, president, and Earle
G. Bellamy andW.W. Burnell, senior
• vice presidents, will continue in thenrespective positions, as will the rest
of the bank personnel and the board
of directors.
The acquisition would increase the
® number of banks owned by Brenton
Banks, Inc., to 18, with a total of 42
banking offices throughout Iowa.
Total assets of Brenton Banks, if this
merger is approved, would exceed
® $700 million.
Federal Reserve Bank of St. Louis


IDEA Annuity Makes Its Debut in Iowa

THE FIRST sale of the IDEA Annuity developed by the Iowa Bankers Association and its
subsidiary Iowa Bankers Insurance & Services was made last month by West Des Moines
State Bank to Al Tinder, exec. dir. of IBIS. He is pictured above (seated), reviewing the
contract with Joyce Chapman, v.p. & cash, of West Des Moines State Bank. Witnessing
the first transaction of this unique new banking product are, from left; James Woods, v.p.,
American Republic Insurance Co., Des Moines, underwriter of the new program; Margie
Schaefer, v.p. IBIS, and David Miller, pres. & chmn. of West Des Moines State Bank.
Details of the IDEA Annuity were reported in last month’s issue. Since that time, executive
officers of several midwest banker associations have met with IBA officials in Des Moines
to chart a course for offering the annuity through banks in their states.

Farmers & Merchants Bank & Trust
Statement of Condition
December 31, 1980
Cash and Due from Banks
U.S. Government Bonds
Municipal B o nd s............
Other Bonds ..................
Loans and Discounts . . .
Bank Building ................
Furniture and Fixtures ..
Federal Funds Sold . . . .
Other Assets ..................

.............................................................. $ 4,146,000.00
.............................................................. 22,105,000.00
.............................................................. 20,624,000.00

Capital S to c k ....................................................................................................$
Surplus ............................................................................................................ 2,000,000.00
Undivided Profits ................................................................................................. 2,081,000.00
Reserves ..........................................................................................................
Unearned Discount..........................................................................................
Deposits .......................................................................................................... 57,515,000.00
Securities Sold Under Agreement to Repurchase .......................................
Interest Bearing Demand Notes Due U.S. Treasury ...................................
Other Liabilities ............................................................................................

W. B. Ditto, M.D.
Marshall J. Markey-Food Service & Dist. Co.
John McCuliey-Oakville Feed & Grain, Inc.
R. J. Nachazel-Vice President
M. A. Nordstrom - Chittenden & Eastman Co.
Melvin E. Raid - Medusa Aggregates
Gerald D. Smith - Brown Shoe Fit Company
C. H . Walsh - President
C. E. Walsh - Vice President
Bruce Werden - Retired
Joseph Wirt - Farmer

C. H. Walsh, President
R. J. Nachazel, Senior Vice President
R. O. Youngstrom, Vice President & Trust Officer
William A. Kuehn, Vice President and Farm
Leonard W. Lane, Vice president and Cashier
C. E. Walsh, Vice President
W. D. Schnirring, Assistant Vice President
F. W. Rentzsch, Assistant Vice President
Beverly N. Wuellner, Assistant Vice President
John T. Hanna, Assistant Cashier
Clair A. Penney, Assistant Trust Officer
Michael D. Eastin, Assistant Cashier

Member Federal Deposit Insurance Corporation

Northwestern Banker, February, 1981

Valley State Bank has three
banking offices in Sioux City, and ha®
total assets of $15 million. Central
owns controlling interest in eleven
Iowa banks, the largest of which is
Central National Bank and TrusU
Company of Des Moines, and owns "
mortgage banking firm and a leasing
company. Central had total assets of
$872 million at September 30, 1980.
* * *
Herman C. Kilpper, president of
Bankers T rust Company, has
announced the appointm ent of
Robert M. Walker as vice president
and controller.

Des Moines
HE board of directors of the
Iowa-Des Moines National Bank
has elected Eugene G. “Bud” Precht
president and chief executive officer
and as a member of the bank’s board
of directors, to be effective on or
about March 1, 1981.
Mr. Precht, 52, will succeed Robert
E. Lee who will be resigning to accept
the position of president and chief
executive officer of the First National
Bank of Denver.



Mr. Precht is currently president
and chief executive officer of
Northwestern National Bank South­
west in Bloomington, Minn., a
suburb of Minneapolis-St. Paul.
Both banks are affiliates of
Minneapolis-based Northwest Bancorporation (Banco), the 18th largest
bank holding company in the U.S.
With assets at year-end 1980 of over
$1 billion, the Iowa-Des Moines is
Iowa’s largest commercial bank and
Banco’s second largest bank.
Mr. Precht has been with Banco for
the past 30 years. In 1960, he was
elected president and chief executive
officer of Northwestern State Bank in
Dodge Center, Minn. From 1964 until
1967, he served in the corporate office
of the holding company as a bank
relations officer. He joined the
Bloomington bank in 1968 as
Digitized Northwestern
for FRASER Banker, February, 1981
Federal Reserve Bank of St. Louis

president and chief operating officer
and was named chief executive officer
in 1970. Under his leadership, the
bank’s assets have increased from
$36 million to $230 million. Mr.
Precht is a member of many civic
Iowa-Des Moines National Bank
has also announced that R. Jack
Lytle has been named vice president
and manager, small business bank­
ing. He replaces John C. Clark who is
leaving the banking industry to join a
truck/trailer sales firm located in
Council Bluffs.
Mr. Lytle joined the Iowa-Des
Moines in 1968 as an instalment loan
interviewer. His most recent position
has been that of vice president,
commercial banking. Prior to joining
the bank, Mr. Lytle was branch
manager for the Associates Discount
Corporation. He attended Simpson
College, Indianola.



Kenneth M. Myers, president of
Central National Bancshares, Inc., a
Des Moines based m ulti-bank
holding company, and A1 Maser,
chairman of Valley State Bank, Sioux
City, jointly announced that manage­
ment of the two companies has
executed an agreement providing for
the acquisition by Central of 90.9 % of
the outstanding common stock of
Valley State Bank, and for a
subsequent cash tender offer for the
remaining shares of Valley State
Bank common stock. The purchase
price was not disclosed.
Consummation of the offer is
subject to several conditions, includ­
ing approval by the Board of
Governors of the Federal Reserve



Mr. Walker comes to Bankers
Trust from the City National Bank dd
Detroit, where he was vice president
and assistant controller. City Nation­
al Bank is the principal subsidiary of
Northern States Bancorporation.
Mr. Walker was previously assocld
ated with Michigan National Bank
and the Michigan National Corpora­
tion, where he served for seven years
in the audit and control functions.
A graduate of Michigan StatP
University with a BA in accounting,
Mr. Walker began his business career
with Touche Ross and Company, and
is a certified public accountant.
Mr. Kilpper also announced thP
appointment of John J. Fasanella as
assistant vice president and mana­
ger, corporate trust services depart­
ment. Mr. Fasanella joins Bankers
Trust from the Internal Revenu®
Service, with seven years experience,
most recently as an employe benefits
specialist. In his new position he will
have primary responsibility for
employe benefit program s. H®
received a BBA from St. Norberts
College of Wisconsin and an MBA
from Florida Atlantic University in
Boca Raton, Fla.
Russ Curtis, assistant vice pres®
dent and trust officer will now head
the new personal trust services
department. Mr. Curtis formerly
headed the trust administration
department of Bankers Trust.

I • WÈÊ

bÜ P

IK *







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crop rotations. When to
'buy and sell. All the

decisions that m ake the
difference between profit
and loss.
For over 35 years,
we've been helping form
investors reap the highest
profit and productivity from
their land.
Helping your form
customer increase their


investment return is just
another service our corres­
pondent deportm ent con
offer. Assistance can be
provided for trusts, owner/
operators, and investors.
Coll our correspondent
deportm ent today, toll
free, 1-600 -362 - 1615 .
You'll find that when it
comes to form m anage­
ment, the best yields come
from Central Notional Bonk.

Central National Bank & Trust Company
Federal Reserve Bank of St. Louis


Iowa N ew s

Central National Bancshares to Change
11 Bank Names to United Central Bank

NAME change for Central
National Bancshares, Inc., Des
multi-bank hold­
ing com pany,
has been approv­
ed by the board,
it was announced
late last month
by Kenneth M.
M y ers, p r e s i­
dent. The new
name of the hold­
ing company, if
approved by shareholders at thenannual meeting on April 1, will be
United Central Bancshares, Inc.
Mr. Myers also stated that the
name of each banking affiliate would
be changed to include “United
Central Bank” for common identifi­
cation of the 11 Iowa commercial
banks which are part of Central

National Bancshares. The holding
company also has a leasing company
in Des Moines, and a mortgage
banking company which is based in
Kansas City, Mo.
Central National Bancshares was
formed in 1970 and acquired control
of its lead bank, Central National
Bank and Trust Company of Des
Moines. The lead bank’s name would
be changed to United Central Bank of
Des Moines, N.A., under the
proposed name change.
Mr. Myers also reported to
shareholders that 1980 earnings
increased 16% for the entire year and
31 % for the fourth quarter. He said
“the earnings improvements were
attributable to the recovery in
agricultural prices and increased
liquidity in our banks during the last
half of the year, and the ability
demonstrated by our banking group

In a joint announcement made at a
special meeting of the board of
Jackson State Bank, Peter F.
Bezanson, chairman of the bank and
Paul D. D unlap, president of
Hawkeye Bancorporation disclosed
the proposed merger of Jackson State
Bank and Trust Company, Maquoketa into Hawkeye Bancorporation,
Des Moines. The proposed merger
will be in exchange for Hawkeye’s
convertible preferred stock. The offer
by Hawkeye Bancorporation will be

made by prospectus to all stock­
holders of Jackson State Bank
subject to stockholders’ and regula­
tory approvals.
* * *

to adjust to severe interest rate
Unaudited net income before
security transactions of $6,668,966,
or 63 cents per share, for 1980
established a new record and
compares to $5,820,264, or 55 c e n t^
per share, for 1979. On the same
basis, fourth quarter income was
$1,944,183, or 18 cents per share,
compared to $1,477,262, or 14 cents
per share, a year earlier.
Year-end assets were up 22% to
$911 million from $748 million a year
earlier; total deposits increased 17%
to $688 million, from $586 million,
and total loans were $423 million, up®
2% from $414 million at the end of
Mr. Myers said directors approved
a 17 % increase in the quarterly cash
dividend, moving from 6 cents per'
share to 7 cents per share, or to 28
cents per share on an annual basis,
effective with the April 30, 1981,

IBA communications activities,
including the editing and writing of
several newsletters and providing
support for Iowa banks in the areas o ^
marketing, advertising, and mediaw
relations. Prior to joining the IBA, he
Marv Tuttle has joined the staff of was employed by the Iowa Credit
the Iowa Bankers Association as Union League, also in a communica­
communications coordinator, accor­ tions capacity . He is a 1977 g ra d u a t^
ding to Tom Clarkson, vice-president of Drake University with a BA in
/marketing and governmental rela­ journalism.
* * *
Mr. Tuttle will be responsible for
Roger L. Reed has been elected vice^
president in charge of retail banking
at Valley Nation­
al Bank, it was
Statement of Condition, December 31,1980
announced last
month by J.
Locke Macom500,000
Cash & Due From Banks
4,012,603 Capital Stock
ber, president of
U.S. Government Bonds
3,648,811 Surplus
the bank. Mr.
Municipal Bonds
9,550,231 Earned Surplus
U.S. Government Agencies
5,894,000 Other Reserves
Reed formerly
Loans & Discounts
Total Capital
was a vice presi­
Bank Premises &
dent at Bankers
Furniture & Fixtures
Trust Company,
Other Assets
Des Moines. He
Total Assets
Other Liabi I ¡ties
was graduated from W artburg
Total Liabilities & Capital 65,884,067
College, where he received his BAi
degree in business administration
and economics. He received his
Donna Sarver, Personal Loan O fficer
R. S. Howard, Jr. , Chairman & President
Hester W h itlatch, C ontroller
John Pothoven, Exec. Vice President
Master of Business Administration
Roger A. Parlett, Data Processing O fficer
Rex L. Blom , Vice President
degree from Drake University.
Evelyn Vos, Trust O fficer
Dale G. Stansbeary, Vice President & Cashier
W ill Schippers, Sr. Operations O fficer
A lice M. Parlet, Executive Secretary
Steve A. Brend, Sr. Personal Loan O fficer
James W. Goering, Com m ercial Loan O fficer
Charles S. Howard, Com m ercial Loan O fficer
Steve C. Knutson, A gricu ltu ra l Loan O fficer
David L. S helquist, A gricultural Loan O fficer
Judith L. W arrick, Personal Loan O fficer

for FRASERBanker, February, 1981
Federal Reserve Bank of St. Louis

David M einert, A u d ito r
Robert W estenhaver, O fficer Manager
Jo hn ita Jones, A ssista n t Cashier
Gladys A llsu p , A ssista n t Cashier
Harold S utherland, A ssista n t Cashier
Floydine Dunwoody, A ssista n t Cashier
Irene Finch, A ssista n t Cashier

Seeks Merger Approval
The Oelwein State Bank has
applied for approval for a merger with
A rlington S tate Bank and tq ^
establish a bank office in Arlington.


JThomas H. Huston Renamed
superintendent of Banking
Thomas H. Huston has accepted
reappointment by Governor Robert
D. Ray to a second four-year term as
•Sowa superintendent of banking. Mr.
Huston is president of the Columbus
Junction State Bank.
•A ppointed Vice President
Paul Hall, president and chairman
of the board of Cedar Falls Trust &
Savings Bank,
announced that
•Clifford D. Mortenson has been
appointed vice
president. Mr.
Hall stated that
®Mr. Mortenson
replaces Barry R.
Hall who recent­
ly left the Cedar
—Falls community C.D. MORTENSON
^to assume the presidency of Harrison
Deposit Bank & Trust at Cynthiana,
Mr. Mortenson has been with the
—State Department of Banking since
w1968 and has been a senior bank
examiner for the department since
December 1975. He received his BA
degree in business administration in
^1967 from Buena Vista College in
wStorm Lake.
Banks of Iowa to Acquire
• F o r t Madison Bank & Trust
A. Anthes Smith, president of Fort
Madison Bank & Trust Co., Fort
M adison, and Holmes Foster,
president of Banks of Iowa, Inc., Des
•M oines, announced agreement in
principle has been reached whereby
Banks of Iowa, Inc. will make a
tender offer to acquire for cash all of
the outstanding common stock of
• F o r t Madison Bank & Trust Co. The
transaction has been approved by the
boards of both organizations. The
proposed transaction is subject to
approval by the Board of Governors
• o f the Federal Reserve System and
other regulatory authorities. Mr.
Foster stated that no changes in
personnel or board of directors of Fort
Madison Bank & Trust Co. are
Fort Madison Bank & Trust Co.
had assets of $41 million on
September 30, 1980. Banks of Iowa
-h a d consolidated assets of $1.3 billion
^ o n the same date.
Federal Reserve Bank of St. Louis

1980 Iowa Group Meetings
Feb. 13-14
Feb. 15-16
May 4
May 5
May 6
May 7
May 18
May 19
May 20
May 21


Sioux City
To be announced
To be announced
Ft. Dodge
Des Moines
Council Bluffs
Clear Lake

at close of Business December 31, 1980

Cash and Due from b a n k s ............................................ $ 9,103,804
Interest bearing deposits at banks .............................
Investment securities:
U.S. Treasury se curities............................................
Obligations of states and political subdivisions . . . .
Total investment securities .......................
Federal funds sold ........................................................
Loans, net of unearned income ..................................... 65,500,983
Less valuation reserve for loan losses .....................
Total lo a n s ..................................................
Accrued interest receivable ..........................................
Bank premises and equipment ...................................
Other assets .................................................................
Total assets ................................................. $135,498,276


Demand deposits ........................................................$ 24,593,812
Savings deposits ......................................................
Time deposits ............................................................
Total deposits ............................................
Securities sold under agreements to repurchase ..........
Other short-term borrow ings........................................
Accrued expenses and other liabilties .........................
Total liabilities ..........................................
Stockholders’ equity:
Capital stock .............................................................
Surplus .....................................................................
Retained earnings......................................................
Total stockholders’ equity .........................
Total liabilities and stockholders’ equity .. $135,498,276
Lowell J. Walker

Chairman of the Board
DaleK. DeKoster

President & Chief Executive Officer
Commercial Division

E. James O’Connor, CCL
Senior Vice President
James R. Gerber
Assistant Vice President
Mortgage Division

Merle W. Rodgers
Senior Vice President

Consumer Lending Division

Robert L, Smith
Assistant Vice President
Donald N. Richards
Assistant Vice President
Consumer Loan Officer
David A. Mulnix
Consumer Loan Officer
Agricultural Division

William D. Davidson
Vice President
Operations Division

Robert V. Cooper
Senior Vice President

Gerald J. Curran

Rick A. Thuesen
Betty M. Runyan
Assistant Cashier
Diane C, Kupferschmidt
Personnel Director
Anita M, Ward
Trust Division

Frederick Koch
Senior Vice President & Trust Officer
Charles P. Beard
Trust Officer
Dennis E. Egel
Assistant Trust Officer


West Park at Cedar, Waterloo, Iowa 50704
Northwestern Banker, February, 1981


Iowa N ew s

Appointed at Bettendorf
George C. Heninger, president of
Bettendorf Bank and Trust, an­
nounced the appointment of Elaine
Bartholome to the position of vice
president, corporate lending; Rose­
mary Drake to vice president,
marketing; John Crowe to vice
president, consumer banking and
branch operations, and Susan L.
Fullmer to human resource officer.
Since joining Bettendorf Bank in
1977, Ms. Bartholome has held
responsibilities in all lending areas of
the bank, with special emphasis in
corporate lending and regulatory
She is a member of the National
Association of Bank Women, a board
member of the Bank Administration
Institute, and a featured speaker in

the field of small business funds
management and financing. Her
articles on community bank regula­
tory compliance have appeared in the
Northwestern Banker.
Since joining Bettendorf Bank in
1976, Ms. Drake has held responsibil­
ities in the areas of product research
and development, bank office site
locations, corporate communica­
tions, and career development
She is a graduate of Washington
University, St. Louis, with post­
graduate work in bank marketing
communications and systems.
Mr. Crowe was formerly executive
vice president with the Farmers and
Mechanics Bank in Galesburg, 111.
where he managed the consumer
banking portfolio. Prior to joining the

Farmers and Mechanics Bank, he
managed the retail deposit gathering
and consumer lending functions for
twenty branches of the Manufactur­
ers Trades Trust Company of
Buffalo, NY.
Mr. Crowe is a graduate of th#
U niversity of Buffalo, and is
currently enrolled in the Graduate
School of Bank Marketing, Baton
Rouge, La.
Prior to joining Bettendorf B an#
and Trust, Mrs. Fullmer served as
assistant to the director of personnel
with the Servus Rubber Company.
She attended Scott Community
College and Washington U n iv ersity
St. Louis.
Northwest Branch Approved
An application for consent ta
establish a branch by the Northwe®
Bank& Trust Co., Davenport, at 101
West Second St., has been approved.

February, 1981




There are
delusions when
planning a new

Acorn printing ........................................................... 20
American Express Company ................ 7,9,11,13,15
American National B k.& Tr. Co., Chicago .............. 75
American National B k.& Tr. Co., St. Paul .............. 31
American Trust & Saving Bk., Dubuque .................. 71
Banco Financial/Lease Northwest ..........
Bank of North Dakota ...............................
Bankers Trust Co., Des Moines ................
Banks of Iowa Computer Service ............
Brandt .........................................................
Central National Bk. &Tr. Co., Des Moines
Commercial National Bk., Peoria ............
Continental Bank, Chicago .....................
Control-O-Fax ...........................................
Council Bluffs Savings Bk...........................
Diebold, Inc..........................................
Drovers Bk. of Chicago .....................
Farmers & Merchants Bk., Burlington
First Mid America, Inc., Lincoln
First National Bk., Lincoln ................
First N ational B k., M inneapolis






Muscatine ..........
Omaha ................
St. Paul ................
St. Paul (Bonds)

Gross, Kirk .........................................
Heller, Walter E., Chicago ................
Iowa Bankers Association ...............
Iowa Bankers Insurance & Services ..
lowa-Des Moines National Bk.............
Kooker, Earl F.......................................
Lincoln Benefit Life ...........................
Mahaska State Bk., Oskaloosa ........
Manufacturers HanoverTrust Co. . . .
McCormick Inn .................................
Merchants National Bk., Cedar Rapids
M i n nesota J ob F i nders .....................
Mortgage Guaranty Insurance Co. . . .
National Bank of Commerce, Lincoln ..
National City Bank, Minneapolis ..........
Northwestern National Bk., Minneapolis

.. 3
.. 85
.. 32


.. 89
.. 77
.. 83
.. 60
. . 63
4 0 -0
.. 70
.. 57
.. 38
.. 45
. . 82
: : i

.. 79
.. 90
.. 78
.. 62
. . 86

:.. f2
.. 49


c o r p o r a t io n

Packers National Bk., Omaha ..............
Security National Bk., Sioux City ........................... 61
Security Savings Bk., Marshalltown ....................... 76

3070 West Airline Highway
Waterloo, Iowa 50104

United Bank of Denver ..................
United States National B k., Omaha

(319) 234-4651



Van Wagenen, G.D., Minneapolis
Waterloo Savings Bk......................

Digitized Northwestern
for FRASER Banker, February, 1981
Federal Reserve Bank of St. Louis

: : »
. . 68




when you must be right
...the First lim e

For your bank’s customers, the essence of successful automatic teller service is transaction speed and simplicity.
For bank management, however, an automatic teller program deserves deliberate, in-depth consideration.
Many factors are involved, ranging from plastic card design to consideration of ATM security risks.
On the other hand, finding the right answers to your automatic teller questions is a whole lot easier and quicker when
you call on the company that has found more of those right answers than any other automatic teller equipment
That company is Diebold. We have shipped over 6000 automatic tellers to the American financial community, so you
can be confident that more of your questions about automatic tellers are ones we’ve already answered.
Another important consideration is that of all ATM vendors, only Diebold has an authoritative background of security
expertise. This capability is particularly significant in connection with free-standing automatic tellers.
Talk to Diebold about ATMs — and about our other customer service and security equipment. When you must be
right...the first time, we’ll help you make the right decision.

C A N T O N , OHIO 44711

" W e k n o w h o w to help you”


Diebold, Incorporated, 818 Mulberry Road, S.E., Canton, Ohio 44711
_______ Please call me


_______ Please send additional information

I’m interested in
___ Automatic Teller Machines
___ Drive-In Equipment
___ Teller Undercounter Equipment



___ Vault Doors, Safe Deposit Boxes, Safes
___ Alarms and cameras
___ Financial Buildings



Federal Reserve Bank of St. Louis



1980: An excellent year
statements of financial condition
Lance Davenport


utfutti 1 tutet o



(in thousands of dollars)

Cash and due from banks .............................................................................
Interest bearing deposits with banks ......................................................
Investment securities
U.S. Treasury and federal agencies....................................................
State, municipal and housing...............................................................
Other ....................................................................................................
Total investment securities ...........................................................

Bernie Kersey

Bob Buenneke



$1 8 6 ,8 8 7


8 8,452


146,451 0




66,9 7 5


88,701 •

Total loans ....................................................................................
Unearned discount...............................................................................
Allowance for loan losses ....................................................................


4 3 8 ,1 6 7 0



Net loans ......................................................................................


43 0 ,3 6 2

Premises and equipment ........................................................................
Interest receivable and other assets....................... , ..............................


Trading account securities ......................................................................
Money market investments .............................................................................
Commercial ..........................................................................................
Real estate ...........................................................................................
Construction and land development....................................................
Foreign .................................................................................................

Linda Collins


$1 ,070,032
Total assets ......................................................................................... . $1,070,032


1 4 ,4 5 0 #
2 5,959
$ 8 7 9 ,8 0 4


John Rigler

Demand ......................................................................................................
Regular savings ..................................................................................
Savings certificates ....................................................................................
Certificates of deposit and other time ................................................
Foreign tim e ........................................................................................
Total deposits ....................................................................................
Short-term borrowings ....................................................................................
Accrued expenses and other liabilities ................................................
Obligations under capital leases...........................................................
Subordinated notes payable ................................................................
Total liabilities

Garry Frandson



66 3 ,8 8 6
8 ,0 9 6 # !
9,0 0 0 I
8 41,495

Stockholders’ equity
Common stock, $100 par value - Authorized and outstanding
100,000 shares in 1980 and 1979 ..................................................
Capital surplus ..................................................................................
Retained earnings...............................................................................


io ,o o o H

Total stockholders’ equity ...........................................................


3 8 ,3 0 9 J

$1 ,070,032
Total liabilitiesand stockholders’ equity................................................. $1,070,032
Mark Conway

$ 3 4 4 ,8 3 4
111,629 I
1 2 ,5 0 0 #


$ 8 7 9 ,8 0 4

IO W A .

n e siv ip in e s
d W


Dorothea Wolfe
Federal Reserve Bank of St. Louis

J ^ r


Member FDIC

An Affiliate of Northwest Bancorporation


Banco »

7th & Walnut, Des Moines, Iowa 50304 • (515) 245-3131 • Call toll-free 1-800-362-2514 '1981, lowa-Des Moines National Bank