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Senator Garn addresses
Nebraska independents

North Dakota

Mortgage bankers assess 1982 outlook
• Independent bankers meet in Hawaii
• Regulators set capital standards
Federal Reserve Bank of St. Louis


"'Doing the right thing at the right
time is basic to success in business.
When an investor sells a stock too
early, he loses profit potential. W hen a
farmer plants a crop too late, he loses
yield potential.
Proper tim ing is also im portant in
banking. In our Correspondent De­
partm ent we use current data process­
ing reports to maximize Fed Fund
potential. Detail check collection
schedules and sophisticated analysis
techniques enable us to pass availa­

bility on to banks for full utilization of
their investm ent potential.
Now is the right time to take ad­
vantage of MNB's experience in cash
collection, Fed Funds investments,
and overline assistance. Learn more
about our correspondent services and
improve your profitability."
Call 319-398-4217 or dial toll free,
1-800-332-5991 and ask for Stan R.
Farmer, Jerry N. Trudo, Terry M.
Martin, Dale C. Froehlch or John E.
Mangold. Call now! The time is right!

Merchants National Bank 1:1
C edar R apids, Iowa 52401
Federal Reserve Bank of St. Louis

Member F.D.I.C.



W an t cash in Seattle
the sam e business day?
G o h ire a superm an.

Gash availabilities. Most money center banks
talk a big game. But start to pin them down. Inquire
about schedules. Ask if your cash letter with items
on Seattle, Atlanta, New York or Topeka banks can
be available the same day. And the brags and boasts
will start to fade.
You’ll hear, “Hey, you don’t need us. Call a
Funny, at Continental Bank, we don’t think
same-day cash availability is an act of heroism. To us,
it’s business as usual. But then, we happen to have
one of the best schedules in America.
Part of it is luck. We’re in Chicago, the nation’s
transportation hub. The other part is good planning,

good technology and good old-fashioned hard work.
We have two helicopters for continuous mail pickup.
An exclusive zip-code. And non-stop, 24 hour-a-day
processing. We present checks for collection to 400
endpoints daily, 250 of which are direct sends.
Frankly, on speed alone, we generally beat
the Fed hands down. And not many banks can
say that.
Let us show you how your availability could be
better. Call Robert C. Vasco at (312) 828-4046. Our
correspondents get the best there is.
It’s what 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
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1982



FEBRUARY 1982 • 89th Year • No. 1421


Principal speaker at “ The Survival of Independent Banking” conference held in
Lincoln last month by the Nebraska Independent Bankers Association was
Senator Jake Garn (R., Utah), extreme right. Pictured with him are other par­
ticipants, from left: Paul J. Amen, Nebraska director of banking; James H. Moylan
(rear), NIBA genl. counsel, Omaha; W. C. Bennett (foreground), pres, of IBAA and
c.e.o. of Arthur State Bank, Union, S.C.; L. W. (Bill) Souba, pres. NIBA and pres.,
David City Bank, and Kenneth A. Guenther, IBAA exec, dir., Washington, D.C. Fur­
ther details on page 33.
At the North Dakota Bankers Association Management Conference in
Jamestown last month, Carole DeForest, NDBA associate director, was honored
as she left that post after 18 years of service with the association. Carole, who
was married in December, will be moving to Colorado. NDBA Exec. Dir Flarry
Argue (left) and NDBA Pres. Tom Roney (right), pres., Foster County Bank and
Trust, Carrington, presented her a beautiful mantel clock on behalf of the
membership. Conference details on page 53.



M o rtg ag e outlook survey


Mortgage insurance executives assess 1982


Ag lending pilot project

19 Minnesota banks activate new computer-based aid


Puts A R M on m oney m arkets


INDEX offers independent bankers five programs


IBAA to m eet in H aw aii

Independent bankers will draw more than 2,000



C a p ital stand ard s are set

Federal regulators list new minimum capital requirements



Bank Promotions
Corporate News
Twin Cities


South Dakota
North Dakota


Des Moines
Advertisers’ Index

305 15th Street, Des Moines, Iowa 50309

Phone (515) 244-8163

Publisher & Editor

Associate Publisher

Associate Editor


Ben Haller, Jr.

Steve Burch

Becky McBurney

M alcolm K. Freeland


Field Representative

Field Representative

Debbie Hibbert

Glen Hicks

Paul Masters

No. 1421 Northwestern Banker (USPS 397-620) is published monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des
Moines, Iowa 50309. Subscription $1.50 per copy. $15 per year. Second Class postage paid at Des Moines, Iowa and at additional mailingj
office. POSTMASTER: Send all address changes to Northwestern Banker, 306 Fifteenth Street, Des Moines Iowa 50309.

Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis

This 1958 building doesn’t
look or act its age.
Inside and out, both the form and
function of this bank were recently
updated by Bank Building
Decades of success and growth
had com m itted Citizens National
Bank to their established location,
and they’d outgrown their building
in the process. Total redesign was
needed. Both inside and outside
wall surfaces were removed and
replaced. Floor area was doubled,
in the process of becoming a more
use-filled building, the new Citizens
has made a strong visual impact on
its community.
This project was com pleted on

budget and on time, with minimum
inconvenience to customers and
employees. Which comes with
practice: since 1913, Bank Building
Corporation has com pleted over
8000 projects— many of them
rem odeling assignments.
We know that some older
buildings are right for remodeling,
while others are not. And we’ve
learned to know the differences
between them.
Before your need to remodel or
build becomes acute, please call
Tom Spalding at 314/647-3800. Let's
become acquainted and share
more information.
Ask us to show you a new
beginning or two.

1130 Hampton Avenue
St Louis, Missouri 63139
Federal Reserve Bank of St. Louis

Performance According to Plan


Convention Calendar
ABA—American Bankers Association
AIB—American Institute of Banking
BAI — Bank Adminstration Institute
BMA—Bank Marketing Association
IBAA—Independent Bankers Association
of America
NABW—National Association of Bank
Women, Inc.
RMA—Robert Morris Associates

National Conventions & Schools
Feb. 28-Mar. 3—ABA National Assembly for
Community Banking, Fairmont Hotel,
Dallas, Tex.
Mar. 7-9—ABA National Credit Conference,
Century Plaza Hotel, Los Angeles.
Mar. 7-10—BMA Community Bank CEO
Seminar, Marriott’s Rancho Las Palmas,
Palm Springs, Calif.
Mar. 14-17—BAI Conferenceon Bank Secur­
ity, Crown Center Hotel, Kansas City, Mo.
Mar. 14-18—IBAA 52nd Annual Convention,
Sheraton W aikiki Hotel, Honolulu,
Mar. 21-24 —ABA Trust Operation &
Automation Workshop, Hyatt Regency,
Mar. 21-24—ABA National Instalment
Credit Conf., Leows Hotel, Dallas.
Mar. 21-25—BAI Bank Auditors Conference,
Diplomat Hotel, Hollywood, Fla.
Mar. 22-26—BMA Essentials of Bank
Marketing School, Univ. of Georgia,
Mar. 28-31 — BMA/BAI Electronic Banking
Conference, Hyatt House Hotel, Los
Angeles, Calif.
April 3-8—BMA Management Schooi of
Bank Marketing, Univ. of Georgia,
April 15-16—BAI Auditing for Compliance,
Chicago, III.
April 18-24—ABA Essentials of Banking for
the Banking Professional, Univ. of
Okla., Norman.
May 9-11 —NABW Missouri State Con­
ference, Crown Center, Kansas City, Mo.
May 9-14—ABA National Personnel School,
Univ. of Colo., Boulder, Colo.
May 12-14—Association of Bank Holding
Companies Annual Meeting, Hyatt
Regency Hotel, San Antonio, Tex.
May 23-25—NABW Wisconsin State Con­
ference, Radisson, Lacrosse, Wis.
May 23-27—ABA National Marketing Con­
ference, Hyatt Regency Embarcadero,
San Francisco, Calif.
May 23-28—BMA Essentials of Bank
Marketing School, Univ. of Colo.,
May 23-28— BMA School of Trust Sales &
Marketing, Univ. of Colo., Boulder.
May 23-June 4—BMA School of Bank
Marketing, Univ. of Colo., Boulder.
June 6-18—ABA Stonier Graduate School
of Banking, Rutgers Univ., New Bruns­
wick, New Jersey.
June 13-16—ABA National Operations &
Automation Conference, Los Angeles.
July 11-16—ABA Natl. Advanced Ag Bank­
ing School, Iowa State Univ., Ames.
July 25-30—Midwest Banking Institute,
Univ. of Minn., Morris.
July 25-Aug. 6—BAI School for Bank Ad­
m in istra tio n , Univ. of W isconsin,
Madison, Wis.

Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis

Aug. 8-21 —Herbert V. Prochnow Graduate
School of Banking, Univ. of Wise.,
Aug. 16-20—BMA Essentials of Bank
Marketing School, Lake Forest College,
Lake Forest, III.
Sept. 19-22—NABW 6th Annual Conven­
tion, Los Angeles Bonaventure, Los
Angeles, Calif.
Sept. 19-Oct. 1—ABA National Instalment
Credit Schools, Univ. of Oklahoma,
Oct. 16-20—ABA Annual Convention, At­
Oct. 31-Nov. 3—RMA 68th Annual Fall Con­
ference, Sheraton, Bal Harbour, Fla.
Nov. 14-17—BAI 58th National Convention,
Hyatt Regency, Houston, Tex.
Nov. 15-19—BMA Essentials of Bank
Marketing School, Univ. of New Hamp­
shire, Durham.

State Conventions & Schools

Mar. 9-10—CBA Hedging Seminar, Airport
Hilton Inn, Denver.
April 25-27—CBA Agricultural Credit Con­
ference, Broadmoor Hotel, Colorado
May 6-7—CBA Investment Conference, The
Lodge at Vail, Vail.
May 20-22—NABW Colorado State Con­
ference, Holiday Inn, Estes Park.
June 3-5—CBA Annual Convention, Broad­
moor Hotel, Colorado Springs.
Sept. 15-18—Colorado Independent Bank­
ers Association Annual Meeting and
Convention, The Lodge at Vail, Vail.

of Iowa, Iowa City.
July 22-24 — 11B Annual Convention
Sept. 19-21—IBA Annual Convention
Marriott Hotel, Des Moines.

Feb. 16-17—MBA Senior Bank Managemer!
Conference, Hyatt Regency Hotel, Min
Mar. 4—MBA Marketing Conference, Holi
day Inn Downtown, Minneapolis.
May 2-4—NBAW State Conference, Rad
isson South, Bloomington.
June 14-15—MBA Annual Convention
Radisson Hotel, St. Paul.
July 25-30—Midwest Banking Institute
Univ. of Minn., Morris.
Aug. 19-22—IBM Annual State Convention
Arrowwood Lodge, Alexandria.

Mar. 4-5—MBA Time Management Seminar
Ramada Inn, Billings.
Mar. 28-29—MBA Bank Presidents Con
ference, Sheraton, Great Falls.
May 20-21 —MBA Commercial Lendinc
Conference, Sheraton, Billings..
June 18-19—NABW State Conference
Colonial Inn, Helena.
Aug. 24-27—79th Annual Convention i
Membership Meeting, Banff, Canada.

Feb. 17-18—NBA Personnel Conference
Holiday Inn, Kearney.
Mar. 24-25—NBA Ag Outlook Conference
Holiday Inn, Kearney.
April 15-17—NABW Nebraska State Cog
ference, Regency Marriott, Omaha.
May 6-8—NBA Annual Convention, Holiday
Inn Central, 72nd & Grover, Omaha.
Sept. 13-14—NBA Ag Credit Symposium
Lincoln Hilton, Lincoln.
North Dakota:

Feb. 17-19—Bank of N.D. Mid-Winter Break
Kirkwood Motor Inn, Bismarck.
Mar. 30-April 2—NDBA Washington Legis
lative Conference, Hyatt Regency or
Capitol Hill, Washington, D.C.
April 7-8—NDBA Ag Credit Conference
Kirkwood Motor Inn, Bismarck.
April 28-30—NABW Annual Convention
Kirkwood Motor inn, Bismarck.
May 24-25—NDBA Annual Convention
June 13-18—NDBA North Dakota Schod
of Banking, Univ. of N.D., Grand Forks.
Sept. 27—NDBA Northeast Group Mtg.
Sept. 28—NDBA Northwest Group Mtg.
Sept. 29—NDBA Soutwest Group Mtg.
Sept. 30—NDBA Southeast Group Mtg.

Feb. 24-25—IBA Marketing Conference, Lin­
colnshire Marriott, Lincolnshire.
April 14-15—IBA Commercial Credit Conf.,
April 19-20—NABW State Conference, Hy­
att Regency, Chicago.
May 11-12—Independent Community Bank­
ers of Illinois, 8th Annual Convention,
Springfield Hilton.
May 17-28—Illinois Bankers Schooi, SIU,
June 2-4—AMBI Annual Meeting, Indian
Lakes Resort, Bloomingdale.
June 6-8—IBA Annual Convention, Stouffers, St. Louis.
June 13-19—IBA Ag Lending School, ISU,
June 16-19—IBA Advanced Ag Lending
Clinic, ISU, Normal.
June 20-26—IBA Commercial Lending
School, Univ. of Illinois, Champaign.
Aug. 8-13—IBA Consumer Lending School,
EIU, Charleston.
Sept. 15-16—IBA Ag Credit Conference,
Ramada Inn, Champaign.
Oct. 5-6—IBA Trust Conference, Radisson,
St. Louis.

April 22-24—NABW State Conference
Downtown Holiday, Sioux Falls.
May 6-7—SDBA Trust Conference, Hoi
day Inn, Mitchell.
May 17-18—SDBA Annual Conventior
Rushmore Plaza Civic Center, Rapid Cit}
Oct. 7-8—SDBA Instalment Credit & Retal
Banking Conference, Sheraton, Yanktor
Oct. 27-28—SDBA Economics Seminar fo
Young Adults, Holiday Inn, Mitchell.



Mar. 8-10—IBA AG Credit Conference, Sheman Center, Ames.
Mar. 27-31 —IBA Annual Washington, D.C.
Trip, Four Seasons Hotel.
May 12-14—NABW State Conference,
Marina Inn, South Sioux City.
June 7-18—IBA Ag Credit School, Ames.
June 20-25—IBA School of Banking, Univ.

May 20-22 —NABW State Conference
Ramada Inn, Casper.
June 9-11—WBA Annual Convention, Jach
son Lake, Moran, Wyoming.
Sept. 16-17—WBA Installment Loan Cor
ference, Hitching Post Inn, Cheyenne.
Nov. 12-13—WBA Chief Executive Officer
Conference, Ramada Inn, Casper.

South Dakota:


“I carry enough parts on
every service call to handle
almost any service problem.
Mosler thinks ahead!’
Every Mosler service vehicle
is a mini-warehouse on wheels.

Kenneth Mayberry
Sr. Service Technician
Saginaw, Michigan

On a service call, our technicians don’t have to waste val
uable time making extra trips to one of our major distribution
warehouses for parts— most of the time all it takes is a trip to
the van or truck. Each of our over 1,000 custom vehicles is
equipped with thousands of dollars worth of replacement
parts and tools. Available right then.
In addition, our more than a thousand expert techni­
cians are factory trained in every aspect of service,
including installation and preventative maintenance on all
makes of security products. In fact about 20% of a Mosler i
service technician’s career is spent in training, staying
current with the newest innovations and techniques.
We want our service to be as good as any of our
products. From start to finish. Because twenty-four
hours a day, seven days a week, the integrity of our
service is as important to Mosler as it is to you. That’s
why we think ahead. So you can stay ahead.
f *6



An A m e ric a n -S ta n d a rd Company

Hamilton, Ohio 45012

Where quality service is the
product of quality people.
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1982

If y o u r

p r im a r y c o rre sp o n d e n t

d o e s n ’t c a ll a s o ft e n
a s y o u ’d lik e , c a ll
F irst B a n k M in n e a p o lis «




V* *
ils i


^■P»1 d




Federal Reserve Bank of St. Louis

lo find out how often you
;d to see your primary correlent, we took the direct approach,
We asked.
And most of you said three or
imes a year.
Then we realized that few, if
najor correspondent banks had
*h calling officers or support
5 pull that off. We knew we didn’t,
So again, we took the direct
lach. We reorganized our
:spondent Banking Department
icreased our staff of professionals

in every area, bo all our primary
respondents will see us as often as
they’d like.
We now field the largest force
of correspondent calling officers,
bond and money market specialists,
data processing professionals and
cash management consultants in the
Upper Midwest. Experienced people
trained to know you and your markets.
And all because that’s what
you’ve asked for.
So if you’re getting the idea
that we’re the most responsive

correspondent bank around, you’re
getting the right idea.

First Bank
Correspondent Banking
First Bank Place
Minneapolis, MN 55480

We are what you want a correspondent bank to be.
Federal Reserve Bank of St. Louis


Bank Promotions


1973 and has been in the correspon<
dent bank division since 1979 calling
on correspondent banks in parts oi
A m erica n N a tio n a l B an k , Iowa, in Utah, Nebraska, Indiana and
Chicago: John Q. McKinnon, 37, who Colorado, as well as some suburban
began his career with the bank in Chicago banks.
Mr. Reher joined American Nation
1968, has been elected executive vice
president. He will continue his pres­ al in 1976, transferring to the corre
ent responsibilities for several areas spondent bank division in 1979 where
within the commercial banking he works with banks in Iowa am
Wisconsin, as well as many outlying
Jerry H. Langley, 34, was advance suburban Chicago banks.
to senior vice president and continues
as manager of the international bank­
Commerce Bank of Kansas City:
ing division.
John J. Hanby, Jr., has been elected
vice president. He is manager of ttk
bank card center. Mr. Hanby joined
the bank in 1976.
ROMOTIONS and other an­
nouncements have been made by
the following banks:


h h û


Vernon Center,
Free standing.

Thornton, IA
Attached display.


Capron, IL
Custom designed to
match architecture.




In addition, John F. Reuss, 42,
senior vice president, has been named
head of the trust department. He
joined the bank in 1965.
New vice presidents are: Thomas
M. Blake, 37, operations devel­
opment; Michael J. Hennessey, 39,
correspondent and institutional bank­
ing, and Gregory S. Kobus, 32, com­
mercial banking department.
Nine persons were elected second
vice president: Robert D. Regnerus
and Dennis F. Reher, correspondent
banking division; Robert J. Reynolds,
investm ent m anagem ent group;
Craig B. Collinson and Eugene R.
DeMuro, commercial banking depart­
ment; Richard E. Fiedorowicz and
Tferry McGill, banking operations;
Eugene Letourneau, tru st, and
Michael E.J. Weatherly, operations,
London branch office.
Mr. Regnerus joined the bank in

Box 128
Brookings, SD 57006
Phone 605-692-6145

Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis



Continental Bank, Chicago: Pro
motions were announced last month
for six bankers serving customers in
the midwest. J. Michael Baird was
named a vice president. Electee
banking officers were Margaret H.
Clagget, John B. Greenman, Nancy
J. McGaw, Richard J. Meliska anc
Gregory A. Watland.
Other promotions to vice presiden
James M. Karis and William J
Moser Jr. in corporate finance anc
Don A. Resler in worldwide cast
management, financial services de
partment; Neile H. Coe, Jr., genera
banking services; Nancy L. Kosobud
multinational banking services; Pau
W. Boltz and Alan G. Jirkovsky, bone
and treasury services; Terry L. Franc
and Daniel S. Shook, corporate fman
cial services; Sharon A. Bond, Rober
B. Evans, Roger F. Farleigh and Pau
F. Lawless, trust and investmen
services, and William F. Anderson
William L. Walton and Kent E
Westerbeck, operations and manage
ment services.
New second vice presidents include
Elizabeth A. Johnson and Thoma:
G. Thrvis, trade finance division
Thomas E. Mularz, central west divi
sion, and Joan E. Young, cash man
agement marketing support, all ii
the financial services department
Mary Anne Heckler, general bankinj
support services; Robert F. Dieli, cor
porate financial services; E. Alai
Johnston and Michael H. Wagnei
trust and investment services, am
Marshall A. Blake, Craig D. Elder
kin, Roy A. Giusti and Richard 1



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American Express can give your
customer a temporary ID.
Anyone who loses a wallet on vacation has
probably lost more than just money.
Chances are, he’s lost his identification too.
W hich means he may have trouble trying to
prove who he is when he tries to cash a
check. Pick up his rental car. O r check into
his hotel.
Fortunately, American Express can help.
If your customers lose their identification
along with their American Express®
Travelers Cheques, we can issue them a

temporary ID. W hen they call to report
their loss, they will be referred (following
verification) to one of our Travel Service
Offices in the U.S., Canada, Puerto Rico,
or the U.S. Virgin Islands—where they can
pick up the ID card during business hours. It
has our name and phone number and their
name printed right on it, so they can use us
as a reference wherever they go.
No other travelers cheque can give your
customers a temporary ID card. A nd no
other travelers cheque offers all the other
special services we do throughout the U.S.,
Canada, Puerto Rico and the U.S. Virgin
Islands: 24-Hour Travel Service Hotline,
Credit Card Cancellation Assistance, Emer­
gency Message Service and Check Cashing
up to $200.
So when you sell your customers
American Express Travelers Cheques, you’re
giving them the kind of extra protection
they may need on their next vacation. A nd
the more you do for them, the more you
do for yourself. After all, keeping your
customers satisfied is the best
way to keep your customers.

American Express Travelers Cheques
A merican Express Travelers Cheques, Am erican Express Plaza, New York, N . Y. 10004 212-323-3226
Federal Reserve Bank of St. Louis


Kenny, operations and management
First Interstate Bank of Arizona, P h o en ix :
David A. Woods
has been elected
senior vice presi­
dent of branch of­
fice administra­
tion to succeed
Robert Quigley,
who has left the
bank to assume
new duties as
president of First
Interstate Bank of Lea County in
Hobbs, N.M. Mr. Woods, who joined
the bank in 1969, holds a B.A. degree
in business adm inistration from
Momingside College in Sioux City, la.
First National Bank of Chicago:
Several changes have been an­
nounced in the cash management
consulting services group.
Anthony Carfang, 30, was elected
vice president and will continue as a
group leader of cash management
Cathy Rollins, 27, was elected
assistant vice president and will


For Installment Loans
• A u to m a te d
• M anual


V -

c a ll or w rite :

V E T 7 G.D. VAN
524 Plym outh B uilding
12 South S ixth Street
M inneapolis, M innesota 55402
(612) 333-2261

Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis

manage a team of cash management
Robert Brockfield, 45, was named
senior consultant for the team dealing
with cash management practice and
David Allen, 26, and Edward
Banas, 27, were appointed cash man­
agement officers.
New appointments to the staff in­
clude James Sagner, 40, as assistant
vice president and team leader for a
cash management consultant group.
He was formerly with A.T. Kearney
and Hay Associates.
Also joining the cash management
staff were David Wang, 35, as a tech­
nical consultant; Cindy Wilkinson,
27, as a consultant in corporate
studies, and Thomas D. Switzer, 33,
who will have responsibility for the
transportation group of the world
wide banking department, and the
midwest division and specialized in­
dustries division of the U.S. banking

Wells Fargo & Company. He is deputy
group head of the credit policy group.
Mr. Gillfillan is senior credit officer
of the commercial banking group. Mr.
Morrow is in the corporate banking
group in charge of division III, which
includes regional offices in New York,
Chicago and Atlanta.
Joann M. Berenato, 30, a major
accounts officer in the loan adjust­
ment department, and Nancy B. Her^
ringer, of the real estate industries
group, have been elected vice presi­
dents. James J. Kerins has been
named regional vice president in com­
mercial loan administration, head­
quartered in the Stockdale office,
At Wells Fargo Credit Corporation,
headquartered in Scottsdale, Ariz.,
Larry S. Crawford has been named
president. He joined the subsidiary as
an executive vice president when it
was formed in 1978. Neil W. Thrner
succeeds Mr. Crawford as chief
marketing officer for the Credit
Martha L. Daetwyler, 32, assistant
general counsel for Wells Fargo Leas­
ing Corporation, has been named a
vice president.

First National Bank of Kansas
City: Stanley H. Durwood, president,
American Multi-Cinema, Inc., has
been elected a director. He is also a
director of First Charter Corporation,
the parent holding company.
Paul A. Dow, II, has been promoted
to trust officer; Linda J. Cole to assis­
tant vice president, and Elizabeth W.
Jensen to assistant cashier. Elected IBAA to Offer Visa
assistant trust officer were: Randall J. Travelers Cheques
Anderes, Ruthann Boosman, Lynn C.
The In d e p e n d e n t B an k e rs
Grazier, Kathy S. Runyon and Russell Association of America announces
D. Smith.
that it has reached agreement on a
contract with Barclays Bank Visa
Harris Bank, Chicago: The elec­ Travelers Cheques Division of New
tions of six senior vice presidents York under which IBAA has agreed
to endorse the sale of Barclays Visa
were announced recently.
In the investment department they travelers cheques among its member
include Jeffrey S. Chisholm, head of banks in the interest of improving
the treasury group, and Robert W. their return on travelers cheque
Goetter, head of the trading group.
Negotiations have been under
James E. Adams is the bank’s
controller and head of its financial way for the past four months with
control group.
Barclays and other major issuers of
Kenneth R. Keck heads the bank travelers cheques, all of whom were
card group in the metropolitan bank­ invited to submit proposals last
ing department. Willard R. Phillips, August.
According to James R. Taylor,
Jr., is head of the trust department’s
institutional fixed income group. chairman of IBAA’s bank opera­
L. Webber is in charge of corporate tions committee, “IBAA banks will
receive substantial financial incen­
tives for featuring Barclays Visa
Wells Fargo Bank, San Francis­ cheques which would not otherwise
co: Gordon S. Grout, 44, Michael J. be available to them.’’ The program,
Gillfillan, 33, and Robert P Morrow which goes into effect immediately,
III, 32, have been elected senior vice is based on the aggregate sales of
presidents. Mr. Grout also was elected Barclays Visa travelers cheques by
to the same post with the parent IBAA members.


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Banco Financial Corporation can help get your
company off to a great future with Asset Money.
Contact John Olson, Lee Mork, Robert Olson or
Paul Weingart, (612) 372-7988, 780 Northstar
Center, Minneapolis, Minnesota 55402. Or Jack
Hart, (303) 571-0515, One Denver Place, Suite
1512, 999 18th St., Denver, Colorado 80202.

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, Chris Hoss in Fargo at
(701) 293-8136, or Jim Fetzerin Billings at
(406) 657-3581.



An Affiliate of Northwest Bancorporation


Federal Reserve Bank of St. Louis

Lease Northwest,Ii\ic.
Affiliated with Northwest Bancorporation

... =v


Northwestern Banker February, 1982


ROMOTIONS and other an­
nouncements have been made by
the following firms:
Banco Financial Corporation,
Minneapolis: William J. Breit re­
cently transferred to Banco Financial
from Lease Northwest, Inc. Both
firms are subsidiaries of Northwest
Bancorporation. Mr. Breit has as­
sumed the responsibility of vice presi­
dent-marketing director for Banco
Financial. He was graduated from the
University of Minnesota in 1970 with
a Bachelor of Business Administra­
tion degree. He served with Midland
National Bank, a Banco affiliate,
from 1970-73 and then worked for



Westinghouse Credit Corporation in
Minneapolis until joining Lease
Northwest in 1977 as lease mar­
keting officer.
Valdis R. Inde also joined Banco
Financial recently and has been
named auditor. He is a 1979 graduate
of St. Olaf College in Northfield with
a B.A. degree in economics. He was
employed by Walter E. Heller West­
ern, Inc., in Phoenix as an external
auditor prior to joining Banco
Bankers Resource Center, Inc.,
Minneapolis: Thomas B. Williams
has joined the consulting firm as a
senior consultant. A CPA, he was
formerly with United Consulting Cor­
poration, Minneapolis, and McGladrey Hendrickson & Co. public ac­
counting firm, St. Paul.
Employers Mutual Companies,
Des Moines: Jack Holtzbauer has
been elected assistant vice president.
He had been assistant secretary and
supervisor of the rates and state in­
surance department filings for the

company. He will continue thos
supervisory responsibilities. Mr
Holtzbauer joined Employers Mutua
35 years ago.
B randt, Inc., W atertown
Wise.: John P.
D ullighan has
been named a
vice president,
and will manage
the firm’s curren­
cy systems divi­
sion based in
Bensalem , Pa.
He was formerly
manager of the
division, which
until early last year was a subsidia
company of Brandt. All of Brandt’,
currency and document handlin
equipment for financial institutions
vending firms and other users ar
manufactured by the division. Befor
joining Brandt in 1977, Mr. Dulligha
was with the Boeing Co. and earlie
with Automotive Products Co., Ltd.
in England, where he was reared an
Financial Shares Corporatio
Chicago: Vicki
D. Unangst, 27,
joined the con­
sulting firm re­
cently as assis­
tant vice presi­
dent in the mar­
keting division.
Previously, she
was a s s is ta n t
vice president in
charge of product
development for Marine Corporatio
Milwaukee, a 22-bank holding co
pany. Before that she was employe
by Northern Thist Company, Chicag
Her career work encompasses ma
keting, advertising, training and sys
terns analysis.

Names Product Manager
For Investment Services

Toll Free 800/621-6909
In Illinois 312/791-1901
Rates start at
$38.00 single— $46.00 double

Michigan Avenue at 8th Street
Chicago, Illinois 60605
Another fine A ris to cra t Inn of America

Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis

Cor Craane, formerly manager
pension and group insurance a
ministration at Square D Corp.
Chicago, has joined Continental
linois National Bank as produc
manager of the investment divisio
in the trust and investment service
Mr. Craane, 49, will be respons-'
ble for developing new services tha
are responsive to the asset an
liability needs of corporate employe
benefit plan sponsors.


“/ looked at Burroughs,
NCR and some off-premise
banking systems. CADO
was the most cost-effective,”

says James E. Jorgensen, President Central State Bank, State Center, Iowa

“ CADO could process all the daily proof
items we needed and gave us up-to-theminute data at any time. I converted to
the system in a few days. The loan pack­
age was up and working in three weeks.
Checking, savings, and N.O.W. accounts
were on-line in six weeks!’
M r. J o r g e n s e n h a s d i s c o v e r e d
BANCADO—the total information sys­
tem for com m unity banks. I t’s from
CADO—world leader in computer and
word processor technology.
This single system does the job of both
a proof machine and a posting system.

And it handles everything else you want
a system to do in perfect safety: Demand
Deposits, N.O.W. Savings, Installment &
Commercial Loans, CD ’s, Autom ated
Clearing, House Processing, Consoli­
dated 1099’s, Capital Notes, Advanced
Notices, General Ledger, Word Process­
ing, Payroll, W-2’s. Everything.
Heart of the system is CADO’s Customer
Information File. It holds complete data
on every customer including loan limits,
history, and checking account overdraft
d ata. And it interfaces with other
BANCADO programs for automatic up­
dates throughout the system.
For more information about the remark­
able BANCADO System fo r community
banks do what James Jorgensen did.
Call or write CADO today.


C A D O System s C orpo ra tio n

n b


2771 Toledo Street • Torrance, CA 90503
(213) 320-9660
Please send me more information about BANCADO—
the total information system for community banks.

Federal Reserve Bank of St. Louis



Northwestern Banker, February, 1982


M G IC 100 helps closj
KAr i n -i n n
100 coverage
provides the deeper level of
protection many lenders and
investors require.





To attract new investors the
home mortgage loan must
become an investment
instrument which presents no
risk. MGIC 100 can help.
MGIC 100 protects lenders,
and ultimately investors, against
any loss resulting from borrower
default. MGIC 100 guarantees
payment of 100% of the unpaid
A $226 billion
1990 , say P rofessors
principal and interest through the
and K. T. Rosen> M
i of California.
D. M, ¡afíee, Princeton
time of claim settlement. It also
pays reasonable foreclosure expenses
group, which includes public and
and certain advances such as taxes
private pension funds and life
and insurance.
insurance companies, represents a vitl
MGIC 100 is an important
source of mortgage funds for the futu|
addition to M G lC s Standard and
The $1.2 trillion new market.
Adjustor coverage options for those
The investment potential of
lenders who want deeper coverage. It
pension funds is almost $690 billion.
is designed for investors who may not
Life insurance company assets are ov<
be familiar with conventional mortgage
$475 billion. With only 1% of pensioi
instruments and who want an extra
fund assets in mortgages, new mone>
measure of security. This new investor
from this source can go a long way
toward filling the mortgage credit gaj
The MGIC Capital Markets Groi
is working hard to develop needed
new investor sources. MGIC 100 is oi
tool that can help attract them.
Find o ut how M G IC 100 can help you.
One call plugs you into o u r 15-city
n etw o rk of experienced secor
m arket professionals.

 Banker, February, 1982
Federal Reserve Bank of St. Louis

e mortgage credit gap.
Traditional investors also need M G IC 100.

Lenders today must also be aware
of the investment needs of their
traditional investors. Volatile interest
rates and untested new mortgage
instruments have increased loan
uncertainty and risk. Investors who
know the new mortgage market know
they can benefit from the additional
protection MGIC 100 offers.

Today, life insurance com panies and p u b lic and private
pension funds represent a $1.2 trillio n investm ent resource.

data as well as FHLMC and FNMA
prices and trends.
The Guide to Secondary
Marketing is a comprehensive
marketing manual detailing all aspects
of the public and private secondary
market. It helps lenders establish
programs to sell to FHLMC, FNMA and
private investors.
During 1982 and the years ahead,
MGIC will be working to help close the
mortgage credit gap. By providing
MGIC 100 coverage we will help you
expand the market for your mortgages.
And we will provide the people and
services you can count on to tap all
available sources of funds. Call on us.

We provide the most current
m arket data and educational
tools available in the
m ortgage insurance

The important support services.

MGIC 100 and M G lC s other
insurance programs could not work
without the secondary market support
services that help lenders take full
advantage of profit opportunities.
M G lC s secondary market
professionals in 15 major cities form
a network with immediate access to
investors and sellers. With an average
of seven years in mortgage lending and
three in secondary marketing, they
know the business well.
MGIC also provides up-to-date
educational and training materials. The
Secondary Market Weekly Newsletter
monitors mortgage and money market
Federal Reserve Bank of St. Louis


Working hard to earn your business

Northwestern Banker, February, 1982

rate, the bi-weekly 30-month rate^
and the “All Savers” rate which is
based on the results of Treasury
52-week T-Bill auctions.
Rates will be announced for the
6-month and 30-month CDs from
Monday at 8 p.m. to Tuesday noon,
Eastern time, each week. All savers
CD rates will be announced from 8
p.m. every fourth Thursday to noon
the next day.
Previously, these rates were an­
nounced on the toll-free 800
Washington Wire service. Due to
the limited capacity of an 800
to handle large volumes of
CUTTING the ribbon on another Boulevard Express automated teller machine in National
calls, the ABA has moved rate infor­
Boulevard Bank of Chicago’s Express network is President Henry K. Gardner (right). The
ATM, located in the Equitable Building on Michigan Avenue in Chicago is the seventh in the
mation to a 900 service. Thanks to
bank’s network. Viewing the ceremony, from left, are: Marshall A. Warshauer, sr. v.p. & t.o.;
advanced technology, the new
Michael Keeling and John Harahan, v.p.’s in operations, and Virginia Burnell, a.v.p.
RATE number can answer thou­
sands of calls simultaneously. A 9001
number is not a toll free number. A
50d local telephone company charge
is assessed to the caller.
ANKERS now can learn the
All calls to the 900 number must
This new service is offered by the
effective bank maximum in­ American Bankers Association’s be dialed directly. Coin-telephone1
terest rate on certificates of deposit Communications Council in re­ calls, calls from hotels or motels or
instantly by calling 1-900-210- sponse to requests from bankers for operator-assisted calls cannot be
RATE (1-900-210-7283) from 8 p.m. easier, hassle-free access to rate in­ made to a 900 number. Also, some
Monday through noon Tuesday, formation.
firms’ PBX or other internal phone
Eastern time. The service costs only
Included in this service are the systems are programmed to block
50 per call.
weekly six-month money market CD 900 number calls.

National Boulevard Opens New ATM

New ABA Phone Line Gives Rate Data


Today’s banking industry faces massive change.
For example:
• Deregulation
• Interstate Banking
• Volatile Interest Rates
• Non-bank Competition
Large international banks and non-bank con­
glomerates are prepared to meet the challenges
these changes will bring. They should be...they
created many of these changes!

But is your bank ready for the challenges of the
We make it our business to help you meet - and
beat - the challenges arising from change - large
or small.
Through our collective experience in serving
more than 400 banks, we have developed a
strategic planning approach that can help you
turn today’s challenge into tomorrow’s oppor­
For more information on how we can help, ask
any McGladrey Hendrickson & Co. partner or
call Jim Koltveit at (309) 794-1020.

M cG ladrey H endrickson & Co.

for FRASER Banker, February, 198‘¿
Federal Reserve Bank of St. Louis


America’s newest name
in banking is right
in the center of things.

Columbia Union National
Bank in Kansas City is now
called Centerre Bank.
Don’t worry. It’s only a
change of name. Not a
change of service.
All the correspondent
banking services you’ve
come to count on from this
bank are still available.
And the same experienced
people are still on hand to
provide them to you.
Centerre Bank. It’s a new
name. But we’re not
changing a thing about the
way we handle your
correspondent banking needs.


Formerly Columbia Union National
Bank & Trust Company
Member FDIC
Federal Reserve Bank of St. Louis



Northwestern Banker February 1982


ABA Schedules Several Conferences


HE American Bankers Associa­
tion has scheduled several
m eetin g s in com ing w eeks.
Highlights of these meetings follow:
National Assembly for Communi­
ty Banking, February 28-March 3,
Fairmont Hotel in Dallas, preceded
by a community banker planning
workshop. Chairman of the National
Assembly is Charles A. Bruning,
chairman of the Community Bank­
ing Leaders Council and president of
the Edgewood Bank, Countryside,
111. Emphasis is on products and ser­

vices requested by community
bankers — cash management ac­
counts, buy and sell stocks, conduct
travel business and underwrite life,
home and auto insurance. Program
leadership will be provided by Dr.
Dale D. McConkey, consultant to
management and professor of
management at the University of
Banker Education and Training
Forum, February 29-March 3, Omni
International Hotel, Altanta, will
take a timely and in-depth look at

We’ve changed
our location
but not our first priority:
Service and flexibility
in business financing.
W e’ve m oved to
100 W ashington Square,
M inneapolis, so we can m eet
the expanded borrowing needs
of M idwestern businesses.
W e offer experienced, flexible, creative financing that com­
bines national resources and
local-market understanding. We
can often go beyond your bank’s
ability to provide capital for your
growth, expansion and profit.
Asset-Based Loans. You
can borrow money against your
current or fixed assets—your
receivables, inventory, plant and
equipment (existing or to-be-

purchased)—for immediate
cash. This can help you benefit
from prom pt payment dis­
counts, volume purchases and
up-graded operations.

Bank Participations.
W e’ll participate with your
bank, to structure a loan package
that meets your requirements,
without disturbing your bank
Call us and we’ll
show you
new business
B usiness Credit
An affiliate of
laysAmcncan/BusinessCredit, Inc. 1981

Service is the difference between our money and other money.
00 Washington Square, Suite 1117, Minneapolis, MN 55401 (612) 339-2222^^^“
Mailing Address: P.O. Box 9418, Minneapolis, MN 55440

Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis

training techniques that can help*
banks of any size keep pace with in­
dustry changes. Forum agenda in­
cludes general sessions, panels,
roundtable discussions and special
interest sessions.
41st National Instalment Credit
Conference, Loews Anatole Hotel in
Dallas, March 21-24. Dallas Mayor
Jack Evans will open the conference.
Keynote address will be given by'
ABA President Llewellyn Jenkins,
vice chairman of Manufacturers
Hanover Trust Company, New
York, “Today’s Retail Banking En­
vironment.’’ Other general sessions
speakers include the Hon. Phil
Gramm (D. Tex.); Martin Agronsky,
syndicated TV news commentator,
and specialist in bank management
related to retail banking. Special in-'
terest sessions and peer group
discussions again will be featured.
Further details for any program
may be obtained from the ABA,
1120 Connecticut Ave., N.W.,
Washington, D.C. 20036.

Manufacturers Hanover
Upstate Banks Merge
Manufacturers Hanover Corpora­
tion announces th a t its three
upstate New York banks have for­
mally been merged into Manufac­
turers Hanover, N.A., a new na­
tional bank with headquarters in
Rochester, N.Y.
The new organization, with 38 of­
fices, is headed by William A.
Buckingham, president and chief ex­
ecutive officer, and Ray W. Manuszewski, chairman of the board.
Manufacturers Hanover, N.A. has
regionalized structure coinciding
with the market areas of the three
former subsidiaries — Manufac­
turers Hanover Trust Co./Central,
serving the Rochester-Syracuse
area; Manufacturers Hanover Trust
Co./Capital, serving the AlbanyS c h e n e c ta d y -T ro y area; and
Manufacturers Hanover Trust Co./
Western, N.A., serving the BuffaloOlean area.

First of St. Louis
Officially Changes Name
First Union Bancorporation of St.
Louis, Mo., officially changed its
name on January 4 to Centerre Bancorporation. Simultaneously, each
affiliate bank changed its name to
Centerre Bank, followed by the
name of the city, as announced


Frequent use of Long Distance is routine in every b usiness
concerned, w ith saving tim e and money. It has become a cost-cut­
ting necessity, w ith increased benefits for those w ho use
Long Distance for all it’s worth. Used w ith proven techniques,
Long Distance can be one of your m ost effective sales tools.
Long Distance gets there first. It is cost-efficient, always avail­
able and show s custom ers you care. In so m any ways, Long
Distance is a valuable business partner you can count on to get
things done. Today.
N orthw estern Bell w ill help you use Long Distance for all
it’s worth. Call toll-free 1-800-328-4535 (Ext. 655). In M innesota,
call 1-800-752-4225 (Ext. 655).

Northwestern Bell
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1982


TAG Holds 2nd Meeting

Better business
through risk
An interest rate
futures program
tailored to my
bank’s needs
The needs of your bank are unique, and when it comes to planning an
interest rate risk management program you deserve personalized serv ice.
The expert personnel of Dean Witter Reynolds' Financial Futures Divi­
sion offer you on-site development of a complete hedging program
responsive to your special requirements. We can provide training for your
personnel, coordination of a total program and access to our computerized
market/arbitrage analyses.
For more information, please write or call Merrill R. Johnson or
Randall C. Peck. Regional Specialists in Financial Futures Hedging.
Dean Witter Reynolds Inc.. 1818 Douglas Street. Omaha. Nebraska
68102. (402) 449-1600.


One investment firm
you’ll be glad to hear from.

Member SI PC

I-------------------------------------------------------------------------------- “j
| Please give me your current ideas on how I can use financial futures
hedging in my business.








for FRASERBanker, February, 1982
Federal Reserve Bank of St. Louis


More than 115 TABS Advisory
Group member institutions were
represented at the second national
TAG Conference held recently iru
Dallas. Established in 1980, TAG is
an independent association of in­
stitutions using Diebold TABS®
Total Automatic Banking Systems
Election of new officers was held
at the three-day conference. John
Scerbo, vice president, Chase
Manhattan Bank, New York, was
elected new TAG president. William,
Lockwood, vice president, EFT
sales and administration, Indiana
National Bank, Indianapolis, was
e lec te d s e c re ta ry tr e a s u r e r .
Regional representatives elected,
were: Ruth Thoes, MPACT product
manager, A ffiliated Computer
Syterns; James Hanisch, electronics
banking officer, Iowa-Des Moines
National Bank, Des Moines, la.;,
Frederick Spratlin, manager of First
Banking administration, First Ten­
nessee Bank, Memphis; William
Kracov, product manager, BayBanks Data Services, Inc., and Ted
Harden, assistant vice president,
bank card department, National
Bank of Commerce, Pine Bluff, Ark.

ABA Revises Publications
The Insurance and Protection Di­
vision of the ABA recently revised
these three major publications:
Digest of Bank Insurance. Order
No. 213900; member cost $45; non­
member cost $56.25. This fourth edi­
tion is a comprehensive and un­
biased analysis of insurance for the
full service bank. It contains new
developm ents in the Bankers
Blanket Bond, including coverage of
the BBB Form #24 revised to July
1980 and the Excess Bank Em­
ployee Dishonesty Bond revised to
May 1981.
Schedule of Bank Insurance.
Order No. 214000; member cost
$7.00; non-member cost $8.75.
Describes the various insurance
policies and bonds used by banks
and includes space to record the
bank’s coverages.
Bank Insurance Survey. Order
No. 21370; member cost $12.50; non­
member cost $16.00. Results of fifth
nationwide comprehensive survey of
bank insurance. Comparisons with
other banks of the same size and
with the total banking community.


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Not bank-to-bank.
That's the National Boulevard Bank approach
to correspondent banking. Each of our
correspondent customers enjoys the personal
service of an individual account officer
especially involved with his customers'
particular goals and needs in today's
challenging business climate.
And, our very special kind of personal service
is available across a broad range of functions

in four basic areas - Credit and Financing
Services, Assets-Liability Management
Services, Operational and Clearing Services
and Management and Marketing Services.
If you'd like that kind of personal service in
those kinds of areas, the person to call at
National Boulevard Bank is H. Peter DeRosier
at (312) 836-6868. Make it person to person.

i l
Federal Reserve Bank of St. Louis

J The Bank for the New Downtown.
400-410 N MICHIGAN AVE., CHICAGO, IL 60611
(312) 836-6500 • MEMBER FDIC

Northwestern Banker, February, 1982

Update your operation electronically without
a large capital expenditure.

The Correspondent Bank D epartm ent of the U.S.
National Bank will be happy to explain to you the many
advantages of going “ on-line” . Call Tom Jackson,
outside Nebraska — 800-228-9511, in Nebraska —

When you go “ on-line” with U.S. National, you hook up
with one of the most modern on-line systems in the coun­
try. You enjoy the benefits of the latest com puter
technology at a relatively low cost.
United States National’s Correspondent On-Line System
gives you the advantage of computer speed and ac­
curacy in posting, proofing, handling balance inquiries,
account histories, and obtaining customer information
profiles. This information is at your fingertips instantly.
Another “on-line” advantage is that processed items
need not leave your possession — only the information
is passed on.
The equipment shown at left is all that is necessary
in your bank, and your employees can be trained to
operate the equipment quickly because it’s simple and
easy to use.
In addition to reaping immediate benefits from going
“on-line” , your operation is ready to adapt to Electronic
Funds Transfer when you are ready.

Unlike some new systems, U.S. National’s Correspon­
dent On-Line is tested and true — there are no “ bugs”
to be worked out at your expense. The following is a
quote from a satisfied customer, “ We began using U.S.
National’s On-Line System four years ago, and we’ve
found it to be the best way to update our bank’s oper­
ation without making a large expenditure . . . going
“on-line” with U.S. National virtually revolutionized our
bank’s operations’.’Join hundreds of banks.U.S.National’s
Correspondent On-Line is ready when you are.

US National Bank
of Omaha



> <:
Federal Reserve Bank of St. Louis

Member FDIC g = = = =
An Affiliate of Northwest Bancorporation BANCO (É


Mortgage insurance executives
a ssess the 1982 outlook
A Northwestern Banker Survey
ERHAPS one of the most difficult assignments today
is to consider all the negative and diverse aspects of
today’s economy and try to forecast what will happen
during 1982 in the housing mortgage market. However,
the chief executive officers of several of the nation’s
leading mortgage insurance firms agreed to this assign­
ment and have given their honest appraisals of this
important market for the months ahead in the following
special report for N orthwestern Banker readers:

Challenges and Opportunities

Chairman of the Board
Mortgage Guaranty/
Insurance Corporation
Milwaukee, Wis.

ATHERING storm clouds of recession mark the
beginning of 1982. The high interest rates of 1981
have taken their toll. Housing and autos are in a
depression, and the impact of the declines in these
industries is spreading. Industrial production is down
and unemployment is rising. Businessmen and consum­
ers are very cautious in making future spending plans.
The drop in overall activity should be especially sharp
during the first quarter of the year and run into next
spring. The second half of 1982 should see recovery
under way. Thus, it looks like we have a "V-shaped”
On a more optimistic note, the 1981-82 recession can
set the stage for a strong recovery by wringing out
inflation through moderation of wage demands, empha­
sis on revived cost control and efficiency, increased
savings and revitalized competition. This current down­
turn has been caused by ten years of inflation and the
accumulation of bad habits and attitudes brought on by
inflation and, in many respects, it is unique.
Giving Reagan economics its due, this may well be
viewed as model change-over time in the United States
economy. We are moving from Keynesian demand-side
economics to supply side economics. We are changing the
balance between government and private enterprise;
between savers and borrowers; and, hopefully, from a
depreciating and stable dollar domestically and in world
Federal Reserve Bank of St. Louis

markets. The forces used by the Administration to bring
about these changes are long-term. They include tax
reductions, reduction in the size and role of government;
a new balance between monetary and fiscal policy; and a
new competitiveness throughout the economy. One
should keep in mind that the benefits of the program are
also long-term. A key question is whether the American
people will be willing to wait for the fruits of the program
to ripen.
This recession, by bringing interest rates down, ab­
sorbing excess inventories and rebuilding liquidity, can
set the stage for positive long-term growth. For bankers
and mortgage lenders, the positive effects can come early,
for interest rates which start down under the pressure of
recession can continue down during the subsequent
recovery. This has happened in the past. Based on the
expectation that Americans will opt for long-term cures,
I can project rates on short term Treasury bills of 10% by
mid-year 1982 and 8.5% year-end 1982. Home mortgage
rates could decline to 13% by mid-1982 and 12% by the
end of the year.
As far as housing starts are concerned, there is little
doubt that a housing forecast in 1982 is an interest rate
forecast. If mortgage rates stay at 17% or above, we will
not reach the one million start level. At 15%, 1.3 million
units can be built; at 12% or lower, 1.8 million units
would be possible.
Challenges Facing Mortgage Lenders
The twin challenges facing the mortgage market are
the availability of mortgage funds and the affordability
of the monthly payment to the potential home buyer.
With the nation’s thrift and mortgage lending institu­
tions in trouble, the availability challenge could fall
more heavily on commercial banks in 1982 than it has in
the past.
At MGIC, when we ponder the question, "Will there be
enough mortgage money and where will it come from?”
our view turns to the secondary market and the nation’s
institutional investors. Without a doubt, pension funds
are the major growing pool of long-term funds in the
nation. They represent a great potential for home loan
investment. Banks can be the originators and the
servicers of the home loans that pension funds might buy.
This activity not only is vital to a full service bank given
pent-up demand, it also can become a major profit center.
The way to get started is through participation in the
programs of Fannie Mae, Freddy Mac and the use of
secondary market services of mortgage insurers like
In 1981, MGIC provided over $3 billion of secondary
market match-making services to its customers at no


Northwestern Banker February, 1982

cost to them. It also placed over $400 million of locally
originated mortgages, the average size and placement
being $25 million, with state retirement pension plans in
10 states. If you did not participate in these activities,
you owe it to yourself to explore them.
The challenge of qualifying individual home buyers
can be partially met through use of innovative mortgage
instruments. The fixed rate home loan is being supple­
mented in the marketplace by various types of graduated
payment mortgages, roll-over mortgages, and variable
rate mortgages which permit lenders to match borrowers
and houses in new, unique and safe ways. A whole family
of new private mortgage products has been created to
maintain the integrity of the investment and yet qualify
young people for houses. For example, private mortgage
insurers like MGIC are offering adjuster coverage for
negatively amortized loans. Even though the borrower
may at some point in time owe more than 100% of the
original balance, the portfolio lender or investor con­
tinues to be protected down to 75% of the original value.
We also offer 100% coverage on pools in loans where
investors require this measure of safety.
Mortgage rates may rise and mortgages may cost more
than triple A corporate funds in the future, just as they
did back in the 1960’s prior to regulation Q, but
innovative lenders working with secondary market pro­
fessionals and mortgage insurers can continue to put
people in houses.

Creative Financing to Continue

DAVID W. BEAL, President
Banco Mortgage Company
Minneapolis, Minn.

HE YEAR 1982 will see a continuation of the
consolidation of financial institutions. The existing
long term mortgage debt in lenders portfolios will
continue to erode earnings and cause a shrinkage of net
worth. Federal legislation to over-ride various state
prohibition on enforcement of "due on sale” clauses could
provide some very slight relief to this continuing prob­
lem. This type of legislation, however, is too late for
many institutions. The bigger problem is the high cost of
funds and very little relief appears to be coming in 1982.
Numerous forces exist in our economy which will tend
to resist an appreciable decline in interest rates, namely
inflation, large governmental deficits and corporate bor­
rowing. Until inflation is established for a number of
years in the single digit range, lenders will be reluctant
to commit funds at rates below current levels. Federal
Government borrowings in excess of 100 billion annually
will also keep rates at high levels. Many corporate
borrowers are waiting for rates to hit certain lower than
present levels, and when that happens, they will come
into the money markets to obtain longer funds at fixed
Banker, February, 1982
Federal Reserve Bank of St. Louis

"Creative financing” which became the buzz word of
residential financing will continue in 1982. Investors as
well as consumer acceptance of many forms of the
adjustable rate mortgage has been slow. Unlimited semi­
annual or annual upward adjustments in the mortgage
rate has not been accepted by consumers. A fixed rate for
5 to 7 years with a balloon at the end of the period will
probably emerge as a form of financing acceptable to
borrowers and investors. We will see, however, many
other individually tailored plans with negative amortiza­
tion and buy-down rates.

Housing to Pick (Ip




Verex Assurance, Inc.

ousing will experience another sluggish year as
continued pressure on interest rates will, in turn,
continue to keep a significant number of potential
purchasers from qualifying for mortgages. Long-term
interest rates will remain high during the year. Many
corporations will begin funding deferred long-term
financing requirements when long term-rates move
down to the 12% - 13% range; however, the supply of
long-term funds is likely to be thin so that corporate
bond rates will stabilize, or even move back up, after
only a modest decrease.
The demand for mortgage funds likewise will be
greater than the amount needed to finance resales and
new construction, as the "creative financing” of the past
several years begins to come up for renewal. The total
demand for housing funds will tend to stabilize mortgage
rates, as well.
During 1982 we expect to see the beginning of a trend
toward a national mortgage rate, rather than the vary­
ing local rates prevalent in the past, as lenders increas­
ingly begin looking to the general capital markets for
housing funds. Since investors will expect a yield at least
equal to the corporate "AA” rate, the national mortgage
rate will settle at 100 to 200 basis points above the
corporate rate.
For the year, we expect about 1.2 million housing
starts. The year will start very slowly for housing, but
will end up with annualized starts at about 1.5 million
units. Mortgage rates may drop to the 14% - 15% range.
Short-term rates may fall somewhat from present levels
in the second quarter but, if so, will rebound in the third
Much depends on how the market perceives the
direction and duration in the inflation rate. A sharp
drop, perceived to be of lasting duration, could mean
somewhat lower long- and short-term rates; however, the
reduction of mortgage rates to the 12V2% to 13% level
could open the demand flood gates and stabilize rates at
that level for some time.

19 Minnesota Banks Activate
MBA Ag-Lending Pilot Project

A TYPICAL situation shows a banker (left)
during an initial loan interview with a farm
couple in the bank...

...then visiting with them on Ihe farm for
followup discussion...

...and then, with the terminal equipment in
the bank, accessing the University of Min­
nesota computer for pertinent data..

...after which a printed reponse comes
almost immediately to the bank terminal to
assist in the loan analysis.
Federal Reserve Bank of St. Louis

HE computer based Ag-Lending
Pilot Project undertaken recent­
ly by the Minnesota Bankers

Phase II of the instructional pro­
gram took place January 28-29 at
the Sheraton Northwest, Brooklyn
Association in cooperation with the Park, when the same bank personnel
Agricultural Extension Service of received instructions on an ad­
the University became fully opera­ vanced program.
tional on December 10. Funded par­
tially by a grant from the American
A Bank-Oriented Project
Bankers Association, this bankThe three year computer project
oriented financial analysis tool
started with 17 Minnesota banks is aimed at helping farmers assess
and two more banks were added by their lending needs and project
the end of last month. (See list with possible outcomes of specific lending
plans. Although the program does
this story.)
assist farmers in making financial
Attend Training Session
decisions related to their farm
A pproxim ately 30 rep resen ­ business, the pilot project still is
tatives of the initial 17 banks basically for the assistance of com­
gathered December 8-9 at the munity banks with a high volume of
Rodeway Inn, Bloomington, for the ag loans, who can use it to help
Phase I training session. At this analyze loan requests. “It is not a
time, each bank was given its ter­ bookkeeping program for the
minal equipment, the mechanics farmer,” Wayne Berthiaume, MBA
were explained, then representatives adm inistrative vice president,
of each bank were given a specific points out, “but is a modern tool for
case problem to work out. The ter­ a banker’s loan analysis.”
minal equipment, consisting of a
Experience gained from participa­
telephone and compact printout tion of 1,500 farms during an
machine, allowed the operators to 18-month period with the University
communicate with the extensive of Minnesota and the Farmers
computer library maintained on the Home Administration in testing the
U of M campus. By dialing up the effectiveness of computer aids in ag
computer number on the special lending has aided materially in
phone included with the terminal, development of this computer pilot
the bankers accessed the desired project. MBA sponsors the Midwest
program and received an immediate Banking Institute on the U of M ag
printed response from the data on campus at Morris, Minn., each sum­
file. With this information, and that mer along with North Dakota,
supplied from the farm customer in South D akota, M ontana and
the case problem, a judgment could Wisconsin Bankers Associations,
be made on the loan request.
and simulated credit analysis pro­
The participating banks paid blems have been set up on the school
about $950 for the terminal equip­ computer since 1974.
ment, which they took home with
Mr. Berthiaume said the project,
them from the December 8-9 when fully implemented, will encom­
meeting for use in their banks. In ad­ pass six programs. The first three of
dition, they pay $2,300 per year dur­ these are product analysis, cash flow
ing the pilot program, which helps analysis, and annual projection
pay the U of M expenses for one full­ analysis.
time staff member hired to work
Heading the U of M team is
directly on this project. Farm
customers bear none of the cost of AG PILOT PROJECT .
this program.
(Turn to page 34, please)
Northwestern Banker, February, 1982


Independent Bankers put the
ARM on national money markets
offers MMF to independent banks
Editor's Note: In last month's issue, readers were
presented a review of the Money Market Fund
developed by Mid-America Bank Services Corporation,
which was organized last year by 13 state banker
associations. That article gave details of the American
Money Market Fund scheduled to be available soon.
The article also reviewed other programs being
developed by MABSCO.
The accompanying article recounts the progress
being made by Independent Bancservices Exchange
with its cash management service, Automatic Asset
Reserve Management, and other services and products
IN D EX is offering independent banks nationwide.
HEN INDEX began offering access to a money
money market fund last October to 11,250 in­
dependent banks in the United States, it became the
first viable commercial banking competitor for the
retail money market funds. In the ensuing four
months, over 600 independent banks have contacted
INDEX for information on how to offer their
customers access to MMFs, through the INDEX ser­
vice called Automatic Asset Reserve Management.
Referred to as A ARM, the service was developed
with Federated Administrative Services, Inc. to help
banks in their marketing and operation of a cash
management service. With ARM, banks can market a
money management program, tailored to their in­

dividual banks, enabling them to effect transfers of
customer monies into one of three money market
funds: a tax exempt fund, a government securities
fund and a bank CD fund.
Federated has been providing such cash manage­
ment services to bank trust departments for years, and
has 1,400 client banks. It is the largest manager of in­
stitutional money funds which are used mostly by
small and medium-sized bank trust departments.
E. Milton Klohn, chairman, and Noel H. Busch,
president, helped found INDEX last summer. Busch
had been CEO of Independent State Bank of Min­
nesota since 1975. Klohn had been President of Town
& Country State Bank of Newport, Minn., for the past
eleven years and a former director of Independent
State Bank. Independent State Bank was founded in
1975 by 188 members of the Independent Bankers of
Minnesota, the first such bank formed “de novo” by
independent bankers to provide their fellow in­
dependents with correspondent services. More than
ten years earlier, dozens of Nebraska independent
banks bought stock in the existing Packers National
Bank of Omaha for the same purpose. Following the
Minnesota success, independent banks have been
chartered as Independent State Bank of Colorado,
Wisconsin Independent Bank, and Texas Independent
Bank while Independent State Bank of Ohio and In­
dependent Bankers’ Bank of Florida are in formation.
INDEX Strengthens State Associations
Mr. Klohn and Mr. Busch stated at the outset to in­
dependent bankers, “INDEX will not replace your
state independent bankers association or your indepen­
dent bankers’ bank. It will help to make them stronger.
In fact, we are asking those organizations to become
principal members so that the services we develop and
the way INDEX operates will be in harmony with the
needs and market values of your region.”
They explained further that, “Like a broadcast net­
work, the principal member organizations will obtain
programs and services for you that augment their own
services.” Under this concept, INDEX now offers
member banks four additional services. They are: IN­
DATA, for data processing; INFORM, to assist in
compliance; INPACE; to aid in profit forecasting and
analysis; and INSIGNIA, to assist with advertising
and Marketing.
The two officers said “the principal members will ac-

Banker, February, 1982
Federal Reserve Bank of St. Louis

A comprehensive data processing source offering
both fully-supported in-house and service bureau
systems exclusively to independent banks, along
with a system requirements analysis for banks of
all sizes.


A comprehensive three-part information
and action system to help independent
banks remain in compliance with federal
laws and regulations with minimum effort
and modest cost.
A survival tool to identify how well your bank
keeps pace with other banks of equivalent size
and location, with historical performance and
with current economic conditions.


A marketing approach designed to max­
imize the results from your advertising
dollars and to make your bank stand out
from the rest.

tually own and control INDEX as voting members.”
Independent State Bank of Minnesota was the first
rincipal member, followed by Wisconsin Independent
Bank, Independent State Bank of Colorado, Communi­
ty Bankers Association of Ohio and Michigan Associa­
tion of Community Bankers. Other state organizations
are actively considering Principal Membership.
Affiliated Members Solicited
Independent banks have been asked to join INDEX
as affiliated members by payment of an initiation fee
of $100 that includes first year dues of $75. This af­
filiated membership provides access to INDEX serices through the independent bank’s principal
member in its state, or directly if there is no principal
In the first 90 days after announcing INDEX to in­
dependent banks, Mr. Busch says, ‘‘more than 100
ave been signed as affiliated members, we have had
hundreds of inquiries and the rate is picking up to
more than a dozen every day. We will see the volume of
’nquries pick up even further as AMEX/Shearson,
"ears, Visa, Mastercard and others get their programs
oing.” He doesn’t consider the American Money
arket Fund offered by MABSCO as a competitor,
ecause its program doesn’t appear to afford the same
degree of flexibility and support. But he said it is a
hoice the banks will make. Some banks will even use
oth, although it is really too early to tell because the
MMF has no track record. MABSCO offers its
MMF to all member banks in a 13-state area,
hereas INDEX offers ARM to independent banks naionwide.
Independent State Bank of Minnesota is no stranger
o the national money markets. It became a pacesetter
n 1980 when it pioneered a highly successful program
ith Federated to purchase and place $100,000 CDs in
'ndependent banks. That program has become the naional leader in recycling money market funds back ino community banks and has since been copied by
ther banks.
Customer Selects MMF
Now, through its ARM account, INDEX makes it
ossible for deposits in small bank customer accounts
o move into any one of Federated Group’s three intitutional funds — the Money Market Trust, with
bout $3 billion in CDs; the Trust for Short-Term U.S.
overnment Securities, with more than $4 billion, and
he Federated Tax-Free Trust, which holds over $2
illion in short-term municipal securities.
To accomplish this, the customer signs an agency
greement with a local independent bank, authorizing
t to effect certain transactions which, of course, in
Federal Reserve Bank of St. Louis

elude placing specified amounts of customer balances
in a MMF. The customer selects which of the three
Federated Funds, or combination of them, that is
Each bank sets its own requirements for the ac­
count, Mr. Busch points out. ‘‘A separate account is
recommended,” he says, ‘‘either a checking or NOW
account, but unless it is a corporate customer it will or­
dinarily be a NOW so the customer has an interestbearing transaction account. The bank and customer
agree on details of the agency agreement, which
stipulate minimum balance, fees to be paid the bank,
and the level above which the bank is to move excess
money into the MMF and the level below which fund
shares are to be redeemed. The bank then deals direct­
ly with the ARM Service Center operated in Pitts­
burgh by Federated.”
Many of the banks presently operate on a manual
basis; i.e., they telephone daily or weekly (as desired by
the customer) any purchases or withdrawals from the
MMF. Software to do an automatic sweep by com­
puter is also being used by others. Federated has also
developed a software package, Mr. Busch explained, to
offer affiliated member banks this sweep capability.
INDEX also is working with CADO computer for a
similar package. He said most software houses can
make the required program changes for in-house com­
puters commonly in use by independent banks.
Whether by manual or automatic means, the in­
dependent bank now has the capability of offering local
customers direct access to a national MMF and not ex­
perience the frustration of past months when bankers
all over the country saw billions of dollars in deposits
siphoned off by retail MMF’s that are aggressively
after banks customer accounts.
INDEX to Offer IRA Support Fund
Mr. Busch also reported last month the announce­
ment of another product that will aid independent
banks. “We’ve worked with Federated on an IRA sup­
port program to provide an alternative to deposits as
the funding vehicle for independent banks customer,”
and will soon be announcing further enhancements of
the AARM program.
Acceptance of INDEX and its growing place in the
scheme of a positive thrust into competitive marketing
with national non-bank financial organizations is
evidenced by the fact that INDEX offices were
scheduled to be moved the second week in February
from the quarters shared with Independent State
Bank of Minnesota. The new INDEX offices are a
block and a half away at 100 Washington Square.
Mr. Busch said INDEX scheduled seminars in
January and February with nine state independent
bankers associations, and each of those states is joint­
ly sponsoring one to four seminars. Mr. Busch and Mr.
Klohn will be heavily involved with those seminars.
Mr. Busch said, “our mission is to provide an um­
brella organization that can help independent banks
strengthen their territorial integrity through services
that meet the needs of their customers and enhance the
bank’s performance. We want to help make sure there
is no vacuum that all the non-bank financial organiza­
tions can walk into with ease,” he said. “The public
will stay with the local bank if it offers the services
they want.”
Northwestern Banker, February, 1982







1st Vice Pres.

2nd Vice. Pres.

Exec. Dir.


Independent bankers meet in Hawaii
anking deregulation and proposed structural
changes in the financial services industry are ex­
pected to be the main topics of interest to more than
2,000 registrants attending the 52nd annual convention
of the Independent Bankers Association of America at
the Sheraton-Waikiki Hotel in Honolulu March 14-18.
The Hon. Roger Jepsen, U.S. Senator from Iowa;
William Isaac, chairman of the FDIC, and U.S. Repre­
sentative Cec Heftel of Hawaii are among Washington
officials who will address the annual convention of the
nation’s smaller banks.
In addition to the interesting general sessions, the
popular special interest sessions will cover the Washing­
ton scene, one-bank holding company formation, rela­
tionships of CEOs and directors, and a report from FICB
Entertainment programs will feature the Bob Crosby
Orchestra and "Drums of the Pacific,” a fast-paced
Polynesian show.
Presiding at the opening general session will be W.C.
Bennett, president of the IBAA and chief executive
officer of Arthur State Bank, Union, S.C. The IBAA first
president the past year and slated to succeed Mr. Bennett
as president is Robert L. McCormick, Jr., president,
Stillwater Bank and Thist Company, Stillwater, Okla.
Second vice president is James D. Herrington, chairman
and president of the Coldwater National Bank, Coldwater, Kan. TFeasurer is Arch G. Mainous, Jr., president,
Citizens Union National Bank & Thist Company, Lex­
ington, Ky.
Making his first appearance as executive director will
be Kenneth A. Guenther. He took over those duties



Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis

January 1 following the retirment December 31 of.
Howard Bell, who served the IBAA in Sauk Centre,
Minn., headquarters for more than 25 years. Mr. Guen­
ther’s executive office is in Washington, D.C., while Sauk
Centre continues as the IBAA service office. Mr. Bell will
be honored during the 52nd convention for his quarter of.
a century of service.
The program follows:
Monday, March 15

Exhibits Open — Ballroom Foyer, Akaka
Falls & Iao Needle Rooms.
Registration — Main Floor Lobby.
8:30 to
Dinner Thble Reservations — Main Floor
8:00 p.m. Lobby.
Buffet Breakfast — Hawaii Ballroom.
Executive Council — Lanai Room.
Resolutions Committee — Honolulu &
Kahuka Rooms.
Special Interest Session —
"What’s Happening in Washington” —
Congressional Staff Members, Washington
— Molokai Room.
Conference of State Independent Bankers
Association Executives Luncheon — Niihau
Special Interest Session.
IBAA — Barclays Visa Travelers Cheque
Program — Kauai Room.
Special Interest Session.





9:30 to

"One-Bank Holding Company Overview” —
John J. Kendrick, Jr., attorney-at-law,
Hewett, Johnson, Swanson & Barbee, Dal­
las, Tfex.; and William P Johnson, attorneyat-law, Rothgerber, Appel & Powers, Denver,
Colo. — Kauaui Room.
Reception — Diamond Head Lawn.
Festive Dinner — Hawaii Ballroom.
"Drums of the Pacific” — Hawaii Ballroom.
Dancing to music of Clyde Pound Orchestra
— Hawaii Ballroom.
Hiesday, March 16

Exhibits Open.
8:30 to
Registration and Dinner Thble Reservations.
4:30 p.m.
First General Session — Hawaii Ballroom.
Call to order by President W.C. Bennett.
Invocation by Chaplain Donald Ofsdahl,
Colonel USAF, Hickam AFB, Hawaii.
Adoption of Rules for Convention —
General Counsel Horace H. Hansen.
Keynote Address by President Bennett.
Address by William Isaac, chairman of the
Report of the nominating committee by
Chairman Thomas F. Bolger.
Election of Officers.
Address by Senator Roger W. Jepsen, Repub­
lican, Iowa.
Address by Howard K. Smith, former
anchorman on the "ABC Evening News.”
Announcements and adjournment.
Convention Luncheon — Hawaii Ballroom.
Address by Willard Scott, weatherman on
NBC’s "Tbday Show.”
Special Interest Session —Kauai Room.

"Relationship Between Bank CEO’s and
Directors” — Dwight B. Crane, professor of
business administration, Harvard Business
School, Boston, Mass.
Wednesday, March 17
Exhibits Open.
Registration and Dinner Thble Reservations.
Second General Session — Hawaii Ballroom.
Call to order by First Vice President-Elect
James D. Herrington.
Address by Representative Cecil Heftel,
Democrat, Hawaii.
Address by Comptroller of the Currency C.
Tbdd Conover, Washington, D.C.
Address by D.L. Hovendick, president FICB,
Omaha, Neb.
Address by IBAA Executive Director
Kenneth A. Guenther, Washington, D.C.
Report of the resolutions committee by
Chairman John S. Whiteside, Ellicott City,
and adoption of resolutions.
Announcements and adjournment.
Program for Spouses of Bankers — Lanai &
Molokai Rooms.
"T\vo Hundred Years of Hawaii”
Afternoon free.
Reception — Diamond Head Lawn.
Convention Banquet — Hawaii Ballroom.
Invocation, President-Elect Robert L.
McCormick, Jr.
Installation of new officers.
Entertainment, The Bob Crosby Orchestra
— Hawaii Ballroom.
Dancing to music of The Bob Crosby
Orchestra — Hawaii Ballroom.


IBAA Headquarters Move to Washington
offices of
the Indep en d en t B ankers
Association of America were moved
to Washington, D.C., on January 1
when Kenneth A. Guenther official­
ly became executive director of the
IBAA. He succeeds Howard Bell,
who retired at year-end after 25
years of service with the organiza­
tion at headquarters in Sauk Centre,
Minn., where the IBAA was found­
ed in 1930.
In 1979, Mr. Guenther joined the
association that represents 7,390
banks after service with the Federal
Reserve System Board of Gover­
nors, and earlier positions with the
White House, the Treasury Depart­
ment as a Presidential appointee,
Senator Jacob K. Javits’ staff, the
State Deparment, and the Depart­
ment of Commerce. Since joining
IBAA, he has been in charge of the
Washington office.


d m in is t r a t iv e
Federal Reserve Bank of St. Louis

Mr. Guenther received his under­
graduate degree from the University
of Rochester and did his graduate
work in political science and
economics at Johns Hopkins and
Yale Universities.
During his five years with the Fed
Board of Governors, as assistant to
the board responsible for Congres­
sional liaison, Mr. Guenther served
under Chairman Arthur Burns, who
awarded him the Distinguished Ser­
vice Award. He also served under
Chairmen G. William Miller and
Paul Volcker.
The Washington office staff of 12
includes Virginia Dean, who is asso­
ciate director. She joined the IBAA
staff in Washington in 1975 and cur­
rently is in graduate business school
studies at the American University
in Washington.
Joel C. McConnell, Jr., a staff
member four years, is state liaison.

Richard W. Peterson, who joined
IBAA in Washington in 1974, is
legislative consultant. Phillip Cor­
win, legislative counsel, joined
IBAA last October and is registered
lobbyist in the House, while Jeanne
Marie Murphy, legislative assistant,
is lobbyist in the Senate.
Also, James Benda is federal ad­
ministrative counsel handling all
regulatory work and contacts with
federal regulatory agencies. Weldon
Barton is IBAA’s ag-rural America
representative, and is responsible
for all agricultural lobbying in both
the House and Senate.
The IBAA Washington head­
quarters are located at 1625
Massachusetts Ave., N.W., Suite
202, Washington, D.C. 20036.
Phone: 202-332-8980.
The Sauk Centre office continues
as a service headquarters, with a
staff of 15 in charge of Bill
McDonald, associate director.


Northwestern Banker February, 1982


Federal regulators
set minimum
capital standards

multinational institutions as total-i
ing 17 — all with assets in excess of
$15 billion. They say their policies
with respect to the 17 “would be
amended to insure that appropriate
steps are taken to improve over timei
the capital positions of banking
organizations in this group.”
The Comptroller says few nation­
al banks are below that office’s re­
quirements, pointing out that, on
average, the 4,000 community
banks reporting to the Comptroller
have a 9.71% equity capital ratio,
and the 109 regional banks have a
6.54% equity capital ratio.
The FDIC requires only an acrossthe-board 6% ratio of equity capital
to total assets, compared to the Fed
and Comptroller’s requirements of
5% for larger regional banks and 6%'
for community banks. In addition,
the FDIC will not count subordi­
nated debt and limited life preferred
stock as capital.
The FDIC official statement says'
those two components will not be
counted in evaluating capital ade­
quacy since they lack permanence,
are not available to absorb losses in,
a going concern, and impose man­
datory servicing requirements.” The
FDIC neither encourages or dis­
courages the use of such in­
struments, stating only they will not
be counted for capital.
All three agencies stress that the
stated minimum capital require-

community bank which has a 5%
primary capital ratio and a 3%
subordinated debt ratio. This bank
the Federal Reserve System Board would be deemed capital-deficient,
of Governors and the Federal though it has an 8% total capital tQ
Deposit Insurance Corporation. For total asset ratio. But, he said, if the
the first time in history, all three bank had a 6% primary and 2% sub­
have set a percent standard for ordinated debt ratio for the same
capital adequacy, although the one total 8% capital ratio, it would be
stated by the FDIC differs to some considered adequately capitalized.
The joint news release from the
degree from that set forth by the
Fed and Comptroller states, “Two
Fed and the Comptroller.
The latter two agencies set the principal ratio measurements of
primary capital ratios at 5% for the capital will be used: (1) primary
larger regional banks and 6% for capital to total assets; and (2) total
community banks. In addition, they capital to total assets. Primary
have a ratio requirement for total capital consists of capital stock,
capital to total assets of 6.5% for perpetual preferred stock, capital
regional banks and 7% for communi­ surplus, undivided profits, reserves
ty banks. If a bank should fail to for contingencies and other capital
meet the primary capital ratio, a Fed reserves, mandatory convertible in­
spokesman said, it would be con­ struments and the allowance for CAPITAL STANDARDS . . .
sidered capital deficient. The possible loan losses. Total capital in­ (Turn to page 33, please)
spokesman cited as an example a cludes the primary capital com­
ponents plus limited life preferred
New Capital Requirements
Current Capital Adequacy
stock and qualifying subordinated
of National Banks
notes and debentures.” That state­
ment says further that “Some bank
holding companies are engaged in
significant nonbanking activities
that require capital ratios higher
than those for the bank alone. In
these cases, appropriate adjust­
ments will be made in the applica­
tion of the consolidated capital
“ Institutions affected by the
guidelines are categorized as either
multinational organizations (as
i____ _
designated by their respective
supervisory agency); regional organ­
& CofC
izations (all other institutions with
A = 109 regional banks
new basic requirements
assets in excess of $1 billion, which
B = 4,000 community banks
may include some institutions
present average equity
capital ratios
located in money centers); or com­
C = all 4,109 banks
munity organizations less than $1
A = 109 regional banks
= primary capital
B = 4,000 community banks
|= capital to assets
The Fed and Comptroller identify
OLICY statements on capital
adequacy were issued recently
by the Comptroller of the Currency,

Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis

prevailed the past few years. In­
stead, he insisted, Congress should
SEMINAR on “The Survival of legislate with long-term goals in
Independent Banking” was con­ mind. He said most of this recent
ducted January 6-7 at the Hilton legislation has been stop-gap
Hotel in Lincoln by the Nebraska In­ emergency type and would not be
dependent Bankers Association. good for the industry or consumers.
NIBA President L. W. (Bill) Souba,
Sen. Garn stated he is aware of
president of the David City Bank in banker concerns over S.B. 1720 and
David City, Nebr., presided.
pointed out this bill just “flushes
Principal speaker was Sen. Jake up” the problems he sees in the
Garn (R., Utah), chairman of the financial world. “All I want you to
Senate Banking Committee. Sen. know,” he told the NIBA members,
Garn told the group of more than “is that this Senator will not at­
100 independent bankers who tempt to impose. If you think I ’m
braved Nebraska blizzard condi­ going to sit back there as one
tions that he objected to the “piece­ Senator and chairman of the com­
meal” approach to handling finan­ mittee and decide what the financial
cial institution legislation that has services industry of this country

should do, you’re wrong. I won’t. I
don’t feel it is my place or the place
of the Congress to do th at.” He said
if there is no consensus among finan­
cial institutions there won’t be any
W. C. Bennett, president of the
Independent Bankers Association of
America, and Kenneth A. Guenther,
new IBAA executive director, also
addressed the seminar. Other
speakers included Jim Thomas, ex­
ecutive manager of the Independent
B an k ers of Colorado; L arry
Menefee, president of Union Colony
Bank in Greeley, Colo., and
Michael Braude, executive vice
president, American Bank in Kan­
sas City, Mo.

(Continued from page 32)

RMA Slates Workshops


prehensive capital plans acceptable
to the regulator; (3) closely monitor
the capital position over time.
ments are “threshold level” only
• For zone 3, the agencies will: (1)
and they encourage stronger capital make a very strong presumption
positions by all banks. Small banks that the bank is undercapitalized; (2)
have complained strenuously in re­ make frequent contact with manage­
cent years that many large banks ment and set a requirement that the
were being permitted to have capital bank subm it a comprehensive
ratios as low as one-third of theirs, capital plan, including a capital
giving larger banks an undue augmentation program that is ac­
leverage position.
ceptable to the regulator; (3) give
To emphasize their position that continuous analysis, monitoring and
the new requirements are “threshold supervision.
in nature, the three regulatory agen­
cies have set guidelines as follows:
To emphasize their position that
the new requirements are “thresh­
old” in nature, the three egulatory
agencies have set guidelines as
HE managements of National
Boulevard Bank of Chicago, The
First National Bank of Hinsdale,
Zone 1 Above 6.5%
Above 7.0%
The First National Bank of WinZone 2 5.5% to 6.5%
6.0% to 7.0%
netka and Glencoe National Bank
Zone 3 Below 5.5%
Below 6.0%
announced recently an agreement in
“Generally,” the agencies state, principle has been reached to com­
“the nature and intensity of super­ bine the four institutions under one
visory action will be determined by multi-bank holding company effec­
the zone in which an institution tive in early 1982. The four banks
will have combined assets of approx­
• For banking institutions in imately $700,000,000. The total
zone 1, the agencies will: (1) presume capital will be in the range of
adequate capital if the primary cap­ $60,000,000. It is proposed that The
ital ratio is acceptable to the First National Bank of Wilmette
regulator and is above the minimum also will become associated with the
level; (2) intensify analysis and ac­ group in 1982.
tion when unwarranted declines in
National Boulevard Bank of
capital ratios occur.
Chicago operates at 410 North
• For zone 2, the agencies will: (1) Michigan Avenue, Chicago, and has
presume that the institution may be a banking facility at One Illinois
undercapitalized, particularly if the Center, Chicago. At September 30,
primary and total capital ratios are 1981, the National Boulevard Bank
at or near the minimum guidelines; had total assets of approximately
(2) engage in extensive contact and $400,000,000.
discussion with the management
The First National Bank of
and require the submission of com- Hinsdale has served the community

Robert Morris Associates, the na­
tional association of bank loan and
credit officers has scheduled a new,
two-day workshop on “Financing
the Closely Held Business.” The
dates and locations are March 9-10,
Houston; March 22-23, Miami; April
26-27, New York; and May 17-18,
Omaha. Registration for this event
is open to personnel from non-RMA
member banks; however, those from
the association’s member banks will
receive preference.

National Boulevard and 4 Others
Announce Agreement to Combine

Federal Reserve Bank of St. Louis

of Hinsdale since 1922. Its total
assets at September 30, 1981, were
approximately $125,000,000.
The First National Bank of Winnetka, operating under a national
charter since 1909, has a limited ser­
vice facility in Hubbard Woods. Its
total assets at September 30, 1981,
were approximately $90,000,000.
Glencoe National Bank has a
limited service facility in North­
brook. Its total assets at September
30, 1981, were approximately
The agreement to combine the
four institutions is subject to
shareholder approval and ap­
propriate regulatory authorities and
will be subject to certain other con­
Henry Gardner, president of the
N ational B oulevard Bank of
Chicago, stated that the combina­
tion will allow the banks involved to
better serve commercial and retail
customers in their respective com­
Northwestern Banker, February, 1982

(Continued from page 27)
Richard Hawkins, project coor­
dinator and extension economist of
th e
F arm
M an ag em en t,
Agricultural Extension Service. He
says the computer pilot helps
farmers answer three questions,
“Where am I now? Where do I want
to be? How can I best get there?’’
Mr. B erthiaum e notes th a t
although the pilot project now under­
way is bank-oriented, and is good for
use with better farm customers as
well as marginal farmers, it is also
helpful for farm customer to watch
the terminal program as it searches
the U of M computer files and prints
out the responses.
“When a program is not viable,”
Mr. Berthiaume states, “the farmer
will see this himself, in most cases.
When it is, he will move ahead
with confidence in his banker and
himself in the particular farm
endeavor for which he is seeking a
The U of M computer files have
recorded, for each county in the
state, hundreds of items of informa­
tion such as demographics of farms
and the people on them, soil
analysis, production records per
acre, transportation costs, viability

Minnesota Bankers Association
Pilot Project: Computer Assisted
Agricultural Lending

Participating Banks:
Swift County Bank, Benson
First National Bank, Blooming Prairie
Blue Earth State Bank, Blue Earth
First National Bank, Breckenridge
Pope County State Bank, Glenwood
First National Bank, Jackson
First Bank, N.A., Little Falls
Citizens Bank, Morris
Citizens State Bank, Norwood
Security State Bank, Pine Island
Red Lake County State Bank, Red
Lake Falls
First American National Bank, St.
Nicollet County Bank, St. Peter
Farmers & Merchants State Bank,
Northwestern State Bank, Tracy
Farmers State Bank, Trimont
Peoples State Bank, Wells
Bank of Willmar & Trust Co., Willmar
First Bank, Worthington

of grain and/or livestock operation
for a given area, ownership, size of
farm, proximity to markets, to name
a few. By accessing these and
dozens of other bits of information,
the banker can have at his fingertips
in a few moments the necessary data
that would otherwise have taken
days to collate or uncover.

“Time Theft” Costs Nations $120 Billion
i i T IME THEFT” - the deliberI ate waste and abuse of on-thejob time — cost the troubled
American economy a staggering
$120 billion in 1981, it was reported
in a nationwide study released
recently by a
leading employ­
ment specialist,
Robert Half. Ac­
cording to Mr.
H alf,
w hile
“ re c o g n iz e d ’ ’
crimes against
business, such
as shoplifting,
insurance fraud,
em ployee p il­
ferage, arson and kickbacks total
some $40 billion annually, “the big­
gest crime of them all — time theft
— remains, for the most part,
unrecognized, unreported and un­
Mr. Half, who heads Robert Half
International, Inc., the world’s
largest financial executive, accoun­
for FRASERBanker, February, 1982
Federal Reserve Bank of St. Louis

ting and data processing recruiters
(with over 80 offices throughout the
United States, and in Canada and
Great Britain), has been conducting
studies of time theft since 1970,
when he first identified — and
named — the problem.
Mr. Half points out that time
theft can take many forms. He said
that the most common examples in­
• Arriving at work late
• Leaving early
• Overly-long lunch hours
• Fabricating illness and taking un­
warranted “sick” days.
• Unreasonable amounts of time
spent socializing with co-workers
• Reading newspapers, magazines
or books on company time
• Attending to personal business on
company time
• Daydreaming and general inat­
tention to the work that should be
• Numerous and personal phone

With this information, the banker
hopefully can make an earlier deci­
sion and, more importantly, a better
decision with a wider array of infor­
mation based on collected facts.
Profitability Projected
One of the principal values of the
program, as seen by banker par­
ticipants, is that it will help project
over a several year period whether a
certain project proposed by a farm
customer will be profitable, and how
long it will take to produce a profit,
given the data uncovered by the
computer and the farmer’s own
balance sheets. “ It should be a
learning experience for both the
banker and the farmer,” Mr. Ber­
thiaume says, becuause both seek
the same answer — “how the loan
will affect the farmer’s business and
whether the farmer will be able to
make the loan payments.”
With the analysis printed out
from the computer, the decision can
be to go ahead, based on the
banker’s loan judgment, or, if
necessary, look at alternatives of­
fered by the computer data bank. In
either event, “it is imperative,” Mr.
Berthiaume concluded, “that lend­
ing decisions be based on long term
goals rather than short term desires
— which is exactly what the com­
puter is designed to do. ’’
• Extended coffee breaks
• Deliberately slowing down in
order to create higher-paying
overtime work
• Eating lunch on the premises —
and then going out for a full lunch
• Operating another business on
the side
“Of course,” Mr. Half observed,
“employees should not be treated
like machines. Everyone deserves a
reasonable amount of respite during
the work day. There’s nothing
wrong with some social conversa­
tion. We’re all going to be late once
in a while. And even the most concientious person will ‘goof-off a bit
from time to time.”
“However, deliberate, planned
and continual time theft poses an ex­
tremely serious — and mounting —
threat to our entire economy.”
“Time theft,” he warns, “deals a
severe blow to the nation’s produc­
tivity. And it fuels inflation by rais­
ing both the costs of producing
goods and services and the prices
consumers must then pay for them.”

Inc., a New York based investment
banking firm, to exchange newly
issued shares of common stock for
its debentures owned by Salomon
Brothers, it was announced by
Donald E. Lasater, Mercantile’s
chairman and chief executive officer.
Mercantile Bancorporation will
exchange up to 275,000 new shares
of its common stock for as much as
$10 million principal amount of its
8.5% debentures due 2004 issued by
Mercantile and owned by Salomon
Brothers as principal.
Mercantile has filed a registration
statement, covering the new shares
to be issued, with the Securities and
BOOSTER AWARDS were presented recently by Daktronics, Inc., of Brookings, S.D., to
Exchange Commission. The exact
Harry Stark (2nd from left) and Milo Potas (3rd from left). The award is made annually to in­ number of shares to be exchanged is
dividuals who have contributed to the growth of the electronics firm which produces in­
based on the market value of Mer­
terior and exterior bank signs and message boards, as well as other electronic message
cantile common stock and the cost
products. Presenting the awards were Duane Sander (left) and Aelred Kurtenbach (right),
pres., the co-founders of Daktronics.
of the proceeds from the sale of the
Mr. Stark, founder and principal owner of Stark Electronics in Minneapolis, was the first
stock by Salomon. Mercantile cur­
supplier to extend Daktronics a line of credit in February, 1970, after the firm was founded.
has 5,856,426 shares of the
His firm has continued as a chief supplier to Daktronics. Mr. Potas was honored for his many
stock outstanding, which
contributions through the years to the success in electronics voting systems and other pro­
are traded on Over-the-Counter
duct areas, particularly for his workmanship on consoles for the voting systems.
Two Minnesotans Head
vice president of a commercial lend­
Mr. Lasater stated the exchange
ing division where he had respon­ was expected to take place before
New Phoenix Bank
( Two former Minnesotans have sibility for the bank’s relationship the end of the month and result in a
recently been named to the top two with the petroleum and agribusiness tax-free gain of approximately
$3,000,000 which will be reported on
posts at a new bank in Phoenix, industries.
Mercantile’s first quarter results.
He said, “the transaction will
John S. Pillsbury, III has been
strengthen the corporation’s capital
pamed chairman and G. Reed Mabase
and provide additional support
comber, president, of Camel Bank,
anticipated growth of its
an Arizona-chartered bank located
on Camelback Road in the city’s new
Bancorporation Inc.
Tishman Biltmore Office Park,
30 assets of $4.5
i Directors of the new bank include
has 32 affiliate
Fredric H. Corrigan, retired chair­
banks throughout the state of
man of Peavey Company and a for­
Missouri, including its lead bank,
mer director of Northwest Bank
Mercantile Trust Company N.A., St.
Corporation; Walter C. Nelson,
Mr. Macomber has served the Louis.
chairman of the Eberhardt Com­ past nine years in a variety of
pany, and Stephen R. Pflaum, a management and executive posi­
Minneapolis attorney.
tions with First Interstate Bank of
Mr. Pillsbury, who has nearly 20 Arizona. In his most recent position, Continental Bank Open
years banking and investment he was vice president, national ac­
management experience, most re­ counts division, where he was Six Edge Act Branches
Continental Bank International,
cently was vice president and chief responsible for all corporate and cor­
operating officer of Sargent Man­ respondent bank relationships in 16 the Edge Act subsidiary of Con­
agement Company, a Minneapolis- Midwestern States. Earlier he was tinental Illinois National Bank and
based registered investment ad­ associated with the Richfield Bank Trust Company of Chicago, has an­
visory firm. Prior to this position, he and Trust Company, American Na­ nounced the opening of six branch
served with First Bank Minneapolis tional Bank and Trust Company of offices.
The new offices are located in
for 17 years in various management St. Paul, and served as president of
Cleveland, Dallas, Minneapolis,
and executive positions, including Roseville State Bank in St. Paul.
Philadelphia, San Francisco and
Seattle. Continental Bank Interna­
which provides international
Mercantile Stock Swap
"Accepted Sale Registers by Bank
banking services to cor­
Clerks Everywhere"
Strengthens Capital
porations and correspondent banks,
Tor inform ation w rite
Mercantile Bancorporation Inc., is headquartered in Chicago. It also
St. Louis, entered into an agreement has branches in New York, Miami,
O ak lan d , Iow a
last month with Salomon Brothers Houston and Los Angeles.

Daktronics Gives Booster Awards

Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1982

The effortless, painless, “Fedless”
way to process cash letters.

Maybe you’ve been processing
all your checks through the Fed
to save operating costs. You
may be able to save more
money by processing those
checks through us. We have the
advantages that can make it
well worth your while:
professional staff — over 77
years of accumulated banking
experience to assure you of
competent, efficient service.
proximity — we’re probably
closer than the Fed. And our
messenger will visit your bank
daily . . . accommodating your
work schedule . . . and ours.
price — our pricing schedule is
competitive with the Fed’s. And
we give you something extra of
real value: someone you know
— on a personal basis — on the
other end of the phone whenever
there’s a problem or question.
Call and ask for our brochure.
And ask us to make a free
evaluation of your operation.
Let us show you how we can
deliver service th a t’s as good as
(or better than) the Fed’s.
Federal Reserve Bank of St. Louis

Needless to say,
the Fedless Connection
is the peerless way to
process your cash letters.

the Human
Interest bank
Commercial National
Bank of Peoria


301 S. W. A D A M S • PEORIA, ILLIN O IS 61631
PHO N E: (309) 655-52 25
W ATS LINE 1-800-322-2212


Rockford Bank Announces
Staff Changes

Expansion and Remodeling
Has Begun in Moline
1 First National Bank of Moline has
announced details of a $2.4 million
expansion and remodeling project
started recently at the main bank of­
fice, 501 15th St., Moline.
1 A two-story, 20,000 sq. ft. addi­
tion will be constructed south of the
bank as well as remodeling of the ex­
isting bank building. The exterior of
the addition will be covered in
limestone, with solar bronzed win­
dows, and is expected to be com­
pleted this fall. Remodeling of the
existing bank is scheduled to be
completed in the spring of 1983.

Two Promoted in Aurora
The Old Second National Bank,
Aurora, recently announced the pro­
motion of Robert J. O’Connor to
senior trust officer and Paul M.
Greene to trust officer.
Mr. O’Connor joined the bank
staff in 1973 and advanced to trust
officer in 1974. Mr. Greene took a
position in the trust department in

New Facilities Approved
The following banks have re­
ceived approval by the Federal
Deposit Insurance Corporation to
establish a facility: Citizens State
Bank of Mount Morris at 102 West
Second Street, Leaf River; Bank of
Illinois in Mt. Vernon at Rt. 1,
Waltonville; Mt. Zion State Bank at
the intersection of Rts. 36 and 121,
Decatur, and Nebo Bank and Trust
Company at the southwest corner of
Highway 107 and Perry Road,

Yorktown, Lombard.
Edward Shaw will remain as pres­
ident of Bank of Yorktown, with no
other staff changes planned. The ac­
quisition is subject to approval by
regulatory authorities.

Promoted in Evanston
Frank O. West was promoted to
commercial loan officer, Randall B.
Soderman to consumer loan officer,
and Rockwell F. Clancy to branch
manager at First National Bank and
Trust Co. of Evanston.
Mr. West joined the bank’s com­
mercial department in 1979. Mr.
Soderman was employed by House­
hold Finance before joining in 1979.
Mr. Clancy has been with FirstBank
Evanston since 1978.

Lawndale Promotions
Janet D. Patterson, president of
Lawndale Trust and Savings Bank,
recently announced the election of
Thomas E. Skolar, Jr. to executive
vice president and Barbara Jean Bos
to assistant vice president.
Mr. Skolar began his banking
career in 1967, serving most recent­
ly as president and chief operating
officer of the Bank of Lakehurst,
Prior to joining Lawndale Bank,
Mrs. Bos was an assistant opera­
tions officer at the First Bank of
Oak Park.

Promoted in Auburn

Bill Burke was recently promoted
from assistant cashier to loan of­
ficer, and Sue Tharp from head teller
to assistant cashier at State Bank of
Yorktown Bank Acquired
Mr. Burke has been with State
The Colt-Taylor Financial Group, Bank of Auburn since March, 1978,
Chicago, recently announced the and had previous experience at Il­
successful completion of a tender of­ linois National Bank in Springfield.
fer which gives Cole-Taylor con­ Mrs. Tharp started with the Auburn
trolling interest in the Bank of bank in September, 1977.
Federal Reserve Bank of St. Louis

Howard E. Bell, president of First
National Bank and Trust Co.,
Rockford, has announced the promo­
tion of John O. Benson, Lee H. Hen­
dricks, and Kenneth J. Roeh to ex­
ecutive vice presidents.
Mr. Benson began his banking
career at First National in 1962 and
served in various management posi­
tions before starting and operating
two affiliated banks, First Bank of
Loves Park in 1974, and First Bank
of Roscoe in 1979.
Mr. Hendricks, a CPA in his
eleventh year with First National,
has most recently served as vice
president and controller.
Mr. Roeh, an attorney, came to
First National from the St. Louis
area in 1974 and has served as vice
president and trust officer.
In addition, Richard Peterson has
been named senior vice president
and cashier, and George Wallace has
been promoted to vice president in
the trust department.
Three new assistant vice presi­
dents were named. They are Marilyn
Seinwill, Wendell Craft and Rob
Other promotions and appoint­
ments include Susan Puls to assis­
tant cashier, Mary Beale to commer­
cial loan officer, Sylvia Young to
customer services officer, Pat Perrin
to assistant trust officer, Sally
Williams to assistant auditor and
Jeff Layng to commercial loan of­

Mid-City Promotes One
Andrew S. Zdunek was recently
promoted to trust operations officer
at The Mid-City National Bank of
Chicago, according to Kenneth A.
Skopec, president.

City Bank Elects President
Jack R. Joyce has been elected
president and chief executive officer
of City National Bank & Trust Co.,
Rockford. H. Hurst Gibson has been
named vice chairman of the board.
Mr. Joyce joined the bank in 1968
from the Beverly Bank of Chicago.
Mr. Gibson recently completed his
35 th year with the bank.
In addition, Phillip R. Dickinson
and Charles F. Schramm have been
promoted to assistant vice president
and Marlene E. Flohr has been
named financial services officer.
Northwestern Banker, February, 1982


What this symbol means in the Upper Midwest.


Call yourfull-service correspondent banker (612) 372-8200

ational Bank
Of Minneapolis
An A ffiliate o f N orthw est B ancorporation

M em ber FDIC

Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis

with the First Insurance of Blue
Earth for the past two-and-one-half
years and Mr. Swanson was prev­
iously a member of the staff of the
Douglas County Insurance Agency,


Warroad Promotion Told

R. J . W elle, p re s ., B e m id ji
T. L. J e ffe rs , exec, v .p ., M in ne a p o lis

Senior Bank Management Conference
Scheduled February 16-17
HE M in n e so ta B a n k e rs
Association 1982 Senior Bank
Management Conference will be held

2:00 General Session
Minnesota Legislators Out­
look for the 1982 Session.
State Banking Legislation.
Federal Legislative Scene.
6:00 Reception.
7:15 D inner and “ S alu te to
Entertainment: The Sunshine

Feburary 16-17 at the Hyatt Regen­
cy Hotel, Minneapolis, with some
800 senior bank managers expected
to be in attendance.
The conference, sponsored by the
MBA Bank Management Commit­
tee, chaired by Martin Chorzempa,
president of the Richfield Bank and
Trust Company, will open on Tues­
Wednesday, February 17
day, Feburary 16, with a review and
discussion of the state and federal A.M.
legislative issues, including the
8:00 Registration.
MBA 1982 legislative program. The
General Session.
Asset-Liability Management.
Strategic Tax Planning for
The Role of the Community
Competition, Marketing and
11:45 Reception.
12:15 Luncheon and concluding
evening will feature a “Salute to the
M innesota L e g isla tu re ” , w ith
members of the legislature invited
to attend a special reception and din­
ner, followed by entertainment with
the nationally known singing group,
“The Sunshine Express.”
On Wednesday, February 17, the
conference concludes with a lun­
cheon featuring Jack Whittle on
“Competition, Marketing, and Pric­
ing for Banking in the ’80s.”
The conference planning commit­
tee is chaired by George Sugden,
president, Northwestern National
Bank, Mankato. The program for­
mat follows:
Tuesday, February 16
1:00 Registration.
Federal Reserve Bank of St. Louis

Promoted in Mankato
George W. Sugden, president of
the Northwestern National Bank of
Mankato, recently announced the
promotion of David R. Eggiman to
agricultural/commercial loan officer.
Mr. Eggiman joined N orth­
western Bank of Mankato in
January, 1981, as a regional credit

Gary Boekelheide has been pro­
moted to assistant cashier of the
Security State Bank, Warroad. Mr.
Boekelheide was employed at the
First National Bank of Grand Forks
before joining Security State in
1980. He has worked primarily in

Receives Design Award
Northwestern Bank of Fergus
Falls has been awarded a first place
by the American Society of Interior
Designers, Minnesota Chapter, in
their 1981 design competition. &
Interiors, a division of Foss
Associates, was presented the
award in December for the banks in­
terior design.

Brainerd Officer Named
Citizens State Bank of Brainerd
recently announced the appointnn t



Vonne Van Vick­
ie to the position
of operations of­
ficer, in charge
of the bookkeep­
ing department
of the Citizens
State Bank.
M rs.
VanVickle has been
employed at the
Citizens State Bank of Brainerd for
the past five years and assumed the
responsibility of head-bookkeeper in
June of 1981.

Legler Elected to Board
James R. Legler was recently
elected to the board of the First
American Bank, formerly Detroit
State Bank, of Detroit Lakes. He is
president of A & B Automotive

Insurance Manager Named
Staff Changes Announced
First Bank of Blue Earth recently
announced the promotion of Bruce
Hanson to a loan officer and the ad­
dition of J. Stewart Swanson as a
new agent for the First Insurance
Mr. Hanson has been an agent

Jerry Nelson has been named in­
surance manager for the First State
Bank, Clearbrook. He has six years
experience in insurance and real
estate, and was employed by the
First National Bank in Middle River
and the Great Northwest Agency,
prior to moving to Clearbrook.
Northwestern Banker, February, 1982

HE board of directors of the
Saint Paul Area Chamber of
Commerce recently announced the
election of James W. Reagan as
chairman of the board for a one-year
term. Mr. Rea­
gan is president,
chairm an and
chief executive
officer of Amer­
ican N ational
Bank and Trust
Company, Saint
Mr. Reagan
was first vice
president of the
Chamber in 1981. As chairman of
the board, he is the chief elected of­
ficer of the Saint Paul Area Cham­
ber of Commerce.
Other newly-elected officers of the
Saint Paul Chamber of Commerce
for 1982 are John D. Turner, presdent, Mid-America State Bank of
Highland, as chairman-elect, and
Benjamin G. Griggs, vice president,
Northwest Airlines, as secretary.
William Faulkner, vice president,
American Hoist and Derrick, was re­
elected Treasurer. Amos Martin, the
Chamber’s non-elected chief staff of­
ficer, assumed the title of president
in 1982.
Mr. Reagan has also been selected
by the St. Paul Jaycees as Boss of
the Year.
The Boss of the Year award is
presented annually to the individual
who demonstrates outstanding lea­
dership qualities, civic contributions
and cooperation and support of the
St. Paul Jaycees activities.

Thomas E. Holloran, Interna­
tional Financial Group, Inc. chair­
man, was elected to the additional
position of chief executive officer.
He has been chairman of the board
and president of IFG since 1976.
Banker, February, 1982
Federal Reserve Bank of St. Louis

Richard D. McFarland, formerly
president and chief executive officer
of Dain Bosworth Inc., succeeds Mr.
Holloran as president of InterRegional Financial Group, Inc. He
joined Kalman & Company, a pre­
decessor of Dain Bosworth, Inc., in
1953, and was elected president of
the securities and investment bank­
ing firm in 1972. He has been a direc­
tor of IFG since 1973.
Changes in the management of
Dain Bosworth Inc. include the ap­
pointment of Thomas M. Dale as
chairman and chief executive officer.
Mr. Dale began his career at Dain
Bosworth Inc. in the municipal in­
vestment operations of Kalman &
Company. He has been executive
vice president since 1976.
Fred R. Friswold was named
president of Dain Bosworth Inc. Mr.
Friswold joined the firm of J. M.
Dain & Company, also a predecessor
of Dain Bosworth Inc., in 1958 and
has served as executive vice presi­
dent since 1976.

First Bank Minneapolis recently
announced that Steven E. Rykkeli
has joined as an assistant vice presi­
dent in the Midwest Corporate I di­
vision; Sandra A. Vitrano has joined
as an assistant vice president in the
Milwaukee branch of its Edge Act
Corporation, First Bank Inter­
national, and George E. Ruth has
joined as a retail banking officer in
the professional banking division.



Prior to joining the bank, Mr.
Rykkeli had been an executive vice
president at the First National Bank
of Wayzata.
Ms. Vitrano had been with
Marine National Exchange Bank,
Milwaukee, most recently as an
assistant vice president.
Mr. Ruth began his banking
career in 1965 at First Robbinsdale
State Bank.
* * *
Steve King, vice president, First
Bank of Coon Rapids, was recently
elected president of the Twin City
Lenders Association, a group of 100
area and suburban banks, savings
and loans and credit life insurance
The association also elected three
new members to the board of direc­
tors: Sue Mueche, instalment bank­
ing officer of Northwestern State
Bank Northwest in Maple Grove;
Ann Jorgenson, assistant vice presi­
dent, Mid-America National Bank of
Cottage Grove, and Jim Hogan,
m anager of banking division,
Dunhill Personnel Systems.
* * *
The Federal Reserve System has
announced its approval of the ap­
plication by Riverside Bancshares
C o rp o ratio n , M inneapolis, to
become a bank holding company
through the acquisition of the River­
side Community State Bank of Min­
* * *
John B. Davis, Jr., president of
Macalester College, has been ap­
pointed to a two-year term on the
board of directors of the Federal
Reserve Bank of Minneapolis and
will serve as deputy chairman. He
succeeds Stephen F. Keating,
retired chairman of the board of
Honeywell. William G. Phillips,

If you think your correspondent
bank is stringing you along,
maybe its tim e you severed the ties.
Sometimes, getting the answers you need from
your correspondent banker can be a frustrating
experience. One that consumes too much of your
valuable time. And one that could contribute
to your loss of a customer.
At Midland National Bank, we won’t string
you along. Because most of our business
as a bank comes from dealing with businesses
and other banks. So, frankly, we’re willing
to put a lot of effort into making
our relationship with you work.
We’v e organized our bank
in a way that allows you to
deal directly with a decision
maker, rather than having
to go through several review
committees. Our correspondent
team is dedicated to responding to
your needs quickly. And, our
expertise with small and mid-sized
businesses puts us in a unique
position to understand your
customers’ needs.
So the next time you feel like
your correspondent bank is giving
you the business, call the Midland
National Bank correspondent team,
toll free at 1-800-752-4200.* And see
how the bank for business can
go to work to improve yours.
*In North and South Dakota, call 1-800-328-8678.

Midland national
bank O f M inneapolis
An Affiliate of Northwest Bancorporation ï ï z U l M ^ Mfc.

B anco
We’re big enough to know how
and small enough to know you.
Federal Reserve Bank of St. Louis


Minnesota News

chairman and chief executive officer
of International Multifoods, has
been appointed to a second threeyear term and will serve as the
board’s chairman.
Dale W. Fern, president and
chairman of the First National Bank
of Baldwin, Wise., and William L.
Mathers, president of Mathers Land
Company, Inc., Miles City, Mont.,
have been elected to three-year
terms on the Fed board.
Clarence G. Frame, vice president
of First Bank System, Inc., has been
reappointed to serve a one-year term
on the Federal Advisory Council
(FAC). The FAC is composed of 12
bankers representing each of the
Federal Reserve Districts. FAC
members periodically confer in
Washington, D.C., with the Board of
Governors of the Federal Reserve
System regarding business and
economic conditions in their regions
and in the nation.
* * *
C. Bernard Jacobs, chairman and
chief executive officer of National
City Bank of Minneapolis, has an­
nounced the appointment of DeWayne A. Hoium to vice president
and Paul J. Brewer to assistant vice
president of operations and person­
nel; Douglas A. Hedin to assistant
vice president in the investment
department, and Betty N. Peters to
personnel officer.
Mr. Hoium has served in National
City’s trust department since 1979.
Mr. Brewer has been with National
City since 1977. Mr. Hedin has been
associated with the bank since 1978.
Ms. Peters joined National City in



for FRASERBanker, February, 1982
Federal Reserve Bank of St. Louis

Jack Branch, executive vice presi­
dent of West St. Paul State Bank,
has re c e n tly
retired after six­
teen years with
the bank. He will
remain on the
board and as a
c o n su ltan t on
several projects.
Mr. B ranch
joined West St.
Paul State in
1966, leaving a
utilities and construction company
to take the position of assistant vice
president for mortgage loans.
* * *
Northwestern National Bank of
Minneapolis has announced the elec­
tion of Stephen C. Holahan to vice
p resid en t and
head of the fi­
nancial services
division in the
n a tio n a l
counts depart­
Prior to join­
in g
N o rth ­
w e ste rn , M r.
with Manufac­
turers Hanover Trust Company in
New York for eight years where he
most recently held the position of
vice president.
* * *



Jane E. O’Connor was elected cor­
porate services officer, having been
with the bank since 1977.
Claire E. Taylor was elected executive/professional loan officer, and
has been employed at Northwestern
since 1980.
* * *

Jack W. Greene has been elected
secretary and Laurel A. Holschuh
has been elected
assistant secre­
tary of North­
west Bancorporation.
Mr. Greene,
who is also vice
p re sid en t and
general counsel,
succeeds John
Dickerson who
has retired.
Mr. Holschuh was previously
with Northwestern National Bank
of Minneapolis as a trust ad­
* * *
Three banks have voted to change
Northwestern National Bank
their name. They are as follows:
opened a commercial representative
Mid-America State Bank of office in New
Highland Park, St. Paul, to The York City Jan­
Highland Bank; First Lakeville u a ry 11, a c ­
State Bank, Lakeville, to First cording to W.
Lakeville Bank, and Hillcrest Mid Ja m e s
A rm ­
America State Bank of Maplewood, stro n g , p re s i­
St. Paul, to Town & Country Bank - dent and chief
o p e ra tin g o f­
ficer. This fourth
* * *
Three employees have been New York officer
elected as assistant vice president at of Northwestern
Bank and Banco
N o rth w e s te rn
is officed at 40 Wall Street.
National Bank
Kim E. Cornell, assistant vice
of Saint Paul, ac­
with the bank’s eastern
cording to Larry
national accounts, will
D. Buegler, chief
manage the office.
executive officer
* * *
and chairman.
Funeral services were recently
held for Eugene L. Jackels, 47,
Beeck, who was
senior vice president-administration
elected in the
Northwestern National Bank
trust investment
of St. Paul, who died following a
d e p a rtm e n t,
joined Northwestern in 1981.
heart attack at his home.


Look for us in
Honolulu, H aw aii

Don Johnson

Bill Langford

We look forward to seeing our banker friends at the Independent
Bankers of America Convention.
We hope to see you there and to talk with you about how Ameri­
can’s full line of correspondent services can benefit your bank.

Federal Reserve Bank of St. Louis

B A N K *



Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis
Federal Reserve Bank of St. Louis


Minnesota News

Burnsville Branch Groundbreaking Held

The East Side branch was just
recently opened in November, 1981.

Hopkins Board Elects Two

GROUNDBREAKING ceremonies were recently held for the new Burnsville branch of

Richfield Bank and Trust Company, located in the Cobblestone Court complex, Co. Rd. 42
and 35W. The full service bank will encompass 10,130 sq. ft. of office space and feature a
24-hour automated teller and five drive-through lanes.

New President Named at
Minnetonka State Bank
Robert M. Weiss, formerly vice
president and loan administrator of
Wayzata Bank & Trust, was elected
president, chief executive officer and
a director of the Minnetonka State
Bank, Excelsior, as of Jan. 1.

Mabel Promotion Announced
First National Bank of Mabel
recently announced the promotion
of Vivian Vine to personal banking
officer. Ms. Vine began her employ­
ment with the bank in 1971.

so active for many years in various
community and civic organizations.

Northfield Officer Named
Gary Perkins has been promoted
to asistant cashier and operations
officer at the Northwestern State
Bank, Northfield.
Mr. Perkins, who joined the bank
a year ago, will supervise the handl­
ing of all bank transactions.

A1 Hilde, Jr., chairman and chief
executive officer of Satellite In­
dustries, Inc., and Raymond K.
Newkirk, founder and chief ex­
ecutive officer of Tape Inc., St.
Louis Park, and Arrow Precision
Inc., Columbia Heights, were recent­
ly elected to the board of North­
w estern N atio n al B ankW est,

Castle Rock Breaks Ground
The First State Bank of Castle
Rock recently broke ground for a
new detached facility to be located
on Highway three south of Farm­
ington. The new building that
features a wood fram, skylight win­
dows, a drive-through teller area and
room for expansion, was designed
by Charles Wahlberg of Hudson,
Wise. Completion date has not been

Boyd Bank Remodeled

State Bank of Boyd recently
finished the remodeling of their old
First Bank Willmar recently an­ bank building, which included the
nounced the promotion of Michael addition of a night deposit system
Solien and Charles Mausbach to as­ and a drive-up window. A 25 x 44
sistant vice president.
foot addition was also built to pro­
Name Change in Newport
Mr. Solien will assume the senior vide a board room and several of­
The stockholders of the Town and lending position in the newly- fices. An open house was held to
Country State Bank of Newport, created retail division and Mr. celebrate the completion.
Newport, have voted to change the Mausbach, commercial loans depart­
name of the bank to Town & Coun­ ment, will assume additional com­ Grand Opening Held
try Bank - Newport, effective mercial lending responsibilities.
Security State Bank & Trust Co.,
December 31, 1981.
Glencoe, recently held a grand open­
Ruthton Promotion Told
ing for its new detached facility
Albert Lea Banker Dies
Jerry Ihnen, senior vice president, located at 9th and Vinton Avenue on
Arthur S. Lund, chairman of has been named chief operating of­ the eastern edge of Glencoe. The
Security State Bank, Albert Lea, ficer of the Buffalo Ridge State bank now has three facilities to
died recently at the age of 89, ending Bank in Ruthton. He has been serve the community.
a banking career that had spanned associated with the bank for three
Marketing Officer Named
60 years.
Rudy H. Blythe, Jr., owner of
Mr. Lund started with Schanke &
Michael J. Karnas has recently
Co., Mason City, Iowa in 1912, fill­ Buffalo Ridge State Bank and its been named marketing officer for
ing various positions. Through the branch in Holland, recently accepted th e R ich field
years he has served as cashier at a position with the National Bank of Bank & Trust
First National Bank of Belmond, Commerce in Dallas, Texas. He will Co., Richfield,
Iowa; vice president and cashier at continue as chairman of the bank.
a cc o rd in g to
First National Bank of Northwood,
M a rtin ChorIowa; vice president of Northwood New Manager Named
zem pa, p re s i­
Leon Neisius, personal banking dent.
Savings Bank, and president of the
First National Company of North- vice-president of N orthw estern
Mr. K arnas
Bank of Marshall, has been selected joined in 1977 as
He later organized Security State to serve as manager of the East Side a teller and has
Bank, Albert Lea, and held the posi­ branch.
since been a
tion of president until 1978, when he
Mr. Neisius started with the bank credit analyst
became chairman. Mr. Lund was al- in 1970 as an instalment loan officer. and commercial loan officer.
Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis

Two Promoted in Willmar

Statement of Condition
National City Bank
(in thousands)
Cash and Due from B anks..................................................................................
Interest Bearing Time Deposits with Foreign Banks..........................................
Investment Securities:
U.S. Treasury....................................................................................................
U.S. Government Agencies ............................................................................
Obligations of States and Political Subdivisions............................................
Other Securities................................................................................................
Total Investment Securities..........................................................................
Trading Account Securities..................................................................................
Federal Funds S o ld ..............................................................................................
Loans, Net of Reserve for Loan Losses
1981 $2,756; 1980 $1,988 and Unearned Discount 1981 $389; 1980 $609
Leasehold Improvements and Equipment..........................................................
Accrued Income Receivable................................................................................
Customer Acceptance Liability..........................................................................
Other Assets .......................................................................................................
Total A ssets.................................................................................................

December 31
$ 29,878
$ 29,384




$ 75,713

$ 72,365





Liabilities & Stockholders’ Equity
D em and............................................................................................................
T im e..................................................................................................................
Foreign Branch..................................................................................................
Total D eposits..............................................................................................
Federal Funds Purchased and Securities Sold
Under Agreements to Repurchase..................................................................
Other Borrowed Funds........................................................................................
Acceptance Outstanding......................................................................................
Other Liabilities....................................................................................................
Dividends Payable................................................................................................
Subordinated N o te ..............................................................................................
Total Liabilities ............................................................................................
Stockholders’ Equity:
Common Stock, Par Value $5.00
Authorized 2,500,000 shares
Issued and Outstanding 2,000,000 shares ................................................
Undivided Profits*...........................................................................................
Total Stockholders’ Equity..........................................................................
Total Liabilities and Stockholders’ Equity ........................................................
* 1981 Undivided Profits excludes dividend declared, but not paid.

Directors of National City Bank of Minneapolis
C. B ern ard Jacobs

H ow ard E. B arn h ill

Edw ard C. Brow n, Jr.

Jam es B. Goetz

W alter W. H eller

C h a ir m a n o f the B o a rd
a n d C h ie f E x e c u tive O ffic e r

C h a ir m a n o f the B oard
a n d C h ie f E xe c u tive O ffic e r

R etired P resident

C h a ir m a n o f th e B o a rd
a n d C h ie f E x e c u tive O ffic e r

R eg en ts' Professor
o f E conom ics

Jam es H . H earon, III


D avid L. A ndreas

North American Life
National City Bancorporation and Casualty Company

P resident a n d C h ie f
E xe c u tive O ffic e r
S t. Mary’s Hospital

K en n eth H . D ahlberg

M arvin B orm an

C h a irm a n o f th e B o a rd
a n d C h ie f E xe c u tive O ffic e r


Dahlberg Electronics, Inc.

V ic e P resident

Sister M ary M adon n a
A shton, C SJ

National City Bank

University of Minnesota
Information Dialogues, Inc. C. W ilb u r Peters
P resident a n d C h ie f
O p e ra tin g O ffic e r

National City Bank
Maslon, Edelman, Borman, Frederick L. D em ing
Brand and McNulty
P resident
National City Bancorporation

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

A National City Bancorporation Affiliate

Minnesota Fabrics, Inc.
R alp h C . T u rn quist
C h a ir m a n o f th e B o a rd
a n d C h ie f E x ecu tive O ffic e r

Turnquist Paper Company


Member ED.I.C.


In Proof Data Capture
we've set new standards
so you can m aintain yours

O ur system helps
increase your productivity
w hile reducing your costs.
O ver two years ago, First Bank Saint Paul
introduced an innovative processing system, proof
data capture.
The outstate locations of many First Bank Saint
Paul customers meant less flexible schedules, early
cut off times, weather problems, and costly courier
service. Yet, these customers did not want to
commit to supporting an in-house EDP system.
Today, many banks are using proof data capture
to reduce their EDP costs by as much as 20% , and
courier costs by as m uch as 50%. But that's just
the start of the savings.
Proof data capture has also improved their
daily cash and float m anagement, reduced security
risks in transporting checks, reduced the time for
handling exception items and has increased
their over-all productivity.

Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis

With this new in-bank distributed processing,
entry data is captured in proof and transmitted
electronically to our com puter for processing.
There's no need to invest in your own in-house
com puter system. No need to worry about software
enhancem ents and m aintenance problems.
The results? You maintain your standards.
You save time. You save money.
W e're now involved in developing new on-line
proof program s to provide faster transmission
of your data. In addition, we have enhanced the
in - bank printing system which permits you to print
reports right in your bank.
These are just two more ways we're helping our
correspondents establish new standards of
perform ance. If you want more proof, give us a call
at (612) 291-5339.

First Bank Saint Paul
Member First Bank System

C om puter Service Sales
332 M innesota Street
Saint Paul, Minnesota55101

Correspondent Banker, Ken Cain, is shown with
Douglas Jones of our Computer Service Sales
department reviewing the new on-line proof system.
Federal Reserve Bank of St. Louis


Minnesota News

Elected to Board in Edina
James D. Le Gros, president of Le
Gros - Waddell, a food brokerage
company, has been elected to the
board of First Bank Edina, accord­
ing to H.J. Wogsland, president.

Eight Elected in Hopkins
The board of First Bank Hopkins
has recently announced the follow­
ing management changes:
Sheila Block has been named vice
president of executive banking. Ms.
Block has been with the bank since
Jack San Felippo has been named
assistant vice president in the real
estate department. Mr. Felippo has
been on the staff since 1976.
Rod Brostrom has been named
personal banking officer and
manager of the personal banking

center. Mr. Brostrom joined the
staff in 1978.
Susan W. Friedrichs has been
named commercial banking officer,
having joined the bank as a manage­
ment trainee in 1978.
Kathy Beatty has been named
marketing officer and joined the
bank in 1978.
Brad Krogman has been named
sales finance officer and manager of
the sales fianance department, after
joining First Bank Hopkins this
past year.
Mike Fraki has been named per­
sonal banking officer at the Min­
netonka office. He also joined the
staff this past year as credit depart­
ment manager.
Barb Toy has been named real
estate officer. She has been with the
bank since 1976.

National Charter Approved
Rosemount National Bank, Rosemount, recently received approval
from the Comptroller of the Curren­
cy for a National Bank Charter.

Burnsville Branch Opened
First Fidelity Bank and Trust
Company held an open house last
month at its first branch office
located in Burnsville, County Road
42 and In terstate 35. Harold
Weldon is manager of the Burnsville

Faribault Elections Told
Mark W. Murphy has been
elected agricultural loan officer and
Rick E. Hucka has been elected
credit officer at First Northwestern
National Bank of Faribault.
Mr. Murphy graduated from the
University of Minnesota in ag
business and has worked for the
bank since 1979 as an ag loan of­
ficer. Mr. Hucka was employed as a
bank examiner for the State of Iowa
from 1975 to 1980, and most recent­
ly held the position of assistant vice
president at New Hope State Bank.

Plummer Bank Remodels



Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis

Plummer State Bank, Plummer,
recently completed a major remodel­
ing project, announced Merle Jesme,
The bank, originally built in 1912,
underwent work inside and out, in­
cluding an addition containing new
teller stations and two new furnaces.
An open house was held to celebrate
its completion.

Edina Officers Named
Jim R. Cooper, Jr. has been
named operations officer and Gail P.
Turnbull has been promoted to per­
sonal banking officer at Americana
Bank, Edina.



Mr. Cooper has served as an ad­
ministrative assistant since joining
the bank in 1975.
Ms. Turnbull was with Midland
National Bank and First Min­
netonka City State Bank before join­
ing Americana Bank as a loan

Board Member Elected
Sharlyn E. Kiel, recently ap­
pointed vice president of Crosstown
Bank of Ham Lake, has been elected
to the board.
Ms. Kiel began her banking career
12 years ago with Fridley State
Bank, joining Crosstown Bank in

Application Approved
The Federal Reserve Bank of Min­
neapolis has approved the applica­
tion by Adam Bancshares, Inc.,
Adams, to acquire the Farmers
State Bank of Adams.

Marshall Changes Told
Western Bank & Trust Co. of
Marshall recently announced the
promotion of Rodney R. Wilkison to
assistant vice president - agri­
cultural loans.
Mr. Wilkison joined the bank in
1978 and has served as agricultural
loan officer the past two years.
William F. Maher, C.V.M., has
been elected to the bank’s board of
Stanley P. Carlson, CPA and
member of the bank’s board for 26
years, has retired.
William J. Mazick, former plant
manager of PPG Industries in Mar­
shall, has resigned from the board
due to transfer of employment.


All some businesses need to really shine
is a helping hand from your bank. But sometimes it’s
hard to say “yes” to a potentially profitable business
loan, whether it’s a present customer or a good
prospect. The size of the request, high degree of
leverage on the company’s balance sheet, need to
monitor collateral closely, or a variety of other
reasons may indicate the need for FBS Business
Credit’s asset-based lending capabilities.
We specialize in asset-based revolving
credit and other customized loan packages secured

by accounts receivable, inventory, equipment, or
other assets. Your bank retains all account balances
and other banking business, and participates in the
loan to the degree you wish.
And because our headquarters are here in
your region, we can move fast when you need a
So call FBS Business Credit today. And
find out how your bank can look like a hero to a
growing business.

Working together.

FBS Business Credit
Member First Bank System
© i98iFirst Bank System, inc.

FBS Business Credit, Inc., 200 Soo Line Building, P. 0. Box 522, Minneapolis, MN 55480, (612) 370-4990
Federal Reserve Bank of St. Louis


Northwestern Banker February, 1982

and he has served in all departments
of the bank, most recently as real
estate loan officer.
Glen Gedstad has been elected to
succeed Mr. Horstman as cashier of
the bank. Mr. Gedstad, vice presi­
dent, has been employed at First
Mitchell National for ten years in
the operations department.

South Dakota
N. E. T u rn q u is t, c h m n ., S ioux Falls
J . M . S ch w a rtz, exec. m g r . , Pierre

V .

Elected in Sioux Falls

Three Promotions Announced

T.J. Reardon, p resident of
Western Bank in Sioux Falls, recent­
ly announced the election of Thomas
F, Gardner as assistant vice presi­
dent - Data Sytems, and Elaine L.
Peterson as assistant managing of­
ficer of Western Bank North.

Nels E. Turnquist, chairman and
chief executive officer of the Na­
tional Bank of South Dakota, Sioux
Falls, has an­
nounced the elec­
tion of Dwight
B ordew yk as
vice president
and m anager,
Presho, Patricia
Lehmen as an in­
stalment loan of­
ficer in Rapid Ci­
ty and Reuben
Elg as assistant
vice president and compliance of­
ficer in the corporate office in Sioux



Mr. Gardner has served as Data
Systems officer since joining the
bank in 1976. Ms. Peterson has been
with the bank since 1974, previously
serving as teller supervisor and con­
sumer loan specialist at the North

Branch Facility Enlarged
The new branch facility of the
American State Bank, Yankton,
located in the Yankton Mall, recent­
ly was enlarged to more than double
its size to provide full banking ser­
vice. L. L. Plan, senior vice president
of American State, serves as branch



Mr. Bordewyk began his career
with the bank in 1975 as a trainee at
the Corsica branch. Ms. Lehmen
joined the National Bank in 1973 in
Sioux Falls and Mr. Elg, who joined
the bank in 1972, was elected
manager-personal banking center in

Four Elected to Board

Mitchell Officer Retires

Four Black Hills businessmen
were recently elected to the board of
the First National Bank of the Black
Hills, Rapid City, according to
Charles T. Undlin, president.
The new members are: Donn Bennet, attorney at law in Belle Fourche; Edward A. Furois, owner of
Spearfish Bootery; Lloyd B. West,
president of F.L. Thorpe and Com­
pany, Inc., Deadwood, and Charles
K. Whisler, president of Whisler
Bearing Company in Rapid City.

B.H. “Bernie” Horstman, senior
vice president
and cashier of
F irst M itchell
National Bank,
Mitchell, recent­
ly retired after
43 years of ser­
vice. His bank­
ing career began
at First Mitchell
National in 1938
as a bookkeeper B.H. HORSTMAN

Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis

Application Made
Minnehaha Bancshares, Inc.,
Sioux Falls, has made application to
acquire Farmers State Bank, Flandreau. The acquisition is pending
federal approval.

Acquires Menno State Bank
Menno Holding Company, Men­
no, recently received approval from
the Federal Reserve System to
become a bank holding company
through the acquisition of the Men­
no State Bank.

Named Operations Officer
Steve DeBoer was recently
elected an operations officer of First
National Bank of Aberdeen, an­
nounced A.M. Severson, president.
Mr. DeBoer, who joined the bank
as a trainee in 1980, has been as­
signed to the administrative group
serving all branches of the bank.

Sioux Falls Bank
Presents Deed

Nels E. Turnquist, right, chairman and chief
executive officer of National Bank of South
Dakota, Sioux Falls, presents the deed to
the bank’s former building in Vermillion to
Lauren Lewis, president, University of
South Dakota Foundation. The building,
portions of which date back to 1892, has a
present value of $200,000 and was given to
the bank to assist in launching the Founda­
tion’s Century 2 Campaign.

North Dakota
T. A. Roney, pres., Carrington
H. J. Argue, exec. d ir., Bismarck


North Dakota Bankers
Attend Management Conference
Associate Publisher
EARLY 150 bank executives
and directors braved arctic-like
weather conditions to attend the
North Dakota Bankers Association
Management Conference held in
Jamestown, N.D., January 13-14.
NDBA President Tom Roney, presi­
dent Foster County Bank & Trust
Company, Carrington, welcomed the
group and referred to the number of
directors present as an indication
that they wanted to see if their
banks were being run correctly.
Richard Gandrud, chairman of
the board, Pope County State Bank,
Glenwood, Minn., and B ryant
Koontz, executive director, Wiscon­
sin Bankers Association, Madison,
gave a joint report on the develop­
ment and condition of the MidAmerica Bankers Service Company.
MABSCO is a joint effort of 13 state
banking associations representing
over 6,600 banks with total assets of
over $275 billion. Included in the
company update were reports on the
progress of the task forces. Areas of
interest include money market
funds, ag credit services and secon­
dary mortgage markets. Mr. Gan­

drud emphasized that current en­
thusiasm reflects a possibility of
over thirty task forces being formed
to investigate areas of service that
could be of benefit to the member­
ship. NDBA Executive Director
Harry Argue and Jerry Hertzenberg, The Fidelity Group,
Chicago, followed with an in-depth
analysis of the opportunities of a
MABSCO money market fund.
A highlight of the conference was
the recognition given to Mrs. Carole
(DeForest) Treadway for over 18
years of service to the NDBA.
Following a humorous roast by Mr.
Roney, Carole was presented with a
beautiful mantle clock and bound
letters of appreciation from associa­
tion members. Following dinner the
bankers were entertained by James
Blakely who gave a talk on the “Ac­
cent on Laughter.’’
John Gill, federal administrative
counsel, ABA, began the second day
with the topic, “Federal Legislative
and Regulatory Agency Report.’’
Mr. Gill offered insights into the
make-up and politics of the various
federal banking related committees
and task forces. Of particular in­
terest was a report on the House

SPEAKERS: Bryan Koontz, exec. dir. Wise. Bkrs. Ass’n, James
Lewis, conf. chmn. & pres., Nat’l Bk. of Harvey, Edwin Becker, dir.,
Federal Reserve Bank of St. Louis

Banking Committee report entitled
“Financial Institutions in a Revolu­
tionary Era.’’ This lead into a
discussion on the Financial Institu­
tions Insurance and Products Ser­
vices Act, S. 1720. He explained the
ABA’s position on various clauses
of that act and what to expect from
it. Mr. Gill concluded by taking
some friendly pot shots toward the
Depository Institutions Deregula­
tion Committee.
The final topic on the agenda,
“ A sset Liability M anagement
Strategies for 1982 and Beyond,’’
was presented by Dr. James Baker,
president and chief executive officer,
James Baker and Company, Okla­
homa City. Dr. Baker began with an
introductory review of N orth
Dakota banking statistics going
back to 1950. With this data as
background material, he then pro­
gressed through the various steps
involved in managing a portfolio.
The many questions directed to Dr.
Baker reflected the amount of in­
terest bankers have in this area. □

Retires in Ellendale
Jim Comstock, senior vice presi­
dent and cashier of First National
Bank in Ellendale, recently retired
after 21 years with the bank. Mr.
Comstock joined the bank in 1960 as
a cashier.

Joins Trust Department
J. Bernard Fiedler has joined the
trust department of American Bank
and Trust Co., Minot, according to
Orin Baertsch, president.
Prior to joining the bank, Mr.
Fiedler was a registered represen­
tative with Investors Management
Marketing for two years.

N.D. Econ. Devel. Comm., John Gill, fed. admin, counsel, ABA,
and Dr. James Baker, pres. James Baker & Co., Okla. City.

Northwestern Banker, February, 1982


North Dakota News

“Mid-Winter Break” Program Announced
HE Bank of North Dakota will
host its annual Mid-Winter
Break conference February 17-19 at
the Kirkwood Motor Inn in Bis­
marck. Robert E. Caudel, senior vice
president of the host bank, will
preside at the conference. He has an­
nounced the following program:
WEDNESDAY - February 17
9:30 Registration - Court Yard.
11:15 Posting of the Colors and
Call to order—R. E. Caudel,
senior vice president, Bank
of North Dakota.
11:20 Welcome and Resume of
Conference—H.L. Thorndal,
president, Bank of North
11:30 Resume of Spouse’s Pro­
gram—Alyce Starck, assis­
tant vice president, Bank of
North Dakota.
11:40 Adjourn. Cash bar.
12:00 Lunch—Linda Rosen at the
1:15 W elcome and O pening
Remarks—Honorable Allen
I. Olson, Governor of North
1:30 “Banking - From the Big
P ic tu re to th e N itty
Gritty!” —Professor Willie
S taats, Louisiana State
University, Baton Rouge,
La. (Spouses are urged to
hear this presentation.)
3:30 Coffee Break.
3:45 “A Funny Thing Happened
on the Way to the Bank - or
was it at the Bank?” —
Leona Toppel, house wife
- money m anager, bank
5:00 Hor d’oeuvres - Court Yard.
Cash bar.
7:00 Open evening.
THURSDAY — February
8:15 Breakfast - Continental.
9:00 Call to Order—On time
drawing. R.E. Caudel.
9:05 News of the Day and Com­
ments—A1 Gustin, KFYR.

Banker, February, 1982
Federal Reserve Bank of St. Louis

9:25 One Bank Holding Com­
panies—Roger West, West
Bank Consulting Services,
Minneapolis, Minn.
10:30 Coffee Break.
10:45 The Impact of the Energy
Explosion—Larry T. Byrd,
K e p lin g er A ss o c ia te s ,
Houston, Tex.
11:50 Adjourn. Cash bar.
12:15 Lunch—Stardust String En­
semble. Bank of North
1:30 Call to Order—On time
drawing. R.E. Caudel.
1:35 Bankruptcy - What to do
When the Notice Hits the
Bank—A. Thomas Small,
vice president and counsel,
First Union Bank, Raleigh,
2:30 Comments - Questions and
Answers. Commissioner Lee
Stenehjem, Dept, of Bank­
ing and Financial Institu­
tio n s, S ta te of N orth
3:00 The Role of the Advisory
Board, Bank of N orth
D akota. Q uestions and
A n sw ers —D an O ’D ay,
chairman, advisory board,
Bank of North Dakota.
3:20 Coffee Break.
3:40 In te rn a l C o n tro ls and
Security—Dr. Robert M.
Foys, Scarborough & Co.,
Chicago, 111.
4:50 Adjourn.
6:15 A ttitu d e
A d ju s tm e n t
Period—Melodies by Linda
Rosen. Cash bar.
6:45 Banquet.
8:15 Billy Byrd’s “Ink Spots.”
FRIDAY — February
8:15 B reakfast - Continental
P lu s —B ank of N o rth
9:00 Call to Order—On time
drawing. R.E. Caudel.
9:05 News of the Day and Com­
ments—A1 Gustin, KFYR.
9:25 “What to do Until the

Psychiatrist Comes” —Dr.
Murray Banks, New York,
11:30 Closing Remarks and Ad­
journ—Ruben Sailer, senior
vice president, Bank of
North Dakota.
11:45 Lunch on your own and a
safe trip home.
Mr. Caudel said spouses are en­
couraged to attend the Wednesday
sessions. On Thursday, a special
program for spouses has been ar­
ranged. This includes a talk on “The
Unexpected Force of Color in Our
Lives” by Professor Richard Sam­
mons of Bismarck Junior College, a
one-hour session on furniture buying
given by a local furniture store, and
a special presentation geared to the
spouses titled, “What does the sur­
viving spouse do when suddenly she
owns a bank?” This will be given by
Mrs. Alice M. Dittman, president of
Cornhusker Bank, Lincoln, Nebr.,
who has achieved national recogni­
tion for building her bank as its chief
executive officer. Spouses also are
invited to attend all the entertain­
ment functions as noted on the pro­
gram above.

Recipient of Banking
Scholarship Named
Gerald Krech (center) a senior banking and

finance major at the University of North
Dakota in Grand Forks, receives the North
Dakota School of Banking Scholarship from
Terry Zeltinger (right), vice president of First
National Bank in Grand Forks. Looking on
is Thomas J. Clifford, president of the
University. The scholarship, presented by
the North Dakota Bankers Association, was
created by the first class of banking person­
nel who participated in the North Dakota
School of Banking in 1974, and is presented
to a student pursuing a bachelor’s degree in
banking, finance, economics or other close­
ly related fields.


i^North Dakota

“ The Bank of North Dakota Philosophy”
To encourage and p ro m o te A g ric u ltu re
C om m erce , and In d u s try
in N o rth D akota

T o p ro v id e th e m o st e ffic ie n t and e co nom ica l
fin a n c ia l services to th e S tate,
its Agencies, and
In s tru m e n ta litie s

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

To p ro v id e p ro fession al assistance w henever
possible and w herever it w ill encourage
and p ro m o te the w e ll being and
A dvan cem en t o f N o rth D akota
and its citize n s

December 31, 1981


Cash and Due from Banks..................... $60,812,218.33
U.S. Government Securities................... 75,401,150.12
Federal Agencies Securities................. 84,334,368.50
Bankers Acceptances and
Other Investments..............................
State and Municipal Securities.............
Federal Funds Sold................................ 215,625,000.00

Demand Deposits:
Individuals, Partnerships
and Corporations........................ $5,777,021.04
Now Accounts - Individuals.............
Now Accounts - Public.....................
Deposits of Banks................................ 32,617,231.51
State and Political
Subdivisions................................ 59,974,820.63
Official Checks, etc.......................... 2,333,788.43
Time and Savings Deposits:
Individuals, Partnerships
and Corporations........................ 18,434,375.71
State and Political
Subdivisions................................ 472,263,949.44


FmHA Business &
Industry Guaranty.......................
FmHA Housing Guaranty...............
FHA and Gl
Home Loans................................ 170,388,120.71
Farm R.E. Loans............................ 42,588,609.15
R.E. Contracts................................
Loans to
State Institutions........................
Bank Stock Loans..........................
SBA participation Loans............... 15,087,880.27
N.D. Bank Participation
Loans......................................... 106,707,571.57
Federally Insured
Student Loans............................ 31,051,307.45
Other Loans....................................
TOTAL LOANS........................................ 386,032,644.85
Accrued Interest Receivable................. 12,024,838.95
Bank Building and Equipment...............
Unamortized Bond Issue Costs.............
Other Assets.........................................
TOTAL RESOURCES...............................$856,503,741.89

TOTAL DEPOSITS.................................. 592,390,541.23
Fed. Fds. Purch. & Sec. Sold
under Agreement to Repurchase....... 165,743,125.00
Accrued Interest Payable.......................
Other Liabilities......................................
Long Term Debt - Mtg. Bonds................. 42,083,000.00
Reserves................................................. 3,500,000.00
C apital................................................... 16,000,000.00
Surplus................................................... 16,000,000.00
Undivided Profits................................... 7,567,264.75
RESERVE & CAPITAL.......................... $856,503,741.89

The Bank of North Dakota is owned, operated and
controlled by the State of North Dakota under the
supervision of the Industrial Commission.



Attorney General


Comm, of Agriculture


Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1982

Devils Lake Officer Named
Glen D. Heitzman was recently
elected chief executive officer at the
F irst National
Bank of Devils
Mr. Heitzman
has been in the
banking field 18
years, most re­
cently with Bo­
n an za V alley
State Bank in
Brooten, M in­
nesota, where he
served as executive vice president
and cashier, and later as chief ex­
ecutive officer and director.

Ms. Dunn has served in the and trust officer since 1978.
capacity as Deputy Clerk for the last
Mr. Miller will continue as presi­
34 y e a rs. M r. K ipp jo in e d dent of Northern Plains Bancshares,
Herbergers in Rice Lake, Wise, in Inc., the holding company for Fargo
National Bank & Trust Company,
and will also serve as chairman ofi
the executive loan committee. He
has been with the bank since 1946.
Preliminary Approval Given
A preliminary approval has been
received from the Comptroller of the
Currency for a new bank charter,
called McKenzie County National
Bank, to be located in Watford City.
Organizers and stockholders in­
clude: Alfred Brown, Watford City;
William D. Bell, Alexander; Darold
Peterson, New Town, and Don
Siecke and A.J. Anderson, Kiowa,

Two Elected to Board
Lu Dunn, Clerk of the Supreme
Court of North Dakota, and George
Kipp, Bismarck manager and vice
president of G.R. Herberger’s, Inc.,
have been elected to the board of
First Bank of Bismarck, Bismarck,
according to Bob Westbee, presi­


Holding Company Approved
Drayton Bancor, Inc., Drayton,
recently received approval from the
Federal Reserve System to become a
bank holding company through the
acquisition of the Drayton State
Bank and the Drayton Agency, Inc.,

The board of The Fargo National
Bank & Trust Company recently
named David D. Gordon to succeed
C.S. Miller as president. Mr. Gordon
has been with the Fargo National
Bank since 1968, a director since
1976 and executive vice president

Mortgage Program Success
Twenty-eight banks and all the
savings and loan associations in the
state participated in the new home
mortgage program recently set up
by the state of Wyoming.
Under the new state program, the
applications were available at a 12-7/g
percent interest for applicants who
met the income ceiling law of
$35,000 per year.
for FRASERBanker, February, 1982
Federal Reserve Bank of St. Louis

Karen Vredenburg was recently
promoted to assistant vice presi­
dent, human resource department,
at First Northwestern Bank of Man-,
dan, announced J.E. Noonan, presi­

Minot President Named

Gordon Named President


Elected in Mandan

Shirley Wittier, state treasurer,
said banks and savings and loan
associations which have chosen to
receive allocations of funds repre­
sent all but two counties in the
Mortgages obtained under the
new program must be closed by
March 1, 1982. The first package,
consisting of $27.7 million in new
mortgages will make possible the


John W. Pierson, executive vice
p re s id e n t
F irst National
Bank of Fargo,
has been elected
p re sid en t and
chief executive
officer of First
National Bank
in Minot, as of
February 1, sueceeding George
M. Johnson, who
retired on that same date. Mr.
Johnson remains in his capacity as
Mr. Pierson started his banking
career in 1965 and joined First Na­
tional in Fargo in 1980 as executive
vice president.
purchase of about 365 homes. Three
additional commitments of $25
million each, will follow in 1982 if
the flow of permanent funds permits
such investments, Mrs. Wittier said.
The Wyoming Mortgage Bankers
Association has withdrawn its
lawsuit challenging the constitu­
tionality of the new state mortgage
loan program in hopes that the
Legislature will allow the three non­
bank mortgage firm members of the
W yom ing M ortgage B ankers
Association to participate.

Thermopolis Acquires ATM
The first ATM in Thermopolis
was recently installed at First State
Bank, announced Don Jackson,
The ATM will be located in the
bank’s foyer inside the Arapahoe
Street entrance, a space provided
when the bank was originally built.


Named at Pioneer Bank

Bank Sale Negotiated

Van C. Johnson has been named
vice p re sid e n t and J e a n e tte
Wagstaff has been named cashier at
the newly chartered Pioneer Bank in
Mr. Johnson was employed at
First National Bank in Evanston
before joining the Pioneer Bank. Ms.
Wagstaff was operations officer
with First Wyoming Bank, Evanson, before joining Pioneer’s staff.
The bank was chartered Novem­
ber 16, 1981, with Harry A. Palmer
serving as president and Francis
P'erguson as chairman.

The sale of the Jeffrey City State
Bank, for months in danger of clos­
ing, has recently been negotiated
with a California buyer, who wishes
not to be named, announced John L.
Vidakovich the bank’s chairman.
Terms of the transaction were not
disclosed and the agreement awaits
FDIC approval.

corner of Vinta and Shoshone.
The 5,500 square foot facility is
slated for completion in mid-July.

Staff Changes Announced

Wyoming Bank and Trust Co.,
Buffalo, has recently named Robert
L. (Skip) Hancock as loan officer. He
has been a director of the bank since
1974 and will continue to serve on
the board.
Green River Builds New Bank
Mary Lawrence has been ap­
First National Bank, Green River, pointed as a director, replacing
recently broke ground for a new Louis Falxa who resigned and has
bank building to be located on the been appointed director emeritus.

Elected Trust Officer

Staff Changes Told
A1 Winegardner, president of First
Northwestern National Bank, Bill­
ings, recently announced that Tom
Bradley has joined the bank as vice
president, operations manager and
cashier. He was previously serving
as assistant vice president at Banco,
Inc. in Helena.
Also at Billings, Douglas Newland has been elected as assistant
controller. He joined the bank in
1979 as an accounting trainee.
Doyle Johnson and Ray Wise, as­
sistant vice presidents, have recent­
ly retired from First Northwestern
National. Mr. Johnson has been in
banking 30 years and with First
Northwestern since 1955. Mr. Wise
joined the bank in 1952 and retires
after 29 Vi years of service.

Molding Company Approval
The Federal Reserve Bank of Min­
neapolis recently announced its ap­
proval of the application by White­
hall Bancorporation, Inc., White­
hall, to acquire the Whitehall State

Elected in Great Falls
B. Scott Rubie has been elected
Federal Reserve Bank of St. Louis

Brown A. Parsons has recently
been elected trust officer of Trust
Corporation of
Montana, accor­
d in g
an n o u n cem en t
made by N. Pat­
rick Butler, pres­
Mr. Parsons
began his bank­
assistant vice president of Central ing career in
Bank of Montana, Great Falls, ac­ 1965 with Secur­
cording to William E. Thorndal, ity Pacific National
Mr. Rubie began his banking
career in June, 1976 as a manage­
ment trainee at Eastside Bank of where he was employed as trust of­
ficer until leaving in 1973 to enter
Trust Corporation of Montana is
an affiliate of Bank of Montana

New President Named

Bruce A. Erickson was recently
elected to succeed his father, Claude
R. Erickson, as president of the
First Security Bank in Livingston.
Claude R. Erick­
son is not retir­
ing and will re­
main active as
New directors
e lec te d w ere:
Robert Jovich,
a tto rn e y ; Dr.
Stephen T. Mc­
G rath, D.D.S;
Edw ard Volk,
owner of Volk Electric, and Joseph
T. Swindlehurst, attorney with Huppert, Swindlehurst law firm.
Bruce A. Erickson, who has been
with First Security ten years, is also
chairman of the First Security Bank
in Big Timber.

Fed Consumer Advisory
Council Members Named
The Federal Reserve Board
named nine new members to its Con­
sumer Advisory Council to replace
members whose terms have expired.
Mrs. Charlotte H. Scott, a pro­
fessor of business administration at
the University of Virginia, and one
of the 21 continuing members of the
Council, was named the new chair­
man. Dr. Margaret Reilly-Petrone,
professor of economics at Montclair
State College in New Jersey, was ad­
vanced to vice chairman.
New council members include
from the midwest, Harry N. Jackson
of Minneapolis, vice president-credit
of Dayton Hudson Corp., and Fred­
erick T. Weimer of Chicago, general
assistant to the vice president-credit
of Sears, Roebuck and Co.
Northwestern Banker, February, 1982

Acquires Five New Banks

Economic Study of Denver-Boulder Area
Made by Colorado National Bankshares
i i T HE Seven C ounties of
I Denver,” a major economic
study of the metropolitan Denver
area which shows the growth of the
Denver-Boulder SMSA from 1970 to
1980, with projections through
1985, has been published by Col­
orado National Bankshares, Inc.,
Counties comprising the DenverBoulder SMSA (Standard Metro­
politan Statistical Area) are Adams,
A ra p ah o e , B o u ld er, D enver,
Douglas, Gilpin and Jefferson.
A separate economic profile of
each of the seven counties is includ­
ed as an adjunct to the overall
report. A few of the factors outlined
in each county’s profile include
numbers of people employed in
various categories of industry in
that county, number of retail and
trade establishments, numbers of
residential building permits and
growth projections through 1985.
Some of the highlights of the
32-page report, published in con­
junction with the Business Research
Division of the University of Col­
orado Graduate School of Business
Administration include:
• The SMSA was the sixth fastest
growing major metropolitan area
from 1970 to 1980 and is pro-

Promoted in Boulder
William F. Walker was recently
promoted to vice president and
manager of the commercial loan
department of First National Bank
in Boulder, according to Walter A.
Browning, Jr., president.
Mr. Walker joined the bank in
1975 as a commercial loan officer
and was promoted in 1980 to vice
president of commercial loans.

Banker, February, 1982
Federal Reserve Bank of St. Louis


Will F. Nicholson, Jr., president
of Colorado National Bankshares,
Inc., recently announced that the
Federal Reserve System has given
Colorado National Bankshares per-1
mission to acquire five banks owned
by Mountain Banks Ltd. and certain
real estate used in conjunction with
those banks. Included in the trans­
action are the First National Bank
of Pueblo, Park National Bank of
Pueblo, Fort Collins National Bank,
Boulder National Bank and Aurora
Mountain Bank, as well as the real
estate owned by the banks.
The transaction, totaling approx­
$43 million, will bring the
jected to move to fourth by 1985.
commercial banks owned
It increased from 27th to 21st
National Bankshares,
• The SMSA’s per capita income of
$5,916 in 1980 was 17% higher
than the Colorado average, and Elected to Board
Glen L. Ryland, president and
its 10-year 27% growth was third
fastest in the nation. Personal in­ chief executive officer of Frontier
come grew 66% and will move to Airlines, was recently elected to the
$12.4 billion in the SMSA by board of Central Bancorporation,
1985. Cost of living rose 43%, Inc., according to George B. Mc­
compared to the national urban Kinley, president and chief ex­
ecutive officer.
average of 42%.
• Since 1970, the number of new
businesses in the Denver-Boulder
SMSA has increased 76%, but Bradley Elected to Board
Denver’s growth rate of 33%
Wesley W. Bradley Jr. has been
shows a significant shift away elected to the board of The Western
from the central city.
National Bank
• The 1980 SMSA work force of of Co l o r a d o
860,400 is a gain of 326,700 S p r i n g s . A n ­
(61.2%) over 1970’s 533,700 nouncem ent of
workers. A work force of 946,000 h is e l e c t i o n
is projected for 1985. The seven came from board
county region umemployment chairm an Rus­
rate in 1980 was 3.2% and the sell L. Thuitt.
same rate was projected for 1981.
Bradley joined
While the area once was known The Western Na­
principally for its agricultural pro­ tional Bank in
duction, mineral extraction, trade 1979 and was
activity, service industries and serving as vice president for mar­
tourism, it has now achieved an in­ keting and community affairs.
ternational reputation as one of the
nation’s leading energy, industrial,
financial and commercial complexes. Acquisition Approved
George B. McKinley, president
and chief executive office of Central
National Charters Approved Bancorporation, Inc., recently an­
Four National Bank charters have nounced that the Federal Reserve
been approved by the Comptroller of System has approved the acquisi­
the Currency:
tion of First National Bank in Bat­
Market Bank National Associa­ tlement Mesa by the bank holding
tion, Denver; Central Bank of company.
Chapel Hills, National Association,
Scheduled to open February 1, the
Colorado Springs; Bank of Lake- bank is the first to open in the shale
wood Association, Lakewood, and oil community on the Western
The F irst N ational Bank in Slope. Raymond L. Guerrie has been
Parachute, Parachute.
elected to serve as president.


our Pr®f£St'wir*

‘%»,v M.

at Jf



Bighorn, says:

First of Denver
17th and California
Denver, Colorado 80202
(303) 893-2211
M em ber FDIC
M em ber First

Federal Reserve Bank of St. Louis

"The combined
strengths o f oui
make us th a t
much stronger."

Northwestern Banker, February, 1982

Colorado News
Four Promoted in Denver

United Bank of Denver
Gale Sellens, chairman and Announces Officer Elections

chief executive officer of Denver Na­
Recently elected at United Bank
tional Bank recently announced the of Denver were: W. Lon Schreur,
promotion of Herman J. Zueck to Roger E. Johnson and Charles H.
senior executive vice president, Powers to senior vice president;
Charles B. Worthington to ex­ Gilbert L. Romero to vice president
ecutive vice president, John L. and cashier, and David T. Hall to
Lowrimore to vice president and vice president, according to Richard
trust officer and Stephen A. King to A. Kirk, president and chairman.
vice president and trust officer.

Lakeside Names Controller
Dan LaPlante has recently been
appointed controller of Lakeside Na­
tional Bank, Denver.
Mr. LaPlante joined the bank in
1978 as a management trainee and
was most recently serving as finan­
cial planner.


Colorado National Bank
Elects New Officers
One senior vice president, three
vice presidents, 12 assistant vice
presidents, nine new officers and one
new board member were recently an­
nounced by Bruce M. Rockwell,
chairman of the Colorado National
Bank, Denver.
Denny R. Dumler has been named
senior vice president. He joined the
Mr. Zueck joined Denver National bank in 1965 and will continue var­
in 1974 after ten years with ious responsibilties for the opera­
Lakeside National Bank. Mr. Wor­ tions and data processing depart­
thington joined the bank in 1974 as ments.
Jonathan C. Lorenz and James B.
assistant cashier. Mr. Lowrimore
were named vice president
joined in 1978 as trust officer and
Mr. King started as a trust officer and Ruth Ann Oliver was named
vice president and assistant con­
with the bank in 1977.
Also at Denver National John D. troller.
Elected assistant vice presidents
Holzman has joined as securities
trader and sales manager of the were: Timothy J. Waymire, Douglas
recently expanded bond depart­ H. Kelsall, James M. Bahl, Karen D.
ment, managed by Thomas H. Arnold, Gerre A. Leyden, Nancy P.
Bates, Lee D. Bowen, Robert J.
Dozier, senior vice president.
Mr. Holzman was most recently a Alder, James O. Baldwin, Jeannette
securities trader for Dean Witter Meranda, Lynn Waterman and Wil­
liam S. Johnson.
John F. Ritter, A. Darlene
Warner, Kathleen Williamson and
Retires After 25 Years
Bess L. Brookman were all named
Max A. Paulson, deputy regional operations officer.
The following were elected of­
administrator for planning and oper­
ations, Twelfth National Bank ficers: Andrew L. King and Thomas
Region, Denver, recently retired C. Patton in marketing; Lynda M.
after more than 25 years of service. Mihoda in the trust division; James
Mr. Paulson began his career with T. Holmes, banking officer, and
the Office of the Comptroller of the Jeanne Marie Coco, electronic bank­
Currency in 1958, joined the staff ing officer.
of the Twelfth National Bank
David F. Dorn, president of
Region in 1962 and was appointed to Forest Oil Corporation, has been
his present position in 1965.
elected to the board.
Banker, February, 1982
Federal Reserve Bank of St. Louis

Named Vice President
C. Brad Anderson has been
named assistant vice president and
farm service officer at Security
State Bank of Sterling, according to
Robert E. O’Connell, president.
Mr. Anderson has been an
agriculturalist with Great Western
Sugar Company since 1972.

Announced at Glenwood
At a recent meeting held by the
board of the Bank of Glenwood,
Dorothy J. Lyons was promoted to
assistant vice president and Joan
Nestler was elected customer ser­
vice officer, according to William T.
Sisson, president.
Mrs. Lyons joined the bank in
1974 and Ms. Nestler started in
Carleton L. Hubbard, Jr., presi­
dent of the Eagle and Garfield Coun­
ty operations of Stewart Title Com­
pany, Austin S. Marquis, owner of
Pella Products of Colorado, and
Gary L. Schultz, CPA with Dalby,
Wendland & Company, were recent­
ly elected members of the board.

Board Members Named
C.G. Cozart, George B. Hagar and
Vern Williams have been elected to
the board of Colorado Bank - Tech
Center, Denver, according to Garth
Thomas, president.
Mr. Cozart is president of
Garrett-Bromfield Real Estate, Inc.;
Mr. Hagar serves as president of
Colorado and Hawaii Corporation,
an investment firm, and Mr. Mil­
ligan is president and owner of Ad­
vanced Communications, Inc., a
cable television company operating
in San Diego, Calif.

Building Project Announced
George B. McKinley, president of
Central Bancorporation, Inc., and R.
L. Quimby, president of First Na­
tional Bank in Grand Junction
recently announced plans for a ma­
jor building project in downtown
Grand Junction.
The project consists of a nine
story office tower, banking wing,
retail space parking garage, motor
bank and extensive landscaped pla­
za. The nine story building, when
completed in the fall of 1983, will
house the First National Bank’s
main facilities, occupying 55,000
square feet. Michael Barber Ar­
chitecture of Denver are the ar­
chitects for the project.


Is now the tim e to stay “short”?
Westcap wishes there were an easy answer to the questionregretfully there isn’t one!
C o n v en tio n al wisdom says “stay
s h o r t w h e n e v e r co n d itio n s o f
u n c e rta in ty exist”. You can get
b u rn e d b u t only fo r a sh o rt time!
O n th e o th e r h an d , staying sh o rt
at th e w ro n g tim e can cause loss o f
p ro fit an d an unbalanced p o rtfo ­
lio. T h e dilem m a becomes m ore
difficult as margins between returns
on assets an d liabilities narrow.
W ith o u t stro n g indications o f a
d ire c tio n in in tere st rates, your
asset/liability m an ag em en t m ust
b eco m e m o re tightly tu n ed , and
each individual situation assessed
m o re critically. In v estm ent deci­
sions will d ep e n d less on m arket
direction inform ation and m ore on

p erso n aliz ed ju d g m e n ts o f your
specific p o rtfo lio req u irem en ts.

Invaluable assistance
T h e assistance o f a know ledge­
able securities dealer d u rin g these
tim e s can be in v alu ab le. T h is
becom es c lea rer as you appraise
your fu tu re needs and try to antic­
ip ate changes in the yield curve.
In a rising or falling, but orderly,
market, adjustments on either side of
the ledger normally bring increased
profits. You can more easily determine
your affordable risk and adjust matu­
rities accordingly.
T h is s tr a te g y b ec o m e s less
a p p e a l i n g in t o d a y ’s v o la tile
m ark e t. M aintaining the p ro p e r
re serv e re q u ire m e n ts while bal­
an c in g fu tu re liabilities and asset
m atu rities becom es m ore delicate
a n d difficult.
New tax situations, u n p re d ic t­
able co m p etitio n from all sides,
n a r r o w e r m a rg in s , less loyal
d ep o sito rs, loan sh oppers, gov­
e r n m e n t r e g u l a t o r s ... th e list
grow s everyday o f pitfalls to your
p ro fit p erfo rm a n c e .
The past tivo years saw a remark­
able change in your investment think­
ing. Almost everyone is now under
water with long term committments.
The alert bank will minimize these
losses with astute attention to current
choices within the widened, more com­
plex, and more rapidly changing
investment world.

K n o w in g w hen to stay sh o rt
requ ires sound ju d g m e n t o f
m arket trends and how they may
a ffe ct y o u r in d iv id u a l p o rtfo lio
perform ance. L e ft to rig h t, Ken
W ard, N ancy L ip p e r and James
(A le x) A le x a n d e r are ty p ic a l o f the
Westcap people w ho can assist you
in m aking those d iffic u lt decisions.

Now, m o re th a n ever, you need
p ro fessio n al assistance in p o rt­
folio m an ag em en t.
Westcap can supply that profes­
sional touch.

Instant communication
O u r acco u n t people ad d e x p e­
rie n c e d b ra in p o w er an d constant

m a rk e t evalu atio n to your own
p o rtfo lio m an agem ent team . O u r
tra d e rs physically sit on the sam e
floor as o u r account executives.
C h an g es in the m ark et are com ­
m u n ic a te d instantly to your re p ­
re sen tativ e. Split second reaction
to o p p o rtu n itie s that fit your indi­
vidual situ atio n is not only pos­
sible, b u t ro u tin e on the W estcap
tra d in g floor.
A nybody can sell securities! At
W estcap, we do it a little closer to
o u r custom ers. T h ey appreciate
th e d iffe re n c e .

Should I stay short?
(A checklist o f considerations)
1. How profitable is my
— how m uch m o re could
it be?
2. A re my m atu rity schedules
p ro p e rly balanced?
3. W hich way will in tere st
rates move?
-how far an d w hen?
4. W hat are my reserve
requirem ents?
— how liquid m ust I be in
fu tu re tim e fram es?
5. Do I have “h o t m o n ey ”?
6. W hat is my loan d e m a n d
— short, m ed iu m an d
long term .
7. Is my deposit base
8. How will th e new tax laws
affect my investm ent
9. C an I rely on my securities
account executive fo r up to -th e-m in u te advice?

The Westcap Corporation
1300 M ain Street!Houston, Texas 77002/713:651-1111
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1982




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Northwestern Banker February
Federal Reserve Bank of St. Louis

, 7982



Bank Sponsors Competition


F.A. Ryan, cashier, Sherman
County Bank, Loup City, recently
retired after 50 years of service to
the bank and community.
Rich Peters, assistant cashier,
was promoted to cashier.

Kearney State Bank and Trust
Co. recently announced a two-part
scholarship and cash award competi­
tion, part of a national contest, spon­
sored by the Independent Bankers
Association, enabling high school
seniors from Kearney Catholic High
School and Kearney Senior High
School to enter a local and national
essay contest with a single paper.
The contest involves writing a
short essay on “Independent Bank­
ing, At Work in My Community.”
The national contest will award a
total of $5,000 in scholarship prizes
and is open to all high school seniors
without regard for financial as­
sistance needs.
The local contest, spearheaded by
the bank’s student board of direc­
tors, will award $125 for first place,
$75 for second and $25 for third. The
papers will be judged locally with all
entries then being further submitted
to the national competition.
Winners will be announced some­
time in March for both the local and
national competition.

Bank Woman Receives Award

Announced in Lexington

Mrs. Marie Lapacek, vice presi­
dent and cashier at the Schuyler
State Bank, recently received the
1981 Bank Service Award. The
award, given annually to an area
banker for outstanding service
within the banking industry, was
presented to Mrs. Lapacek by the
East Central Nebraska Chapter of
Bank Administration Institute.

Barbara McCormick of the Lex­
ington State Bank & Trust Co. was
recently promoted from assistant
vice president to cashier, according
to Harold P. Stuckey, president. She
began her career with the bank in
The bank also announced that its
total assets exceeded $45 million on
December 31, 1981.


W. W. C ook, J r . , p re s ., B e a trice
R.M . Beverage, exec. v . p . , L in co ln

NBA Personnel Conference to be Held
ANAGING Human Resources
for Productivity will be the
theme for the
Nebraska Bank­
ers Associaion’s 1982 Per­
sonnel Confer­
ence to be held
February 17-18
t the Kearney
oliday Inn.
Tom Alexaner, vice presient at National TL- ALEXANDER
ank of Commerce and chairman of
he personnel committee, will
reside at the conference. Registraion fee is $100 in advance and $110
t the door. Spouse’s fee is $35 in adance and $40 at the door. The proam schedule follows:
Wednesday, February 17
1:30 Registration and buffet
2:30 Management by Relation­
ship — Rev. Th o ma s
McGrath, professor of psy­
chology, Fairfield Univ.,
3:30 Preventing Employee Rela­
tions Problems — Clemm
(Chips) Kessler, KesslerKennedy Human Resources
Consultants, Omaha.
5:00 Cocktail reception.
Thursday, February 18
9:00 Practical Applications of
EEO for Community Banks
— E. Beth Schwarzmueller,
Corporate Employee Rela­
tions Dept., Citizens &
Southern Bank, Atlanta,
2:00 Luncheon — Coping with
1:30 You Asked For It — Concur­
rent discussion groups.
Federal Reserve Bank of St. Louis



Motivation & Development
of Your Employees — Harry
Peterson, director of State
Dept, of Motor Vehicles,

Retires in Loup City

Joins Schuyler State Bank
Randall Hrouda has recently
joined Schuyler State Bank as
agriculture and commercial loan of­
Mr. Hrouda received his bachelor
of science degree in business from
Wayne State College in 1973 and
has been engaged in farming since

First National Bank of York
Construction Completed

CBCT Branches Opened
CBCT branches were recently op­
ened by Northwestern National
Bank of Norfolk at 105 East Norfolk
Avenue, and National Bank of Com­
merce Trust and Savings Associa­
tion at 11th & Cornhusker Highway,
First Security National Bank,
Lincoln, received approval to open a
CBCT branch at 5900 N.W. First
Street, Lincoln.

CONSTRUCTION on the new six-level,
52,000 sq. ft. First National Bank of York
building, located on the corner of Sixth
Street and Lincoln Ave., was recently com­
pleted. Jackson and Jackson of Omaha
served as architects for the building, which
features a spiral staircase connecting the
first three floors and a glass elevator. The
bank held its grand opening in January in
connection with its 100th anniversary.
Northwestern Banker, February, 1982

24 banks in the greater Omaha area
who participated this year. Winners*
were as follows:
Best Theme - Mary Ann Cox,
Bank of Millard; Most Original
-Jean Brockhaus, Bank of Millard;
Best Baby Doll - Frances Crumj
First National Bank of Omaha;
Most Beautiful - Irene Kreuger,
Bank of Millard, and Judges Choice
- Elaine Jenkins, First National
Bank of Omaha.

Kansas City Fed
Changes Announced

John M. Shonsey, chairman of
American Naitonal Bank, recently
announced the election of four new
assistant cashiers:
David Romero, consumer loan of­
ficer; Constance Tesar, manager of
the 84th and West Dodge Road
Facility; Mary E. Van Sant, man­
ager of the 90th and Maple Facility,
and Michael K. Whitten, manager of
the Loan Service Center.
The bank has assets in excess of her commercial regional credit train­
$71 million.
ing at the Iowa-Des Moines Na­
* * *
tional Bank.
Anne R. Jensen was promoted to
* * *
vice president of human resources
The Omaha Chapter of the
and Rebecca G. Williams was
elected as commercial loan officer at American Institute of Banking,
Center Bank, Omaha, announced working in conjunction with the
Salvation Army, dressed 835 dolls
Harold M. Walton, president.
Ms. Jensen began working at to be distributed to needy and
Center Bank in 1972 and has headed underprivileged children.
The dolls were purchased by the
the human resources department
Salvation Army and dressed by in­
since 1978.
Ms. Williams recently completed dividuals or by groups. There were

West Center Road Facility Planned

THE Douglas County Bank & Trust Co. plans to open a 24,000 sq. ft., three-level facility at

14545 West Center Road this October, according to Dale Heimann, president. The new
building, designed by Dana Larson Roubal and Associates, will house the bank facility on
the first floor, community rooms on the lower level, office space on the third level, and
feature five drive-through lanes. Two columns will flank the entrance, symbolic of bank ar­
chitecture in the past. The main office of the bank will remain at 6015 Northwest Radial
Highway and the new facility will replace a facility now operating at 144th and Arbor Streets.
Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis

Three officers at the Federal
Reserve Bank of Kansas City have*
been promoted, three have new
assignments and four are leaving
the bank under a special retirement
program, according to an announce-^
ment by Roger Guffey, president.
In Kansas City, Kent M. Scott
has been promoted to vice president
and will be senior supervising officer
in Personnel, filling the spot that
will be left vacant by the early retire- *
ment of Marvin L. Mothersead. Also
moving up in this area is Douglas A.
Fleming, who has been promoted to
personnel officer.
At Denver, James H. Jonson has'
been promoted to examining officer
and will now supervise commercial
bank examination activities of the
staff at that Branch.
Two officers in the division of
bank supervision and structure in
Kansas City have new assignments.
John E. Yorke, assistant vice presi­
dent, is now supervising officers for*
the bank supervision departments
at Kansas City and Denver. In addi­
tion, he will continue to supervise
consumer affairs.
Larry Meeker, assistant vice*
president, will supervise the loan
department while continuing his ■
responsibilities for banking struc­
ture and studies.
Harold Shewmaker, assistant vicei
president, will take over the added
responsibility of supervising the
protection department while contin­
uing to supervise the building |
Besides Mr. Mothersead, three |
other officers — Robert E. Scott,
vice president and senior adviser; |
Lewis W. Smith, and Donald E.
White, assistant vice president —I
have taken advantage of a special
early retirement program. While
they left the bank January 1, their
official retirement dates will not I
come for up to two years.

Jim Flodine, Fred Kuehl, Don Ostrand, Ralph Peterson, Charles Leffler.

■ftust your correspondent
anking to our efficien cy experts.
These superb profes­
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to meeting all your
individual corres­
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us for details on e le c­
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of omaha

In Nebraska cal! us toll free at 800-642-9907 Outside Nebraska call us toll free at'
800-228-9533. Member FDIC.
Federal Reserve Bank of St. Louis


Nebraska N ew s

Customers Relax in “Tax Shelter”


N U M B E R of a tte n tio n -g e ttin g
m a rk e tin g a p p ro a c h e s h a v e
been used by b an k s nation-w ide to
g et th e public in te re ste d in av a il­
ab ility to all w orkers of Individual
R etirem en t A ccounts. One of th e
m o re i n t e r e s t i n g , e y e -c a tc h in g

d isp lay s is th is one p rep ared by th e
F irs t N atio n al B ank of O m aha. A p ­
p ro p ria te ly title d “ T ax S h e lte r,” th e
m in ia tu re building is 1 0 'x l0 ’x l 4 ’
and houses a slide p ro jec to r th a t
d isp lay s a four-m inute sound/slide
film on a co ntinuous basis. T hree


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and other Principal Stock and Commodity Exchanges.

chairs and p len ty of sta n d in g room
accom m odate a lim ited n u m b er of
cu sto m ers a t one tim e.
A bank spokesm an said, “ The
‘T ax S h e lte r’ is designed to gain a t ­
ten tio n of cu sto m ers doing ro u tin e
b u sin ess in th e b an k lobby. T he IR A
as a b an k in g p ro d u c t is relativ ely
unknow n com pared to o th er b an k
p ro d u cts, so we felt we needed to
m ake th e public aw are of it. T he p u r­
pose of th e ‘T ax S h e lte r’ is to draw
a tte n tio n to th e p re se n ta tio n itself
and we have been very p leased w ith
th e re s u lts .”
S m aller m odels of th e “ T a x (
S h e lte r,” m easu rin g 3 ’x 3 ’x 8 ’ are
placed in th e head office drive-in
b an k lobby, in th e dow ntow n de­
tached office facility an d in th e
spacious w est O m aha d etach ed of-,
fice. T hese stand-up m odels have th e
p ro jec to rs placed a t eye-level for
easy viewing.
In addition, F irs t N atio n al has
prep ared a 12-m inute sound/slide,
film th a t is used on co rp o rate calls,
as well as for in-house show ing to
g roups of cu sto m ers in v ited for
special p re se n ta tio n s on th e IR A
program .

Five Promoted in Kearney
A t F ir s t N atio n al B an k & T ru s t
Co., K earney, five w ere p rom oted,
announced L arry Jep so n , p re sid e n t,
an d H a ro ld O ldfather, chairm an.
Tom S tu ck ey w as p ro m o ted to
senior vice p re si­
d e n t an d senior
loan officer; M el
W iens to senior
v ice p re s id e n t;
J o n A begglen to
v ice p re s id e n t;
D o ro th y B ra g g
to personnel of­
ficer, an d B ob
N eville to o p era­
tio n s officer.
M r. S tu ck ey jo in ed th e b an k in
1981 as vice p re sid e n t of th e ag d iv i­
M r. W iens jo in ed in 1976 an d w as

M u n ic ip a l B o n d D e p a rtm e n t, 100 C o n tin e n ta l B u ild in g
O m ah a, N e b ra ska 68102 / (402) 444-1900
L inco ln, Omaha, Grand Island, H astings, C olum bus, S helby, Nebraska.
Des Moines, A tlantic, C edar Rapids, Fort Dodge, M a rshallto w n, Iowa
Kansas C ity, M issouri • W ichita, Kansas • C hicag o, Illin o is • H ouston, Texas

for FRASER Banker, February, 1982
Federal Reserve Bank of St. Louis


Nebraska N ew s


Statement of Condition
D E C E M B E R 31, 1981



p ro m o ted to ag ric u ltu ra l vice p re si­
d e n t in 1980.
M r. A begglen, elected a s s is ta n t
i vice p re sid e n t of th e com m ercial
loan area in 1981, jo in ed in 1975.
M s. B ra g g s ta rte d w ith th e ban k
in 1973 in public relatio ns.
M r. N eville h as been w orking in
i general o p eratio n s since jo in in g th e
b an k in 1980.

Celebrates 100 Years

Cash on hand and due from banks.......................................................... $ 7,033,000
Treasury, Federal Agency andGovernment guaranteed obligations. . . .
Municipal bonds......................................................................................
Loans and discounts............................................................................... 44,189,000
Federal funds sold and securities purchased under agreement
to resell................................................................................................ 61,362,000
Banking house, furniture andfixtures....................................................
Other assets............................................................................................
Total assets
Deposits....................................................................................................$ 74,285,000
Capital stock............................................................................................
Undivided profits and other reserves......................................................
Federal funds purchased and securities sold under
agreement to repurchase...................................................................... 54,105,000
Other liabilities........................................................................................
Total liabilities....................................................................................... $137,569,000

T he new ly en larg ed an d rem od­
eled F ir s t N a tio n al B an k an d T ru st,
F u llerto n , founded in 1881 as th e
N ance C o u n ty B ank, recen tly cele­
b ra te d its 100th a n n iv ersary by
holding an open house.
T he N ance C o u n ty B an k w as
g ra n te d a n atio n al b an k c h a rte r
u n d er th e nam e of T he F irs t N a­
tio n al B an k of F u lle rto n in 1883 an d
in re cen t y ea rs w as ch an ged to F irs t
N atio n al B an k an d T ru st.

Russell E. Kendall, Chairman of the Board
Laddie J. Kozeny, Vice Chairman of the Board
Dennis R. Wood, President
Donald E. Dworak, Executive Vice President
W. D. Bowen, Senior Vice President
Donald E. Thompson, Senior Vice President
Thomas K. Grove, Vice President
Marvin C. Kelley, Vice President
James R. Riha, Vice President & Comptroller
Robert L. Schilke, Cashier
Helene M. Lesac, Assistant Vice President
Thomas M. Stoker, Assistant Vice President
Terence J. Tvrdik, Assistant Vice President
Donald F. Holst, Assistant Vice President
Patrick Conway, Assistant Vice President
Richard R. Otto, Correspondent Officer
Mary Gibbs, Trust Officer
Karen Lee, Bond Investment Officer
Greg Lavitt, Bond Investment Officer
Dolores O’Connor, Facility Manager
Timothy P. Galvin, Auditor

Joins Henderson Bank
B arclay S m ith w as recen tly hired
b y H en d erso n S ta te B ank, H e n d er­
son, as a s s is ta n t o p eratio n s officer.
M r. S m ith w as p rev io u sly em ­
ployed a t F arm ers S ta te B an k in
M arion, S o u th D ak o ta.

Appointed Ag Loan Officer


K eith S ta ffo rd w as recen tly a p ­
p o in ted ag ric u ltu ra l loan officer and
farm m an ag e r of P la tte V alley B ank
an d T ru s t C om pany, K earney.
M r. S ta ffo rd h as been involved in
a farm in g o p eratio n w ith his fa th e r
since 1974.

William T. Apking
John C. Barry
Stephen Beachler
M. W. Dunlap
Donald E. Dworak
Don Ellison
David Jacobson
Russell E. Kendall
Laddie J. Kozeny
Ronald J. Krejci
James McCabe

Elected in Curtis
M ichael L. Jo rg e n se n w as re c e n t­
ly elected a s s is ta n t vice p re sid e n t a t
C u rtis S ta te B ank, C urtis.

Title Change Filed
The O toe C o u n ty N atio n al B ank
of N e b rask a C ity h as filed w ith th e
Office of th e C o m p tro ller of th e C ur­
rency to change th e ir co rp o rated t i ­
tle to th e O toe C o u n ty N atio n al
B an k & T ru s t Co.
Federal Reserve Bank of St. Louis

Andrew McMullen
Paul L. Merker
Thomas F. Riedmiller
Joe Roh, Jr.
Guy L. Saunders
Gene Stanosheck
Rudy Stoysich
Lloyd Van Cleef
Rodney Vandeberg
Dennis R. Wood
Gary D. Wrage

packers national bank



Or TO LL FREE In Nebraska
4710 South 23rd Street

O m aha, Nebraska 68107


Charles E. Burmeister, p re sid e n t
of F ir s t M id A m erica, has a n ­
nounced th e a p p o in tm en t of Joe B.
Meyer to th e
p o sitio n of ex­
e c u tiv e
v ic e
p r e s id e n t, a n d
m em ber of th e
e x e c u tiv e co m ­
m itte e
b o ard of direc­
to rs of F ir s t M id
A m erica.
M r.
M eyer
w ill f u n c t i o n
p rim arily in a su p erv iso ry ca p acity
of re ta il sales an d m ark e tin g , w ith
ad d itio n al resp o n sib ilities in re c ru it­
m en t an d train in g .
P rio r to jo in in g F i r s t M id
A m erica, M r. M eyer w as affiliated
w ith E .F . H u tto n as vice p re sid e n t






regional m an ag er in th e P o rtla n d
O regon B ranch.
* * *
P ic tu red here are seven s ta ff
m em bers of N a tio n al B an k of Com ­
m erce T ru s t &
S a v in g s w hose
pro m o tio n s were
a n n o u n c e d in
la s t
m o n t h ’s

Rod Steinacher w as nam ed
vice presid en t.
P ro m o te d to
a s s i s t a n t v ic e
p re sid e n ts were


Robert G. Block, Mike Donnelly,
Tom Henning an d James T. Hitt.
N ew ly elected officers w ere Lovie
Broadus, personnel officer an d Jerry

Steve Sutton
For Complete
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


Lincoln, Nebraska 68508

Steve W. Sutton
Vice President


Where BENEFIT is more
than a middle name

Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis


D. Slominski, t r u s t ad m in istratio n ]

Bankers Trust, N.Y., Offers
New Incentive Program
The b o ard of d irecto rs of B an k ers
T ru s t New Y ork C orpo ratio n a p ­
p ro v ed a decision to offer to th e
10,000 em ployees of its d o m estic
com panies an d affiliates an additio n al em ployee benefit p ro g ram ,
ta x deductible em ployee contribut i o n to r e t i r e m e n t a c c o u n t s ,
(DECRAs), effective F e b ru a ry 1.
The p ro g ram will p e rm it em ­
ployees to c o n trib u te up to $2,000
an n u ally by w ay of pay ro ll d educ­
tio n s an d lum p sum co n trib u tio n s.
B an k ers T ru s t C om pany will be th e
tru s te e an d m a in ta in th e in d iv id u al
p a rtic ip a n t account reco rd s for th e
tw o in v e stm e n t vehicles b eing of­
fered — a m oney m a rk e t fu n d an d a
m an ag ed eq u ity fund. U nlike In ­
dividual R etirem en t A cco u n t a r­
ra n g em en ts, B an k ers T ru s t will be
p ay in g th e a d m in istra tiv e an d in ­
v e stm e n t expenses for its em ployees
who w ish to ta k e a d v a n ta g e of th is
new program .

A proven and affordable on-line
accounting system that combines
the advantages of in-bank data entry
with comprehensive printed reports
from our central computer.
SCORE brings you banking’s data
processing system of the future,
today...for DDA, Savings, CD’s,
Commercial Loan, Installment
Loan, EFT, ACH, General Ledger,
CIF and other applications.
SCORE utilizes a now affordable
mini-computer and printer in­
stalled in your bank that are on-line
with our highly sophisticated cen­
tral computer. Data entry for any
and all of the above applications is
made by your personnel and
processed by our central com­
puter for development of com­
prehensive reports that are elec­
tronically transmitted to your
printer on a timely basis.

SCORE offers these significant
benefits to your bank...
• Your personnel have complete
control over all data entered.
• Over-the-counter on-us items do
not leave your bank.
• Daily cut-off times are estab­
lished by you — without concern
for meeting courier time
• Mini-computer automatically
sorts items to pockets — in­
creases productivity — reduces
• Reports are printed in your bank
at the hours you designate.
• Reliance on courier service is
limited to transit items.

Putting SCORE to work for your
bank begins with our experienced
specialists making an on-site as­
sessment of your data processing
needs and helping you select the
equipment that is best for you.
We’ll oversee the installation of the
equipment once it is in your bank.
And we’ll thoroughly train your
personnel on how to most
efficiently and effectively
make SCORE score important
benefits for your bank.

Sound interesting? For complete details, give us a call at (402)471-1023.

Box 81008 • Lincoln, Nebraska 68501 • Member, F.D.I.C.
Federal Reserve Bank of St. Louis


Northwestern Banker February, 1982


Talk over your invest­
ment needs with us and
let us help you m ake prof­
itable decisions. We're
Bankers Trust, where
Iowa's future grows!

C o m e G ro w i M
W ith u s m I U w l
Des Moines, Io w a 50304
M em ber: FDIC/Federal Reserve System

Iow a’s la rg e st locally ow ned,
In d ep en d en t b a n k
U se o u r to l l - f r e e WATS lin e : 800 -3 6 2 -1 6 8 8

for FRASER Banker, February, 1982
Federal Reserve Bank of St. Louis

an d m o st recen tly as a co rresp o n ­
d e n t banker.

Estherville Promotes Three

T. C. D u n la p , c h m n ., S la te r
M. M iln e r, exec, v .p ., Des M o in e s



IBA Plans State Legislative Trip


H E th ird an n u al S ta te L egis­
lativ e T rip co n d u cted by th e
o w a B a n k e r s A s s o c i a ti o n is
scheduled for F e b ru a ry 21-23 in D es
M oines. B u sin ess sessions will be
held a t H o tel M a rrio tt in dow ntow n
D es M oines on M onday. T u esd ay
ìorn in g will be sp en t a t th e S ta te
C apitol w here th e second session of
th e 6 9 th G eneral A ssem b ly is u n d e r­
G overnor R o b ert D. R ay h as been
n v ite d to give th e ad d ress a t th e
S u n d ay d in n er a t th e M a rrio tt.
T h e a g e n d a fo r t h e S t a t e
L eg islativ e T rip follows:

Sunday, February 21

R e g istra tio n — M a rrio tt, se­
cond floor.
D in n er — Second Floor. A n
E v en in g w ith th e G overnor.

Monday, February 22


B re a k fa st — Second floor.
L eg islativ e b riefing — IB A
B reak.
U su ry an d C onsum er C redit
Code, followed by s tra te g ic
p la n n in g on p e r tin e n t
M eet th e S p eaker of th e
H ouse — Del S trom er.
“ N on-F inancial In s titu tio n
C o m p e titio n ” — H o w ard
H agen, A s s is ta n t A tto rn e y
G eneral.
L uncheon.
“ P e r s p e c tiv e s fro m a
P o litical R e p o rte r” — D avid
A. Y ep sen , D es M oines
R eg ister & T ribune.
“ E ffectiv e L o b b y ing - H ow
to C om m unicate w ith Y our
L e g is la to r” (film B a n k e r
Pride) — W es E hrecke.
A d d ress b y S ecretary of
S ta te M ary J a n e Odell.
Federal Reserve Bank of St. Louis


B reak.
L e g is la tiv e L e a d e rs h ip
R eception — M arrio tt.

Tuesday, February 23

U n ited C en tral B an k in E s th e r­
ville h as announced th e p rom o tio n
of N orm a B eaver to ag loan officer,
R o b ert C. D uff as a s s is ta n t vice
p re sid e n t an d ag loan re p re se n ta tiv e
an d N orm a B ru n sk ill to a s s is ta n t
M s. B eaver has been w ith th e
b an k seven years. M r. D uff m o st
recen tly served as an ag rep for a
W in te rse t b an k before jo in in g th e
U n ited C entral B an k in E sth erv ille
la s t D ecem ber. M s. B ru n sk ill h as
been w ith th e b an k IIV 2 years.



S h u ttle buses leave for S ta te
C apitol.
B re a k fa st w ith legislators;
leg islatu re in session; p er­
sonal v isits w ith legislators.
L t. Gov. T erry B ra n sta d .
“ P ublic F u n d s ” — M aurice
B aringer, S ta te T reasurer.
B u ses re tu rn to M a rrio tt
H otel.

IBA Legislative Group
Names Luckow Chairman
D ale R. Luckow , p re sid e n t of
D yersville N a tio n al B ank, has been
n a m e d c h a irm a n of th e Io w a
B a n k e rs A s s o c ia tio n le g is la tiv e
division. H e has been serv in g as vice
ch airm an an d succeeds J . B ruce
M eriw ether, p re sid e n t of th e F irs t
N a tio n al B ank, D ubuque.
M r. M eriw ether served in th a t
p o st w ith d istin c tio n for tw o and
one-half years, said IB A P re sid e n t
Tom D unlap. A lth o u g h th e p re ss of
d u ties a t his $150 m illion b an k
precludes his co n tin u in g as ch air­
m an, M r. M eriw ether will continue
serv in g on th e leg islativ e com m it­

Joins Akron Bank
S c o tt O tis has recen tly jo in ed th e
F i r s t N a tio n a l
B ank of A kron
a s v ice p r e s i ­
dent, according
to J im H ongslo,
p resid en t.
M r. O tis w as
p r e v io u s ly a s ­
s o c ia te d w ith
th e S ecu rity N a ­
tio n al B an k of
Sioux C ity, as a
p erso n al b a n k in g re p re se n ta tiv e ,

Accepts Monona Position
D avid A. S c h litte r h as recen tly
a c c e p te d th e p o s itio n of fa rm
re p re se n ta tiv e a t th e U nion S ta te
B ank, M onona.
M r. S ch litter h as an ag busin ess
degree from Iow a S ta te an d h as
been en g ag ed in farm in g w ith his
p a re n ts in th e W aukon area.

Eakin Retires, 45 Years
J a c k R. E a k in recen tly re tire d
a fte r 45 y ea rs a t th e S ta te B an k an d
T ru st, Council B luffs.
M r. E a k in b egan as a m ailboy in
1936 an d served as its p re sid e n t
from 1960 u n til 1977, a t w hich tim e
he w as nam ed chairm an. H e will con­
tin u e to serve on th e bo ard an d is
also d irecto r of H aw keye B ancorporation.
R on Jen se n , p re sid e n t of Life In ­
v esto rs, C edar R apids, is p re se n tin g
a h e a rt m o n ito rin g u n it to M ercy
H o sp ita l in M r. E a k in ’s nam e; P aul
D unlap, p re sid e n t of H aw keye Bancorporation, D es M oines, p re sen ted
a $10,000 scholarship in M r. E a k in ’s
nam e, an d D avid N. W althall, p re si­
d en t of S ta te B an k an d T ru s t p re­
sen ted M r. E a k in w ith a p ain tin g .

Approvals Received
T hree Iow a B an k s recen tly re­
ceived ap p ro v al from th e Office of
th e C om ptroller of th e C urrency to
esta b lish CBCT branches. T hey are:
F ir s t N a tio n al B an k in F airfield to
esta b lish a b ra n ch a t 2000 W est
B u r l i n g to n A v e n u e , F a ir f ie ld ;
N o r t h w e s t e r n N a ti o n a l B a n k ,
O m aha, a t 801 G alvin R oad, Belle­
vue, an d th e S ecu rity N a tio n al B an k
of Sioux C ity a t 2720 S to n e P a rk
B oulevard, Sioux C ity.
Northwestern Banker, February, 1982


Io w a New s

Ag Credit Conference, March 8-10,
Deals with Management for Survival


H E Iow a B an k ers A sso cia tio n ’s
1982 A g C redit C onference has
been scheduled for M arch 8-10 a t th e
Schem an C enter, Iow a S ta te U n iv er­
sity, A m es. P resid in g a t th e con­
ference will be D ean H icks, ch a ir­
m an of th e IB A ag division. M r.
H icks h as been senior vice p re sid e n t
a t B ren to n S ta te B an k in Jefferson,
an d on F e b ru a ry 1 becam e executive
vice p re sid e n t a t B re n to n ’s af­
filiated C o m m u n ity N a tio n al B ank
an d T ru s t C om pany in K noxville.
T he th em e selected for th e con­
f e r e n c e , “ T h e A g B a n k e r s ’s
C hallenge - M an ag em en t for S u r­
v iv a l,” reflects th e in creasin g stre ss
of th e ag len d ers jo b in to d a y ’s
econom y, an d th e need to be b e tte r
tra in e d in dealin g w ith s tre ss an d
th e need for financial counseling
w ith farm cu sto m ers. The p ro g ram





Monday, March 8


R eg istratio n .
W elcom e — D ean H icks,
IB A a g division chairm an.
“ M an ag em en t for S u rv iv a l”


sem inar — O verview by
N eal Conover, vice p re si­
d en t, H a y esv ille S av in g s
B ank.
T hree panel m em bers will
give in-depth look a t co n tro l­
ling risk, cu sto m er counsel­
ing, an d s tre s s m an ag e m en t
in crisis situ atio n s.
B reak.
“ M an a g em en t for S u rv iv a l”
sem inar continues.
T o u r o f V e t C o lle g e
lab o ra to ry .
E v en in g free.

Tuesday, March 9
R e g is tra tio n /C o n tin e n ta l
b re ak fa st.
W elcom e — Tom D unlap,
p re sid e n t, IB A ; p resid en t,
S o u th S to ry B an k & T ru st,
S later.
“ A g ric u ltu re - W here W e
A re, W here W e’re Going,
H ow W e’re G oing to G et
T h ere.”
“ M an ag em en t of L ivestock
E n te rp rise s in a C risis S itu a ­
tio n .”

{S e c u rity Savings Bank
Marshalltown • Laurel • Gladbrook
Member FDIC and Federal Reserve System
Statement as of December 31, 1981

Cash and Due from B a n ks............................................................... $ 11 ,415,195
U.S. Treasury Securities ...................................................................
Obligations of Other U.S. Government Agencies and Corporations
Obligations of States and Political Subdivisions ...........................
Federal Reserve Bank S to c k ............................................................
112 500
Federal Funds Sold ..........................................................................
Loans (net of unearned interest and valuation reserve) ...............
Bank Premises .................................................................................
1 410 423
Furniture and Fixtures.......................................................... " "
Accrued Interest and Other Assets .................................................
Demand .................................................................
_ Time .......................................................................
76,368,676 $102,084,924
Funds Purchased .....................................................
Other Liabilities ........................................................
2 467 575
S tock.......................................................................
S urplus...................................................................
Undivided Profits and Reserves .........................
Ronald E. Fenton, President
W.A. Lane, Jr., Chairman of the Board
R.M. Wilson, Chairman of the Executive Committee
G.G. Leth, Executive Vice President
Sam W. Neill, Senior Vice President
Leo E. Herrick, Senior Vice President and Cashier
F.R. Dunham, Vice President and Personal Loan Manager
Michael W. Bloom, Vice President and Trust Officer
J. William Lankelma, Vice President
Eugene M. Yordy, Auditor
Richard A. Beasley, Assistant Vice President
Dan J. Bomar, Assistant Vice President
Michael F. Baltes, Farm Manager
Betty L. Beane, Assistant Cashier
Vernelle Clay, Assistant Cashier
Craig R. Cordt, Personal Loan Officer

for FRASERBanker, February, 1982
Federal Reserve Bank of St. Louis

Gail A. Davis, Assistant Cashier
Linda S. Ketcham, Assistant Cashier
Sandra L. Linsenmeyer, Commercial Credit Officer
Myrna K. Muench, Assistant Cashier
E- Anne Stockfleth, Personal Credit Officer
Janet Wills, Personnel Officer
Richard jhorson, Vice President and Manager
Mavis McMahon, Assistant Cashier
David Loupee, Vice President and Manager
Lynn Fieinhard, Vice President
Debra H. Lansing, Assistant Cashier
Michael W. Hurd, Assistant Vice President and Manager



“ M an ag em en t of a Croj
E n te rp rise in a C risis S itu a
tio n ” — R o b ert A nderson,
senior vice p re sid e n t - loan
a d m in is tr a tio n , Io w a-D es
M oines N atio n al B ank, De<
M oines.
L u n c h e o n w ith 50 IS U
senior ag finance stu d e n ts.


“ M a r k e tin g C o m m oditie!
for th e P rice O b jec tiv e s” —
T om W r ig h t, p r e s id e n t,
C O M PA C, B etten d o rf.
2:00 P o t p o u r r i o f P e r t i n e n t
Issu e s — leg islativ e u p d atd
M A B SC O review, an d o th er
re la te d issues.
“ R eview of F arm Bill an d
New T ax L a w s” — D ennis
S ta rle a f an d M ike B oehlje,
Iow a S ta te U n iv ersity .
3:00 B reak.
3:15 W orkshop 1 — “ W o rk o u t
L o a n s” — D w ig h t C onover
an d R oger H offm an, SBA .
W orkshop 2 — “ Id e n tify th e
R ed F la g s in B u s in e s s ” —
J a n Reese, SBA , an d D ick
Collins, p re sid e n t, F ir s t Na-<
tio n al B ank, P erry.
W orkshop 3 — “ M an ag in g a
P ortfolio - A Look a t P ric­
ing, L iq u id ity an d In v e stin g
A lte rn a tiv e s.”
W orkshop 4 — “ M a rk e tin g
-Y o u r A g L o a n s a n d
D e p o sits” — P am M e rritt,
chairm an, IB A m a rk e tin g
co m m ittee an d m arketing)
director, Peoples T ru s t &
S avings B ank, Indianola;
R on M ilbach, vice p re sid e n t
an d ag rep, B ren to n S ta te
B ank, E ag le Grove.
4:30 E v en in g free.

A.M. Wednesday, March 10


N oon

W orkshops repeated .
C o n tin en tal b re ak fa st.
“ Role of th e A g B an k er in
th e ’8 0 s” an d “ T ra in in g
N ecessary to A id B e tte r
M a n a g e m e n t ’ ’ — G ib
S ta n e k , farm er- d ire c to r,
S ta te B ank, F o rt Dodge,
an d one o th e r speaker.
“ The M a rk e t O u tlo o k ” —
C het R andolph of C lay to n
B rokerage an d W H O R adio.
L u n c h e o n . “ E x p e c t th e
B e s t” — Jo se p h B a tte n ,
chairm an, B a tte n , B a tte n ,
H u d so n & Sw ab, Inc., Des
M oines.


Why our man in Iowa...
man in Iowa
should be

Chances are you already know him. Most
every banker in Iowa does. He’s Max Roy.
Max has been tra ve lin g the state fo r over
25 years ... h elping co rre sp o n d e n t bankers
in ju s t about every way you could th in k of.
It’s not p resum ptuo us to say that th is man
know s as m uch about fa rm in g in Iowa, and
the needs of bankers there, as any banker
w ho could knock on your door.
You see, Max Roy is n ’t ju s t a banker. He’s
a farm er-ra n ch e r. Has his own farm just
o u ts id e o f B lo o m fie ld , Io w a . 700 a cre s.
Runs over 300 head of cattle. Like you, he’s

been th ro u g h the ups and dow ns of d ifferent
cattle cycles. W hen you talk to Max about
farm ing, feed, c a ttle ... the needs of your
custom ers, he know s w hat y o u ’re ta lkin g
a b o u t... first hand!
Max Roy is the kind of person y o u ’ll find
in Drovers C orrespondent B anking D epart­
ment. We’re proud to have him w ith us, and
to offe r you the years of banking know -how
he represents.
If y o u ’re one of the few Iowa bankers who
d oesn’t know Max, you o u g h t to! He’ll prove
that Drovers should be your bank —and that
Max Roy should be your man in Iowa.
M e m b e r F e d e ra l R e se rve S y s te m

Drovers Bank

o f C h icaQ O

47th Street & A shland Avenue, C hicago, IL 60609
Federal Reserve Bank of St. Louis

312/927 7000

Northwestern Banker, February, 1982


Io w a N ew s

Wheatland Bank Sold to
15 Local Investors
A g roup of 15 local in v esto rs has
p u rch ased th e F irs t T ru s t & S avings
B an k of W h e atlan d from M orA m erica C o rp o ratio n of C edar R apids and

has form ed th e W h e atlan d B ancorp oration. F ir s t T ru s t has ap p ro x ­
im ately $24.5 m illion in asse ts.
J.B . Bowen, a re tire d b an k e r who
has continued in re cen t y ea rs on th e
bo ard of F ir s t T ru s t & S avings, has
been elected ch airm an of th e board.


December 31, 1981

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

Cash & Due from Banks
$ 12,167,120.94
United States Bonds


Other Bonds


Loans & Discounts


Douglas Goodman, Assistant Cashier
Mary A. Smith, Assistant Cashier

Bank Building & Fixtures 2,617,481.50

Agricultural and Commercial Loans

Other Assets


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





Instalment Loans
Douglas M.
Ronald W. King,
George A. Rossum,
R. W. Whyte,




Real Estate Loans
James L. Beneke, Vice President

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

Capital Stock

2 ,000,000.00



2 000 000.00

Undivided Profits




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

Personnel Department
Gayle A. Beddow, Asst. Cashier

Total Capital


Audit Department
Emmet Tinley, III, Auditor

Patio East Office

Funds Purchased


Charlene K. Williams, Asst. Cashier

Other Liabilities


Mary Lou Wrinkle, Asst. Vice President


Don D. Fletcher, Manager


Franklin H. Geiger, Manager

Patio West Office
Carson Office

Total Deposits

McClelland Office

Council Bluffs
Savings Bank 151
Member F.D.I.C.



Council Bluffs, Carson and McClelland, Iowa
for FRASERBanker, February, 1982
Federal Reserve Bank of St. Louis

D ennis M. H en n in g w as ad v an ced to
p re sid e n t an d tr u s t officer. M r. H e n ­
n in g w as vice presid en t-lo an s a t
F id e lity B ren to n B an k & T ru s t
C om pany in M arsh allto w n for five
y ea rs before jo in in g F irs t T ru s t la s t
A pril. M r. H en n in g also h as been
elected a director.
D avid B uchanan, an area farm er,
has been elected vice p re sid e n t (inac­
tive) an d director.
The b an k also o p erates a t D ixon
an d L o st N ation. O th er officers on
th e b an k s ta ff are:
W illiam W a tte rs , sen io r vice
p re sid e n t an d office m an ag er, an d
K aren D rake, a s s is ta n t cashier, b o th
a t L o st N ation.
G ary M artin , vice p re sid e n t an d
office m anager, an d L ouise Homrig h au sen , a s s is ta n t cashier, b o th a t
C arole H offm an, cash ier, an d
D avid H a rris, vice p resid en t, b o th
a t W h eatlan d . Jeffrey V. Jaco b i
recen tly jo in ed F ir s t T ru s t & S av ­
ings as a loan officer. H e is a
g ra d u a te of W a rtb u rg C ollege,
w here he m ajored in b u sin ess a d ­
m in istra tio n an d econom ics.
M orA m erica C orporatio n sold th e
$65 m illion a sse t Ja c k so n S ta te
B an k & T ru s t C om pany of M aquok e ta to H aw keye B an co rp o ratio n in
1981. T h a t sale w as ap p ro v ed by th e
F ed la s t Ju n e. W ith th e sale of F irs t
T ru s t & S av in g s in W h eatlan d ,
M orA m erica no longer ow ns an y

Iowan Elected to National
Office by Appraisers
Ja m e s G. F rev e rt, H e rtz F arm
M anagem ent, Inc. of N evada, la.,
has been elected vice p re sid e n t of
th e A m erican Society of F arm
M an ag ers an d R ural A p p raisers, a
D enver, C olorado-based professional
a g ric u ltu ra l society.
M r. F re v e rt will be p rim arily
responsible for nine m id-w estern
s ta te s and will serve on th e 10
m em ber executive council of th e
Society. H e is c u rre n tly serv in g as
p re sid e n t of th e Iow a C hap ter. H e
holds th e A F M (A ccredited F arm
M anager) d esig n atio n as g ra n te d by
th e Society.
M r. F re v e rt w as in stalle d a t th e
S o ciety ’s 52nd N atio n al M eetin g
an d S em inar in Louisville. T he
A m erican Society has 3500 m em ­
bers in th e U n ited S ta te s an d
m anages som e 50 m illion acres of
U.S. farm lan d for tru s t, e sta te s,
g u ard ian sh ip , an d ab sen tee ow ners.


, Iowa Bankers Insurance and Services Inc.

Announces two new
health care programs
that can make
you and your budget
feel better.
I.B.I.S. can save you a
bundle on your employees
health care insurance. Depend­
ing on what type plan you have
now we could save you 10%,
15%, 25% maybe a little more.
And possibly give you better
coverage at the same time.
One of our new plans is
for banks that want to protect
their employees from the major
accident or sickness at the
lowest possible cost.
The other new plan is for
banks that want to expand
the traditional group health
benefits and at the same time,

decrease monthly premium
I.B.I.S. has a trained staff
to take the time and adminis­
trative load off you. That saves
money too. We think our plans
will surprise you on how much
they cover for the dollar. More
coverage, more value.
Right now 74% of all
Iowa banks use our health and
dental care programs. Give us
a call now and see what a
difference there is when bank­
ers design insurance programs
for bankers! Call Millie Uding
at I.B.I.S.

Iowa Bankers Insurance & Services, Inc.
430 Liberty Building, Des Moines, Iowa 50308 (515) 286-4300
Call our toll FREE WATS number 1-800-532-1432
“Owned by all Iowa Banks”
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1982


Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis


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anks of Iowa Computer Services ^

Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1982


Io w a N ew s

ARCHITECT’S sketch shows both interior and exterior views planned for the Jackson State Bank and Trust Company, Maquoketa.

Jackson State Bank to Build


R A IG B E N T R O T T , executive
vice p re sid e n t of Ja c k so n S ta te
B an k an d T ru s t C om pany in M a­
q u o k eta, recen tly announced a m a­
jo r co n stru c tio n p ro g ram s ta rte d in
J a n u a ry to acquire th e build in g to
th e n o rth an d give th e b an k 14,556
sq u are feet to b e tte r serve its
cu stom ers.
M ain tain in g th e classic exterior,
th e fro n t en tra n ce will have bronze

doors an d w indow fram es plus tw o
en tran ces/ ex its to a new m ezzanine
to be c o n stru c te d above th e teller
line, in fro n t of th e build in g and
along th e n o rth of th e new ly ac­
quired building. O pen sky lig h ts, in
th e ce n te r of th e lobby, will expose
th e original high o rn a te decorative
A se p a ra te n o te com plex, sem i
p riv a te loan officer sta tio n s, ad d i­

Farmers & Merchants Bank & Trust
Statement of Condition
December 31, 1981

Cash and Due from B a n k s ..........................................................
U.S. Government B o n d s .............................................................
Municipal B o n d s ..........................................................................
Other Bonds ................................................................................
Loans and Discounts .................................................................
Bank Building ..............................................................................
Furniture and F ixtures.................................................................
Federal Funds Sold .....................................................................
Other Assets ...............................................................................
Capital Stock ...............................................................................
Surplus .........................................................................................
Undivided Profits ........................................................................
Unearned Discount .....................................................................
Deposits .......................................................................................
Securities Sold Under Agreement to Repurchase .....................
Interest Bearing Demand Notes Due U.S. Treasury
Other Liabilitie s............................................................................

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

Digitized Northwestern
for FRASER Banker, February, 1982
Federal Reserve Bank of St. Louis

National Bank of Waterloo
Forms Holding Company
$ 3,763,000.00


C. H. Walsh, President
R. O. Youngstrom, Senior Vice President and Trust
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
Paul L. Peterson, Assistant Vice President
John T. Hanna, Assistant Cashier
Clair A. Penney, Assistant Trust Officer
Michael D. Eastin, Assistant Cashier

Member Federal Deposit InsuranceCorporation

tio n al p riv a te conference room s, an d
added v a u lt space for safety dep o sit
boxes will be p rovided on th e m ain
The m ezzanine, form ing a larg
re ctan g le above th e m ain level, will
p r o v i d e a d d i t i o n a l e x p a n s io n
cap ab ilities as well as an enlarge
bo ard room w hich will also serve as
an em ployee tra in in g room .
T he low er level will be red eco rated
to provide im proved w o rking condi­
tio n s for th e bookkeepers, alon
w ith th e ad d itio n of tw o sem i
p riv a te office statio n s.
K irk G ross C om pany of W aterlo
is in charge of th e p ro jec t w ith 10 t
13 m o n th s allow ed for com pletion.

F ederal re g u la to ry ap p ro v al ha
been received by th e N a tio n al B an
of W aterloo to form a one-ban
holding com pany, Iow a N atio n a
B an k sh ares Corp., it w as announce
la st m o n th by B. S c o tt F etn er, p resi
dent. T he ap p ro v al w as effectiv
D ecem ber 31, 1981.
M r. F e tn e r said sh areh o ld ers ha
given 96.7% ap p ro v al on N ovem be
20, an d th a t 100% of th e sto ck no
has been exchanged. M r. F e tn e r sai
sh areh o ld ers w ere given six sh are
of Iow a N a tio n al B a n k sh a re s stoc"
for each sh are of N atio n al B an k o
W aterloo sto ck owned. A fte r th e ex
change of stock, sh areh o ld ers th e
w ere p aid th e year-end div id en d o
th e new stock.
M r. F e tn e r also ann ounced th a
N a tio n al B an k of W aterlo o recen tl
com pleted p u rc h ase of all rig h ts t
Flex-O -Pay, an a u to m a te d acco u n t
receivable billing sy ste m for b an k s
“ N B W ,” he said, “ is now able to ex
p an d th e use of th e sy ste m beyond
lim ited n u m b er of b an k s in N o rth
e a s t Io w a a n d g e n e r a te n e _
b u sin ess for th e co m p u ter d iv isio n .’

Io w a N e w s

Executives Advanced in Sioux City
T T H E IR an n u al m eetin g la s t
m o n th , d irec to rs of th e N o rth ­
w estern N a tio n al B an k of Sioux Ciy n am ed S tan ley E . E v a n s as ch a ir­
m an an d chief executive officer an d
adv an ced M ichael J . M oeller to suc­
ceed him as p resid en t.
A t th e sto ck h o ld ers m eeting, tw o
ew d irec to rs w ere elected. T hey are
W illiam H. M etz, ex ecutive vice
p re sid e n t of M etz B ak in g C om pany,
an d D r. E a rl M um ford, M .D ., senior
a rtn e r of M um ford, K eane, Paulsru d & W heeler O rth o p aedic G roup.
Mr. M oeller p rev io u sly w as ex ­
ecutiv e vice p re sid e n t, a p o sitio n he
h ad held since jo in in g N o rth w e stern
atio n al in 1972. A n a tiv e of C lear
ake, he b eg an his career w ith Bano a t F ir s t N a tio n al B an k of M ason
ity a fte r his g ra d u a tio n from Iow a
S ta te U n iv e rsity w ith a degree in inu s tria l a d m in istra tio n . H e coninues his p o sitio n on th e N orthe ste rn N a tio n al b o ard of d irectors.
M r. M oeller will assu m e th e re-

financial cen ter a decade ago, re ta in ­
ing a b an k in g office in th e Sioux Ci­
ty S to c k y ard s B uilding w here th e
ban k h ad been located since its foun­
ding. The cu rre n t build in g will be
replaced soon by th e new facility to
be located in th e high-rise T erra
Tow er in th e B adgerow Block, a
re su lt of his sp earh ead in g conver­
sion of th e p re se n t build in g in to a
m edical cen ter a d ja c e n t to th e new
M arian H e a lth C enter.





sp o n sib iliity for re ad y in g th e b a n k ’s
new q u a rte rs in th e T erra Tow er
C om plex for occupancy in th e su m ­
m er of 1983. H e is activ e in civic an d
c u ltu ra l o rg an izatio n s in Sioux C ity,
serv in g m an y of th em in an official
M r. E v a n ’s ad v an cem en t to ch a ir­
m an caps a career w ith N o rth ­
w este rn w hich d a te s back to 1938
w hen he joined th e b an k as a m es­
senger a fte r g ra d u a tin g from high
school. U nder his guidance, N o rth ­
w este rn b u ilt its first dow ntow n

Insurance Officer Named
Jo e V aage, p re sid e n t of F irs t
N o rth w e ste rn N atio n al B an k of
D enison, recen tly announced th e
pro m o tio n of R ay B acon to in ­
su rance officer.

CPA Joins Sibley Bank
R onda H ollensbe, CPA , recen tly
joined F ir s t N a tio n al B an k of S ib ­
ley, as a t r u s t officer. M rs. H ol­
lensbe w as prev io u sly a s ta ff ac­
c o u n ta n t w ith D en H a r to g &
H ogan, W aterloo.

Statement of Condition
December 31,1981



Cash and Due from Banks ............. $ 16,645,074,30
U.S. Government Securities .............
Municipal B o n d s ...............................
U.S. Agency Bonds ...........................
Other Securities including $288,000
Federal Reserve Bank S to c k ........
Loans, Net of Unearned Discount
($1,447,612.81) ...............................
Reserve for Possible Loan Losses
Federal Funds Sold and Securities
Purchased under Agreements
to Resell .........................................
Banking House, Furniture and Fixtures
Other A ssets.............................

Capital ............................................... $ 4,800,000.00
Undivided Profits ...............................
Reserve for Contingencies .............
Total Equity Capital ..................... $ 13,074,958.06
Provision for Taxes,
Interest and Expenses...................
Other Liabilities .................................
Interest Bearing Demand Notes
to U.S. Treasury...............................
Federal Funds Purchased and
Securities Sold under Agreements
to R epurchase...............................
Deposits .............................................
TOTAL ..........................

William G. Kruse
Chairman of the Board and
Chief Executive Officer

Paul J. Gisch

Advertising and
Promotion Officer

Senior Vice President—
Special Lending


Richard T. Tempelman

Mark E. Small
Credit Officer

Jim H. Houtz

Paul J. Gisch

Assistant Vice President

Senior Vice President—
Special Lending

Gladys A. Hueneke

Beverly J. Anderson
Personnel Officer

Assistant Vice President

L. Richard Winter

Raymond J. Schirmer

Trust Department

Senior Vice President


Dale R Repass

Vice President and Cashier

David W. Spahn

Vice President and
Trust Officer


Robert G. Koehler

R Jeanne Sinhold

Mark J. Willging

Daniel E. Welu
Vice President—Accounting

Thomas J. Stecher
Vice President—Operations

Thomas W. Buelow
Federal Reserve Bank of St. Louis

Mary Jo Keating

Assistant Vice President
Manager North
Dubuque Office

J. Bruce Meriwether


John J. Savary

Real Estate Loan Officer

Sara J. Candy
Personal Banking Officer

Trust Officer

Kenneth E. Weitz
Trust Administration Officer

Cheryl M. Christ

Vice President—
Loan Administration

Mary A. Piersch

Trust Administration Officer

Personal Banking Officer
Manager Asbury Office


Leo M. Mallie

Alan L. Schuster

Vice PresidentAgricultural Lending

John M. Hansen
Vice President—Investments

Richard A. Bean
Vice President—Finance

Personal Banking Officer
Manager West
Dubuque Office

C. Michael Reilly
Marketing and Business
Development Officer

Edward A. Babka
President. Babka
Publishing Co.

Paul L. Britt

President, CyCare
Systems, Inc.

N. J. Yiannias
President, Dubuque
Theatre Corp,
President, Key City
Investment Co.

Philip T. Kelly
President, Communication
Properties, Inc.

William G. Kruse
Chairman of the Board and
Chief Executive Officer

John W. Law
Chairman of the Board,
John W. Law Co.

Waldo Adams
Frank A. Fluckiger
Charles J. Spahn
Catherine Winall

John K. Lawson
General Manager, John Deere
Dubuque Works

J. Bruce Meriwether

Wayne A. Norman
Planning and Development
Officer, University of Dubuque

Roger J. Rhomberg
Vice President,
General Manager
President, Rhomberg Fur Co,
Toledo Stamping & Mfg. Co., James E. Walsh
Dubuque Division
President. Bird Chevrolet Co.

Northwestern Banker, February, 1982


Io w a N ew s

MNB Opened 5048 IRA
Accounts in 4-Day Blitz
D u rin g th e four-day period of
J a n u a ry 4-7, M erch an ts N ational
B an k of C edar R ap id s opened 5,048
v ariab le ra te In d iv id u al R etirem en t
A ccounts, it w as announced la s t
m o n th by Cal C oquillette, vice p re si­
d e n t of th e b ank. H e said th e to ta l
volum e of th e new IR A accounts
am o u n ted to slig h tly m ore th a n $8
m illion in dep o sits.
M erch an ts N atio n al h ad ad v e r­
tise d th a t it w ould p a y 50% in te re st

on a new IR A for th e first q u a rte r of
1982 if th e acco u n t w as opened
J a n u a ry 4 or 5, a fte r w hich th e ra te
p aid w ould drop to th e going ra te of
in te re st on th e 30-m onth sm all saver
certificate, p lus one-half percent.
M N B also offered to p ay a 15% in­
tro d u c to ry ra te to an y new IR A
cu sto m er th ro u g h th e first q u a rte r
of 1982. “ W e decided th ere w as su f­
ficient IR A aw areness to ig n ite th e
m a rk e t place to ta k e a c tio n ,” M r.
C oquillette sta te d .
A fte r new s of th a t offer becam e
know n, le tte rs an d phone calls from

at close of Business December 31, 1981

Cash and Due from b a n k s ............................................$ 10,242,555
Interest bearing deposits at banks ..............................
Investment securities:
U.S. Treasury securities ............................................
Obligations of states and political subdivisions . . . .
Total investment securities ........................
Federal funds sold ........................................................
Loans, net of unearned in c o m e ....................................
Less valuation reserve for loan losses ....................
Total loans ..................................................
Accrued interest receivable ..........................................
Bank premises and equipment ....................................
Other assets ..................................................................
Total assets ..................................................$147,146,169

Demand deposits ...................................................... $ 23,090,067
Savings d e p o s its ........................................................
Time deposits ............................................................
Total d e p o s its .............................................. 118,014,595
Securities sold under agreements to repurchase ___
Other short-term borrowings ........................................
Accrued expenses and other liabilities ........................
Total lia b ilitie s.............................................. 133,637,297
Stockholders’ equity:
Capital stock ..............................................................
S u rp lu s ........................................................................
Retained e a rn in g s ......................................................
Total stockholders’ equity ..........................
Total liabilities and stockholders’ equity . . . $147,146,169

Dale K. DeKoster

Chairman of the Board & President
Commercial Division

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

Donald N. Richards
Vice President
Deon Senchina
Consumer Loan Officer
David A. Mulnix
Consumer Loan Officer
Gary L. Dodge
Consumer Loan Officer
Agricultural Division

Merle W. Rodgers
Senior Vice President

William D. Davidson
Vice President

Robert V. Cooper
Senior Vice President

Operations Division

Gerald J. Curran

Betty M. Runyan
Assistant Cashier
Diane C. Kupferschmidt
Personnel Director
Anita M. Ward
Trust Division

Frederick Koch
Senior Vice President & Trust Officer
Dennis E. Egel
Assistant Trust Officer
James E. Thielen
Assistant Trust Officer

Consumer Lending Division

Rick A. Thuesen

Robert L. Smith
Vice President


West Park at Cedar, Waterloo, Iowa 50704

for FRASERBanker, February, 1982
Federal Reserve Bank of St. Louis

all over th e n atio n poured in to th<
b an k to ta k e a d v a n ta g e of th e high
rate, w hich w as estim a te d to m ean a
re tu rn of close to 25% for th e first
year. The offer for o ut-o f-state p er
sons finally w as w ith d raw n becaust
n atio n al p u b licity h ad created such
h e a v y d e m a n d t h a t e x is tin g
cu sto m ers and Iow a re sid e n ts were
being pre-em pted. T he o riginal tw o
d ay cam p aig n th e n w as ex ten d ed tt
four day s due to severe snow storm s
th ro u g h o u t th e area, as well as a
n u m ber of p erso n s who a tte n d e d the
R ose Bowl being u nable to re tu rn as
M r. C oquillette said th e bank
sta ff tra c k e d th e sources of deposits
as new IR A acco u n ts w ere opened
H e said 25% of th e m oney came
from d ep o sits alread y in M N B , 209!
from M oney M a rk e t F u n d s, 209c
from sav in g s an d loans, ab o u t 5%
from out-of-state re sid e n ts, an d 2%
to 5% from cred it union s an d other
non-financial sources. “ I t is nici
th a t th e m a jo rity of new m onej
c a m e fro m n o n -b a n k s o u rc e s
n o tab ly th e M oney M ark et F u n d s ,’
M r. C oquillette observed.
O ver 90% of th e new IR A s weri
opened w ith th e m axim um co n trib u
tio n of $2,000, or $250 in th e case o
an ad d itio n al spousal IR A .

Promotion Announced
N ancy H oudek w as re cen tly p ro ­
m o te d to a s s i s t a n t c a s h ie r of
M a n u fa c tu re rs B an k an d T ru s t
C om pany, F o re st C ity.
A n em ployee of th e b an k since
1973, M rs. H oudek w orks in th e
bookkeeping d ep a rtm en t.

Bank Sale Called Off
Sale of M o ntgom ery C o u n ty N a­
tio n al B ank, R ed Oak, to th e Lauritzen fam ily in te re sts of O m aha has
been called off, accordin g to W in­
field S. M ayne, co-chairm an of the
b a n k ’s board.
C ontrolling in te re st in th e bank
will rem ain w ith th e M ayne fam ily,
a lth o u g h stock tra n sfe r w ith in the
fam ily has re su lte d in o th er changes.
M ark R. M ayne, p re sid e n t, and
W infield S. M ayne also announced
th a t th e y have b o u g h t th e holdings
of W infield G. M ayne, co-chairm an,
in th e b an k effective J a n u a ry 1.
W infield G. M ayne will re sig n as
co-chairm an an d directo r to pursue
o th er b u sin ess in te re sts. M ark R.
M ayne will continue as p resid en t
an d chief executive officer an d W in­
field S. M ayne as chairm an.


W hen You Build
O r Remodel Your Bank,
W h o Really Benefits?

Your Local Excavator

0 * Your Local Lumber Yard

[ ') Your Local Concrete Supplier ® *V o u r Local Carpet Store

Your Local Mason

|0^5four Local Hardware Store


Your Local Electrician

[0*Y our Local Motels

P l Your Local Plumber

[B^ifour Local Restaurants


Your Local Heating Supplier

B ^ io u r Local Drapery Shops

Your Local Paint Store

IB^Vour Local Appliance Store

Your Local Painter

[0*V ou r Local Landscaper

Your Local Roofer

[0^Your Local Newspaper

Your Local A ir Conditioning

The Kirk Gross Company uses local contractors and
suppliers whenever possible. But they’re not the only
people who benefit.

The whole town benefits. That’s what your operation is all about. That’s what our operation is all about.


4015 Alexandra Drive
Waterloo, Iowa 50704
Phone 319-234-6641
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1982

firm of Brow n, W inick, G raves, Don!
nelly an d B askerville as a p a rtn e r,
according to Marvin Winick, m an ag ­
ing p a rtn e r.
H e will specialize in th e area of
banking, b u sin ess an d corporate
* * *

T he B o ard of D irecto rs of Brento n B an k s, Inc. h as declared a stock
dividend of one share for each tw o
sh ares held b y shareholders as of
J a n u a ry 19, 1982. T he 50% stock
s p lit- u p w a s d e c la re d p a y a b le
J a n u a ry 29, 1982. T o tal shares
o u ts ta n d in g w ill in c re a se from
1,113,012 to 1,646,168. T hese shares
will be held by slig h tly m ore th a n
1,000 shareholders.
A re g u la r q u a rte rly cash dividend
of $0.35 a sh are w as also declared
p ay ab le J a n u a ry 29, 1982, to sh are­

holders of record on J a n u a ry 19,
1982. C ash dividends p aid for th e
m o st re cen t four q u a rte rs am o u n t to
$1.40 com pared to $1.00 for th e
previous four q u a rte rs. T his re p ­
re se n ts a 40% increase in cash
dividends an d th e th irte e n th con­
secutive y ear th a t th e b o ard of Brento n B anks, Inc., has increased
dividends to its shareholders.
* * *
Richard A. Miller, vice p re sid e n t
an d legal counsel for H aw keye Bancorporation, recen tly jo in ed th e law

Muscatine, Iowa

DECEMBER 31, 1981

Cash and Due from Banks....................................... $ 7.039.000.
United States Government Securities.....................
Other Bonds..............................................................
3.592.000. 00
State, County and Other Municipal Obligations. . . .
Federal Reserve Bank Stock....................................
120, 000.00
Federal Funds Sold...................................................
Loans (excluding unearned income). . . .$84,245,000.00
Less—Reserve for Loan Losses...........
Net Loans..................................................................
Bank, Parking Lot, Office and Fixtures
Other Assets......................................
Income Earned but Not Collected. . . .
Total Assets




C apital...................................................................... $ 2,000,000.00
Undivided Profits.....................................................
Other Liabilities and Deferred Taxes.......................
Securities Sold Under Agreement to
Deposits.................................................................... 103,187,000.00
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 Officer
H.W. OGILVIE, JR., Vice President
LOUIS RECHTFERTIG, Vice Pres.— Instalment Loans
MARGARET MATHES, Vice Pres. & Trust Officer
JUDD W. LELAND, Vice Pres. & Farm Manager

Northwestern Banker, February, 1982
Federal Reserve Bank of St. Louis

L.G. SULZBERGER, Vice President & Cashier
E.S. “ KELLY” BURNS, Asst. Vice President
JO MERCER, Asst. Vice Pres. & Secretary
JOHN VOLKMAN, Asst. Vice President
JAMES V. PULLIAM, Asst. Vice Pres.— Mgr. Mall Office
JANICE METZGER, Mgr. — Bookkeeping Dept.

John Seitz, who h ad been a p a r t
ner of th e Des M oines law firm.
B e lin , H a r r i s ,
H e lm ic k
H e a r tn e y , h a s
re c e n tly jo in e d
H a w k e y e B anc o r p o r a tio n a s
v ic e p r e s id e n t
le g a l
M r. Seitz had
been a m em ber
of th e B elin law
firm since 1976.
* * *
L arry Wenzl, p re sid e n t of C ap ita
C ity S ta te B ank, has announced
th a t Thomas J. Clark has jo in ed the
b an k as senior vice p re sid e n t and
M r. C lark, who will be responsible
for b a n k o p e ra tio n s, h a s been
em ployed by th e C hevrolet M otors
D ivision since 1961, m o st recently
as a s s is ta n t zone m an ag er for Iow a
* * *
H aw keye B an co rp o ratio n h as an
nounced com pletion of a $10 m illion
long te rm financing ag reem en t w ith
C redit Suisse, S w itzerland. U ndei
term s of th e five y ear agreem ent,
H aw keye re ta in s th e op tion to set a
fixed in te re st ra te . T he financing
ag reem en t w ith C redit S uisse was
en tered into late in D ecem ber, 1981

Webster City Announces
Staff Changes
B ruce G reenfield, a s s is ta n t vice
p re sid e n t, w as recen tly elected tc
th e b o ard of F ir s t S ta te B an k ir
W e b ste r C ity.
L inda C orm aney w as elected an
a s s is ta n t cashier an d A rd y s A n g
stro m w as recognized by N orir
S kad b u rg , p resid en t, for 25 y ea rs ol
service to th e bank.



Front: Margo Foxhoven, Secretary. Left to right: Eddie A.
Wolf, Senior Vice President; Larry A. Bergemann, Vice
President; Cyrus D. Kirk, Vice President; William B.
Greaves, Vice President.

You’ve probably met one or more of
these United Central Bank Correspondent
Bankers over the years. Chances are there’s
one person you haven’t met, although
you’ve probably talked to her on the phone.
Margo Foxhoven has been assisting you
as secretary in Correspondent Services for
six years at United Central Bank; sending
out analysis reports each month, handling
examination requests, informing you of

money market rates, transferring funds,
assisting you with lines of credit, aiding
with the annual Iowa Bankers Convention,
sending out supplies, furnishing the Farm
Digest Newsletter and providing hotel reser­
vations when you visit us in Des Moines.
For answers to your questions about
Correspondent Services or current events
in banking, call Margo or any one of our
Correspondent Bankers at 1-800-263-1615.


DES MOINES, N.A. ■ (51S) 245-7111 ■ MEMBER FDIC
Federal Reserve Bank of St. Louis

Northwestern Banker, February, 1982


Io w a N ew s

Promoted in Adel
W ayne G eadelm ann, p re sid e n t of
B ren to n B an k an d T ru s t C om pany,
Adel, recen tly an nounced th e follow­
in g prom otions:
D arrell B au m an to a s s is ta n t vice
p resid en t, a s s is ta n t tr u s t officer an d
sec u rity officer. M r. B au m an joined
th e b an k in 1978.
J e ff H o rn to a s s is ta n t vice presi-

dent. H e has m an ag ed th e R edfield
office of th e B ren to n B an k an d
T ru s t Co. since 1980.
R ick C audle an d R onda P aullin to
a s s is ta n t cashier. M r. C audle joined
th e b an k in 1981 an d M s. P aullin
jo in ed in 1978, serv in g m o st re cen t­
ly as m an ag er in th e bookkeeping
d ep a rtm en t.
A1 G arso n to tr u s t officer. H e has
been w ith th e b an k since 1979.
C arolyn S c o tt to a s s is ta n t tr u s t
officer. She jo in ed in 1966 an d has
w orked in v ario u s areas of th e bank.

Named in Fort Dodge



B ruce R. M cC ullough has re c e n t­
ly been p ro m o ted to cashier of th e
S ta te B ank, F o rt D odge. H e has
been w ith th e b an k since 1964.
A lso elected as officers were Cyn-

th ia S. F rueh, a s s is ta n t agricultura*
loan officer; K aren R am irez, a s s is ­
ta n t consum er loan officer, an d M ar­
jo rie H am ilton, sec retary to th e
bo ard of d irectors.
W illiam R. H a rris recen tly joined
th e b an k as an a g ric u ltu ra l loan of­
ficer. H e w as p reviously em ployed
by th e F ederal L an d B an k A sso cia­
tio n in F o rt Dodge.
R o g er B lan ch fie ld , p r e v io u s ^
em ployed by th e F ederal L an d B an k
A sso ciatio n of Spokane, W ash in g ­
ton, has also jo in ed th e b an k as
a g ric u ltu ra l loan re p resen ta tiv e .

Officer Promotion Told
D oug C arm an h as been prom otec
to loan officer a t S ecu rity Savings
B an k in S cranton.
M r. C arm an h as been w ith th e
b an k since M ay, 1981.

Elected in Royal





Committed to
making your
bank stand
apart from the

Je ffre y O lson w as recen tly nam ed
a g ric u ltu re loan officer a t H om e
S ta te B an k in R oyal.
D avid Jaco b sen , m an ag e r of th ^
b a n k ’s in su ran ce agency, has been
elected a s s is ta n t vice p re sid e n t an d
a director.
Leon W alker, vice p re sid e n t of th e
bank, h as also been elected to the*

Joins Kellogg Bank
K ellogg-S ully B an k & Trust,!
K ellogg, h as hired R onald G. De
Nooy as a loan officer, to be involved
in all p h ase s of lending.
M r. De N ooy w as p rev io u sly
w orking for th e F ederal L an d B ank
A ssociation, Sheldon.

New Director Named
M ary K. N achtw ey, d a u g h te r of
th e late M oritz K e rn d t an d siste r of
T.M . K ern d t, p re sid e n t of th e bank,
has been elected to th e b o ard of
K e rn d t B ro th e rs S avin g s B ank,
L ansing.

Named in Mitchellville
B e tty W hiteley w as p ro m o ted to
a s s is ta n t cashier of th e F arm ers
S avings B an k a t M itchellville.
M s. W hiteley has been w ith th e
b an k since A pril, 1981, as an officer
trainee. P rio r to th a t she w as w ith
F irs t N atio n al B an k of K earney,
N ebr., nine years.
for FRASERBanker, February, 1982
Federal Reserve Bank of St. Louis


Io w a N ew s

ecorah Elections Announced
W . P. R o n a n , p r e s id e n t of
ecorah S ta te B ank, h as announced
he election of J o h n H ess from vice
re sid e n t an d cash ier to senior vice
resid en t; R oger H u in k er, from asis ta n t cash ier to cashier, an d R ick
u rra s as ag ric u ltu ra l loan officer,
am es C oplen h as re cen tly joined
he b an k in th e p o sitio n of tr u s t oficer.
M r. C oplen w as p rev io u sly emloyed by b an k s in P rin ceto n an d
"ount M o rris in Illinois an d a t M aru e tte N a tio n al B an k in M innepolis, M inn.

Were interested in handling
ag credit needs.

Farm Loan Officers Named
U n ited C en tral B an k & T ru s t Co.,
aso n C ity, re c e n tly p ro m o ted
oris W y b o rn y to farm loan operaions officer an d M ell T ae ts to farm
oan officer.
M s. W y b o rn ey jo in ed th e b an k in
1959 in th e in s ta lm e n t loan d é p a rt­
M r. T a e ts b eg an his career w ith
he b an k in M arch, 1981.

National Charter Filed
C lu tie r S ta te B a n k , C lu tie r,
ecen tly filed w ith th e Office of th e
o m p tro ller of th e C u rrency to m ake
conversion from s ta te to n atio n al
h a rte r.

TM to be Installed
T he S ecu rity N atio n al B an k of
ioux C ity re cen tly received apro v al from th e C o m ptroller of th e
'u rren cy to in sta ll a fully autoa te d teller m achine on th e prem ise
t S t. L u k e ’s R egional M edical
T he A TM will be lo cated on th e
ir s t floor an d is scheduled to be intalled b y la te F eb ru a ry .

t Security Bank, we’re peoL pie with an interest in
your success. People you can
count on for ag lending and all
your correspondent needs.
Our Correspondent
Banking Officers have a special
commitment to agriculture.
And we have our own Security
Agri-Credit Corporation to
help you with increased credit
So, start corresponding
with Security for ag lending,
data processing, overlines and
investments. You’ll discover
we’re people with an interest
in you.


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

People with
an interest
in you.

Named in Hamburg
K en t C laiborne h as been nam ed
ash ier in a d d itio n to vice p re sid e n t
t Iow a S ta te B ank, H am b u rg , anounced D an B o atm an , p resid en t.
T he b a n k ’s to ta l reso u rces a t th e
lose of b u sin ess on D ecem ber 31,
1981 w ere $23,549,902, m ore th a n
ne m illion g re a te r th a n a y ear
efore. D ep o sits h ad grow n b y ju s t
nder a m illion dollars, now stand'n g a t $20,763,147.
Federal Reserve Bank of St. Louis

Western Iowa’s Largest

7 1 2 /2 7 7 -6 5 5 4


©1980 Security National Bank



Northwestern Banker February 1982


In the
F red d ie’s m o ther w as bu y in g
fru it and v egetables from th e clerk.
A s F reddie w as eyeing th e grapes,
th e clerk to ld him to ta k e a h a n d ­
ful. B u t F reddie said, “ N o .”
“ W h a t’s th e m atter? D o n ’t you
like th em ?” asked th e clerk.
“ Y e s,” replied F reddie.
T hen go ahead and tak e som e. ’’
F reddie still h esitated , w hereupon
th e clerk p u t a generous handful in
th e b o y ’s cap. A fter leaving th e
store, m o th er asked, “ W hy d id n ’t
you tak e th e grapes when he told
you to ? ”
F reddie w inked as he said, “ H is
h and is b ig g er’n m in e.”
☆ ☆ ☆

F isherm an, sittin g on a bridge:
“ I ’ve fished from th is bridge for 20
years an d I ’ll b et you th a t I catch
th e first fish .”
The o th er fisherm an got a bite
on his line and fell off th e bridge.
F irs t fisherm an: “ W ell, if y o u ’re
going to dive for them , th e b e t’s



W orried over w h at to give his
girl for a b irth d a y p resen t, th e
teenage boy said, “ M om , tell me
som ething. If you were going to be
16 tom orrow , w h at w ould YOU
w a n t?”
M other, w ith a faraw ay look in
her eyes, replied, “ N ot an o th er
th in g , so n .”
☆ ☆ ☆

A policem an w as questioning a
w om an whose p arked car had
rolled into an o th er after she left it
to go into th e p o st office.
“ W hy d id n ’t you set your
em ergency b ra k e?” he asked.
“ Since w hen it m ailing a le tte r
an em ergency?” she answ ered.
☆ ☆ ☆
On a lig h ter n o te —a new s-flash
received a t press-tim e confirm ed
th a t th e E a s t G erm an pole-vault
cham pion h as ju s t becom e th e
W est G erm an pole-vault ch am p ­
☆ ☆ ☆


“ Now don’t let me withdraw any — unless I ask for it.”

Centerre Bk., St. Louis..........................................................19
Commercial Nat’l Bk., Peoria............................................. 36
Continental Bk., Chicago.................................................. 3
Council Bluffs Savings Bank............................................. 74
Daktronics, Inc..................................................................... 10
Dean Witter & Reynolds, Omaha....................................... 22
Drovers Bank of C hicago..................................................... 73
Essex Inn, Chicago..............................................................14

February, 1982
Acorn Printing..................................................................... 35
American Express, Travelers Cheques............................. 11
American Nat’l Bk. & Tr. Co., St. Paul............................... 43
American Tr. & Sav. Bk., Dubuque........................... 87-88-89

Farmers & Merchants Bk. & T r.............................................78
First Bank System, M inneapolis....................................... 51
First Mid-America, Lincoln................................................. 66
First Nat’l Bk., Denver......................................................... 59
First Nat’l Bk., Dubuque..................................................... 79
First Nat’lBk., L incoln...........................................................69
First Nat’l Bk., Minneapolis............................................. 8-9
First Nat’l Bk., M uscatine................................................. 82
First Nat’lBk., Omaha........................................................... 65
First Nat'l Bk., St. Paul................................................. 48-49

Banco Financial/Lease N orthw est..................................... 13
Bank Building Corp.............................................................. 5
Bankers Trust Co., Des M oines......................................... 70
Bank of North Dakota......................................................... 55
Banks of Iowa Computer Services............................... 76-77
Barclays American/Business C redit................................. 20

Gross, Kirk Co., W aterloo................................................... 81

CADO Systems Corp............................................................. 15

Kooker, E.F. & Associates................................................... 82

for FRASER Banker, February, 1982
Federal Reserve Bank of St. Louis

Iowa Bankers Insurance & Services................................... 75
lowa-Des Moines Nat’l Bk...................................................90

Lincoln Benefit Life Co.........................................................68
Merchants Nat’l Bk., Cedar Rapids..............................
McGladrey, Hendrickson & Co...........................................1f
Midland Nat’l Bk., M inneapolis......................................... 41|
Mortgage Guaranty Insurance Corp.............................16-17
Mosler Safe Co................................................................
National Bank of Commerce, Lincoln............................... 62||
National Boulevard Bk. of Chicago................................... 23
National City Bank of M inneapolis................................... 47
Northwestern Bell Telephone Company........................... 21|
Northwestern Nat’l Bk., M inneapolis................................. 38
Office Concepts, W aterloo............................................
Omaha National Bank................................................... 44-45
Packers Nat’l Bk., Omaha................................................... 67
Security Nat’l Bk., Sioux C ity ........................................
Security Sav. Bk., M arshalltown......................................... 72
United Central Bank, Des M oines..................................... 83
United States Nat’ l Bk., Omaha......................................... 24
Van Wagenen Co., G.D., M inneapolis............................... 1Î
Waterloo Savings Bank..................................................
Westcap C orporation......................................................... 61||


of Condition

Senior Officers
Nicholas J. Schrup
Chairman of the Board
Christy F. Armstrong
D.W. Ernst
Chairman Exec. Committee
Robert G. Holscher
Executive Vice President
Leo F. Kane
Executive Vice President
Charles J. Schrup
Executive Vice President

December 31, 1981

Leo). Meier
Senior Vice Pres. & Secretary
Robert G. Scott
Senior Vice President

Trust Department

$ 13,636,111.94

C a s h ........................................
U. S. G overnm ent Securities
U. S. Public Housing Bonds .
U. S. Agency B o n d s..............

$ 33,672,159.78

M unicipal B onds..........................................................
Federal Reserve Bank S to c k ......................................
Federal Funds S o ld ......................................................
Bank Premises & E quipm ent......................................
Accrued Interest & O ther A ssets..............................


Capital D ebentures..................................
Capital S to c k ....................................
S u rp lu s ..............................................
Undivided P ro fits ............................
Provision fo r Taxes, Interest & Expenses
O ther Liabilities........................................
Securities Sold Under Agreem ent t o . ..
D e p o sits....................................................



$ 13,889,136.26

Charles J. Schrup
Executive Vice President
Leo J. Meier
Senior Vice Pres. & Secretary
Jean Konzen
Trust Officer
Robert J. Donovan
Trust Officer
James P. Cooney
Trust Officer

Board of Directors
F. Collier Altman
President — Spahn & Rose Lumber Co.
Christy F. Armstrong, President
Frank H. Bertsch
President— Flexsteel Ind., Inc.
Paul D. Dale, Chairman of the Board
Thermolyne Corp.
D.W. Ernst
Chairman of the Executive Committee
Courtland Hillyard
Retired: formerly President
Midland Laboratories
Robert G. Holscher
Executive Vice President
Arnold N. Honkamp
President — John Law Co.
David R Hopley
Vice President — Deere & Co.
Herbert L. Hughes
Financial Vice President
Flexsteel Industries, Inc.
W. J. Klauer
President — Klauer Manufacturing Co.
J. Bruce McDonald, Vice President
A.Y. McDonald Mfg. Co.
John M. McDonald, III, President —
Brock-McVey Companies, Lexington, KY
Robert E. Molo
President — Molo Oil Co.
Louis H. Pfohl
The Fisher Companies
Charles J. Schrup
Executive Vice President
Nicholas J. Schrup
Chairman of the EJoard
R.W. Steel, Chairman of the Board
Interstate Power Company
Charles E. Stoltz
President — Dubuque Packing Co.
Leo A. Theisen
President — Theisen's, Inc.
Robert C. Wahlert
Chairman Executive Committee
Dubuque Packing Co.

Honorary Directors
D.B. Cassat

A m e r ica n W T ru s t 0 S a vin g s D a n K
Town Clock Plaza/Dubuque, Iowa 52001
Federal Reserve Bank of St. Louis

Member Federal Reserve System and Federal Deposit Insurance Corporation

Otto F. Henker
N.J. Greteman

:■ ■
Federal Reserve Bank of St. Louis
Federal Reserve Bank of St. Louis

What about other types of investments? We
have up-to-the-minute electronic access
to money market information to help you in
considering government securities, repos,
commercial paper, fed funds and negotiated
certificates of deposit.

What can Iowa’s largest bond and investment
department do for you?
Start with the fact that we actively underwrite
municipal bond issues throughout Iowa,
and therefore can offer a broad portfolio of
tax-free bonds with maturities and yields
to meet your needs.

And perhaps most important, the Iowa-Des
Moines offers you an experienced, thoroughly
professional staff to give your portfolio the
individual attention it deserves.

With that in mind, right now might be a good
time to review your portfolio for tax swaps
to upgrade your investment mix. There could
be advantages in taking a tax loss this year
in order to invest in higher yielding bonds.

Put it all together and you know where to go to
get a lot of help for your money, in the money
market, right here in Iowa.





nes/vvoines »■





First in Iowa by putting Iowa first.
Member FDIC An Affiliate of Northwest Bancorporation (BANCO)
7th & Walnut, D es Moines, Iowa 5 0 3 0 4 (5 1 5 ) 2 4 5 -3 1 3 1

Voldy Vanags
Federal Reserve Bank of St. Louis

John Hunt

Janine Young

John Johnson

Roger Mahoney

Ethel DeFrancisco

© 1981 Iowa-Des Moines National Bank