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m - -■ -rC ---------------- I ------------- 1----------- Oldest Financial Journal Serving The Central and W estern States No. 1147 Des Moines, Iowa Propose Holding Company Legislation Comprehensive bills have been introduced in the U. S. House and U. S. Senate to close loopholes in the Bank Holding Company Act of 1956 and to end the movement of banks into non banking enterprises. Rep. Wright Patman (D ., T ex.), chairman of the House Banking and Currency Committee, intro duced the bill in the House, stating that his legislation would move all bank holding companies under “ a single um brella of regulation and under a single standard of law .” He said his bill would provide a “ clearcut separation of banking from non-banking businesses. He is scheduled to appear as a key speaker at the Independent Bankers Convention in Las Vegas, March 17—19. Sen. Wm. Proxmire (D ., W ise.), chairman of the Senate Banking Committee’ s Financial Institu tions subcommittee, has intro duced a similar bill. Both measures would bring one-bank holding companies under the 1956 Holding Com pany Act’ s prohibition against moving into businesses unre lated to banking. Both bills also https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis would leave the language of prohibition untouched, and would leave its administration solely in the hands of the Federal Re serve Board. The Proxmire bill, however, would establish a Presidential banking commission to make recommendations by mid-1971 for loosening some of the pres ent restrictions on traditional banking activity. A Proxmire aide said this commission might examine rules such as those that restrict entry of banks into new communities, set capital requirements, limit the payment of interest on de posits, and specify guidelines for portfolio management. Sen. Proxmire’ s idea is that perhaps by removing some of the restrictions on banking opera tions, the business could be made sufficiently attractive to diminish the desire of banks to acquire non-banking businesses. Sen. Proxmire also would per mit one-bank holding companies to continue all non-banking activities begun before last January 1, pending the proposed Presidential commission’ s re port. Rep. Patman’ s bill, in February 24,1969 contrast, would require divesti ture of non-banking enterprises within five years. The Proxmire and Patman measures are much tougher than a proposal the Treasury Depart ment has said it will send to Congress. The Treasury wants to divide jurisdiction under the Holding Company Act among the three Federal banking agencies, and it wants to expand the permissible non-banking activi ties of holding companies. The Treasury also opposes a di vestiture requirement. Nebraska Branch H e a rin g s .. . Hearings are scheduled again this week on branch banking bills in the Nebraska legis lature. It is anticipated that LB 45 (citywide branching); LB 46 (branching in adjacent counties), and LB 47 (limited statewide branching) will come up for a vote before the Banking Committee. At a hearing last week, three committee members voted for kill motions, four ab stained and one was absent. Five votes are needed to kill or advance a bill. Over 450 people attending the hearing voiced opposition to the bills. ■< L J - The Bank That's On Top of Things In Northwest Iowa A A. SECURITY NATIONAL BANK Christy Armstrong SIOUX CITY, IOWA y *WE HAVE WHAT YOU WANT in a corresp on d en t bank’ american trust an d sa v in g s b a n k 9TH AND MAIN, DUBUQUE, IOWA MEMBER: FDIC • FRS IOWA C IT Y : The Iowa Bankers Bank Management Seminar, limited to 35 senior bank officers, is now in session at University of Iowa. MECHANICSVILLE: Janet Ford has been advanced to a.v.p. and dir., and Robert L. Davis is a new a .c. at the M echanicsville Trust & Savings Bank. IOWA NEWS AMES: The 24th annual Ag Credit School will be held here June 2—13. Contact H. B. Howell, Dept, of E con ., 306 East Hall, Iowa State University, Ames, for further infor mation. BURLINGTON: Wilbur Schnirring has joined Farmers and Merchants Bank & Trust as a.v.p. in charge of business dev. and public rel. He was mgr. of the loca l Chamber of Commerce. CLARENCE: The Clarence Savings Bank observed its 75th anniversary recently. CLARION: George L. Mechem has been elected v.p. and cash, of the Wright Co. State Bank. Duane H. H ovick was named a .c. DES MOINES: The recodification bill (Senate F ile 18) passed the Senate 57 to 0. Hearings are now being held in the House. DES MOINES: The 9% interest rate bill was approved in committee in the Senate as of Wed., Feb. 19. MT. AYR: Merlyn Allen has joined Security State Bank as v.p. He was with Polk City Savings. TIPTON: Michael H .Cord, formerly with Seabord Finance, Clinton, is now mgr. of installment loans at the Tipton State Bank. WASHINGTON: Logan T. Heilman is now v.p. and cash., and Milo M. Orris is now a.v.p. at Washington State Bank. Jerry Bryan is a new a .c. NEBRASKA NEWS LINCOLN: Natl.Bank o f Commerce has voted on the reorganization of the bank into a one-bank holding company called NBC Co. Informal approval has been received from Federal regulatory authorities. F i nal approval is expected March 17. Two shares of NBC Co. stock will be issued for each share o f bank stock . OMAHA: U. S. Natl. Bank has pro moted four: John R. Burnham to v.p.; Duane A. Ferguson, to a.v p.; Noble E. Vosburg, to a .c ., and W e're here to help you g e t w h a t you w a n t I0WA-DES MOINES NATIONAL BANK Jerry Nelson https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Member Federal Deposit Insurance Corporation Donald L. Jorgensen, to a.t.o. Dillion L. R oss, III, is a new a.c. OMAHA: Michael B. Rock has been appointed asst, personnel off. of the Omaha Natl. Bank. He joined the bank’ s data processing dept, in 1965. h h y *>? WEST POINT: Eldon G. Freudenburg has advanced from exec. v.p. to pres, of First Natl. Bank. R. H. Freudenburg continues as chmn. >•« MINNESOTA NEWS y APPLETON: A. E. Arntzen has sold his stock in the Farmers and Merchants State Bank to three long time em ployees. The new owners and new titles are: Robert Peder son, pres.; Ralph Schmidt, exec, v.p., and Leonard M assee, v.p. and cash. Mr. Schmidt will serve as chmn. AITKIN: M. M.Welshons has joined the First Natl. Bank as e x e c. v.p. He continues also as pres., State Bank of Pillager, and as a dir. of Brainerd Natl. AUSTIN: Steven Schneberger is a new install, off. at the First Natl. Bank. V /*■ V, «> Á. A # GIBBON: The State Bank has pur chased an adjoining building for expansion purposes. ¿a i* sé* HASTINGS: F.P.W oxland has been advanced to senior v.p. and cash, of the Northwestern Natl. Bank. He will also be a dir. MANKATO: Natl. Bank of Com merce has promoted A. B. Evensvold and R. J. Strachan to v .p .’ s, and elected Larry Blachowske to a .c . MINNEAPOLIS: The Minnesota Bankers A ssn. 9th Bank Manage ment Conf. starts tomorrow (Feb. 25) at Hotel Radisson. Program y t y y js í L IN C O L N ...First in Transit Service FIRST NATIONAL BANK & TRUST COMPANY OF LINCOLN 12th & N S t r e e t • L I N C O L N , N E B R A S K A • M ember: F .D .I.C . details are on page 64 of the Feb. issue of Northwestern Banker. MINNEAPOLIS: Kyle Fossum has resigned as senior v.p. of the F ed eral Reserve Bank of Minneapolis to become first v.p. of the Federal Reserve Bank of Atlanta, Ga., March 1. Hugh D. Galusha, Jr., Minne apolis bank pres., also announced two transfers and two promotions: Clement Van Nice, senior v.p. in charge of the Helena branch, will return to the head office in Minne apolis; Howard Knous, v.p. in charge of check and money at the head o ffice , will move to Helena as mgr. MOORHEAD: Moorhead State Bank has advanced Robert A. Schweyen to v.p., and Ervin E. Johnson to cash. Shirley McManus was named aud. ST. PAUL: Richard E. Stevenson, pres., Highland Park State Bank, has announced that M. J. Murray and John D. Turner have been named v .p .’ s , and that John D. Rongitsch wasnamed v.p. and cash. VILLAGE PARK: The Minnesota Commerce Comm, has granted an application for a state bank here, to be called Brooklyn Park State Bank. It will be located at O sseo Road and Zane Ave. North. Applicants are: Victor N. Jude. Maple Lake; Harold J. Pohlad, Edina; Glen W. Swenson, Buffalo; Eldon Tessman, Arthur Veit, Ger ald J. Smith and Wilbur H. G oetze, all of Brooklyn Park. WELLS: Vince Hart has been named pres, of Security State Bank, s u c ceeding his brother, Tom, who has become pres, of Farmers State Bank, Flandreau, S.D . ILLINOIS NEWS at the Hotel Pere Marquette on Feb. 25—26 for the 17th annual Public Relations and Marketing Conf. Over 300 bankers are ex pected. Chmn. of the Conf. is Dean E. Kamper, First Natl. Bank, B elleville. ROCKFORD: R ussell C. Gibson, pres, of J. L. Clark Mfg. C o., Rockford, has been elected a dir. been directors and/or officers of Aurora Natl. George T . Sweeney is exec. v.p. WYOMING NEWS CASPER: James A. Hicks has been named mortgage loan off. for the Wyoming Natl. Bank. EVANSTON: Dr. Albert D. Murray has been named chmn. and pres, of the Stockgrowers Bank of Evanston, succeeding the late William J. Haines. Mr. Haines died Jan. 28 after 61 years in banking. Mr. Mur ray has been v.p. and dir. for 15 years. Elwood (Woody) Haines was named exec. v.p. He is also exec, v.p. o f the First Natl., Laramie, and s e cy , of the Wyoming Bankers A ssn. COLORADO NEWS BOULDER: Clyde R. Reedy has been named exec. v.p. of the Natl. State Bank. He joined the bank in 1934. TELLURIDE: An application for a state chartered bank, to be known as the Bank of Telluride has been filed. Filing the application were six directors or officers of the Dolores State Bank, located 70 miles southwest of Telluride. Head ing the list is Dr. E. G. Merritt, pres, and Donald K. Majors, exec, v.p. and cash, of Dolores State. MONTANA NEWS A controversial bill that would have permitted branch banking in Montana was killed by the House of Representatives, which later re sisted a revival effort. The b ill, H B300, went down when the House, by a 4 4 -3 3 division, accepted the “ do not pass’ ’ motion made by Rep. Earl M. Cranston, (R ., B illings). LONGMONT: Arthur G. Salberg has been named pres, of the First Natl. Bank and R. V. Batt advances to chmn. Mr. Salberg has been v.p. and cash. MONTBELLO: The Montbello State Bank, 12075 East 40th, has opened for business as the 100th statechartered bank in Colorado. Charles R. Sillstrop, former pres, of Colfax Natl., is the new pres. All of the organizers of the new bank have C.Gustaveson R. Fleming Your N F L Men In Iowa ^^ational fidelity \ j f e IN S U R A N C E C O M P A N Y • Kansas C ity, Missouri ALTON: Terry E. Brady has been named an a.v.p. at First Natl. Bank & Trust. CHILES &COMPAXÏ EVANSTON: Ronald M. Hillery has been named an a.v.p. in charge of install, loans at Evanston Trust & Savings Bank. 412 Farm Credit Building, Omaha, Nebraska 68102 Phone 346-6677 (Area Code 402) Teletype 402 348-1040 Digitized for PEORIA: FRASER Illinois bankers will meet https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M EM BER, M IDW EST STOCK EXCHANGE Other Offices Located in LINCOLN N ebraska . * LEXING TO N N ebraska . V E R M ILLIO N South Dakota Always the First to Serve You! First National Bank of Omaha 16 TH & FARN AM - OMAHA, NEBRASKA Member Federal Deposit Insurance Corporation /Rk Gross Co BANK PLANNING Waterloo, Iowa BISMARCK: North Dakota’ s top banking officer has reportedly predicted a bill to permit branch banking in the state will pass the legislature this session . “ There has been some recent pressure—mostly negative—on le g is lators but my guess is that it will p a s s ,’ ’ Herbert Thorndal, Jr., state bank examiner declared. The b ill, which is expected to be voted out of the Senate Finance and Industry Committee, would al low de novo branching in home communities of more than 3,500 W ant to Start, Purchase or expand a business? G R O W T H INVESTM ENT CO M P AN Y • Providing tailored financing programs to individuals or management teams thru long-term loans a n d /or equity-capital investments. DRAYTON: Omar Vein has ad vanced from e xec. v.p. to pres, of Drayton State Bank, succeeding R. H. Johnson, who has advanced to chmn. LIDGERWOOD: First Natl. Bank has purchased an adjacent building for additional space and remodel ing work has started. MAND AN: William R. Tait, formerly pres., First Natl., Dillon, Mont., takes over as pres, of First Natl, of Mandan on March 1, succeeding R. M. L e s lie , who will be pres., First Natl, of B illings, Mont. OAKES: Following sale of stock in the First Natl. Bank, Carl Bow man has been advanced from v.p. to pres. Franklin G. Larson, Valley City attorney, will be chmn. Den nis D. D alziel will be e xec. v.p. Clarence Sather, v .p ., and Ralph Mangnall, ca sh ., will continue with the bank. • $10,000 to $200,000 — 5 to 10 year terms TIOGA: G. C. Anderson has ad vanced from exec. v.p. to pres, of the Bank of Tioga, succeeding R. C. Wiper, who w ill be chmn. Marjorie Nygaard will be cash. 128 First Avenue, N.E. Cedar Rapids, Iowa 52401 Phone (319) 363-0263 UNDERWOOD: Duane Schuh has been advanced from a .c. to cash, at First Sec. Bank. Bob Allsop, Vice-President Lon A. Warren Sheldon Clinton •A FEDERAL LICENSEE UNDER THE SMALL BUSINESS INVESTMENT ACT OF 195S WAHPETON: C itizens First Natl. CENTRAL NATIONAL has changed its name Natl. Bank o f Wahpeton. to First WAHPETON: R ussell Eckstrom is the new auditor of Wahpeton Natl. Bank. WANT ADS NORTH DAKOTA NEWS See IO W A and within three miles of the city limits. The measure also would permit branching by merger of banks in towns of less than 3,500 population that are within 90 miles of their home o ffice . BANK AND TRUST Member Federal Deposit Insurance Corporation COMPANY Rates 25 cents per word per insertion. Minimum: 12 words. NORTHWESTERN BANKER 306 15th St.. Des Moines, Iowa NEW BANKING IDEAS New ideas on public relations and marketing will be presented at the 17th Annual Illinois Bankers Pub lic Relations and Marketing Con ference in Peoria February 25—26. Keep up-to-date all year long by keeping in touch with Cy Kirk and Max Roy, v ice presidents of the LaSalle National Bank, 135 South LaSalle Street, Chicago, 111. 60690. Phone 3 1 2 /7 8 2 -5 2 0 0 . EQUIPMENT FOR SALE Burroughs Sensitronic — Models F 4235 and F4232. A —4,000 Reader and F-600 Proof Machines 24 Pocket. All equipment has been under con tinuous service sin ce purchase in 1964. Contact — National Bank and Trust Company, Chariton, Iowa. Telephone (Area Code 515) 774 -5953. WANTED Your used addressograph equip ment, CAM, Inc;., Box 474, Des Moines, Iowa 50302. Telephone (515) 276-8655. HELP WANTED Loan officer wanted —agriculture background —full of pep —bank of $10 million. North Dakota location. Opportunity to invest. Write F ile MLN, NORTHWESTERN BANKER, 306 Fifteenth Street, Des Moines, Iowa 50309. FOR SALE Franchise rights for use of The Living Picture and The Farm P ic ture in direct mail advertising and public relations. These modern newsletters talk money and credit from a banker’ s point of view. They help develop ‘ Full Bank Customers’ ! Samples for inspec tion. Bank Services Incorporated, P .O .B o x F , Urbana, Illinois 61801. Phone 2 1 7 /3 6 7 -6 5 7 8 . No. 1147 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 50tf per copy, $6 per year. Second class postage paid at Des Moines, Iowa. Address all mail changes of address (Form 3579), manuscripts, mail items to above address. subscriptions, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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