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Vol. 12 No. 45
Des Moines, Iowa
Fed Allows FBS Move into Iowa
FTER more than a year and a
A
half of deliberation, the Federal
Reserve Board of Governors has ruled
that First Bank System, Inc., Min
neapolis, can enter Iowa by owning
21% of the stock in Banks of Iowa,
Inc., Des Moines, a statewide hold
ing company that owns 14 Iowa
banks.
This is the second case in recent
weeks in which the Fed has ruled in
favor of an out-of-state holding com
pany buying less than 25% of the
stock in an Iowa bank or holding
company. Earlier, the Fed approved
the purchase by Omaha National
Corp. of 24% of First National Bank
in Council Bluffs.
Thomas Huston, Iowa superinten
dent of banking, asked the Fed for a
reconsideration of the Council Bluffs
ruling. When it was denied, his de
partment filed an appeal with the
8th Circuit Court of Appeals in St.
Louis, maintaining that Iowa law
specifically prohibits such transac
tions. It is not yet determined what
course of action he will take in the
FBS-Banks of Iowa case.
First Bank System first announced
its agreement with Banks of Iowa in
November, 1981. Mr. Huston noti
fied both parties he would pursue
the matter in the courts if they pro
ceeded and, if the purchase was
made, he would seek divestiture.
The agreement at that time did not
meet the Fed’s own regulations, but
it held the proposal open when the
purchase was made in the spring of
1982 so attorneys for the applicants
could revise the application for re
consideration in Washington. Fed
guidelines later were revised and the
application now has been approved,
providing the agreed upon modifica
tions are approved by directors of
both holding companies. The Fed’s
revised guidelines generally autho
rize such an interstate purchase pro
vided the out-of-state company does
not gain control.
FBS made the initial agreement
with the announced intention of
merging Banks of Iowa into FBS at
some point in the future if interstate
banking gains approval by federal
law. Since that time, however, re
gional interstate banking has been
approved by states in some parts of
the nation. Several upper midwest
states, including Iowa, presently
have reciprocal banking legislation
under consideration. The Iowa legis
lature is considering a bill that
would authorize any out-of-state
bank or holding company in a con
tiguous state (and including North
Dakota and Kansas) to acquire an
Iowa bank or holding company. The
Iowa bill would require that if more
restrictive legislation is passed by
February 27,1984
any state, then banks or holding
companies in that state would be
subject to the same limitations if
moving into Iowa. If that bill should
be passed, the Council Bluffs and
the FBS-Banks o f Iowa cases would
be academic, since Banks of Iowa
owns 14 banks and has deposits of
about $1.5 billion. The Iowa In
dependent Bankers, which joined
Mr. Huston in his opposition to the
Fed over the Banks of Iowa pur
chase, opposes the proposed Iowa
bill.
After the two years of negotia
tions with Fed staff, the FBS attor
neys and officials agreed to these
modifications in the contract:
1. Banks of Iowa could sell its
stock to a third party at any price
acceptable to it, in which case FBS’
share would go from 21% to 24.9%
of the outstanding stock. Previous
ly, Banks of Iowa could not do this
and the contract tied up the stock
for 14 years, unless interstate bank
ing would be authorized before that.
2. FBS can’t sell its stock in units
greater than 2% unless that stock is
sold to a party having control of
Banks of Iowa.
3. Banks of Iowa may enter non
banking enterprises, which it was re
stricted from doing in the earlier
contract. If BofI chooses to sell
more than 50% of its deposits, FBS
could cancel the merger.
4. BofI can acquire banks by issu-
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CENTRAL
W illiam B. Greaves, Vice Presidenr
OF DES MOINES, N. A. • MEMBER FDIC • TOLL FREE NUMBER (800)362-1615
AFFILIATED W ITH UNITED CENTRAL BANCSHARES, INC.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Norwest Bank Des Moines, N.A.
NORMEST BANKS
Call (515) 245-3131 or toll-free (800) 362-2514
ummum
Member FDIC
mm^rnm
Nebraska News
Teamwork:
one of the reasons
we’re first in Iowa.
Tom Qulnlin
nior vice president of Maquoketa
State Bank.
Dennis Nahnsen
{
BELLEVUE: Bank o f Bellevue has
announced the formation o f a new
investments department. Michael J.
Walts has been named senior vice^
president and chief financial officer
to head the department. Previously
vice president in charge o f financial
planning and trust department ac
tivities, Mr. Walts has been with the <
Affiliated Midwest Banks, o f which
the bank is a member, since 1981.
Rick R. Sanders was named to suc
ceed Mr. Walts as vice president.
ing stock, even if the new shares are company. That stock was converted
equal to 10% or more o f outstanding to Class B non voting stock. FBS
shares.
also agreed to pay at least VA times
5.
FBS will not try to exercisebook for the rest of BofI stock if in
control over management or policies terstate banking becomes legal prior FREMONT: Dennis L. Ball has*
of BofI without Fed approval.
to 1996. That payment could go been promoted to vice president and
Holmes Foster, president of BofI, higher, depending on BofI perfor agricultural representative at First
National Bank & Trust Company.
said he does not believe the Iowa mance.
The Nebraska legislature has killed He previously was with McCook Na
holding company’s shareholders will
*
have to vote on the modifications in committee its proposed reciprocal tional Bank.
□
agreed upon. He stated further that banking bill.
OM AHA: John Cochran, president
he does not believe the modifica
and CEO of Norwest Bank Omaha,
Iowa News
tions change the agreement that
N.A., has promoted three persons in
BofI will pay FBS a dividend rate CHARLES CITY: O.J. Thomson, addition to the incorporation o f <
three times higher than is paid on president and chairman of Citizens Norwest Information Services into
common stock.
National Bank, has announced the the bank as of first of the year. Terry
In the original agreement, FBS promotion of Colin B. Robinson to Heig was named vice president, op
bought about 500,000 shares of BofI executive vice president; Elizabeth erations group manager, and named
stock from Ben Schwartz, the largest G. Regan to assistant to the presi second vice presidents were Jack«
owner in BofI, paying him $29 mil dent; Darrel L. Posegate to cashier, Hoffman, manager of the data pro
lion for his 21% share in the holding and Joyce M. Kingery to data pro cessing services, and Michael Han
son, operations manager.
cessing manager.
DES MOINES: A t Norwest Bank
Des Moines, N.A., the following per
sonnel were named vice presidents:
Jerry C. Houser, commercial bank
ing, and Colleen K. Monahan and
Mitchell A. Christensen, operations.
ASK
STAN FARMER
to m ake M N B
w ork for you.
Toll free
1- 800- 332-5991
Merchants
A
National Bank 151
Member F.D.I.C.
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Federal Reserve Bank of St. Louis
A BANKS OF IOWA BANK
RAVENNA: Ravenna Bank has an
nounced the addition of Larry L.
McMaster as vice president. He for
merly served as vice president o f the
First National Bank at Wisner.
Minnesota News
IOW A CITY: Clark Houghton, pres
ident of First National Bank here, F E R G U S F A L L S : Sam uel P.
has announced the promotion of Adams, Jr., chairman o f First Na
Robert M. Sierk to executive vice tional Bank here, has announced the
promotion of Patricia J. Bratton t o 1
president.
vice president and cashier and the
MAQUOKETA: Mary Ann Treva- election of Patricia Lampy as assis
than was recently promoted to se tant vice president. Mrs. Bratton
Recipe for success.. \
r A 1 1 A M TUET “ D C D C A D M A M A C T E A M ”
1■ m il
where common transactions are handled uncommonly well.
FIRST NATIC )N A L L IN C O I LN
13th & M Street • Lincoln, Nebraska 6E1501 • M em ber, F.CI.I.C.
joined the bank in 1969. Ms. Lampy
joined in 1971.
M ANKATO: Promoted at National
Bank of Commerce were Philip J.
Adams to senior vice president, and
Michael J. Boike and Dennis M.
Zellmer to vice president. Mr.
Adams joined the bank in 1981,
serving as vice president in ag lend
ing.
quist has been elected vice president
and chief financial officer o f Lane
Banks. Mr. Lindquist joins Lane
Banks from American National
Bank & Trust Company of Chicago,
where he served as vice president, fi
nancial and bankwide services.
North Dakota News
Meet the
problem
solvers.
The dates o f April 2-4 have been
selected for this year’s North Dako
ST. PAUL: Dennis Passeri has been
ta Bankers Association Washington
promoted to senior vice president of
Legislative and Administrative Con
Cherokee State Bank. He has been
ference.
Larry Russell
with the bank 14 years and is the
Headquarters for the N D BA will
bank’s senior lending officer.
be the L ’Enfant Plaza Hotel. Regis
W EST ST. PAUL: David W. Gus tration should be made with the
tafson was elected president of West N DBA office by March 9.
St. Paul State Bank at the annual
Prelim inary itinery includes
Steve Panknin
Jeff Goble
meeting January 24. He had been travel to Washington on your own
executive vice president since Aug on the 2nd. On April 3, Optional
ust, when the Anchor Bancorp, White House tours will begin at 8:00
Wayzata, purchased the controlling with A B A dialogue at 9:00. A lun
interest in the bank. He previously cheon meeting and briefing will be
Dave Dickens Melissa Smith
was with First National Bank of with officials o f a regulatory agency.
Waconia and the Union State Bank The Federal Reserve System brief
of Browns Valley.
ing will follow at 2:30 p.m. and a re
1 A / e’ll meet your needs
ception for North Dakota Congres
_ _ W- J for bankcard services,
Wisconsin News
sional delegation and staff at the Se
oan participations and
quality investment portfolio
BROOKFIELD: John J. Van Beck- nate Office Building is planned for
recommendations.
urn, first vice president of First 5:30-7:30.
On
April
4,
tours
will
begin
again
Wisconsin National Bank, Milwau
lb
kee, was recently elected president at 8:00 a.m., with breakfast meeting
U N ITED M ISSOURI BANK
of First Wisconsin National Bank of and briefing with FDIC officials
M
em
berfd,c 0f Kansas C ity, n.a.
from
8:00-9:30.
10:00
is
set
for
a
Brookfield. Mr. Van Beckum has
U nited w e grow .Together.
been with the Milwaukee bank 23 Comptroller briefing and luncheon
10th and Grand ° P.O. Box 226
years, the last nine as head of the with regulatory officials at 11:30.
Kansas City, Missouri 64141
(816) 556-7000
metropolitan group, commercial Afternoon will be free for sightseeing.
lending division. He succeeds Chris
Bauer, who m il assume an adminis
Wyoming News
tration position with First W is CASPER: Judith Brennan has been
Montana News
consin Corporation, parent company promoted to vice president and cash SIDNEY: Robert A. Wanago has
o f both banks.
ier at the Bank of Casper. She has been named president of Montana
been with the bank four years, most Bank of Sidney, N.A. He formerly
Illinois News
recently as internal auditor and op served as senior vice president and
NORTHBROOK: Robert E. Lind erations supervisor.
second officer at First Bank Havre.
YAKE,
SPRENGER
AND JENNINGS
Getting it done for you.
«^t
WÊ
Ernie Yake
Bill Sprenger
Tom Jennings
234-2483
234-2625
234-2484
Commerce Bank of Kansas City
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MEMBER FDIC
T
o lo n h n n o (816) 0^/1-0
000
Telephone
234-2000
W
P O S IT IO N A V A I L A B L E
AG LOAN OFFICER—progressive bank group looking for
ag lender in $65 m illion bank in Boone, IA. Prefer 5-10
years banking experience. Salary commensurate w ith ex
perience. Send resume to Jack Ayres, P.O. Box 486, Belle
vue, NE 68005.
(PA)
Ag Banking Personnel
Let us help you. Call the ag lending personnel
specialists without cost or obligation. Confi
dential. Employers pay us to hire the best.
EDP AUDITOR needed to establish EDP audit functions in
$1 billion bank. Degree required plus a minimum of three
years experience in auditing/data processing CPA desir
able. To $26,000. An Equal Opportunity Employer. Write
file WAK, c/o Northwestern Banker.
(PA)
Commercial Lender for Minnesota multi-bank holding com
pany bank. Some ag experience will be a plus. Location
Southern Minnesota........................................Salary $38,000
Commercial Real Estate Lender for Twin Cities bank..........
........................................................................... Salary $35,000
Linda: 515/394-5827
Jean 515/263-9598 if
New Hampton, la. 50659 no answer, 712/779-3567
■
Massena, Iowa 50853
aonCAREERS, INC.
J
THE ORIGINAL AGRICULTURAL RECRUITER
Accountant with bank experience needed by major
Nebraska bank.................... .................... Salary to $20,000
Ag-oriented individual with computer experience. Excellent
opportunity to move up in ag lending field fo person with
IBM experience/Micro com puter................ Salary to $20,000
Write or call Malcolm Freeland in confidence d o Freeland
Financial Service, Inc., 1032 Carriers Bldg., Des Moines, la.
50309. Phone (515) 282-6462. Employer pays fee.
FOR S A L E
TWO (2) NCR 796-301 CRT’s. Eligible for maintenance. In
excellent condition. Call Scott Forte at (512) 250-0794. (FS)
PITNEY BOWES MODEL 5640 MAILING MACHINE. Excellent condition. Call Jody Bailey (512) 250-0794
(FS)
BANK MICRO/MINI COMPUTER PROGRAMS—Apple (tm)/
IBM-PC/Franklin Ace and other micro computers. We are
distributors for over 55 bank programs. Send/Call for com
plete list. Phone 308/384-5995. Bankers Electronic Equip
ment Inc., 380 N. Walnut, Grand Island NE 68801
(FS)
MANAGEMENT CONSULTING FIRM—dealing extensively
w ith banks has immediate openings for entry level indivi
duals. Seek applications w ith 1-2 years bank examination
or bank operations background. Excellent advancement
and income potential. Extensive travel required. Contact
Austin Lawler, President, Austin T. Lawler & Associates,
40W 274 Winchester Way, St. Charles, IL 50174. Phone
312/584-5757.
(PA)
B-80 BURROUGHS SYSTEM— including line printer, crt,
and journal printer. Available immediately. Citizen State
Bank, Clearwater, Nebraska. Phone 402/485-2216 ask for
Dean.
(FS)
MOSLER TELLER EQUIPMENT—Two remote drive-in
units, camera and alarm system, 3-station teller counter,
work counter, night deposit vault w ith teller drawer com
partments. Contact Brent Rahn. Phone 712/323-7521. (FS)
W A N T TO BUY
Reliable and respected service
for over 20 years
Used by bankers
throughout the midwest
Ben E . Marlenee
Coins
913 Locust
Des M oines, Iowa 50309
515-243-8064
Ag Lender for bank in major South Dakota city. Requires
degree and 3 to 5 years experience............ Salary to $30,000
Commercial Lender with limited experience for key North
Dakota bank.....................................................Salary $25,000
COMMERCIAL LOAN OFFICER— Due to exceptional
growth, we have an immediate opening for a commercial
loan officer. Individual to be responsible for all commer
cial/agri lending, directly accountable to sr. lending o ffi
cer. Additional lending experience a plus. Salary commen
surate w ith experience. Send resume to: Roger A. Wichelman, P.O. Box 85, Waconia, M N 55387.
(PA)
Sale o f Rare Coins
Ag Lender for Central Iowa bank of over $40 m illion ..............
........................................................................... Salary $32,000
Credit Analyst for western Minnesota bank. Good opportuni
ty to move up in the commercial lending fie ld .........................
............................................................................Salary $25,000
BRANCH OFFICER— Position requires knowledge in all
areas of lending w ith emphasis in commercial/agri lend
ing. Position w ill require full responsibility of branch op
erations and business development. Salary commensu
rate w ith experience. Send resume to: Roger A. Wichelman, P.O. Box 85, Waconia, MN. 55387.
(PA)
Purchase of
Collections
Ag Lender for South Dakota bank, located in eastern part of
state................................................................... Salary $30,000
Ag Lender for northern Iowa community bank. Requires 2 or
more years exp.............................................. Salary to $29,000
IMMEDIATE OPENING—$50 m illion west central Minne
sota bank seeks Senior Loan O fficer experienced in com
mercial and agricultural loans. Must have good references
and administrative ability. Salary commensurate w ith ex
perience. Contact Paul W. Gandrud, Pres., Sw ift County
Bank, Box 289, Benson, MN 56215. Phone 612/843-4411. (PA)
Estate Appraisals
Ag Lender to head department in Western Minnesota bank.
Will supervise two other lenders.................... Salary $36,000
Ag Lender for western Iowa community bank. Requires 2 or
more years exp.............................................. Salary to $28,000
BANK PRESIDENT FOR RURAL IOWA BANK— Experienced
in total bank management: asset-liability management,
personnel, bank policies, loans, investments, advertising
and marketing. Send resume and salary requirements to
Anita Bancorporation, Don Runger, Stephens Building, 7th
and Locust, Des Moines, IA 50307.
(PA)
NCR 279 TELLER MACHINES. W ill purchase large groups
pf 279’s. Call Teresa George for a bid. 1-800/531-5036. (in
Texas 800-252-3402).
(WTB)
Number Two Officer for $100 m illion bank. Requires lend
ing background.................................Salary $60,000
Commercial Lender for Wisconsin bank over $75 million.
Qualified to start credit dept., business development, and
call program...................................... Salary $35,000
LOAN OFFICER/CASHIER—for $24 m illion bank in NE
Iowa. Good opportunity and working conditions in a new
facility. Experience desired. Write file WAG, c/o North
western Banker.
(PA)
EXPERIENCED TRUST OFFICER to form and head a trust
department in a $200 m illion financial institution. Position
requires law degree w ith approximately 5 years experi
ence in all phases of trust services. Applicants should be
aggressive and personable in order to be considered. Ex
cellent benefits and salary commensurate w ith experi
ence. Send resume, salary history and requirements to file
WAH, c/o Northwestern Banker. All inquiries confidential.
AN EQUAL OPPORTUNITY EMPLOYER.
(PA)
Financial Careers
Executive Officer for large midwest bank. Must have
strong lending record and college degree.. Salary $60,000
CITY OF MARSHALLTOWN, IOWA
$6,850,000 General Obligation Bonds
Sealed bids w ill be received at the office of the City
Finance Director.
Sale Date & Time: Tuesday, March 13, 1984
@11:00 A.M., C.T.
Dated: April 1, 1984
Maturities: June 1, 1985/1999
P O S IT IO N W A N T E D
Experienced and employed midwestern banker and CEO
desires new position in com m unity bank as CEO, EVP or
SVP. High performance banker w ith tw o degrees, real es
tate and insurance licenses and excellent references.
Write in confidence to file WAM, Northwestern Banker.
(PW)
Callable: June 1,1993
Legal: Ahlers, Cooney, Dorweiler, Haynie, Smith & Allbee
$2,000,000 General Obligation Bonds
Sale Date & Time: Tuesday, March 13, 1984
@11:00 A.M., C.T.
Dated: April 1,1984
Maturities: June 1,1985/1999
Callable: June 1, 1993
Legal: Ahlers, Cooney, Dorweiler, Haynie, Smith & Allbee
For further inform ation please contact:
PUBLIC
FINANCIAL
SYSTEMS
is II
63 SOUTH 9TH STREET, SUITE 402
MINNEAPOLIS. MINNESOTA 55402
TELEPHONE: (612) 333-9177
POSITIONS AVAILABLE
PRESIDENT - ideal candidate will have current ad
m inistrative experience as a #1 officer in a $30MM to
$50MM com m unity bank. Superior Agrilending skills and
some knowledge of operations is required. The position is
located in rural western Missouri.
$$ Open.
REGIONAL MANAGER • progressive, growing company
that provides a service to large financial institutions is
seeking a general manager for their midwest region, head
quartered in Kansas City. Prefer an MBA w ith sales and
managerial experience.
Salary $40 to $60K
Interested parties should contact Linda Smith. All in
quiries are confidential.
TOM H AGAN & ASSOCIATES
P.O. Box 12346 - 2024 Swift
North Kansas City, MO 64116
816/474-6874
“ Serving the Banking Industry Since 1970”
Vol. 12 No. 45 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306
Fifteenth Street, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $18.00 per year. Second class postage paid at
Des Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579), manuscripts, mail items to above address.
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