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# Vol. 10 No. 38 Des Moines, Iowa___________________________ January 11,1982 Illinois H . C. Law Becomes E ffective HE Illinois Supreme Court was to decide on Monday, January 11, whether it would take directly an appeal from a Sangamon County C irc u it J u d g e ’ s d e c is io n on December 21 that the law enacted last year by the Illinois assembly allowing limited, regional multi bank holding companies was con stitutional. That suit was filed in September by the McHenry State Bank, the First National Bank of Lacon, the State Bank of Arthur and the Marquette National Bank of Chicago. The Court is being asked to hear the case on an expedited briefing schedule so that briefs might be presented as early as January 21. That new law, which became ef fective January 1, authorizes a multi-bank holding company to acquire banks within its home region and one contiguous region. There are five regions in the state. Also, banks will be allowed to affiliate under common ownership through a multi-bank holding company, since only one-bank holding companies were authorized previously. Formation of multi-bank holding companies has been announced by two groups of banks in recent days, and several Chicago and downstate banks were ready to proceed with ac quisitions at the first of the year. Four Rockford area banks an nounced agreement in principle to T • • ® ^ ® ^ ^ ^ £ Belleville. Commerical National Bank of Peoria plans to incorporate two chain banks formally into Commer cial National. They are Prospect Na tional Bank and University Na tional Bank. Additionally, it is reported that the Oberwortmann group, head quartered in Joliet with the $150 million Union National Bank and Trust Company, plans to put its 24 banks into one holding company. □ join in a holding company. They are First National Bank and Trust Com pany of Rockford, North Towne Na tional Bank of Rockford, First Bank of Loves Park and First Bank of Roscoe. The holding company would be called First Rockford Bancorp., Inc. Managements of the National Boulevard Bank of Chicago, The First National Bank of Hinsdale, The First National Bank of WinIowa News netka and Glencoe National Bank also have announced an agreement AKRON: Scott Otis has recently in principle to combine the four joined First National Bank as vice banks into a holding company early president, announced Jim Hongslo, this year. Combined assets would president. Mr. Otis was previously with the Security National Bank of exceed $700 million. Continental Bank of Chicago Sioux City as a correspondent earlier announced an agreement banker. with The Bank of Oakbrook Terrace AM ES: Chris J. Pappas recently in Oakbrook Terrace, a far west began work as a consultant for suburb, and The Buffalo Grove Na Frank Farrar and Associates, work tional Bank in Buffalo Grove, a ing from the Ames office. Mr. Pap northwest suburb. pas form erly was senior vice Harris Bank has announced p resid en t-com m ercia l loans at agreement to purchase Argo State Bankers T rust Company, Des Bank in Summit. Moines. Northern Trust plans to acquire 0 ‘Hare Bank, as announced in CEDAR RAPIDS: Merchants Na tional Bank found itself the center of November. The Springfield Marine Bank has of national recognition last week announced plans to acquire the when it offered a bonus of 50% in American National Bank of Cham terest for the first quarter of 1982 to any person opening an IR A account paign. In Belleville, the First National there. The lobby was jammed and Bank plans to acquire the Bank of the bank switchboard became in- ASK TERRY MARTIN to make MNB work for you. Toll free: 1-800-332-5991 Merchants National Bank isi Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A 'BANKS OF IOWA' BANK .*■ One of the 5m reasons we’re ¿TT first in Iowa. IOWA . nesMoines U 1 Wft NATIONAL BAN K Does your employees ap pearance express the success ful image of your bank? If not, call us today! Bemie Kersey operative at times when phone calls from all over the nation poured in from people wanting to open an ac count. The offer was to have been good through Tuesday, January 5; however, on that date bank officials announced a two-day extension to accomodate people who were unable to reach the bank due to a heavy snowstorm or having been gone to see the University of Iowa play in the Rose Bowl. On the first day alone, 1,500 accounts were opened with an average of $1,600 or a total of more than $2,500,000 in deposits. The effective 1982 rate is estimated to be about 25% interest. After the first quarter, the 50% interest rate drops to the going rate of interest on the 30-month small saver certificate, plus one-half percent. That rate changed January 5 to 14.5%. Mer chants National will continue to of fer a 15% introductory rate to any new IRA customer through the first quarter of 1982. DAYTON: Iowa State Bank and Trust Co. is going through volun tary liquidation and the assets and liabilities will be assumed this month by State Bank of Fort Dodge, which will retain an office at the Iowa State location in Dayton. Larry J. Helling, ag loan officer at State Bank, will be general manager of the Dayton office. Devere A. Freeman, executive vice president and cashier at Dayton, has resigned to pursue other business interests. A nA fm ate°f^ BANCO^ Call (515) (5 1 5 ) 245-3131 2 4 5 -3 1 3 1 or n toll-free (800) 36 2-25 14 The rest of the Dayton staff will con tinue in the Dayton office. DES MOINES: Charles O. Russell, 74, co-founder of the Highland Park State here in 1951 and its president from opening date until it was merged in 1966 into Valley National Bank, died recently. Mr. Russell was co-founder in 1931 of Pentane Gas Co., which became Thermogas Co. in 1935. It was merged in 1966 into Mid-America Pipeline Co. o f Tulsa and Mr. Russell continued on that board of directors until 1980. FREDERICKSBURG: First State Bank owners have filed an applica tion to move the charter to Sumner, 16 miles southeast, and retain an of fice here. Deposits currently are ap proximately $15 million. One bank is located in Sumner. The First Na tional Bank of Sumner has approx imately $35 million in deposits. A hearing is scheduled at 10 a.m., February 17 in the office of the Iowa superintendent of banking in Des Moines. STORY CITY: Jerry Hanna was recently elected president of the Roland State Bank. Mr. Hanna, who joined the bank in 1965 and was elected executive vice president in 1978, succeeds H.B. Jacobson who retired after serving as president since 1965. Nebraska News The Nebraska Attorney General We’re people you can turn to for investments. For investment services, data processing, ag lending and overlines . . . we’ re the people you can turn to. We’re more than western Iowa’s largest bank. We’re people. Stephen J. Hatz Vice President 7 1 2 /2 7 7 -6 5 2 6 IP SECURITY N A TIO N A L BAN K IN SIOUX CITY, IOWA. MEMBER F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CAREER APPAREL 523 N. M ain S t ., C arroll, I a „ 51401 712-792-2748 An Affiliate of Northwest Bancorporation Member FDIC FDIC Member ’M e A jy a e k b - ^ ) 1980 Security National Bank has issued an opinion that LB 376 is still alive and remains in the f i n a l stage of floor debate for the Ne braska legislature. This follows by three weeks the Nebraska Supreme Court decision that LB 376 was ef fectively vetoed because Governor Thone returned it to the legislature with his objections. This would re quire 30 o f the legislature’s 49 senators to over-ride the Governor’s veto. Sen. John DeCamp, chairman of the banking committee, who led the fight for the bill, was quoted as saying that despite the 24-24 tie vote on the bill, he has expectations of getting the needed 30 votes to over-ride. Sen. DeCamp was quoted further as saying he will introduce a bill to authorize unlimited branch banking in the state, except that a bank wishing to expand would have to buy an existing bank, with com munities under 2,500 excluded. OMAHA: Harold M. Walton, presi dent of Center Bank, has announced the promotion of Anne R. Jensen to vice president of human resources and Rebecca G. Williams to com mercial loan officer. Minnesota News The Federal Reserve Bank o f Min neapolis has announced its approval of the following applications: First National of Elbow Lake Bancshares, Inc., Elbow Lake to ac- Estate Appraisals Purchase o f Collections Sale o f Rare Coins R e lia b le and respected service fo r over 20 years U sed b y bankers throughout the m idw est Ben E . Marlenee Coins 913 Locust D es M oin es, Iowa 50309 515-243-8064 Supplement to Northwestern Banker Newsletter 1- 11-82 Carleton D . Beh Company Investment Bankers / Financial Consultants 1300 Des Moines Building / Des Moines, Iow a 50309 5 1 5 /2 8 8 -2 1 5 2 NEW ISSUE MOODY’S: “A” $ 2, 435,000 OELWEIN, IOWA General Obligation Street Improvement Bonds Dated: January 1,1982 Denomination: $5,000 Both principal and semiannual interest (June 1 and December 1, first coupon due December 1,1982) payable at the office of the City Treasurer, Oelwein, Iowa. IN THE OPINION OF COUNSEL THESE BONDS ARE FREE FROM PRESENT FEDERAL INCOME TAXES AND ALL PROPERTY TAXATION IN THE STATE OF IOWA. MATURITIES $150,000 175,000 175,000 200,000 225,000 11% June 1,1983 June 1,1984 June 1,1985 June 1,1986 June 1,1987 $250,000 10% June 1,1998 8.75 9.00 9.25 9.50 9.75 $275,000 101/4% June 1,1989 10.25 $300,000 101/2% June 1,1990 10.50 $325,000 10%% June 1,1991 10.75 $360,000 11% June 1,1992 11.00 10.00 LEGALITY TO BE APPROVED BY BELIN, HARRIS, HELMICK & HEARTNEY, ATTORNEYS, DES MOINES, IOWA The City of Oelwein is located in Fayette County in northeastern Iowa, about 30 miles from Waterloo. The local economy is principally based on agricultural trade, with the concentration on cattle and hog feeding. There are twelve manufacturing facilities employing nearly 838 employees. Some of the major employers within the City are the Chicago & Northwestern Railroad (200 employees), Donaldson Com pany (169 employees) and Oelwein Chemical Company (60 employees). The area is served by two banks with deposits exceeding $75,000,000 and two savings and loan firms with deposits over $34,000,000. The City is served by two highways, rail service by the ChicagoNorthwestern Railroad, eight motor freight carriers and a commercial airport located in Waterloo. The bonds are being issued for the purpose of redeeming warrants issued to finance certain street improvement projects qualifying as Essential Corporate Purpose Improvement projects undertaken by the City that are now complete and to reimburse the City for city funds expended to pay for the cost of such projects. FINANCIAL STATEMENT Actual Valuation, Estimate 1980 Assesed Valuation, 1980 $121,146,054.00 90,546,176.00 Direct Debt, including this issue Total Direct and Overlapping Debt Population, 1980 estimate: Direct debt per capita: Total debt per capita: 2,433,073.00 3,219,076.00 25,430 $321.66 $425.58 We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion. The information contained herein is not guaranteed, but is derived from sources we deem reliable and is that on which our purchase of these bonds are based. Bonds of particular m aturity may or may not s till be available or may now be available at a price or yield different from that indicated above. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Division of Hutton & Company Inc. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis quire The First National Bank of Elbow Lake; Otisco Bancshares Inc., Otisco, to acquire Otisco State Bank and Arvesen Insurance Agen cy, Otisco; St. Charles Bancshares, Inc., to acquire First National Bank in St. Charles and Willard Banc shares, Inc. North St. Paul, and Big Lake Bancshares, Inc., to acquire Citizens State Bank of Big Lake. ALBER T LEA: Robert L. Hoebelh ein rich has been a p p oin ted agricultural representative at First Bank, according to Gordon L. # Bickle, president. FA IR FA X : Harlan Drube has been appointed president of The Fidelity State Bank (formerly Citizens State ^ Bank). Mr. Drube has had over 30 years of banking experience, most recently as executive vice president of the American State Bank of Olivia. He is also currently presi^ dent of the Renville County Bankers Association. NEW ULM: Completion of the sale o f Farmers & Merchants State Bank stock to Victor P. Reim of St. Paul ® awaits regulatory approval. Mr. Reim is chairman and chief ex ecutive officer of Commercial State Bank in St. Paul. 0 ST. PAUL: Northwestern National Bank recently announced the elec tion of the following three em ployees to assistant vice president: David A. Beeck in the trust invest0 ment department, Jane E. O ’Connor as corporate services officer and Claire E. Taylor as executive/professional loan officer. f South Dakota News MADISON: The Federal Reserve Bank of Minneapolis has approved the application of Security Financial Services, Inc., to acquire Security State Bank. SIOUX FALLS: Reuben Elg has been advanced to assistant vice president and compliance officer in the corporate office and Patricia Lehmen has been elected an install ment loan officer in Rapid City, ac cording to Nels E. Turnquist, chair man of National Bank of South Dakota. SIOUX FALLS: Thomas F. Gard ner has been elected assistant vice president - data systems, and Elaine L. Peterson was elected assistant managing officer of Western Bank North, according to T.J. Reardon, president. North Dakota News MINOT: John W. Pierson, executive vice president of First National Bank of Fargo, will move into the position of president and chief ex ecutive officer of First National Bank, Minot, effective February 1. He will succeed George M. Johnson, who will retire but remain as chair man. Mr. Pierson began his banking career in 1965 at Northwestern Bank, Lewiston, Montana. CHEYENNE: Alan J. Ose has been named manager of the new branch office of Security First Savings and Loan Association, scheduled to open sometime after Jan. 1. GET THE COMPETITIVE EDGE over savings and loan, credit unions, etc. This “ on-premise” system gives you complete inde pendence, competitive flex ibility and control. Wyoming News C A S P E R : The p reviou sly an nounced merger of Wyoming Na tional Bank of Casper and the First National Bank & Trust Co. of W yo ming, Cheyenne, has been com pleted. Headquarters of the new holding company, known as A f filiated Bank Corporation of W yo ming, will be in Casper with Robert Single System Banking With Availability National Bank of Waterloo Waterloo, Iowa 50704 Member FDIC Get tighter instantaneous reporting in every phase of yo u r o p era tion. At the sam e tim e reduce yo u r operating costs. A program for your every need — and m ore. The best banking system in the industry. I i f i * Availability of funds. . . availability of people... responsive to your needs. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W. Miracle, president of the W yom ing National Corporation, as presi dent and chief executive officer. Other officers include: Fred Goodstein, chairman; Bernard R. Weber, president of First National o f Cheyenne, as vice chairman; Auburn W. Dowdy, executive vice president; John P. Burke and Richard H. Stebbins, vice president; William H. B row n, secretary; Charles L. Tangney, treasurer and assistant secretary, and R.S. Fankhauser, assistant treasurer. Phone Bill Rickert at 1-800-772-2411. M o dern B anking S ystem s, In c. 6818 Grover St., Omaha, Nebraska 68106 (402) 392-0151 □ I would like to sell my majority bank stock. □ I would like to buy ma jority bank stock. Please Contact: J. Mason Henry Thinking about selling your bank? Consult with Homer Jensen or Charles E. Walters Co., Inc. 39 Ginger Woods Road, Valley, Nebraska68064 Phone: (402)553-6400 czH’otd.EX a n d c/h±o<2iats.± Bank Consultants Specializing in Bank Acquisitions 515-232-0814 P.O. Box 450 405 Main Ames, Iowa 50010 Dick Buenneke Over 50 years’ banking experience No fee to seller 246 Insurance Exchange Bldg. Des Moines, Iowa50309 Phone: 515-243-7434 D onald E. H older , Principal P A R T IA L LIS T OF A V A IL A B L E POSITIONS COMMERCIAL LENDER - NB bank seeks “ seasoned” in dividual with 5 + yrs of solid lending exp. Exposure to Agriculture is a definite + . $30 - $35K. C.E.O. - Northern bank seeks officer fam iliar w ith all facets of banking with emphasis on Agriculture. In surance exp a + . Excellent benefits and salary. $35 -$40. COMMERCIAL LENDING OFFICER - Excellent oppty ex ists for experienced comm’l lender who can lend assistance and maturity to a young, energetic staff. Heavily Ag related position w ith a lot of comm’l activity. $25-$30K. SR. BRANCH MGR. - IL based S & L seeks individual w ith 2-4 years of solid S & L exp. Strong administrative and operational skills required to maintain a high stan dard of customer service. Must have strong managerial abilities. To $12K. #2 AG LOAN OFFICER • Need highly motivated, im pressive Ag Lender looking to move into #1 spot. In surance exp a + . Excellent promotional oppty. $25K. WANT ADS Rates are $5.00 per line per insertion. Add $3.00 tortile letters per insertion. Identity of file letter advertisers cannot be revealed. FOR FURTHER INFORMATION RESPOND IN CONFIDENCE TO: NORTHWESTERN BANKER 306-15th Street Des Moines, Iowa 50309 Phone 515/244-8163 <>«M ► <M M ► tM> R M ® SENIOR LOAN OFFICER— Experience in ag lending ($50 m illion bank) in community of 8,000 population in northern Iowa. Salary open. Write File OBS, c/o Northwestern Bank er. (PA) LOAN OFFICER— Experience in installm ent, agriculture, and commercial lending for this growing $18 m illion south central Nebraska bank. Some trust experience would be helpful. Salary open. Write file OBN, c/o Northwestern Banker. (PA) Bank Division of Iowa, Inc. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 A L L FEE S C O M P A N Y PA ID IOWA NATIONAL BANK CURRENCY 'E3190SH $ io S6S5 $50 m illion bank in central Iowa community of 4,000 seeks an AG LENDER. Salary open. Write file OBZ, c/o North western Banker. (PA) Mosler Model FSW 1848 walk up teller unit. Never been used. Available immediately. First National Bank, Minden, Nebraska 68959. Phone 308-832-2030. (FS) WANT TO BUY BRANCH MANAGER—Immediate opening for a branch manager in a St. Paul Suburban bank. Candidate must be well versed in all aspects of real estate lending, be able to lead and motivate staff members and possess new business development skills. Send resume to File PBA, c/o Northwestern Banker. (PA) NCR 775-2100 proof machine. Contact Rae Heipge, Ab ingdon Bank and Trust Co., Abingdon, III. Phone (309) 462-2222. (WTB) OPERATIONS OFFICER in newly organized western ND bank. Experience required. Salary based on experience and qualifications. Send complete resume w ith references to Box 787, Newtown, ND 58763. (PA) WANTED FOR PERSONAL COLLECTION Also paying top prices for other “types” of U.S. currency and finan cial paper. DON MARK Box 1, Adel, IA 50003 • 515/270-8170 B A N K E R S A V A IL A B L E POSITIONS A V A IL A B L E POSITIONS A V A IL A B L E If you are seeking a qualified officer for your bank, we have the top applicants in the midwest. Listed below are a few of our current applicants: Office Manager for southern Iowa bank. Ag background h e lp fu l........................................ ................ Salary $22,000 OPERATIONS - all internal operations and cashier duties for $30MM suburban bank. Definite opportunity for ad vancement. $25K CEOs w ith heavy ag lending exp......................... to $50,000 Commercial Lenders............................................ to $32,000 Ag Lenders............................................................ to $25,000 Generalists (Operations/Lending)....................... to $36,000 Operations/Cashiers............................................ to $28,000 Installment Lenders...............................................to$25,000 Trust Officers........................................................ to $30,000 Write ort call Malcolm Freeland, Freeland Financial Ser vice, Inc., 246 Insurance Exchange Bldg., Des Moines, Iowa 50309. 515/282-6462. Describe your needs, and we will assist you. Employer pays reasonable fee. Operations officer for Wyoming bank in growing a re a .. . . ...........................................................................Salary $20,000 Number Two officer for midwest bank of over $100 million. Postion can lead to CEO.................................. Salary open. Cashier for south central Nebraska bank. Located near major c ity .....................................................................$18,000 insurance Agent for com m unity bank in good midwestern to w n .................................................................... Salary open. Number Two person for central Iowa com m unity bank. Must be generalist w ith solid operations background........ ...........................................................................Salary $28,000 Ag Position open in North Dakota com m unity near major c ity ............................................................... ..S ala ry $18,000 Commercial Lenders for Florida banks.......... Salary open. BANK PLACEMENT SPECIALISTS (Our33rdyear) Call experienced professionals to locate the right candidate for your vacancy. . . or the right “move-up” for yourself. CORPORATE RECRUITERS MIDWEST BANKING DIVISION 202 S. 71 st Street 402 / 393-5515 Omaha, Nebraska 68132 SERVING PROFESSIONALLY Write or call Malcolm Freeland, Freeland Financial Ser vice, Inc., 246 Insurance Exchange Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays fee. B A N K IN G PLA CE M EN TS “ Successful Banking is Quality Personnel” Eighteen years banking experience serving as president of rural and metropolitan banks enables me to find the “right” banking position for you as a banker or the “right” officer for your bank. Banking, Financial & Business Personnel, Iowa and Nationwide D O N -SC H O O L E R ¡r Capital Personnel Service 901 A. West Jackson* Ozark, Missouri 65721 417/485-6020 COMPLETELY CONFIDENTIAL _____________ “Employment Service”_____________ 714 U.C.B. Building, 515-283-2545 Des Moines, Iowa 50309 AND ASSOCIATES COMMERCIAL LENDER - 3 yrs. or more commercial loan experience w ith large bank preferred. Could manage dept, w ithin one year. $30K INVESTMENT ANALYST - tru s t division o f major midwestern bank seeks senior analyst. Prefer experience with financial institution analysis. $28K FINANCIAL OFFICER senior position w ith $400MM eastern bank. Must hold CPA certificate and have bank ex perience. $Open CASHIER - challenging position for good operations o f ficer whose career is stymied. Suburban affilia te of one of the largest midwestern holding companies. $25K AG LENDER - medium size rural bank w ith 60% of port folio in Agricredits. Prefer college grad w ith Ag Degree and 3-5 yrs. experience. $24,000 MARKETING - major savings and loan has opening for marketing major with 1-2 yrs. experience in product development. $20K SENIOR LOAN OFFICER • $250MM wholesale oriented bank has an opening for commercial lender w ith 5 yrs. or more experience. Department head to retire in two years. $40 K All inquiries confidential. Salary history and resume' requested. TOM H A G A N & A S SO C IA T E S of Kansas City P.O. Box 12346, 2024 Swift North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” Vol. 10 No. 38 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, $15.00 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. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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