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______________________ __________________________________________________________
Vol. 9 No. 38
Des Moines, Iowa
January 12,1981

Legislatures Look at Banking Bills


at the state
level is occupying the attention
of most state bankers associations
and other groups of bankers at this
time. A number of bills have either
been introduced or are being
prepared for submission, as noted in
this rundown by states, obtained at
press time by telephone interviews:
Illinois - IB A
The state legislature is being
sworn in this week and will start its
sessions next Monday or Tuesday in
Springfield. The Illinois Bankers
Association legislative committee
was to meet late last week in
Chicago to review its agenda prior to
the opening of the state legislative
The Minnesota Bankers Associa­
tion legislative committee met late
last week to consider various
banking matters that might be
presented to the legislature. One bill
that is expected to be introduced
would explore the elimination of
interest ceilings on all transactions,
other than residential mortgages,
for federally insured lenders.
Another bill will deal with the
ban kru p tcy situation and will
propose that Minnesota residents be
confined to the exemptions provided
in present state bankruptcy code
rather than the federal bankruptcy
provisions enacted a year ago. Other
tentative legislation may deal with
the issue of requiring the state to


e g is l a t io n

compensate banks for having to
reproduce bank records o f a
customer by state order, the same as
now done under federal law for
federal authorities.
North Dakota
The N orth D akota Bankers
Association executive council has
approved its backing for seven
NDBA bills and for bills proposed
by the Bank of North Dakota and
the state banking department.
NDBA bills include elimination of
state usury ceilings, reinstitution of
North Dakota bankruptcy exemp­
tions, permission to increase in size
state chartered banks’ boards of
directors, reimbursement by state
agencies to banks for record
searches, elimination of require­
ment for banks to register with the
N.D. Securities Commission as
dealers if they procure Treasury
Bills through a correspondent for
customers, acceptance of CPA
audits by state banking depart­
ment, and trust income averaging.
The Bank of North Dakota and
state banking department bills are
primarily housekeeping in nature.
The NDBA also announced it will
take no action in the legislature on
bank structure laws, adhering to its
p reviou sly adopted p olicy of
remaining neutral. The NDBA
legislative committee and executive
council met in Bismarck late last
week to consider additional matters.

South Dakota
The South D akota Bankers
Association will support legislation
to be introduced that would revise
the state banking code. This bill is a
result of a study underway since last
M ay by the State Banking
Commission to make sure that state
banking laws are compatible with
national banking laws so that state
chartered banks are on a par with
national banks.
Governor William Janklow is
proposing a bill to create a state
entity to issue state bonds, the
proceeds of which would be issued
through financial institutions to
finance starting farmers. The bill is
similar to one enacted in Iowa a year
ago, and has SDBA support. The
association also supports a proposal
by the Governor to remove usury
ceilings for everyone. Last year, the
legislature lifted the ceilings for
regulated financial institutions.
The Iowa Bankers Association is
proposing or supporting several
One would face the bankruptcy
issue and require state exemptions
be used. Another would scrap the
due on sale provisions of mortgage
loans, and a third would allow title
insurance to be sold in the state as it
is in all other states. Another bill
looks at the entire area of
competition from savings and loans
as they seek more services to
become like banks.
An office bill would allow one



w h e re c o m m o n tra n s a c tio n s
a re h a n d le d u n c o m m o n ly w ell.

Federal Reserve Bank of St. Louis



13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C.

□ I would like to sell my
majority bank stock.
□ I would like to buy ma­
jority bank stock.
Please Contact: J. Mason Henry


Charles E. Walters Co., InC.
P.O. Box 1313, Omaha, Nebraska 68101
Phone: (402)553-6400



I__________ __________________ —J
additional office in any community.
An omnibus bill on behalf of the
state banking department would be
housekeeping in nature to update
old statutes. The usury rate was
lifted last year with a three-year
sunset provision and the IBA plans
to keep watch on this in the event a
move is made to scrap that
provision and the bill.
A bill similar to the South Dakota
legislation of 1980 would lift interest
rate ceilings for all regulated lend­
ers. It is supported by the Montana
Bankers Association. The debate
over branching is bringing up three
bills. One would authorize two
additional drive-in facilities besides
the present one must be within 1,000
feet of the bank. The two added ones
could be anywhere up to three miles
beyond the city limits. For banks in
cities of less than 50,000, the bill
would authorize just one added
facility. The M BA supports the bill.
SB 5, proposed by the Legislative
Interim Committee Study, recom­
mends the same geographical
limitations and same detached teller
facilities but also would allow the

B ank o n a

C all 1-800-362-1688, toll-free in Iow a
Federal Reserve Bank of St. Louis

facility to either be a drive-in or a
branch. Another new wrinkle would
state that a credit union or bank, to
establish a drive-in teller facility,
would also have to advise the
banking superintendent. The latter
could deny it only by showing just
cause, and just cause may not
consider increased competition. For
a branch, the applicant would have
to go through the banking board,
but the same provisions would
Illinois - AM BI
The Association for Modern
Banking in Illinois will actively
support its multi bank holding
company legislation again. This bill
would set up five holding company
regions in the state, and allow each
MBHC to acquire banks only in its
own region and one contiguous
region. N ew ly-chartered banks
could not be acquired for 10 years,
and an MBHC could not charter new
banks. It would also authorize an
additional limited service facility.
Currently, Illinois law allows the
first one within 1,500 feet of the
main bank, a second within 3,500
yards. The third, if authorized,
could be anywhere in the home
county or, if outside the county, no
further than 10 miles, and must also
be at least one mile from the main
office of any other bank.
AM BI also will sponsor amortiza­
tion o f bond prem ium s and
deduction for expenses incurred in
generating the income from state,
local and municipal bonds.
AM BI will support legislation
that would remove rate limitations
on revolving and instalment loans;
authorize safe deposit boxes at
limited service facilities; allow bank
security guards to carry weapons off
prem ises; create a new act
regulating procurement and use of
debit cards; enact a provision under
the revolving loan authorization to
allow for the security of revolving
credit with an equity interest in real
estate; delete the requirement that
school fund deposits be collateral­
ized, and authorize billing the state
for expenses incurred by a bank in
the inventorying of safe deposit
The Nebraska Bankers Associa­
tion will support in the legislature
the Bank Structure Bill that
resulted from a study prepared by
its Task Force appointed after the
convention last May. As reported
here in the December 1 issue, that
bill would permit Nebraska banks to

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6818 Grover St.,
Om aha, N ebraska 68106
(402) 392-0151

increase the number of full service,
detached facilities to a total of five
per bank by 1983. Currently, a bank
may have two. The first must be
within three miles of the bank. Each
of the additional four would be
permitted anywhere in the city,
without footage restriction. A bank
could have three in 1981, four by
1982 and five by 1983 and
thereafter. The action was suppor­
ted by the majority of the Executive
Council, and opposed by Omaha
National and U.S. National of
Omaha, which prefer statewide
multi bank holdin g com p an y
expansion or bran ch in g. The
Nebraska Independent Bankers
Association considered the N BA
Task Force separately, and ap­
proved it.
Other matters Nebraska banks
likely will face in the legislature
would include stock ownership of
S&Ls, which the NBA opposes;
fighting the IRS ruling (80-55)
which would state that banks
pledging tax-exempt public securit-

Send Your News Today to the NORTHWESTERN BANKER


306 Fifteenth street

Staff Changes
Business Campaigns
Mergers, Consolidations
New Departments at the Bank
Remodeling or New Building

BANK ..........................................................
OFFICER ..................................................... J .......... ..... TITLE
Federal Reserve Bank of St. Louis


Open Houses
Anniversary Parties
Deaths or Retirements
Speeches Made by Bank Officers
Special Announcements to the Public



Bank Consultants
Specializing in Bank Acquisitions
P O Box 450

405 Mam Ames. Iowa 50010

D onald E. H older. Principal
ies under certain conditions could
not deduct the interest paid to the
state or governmental entity; the
matter of agister liens, which is
heating up among feed suppliers
who want their liens to take
precedence over bank loans to buy
the cattle, and the subject of bank
card rates and fees. The NBA
probably will ask for authorization
for banks for per item charges and
an annual service fee for the cards.

Iowa News
The Iowa Junior Bankers Associ­
ation is offering a series of 12
inform ational dinner/sem inars
titled “ A New Twist- Turning
Prospects into Customers.” The
seminars will feature personnel of
Financial Shares Corporation, a
leading marketing and training
firm. Each seminar will open with
registration at 5:30 p.m ., dinner at
6:00 p.m ., and the one and one-half
hour seminar beginning promptly at
7:00 p.m. The first week of seminars
was published previously. The
remaining seminars will be January
26, Fort Madison, Holiday Inn;
January 27, Davenport, Black
Hawk; January 28, Dubuque,
Midway Motor Lodge; January 29,
Waterloo, Conway Civic Center;
February 9, Sioux City, Hilton;
February 10, Emmetsburg, Iowa
Lakes Community College; Febru­
ary 11, Fort Dodge, Starlite Village,
and February 12, Mason City,
Holiday Inn.
DES MOINES: Eugene G. “ Bud”
Precht, 52, has been elected
president and chief executive officer
of the Iowa-Des Moines National
Bank. He will succeed Robert E . Lee
on or before March 1. Mr. Lee
resigned December 23 to accept
appointment as president and chief
executive officer of the First
National Bank of Denver. Mr.
Precht has been president and chief
executive officer of the $230 million
asset Northwestern National Bank

545 - 31st Street

Des Moines. Iowa 50312

Federal Reserve Bank of St. Louis

S outhw est in B loom in gton , a
Minneapolis suburb. It is also a
member of Northwest Bancorporation.
MAPLETON: John R. Welch,
president of First State Bank, and
E.C. Thompson, president and
chairman of Security National
Corporation of Sioux City, have
announced that the Federal Reserve
Bank of Chicago has approved
Security’s application to acquire
First State Bank. The holding
company also owns controlling
interest in Security National Bank
of Sioux City and Northwestern
State Bank of Orange City.
MAQUOKETA: Peter F. Bezanson, chairman of Jackson State
Bank, and Paul D. D unlap,
president of Hawkeye Bancorporation, Des Moines, announced last
week agreement has been reached
for the proposed merger of Jackson
State into the Hawkeye holding
company for convertible preferred
stock of Hawkeye. The offer is being
made to all Jackson State
stockholders. The bank has $65
million in assets and 35 % of
deposits in Jackson County, with
offices in Delmar and Bernard.
M T. P L E A S A N T : G erald L.
N ordbrock, chairman o f M t.
Pleasant Bank & Trust Co., has
announced the appointment of
Daniel E. Jessen as a senior vice
president of the bank. Mr. Jessen
was most recently vice president of
Citizens State Bank in Donnellson.

Nebraska News
LAUREL: Richard E. Adkins, Jr.
has been elected president and
chairman of the board of Security
National Bank. He succeeds as
president his father, Richard E.
HARRISON: Wayne Hoskinson
has been promoted to president of
the Sioux National Bank. He
succeeds Charles R. Leffler, who
resigned as president, but will
remain on as chairman. Prior to
joining Sioux National, Mr. H os­
kinson was vice president of the
First National Bank of York. He
joined Sioux National in 1979 as

SIOUX CITY: Stephen J. Hatz has
been named a vice president in the
correspondent bank division at
S ecurity N ational Bank, and
Douglas Rice has been elected vice
president and general auditor.
SPENCER: Randy Carlson, head of
the agricultural loan department of
the Clay County National Bank, has
been promoted to vice president,
according to Bill Griggs, president.
Mr. Carlsonjoinedthebankin 1979,
from the First National Bank in
WATERLOO: Byron Loving has
been appointed senior vice president
of the commercial loan department
of the National Bank of Waterloo,
according to R. Scott Fetner,
president. Mr. Loving was previ­
ously senior vice president of the
credit division of the Bremer Service
Co. of St. Paul. He is a graduate of
Buena Vista College at Storm Lake.


names of all debtors in the
county recorded during the
What: name of secured party
When: the date the loan was filed
with the Secretary of State
Where: location where loan made

fast service

r e c o r d s

executive vice president.

South Dakota News
ARLINGTON : The Arlington State
Bank celebrated its 85th anniver­
sary with an open house recently.
CUSTER: Robert J. Albrecht has
joined the staff of the Custer County
Bank as cashier. He was formerly
em ployed w ith the Iow a-D es
Moines National Bank. He gradu­
ated from the University of North
RAPID CITY: Two new bank offi­
cers were elected recently at the
First National Bank of the Black
Hills, president Charles T. Undlin
announced. R obert W orth was
elected vice president and manager
of the Sturgis branch and Edward
Toms was elected vice president
and manager of the Lead branch.

North Dakota News
The N orth D akota Bankers
Association is sponsoring a bill in
the new state legislature that seeks
to eliminate state usury ceilings,
similar to action taken last year by
the South Dakota legislature. Also,
several large banks will sponsor a
bill that would permit each bank to
offer full service facilities at the
detached office currently permitted,
rather than the limited service that
presently can be offered.

Montana News
Senate Bill No. 5 has been
introduced in the Montana Legisla­
ture by Senator Matt Himsl (R),
Kalispell, that would authorize any
bank in the state to establish a
detached drive-in and walk-up
facility or a branch office anywhere
in its home town or city and not
more than three miles beyond the
city or town limits. It may not be
closer than 1,500 feet to any other
existing bank. Also banks in cities
of more than 50,000 population may
have two such facilities. Any
services offered at the main bank
may be offered at such a branch
office. Apparently, the new authori­
zation would be in addition to head
office drive-in facilities currently
authorized to be within 1,000 feet of
the main bank. A companion bill,
No. 2, would also authorized credit
unions to establish additional
offices to serve its members. Both
bills will be reviewed by the Senate
Business and Industry Committee.

Minnesota News

The dates and location of the
Federal Reserve Bank of St. Louis

Minnesota Bankers Association’s
Senior Management Conference
have been changed. The conference
now will be held February 18-19 at
the Radisson St. Paul Hotel in St.
Paul. (Previous dates were Febru­
ary 11-12.) State legislators will be
guests at the first day session,
starts the afternoon of
February 18. A complete program
will be announced within a short
MANKATO: Calvin A. Johnson
has been prom oted to vice
president-agriculture and real es­
tate lending at First Bank Mankato.


MONTGOMERY: Citizens State
Bank celebrated its 75th anniver­
sary with an Appreciation Day
recently. The program included a
drawing for 75 appreciation certifi­
cates and a hot beef and pork lunch.
OWATONNA: Dwight D. Randall
has been elected to the position of
vice president/manager of the
personal banking department of the
Northwestern Bank, Kenneth E.
Wilcox, president, has announced.
Mr. Randall most recently served as
branch manager of the First
National Bank of Deer River.
PENNOCK: Roland J. Boll has
been named vice president at State
Bank. He was previously vice
president of the First National Bank
of Montevideo. He majored in
agricultural econom ics at the
University of Minnesota.
ST. PAUL: Merlin M. Helgemoe,
president of First Bank State, has
announced the election of Thomas
M. Naughtin as personal banking
officer. He joined the staff as a
management associate in 1977. He
is a graduate of the University of
Minnesota, Duluth.

Wyoming News
CASPER: A t the American Bank,
Susan Cox has been promoted to
administrative assistant to the

to make MNB
work for you.
Toll free
1- 800 - 332-5991

National Bank 151
Member F.D.I.C.


president and Douglas F. Bryden
was promoted to assistant/ vice
president in charge of business
SHOSHONI: Promoted at First
State Bank were Robert J. Crocker,
to vice president, and Barbara Eller,
to assistant vice president.
W H EATLAN D: Jerry Gebhart, a
loan officer for seven years at First
Wyoming Bank, has been named a
vice president, according to presi­
dent Gene Hayes.
WORLAND: Dean M. Bartels,
president of the First National
Bank, has announced Mike Blackbum has assumed the position of
loan officer. He was formerly vice
president of Avco Industrial Bank.

We’re people you can
turn to for investments.
For investment services, data processing, ag lending
and overlines . . . w e’re the people you can turn to.
We’re more than western Iowa’s largest bank,
We’re people.
Stephen J. Hatz
Sr. Correspondent Bank Officer


M E M BER F .D .I.C .
© 1980 Security National Bank

Banking,Financial & Business Personnel
Iowa and Nationwide

714 Central National Bldg. 515-283-2545
Des Moines, Iowa 50309

Rates 50 cents per word per insertion.
Ad $2 for file numbers. Identity of file
number advertisers cannot be revealed.
Payment in advance, please.
306-15th St., Des Moines, Iowa 50309

8’x14’ portable drive-up window with Diebold electric
window, electric heat, carpet, and air conditioner.
Picture upon request. $3,500.00. Call (712) 472-2581.
MODULAR BANK UNIT: 12’x7’ equipped with drive-up
window. Used as bank’s drive-up facility. Available
immediately. Contact Northwestern State Bank of

Positions Available
#482 Commercial Real Estate
#484 Commercial Loan Manager
#486 Commercial Loan # 2
#475 Commercial Loan Trainee
#485 Commercial Loan # 2
#483 Commercial Loan
18K +
#479 Insurance Agent
18K +
#481 Insurance Manager
#487 Installment
#477 Program Analyst
#478 Data Processing Manager
#476 Branch Manager
4901 W. 77th St.
Edina, Minnesota 55435
David Dahl
Megan Maloney
All positions employer paid

#2 SPOT in bank in the largest city in South Dakota.
Need individual with strong credit credentials in all
fields to handle all supervision of all lending
functions. Write file LBW, c /o Northwestern Banker.
______________________ __________________ (PA)
AG LOAN OFFICER- east central Iowa bank of $35
million. County seat town. Prime Iowa farm area.
Minimum of 3 to 5 years experience required. Salary
commensurate with experience. Excellent benefits.
Bonus and retirement program. Write file LBX, c /o
Northwestern Banker._______________ _______ (PA)
LOAN OFFICER- Central Illinois bank seeking
individual for lending responsibilities, primarily
consumer loans. Operations experience helpful, but
not necessary. Call Bart Solon, State Bank of Girard,
Phone (217) 627-2112.
CASHIER- 3-5 years experience in Unit Bank
operations with understanding of all government
reporting requirements a must for this position in a
new Wyoming bank. Some consumer loan experience
would be a plus for the qualified applicant. Salary
commensurate with experience plus an excellent
benefit package. Inquire in confidence to R.W. “ Dick”
Anthony, P.O. Box 1070, Saratoga Wyoming 82331,
Phone (307) 326-8321. An Equal Opportunity
Employer._______________ _ _ ____________ (PA)
INSURANCE AGENT with property and casualty
licenses to manage bank agency in Northcentral
Nebraska. Some loan experience helpful. Send
resum etofile LBV, c /o Northwestern Banker.


□ My majority bank stock is for sale.
□ I want to purchase majority stock in a bank.
Please contact Ellis Jones, Broker
Semi-retired, professional banker
Jones Realty
205 South Eaton St.
Lakewood, Colorado 80226
Phone: (303) 232-1189

ER Large $1.2 billion in Oklahoma has a new
opening for a project leader to supervise 5
others in Methods and Procedures. Qualified
candidates should know bank operations, have
exposure to work and time studies, and possess
excellent communication skills. COMPANY
Salary to $30,000
ROBERT HALF of Iowa, Inc.
317 - 6th Ave.
Des Moines, IA 50309
Phone (515) 244-4414

LENDING— Rural Iowa bank seeking individual with
heavy experience in Agricultural loans. Needs
someone that does not need training. $26,000.
ASST VP—5 years experience in commercial lending
with large bank. Keen business judgment is the key.
LENDER—At least 2 years of experience in handling
installment loans, student loans, mastercharge,
direct & indirect loans. $17,000.
TRUST OFFICER—Some experience in trust dept, or
legal firm . W ill eventually take on full responsibility of
the tru s t dept. E xcellent o p p o rtu n itie s fo r
advancement. $20,000
VICE-PRES— Iowa bank seeking #2 person wjth heavy
experience in operations and lending. Position open
due to promotion. $35,000.
LENDING— Rural bank seeks individual with 2 years
of ag lending experience.
Bank Division


Commercial Loan Officer with three to five years
experience for major Iowa bank . . . $23,000-$26,000
Operations Officer for $20 million bank in Colorado ski
area ....................................... - .................... .. $25,000
Write or call Malcolm Freeland, Freeland Financial
Service, Inc., 306 - 15th Street, Des Moines, la. 50309
Phone (515) 244-8163, Employer pays fee.__________

of Iow a. Inc

317 6th Ave.
Des Moines, IA 50309
(515) 244-4414


Estate Appraisals
Purchase of Collections

SECOND POSITION or operations. Three years CEO in
$4 m illion bank. Ten years consumer loan experience.
Write file LBZ, cl o Northwestern Banker.______ (PW)

CEOs with ag lending backgrounds


Second Man with strong ag lending exp.

ISU Grad with property & casualty license seeks bank
oosition in or near larger community.
Write or call Malcolm Freeland, Freeland Financial
Service, Inc. 306 - 15th Street, Des Moines, la 50309.
Phone (515) 244-8163. Employer pays fee.

Ag Banking
S p ecialists^
When it comes to agriculture, banking and
personnel. . . go to the specialists — go to
AGRIcareers, Inc.
Progressive bankers pay us to find the people
they need.

AG IINDING OFFICER.. .ME lo«*o . . . . . $15 *20,000
10AN OFFICER.. .Minnesoto. . . . . . . . SH-$20,000

Reliable and respected service
for over 20 years

. . . $26,000

Operations officer with excellent experience desires
jobinlowa/Nebraskaarea ........................... $26,000


Sale of Rare Coins

. . . $16 *24,000

Used by bankers
throughout the midwest

Ben E. Marlenee Coins
913 Locust
Des Moines, Iowa 50309
515-243-8064_______ _
REAL ESTATE LENDING — Opportunity to develop a real
estate dept, in a 30MM bank. Individual will participate in
management functions and be able to acquire additional bank­
ing skills ......................................................................... $18,000
SENIOR OFFICER — Growing 40MM bank in rocky mountain
area desires seasoned credit officer for number two position.
Excellent benefits ......................................................... $28,000
COMMERCIAL LENDER — 250MM metro area bank seeks
addition to staff. Prefer 3-5 years lending experience in similar
size institution. Good opportunity for advancement $30,000
CORRESPONDENT OFFICER — Medium size Missouri bank
offers excellent opportunity for a junior correspondent banker.
Must be willing to travel 50% of time. Degree preferred $22,000

TWO AG LENDING OFFICERS.. .IA A I t . . $22 * 28,000

INSTALMENT LOAN — Head department for growing aggres­
sive 45MM bank. Must be civic minded and possess adminis­
trative experience .......................................................... $25,000

Ask our banking specialist, Undo Hint, what's
available without cost or obligation.

OPERATIONS OFFICER — 30MM bank close to resort area.
Position will lead to second officer. Lending experience a
plus ..................


(5 1 5 )3 9 4 -3 1 4 5
NE W H A M PT O N , IA 50659



TRUST HEAD — Due to promotion metro area bank with
growing trust dept, seeks a proven administrator with good
marketing skills. Law degree preferred ......................$35,000
SENIOR OPERATIONS — Handle cashier/comptroller po si-,
tion for 36MM bank. Acctg degree desired. Management
opportunity ...................................................................... $26,000

To inquire about a position please submit resume and salary
Since 1922-Field Divisions
“Wanted Vehicle-Missing Persons B ulletin”
P.O. Box 12346 / 2024 Swift
North Kansas City, Missouri 64116
_________ P.O. Box 11431, Greensboro 27409 (919)299-1641__________ ____________ (816) 474 - 6874
Vo I. 9 No. 38 Northwestern Banker Newsletter [USPS 873-300] is published weekly by the Northwestern Banker Company 306

Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25 cents per copy, $8.00 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.
Federal Reserve Bank of St. Louis