The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
W . R. CHAPMAN
T. CUMMINGS
M. F. DARR
A . HALLAS
C. T. FISHER III
J. F. DAVIS
Banking Leaders Tell
J. M. KEMPER, JR
R. C. KEMPER
H o w to
J. B. MITCHELL
I
Hank Ilarnhnjs
in
in
n r.
J. F. NASH
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
i
A. N. RUMPF
i.
A.
SANDS
I. SEAMAN, JR
4 É *
R. M. W A T E R S
Investment counseling service. . . from MNB
In a recent continuing survey by Northwestern
Banker, country bankers were asked which corre
spondent services were most important to them.
“ Investment Advice” ranked third on the list. At
MNB our investment staff keeps current daily on
economic and social trends, and developments af
fecting agriculture, industry and commerce. Invest
ment advice is no doubt one big reason why half of
the banks in Iowa are MNB correspondents.
So many ways we can help you
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Federal Reserve Bank of St. Louis
Me/tcWtb Hahond
C E D A R R A P ID S
MEMBER F.O.I.C.
T H E F U L L S E R V IC E B A N K F O R T H E B A N K S O F IO W A
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TRUST NORTHERN
when your customers want to open markets overseas
As the globe shrinks, your
opportunitiesexpand. Busi
ness that once turned your
attention to other states
now turns it to other con
t i n e n t s . You can T r u s t
Northern —located in Chi
cago, a major, c e n te r of
international air, sea and
surface transportation—to
help you help y o u r c u s
tomers.
Letters of credit, advice
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
on trade regulations, f o r
eign drafts and remittances
...whatever it may be, as a
Northern Trust correspond
ent you’re able to offer fast,
expert assistance to your
customers who have busi
ness anywhere in the world.
NORTHERN
TRUST
COMPANY
BANK
NORTHWEST CORNER LASALLE & MONROE
i 60690
• Fi nanci al 6 - 5 5 0 0
The Northern Trust can
broaden your business op
portunities by providing a
total package of banking,
bond and trust services. To
get the facts first-hand, all
it takes is a phone call or
letter. If you are not already
acqu ain ted in the Bank,
a d d re s s y o u r in q u iry to
George S. Read, Vice Presi
dent, International Banking
Department.
4
A re you and your co m m un ity
overlooking th is opportunity?
1 he opportunity is egg production.
That’s right. Egg production. But not the kind
from flocks of 50 to 250 hens Mom kept to pick up
"p in ” money.
We’re talking about packaged
that use only family labor— and
1hey can boost a farm family’ s
additional investment in land or
egg-laying units
light labor too.
income without
hired labor.
These are compact, highly-efficient, automatic or
semi-automatic units of 3,000 to 10,000 layers. Not
large, integrated contract operations. These units
require financing. And they yield a good return on
invested capital.
The farm family buys building and equipment—
and Hy-Line started pullets to go into cages. Local
Hy-Li ne distributors help obtain financing, find mar
kets, even give expert help in poultry management
and money management.
Agricultural economists estimate that 1,000 layers
generate $16,000 of business a year in any com
munity— for feed, eggs, chickens, utilities, build
ings, other products and services.
If that rule-of-thumb is reasonably accurate, we’re
talking about an opportunity to generate $48,000 to
$160,000 in new business with just one packaged
unit. Doesn't this sound like a good program to help
boost business in a farm community?
Y
We breed and sell Hy-Line chicks and started
pullets all over the world. We believe a thriving
Midwestern egg industry will help stabilize the U.S.
poultry industry.
Apparently some lending institutions and com
munities think the same way. Because there are
now several hundred commercial units operating
successfully through Hy-Line distributors in the
Midwest.
X
If you’d like to see actual records of operating
units, write or call us. We’ll be glad to send a repre
sentative to show them to you.
r*
Hy-Line
CHICKS
Hy-Line is a registered trademark of Pioneer Hi-Bred Corn Company.
D es M o in e s, Io w a
No. 930. Northwestern Banker is published monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscription 50c
per copy, $4 per year. Second class postage paid at Des Moines, Iowa. Address all mail (subscriptions, change of address, Form 3579, manuscripts
items) to above address.
Digitized mail
for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
à
We’d like you to look over the careful records of
units now in operation. Then decide if this plan
would help provide new income opportunities for
some of your farm families and your community.
And bring sound credit business to you, too.
V
*
5
!h>ar liti it or
Oldest Financial Journal West of the Mississippi
for your J A N U A R Y , 1965, reading
I
71st Year
“ Recently in the N orthwestern B anker
you have carried, in sections, a response to
Representative Patman by Dr. Lewis E.
Davids, Professor of Bank Management at
the University of Missouri.
“I am rather anxious to ‘come by’ the full
text o f this answer to Mr. Patman and find
your issue carrying the first section has
gotten away from me.
“ Would I be imposing to ask for a full
copy o f Mr. Davids’ article, which I am
needing to discuss with a politician or two,
as well as an economst, who is well known
to me?”
Bruce Townsend, President,
The City National Bank,
Clinton, Iowa.
“ We should appreciate your sending us
T"' a copy c f the two part Analysis by Pro
fessor L. E. Davids, University of Missouri.”
Eleanor Lyons, Librarian,
The First National Bank of
Boston.
EDITORIAL
23
5
“ I would appreciate receiving a copy of
the two part analysis by P rof. L. E. Davids
in which he refutes Rep. Patman’s charges.”
A. J. Maki, Vice President
and Cashier, First National
Bank, Fscanaba, Michigan.
V
D ear E ditor
19
F rontispage— -“ Get Ready, Get S et”
29
Im prove the Im age o f Y ou r Bank!
30
H ow to
Im prove
Bank
E arnings
in
1965— A
N or th w ester n
B a n k e r Survey
36
A re D irectors’ Exam inations E ffectiv e or Ineffective?—
Edw ard S. W olff and John Sw itch
40
E xpert Suggests Revaluation o f U. S. M onetary P olicy—
M arcus N adler
STATE BANKING NEWS
N orthwestern B anker .”
Paul G. Collins, Director
o f Information, American
Bankers Association, Wash
ington, D. C.
A cross the Desk from the Publisher
FEATURE ARTICLES
“I would appreciate your sending me the
two-part Analysis by Professor L. E. Davids
of the University of Missouri, refuting some
of Representative Patman’s charges, which
appears in the October and November
r
No. 930
“ Senti Copies of Reply
to Patman Charges”
M innesota News
45
57
M ontana News
Tw in City News
48
59
Nebraska News
South Dakota News
53
60
Omaha News
N orth D akota News
54
64
Lincoln News
Colorado News
55
69
Iow a News
W yom in g News
57
75
Des M oines News
OTHER FEATURES
80
Index o f A dvertisers
81
The B ankers’ M arket Place
82
In the D irectors’ Room
82
Conventions Calendar
“ Banking Thesis”
“ Miss Sandy Milner is a part-time em
ployee here at the Cozad State Bank. She
is a senior at the Cozad High School. She
wrote the enclosed thesis ( ‘ The Evolution of
Modern Banking’ ) for her English class.
You will notice that she had a grade of A
on the work, and we, o f course, are quite
proud of her for obtaining that excellent
grade. She has a wonderful teacher, and I
D E A R
E D IT O R
. . .
(Turn to page 10, please)
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Federal Reserve Bank of St. Louis
NORTHWESTERN
BANKER
306 15th Street, Des Moines, Iowa 50309, Telephone (A rea Code 5151 244-8163
Chairman
Clifford De Puy
Publisher
Malcolm K, Freeland
Associate Editor
Larry W . Nothwehr
Editor
Ben J. H aller, Jr.
Associate Editor
David L. Lendt
Advertising Assistant
Doris Johnson
Circulation Department
Lena Sutphin
Field Representative
AI Kerbel
Field Representative
Joe M. Smith
Auditor
Bertha Soderquist
Field Representative
Paul Masters
Frank P. Syms, Vice President, 550 Fifth Avenue, New York 36, JUdson 2-7126
N o rth w e s te rn
B anke r, J a n u a r y ,
Ï9 6 5
G
Knowledge of insurance
is not enough
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You expect every Credit insurance company to know insurance. Old Security
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L eonard R. D aw son
Jam es C. Garber
Regional Service Representative
Assistant Vice President
H
<
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These Men Can Show You THE DIFFERENCE
Digitized for
N o rFRASER
t h w e s t e r n B anke r, J a n u a r y , 1965
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8
F x e o n t i i v e s
F o r e c a s t S te a titi to
11th Annual Business Outlook
T HE
Luncheon, sponsored by The First
fall short of an adequate return on
investment in comparison with other
industries.
Austin T. Cushman, chairman, Sears,
Roebuck and Company: We retailers
have another good season ahead of us.
Barring a deteriorating foreign situa
tion, retailers should add another 4 or
5 per cent increase in spring 1965.
Harmon S. Eberhard, chairman, Cat
erpillar Tractor Company: Demand
for construction machinery is ex
pected to remain strong, both at home
and abroad, at least through the first
half of 1965. Industry sales, however,
may not increase as rapidly as in re
cent years.
Robert P. Gwinn, president, Sun
beam Corporation: The over-all out
look for the appliance industry in the
first half of 1965 is excellent. Princi
pal reasons for optimism are: (1) con
sumer confidence; (2) consumer earn
ings continuing to rise in 1965, and
(3) the scheduled cut in taxes on 1965
incomes will increase disposable in
come.
National Bank of Chicago, was held in
the Grand Ballroom of the Palmer
House, December 16. Homer J. Liv
ingston, chairman of the board of the
bank, acted as moderator for the
luncheon meeting which was attended
by approximately
1,250 executives
from all a cro ss
the nation.
Those who dis
cussed conditions
within their own
lines of industry
and their predic
tions for the first
half of 1965 were:
Joseph L. Block,
chairman, Inland
Steel: Assuming there will be neither
an early labor settlement nor a strike,
we believe steel production will estab
lish a new first half record in 1965.
Profits will be improved as a result of
greatly increased sales, but will still
HOW’S YOUR PRO GRESS?
The merchandising of bank checks
is merely the art o f selling checks
to your customers. The ultimate
goal of such merchandising is to
sell checks to all accounts for the
simple reason that "T h e Checks
Y ou Sell C ost Y ou N o th in g .”
Savings in cost is money in the
bank . . . and this means that your
whole checking account program
is producing, in effect, extra rev
enue to o ffset increased check
handling costs.
H ow is your bank p ro g ressin g
toward this goal? Most banks are
well on the way. Some have hardly
begun. A few have reached their
goal for all practical purposes and
are enjoying the savings due to
their successful efforts. We would
remind even these banks, however,
that the merchandising o f bank
A
checks is never-ending because of
the ever-passing parade of accounts.
Your DeLuxe representative is in
terested in your progress. He keeps
accurate records o f check orders
produced for sale to your customers.
He compares these to the orders
for checks that are given away
without charge, and it is his goal
to help your bank reduce the num
ber o f these give-aways by every
merchandising means possible.
He would be pleased to submit to
you a report entitled "PRO G RESS
IN M E R C H A N D IS IN G .” This
report recaps the production o f
your check orders for the past
several years. It graphically illus
trates your merchandising progress
and also presents his suggestions for
helping your bank attain the goal
o f selling checks to all accounts.
In e u n te
Peter Kiewit, president, Peter Kiewit Sons, Inc.: Total dollar volume of
construction placed in 1965 will go
up something less than 4 per cent,
considerably below the 6.5 per cent es
timate for 1964. I think construction
costs will probably again have an in
crease on their order of 2 per cent. I
look for a reduction in military spend
ing, more industrial plant construc
tion, more commercial building, and
increases in building for highways,
transportation, hospitals, schools and
public buildings.
Franklin J. L uncling, chairman,
Jewel Tea Company, Inc.: In retail
food distribution we look for the an
nual rate of sales to have a 4 per cent
increase in the first half of 1965 over
1964, a continuation of more favorable
earnings to sales, and relentless shop- v
ping for value by the buyers.
Harry C. Murphy, president, Chica
go, Burlington & Quincy Railroad
Company: The first half of 1965 ap1
pears to offer considerable opportu- ^
nity for continued economic gains by
the railroad industry—good earnings,
labor stability contributing to this.
George Russell, executive vice presi- in
dent, General Motors Corporation:
There is reason to anticipate that 1965
will be another—the fourth consecu
tive—good year for the motor vehicle
industry. Our calculations would in
dicate a long-term sales level for 1965
of over 7.8 million passenger cars and
could exceed this figure. New truck
sales will also exceed records.
John E. S w ea rin g en , president,
Standard Oil Company (Indiana): As
for the oil industry’s earnings in the
first half of 1965, I expect further
gains will accompany the record scale
of operations forecast.
Homer J. Livingston, chairman, The
First National Bank of Chicago: In
view of present and recent circum
stances (Fed discount rate increase,
upward economic forecasts and appar
ent availability of credit from banks)
and assuming we continue to avoid
the excesses which so often have de
veloped in the past during extended
periods of business expansion, the im
mediate outlook is good. In my judg
ment, credit supplies will be sufficient y
to accommodate borrowing demands.
Interest rates, barring some unusual
international development, will change
little in the next six months.-—End.
y1
New General Electric Director
D E L U X E
NORWALK
C H E C K
CLIFTON PAOLI
RICHMOND
P R IN T E R S
SYRACUSE
CLEVELAND
DETROIT
IN C .
INDIANAPOLIS
CHICAGO KANSAS CITY ST. LOUIS ST. PAUL DALLAS CHATSWORTH SANTA CLARA PORTLAND
N o rFRASER
t h w e s t e r n B anke r, J a n u a r y , 196 5
Digitized for
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Thomas S. Gates, president of Mor
gan Guaranty Trust Company, New
York, has been elected a director of
General Electric Company, Schenec
tady.
9
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Federal Reserve Bank of St. Louis
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BANKING
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Northwestern Banker, January, 1965
10
M o n e y
T r e e
NATIONAL BOULEVARD Bank of
Chicago President Irving Seaman,
Jr., right, presented a money tree—
100 coins, of course— to Executive
Vice President George C. Reeves of
J. Walter Thompson Co., and man
ager of the Chicago office on the
occasion of the agency’s 100th anni
versary. The agency and the bank
are in the W rigley Building.
DEAR EDITOR . . .
(Continued from page 5)
am sure that this grade A is well deserved.
She had some additional information from
the Bank of England, which did not reach
her in time to be included in this article.”
TV. E. Young, President,
Cozad State Bank, Cozad,
Nebraska.
(and every other color, too)
at our new plant in Burlington, Iowa
«^"*To serve our Western and Mid-western customers more quickly and
efficiently we are pleased to announce the opening of a modern plant in
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This plant incorporates the very latest technological developments
for processing safety paper in accordance with MICR requirements. Its
efficiency is the result of over 94 years of experience that has made the
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Safety Paper for Checks
THE
G EO RG E LA M O N TE & SON
N o rth w e ste rn
B anke r, J a n u a r y ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
WAVY
• N U T LE Y . N .J .
196 5
LIN ES ® ARE
A
LA
M ONTE
TR A D E -M A R K
• B U RLI N G T O N . IO W A
• TORONTO, CANADA
Ed. N o te ; Miss Milner’s 12-page, typewrit
ten thesis traced the history o f banking from
its first recorded entry in the Old Testament,
through the days o f ancient Babylonia and:
Greece, through the Middle Ages and into
the era■o f English and French banking upon
which modern banking has been built. Miss
Milner read seven volumes o f material ob
tained from, the school and city libraries in
Cozad, as well as f rom the American Bankers
Association and the Financial Public Pelations Association.
West Coast Changes
Donald P. Eckman has been pro
moted from trust officer to vice presi
dent and trust officer at The Bank of
California’s Portland office, according
to Donald M. Russell, vice president
and manager of the office. Mr. Rus
sell also announced the appointment
of H. West Coddington to assistant
cashier.
The Bank of California’s newest V
office opened last month in Fresno.
Just around the corner from that
city’s pace-setting new Fulton Mall,
the branch is the 48th for the bank,
which this year marked its centen
nial. It is the 19th to be opened by
the tri-state institution since 1960.
11
Smimcniof
Sure way to increase
depositor service at
virtually no extra cost!
Hr, John
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DEPOSITED IN
C~]k
— f> F C lJ I? D f/J (
BANK
ALL ITEMS ACCEPTED SUBJECT TO THE CONDITIONS
STATED ON THE REVERSE SIDE OF THIS DEPOSIT SUP.
//
10 c
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22 2
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FOR CREDIT TO ACCOUNT O F / /
TôHiQ
SneoTrt ü~/l._____
(PLEASE PRINT FUli NAME OF ACCOUNT)
sssr
colo
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La „a ?
Microfilm deposit slips and send your
depositors a complete statement!
Thousands o f banks have already broken with the tradi
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the accuracy of both debits and credits, additional savings in time
and space have been realized.
By m icrofilm ing deposit slips, the single-source bank record is
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A dded film cost may am ount to a few mils per m onth for the
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o account. But in most cases the cost will be m ore than offset, not only by time and cost savings, but also by the favorable
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vided by your up-to-date bank.
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,----------------------------------------------------------------------------
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N o rth w e s te rn
Banker, J a n u a r y ,
1965
12
O fficer Chauffes .inattan eed
A t A n ierìea n A n t ¡anal ttf
E. STRAUS, chairman of
ROBERT
. the board, American National
Bank and Trust Company of Chicago,
La Salle at Washington, has an
nounced the retirement of Leigh R.
Gignilliat, Jr., senior vice president.
One of Chicago’s leading commercial
bankers, Mr. Gignilliat joined Ameri
can National in 1939 as an assistant
vice president. He organized the
bank’s industrial division, becoming
head of a commercial loaning division
as a vice president in 1941. He was
advanced to senior vice president in
1962.
Prior to his tenure with American
National, Mr. Gignilliat had extensive
financial experience with the C.I.T.
Corporation of New York, as well as
a period spent as deputy administrator
of the Federal Housing Administra
tion when that agency was first organ
ized. He began his financial career in
1923 with a commercial bank located
ARIZONA IS
VALLEY BANK
TERRITORY!”
Digitized for
N o rFRASER
t h w e s t e r n B a n k e r, J a n u a r y , 1965
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
in Akron, Ohio.
During his distinguished career, Mr.
Gignilliat has authored two widely
used manuals on specialized loan pro
cedures: A Guide for Life Insurance
Policy Loans published in 1957 and
Term Loans and Revolving Credits is
sued in 1959.
Leigh R. Gignilliat, Jr. (left) receives por
table TY set and a bound resolution from
Allen P. Stults (righ t), pres, of American -k
Natl. B&T, Chicago, on behalf of entire
official staff of the bank.
Six promotions and appointments at
the American N a tion a l w ere an
nounced by Mr.
Stiaus following
th e m o n t h l y
b o a rd of direc V
tors’ meeting.
In the bank’s
trust department,
Perry G. Callas
was promoted to
a ssista n t v i c e
president, corpo
rate tru st divi
p. G. CALLAS
sion, and Richard
P. Andersen and Albert Medora, both
in trust operations, and Glen W. Wil
son, probate division, were appointed
assistant trust officers.
In addition, Ellis P. Waller was {
made an assistant cashier, industrial
division, and James A. Carlson was
appointed assistant comptroller.
r
To Open Belgium Branch
Morgan Guaranty Trust Company of
New York will seek approval of reg
ulatory authorities for re-establish- y
ment of a branch office in Antwerp,
Belgium.
The proposed branch would be the
bank’s second in Belgium. Morgan
Guaranty’s branch in Brussels was
opened in 1919 by Guaranty Trust
Company, a predecessor.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
13
iness, combine local
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ising with the best
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OUTSTANDING CHOICE OF OUTSTANDING BANKERS
N o r th w e s t e r n
B anke r, J a n u a r y ,
19 65
14
A H A O pens f i r s t In stallm ent
Credit School at 17. o f I'hieaf/o
ITH enrollments at the maxi
W
mum capacity and the program
for the two-week session completed,
everything is in readiness for the in
itial session of the National Install
ment Credit School sponsored by The
American Bankers Association and
held at The Uni
versity of Chica
go C e n t e r for
Continuing E d ucation. The first
s e s s i o n of the
s c h o o l w ill be
held February 719, 1965.
The new, spe
c ia liz e d school
will be an annual
L. J. A S T E R IT A
tw o -w e e k p r o
gram concentrated in one resident ses
sion in installment and consumer cred
it. It is intended to serve the needs
of banks for the training of personnel
new to the field of installment credit
or desiring a refresher course in that
area. The director of the school will
be Louis J. Asterita, president of the
Chelsea National Bank, New York
City, and formerly deputy manager of
the A.B.A.
Teaching the 200 banker-students
will be a faculty which will include
bankers who are leaders in install
ment credit, attorneys, and lecturers
from leading universities.
In addition to this faculty, there will
be several special lecturers. Applica
tions for the 1966 session to be held
February 6-18, 1966, are already being
received from bankers who couldn’t
be accommodated in the first session.
During the first week, beginning
February 7, the students will study
installment credit operating functions,
lenders, competition, organization of
basic installment credit functions in
small banks, departmental organiza
tion in large banks, installment credit
characteristics including repayment
capacity and risk, basic credit policies
and principles, the roles of the inter
viewer and investigator, procedures
and credit approval, sources and uses
of credit ratings, the various types of
installment credit loans, insurance
coverage, loans to small business and
specialties including charge account
banking and revolving credit. Exami- ^
nations will be held at the end of
both weeks.
During the second week the stu
dents will study legal aspects of in
stallment cred it, installment credit
sales at retail and wholesale, install
ment lease financing, data processing
trends and principles, personnel train
ing and development, collection proce- -v
dures and problems, cost and income
analysis and other aspects of install
ment credit including management,
advertising and business development.
During the afternoons of both weeks,
the students will devote themselves
to case studies, and in the evenings
there will be topic analyses seminars.
Advanced at La Salle National
Four La Salle National Bank pro
motions were announced recently by
Harold Meidell, chairman, and Milton
F. Darr, Jr., president. All are mem
bers of the Chicago bank’s trust de
partment.
Appointed vice presidents were
Jack A. Gallas and Harry A. Thomson.
Since i 907
J. A. G ALLAS
W estern Mutual Insurance Co.
O perating
Under
Fire and
Allied lines
Autom obile
Casualty
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Agency
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DES MOINES, IO W A
A Multiple: Line N on assessa b le Company
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Federal Reserve Bank of St. Louis
H. A. T H O M S O N
They had been assistant vice presi
dents. Edmund D. Januchowski was
promoted from trust officer to assist
ant vice president and Eugene T. Maylott moves from assistant trust officer
to trust officer. All four carry the
additional title of assistant secretary.
Mr. Gallas has been with La Salle
almost nine years and heads the pro- A
bate division. Mr. Thomson joined
the bank in 1951 and heads the per
sonal trust division.
19 6 6 A.FLA. Convention
Set at San Francisco
The 1966 annual convention of The
American Bankers Association will be
held in San Francisco, Calif., October
23-26, according to President Reno Odlin.
President Odlin made the announce
ment last month in accordance with y
the A.B.A. policy of scheduling its an
nual meetings two years in advance.
The association last convened in San
Francisco in 1961.
^
The 1965 convention will be held in
Chicago October 3-6, as previously an
nounced.
lo
S ie h a b e n e in e n fre u n d
b e i d e r C h a s e M a n h a tta n
Can you translate this line?
Helga Müller can.
O n e in d ic a tio n o f the scope o f o u r a ctivitie s in in te r
w e ll as o ffe rin g the a d d itio n a l e xperience and k n o w l
n a tio n a l business is the fact th a t w e have m ore trans
edge w h ic h yo u, as a c o rre s p o n d e n t, may call on.
lators than th ere are letters in the a lp ha be t. T h irty -fo u r,
T hro ug h o u r w o rld -w id e n e tw o rk o f branches, a ffili
to be exact. These translators in o u r In te rn a tio n a l D e
ates, representatives and corresp on de n ts, Chase can
p a rtm e n t, w o rk in g in eleven languages, h andle m ore
help you help y o u r custom ers w ith any in te rn a tio n a l
than 50,000 fo re ig n item s and letters a m on th. A good
service, fro m c re d it in fo rm a tio n on fo re ig n firm s to the
p o rtio n o f this w o rk is fo r o u r co rre sp o n d e n ts' cu sto
actual h a n d lin g o f sp ecific overseas transactions.
mers w h o d o business abroad.
This g ro u p dem onstrates Chase M an ha tta n's e xten
sive in v o lv e m e n t in overseas trade and fin a n c in g , as
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Federal Reserve Bank of St. Louis
The line above? It's G erm an fo r "Y o u have a frie n d
at Chase M a n h a tta n "—a fact w e 'll be glad to d e m o n
strate to y o u r bank in any a p p ro p ria te language.
THE C H A S E M A N H A T T A N B A N K
1 Chase Manhattan Plaza, New York, N. Y. 10015
Q
M e m b e r F ederal D e p o s it Insurance C o rp o ra tio n
Northwestern Banker, January, 1965
16
Offer NABAC Films
The first sound-slide films on bank
ing automation produced by and for
the banking industry have been com
pleted by NABAC, The Association
for Bank Audit, Control and Operation.
Titles and subject nature of the
three completed 35mm full color films
are:
(1) The C h a llen g e of Electronic
Data Processing.
(2) The EDP Feasibility Study.
(3) The NABAC Teller Model.
A descriptive brochure containing
full information and a price listing on
the films is available from NABAC,
P. O. Box 500, Park Ridge, 111.
I tank H o sts 5 0 0 C orresp on d en ts
.X
i
MANUFACTURERS HANOVER Trust Co. recently sponsored an all-day bankers con
ference for 500 correspondents at the New York Hilton. Chatting, follow ing the
luncheon, are, left to right: Eugene J. McNeely, pres., AT&T; Gabriel Hauge, pres.,
Manufacturers Hanover; Sen. A. Willis Robertson, D-Va., chm. senate banking and
currency committee; R. E. McNeill, Jr., chm. of the board and chief exec, officer.
Manufacturers Hanover, and John A. Coleman, partner in the stock exchange firm of
Adler, Coleman & Co. All, with the exception of Mr. M cNeill, were featured speakers
at the conference which also featured Walter Cronkite, CBS news commentator.
Retires at Drovers Bank
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B. C. Z IE G L E R
AND COMPANY
Drohmer J. Korista, assistant cash
ier at Chicago’s Drovers National
Bank, retired last month.
This made the date of double sig
nificance for Mr.
K o rista for not
only was Decem
ber 18 the date of
his retirem en t,
but it was also
42 years—to the
day — since he
first reported for
work with Dro
vers on Decem
ber 18 of 1922.
D. j. KORISTA
Mr. K o r i s t a
was born in Hopkins, Minn., and at
tended the University of Minnesota.
He joined the Drovers Bank as a clerk
M ilwaukee and other principal
U. S. credit union membership
topped the 15 million mark in October
for the first time in the movement’s
history. At the same time, worldwide
membership in credit unions rose
above 19 million.
Final worldwide figures indicate
that 30,825 credit unions throughout
the world now serve 19,350,000 mem
bers.
Total assets of U. S. credit unions
on September 30 were $8.8 billion, up
from $8.1 billion last December 31.
Savings of members reached $7.85 bil
lion, and loans outstanding were re
ported at $6.7 billion.
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cities of Wisconsin
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Federal Reserve Bank of St. Louis
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The First National Bank, Ironton, Ohio
'P eople h ere w e re h ap p y because
Iget was spent locally.
most of our buildin
If
says Mr. Walton. “ Your consultant assured us that most o f our
building dollars would be shared by local sub-contractors, suppliers,
and craftsmen. That is exactly what happened. Moreover, our
project reflects Bank Building’s experience and talent in every detail.”
If you want to keep local people happy and still benefit from the
best in financial design, call in one o f our Consultants first.
MID-CONTINENT DIVISION
Tom C ahill
P ro je c t C o n s u ltan t
N orm an W a lto n
P resident
f JJÆ
Write Jack Miner. Mgr., 1130 Hampton Ave., St. Louis, Mo. 63139, or phone collect, Mission 7-3800.
JF
c
Hom e
o ffic e : 1 1 3 0
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Federal Reserve Bank of St. Louis
H a m p to n
A v e.,
S t.
L o u is ,
f f f f //&
OF AMERICA
M is s o u ri
•
O ffic e s
in A t l a n t a
•
C h ic a g o
•
D a lla s
•
New
Y ork
•
San
F ra n c is c o
18
1965*
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
y e a r ®F
Your good fortune is Central National's goal. During
1965 we will continue, a s we have in the past, to
strengthen and speed our service to correspondent
banks throughout Iowa. Our constantly increasing
electronic data processing department is at your
disposal at all times to help you provide the finest,
most economical bank service for your customers.
N A TIO N A L B A N K A N D TRUST C O M P A N Y
Fifth and Locust Street . . Des Moines
M em ber Federal D eposit Insurance Corporation
Northwestern Banker, January, 7965
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
20
T u !s t!
i ’r o in o lio n s
ary 22 will be issued to stockholders
on the basis of one share of additional
stock for every 50 shares of outstand
ing stock. Stockholders will be paid
the cash equivalent of fractional
shares based on $56 per share.
r
A
3 New Directors for B of A
PROMOTED at First National Bank and Trust Company of Tulsa— President F. G.
McClintock, right, congratulates five Staff members who were promoted by the bank’s
board of directors recently. Seated, left to right, are William E. Mize, assistant vice
president; J. C. Walker and James Kopel, assistant cashiers. Standing are Gerald
Cantrell, assistant auditor, and Dale Goyer, promoted to trust officer.
TWO per cent stock dividend,
the transfer of $1,346,700 from un
divided profits to surplus and promo
tions for five staff members (pictured
above) have been approved by the
board of directors of the First Na
tional Bank and Trust Company,
Tulsa.
The transfer of funds brings the
A
Digitized for
N o rFRASER
t h w e s t e r n B a n k e r, J a n u a r y , 1965
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Federal Reserve Bank of St. Louis
bank’s surplus to $20,681,700. Com
bined with capital of $7,818,300, the
total surplus and capital of the bank
will be $28,500,000.
Subject to approval of the Comp
troller of the Currency, the stock divi
dend would apply to stockholders of
record at the close of business on Jan
uary 5. Stock certificates dated Janu-
Election of three new members of
Bank of America’s board of directors
was announced last month by Presi
dent R. A. Peterson.
The new directors, named at a board
meeting D ecem
ber 15 are Roy L.
Ash, president of
Litton Industries;
L ou is B. Lundb o r g, executive
vice president of
Bank of America,
and Theodore A.
V o n d e r A h e,
president of Von’s
Grocery Company.
L. B. L U N D B O R G
Messrs. Ash and
Von der Ahe were appointed to the
board’s advisory council last April.
Mr. Lundborg was named to the ad
visory council in 1957. He becomes
the third member of the bank’s pres
y
ent management to have a seat on
the board, joining Mr. Peterson and
Jesse W. Tapp, chairman.
List Area NASSB
State Representatives
Charles R. Howell, president of the
National Association of Supervisors
of State Banks, recently announced
the appointment of state representa
tives from each of the 50 states and
the commonwealth of Puerto Rico.
Appointment made within the area
served by the N orthwestern B anker
are listed below. Advisory council
members are indicated by (A).
COLORADO: Carl G. Breeze, presi
dent, The Bank of Kremmling.
IOWA: Joe H. Gronstal, president,
Carroll County State Bank. (A)
MINNESOTA: George E. Buscher,
president, Alexandria State Bank.
MONTANA: V. C. Hollingsworth,
president, Citizens State Bank, Hamil
ton. (A)
NEBRASKA: George A. Knight,
president, Citizens State Bank, Lin
coln.
NORTH DAKOTA: T. A. Roney,
president, Foster County State Bank,
Carrington.
SOUTH DAKOTA: Erling Haugo,
president, Sioux Valley Bank, Sioux
Falls.
WYOMING: Howard F. Esmay, ex
ecutive vice president. Stockmen’s
Bank, Gillette.
Y
A
21
Asset allocation and
management studies
Which o f these
nternational banking
Harris services
would help you
Data processing
run your
hank better?
The men in our Corres
pondent Bank Department
carry the Harris Bank in
their brief cases. At your
request they can provide
you with a raft of business
building services—includ
ing some you may not have
expected.
How can we help you?
Simply check the service
you’d like to look into, or
jot your need anywhere on
this page and mail it to us
today.
Credit information
Personnel and
training
Overloans and
participations
Advertising and
public relations
Portfolio analysis
and assistance
Securities
safekeeping
Municipals
HARRIS
Trust and Savings
BANK
Assistance on
banking quarters
layouts
Cost studies
Organized as N. W. Harris & Co. 1882— Incorporated 1907
Member Federal Reserve Sy ste m . . .
Federal Deposit Insurance Corporation
111 WEST MONROE ST R EET -C H IC A G O , ILL. 60690
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Federal Reserve Bank of St. Louis
N o rth w e ste rn
B anke r, J a n u a r y ,
1965
22
1
A Long Term Partnership
Xjaw rence — for over 50 years — has been in profitable partnership with
banks everywhere. During this period, Lawrence has been the leader in
field warehousing, issuing receipts on goods valued in excess of 10 billion
dollars for more than ten thousand business firms. That is why, from this
long association, bankers know they can specify Lawrence...and be secure.
o r tFRASER
h w e s t e r n B a n k e r, J a n u a r y , 1965
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Federal Reserve Bank of St. Louis
T h e L a w r e n c e Co m p a n y
NATIONWIDE
SINCE 1913
San Francisco
OFFICES
•
Chicago • New York • Denver
IN P R I N C I P A L C I T I E S
23
(b& a/L, ÿ a m & A , (B ij& A A .:
P resid en t, F ir s t N ation al Bank
o f A rizona, Phoenix, A rizona.
The recent action of the Arizona Bankers Associ
ation in establishing a $5 million industrial fund
should serve as a plan for action for other state
bankers groups. It is expected to open the door in
garnering new industry for Arizona.
As immediate past president of the American
Bankers Association, you are responsible for cre
ating the plan to promote development and re
location of new industry moving into Arizona by
providing for the sound financial needs of such
industry.
X
All applications are to be presented to Oscar A.
Burton, secretary of the Arizona Bankers Associa
tion. He will notify Robert C. Haden, chairman of
the industrial development fund committee, and
president of First Security Bank, Mesa. Applica
tions will then be reviewed by a preliminary screen
ing committee. Once it is approved, prompt action
on the loan will be taken. Each bank in the associ
ation will participate on a voluntary basis.
The group will not be involved in plant location.
The association is only interested in providing
sound finances.
(D sjoih^ Q u u d q iL J ju m a h x L (p . lO a h J u :
k
U nited S ta tes D istrict Court,
W ashington, D. C.
Your recent ruling against Comptroller of the
Currency James J. Saxon in a case testing the
Comptroller’s authority to grant new national bank
branches under restrictive state banking laws
should be given careful attention by the entire
banking fraternity.
Your court held that the Comptroller’s power to
authorize national bank branches was bound exact
ly by the same statutory standards as apply to the
establishment of state banking branches. The deci
sion applied to an effort by Commercial Security
Bank, Ogden, Utah, to block the Comptroller’s ap
proval of a branch by First Security Bank of Utah
NA in Ogden.
Commenting on the decision, you said, “ After
careful consideration it seems clear to the court
that in order for the ‘dual banking system’ of the
United States to continue to function as such, there
must be a competitive equality in at least the most
important areas of competition between the two
systems.”
You continued, “ If such were not the case, one
or the other of the two types of banks (national
and state), the one with the competitive weight
against it would substantially be driven out of
existence, either through failures or conversions to
the other class of banking.”
In rendering the opinion, you stated that you
were bound by a Court of Appeals decision involv
ing the Commercial State Bank of Roseville. The
court’s holding in this case— that it was Congress’
intent to have exactly the same standards for es
tablishment of national and state bank branches—
was based heavily on section 36 (C) of the Na
tional Banking Act.
“ Even if we were not so bound,” you wrote, “ the
court feels that it would come to the same decision
in this case.”
The decision enjoins the Comptroller from au
thorizing the branch in Logan for First Security
on the grounds that the “ Comptroller does not
possess the authority to authorize the branch in
question.” The branch was approved last June 9,
but it is understood that a certificate has not yet
been issued for the branch to open.
Your decision brings up the question of how
many other “ unauthorized” branches have been
granted during the Comptroller’s term of office.
We note that in one of his recent bulletins he ap
proved branches for suburban banks in downtown
or “ loop” areas, where the larger metropolitan
banks are doing a thorough job in serving custom
ers’ needs. We seriously doubt if this was the in
tent of the laws developed for “ limited branching”
or detached teller facilities.
It seems to us that in the future, at least, ag
grieved parties (competing banks) in the N o r t h
w e s t e r n B a n k e r area will have a firm base to slow
the unauthorized branch movement.
<r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N o rth w e ste rn
B a n k e r, J a n u a r y ,
T965
V a riety ai Tapies Slated
A t f 7 ih t'red it
OPICS ranging from the current
credit outlook to advance product
planning for the space age will be dis
cussed at the 17th National Credit
Conference sponsored by the Ameri
can Bankers Association to be held in
the ballroom of the Sheraton-Dallas
Hotel, Dallas, Tex., February 1 and
2, 1865.
The complete advance program, an
nounced by J. W. McLean, president
of the Texas National Bank of Com
T
merce and chairman of the A.B.A.
Credit Policy Committee, follows:
Petroleum in Our Economy—J.
E. S w earin gen , p resid en t,
Standard Oil Company (Indi
ana), Chicago.
P.M.
2:00
Monday, February I
A.M.
J. W. McLean, chairman.
10:00 Remarks of Welcome— James
W. Aston, president, Republic
National Bank of Dallas.
The Credit Horizon—Chairman
McLean.
Address by A.B.A. President
Reno Odlin.
Lloyd Mazzera, chairman, exec
utive vice president, Bank of
America, San Francisco.
Apartments?—Allen C. Thomas,
Jr., vice president, Penn Mutual
Life Insurance Company, Phila
delphia.
Balance of Payments and Mone
tary Considerations — Dr. Watrous H. Irons, president, Feder
al Reserve Bank, Dallas.
The Moon and Then What?—
Robert E. Hage, vice president,
Advanced P ro d u ct Planning,
McConnell Aircraft Corp., St.
Louis.
Tuesday, February 2
A.M.
9:30
TH IN G
TO A N O N - F A R M V I S I T *
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Bank Services
Department
I
/ k T\T
JT\< I
i 1!
A G R IC U L T U R A L
Dept.
S E R V I C E , IN C .
85 • 8 9 0 0 M a n ch e ste r Rd. • St. Louis, M isso u ri 6 3 1 4 4
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Federal Reserve Bank of St. Louis
*As reported by present customers
P.M.
2:00
The W a sh in g to n Financial
Scene — Dr. Charls E. Walker,
executive vice president, Ameri
can Bankers Association, New
York.
The Railroad Situation—B. F.
Biaggini, executive vice presi
dent, Southern Pacific Compa
ny, San Francisco.
Address—Hon. James J. Saxon,
Comptroller of the Currency,
Washington, D. C.
The Economic Outlook — Dr.
Leslie C. Peacock, vice presi
dent and economist, CrockerCitizens National Bank, San
Francisco.
Mortgage Broker Financing —
Panel D i s c u s s i o n by Robert
Morris Associates.
Remarks — Arthur L. Nash,
president, Robert Morris Asso
ciates.
Summary of Conference—Chair
man McLean.
New Mexico City Office
Manufacturers Hanover Trust Com
pany, New York, has opened a rep
resentative office for Mexico in Mex
ico City.
Harry B. Pangburn is representative
in charge of the office located at San
Juan de Letran 2, in the heart of
Mexico City’s business and financial
center.
The Mexico City office is the bank’s
ninth representative office. Others are
located in Beirut, Frankfort, Manila,
Paris, Rome, Sao Paulo, Tokyo, and
Madrid. Manufacturers Hanover also
mantains two branches in London
which provide a full range of banking
services.
JNlew Issues - 1964
Publicly Offered or Privately Placed by Halsey, Stuart & Co. Inc. alone or with associates
Am ount o f
Issue
$
A m ount o f
Issue
T U X -E x em p t
JT
9 ,5 6 5 , 0 0 0 B E A U M O N T , T E X A S
Var. Rates B onds
8 .5 0 0 .0 0 0 B RID G E PO R T, C O N N .*
3 % B onds
1 0 0 ,0 0 0 ,0 0 0 C A L IF O R N IA , S TA TE OF*
Var. Rates B onds
1 6 .0 0 0 .
0 0 0 C H IC A G O PARK D IS T ., ILL.
Tax Warrants
7 .0 0 0 .
0 0 0 C O LU M B U S, G A .
Var. Rates Rev. B onds
2 4 , 0 4 0 ,9 0 0 D E LA W A R E, S T A T E OF*
, „ „
Var. Rates Bonds
1 0 .0 0 0 .
0 0 0 DE N VE R , C O L O ., C IT Y Sc C O U N T Y *
Var. Rates B onds
4 8 . 0 0 0 . 0 0 0 D E T R O IT , M IC H .*
7 14 7 non n n w m
7 .1 4 2 .0 0 0 DE W IT T
$ 4 ,0 0 0 , 0 0 0 C A L IF O R N IA IN T E R ST A T E TELEPH O N E C O M P A N Y
First M tge. 456% B onds Due 1989 ........................................... $
2 0 , 0 0 0 ,0 0 0 C E N T R A L IL L IN O IS PUBLIC SERVICE C O M P A N Y
First M tge. 454% B onds Due 1994 ..............................................
1 2 ,0 0 0 ,0 0 0 C H IC A G O , B U R L IN G T O N & Q U IN C Y R A IL R O A D
456% Equip. T r. Ctfs. Due 1 9 6 4 -7 9 (2 issues) . . . .
6 ,6 9 0 , 0 0 0 C H IC A G O , ROCK ISLA N D A N D PACIFIC R A IL R O A D
4>/2 % Equip. T r. Ctfs. Due 1 9 6 4 -7 9
6 ,9 6 0 , 0 0 0 C LIN CH FIELD R A IL R O A D
454% Equip. T r. Ctfs. Due 1 9 6 5 -7 9
2 3 ,0 0 0 ,0 0 0 D E L A W A R E POW ER & L IG H T C O M P A N Y
First M tge. & C oll. T r. 436 % Bonds Due 1994 . . . .
3 5 ,0 0 0 ,0 0 0 FLO R ID A POW ER Sc L IG H T C O M P A N Y
First M tge. 436% B onds Due 1 9 9 4 .............................................
3 ,3 0 0 ,0 0 0 G R E A T N O R T H E R N R A IL W A Y
P T r 'r z Q /n m h ,
M A N L IU S , E TC. C /S /D N O . 1,
10 0 0 0 0 0 0 D U V A L C O SPEC T A X SCH D IS T FLA *
,
,
Var Rates Bonds '
* S C H ' U I S 1 ’’ L
1 5 .0 0 0 .
0 0 0 EL PASO I /S /D , T E X .*
Var. Rates B onds
1 1 .5 0 0 .0 0 0 FLORIDA D E V ELO PM E N T C O M M IS S IO N *
Var. Rates Rev. B onds
1 5 .0 0 0 .
0 0 0 H A W A II, S TA TE OF*
Var. Rates B onds
7 .0 0 0 .
0 0 0 KAN SAS C IT Y , KANSAS
Var. Rates Rev. B onds
1 2 .9 4 7 .0 0 0 LITTLE ROCK, ARK. (2 issues)
Var. Rates Bds. & Rev. Bds.
6 .0 0 0 .
0 0 0 LY N C H B U R G , V A .
Var. Rates B onds
3 3 . 3 7 0 .0 0 0 M A SSA C H U SE TTS, C O M M . OF*
Var. Rates B onds
3 2 .5 0 0 .0 0 0 M E TR O . D E N VE R SEW AGE D ISPO SA L
D IS T ., C O L O .* Var. Rates B onds
9 ,2 5 0 ,0 0 0 M E T R O . N ASH V ILLE & D A V ID S O N
C O U N T Y , T E N N .* Var. Rates B onds
1 5 .0 0 0 .
0 0 0 M E TR O . SEA TTLE , W A SH .*
Var. Rates Rev. B onds
6 .0 0 0 .
0 0 0 M ILW A U K E E C O U N T Y , W IS.*
„ .
3 % B onds
3 4 . 1 3 5 .0 0 0 N EW YO RK S TA TE D O R M IT O R Y A U T H .*
, ,
V ar' Rates R ev' B onds (5 issues>
1 6 .0 0 0 .
0 0 0 NEW YO RK S TA TE POW ER A U T H .*
, , S 7 n n n n ^ > n v ' s RT A T c n p . S
1 3,5 / 0 ,0 0 0 O R E G O N S T A T E OF
3 4 . 8 9 5 .0 0 0 P E N N S Y L V A N IA S TA TE PUB. SCH. BLDG.
A U T H . Var. Rates Rev. Bds. (2 issues)
4 0 . 8 7 0 .0 0 0 PH ILA D E LPH IA , PA.*
Var. Rates B onds
3 0 . 0 0 0 . 0 0 0 P O R T OF N EW Y O R K A U T H O R IT Y *
Var. Rates Rev. B onds
6 8 0 0 0 0 0 P R O V ID F N C F R T
’
’
Var. Rates Bonds ' '
1 2 .0 0 0 .
0 0 0 S A C R A M E N T O M U N . D IS T ., CALIF.*
Var. Rates Rev. B onds
7 .0 0 0 .
0 0 0 SALT LAKE C IT Y S /D , U T A H
Var. Rates Bonds
6 0 . 0 0 0 . 0 0 0 SA N FR AN C ISC O B A Y R A PID T R A N .
D IS T ., C ALIF.* Var. Rates B onds
4 5 . 0 0 0 . 0 0 0 SEA TTLE , W ASH .
Var. Rates Rev. Bonds
1 2 .4 0 0 .0 0 0 SO. BEN D S C H O O L BLDG. CORP., IN D .*
V
u t
R A
•ar. Kates I5onas
1 3 .4 8 1 .0 0 0 SUFFOLK C O U N T Y , N. Y .*
1 7 .0 0 0 . 0 0 0 S u f f o l k "c o u n t y w a t e r A U T H .. n . Y .*
Var. Rates Rev. B onds
0 0 0 TENNESSEE, S T A T E OF*
Var. Rates Bonds
7 .0 0 0 .
0 0 0 TU LSA C O U N T Y I /S /D N O . 1,OK LA.
Var. Rates B onds
1 3 . 5 1 0 .0 0 0 V E R M O N T , S TA TE OF*
Var. Rates B onds (2 issues)
1 8 .0 0 0 .
' ’
7 4 4 0 0 °0
2 1 8 , 3 5 1 ,0 0 0
^°r
“ä
ä h
r;,. B„„d
s<2
A D D IT IO N A L T A X -E X E M P T B O N D S
(1 04 issues)
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3 ,7 0 0 ,0 0 0
1 2 ,7 0 0 ,0 0 0
3 ,3 0 0 , 0 0 0
1 ,5 9 0 , 0 0 0
1 ,8 6 0 , 0 0 0
1 1 ,5 5 0 , 0 0 0
1 7 ,7 5 0 ,0 0 0
454% Equip. T r. Ctfs. Due 1 9 6 5 -7 9
1 2 ,0 0 0 ,0 0 0 GULF POW ER C O M P A N Y
1 ,5 0 0 , 0 0 0
First MtgC' 45/tl% B onds Due 1 9 9 4 .............................................
1 0 ,0 0 0 ,0 0 0 IN D IA N A P O L IS POW ER 8c L IG H T C O M P A N Y
F,rSt M ts e " 41/2 % Bonds Due 1994 .............................................
2 0 , 0 0 0 ,0 0 0 LACLEDE GAS C O M P A N Y
Flrst M tge- 45/« % B onds Due 1989 .............................................
5 ,3 2 5 ,0 0 0 LO U ISVILLE A N D N ASH V ILLE R A IL R O A D
454% Equip. T r. Ctfs. Due 1 9 6 5 -7 9
....................................
1 8 ,0 0 0 ,0 0 0 M IL W A U K E E G A S L IG H T C O M P A N Y
First Mt« e - 4 ^ % B onds Due 1989 .............................................
2 5 , 0 0 0 ,0 0 0 N A T U R A L GAS PIPELINE C O M P A N Y OF A M E R IC A *
First M tge. 454% B onds Due 1 9 8 4 .............................................
1 5 ,6 7 5 ,0 0 0 N EW YO RK C E N T R A L R A IL R O A D
454% & 436% Eq. T r. Ctfs. Due 1 9 6 5 -7 9 (3 issues)
.
.
6 5 , 0 0 0 ,0 0 0 PA CIFIC GAS A N D ELECTRIC C O M P A N Y
First & Ref. M tge. 454% B onds Due 1996
4 0 , 0 0 0 ,0 0 0 P A N H A N D L E EASTERN PIPE LINE C O M P A N Y *
4 .6 0 % Debentures Due 1984
5 0 ,0 0 0 ,0 0 0 P H IL A D E L P H IA ELECTRIC C O M P A N Y
First & Ref. M tge. 454% B onds Due 1994
3 5 , 0 0 0 ,0 0 0 PUBLIC SERVICE C O M P A N Y OF C O L O R A D O
First M tge. 454% B onds Due 1994 .............................................
6 0 , 0 0 0 ,0 0 0 PU BLIC SERVICE ELECTRIC A N D GAS C O M P A N Y
First & Ref. M tge. 436% B onds Due 1994
1 0 , 5 0 0 ,0 0 0 SEA B O A RD A IR LINE R A IL R O A D
456% & 454% Equip. T r. Ctfs. Due 1 9 6 5 -7 9 (2 issues)
.
4 ,0 0 5 , 0 0 0 S O O LINE R A IL R O A D
454% Equip. T r. Ctfs. Due 1 9 6 5 -7 9
7 ,4 0 0 ,0 0 0
8 , 1 9 0 ,0 0 0
; T r: Rat!.s R ®v- B° " ds ^ 4
„
0 0 0 O R A N G E C O . SPEC. T A X SCH.D IS T .,
nnnnnn
2 5 .0 0 0 .
U nderw riting
Interest
T a x a b le
so u th ern
p a c if ic
com pany
4 ,5 0 0 , 0 0 0
1 6 ,6 0 0 ,0 0 0
1 ,5 7 5 , 0 0 0
4 ,1 0 0 ,0 0 0
2 ,6 0 0 ,0 0 0
5 ,1 0 0 ,0 0 0
3 6 ,5 0 0 ,0 0 0
4 ,0 0 0 ,0 0 0
1 4 ,1 0 0 ,0 0 0
1 8 , 0 0 0 ,0 0 0
1 6 , 8 0 0 ,0 0 0
3 6 0 0 ,0 0 0
2 ,5 8 0 ,0 0 0
456% Equip. T r. Ctfs. Due
1 9 6 5 -7 9
2 ,9 4 0 ,0 0 0
5 ,2 5 0 , 0 0 0 SO U T H E R N R A IL W A Y
456% Equip. T r. Ctfs. Due
1 9 6 4 -7 9
2 ,7 0 0 ,0 0 0
9 0 , 0 0 0 ,0 0 0 TE rW ESSEE GAS T R A N S M ISS IO N C O M P A N Y *
,
„ 5 /s % & 5 % Debentures Due lc^ 4 <2 .ssues)
. . . .
2 ,4 0 0 , 0 0 0 T E X A S A N D PACIFIC R A IL W A Y
454% Equip. T r. Ctfs. Due 1 9 6 5 -7 9
4 ,9 0 5 , 0 0 0 W A B A SH R A IL R O A D
4 /4 % Equip. T r. Ctfs. Due 1 9 6 5 -7 9
.....................................
1 8 ,0 0 0 ,0 0 0 W ISC O N S IN PUBLIC SERVICE C O R P O R A T IO N
First M tge. 454% B onds Due 1994 ............................................
5 ,9 8 5 , 0 0 0
9 0 0 ,0 0 0
1 ,1 5 5 ,0 0 0
6 ,7 0 0 ,0 0 0
1 2 6 ,6 5 7 ,0 0 0 P R IV A T E P L A C E M E N T OF OTH ER ISSUES and o f
R A IL R O A D E Q U IP M E N T C O N D IT IO N A L SALE A GREEM EN TS
Purchased and offered to December 15, 1964
Descriptive circulars or prospectuses, where available, and current quotations will be supplied for any o f these
securities upon request.
V SS" e beadedjointlyby Halsey.Stuart& Co. Inc andothers. A lloth er issues were headed
by tla 'se?- Stuart & Co. Inc. alone. Not included tn these compilations are issues in which
Halsey, Stuart & Co. Inc. participated only as a member o f an account.
i
T
1 ° asslst you ln determ ining whether taxable or tax-exem pt
bonds are mc!re profitable under present Federal incom e tax
rates. T he tabulations are for individual and joint returns
as. wel! as for corporations. The Chart is available to you,
without obligation. Ask for NB-51.
/
/
I
1
yA x
£ >
7/ ^ '
iN c o i^ f
H A L S E Y , S T U A R T & CO. INC.
,2 3
S- LA SAUE
STREET, CHICAGO
AND
60690
OTHER
• 30 BROAD STREET, NEW YORK 10004
PRI NCI PAL
CI TI ES
N o rth w e s te rn
B anke r, J a n u a r y ,
1965
26
Beckmann Is Elected to
National Boulevard Post
C A N A D IA N
BANK
im p e r ia l
OF COMMERCE
HEAD OFFICE • TORONTO
Over 1300 branches cover Canada
CONDENSED STATEMENT AS AT OCTOBER 31, 1964
ASSETS
CASH RESOURCES (INCLUDING ITEMS IN TRANSIT)
$
GOVERNMENT AND OTHER SECURITIES
7 4 2 ,7 1 7 ,0 9 9
1 ,4 6 4 ,9 0 2 ,5 2 5
CALL LOANS
3 5 2 ,2 9 7 ,1 5 5
TOTAL QUICK A S S E T S ..............................
$ 2 ,5 5 9 ,9 1 6 ,7 7 9
LOANS AND DISCOUNTS
2 ,4 0 1 ,0 0 1 ,7 5 7
MORTGAGES AND HYPOTHECS INSURED UNDER
THE N.H.A., 1954
2 0 7 ,7 8 4 ,0 3 6
CUSTOMERS’ LIABILITY UNDER ACCEPTANCES,
GUARANTEES AND LETTERS OF CREDIT, AS PER CONTRA
2 3 5 ,6 9 5 ,1 9 4
BANK PREMISES
7 1 ,0 9 2 ,7 4 3
OTHER ASSETS
2 7 ,9 0 4 ,0 4 5
TOTAL A S S E T S .........................................................
$ 5 ,5 0 3 ,3 9 4 ,5 5 4
LIABILITIES
DEPOSITS
$ 4 ,9 7 0 ,7 2 3 ,6 3 4
ACCEPTANCES, GUARANTEES AND LETTERS OF CREDIT
2 3 5 ,6 9 5 ,1 9 4
OTHER LIABILITIES
Doaue Elects
SHAREHOLDERS’ EQUITY
REST ACCOUNT
V-
1 9 ,2 0 6 ,8 5 9
CAPITAL PAID UP
$ 6 9 ,6 8 0 ,0 0 0
...............................................
UNDIVIDED PROFITS
William R. Beckmann was elected
director of advertising and public re
lations of National Boulevard Bank
of Chicago last
m o n t h by the
bank’s board of
directors, accord
ing to President
I r v i n g Seaman,
Jr.
Mr. Beckmann
held similar posts
with two divi
sions of Outboard
Marine
Corpora
W . R. B E C K M A N N
tion in Milwaukee and Waukegan and was formerly
managing editor of the Wisconsin
Rapids Tribune. He joined the bank
a year ago as manager of the depart
ment.
A graduate of the University of Wis
consin School of Journalism, Mr. Beck
mann is a member of the Financial
Public Relations Association, the Chi
cago Financial Advertisers, and sev
eral other marketing associations.
He was instrumental in drafting the
marine financing and floor planning
program initiated by the Evinrude
Motors division of OMC in Milwaukee
and has been in attendance at many
banking meetings and conventions in
connection with the program.
...........................
2 0 5 ,0 0 0 ,0 0 0
3 ,0 8 8 ,8 6 7
TOTAL LIABILITIES
2 7 7 ,7 6 8 ,8 6 7
$ 5 ,5 0 3 ,3 9 4 ,5 5 4
STATEMENT OF UNDIVIDED PROFITS
H. G. E. Fick was elected president
of Doane Agricultural Service, Inc., at
the annual stockholders meetinng re
cently. He replaces A. J. Berwick who
will continue to serve Doane in pub
lic relations, consultation and apprais
al work in the Chicago area. Mr. Ber
wick also will continue as a member
of the board of directors.
X
YEAR ENDED OCTOBER 31, 1964
BALANCE OF PROFIT FOR THE YEAR AFTER PROVISION FOR
«INCOME TAXES AND AFTER MAKING TRANSFERS TO INNER
RESERVES OUT OF WHICH FULL PROVISION HAS BEEN
MADE FOR D IM IN U TIO N IN VALUE OF INVESTMENTS AND
LOANS ...................................................................................................... $
2 1 ,4 0 2 ,6 0 2
DIVIDENDS
1 5 ,6 7 8 ,0 0 0
..................................................................................
AMOUNT CARRIED FORWARD
$
5 ,7 2 4 ,6 0 2
$
8 ,0 8 8 ,8 6 7
BALANCE OF UNDIVIDED PROFITSOCTOBER 31, 1963
2 ,3 6 4 ,2 6 5
TRANSFERRED TOREST A C C O U N T .........................................................
BALANCE OF UNDIVIDED PROFITS OCTOBER 31, 1964
%
5 ,0 0 0 ,0 0 0
3 ,0 8 8 ,8 6 7
«TOTAL PROVISION FOR INCOME TAXES $21,270,000
n
. j . m c k in n o n
j. p. r. w adsw o rth
C H A IR M A N A N D C H IE F EXECUTIVE OFFICER
WILLIAM M. CURRIE
C H IE F G EN E R A L M A N A G E R
o r tFRASER
h w e s t e r n B a n k e r, J a n u a r y , 1965
DigitizedNfor
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
P R ES ID EN T
H. G. E. F IC K
F. L. G O E T S C H
Mr. Fick has been with Doane for
more than 31 years. He began as farm
manager and appraiser in Missouri
and Arkansas and later was regional
manager of the Ames, Iowa office.
Forest L. Goetsch follows Mr. Fick
as senior vice president. Mr. Goetsch
continues as manager of the publica
tions division, a position he has held
since 1958. He is also publisher of
Doane’s Agricultural Report.
r
<
y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Each one a
specialist
inthefield
of banking
and finance,
meeting to
discuss
new ways
to serve
you better.
F IR S T N A T IO N A L B
<?/ K aom C ity, M ouau/
28
A long Panama C ity’s Avenida Balboa —ju s t five m inutes from a new Bank o f Am erica branch.
Man-on-the-spot...in Panama City, He’s just opened our newee
branch In Central America —another source of on-the-spot facts and
service for your firm» Wherever your Interests Sie —in London^ Lagos
or Los Angeles-B A N K OF AM ERICA can provide the information
advice and banking assistance you need. Why not profit from this
person-to-person service? Contact Bank of America—first in banking«
BANK
OF AM E R IC A
N ATI 0 N A L TR U ST & SAVI NG S ASS OC I ATI 0 N *— San Francisco, Los Angeles / BAN K OF A M E R IC A
( I NTE R N ATI 0 N A L) — New York: Amsterdam • Bangkok
B eirut • Bombay • Buenos Aires • Caracas • Chicago • Copenhagen • Duesseldorf • F ra n k fu rt/M a ln • Guam • Guatemala City • Hong Kong • Karachi • Kobe • Kuala Lum pur • Lagos • London
Madrid • Managua • Manila • Mexico City • Milan • New York City • Okinawa • Osaka • Panama City • Paris • Rio de Janeiro • Rotterdam • Sidney • Singapore • Tokyo • W ashington, D. C.
Yokohama • Z u rich ; B A N C A
CARRY
BANK
D 'A M E R IC A
E D 'I T A L I A : over 80 offices throu g ho ut Ita ly; C O R R E S P O N D E N T S
OF A M E R IC A T R A V E L E R S
t h w e s t e r n B a n k e r, J a n u a r y , 7965
Digitized N
foro rFRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C H EQU ES — KN O W N
AND
W O R L D - W ID E
( ’ Member Federal Deposit Insurance C orporation)
ACCEPTED THROUGHOUT THE W ORLD
29
REFRESHING innovation w a s
A added
recently to the bank state
ment published in the local newspaper
by the Linn County State Bank of
Coggon, Iowa. The format, with ap
propriate alterations, could as easily
be used by virtually any bank.
The statement began, “ In a Prosper
ous Community a Healthy Bank Re
ports as of December 31.”
Below the bank’s signature was this
two-paragraph i n t r o d u c t i o n to the
statement:
“ Dear Customers, Stockholders and
Friends:
“ Not long ago an attorney asked us,
‘When you see a bank statement, what
is the first thing you look at? I never
could understand a bank statement.’
That set us to thinking. If a man
with seven years of college and uni
versity training behind him cannot
understand a bank statement, what of
the big majority of our people? To
help you understand our statement,
we have set beside the figures a brief
summary of what makes up each item.
“This is not meant to be an adver
tisement in the strict sense of the
word. Just the same, we want all of
our friends in general, and our depos
itors and borrowers in particular, to
know that the Linn County State
Bank is a strong bank, so known
among the members of its profession,
and that it is at all times ready and
able to care for the banking needs of
the large parts of Linn, Delaware and
Buchanan counties which it serves.”
A brief explanation, in simple terms,
accompanied each entry in the state
ment. At the bottom of the statement
the bank said, “We hope the above
explanations have been of some help
to you in understanding our statement.
Keep tab on us as time goes by. We
are dedicated to the proposition of
getting ahead and helping along all
who are trying to go in the same di
rection.”
Security National Bank, Den
T HE
ver, Colo., last spring mailed let
ters, accompanied by a packet of flower
seeds, to prospective customers. The
letters noted that the packet (which
bore the bank’s name) had been sent
as a “friendship token” and invited
the prospects to attend the opening
of the bank’s new quarters where a
growing plant was given free to each
visitor.
The letter continued, “ It is amazing
how a small quantity of seeds will
germinate and produce an abundance
of beautiful flowers. It is also amaz
ing how small accounts of money de
posited periodically in a savings ac
count will produce an abundance of
ready cash when most needed. Direc
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
a beautiful and growing bank ac
count.”
Promotional Ideas
W hich May . . .
HT HE Colonial Bank & Trust Company, Waterbury, Conn., makes
use of a form letter, signed by the
bank’s president and sent to business
and professional men, entitled “What’s
New in Banking That May Affect
You?”
The letter reads as follows:
“Do you remember when banks and
bank services were about the same
from one decade to the next? Changes
came very slowly and didn’t particu
larly affect the business or profession
al man. It’s not so any more.
“Today a bank that’s really inter
ested in serving its customers must
constantly study possible new serv
ices. At Colonial we’ve been doing
this for years and we can do things
for our customers now that no banks
could do a few years ago—and only a
few ‘pioneers’ can do today.
“ Some of these new services have
not been widely publicized and many
of our customers don’t even know they
are available. Most of them weren’t
available three years ago.
“ This folder briefly describes a few
of Colonial’s new services. Perhaps
one of them can mean a saving in cost
to you or your company.”
JL
1»
i m
p
r o
v
e
The
¡m o p e
o
f
Y ou r
H ook
The NORTHW ESTERN
BANKER this month presents
several promotional ideas
which have been successfully
employed by various bankers.
For nearly every public rela
tions problem there is an
effective solution. These pro
motional efforts helped solve
specific problems and, at the
same time, resulted in better
bank relations.
tions for planting these seeds, printed
on the back of the packet, are simple.
Directions for making money grow are
simple, too! Here’s wishing you ‘happy
gardening.’ Please allow us to assist
you in cultivating your spare cash into
Albuquerque National Bank,
T HE
Albuquerque, N. M., has sent “new
arrival” letters ostensibly addressed
to the infant addition to the family.
It reads as follows:
“ May we be among the first to wel
come you into this great big wonder
ful world?
“We know your ar r iv al makes
Mommy and Daddy very happy. We
are happy, too, that you have come to
live with them.
“Although you probably are not
thinking about your future education
now . . . with diaper changes, fre
quent feedings and daily baths . . .
Mommy and Daddy can tell you how
important it is to start saving at an
early age to have the money you will
need when you are ready for college.
“We have learned that you can’t
start too soon to form habits of thrift,
so we wish to start your college edu
cation fund in the Albuquerque Na
tional Bank with a gift of $1 and a
dandy little bank that relatives and
friends can help you fill with pennies
and nickels and loose change from
their pockets.
“Ask mother to stop in any office
of the Aubuquerque National Bank to
sign a signature card and pick up your
savings passbook soon. Oh, yes, re
mind her to bring this letter with
her.”— End.
N o rth w e s te rn
B anke r, J a n u a r y ,
J965
30
A NORTHWESTERN '
H oik t o i m p r o v e R a n k
HE narrowing gap between income and expenses is
prompting all bankers to consider every means by
which net earnings may be increased during the
coming year. As an assist to our readers in considering
various approaches to this desired goal, the Northwestern
Banker has invited a number of leading bankers with
years of experience to give their ideas in response to
this question:
T
“What would you recommend to smaller banks as
the best opportunities for improving bank earnings
in 1965?”
A number of useful ideas have been offered in the
following comments for consideration by our readers.
Many of them are fundamental, but these bank execu
tives stress that this is a time for concentrating on sound
banking fundamentals in order to progress more, and for
banks to maintain their position as the principal financing
medium in the United States. Here are the comments re
ceived from participants in this study:
RUDOLPH A. PETERSON
President
Bank of America
San Francisco, California
THOSE cases where management has not already
so, a review might well be made of the asset
IandNdone
liability mix in terms of income and expense. Major
classifications of income might well be compared to see
how they weigh in the balance in the light of today’s
costs. Some areas of service may prove to be too much
of a luxury while added emphasis should go to others.
Such comparisons and analyses may suggest significant
opportunity for improved earnings.
were able to offset higher interest paid and other oper
ating costs by a more fully invested position in loans and
investments. It is doubted that these elements will be
as fruitful in 1965, so that to offset the cost-price squeeze
banks will have to turn to reduction of operating costs
if a further earnings gain is to be made. Automation will
be an important ingredient. Such services for smaller
banks are available through city correspondents, service
bureaus and computer centers on a more competitive
basis than heretofore, and are available in a wide assort
ment of programs.
As the economy moves into higher ground—as antici
pated by most economists—an aggressive lender should
be able to add to his loan portfolio. This should be par
ticularly true for those engaged in lending to manufac
turers and marketers of consumer goods. An even greater
field of lending opportunity is that of consumer credit.
The further reduction in personal income taxes will give
individuals more confidence in their ability to acquire
automobiles and similar items through borrowings.
While competition—particularly for demand deposits—
will remain keen as corporations and individuals seek
interest on deposits, the banker who has a sound costing
philosophy should be able to hold and increase balances
where services are not rewarding. The alternative of
service charges should not be overlooked even in the face
of competition, as well as the addition of new services
on a profitable level.
Money rates would appear to have stabilized, so that
budget planning can be done with a greater degree of
confidence than in the recent past. The inherent strength
of banking to make money, even in periods of adverse
conditions of a cost-price squeeze, continues, and the
well managed banks should continue their growth in
deposits and earnings.
>
J
y
^
4
NEIL F. ROBERTS
President
Denver United States National Bank
Denver, Colorado
A. NEWELL RUMPF
President
Harris Trust and Savings Bank
Chicago, Illinois
OLLOWING a generally higher profit level in 1964,
banks may find it difficult to register equal increases
F
in 1965. Monetary policy of the Federal Reserve resulted
in larger deposits in the banking system, and most banks
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Federal Reserve Bank of St. Louis
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MALLER banks, and their larger brethren, have both
S
an opportunity and a responsibility to improve earn
ings in 1965. We all are faced with higher costs for de
posits supporting our lending activities. Since the bor
rower has retained a relatively low interest cost, our
spread is less than it has been in years.
There are still two major areas that we can examine
in the search for improved earnings: our internal effectiveness and our customer needs.
Internally, our habits, our procedures, and our policies
*
31
BANKER
Survey
E a r n in g s
in
/ / if » .»
should be scrutinized against current conditions. When
was your service charge schedule last updated, for both
personal and business accounts? Has data processing
provided cost reductions that habit and/or policy pre
cluded? I suggest that we can each benefit by taking an
objective look at the efficiency with which our banks are
functioning.
Our customers remain as the one vital ingredient for
our business. In recent years, our industry has spoken
mightily on its recognition of customer needs; but have
we done much besides talk? Each of us has many cus
tomers that we depend upon, but have we any real
assurance that this dependence is mutual? I suggest
that we take the spirit of our speeches to our customers;
that we seek to find further profitable ways to handle
their present needs. As we find new service needs, we
must develop them now. And, if we find some of our
present services to be less than wanted, let us have the
courage to drop them rather than add another element of
complication in dealing with us.
It seems to me that 1965 offers improved earnings
opportunities for those banks that look searchingly at
their market needs and work diligently on their capabili
ties to satisfy those needs. Large, medium or small, the
challenge exists for us all.
CARL R. POHLAD
President
The Marquette National Bank
Minneapolis, Minnesota
E BELIEVE that a bank creates its own opportuni
ties for improving its earnings and we know of no
better way of doing this than by frequently visiting its
customers and asking, “How can we be of help?” And
it is the little something extra that does it.
The ever-increasing competition facing bankers today
demands that all of us work towards achieving a public
image as “full service” institutions in every sense of the
word. We can no longer confine our activities to sitting
behind our desks and expecting our customers to call
upon us whenever a financial problem arises. They are
undoubtedly being constantly solicited by innumerable
sources of funds through various media and personal calls
which ask to be considered first in times of need.
The intimacy which usually exists between smaller
banks and their clientele places them in an excellent
position to combat these potential inroads into a bank’s
earning power, provided its own efforts are no less ag
gressive than those of its competition. If, and when, the
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Federal Reserve Bank of St. Louis
banker is confronted with a request in which he ordinar
ily would have no interest, or which involves techniques
with which he is not familiar, he should avoid saying
“No” until he has consulted with his principal corres
pondent, who may conceivably have just the answer
necessary.
In these days of diminishing returns it has become al
most mandatory for all of us to “try to find a way of
making the loan” in order that we may maintain gross
income at the levels required to absorb our rising costs
of doing business. The public relations engendered by
enhancing customer contacts and adopting a philosophy
of maximum assistance is bound to have a favorable
effect on a bank’s future operations.
While we have found that a majority of the smaller
banks take full advantage of such tax savings devices
as are available, it might be well to review the advis
ability of increasing holdings of tax-exempt securities,
the establishment of additional reserves, etc. We feel
that the employment of competent tax counsel for advice
and assistance in the preparation of income tax returns
is money well spent.
JOHN F. NASH
President
American National Bank
St. Paul, Minnesota
of all banks both large and small will
MANAGEMENT
be confronted with the problem of earnings in 1965.
On the one hand we are faced with continually increasing
costs of our commodity and on the other hand, we seem
to be bumping a ceiling on the price we can get for our
product. The largest percentage of growth in the bank
ing industry has come from time, not demand deposits,
and it is expected that this trend will continue even at
higher cost because of the recent change in regulation Q.
Acquisition costs, likewise, have increased due to keener
competition and the general rise of all expenses, including
personnel.
Against this background of narrow profit margins, a
bank may be able to look to increasing demand deposits
with one source of such balances being their present
borrowers. Although compensating balances are always
requested from large prime borrowers, many banks have
customers whose balances are not appropriate to the
loans extended. A review, therefore, of the loan-balance
relationships with business accounts might be beneficial.
Since the 1962 change in regulation Q, many banks
have made substantial portfolio changes. Most bankers
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32
now recognize that the entire bond portfolio need not
be considered as secondary reserves. Yield considerations
have led banks into buying longer bonds and a higher
percentage of tax-exempt bonds than were previously
held. Those banks which still carry large amounts of
short-term government securities far beyond seasonal
needs may give consideration to professional bond ac
count analysis.
It is my hope, however, that the search for higher
profits will not lead banks to sacrifice safety and market
ability in their investment accounts. Banks today may
be making higher risk loans than a decade ago because
of the pressure on earnings. If the primary requirements
of safety and a reasonable degree of liquidity in the in
vestment portfolio are relaxed, such action in the final
hour of truth could produce a far more disastrous result
than the inability to constantly increase earnings.
NEAL A. SANDS
President
Valley Bank & Trust Company
Des Moines, Iowa
alternatives available will tend to fall in the following
areas.
First, and as the question suggests, I believe there
may be less opportunity now to improve earnings by re
ducing costs as salaries and interest payments account
for about 75 per cent of current operating expenses.
Accordingly, if earnings are to be improved, it must be
accomplished by increasing income. In view of current
credit conditions, there is little likelihood of any sig
nificant rise in the immediate future in the structure
of interest rates, barring a serious international crisis.
This suggests, therefore, that the asset mix of a bank
must be altered if earnings are to be improved. As the
loan deposit ratio in many smaller banks is considerably
lower than it is in larger institutions, some considera
tion might be given to increasing loans in relation to
investments. In this category, consumer loans have the
most attractive yields.
Shifts within the investment portfolio are a second
area that should be considered. As the smaller banks
have a larger percentage of their deposits invested in
the U. S. government obligations, consideration should be
given to reinvesting a portion of this in obligations of
U. S. governmental agencies which currently are yielding
about 15 basis points over the comparable maturity of
U. S. government obligations.
Finally, many smaller banks probably could safely
increase their holdings of municipal obligations.
most of us will need to answer at least
A SoneBANKERS,
question in 1965—how to improve our bank
earnings. Economic polices of the government must be
considered, and these evidently do not include a general
increase in interest rates. Bankers may need to tailor
the rate on each loan to their cost situation and to the
credit-worthiness of the borrower.
The growth of time and savings deposits has gone hand
in hand with longer term and higher yielding assets.
In many cases, however, this means more risk assets
and a reduction in bank liquidity. This must be avoided
by management as the pressure becomes greater to main
tain profit levels. Too often we see by statistics that
high profit banks have a much lower percentage of their
assets in government securities and cash assets and thus
have a lower liquidity ratio and higher risk assets.
We must make our deposits work harder by allowing
loan-deposit ratios to move up and give greater emphasis
to our bank’s portfolio by adding increased mortgages,
installment loans, and term loans to business.
Other things we can do include better control of our
operating costs; make more effective use of personnel;
and take advantage of the use of data processing equip
ment as best we can.
JAMES M. KEMPER, JR.
President
N MY opinion, the smaller banks are doing a better job
in returning profits on operations than many of the
Ilarger
banks are doing. This comes about due to the fact
that close personal attention to details and the ability to
offer other services through a small bank and in smaller
communities results in substantial additional profits,
either directly to the bank or to the management of the
bank operating those banks.
I think that the trend among smaller banks in rural
areas to pay larger rates of interest means they will
have to be more aggressive in their lending policies, and
that this will involve them now more directly in real
estate financing and in installment financing if they are
not already engaging in these fields.
I also think that a reappraisal of operating methods in
some of these banks might be in order at the present
time.
HERBERT V. PROCHNOW
President
The First National Bank of Chicago
Chicago, Illinois
HERE are a number of possible ways for bankers to
improve the earnings of their banks in 1965, but no
one best way for all banks. Each banker must make a
judgment based on his particular institution as to what
is “best.” However, I believe that in most cases the
T
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Federal Reserve Bank of St. Louis
y
Commerce Trust Company
Kansas City, Missouri
A. J. HAI.LAS
President
Stock Yards National Bank
Omaha, Nebraska
HAVE thought for many years that a goodly number
of banks have not explored fully their opportunities
1
for improved profits in their own territories. The inter-
*
33
est being collected in many communities by outside
finance companies, insurance companies, government
agencies and other loaning agencies, is tremendous. All
of these avenues of earnings should be thoroughly ex
plored with the idea in mind of keeping the earnings
in the home banks, as well as tieing the customers to the
local institutions.
Then we should consider a complete review of the
bond accounts. Perhaps a review by a correspondent
with investment experiences, or a dealer, can suggest
ways of extending maturities or investments in other
securities that would materially improve the overall in
come. A complete review in the light of changing con
ditions is always advisable.
Periodic outside reviews or audits by a competent bank
auditor will result in the savings of many dollars in ex
penses and result in better bank procedures and services
to customers.
Many years of profitable bank operations have prob
ably been the reason for complacency in many institu
tions. We are rapidly approaching a squeeze on earnings
caused by high money costs—increase in operating ex
pense without a corresponding increase in earnings. This
is happening in the larger banks and is bound also to be
a problem in the smaller banks eventually.
JOHN B. MITCHELL
President
Fi rst National Bank in St. Louis
St. Louis, Missouri
I RING the past decade, banking has undergone radi
D
cal changes—and even greater changes are in the
making.
Small banks are being called on to perform services
which were non-existent a few years ago and to extend
credit in amounts far beyond their legal limits—often
on longer terms than would have been considered prac
ticable in the 1940’s and ’50’s.
This situation is largely the result of industrial de
centralization and the growing complexity and size of
the agricultural operations in both crop and livestock
production.
Like their city cousins, small banks are bearing an
increased burden of interest expense resulting from the
rapid growth of their time deposits in relation to demand
deposits.
A few years ago, many smaller banks were able to
bridge the gap between high costs and a shortage of de
mand deposits by stepping up their consumer credit oper
ations. Instalment loans still contribute significantly to
small bank earnings. In many cases, however, this is
not enough to offset the higher prices they must pay for
loanable funds and profitable securities.
The cooperation of small banks and their city corres
pondents is of paramount importance in making credit
and modern banking services available in the areas
served by local banks. To take care of increased area
credit demands, small banks are looking more and more
to their city correspondents both for over-lines and for
assistance in analyzing agricultural and industrial loan
proposals.
Most small banks today have loans in their note cases
of a continuous, complex nature. Extending and manag
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Federal Reserve Bank of St. Louis
ing credit of this type calls for the ready availability of
excess loanable funds and—in many cases—expert advice
and assistance in following such loans through to the
final pay-out.
The best way for a small bank to make certain that it
can meet credit and service requirements of its custom
ers is to work closely with its principal city correspondent
and to maintain balances which will assure it of assist
ance whether money is easy or tight.
In many instances, smaller banks consistently main
tain Federal Reserve deposits in amounts considerably
in excess of their legal requirements. In such cases we
call our correspondents’ attention to the resultant loss
of earnings. We explain how we can assist them to obtain
additional income by periodic sales of their excess re
serves in the Federal funds market.
Some small banks still cling to out-dated practices in
the management of their investment accounts. We have
frequently been able to help such banks enhance their
earnings by making their security holdings mesh in with
the turnover and activity in their time and demand de
posit accounts.
Many small banks are also overlooking opportunities
to increase their operating earnings by providing payroll
accounting services, lock-box banking, account reconcilia
tion, check-credit plans, and many other services unheard
of a few years ago, but now in great demand.
Many of these services can be programmed directly
into computer equipment on the premises of the city
correspondent. Others, which can be handled without
the electronic equipment, can be created by the smaller
banks with the advice and assistance of their city cor
respondents’ specialists in operations, credit analysis, cost
accounting and marketing.
Smaller banks which in the past have not been es
pecially aggressive in the field of business development
can also look to city banks for assistance in setting up
effective officer call programs; sales training and incen
tives for staff members, effective supervisory procedures
and better use of advertising and publicity in communi
cating with thir various publics.
In a nutshell: Small banks can increase their earnings
in direct ratio to the resourcefulness and effort they are
willing to extend in working with city correspondent
institutions.
IRVING SEAMAN, JR.
President
National Boulevard Bank
Chicago, Illinois
HE correspondent relationship between large city
T
banks and small outlying banks affords opportunities
for the smaller bank to get assistance in many necessary
services, and counsel on all phases of operations which
can be turned into higher earnings.
New business always leads to bigger profits. I feel a
concerted effort in getting the facts, the needs, and a
listing of all the possible services on customers and
prospects and then following through with a sales
presentation on how the bank can fulfill these needs,
is the path to increased earnings.
In our own case, National Boulevard offers a specific
new business training course . . . 12 lessons along with
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34
a moderator . . . to help build a selling force and develop
new ideas for our correspondent bank staffs.
With our investment returns ranking among the high
est in the country, many of our correspondents have
sought out our investment services. A new program of
portfolio analysis has been developed here through a de
tailed study of their earning assets, loans, and other in
vestments. We recommend adjustments for balance and a
higher level. This new service has been enthusiastically
accepted and correspondent bank earnings have been
improved.
Every bank should periodically review its schedule of
fees and service charges as an excellent way to improve
profits.
Services are altogether too often placed at a rate no
longer profitable in our changing economic picture. My
advice—check those fees to see that they are profitable.
Handling all the credit needs of your community en
ables a bank to keep the contacts. And even though they
have to sell participations on loans to city correspond
ents and broker loans with insurance companies, it keeps
the borrower coming to the bank. He remains a customer
and will use other bank services. I find that too many
smaller banks are not interested in trying to place larger
loans if the amount is beyond their legal loan limit. This
provides a very good medium of income, as most city
correspondents allow a certain percentage of the interest
for a service fee.
“ See your Full Service Bank for all your financial
requirements.”
WILLIAM R. CHAPMAN
President
Midland National Bank
Minneapolis, Minnesota
R. CROSBY KEMPER
Chairman of the Board
City National Bank & Trust Company
Kansas City, Missouri
ECAUSE of the increase in savings rate, this is be
coming a more important question than ever before.
It would seem to me that smaller banks earnings can
always be improved by the bank considering areas of
lending where rates are usually higher than they are in
making normal business and individual loans. I would
think that the head of a small bank would be considering
discount loans on consumer credit, first mortgage real
estate loans where rates are usually higher and getting
more into the municipal bond field where returns are
tax free. This coupled with a tight control on expendi
tures should result in better profits for smaller banks
in 1965.
B
ROBERT M. WATERS
President
Security Trust and Savings Bank
Billings, Montana
ITH increased expenses, especially interest bearing
deposits costing banks more, management of all
W
banks is confronted with using every opportunity pos
sible to create and improve earnings. There are not
many new methods that banks can use, but I think it is
paramount that every bank know its costs, especially
handling checking accounts, and adjust service charges
accordingly.
Also, use the city correspondent banks whenever pos
sible on overlines, and insurance companies and other
connections where they can market large real estate
loans.
Endeavor to write credit life insurance on all loans,
which produces good premium commission income.
It is also advisable for smaller banks to represent a
travel agency and receive commissions on tickets sold to
customers.
N o r t h w e s t e r n B a n k e r, J a n u a r y , 1965
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Federal Reserve Bank of St. Louis
NE thought in response to your question would be
that the city correspondents should continually en
O
courage the smaller banks to alert them to possibilities
of overlines in the smaller communities. Most of us are
anxious to serve our correspondents in this respect. Often
when we read in the newspaper of certain loans going
to Government agencies, we wonder if this isn’t a loan
that might have been made in conjunction with our cor
respondent. Obviously, it would be much better if the
banks could take care of every reasonable loan oppor
tunity.
If I were to single out one thing, I would urge our
correspondents to give us the opportunity to work with
them to grant the credit required in their communities.
Also, obviously, loans are a much better source of income
than our other assets in which we might invest.
JOHN F. DAVIS
President
First National Bank
Omaha, Nebraska
climate for business, industry, and agriculture for
T HE
the coming year is healthy. Opportunities are favor
able for improved earnings that could be generated from
the retail banking services. By converting regular cus
tomers to Full Service Banking customers, the profitable
results obtained would be most gratifying. By selling
customers additional services provided by a bank, cus
tomer relationships would be strengthened and bank
earnings stimulated.
While most small banks provide broad loan facilities,
along with checking and savings accounts, safe deposit
boxes, certificates of deposit, bank-by-mail services, and
travelers checks, there are other important services avail
able, which can also be profitable. A more complete in
surance selling program, additional income tax assist
ance, as well as leasing opportunities should be investi
gated.
35
MILTON F. DARR, JR.
President
LaSalle National Bank
Chicago, Illinois
OMMERCIAL banks, along with other industries, have
felt the influence of the profit squeeze in recent
C
years. Faced with increasing competitive pressures from
other financial institutions, increased operating costs, and
higher interest rates paid for time deposits, bank man
agement must continue its review of asset composition
and adjust to the increasingly large proportion of interestbearing deposits in the individual bank and the entire
banking system. In doing so, however, bank management
must be reminded that it is continually challenged to
produce satisfactory earnings without sacrificing asset
quality and while continuing to maintain the degree of
liquidity corresponding to the nature of deposit liabilities.
Assuming operating expenses have been thoroughly
reviewed, the basic opportunity for increasing bank earn
ings in 1965 depends primarily on the continued ability
of the banker to attract additional deposits necessary for
normal growth. Good community and public relations
should be a constant objective in keeping with the need
to introduce new industry and new business to the area.
Vigorous community development programs result not
only in new deposits but in new or additional personnel
needs for the optimum use of the “full service bank” fa
cilities by the area residents.
Fair and proper charges for bank services should be
constantly reviewed and implemented as possible sources
for additional income. Too often we are asked to provide
additional services for the same or lesser deposit balances.
how much we are doing at present, there always seems to
be room for further expense cutting through a re-exam
ination of systems, functions, and a detailed review of
individual job performance.
One basic problem is knowing what services cost, in
cluding both present services as well as contemplated
new services. Many banks both large and small just
do not have a realistic basis for costing customer serv
ices. An elaborate cost system generally is inappropriate
for many smaller banks, but large correspondent banks
can be helpful in devising a relatively simple system
that will do the job. A closer look at costs undoubtedly
will show some services being offered on an unprofitable
basis, and, therefore, requiring a re-appraisal by manage
ment.
Finally, there is the problem of interest on time money
which has become a progressively more important factor
in almost all banks. If commercial banks are to obtain
their share of time deposits, they must pay a competitive
price. However, within a competitive framework there
may be better ways to handle interest expense. This could
include the use of time certificates at different rates than
passbook savings, mthods of interest computation and
an analysis of the attractiveness of the different types
of funds being obtained.
In conclusion, the answer to 1965 is a continuation of
steady management efforts on all items of income and
expense to achieve maximum earnings.
CHARLES T. FISHER III
Vice President
National Bank of Detroit
Detroit, Michigan
N THE basis of our own experience, I believe that
an excellent potential for increased earnings for
O
banks, regardless of size, lies in stepping up their efforts
TILDEN CLMMINGS
President
Continental Illinois National
Bank and Trust Company
Chicago, Illinois
T IS always difficult, if not impossible, to pick the
“best opportunities” for improving bank earnings.
IMany
banks have gone about as far as they feel prudent
in increasing gross income through changing the char
acter of the assets. However, we still find a number of
smaller banks that could do a little more in this area
and still maintain a proper level of liquidity and asset
quality. This might include pushing for a higher loan
total and particularly for higher-yielding loans such as
consumer installment loans.
On the investment side, some increased use of munici
pal bonds could be profitable for banks in the top tax
bracket. Many banks could use more federal agency
securities as a supplement to the government portfolio.
However, these moves depend on the circumstances in
each bank and should be taken only within a framework
of maintaining a sound over-all position.
There probably are a number of areas where fruitful
efforts can be applied on the expense side. No matter
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Federal Reserve Bank of St. Louis
to SELL the services they already offer.
At NBD we seek to encourage our people to sell Na
tional Bank of Detroit at every possible opportunity—
not only by doing a good job, but by consciously watch
ing for selling opportunities and then forthrightly going
after the new business.
We realize that you can’t simply ask people to sell
and sit back and await results. Selling is a skill that
must be learned like any other. For this reason, in 1962,
we initiated an intensive Sales Development Program,
and we feel that it has been instrumental in making us
a “ selling bank.”
We have kept records to show us how often our re
tail sales people—the tellers and others throughout our
main office and branch system who come in daily contact
with our customers—recognize a selling opportunity and
follow up on it by making a sales presentation and asking
for new business. In 1962 the number of actual sales
closed from these presentations was 25,000. In 1963 it
was 29,000 and in 1964 it is over 40,000. A three-month
sales campaign, running from April through June pro
duced several million dollars of new personal loan busi
ness.
In short, our experience with our sales development
program has been such that we plan to continue to place
strong emphasis on it, and we heartily recommend such
a program for small banks, as well as large ones.
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36
D irectors Examinations
Ei’tretire o r
9
g
By
i f , t
w
*
* *
*
w r i
EDW ARD S. W OLFF anrf JOHN SWITCH
P e a t , M a r w i c k , M itc h e l l & C o .
C e r t ifi e d P u b l i c A c c o u n ta n ts
O m a h a , N ebra sk a
LLENVILLE, N. Y.; Sheldon, Iowa, and now Valen
tine, Neb. These towns have gained nation-wide
notoriety because of embezzlement or fraud in the
local banks. However unfair it may be, for many years
to come, thousands of people will describe each as “the
town where they had the big bank shortage.”
Will your bank and your town be next? Obviously, the
answer is “We hope not.” But hope is not enough! It
has been clearly established that those responsible for a
a bank’s affairs—the directors—must be reasonably cer
tain that their bank and their town will not be next.
At first, this may appear to be an overwhelming re
sponsibility. However, it is not the intent of the law and
regulatory agencies that a bank director’s work should
become unduly burdensome or prevent him from attend
ing to his own business. A director need not watch
minutely the daily routine of the bank’s business in order
to be reasonably certain that no major fraud or embez
zlement has taken place. He must, however, under the
pain of financial liability, exercise ordinary care and dili
gence in carrying out his responsibilities.
E
Directors’ Responsibilities
The responsibilities of directors are discussed generally
in the national and state banking statutes. Additionally,
there are many court decisions which throw light on the
degree of care and diligence expected from a bank direc
tor. It is impossible, though, to define what is reason
able in each and every situation where a director can be
held liable.
Ordinary care is identified with prudence, but it is not
the same as good judgment or sound banking. While a
director is not liable for the consequences of bad judg
ment or merely unsound banking procedures, he must
bring his business experience to bear on the bank’s af
fairs as common sense dictates. Although the directors
must rely on the officers to operate the bank from day
to day, bank directors are not relieved of the responsibil
ity of making reasonable inquiries that no major fraud
or embezzlement has taken place.
Applying the principle of ordinary care and diligence,
it would seem that the directors of a bank cannot have
this reasonable certainty unless the bank has an ade
quate audit and examination program. Such a program
in any bank should be three-sided. This triangle is the
development and maintenance of an adequate system of
internal control (checks and balances through divisional
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Federal Reserve Bank of St. Louis
m m m w za
duties), the development and maintenance of a sound
internal auditing program, and periodic directors’ exami
nations. In the very small bank that cannot afford the
services of an internal auditor, one side of the triangle is
missing. In that event, however, the other two sides
should be strengthened.
Directors’ Exam inations
Although some banking statutes are silent on the sub
ject of directors’ examinations, and others are couched in
very general language and hence offer no guidance to
the directors, the directors of most banks do recognize
the need and hence cause periodic examinations of their
banks to be made.
Often the directors’ examinations are too limited to pro
vide an adequate element of protection. In some banks,
the examining committee of the board merely discusses
the statement of condition of the bank as of a particular
day, and states in the minutes that the directors’ examina
tion has been made. In others, the examining committee
will spend a day or two making some counts of the bank’s
assets and running trial balances of certain loan and
deposit records. In such cases, are the directors using
ordinary care and diligence in carrying out their responsi
bilities? We think not!
Many bankers will argue that a directors’ examination
of the type just described is sufficient or even excessive.
Their reasons — supervisory examinations and fidelity
bonds. Let’s briefly examine each of these reasons.
Supervisory Agency Exam inations
National and state banks are both subject to supervis
ory agency examinations once or twice a year. Many
feel that, because of this, bank directors are relieved of
their responsibilities. Nothing could be farther from the
truth. The purpose of supervisory examinations, as ex
pressed by the agencies involved, is to determine whether
or not the bank is solvent, complying with the applicable
statutes, and management is adequate. A decision of the
Federal District Court of Maryland several years ago
made this very clear, emphasizing that the board of direc
tors of a financial institution has no right to rely upon
examinations of supervisory agencies to discover fraud.
The decision pointed out that the supervisory agencies
were merely performing their regulatory functions and
were not rendering a service to the individual institu
tions. The court further stated that the prime responsi
bility rested with the directors and, if they were not qual
ified to make examinations, they should have employed
the services of an independent certified public accountant.
Fidelity Bond Not a Substitute
The other reason—reliance on fidelity bonds—is also a
misleading one. Although fidelity bond protection is es-
r¡7
. . . a scrap of paper
Always buy the broadest form blanket bond you can get. T h a t's because one
exclusion, exception, or om ission can cost your bank the fu ll am ount of the
p o lic y ’s coverage. You ca n ’t present a claim , because fo r th a t excluded loss your
blanket bond is only a scrap of paper. That is why Scarborough p articip a ted in
the developm ent o f the broadest fo rm blanket bond yet available, and now p ro
vides th is form fo r all banks th a t can q u a lify.
o
n
SCARBOROUGH
A
i f \
Tn J nT lJ nl nu , nl TI t T J PI t T MJ
& COMPANY / BANK
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I N S U R A N C E S I N C E 1919 / F I R S T
NA TIO N AL
B A N K B U I L D I N G , C H IC A G O 3, I L L I N O I S
N o rth w e s te rn
B a n k e r, J a n u a r y ,
7965
38
. . Direct verification an essential, valuable procedure99
sential, it is never a satisfactory substitute for a dirctors’
examination. Fidelity bond coverage, if sufficient, can
restore monetary losses. It cannot, however, restore a
reputation of integrity and reliability that has been seri
ously damaged, nor can it protect one against embarrass
ment. The most important bank asset is the confidence
present in the minds of the customers and the public at
large—insurance cannot protect this asset.
4 Basics for Directors’ Exam s
Let us now take the case of the directors of a bank who
have studied the problems of the directors’ examination
and have developed an adequate scope. This scope, of
course, will include the four elements which are basic for
an effective directors’ examination—accountability, direct
verication, evaluation and revieio.
A C C O U N T A B IL IT Y
Accountability is the simultaneous accounting for all
of the bank’s assets and establishing that all of its liabili
ties are recorded. Control is the key to success, for it
must be maintained until the assets are proved to the
records and the liabilities are established as being in ac
cord with the records. In short, the statement of condi
tion is verified by examining supporting evidence. In or
der to achieve full effectiveness, such an examination
must be undertaken by surprise. The examination should
also encompass the trust department, safekeeping, and
any other assets under memorandum control. It should
also include verification of selected transactions.
D IR E C T V E R IF IC A T IO N
Direct communication should be made with borrowers
and depositors to verify loans and deposit balances as
shown on the records. Direct verification, unfortunately,
is often omitted from directors’ examinations because of
cost or a mistaken fear that the customers will misunder
stand the purpose of the request. It is an essential and
valuable procedure. The Director of Banking of the
State of Nebraska has made this procedure mandatory for
banks under his jurisdiction. In addition to its examina
tion value, direct verification often activates inactive ac
counts and brings the bank to the attention of its cus
tomers. At the same time, misunderstandings of purpose
are not nearly so prevalent as feared. Very successful
direct verification programs are carried out in banks of
all sizes. The benefits far outweigh any disadvantages.
E V A L U A T IO N
An appraisal of the fair value and collectibility of in
vestments, loans, and other assets should be made. This
includes determining market values for investments, re
valuing collateral to secured loans, and reviewing the
credit standing of unsecured borrowers. In this connec
tion, the adequacy of related reserves is established.
R E V IE W
The review phases of the examination should include:
Digitized
N o rfor
t h wFRASER
e s t e r n B a n k e r, J a n u a r y , 1965
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Federal Reserve Bank of St. Louis
t. A review of the system of internal control to deter
mine the adequacy of prescribed procedures and
the extent to which they are being carried out.
2. A review of the internal audit function in those
banks having such an activity. This should include
appraising the program; evaluating procedures, fre
quency schedules, and instructions; and reviewing
reports and work papers covering work performed.
3. A review of the success of management expressed
in terms of liquidity, capital ratios, earnings ratios,
and growth.
W h o W ill Make Such Exam ination?
But who will make the examination? It can hardly be
expected that men chosen to be bank directors because of
capabilities and talents in fields such as law, insurance,
agriculture and merchandising, should also be qualified
to perform all of the functions of an effective examination
of the bank. Not having the experience, training, and
technical know-how to audit a bank is certainly no reflec
tion on a director.
Some directors recognize this fact, but assume that an
effective examination can be made by utilizing the bank’s
employees to assist the directors’ examining committee.
Even if the employees are assinged to areas other than
their own, this assumption is invalid, due to the ineffec
tiveness of the all-important surprise element. When em
ployees are utilized in this capacity, they are usually told
in advance that they will have to work overtime on a par
ticular night or week end. It then isn’t difficult to deter
mine that the directors’ examination will start at that
time.
Professional Outside Help Needed
What, then, is the answer for directors who recognize
the shortcomings of an examination made completely by
their own examining committee or with the assistance of
operating employees? Outside help. By employing the
services of a firm of independent certified public account
ants to assist them, the directors will not only have used
ordinary care and diligence in carrying out their respon
sibilities, but will have the assurance that all phases of
the examination were properly conducted by persons
with the proper training and qualifications. Naturally,
the CPA employed should be thoroughly experienced in
bank auditing. While an examination will not necessarily
uncover all existing funds or embezzlements, the direc
tors, by employing a CPA, will at least have the assur
ance that the system of internal control and the internal
audit procedures have been reviewed and evaluated by an
independent, objective, and qualified individual.
Summary
In summary, directors must carefully consider their re
sponsibilities in the area of fraud prevention. They must
decide whether they are using ordinary care and dili
gence in protecting their bank. They must be reasonably
certain that their bank will not become another “Valen
tine” where a bank was closed because of alleged actions
of its president. They must realize that if the directors’
examination is not of adequate scope or is not effectively
carried out, bank directors can be faulted for not using
ordinary care and diligence in carrying out one of their
most important responsibilities.—End.
39
American National has an excellent banking
connection in Mexico.
Mexico, Missouri, that is.
Officers of the First National Bank of
Mexico know that they can depend
upon American National for prompt,
first-class creat i ve correspondent
banking services. Lots of service and
a minimum of red tape.
Our correspondent banking officers
speak many languages-. "Investments” ,
“ C a ttle ” , “ Autom ation” , “ C o rn ” ,
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Federal Reserve Bank of St. Louis
"Credit", "Soya Beans” , "Trusts". (Ask
one o f them to say som ething
in "Credit” .)
Need a big correspondent bank in
Chicago whose officers speak in your
native tongue? That's us. American
N a tio n a l. (Incidentally, we have
excellent banking connections in Mex
ico City, Mexico, too.)
W e serve thousands of people.. . but we serve them one at a time
A m erican N ational B a n k
and Trust Company of Chicago/LaSalle at Washington
FRanklin 2-9200
60690
Member Federal Deposit Insurance Co rporation
N o rth w e s te rn
B anke r, J a n u a ry ,
J965
40
FPRA North Central
Membership Chairman
Citizens State Bank, Paola, Kansas
H o w to lo o k o u t
fo r y o u r c u s to m e rs
sound system assures quick, clear
communications. The under counter
arrangement can be styled to your
sp e cific needs, with all necessary
supplies readily accessible.
Your drive-up customers are hurry-up
customers. LeFebure helps you get
fast action into each transaction with
Motor Banking Equipment designed
for people on-the-move. Transistorized
Motor Banking
Equipment
LeFebure Corporation
Cedar Rapids, Iowa 52406
Please send brochure on complete
Motor Banking line.
Name of Bank
Address
City
My Name
FULL SERVICE TO THE FINANCIAL
FIELD
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o r tFRASER
h w e s t e r n B a n k e r, J a n u a r y , 1965
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Federal Reserve Bank of St. Louis
State
T itle
Warren Perkins, vice president of
the First National Bank of Casper, has
been named North Central regional
development committee chairman for
the Financial Public Relations Asso
ciation. This area
in clu d e s Iow a,
Nebraska, Minne
sota, M ontana,
N orth D akota,
South D ak ota,
and Wyoming.
Prior to being
regional member
ship chairman in
1 9 6 2, h e h a d
se rv e d as W y
W . PER K IN S
oming state mem
bership chairman for three years. He
was recently named clinic vice chair
man for the Association’s national
convention to be held in New York
in 1965.
State chairmen who will serve with
Mr. Perkins in the North Central Area
are: Ronald P. Searcy, assistant cash
ier, Home State Bank, Jefferson, Iowa;
A. B. Goodwin, assistant vice presi
dent, National Bank of Commerce
Trust and Savings, Lincoln, Neb.; Kermit R. Bergland, vice president, The
First National Bank of Winona, Minn.;
A. K. Sample, .Jr., president, Conrad
National Bank of Kalispell, Mont.; C.
S. Youlden, Jr., assistant cashier, First
National Bank, Grand Forks, N. D.;
Wm. Shannon, vice president, Ameri
can State Bank, Yankton, S. D., and
Wm. Engstrom, assistant cashier,
Rawlins National Bank, Wyoming.
Chairman of Executive Corps
David Rockefeller, president of the
Chase Manhattan Bank, New York,
has been elected chairman of the In
ternational E x ecutive S e rv ice
Corps, a nonprofit
organization
es
tablished to pro
vide managerial
assistance to busi
ness in develop
ing countries.
Frank Pace, Jr.,
f omer chairman
and president of
D. R O C K E F E L L E R
General Dynam
ics Corporation and director of the
Bureau of the Budget and secretary of
the Army in the Truman administra
tion, was named president and chief
executive officer.
Rockefeller succeeded the late C. D.
Jackson, who was senior vice presi
dent of Time, Incorporated.
41
--- ïAl'i/T--T H E N E W Y O R K B A N K E R W IT H T H E H O M ETO W N TO U CH
— «ÆTws—
He covers 26,000 miles a year for Chemical New York and you.
He can bring New York’s money market to your Main Street
This is the man who proves a bank
can be one of the world’s largest with
out being stuffy about it. He’s from
Chemical New York.
He brings you a brief case full of
benefits—all the resources, the expe
rience of his 5-billion-dollar bank.
His bank is strategically headquar
tered in New York’s financial center. It
gives him the contacts and capabilities
to make any financial operation run
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Federal Reserve Bank of St. Louis
more smoothly. His bank has ties with
banks in all 50 states and in more than
100 countries overseas.
His bank has him specialize in your
area. So he can put his finger on the best
way to get things done. That’s why he’s
known as “ the New York banker with
the hometown touch.” Your local bank
knows him and can put you in touch.
Chemical Bank New York Trust Com
pany, New York 15.
C hem ical
N ew Y ork
N o rth w e ste rn
B anke r, J a n u a r y ,
196 5
42
Digitized Nfor
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o r t h w e s t e r n B a n k e r, J a n u a r y , 1965
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE MEN A N D
RESOURCES OF
DROVERS
1965 can be your bank's biggest, best y e a r. The
A m erican econom y is g ro w in g . In d iv id u a l and
corporate customers do m ore business, utilize
larg er lines of credit, need a bank's assistance in
m ore v a rie d m atters.
Drovers can help you m eet this challenge.
First, w ith m en. Drovers' men are experienced,
k n o w le d g e a b le . They are help fu l, efficient, read y
to h an d le your correspondent ban kin g needs in
1965.
S e c o n d , w ith resources. Drovers is one of Chica
go's largest banks, w ith a m p le capacity for partici
pation in o verline loans. For the best in transit
service, safekee p ing , investm ent advice, and an y
other services you m a y need, call on the men and
resources a t Drovers in 1 9 6 5 .
43
JOHN F. KEELEY
Vice President
ROBERT LOUGH
In s ta lm e n t L o a n s
S enior Vice P resident
\
In v e s tm e n ts
FRED 0. CUMMINGS
Vice President
V
C o rre s p o n d e n t
V S .
Banks
/
LEO R. GRUBER
.
President
STEPHEN 0. BRATTLEAF
\.
Vice President
/
N ^ o m m e r c ia l L o a n s / /
fjt
^ 96
YArds 7 -7 0 0 0
( A r e a 312)
HAROLD F. EDWARDS
\ V i c e President and y
C ash ie r
y s
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
tfATfò
CHARLES F. O’NEILL
\
Vice President and
C o m p tro lle r
.
_____________/
\_____________ U
Y BERNARD D. MILLER /
k
Y
\
\A s s is ta n t Vice P r e s id e n t/
N . Iow a R e p re s e n ta tiv e
^
/
JAMES G. LUTHER
\
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A ssista n t C ashier
W is c o n s in
^ ^ R e p r e s e n ta tiv e /
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---------
m
We invite your business
We are the financial heart of Chicago's great Stock Yards area.
If you are considering a new correspondent connection and would
like a Drovers representative to call, address Fred Cummings, Bernard
Miller or Jim Luther.
Drovers National Bank
UNION
STOCK YARDS
•
CHICAGO
9
M e m b e r, F e de ra l D e p o s it In s u ra n c e C o rp o ra tio n
N orthw estern
B anke r, J a n u a r y ,
Î9 6 5
44
V
T H E R O YA L B A N K O F CA N A D A
W . E ar le M c L a u g h l in
Chairman and President
A . F. M ayne
Executive Vice-President
J H. C o l e m a n
R. W . S h a n n o n
C h ief General Manager
General M anager
(IN T E R N A T IO N A L D IV IS IO N )
C o n d e n s e d A n n u a l S ta te m e n t
30th N o v e m b e r , 1964
ASSETS
1964
Cash on hand and due from banks (including items in transit)
$1,103,669,387
$ 916,375,817
Government of Canada and provincial government securities,
at amortized value
Other securities, not exceeding market value
Call loans, fully secured
Total quick a s s e ts .................
Other loans and discounts .
Mortgages and hypothecs insured under N.H.A.
Bank premises........
Liabilities of customers under acceptances, guarantees and
letters of credit
Other assets...............
1963
964,187,336
1,103,926,298
687,529,959
580,076,960
395,529,305
470,728,736
$3,150,915,987
$3,071,107,811
2,538,404,471
2,141,900,104
232,780,658
252,504,138
65,485,456
60,012,041
232,816,783
181,267,413
11,194,849
7,144,201
$6,231,598,204
$5,713,935,708
$5,655,229,787
$5,191,490.398
232,816,783
181,267,413
19,232,018
23,318,016
$5,907,278,588
$5,396,075,827
66,528,000
256,000,000
250,000,000
I
LIABILITIES
Deposits .............
Acceptances, guarantees and letters of credit
Other liabilities .
..
Total liabilities to the public
Capital paid u p ........................
Rest Account......................
Undivided profits.......................................
66,528,000
1,791,616
1,331,881
$6,231,598,204
$5,713,935,708
HEAD OFFICE, MONTREAL
OVER
1100 BRA N CH E S IN C A N A D A . TH E C A R IB B E A N A R E A A N D SOU TH A M E R IC A . O FFICES IN N EW Y O R K , LO N D O N A N D PARIS.
SPEC IAL R E PR E SE N TA TIV E S IN C H IC A G O , D A L L A S , LOS A N G E L E S ; EUROPE, P A R IS; F A R EAST, H O N G K O N G .
N o r tfor
h wFRASER
e s t e r n B anke r, J a n u a r y , 1965
Digitized
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Federal Reserve Bank of St. Louis
C O R RE SPO N D E N T S TH E W O R L D O V E R .
N EW YO RK AGENCY
68 William Street
j
/
B. J. M cG IL L , Chief Agent
R. A. UTTING, J. W . FEREJOHN, Agents
1
45
Minnesota
NEWS
G. A . UGGEN
K. A. WALES
President
Secretary
Wells
Minneapolis
S ta te- W id e A d ,
•offrant S ta rts
HE Minnesota Bankers Associa
T
tion last month began a state-wide
advertising program designed to in
pated that a vote will be taken on the
matter at the January 20 meeting
which would then become the policy
of the Minnesota Bankers Association.
MBA Executive Secretary Kenneth
A. AVales said that a formal announce
ment of the meeting was sent to all of
the more than 700 MBA member
banks. The meeting will be held dur
ing the 5th Annual MBA Mid-Winter
Conference in St. Paul.
crease public understanding of how
commercial banks assist individuals
and business firms in financial mat
ters.
The program, initiated by the asso
ciation’s public relations committee
approximately a year prior to the
launching of the campaign, now has
the required financial support of more
than 75 per cent of Minnesota banks
plus others in North Dakota, South
Dakota, Iowa and Wisconsin, where
markets extend across the state line.
Truman Jeffers, assistant to the as
sociation executive secretary, said that
550 banks have signed up for the pro
gram, assuring an annual budget of
$300,000 to $400,000 for the campaign.
He said television programs already
operating in the Alexandria-Walker,
Fargo-Moorhead, Sioux Falls and Man
kato areas will be continued as part
of the area-wide campaign. Programs
were launched in the quarter begin
ning December 1 in the Twin Cities,
Austin and Rochester markets. It is
expected that Duluth; LaCrosse, Wis.,
and Eau Claire, Wis., may be added
at a later date.
John W. Forney, Incorporated, Min
neapolis, is the association’s advertis
ing agency.
Calls Special MBA Meeting
The Minnesota Bankers Association
Council of Administration has called
a special meeting of the association
membership for January 20 to con
sider all aspects of the state law limit
ing interest rates on savings accounts
and certificates of deposit for Minne
sota banks, according to MBA Presi
dent Glenn A. Uggen, president of the
Peoples State Bank, Wells.
In its meeting in Minneapolis De
cember 16, the Association’s governing
body took action to call the January
20 meeting to present the question of
whether such interest rates for banks
in Minnesota should be frozen by state
law or should be flexible. It is antici
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Federal Reserve Bank of St. Louis
third time until December 21 by order
of the State Commerce Commission.
The hearing, originally scheduled
for November 19, was postponed for
two reasons, according to the commis
sion. The first reason stated that the
hearing would take two days and that
two consecutive days would not be
available were the hearing held No
vember 19. The second reason noted
that the death of Clayton Nelson, the
applicants’ counsel, necessitated allow
ance of additional time for Robert
O’Neill, the new counsel, to prepare
for the hearing.
Jack Frost X V
Kermit R. Bergland, vice president
of the First National Bank of Winona,
was introduced recently as Jack Frost
XV, m on a rch of
the 1965 Winona
W in te r Carnival
according to A. E.
Stoa, president of
the bank.
T h e announceHold Open House
m ent w as made
Directors and staff personnel of the
at the annual din
First National Bank of Deer River
ner of the spon
held open house last month in their
so r in g W in on a
newly-remodeled building. The remod
Activity
Group.
K. R. B ER G L AN D
eling project was begun last May.
Mr. Bergland, a
Two new offices were added to the native of Clearbrook and a graduate
main floor of the building. On the of the University of Minnesota busi
second floor level, electronic bookkeep ness school, began his banking career
ing equipment has been installed. in 1958 when he joined the Security
Unique indirect lighting and new car National Bank of Faribault. At the
peting were also added to the build time he moved to Winona in 1962, he
ing’s interior.
was vice president and manager of the
installment loan department of that
bank.
Seek Charter
The Winona Winter Carnival is an
A group of Burnsville businessmen
announced recently that they had filed annual promotion sponsored by the
with the State Commerce Commission Winona Activity Group and is to be
held January 17-24. Its purpose is to
for a bank charter to be located in the
call attention to the natural resources
village of Burnsville.
of the area for winter recreation and
A spokesman for the group said that
the businessmen are active in the pro to promote business for Winona mer
motion of business development with chants.
in Burnsville and feel that the time
has come for the community to pre Increase Capital
sent a “complete integrated financial
An amendment was recently author
picture to the residents.”
ized by the State of Minnesota Depart
Incorporators are Mel Astleford, ment of Commerce in c re a s in g the
William Jackson and Robert E. Daly. amount of capital stock in the North
They maintain that Burnsville is the western Bank of Sauk Rapids from
fastest growing community in Dakota $75,000 to $100,00 by sale of new stock.
county. The population of Burnsville
is approximately 10,000 persons.
IM PORTANT NO TIC E!
Proposed capital is $250,000 with
We
want to publish news of any
$125.000 in common capital, $50,000 in
officer or director changes, in
undivided profits, and $75,000 in sur
creases in capital structure, or
plus.
other important action taken at
your annual meeting. Send this
Hearing Delayed
news at once to N o r t h w e s t e r n
The charter hearing for the pro
B a n k e r , 306 Fifteenth Street,
posed Empire State Bank of FarmingDes Moines, Iowa 50309.
ton was recently postponed for the
N o rth w e s te rn
B a n k e r, J a n u a r y ,
1965
46
M in n e so ta
News
•lohn
t iiisholtn thil lines
O f A c tio n on in te r e s t Mint es
By
JOHN D. CHISHOLM
C o m m is sio n e r o f B a n ks
S t. P a u l . M in n e s o t a
HE Board of Governors of the
Federal Reserve System amended
T
Regulation Q effective November 24,
1964, increasing the maximum rates of
interest member banks were per
mitted to pay on time and savings de
posits. On savings deposits, the rate
was increased to 4 per cent regardless
of the time the funds had been on de
posit; on time deposits and certificates
of deposit, 4 per cent for maturities
of less than 90 days and 4% per cent
for all longer maturities. Shortly after
this announcement, the banking de
partment issued a news release indi
cating national banks as well as state
banks in Minnesota were precluded
from increasing their interest rates on
time deposits in excess of 4 per cent,
a maximum ceiling established by
state law.
The purpose of this statement is
not to evaluate the merit of this re
striction, but to offer an explanation
of the current situation in an effort
to crystallize industry opinion in re
gard to the course of action the de
partment should pursue during the
next legislative session.
Large Banks Raise CD’s
Subsequent to the November 24,
1964, supplement to Regulation Q, the
larger banks in our metropolitan area
procured an opinion which seems to
indicate there is considerable legal
authority for them to exceed the state
statutory rate of 4 per cent. Their
interest in procuring this opinion, we
have been informed, is to protect a
corporate CD market now approxi
mating some $200 million. They have
stated to remain competitive with the
Chicago and Eastern markets, and to
retain these deposits it might be nec
essary to exceed the 4 per cent maxi
mum permitted by the statute. As is
customary, this would be accomplished
quietly on a negotiated rate basis with
corporate investors. It is not their
intention to advertise and compete for
savings in the local market at the
maximum allowable rate of 4% per
cent.
Consequently, we have reason to be
lieve if it becomes necessary in their
negotiations to raise the corporate CD
rate in excess of 4 per cent, they will
do so regardless of the present statuN o rfor
thw
e s t e r n B a n k e r, J a n u a r y , 1965
Digitized
FRASER
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Federal Reserve Bank of St. Louis
tory prohibition. Should this situa
tion occur, a competing bank inter
ested in preserving the statutory 4
per cent rate could legally challenge
the sale of such corporate CD’s at the
higher rate. The department, how
ever, has been advised they would not
be a proper party to such litigation.
The basis for such opinion is two-fold.
We are not an aggrieved party, and
our authority to participate as a state
agency might be challenged in litiga
tion involving a national bank.
Despite these legal impediments,
there is also a question of timing
which must be considered. If the mat
ter were to be litigated, it would be
doubtful the question could be re
solved by the courts before the ad
journment of the 1965 session of the
legislature. If the courts were to then
uphold the opinion of the large met
ropolitan banks and permit them to
exceed the state statute limiting the
interest rate to 4 per cent, our state
banks would be confined to this rate
and the national banks could pay the
4 per cent on time deposits exceeding
90 days.
The department is of the opinion it
could not condone the sale of the cor
porate CD’s in excess of 4 per cent
and allow the legislative session to
adjourn without attempting to pro
vide some protection for our state
banks. With the sale of the first cor
porate CD at a rate in excess of 4 per
cent, there is nothing to prevent any
national bank from taking the same
calculated risk and increasing to 4%
per cent on time savings. They would,
of course, have to defend such viola
tion in the courts in the event the
matter were to be litigated.
Considering Legislation
Because of these circumstances, the
department is considering various pro
posals for legislation. One would tie
the ceiling rate to the percentage the
Federal Reserve System permits its
member banks to pay and allow the
Commissioner the discretion to estab
lish a rate within that ceiling limita
tion. We could also fix the ceiling rate
at the present 4 per cent, tie the maxi
mum rate to that allowed Federal Re
serve System member banks, and per
mit the Commissioner to establish a
discretionary rate within these limits.
A third possibility would be to re
move the ceiling entirely.
If the Commissioner were to be per
mitted to exercise rate authority with
in the limit established by the Federal
Reserve System, a ruling would have
to be procured from the FED to re
gard such discretionary rate as the
state maximum to comply with Regu
lation Q and to make such percentage
mandatory on the part of member and
non-member banks.
Small Banks in Majority
Regardless of the outcome, we must
recognize 80 per cent of Minnesota’s
700 banks have $5 million or less in
deposits; more than 500 are state char
tered institutions. Most of these are
located in rural communities, are in
good financial condition, but are hard
pressed for earnings. We question
whether these small banks could af
ford or whether their portfolios are
prepared to adequately sustain the
long-term 4% per cent rate.
This opinion is apparently shared
by the FDIC. In a carefully worded
statement announcing the change, this
agency cautioned banks not under di
rect pressure from international rate
structures to exercise the “greatest
of prudence” under the new rates. The
FED emphasized that the supplement
to the Board’s Regulation Q prescribed
only maxim um rates of interest mem
ber banks may pay and indicated the
banks are free to pay lower rates if
they so desire.
Chairman Martin of the Board of
Governors of the Fedral Reserve Sys
tem at a news conference on Novem
ber 23, stated in changing Regulation
Q “we have placed the emphasis on
time deposits of from 30 to 90 days.”
He reiterated “that rate goes up to
4 per cent, and above 90 days it is 4%
per cent. So obviously we think in
order to protect against outflow the
impact should be in the short end of
the market.” His statement indicates
it was not contemplated such change
would precipitate an increase in the
time savings rates by all banks. In
this situation, it is not anticipated the
“maximum” will ultimately become
the “minimum.”—End.
TV Teller Units
Winona National & Savings Bank,
Winona, recently held open house to
explain to the public the operation of
new closed-circuit television-equipped
drive-in banking windows installed at
the bank. The windows are equipped
with pneumatic tubes to carry money
and papers between the window and
the teller, who will remain within the
main bank building.
47
Day and night, our Proof and Transit Departments
work to give you fastest, most accurate service!
Remember: Were as near as your telephone, telegraph or typewriter. Call us when you want action.
Department o f Banks and Bankers
K . M . Barnett, V ice President
C . P. Lindholm , V ice Presiden t; R. G . Ziem er, V ice President
P. B. Dam kroger, A sst. C a s h ie r; E. N . Axness, A sst. C a sh ie r
P. E. Koch, R e p re sen tative; J . M . Johnson, R epresentative
investm ent C o nsu ltant, H . G . Peterson, A sst. V ice Pres.
NORTHWESTERN
NATIONAL
BANK
OF
MINNEAPOLIS
Member Federal Deposit Insurance Corporation
P H IL IP B. H A R R IS , Senior V ice President • L. P. G IS V O L D , V ice President . phone 3 3 0 -8 1 2 3 • Serving Banks and Bankers since 1872
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Federal Reserve Bank of St. Louis
N o rth w e s te rn
B a n k e r, J a n u a r y ,
7965
48
IRECTORS of the First National
Bank of St. Paul recently voted
D
to increase the bank’s capital stock ac
closely with the correspondent bank
division.
Other officers promoted are assigned
count from $10 million to $18 million,
as follows: Mr. Nesbitt, marketing and
elected three staff members to officerstaff training programs; Mr. Peters,
ships and approved promotions of 10
head of electronic data processing de
officers, according to an announcement
partment; Mr. Vagstad, to credit de
by President Philip H . Nason.
partment, the others to general bank
The increase to capital stock, accord
ing duties.
ing to Mr. Nason, will be accomplished
5^ ifc
by asking share
Atherton Bean, chairman of the
J. E. R A Y M O N D
J. M. W O O L D R I D G E I I I
h o ld e rs at th is
board of the Federal Reserve Bank of
month’s annual
Assistant Vice Presidents John F. Minneapolis, last month announced
m e e tin g to de Mullen and Edward J. W elsch and the election of John F. Nash, president
clare a stock div Clifford G. Olson, manager of bank of the American National Bank of St.
idend amounting properties, were elected vice presi Paul, as a class A director of the Fed
to 80 per cent of dents.
eral Reserve Bank and of Joyce A .
the present capi
Assistant Cashiers Malcolm W . Mc Swan, executive vice president and
tal of $10 million.
Donald, Charles E. Nesbitt, W illiam
publisher of the Minneapolis Star Trib
The net effect will G. Peters, John E . Raymond, Andrew une, as a class B director.
be an increase in G. Sail, Jr., John B. Sauer and John
Mr. Nash was elected as one of the
j. f . m u l l e n
c a p ita l stock to M. W ooldridge were all advanced to
three banker members of the nine$18 million and a assistant vice presidents.
man board. Mr. Swan will serve as a
New officers elected were Dale S. director representing commerce, in
Hanson, W illiam H . Queenan and A l
dustry and agriculture.
lan G. Vagstad, all of whom were elect
* * *
ed assistant cashiers.
An administrative reorganization of
Mr. Mullen is currently in charge of
The First National Bank of Saint Paul
the municipal underwriting and in
was announced recently by Philip H.
vestment advisory service in the mu
Nason, president.
This is the first
nicipal bonds department. Mr. Welsch
phase of a program that will see the
is in the general banking department.
opening of First National’s recentlyMr. Olson is manager of bank prop
announced $5.5 million building facing
erties.
E. J. W E L S C H
C. G. O L S O N
on Fifth Street. A major portion of
Mr. Raymond is assigned to the mu
reduction of surplus from $26 million nicipal underwriting department and this new structure in the Capital Cen
to $18 million. Mr. Nason stated that Mr. Wooldridge is assigned to the mu tre project will be a retail banking
the purpose was simply to balance the nicipal underwriting and investment center.
Anticipating the needs of this cen
bank’s capital structure.
advisory service, where both work
ter, Franklin E . Truax, vice president,
has been named to head a dvision that
will be largely devoted to the financial
needs of individuals. Among Mr.
Truax’s areas of responsibility will be
the customer service center, the sav
ings, mortgage and installment loan,
and
safe deposit departments. In addi
Bankers are Select Risks and we have special coverage
tion, Mr. Truax will administer the
designed for Bank Men and Women. Write for Application
sales finance and industrial install
and Information.
ment lending functions.
At the same time, Mr. Nason named
Charles E . Arner, vice president, as
the officer in charge of a newly-created
2550 Pillsbury Ave. S.
Minneapolis 4, Minnesota
operating division. Mr. Arner’s re-
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INSURANCE AT CÜST!
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o r t h w e s t e r n B anke r, J a n u a r y , 7965
Digitized Nfor
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Federal Reserve Bank of St. Louis
M in n e so ta
sponsibilities will include the operat
ing, data processing, purchasing and
personnel functions.
Commercial customers will continue
to be handled by Divisions I, II and
IV, headed by A rthur L . Peters, Clar
ence G. Frame and Lloyd L. Leider,
senior vice presidents, respectively. In
addition to his commercial lending ca
pacities, Mr. Frame is responsible for
the international banking, comptrol
lers, municipal underwriting and bank
property departments. Mr. Leider is
charged with the bank’s over-all sales
effort, including advertising, public re
lations, civic affairs and marketing.
Banks and those commercial ac
counts in the Ninth Federal Reserve
District which are outside the Twin
City area will continue to be served by
Division V, headed by W allace L. Boss,
vice president.
* * *
Already had an Initial on one articleAnnouncement of the promotion of
two bank officials has been made by
R. L. Smith, president of the Stock
Yards National Bank of South St. Paul.
L. M. Broom, 54, executive vice
p re sid e n t, w a s
elected president
of the bank effec
tive J a n u a ry 1,
and J. C. Graham,
a ssista n t v i c e
p re sid e n t, w a s
elected vice pres
ident effective De
ce m b e r 8, 1964.
H. W . L a t h e n ,
v ic e p re sid e n t,
was elected a director of the bank, Mr. Smith retired
at year-end.
Mr. Broom has been with the
bank since September 1, 1963. Prior
to that time, he spent 33 years with
the Northwestern National Bank of
Minneapolis in various departments of
the bank. He is a graduate of Motley
high school and attended the Hamline
University in St. Paul as well as the
University of Minnesota. He has re
ceived his pre-standard, standard and
g ra d u a te certificates th ro u g h the
American Institute of Banking.
Active in numerous community ac
tivities, he is serving on the board of
directors of the South St. Paul Cham
ber of Commerce, is a member of the
American Legion, American Institute
of Banking, Minnesota Club, Minneap
olis Athletic Club, Knights of Colum
bus and the Southview Country Club.
Mr. Graham, 43, started with the
bank in January, 1958. Prior to that
time he was an agent with the Stock
Yards Insurance Agency. Mr. Lathan,
47, joined the bank in January, 1957.
From October, 1957 through SeptemL. M . BROOM
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ber, 1959, he served as an examiner
for the Northwest Bancorporation. He
was elected vice president of Stock
Yards in January, 1963.
* * *
The new State Bank of Edina, which
will occupy quarters which formerly
housed an ice cream store, will open
on schedule January 15, according to
Clark Arnott, executive vice president
and managing officer of the new bank.
M. R. Kloster, formerly president of
banks in Worthington and Butterfield,
is president of the new bank. He was
previously president of banks in Iowa
and Kansas.
Directors are Dr. Richard W . Giere,
H. J. Soderberg, James F . Mullin and
Newell O. Gaasedelen.
* * *
Brooklyn Cen
ter, was recently elected assistant
cashier of the First Robbinsdale State
Bank, according to John Brauch, bank
president.
* * *
John R. Speakman and Loren E .
Bodem have been promoted to assist
ant trust officers by Richfield Bank
and Trust Company, according to AVilliam G. Kirschner, bank president.
* * *
Robert W . Colbert, assistant vice
president of the trust development sec
tion of Northwestern National Bank,
discussed executive estates at a recent
dinner meeting of Financial Execu
tives Institute in the St. Paul Athletic
Club.
* * >i=
Outstanding M a r q u e t t e National
Bank of Minneapolis lighted Christmas
decorations along Marquette Avenue
and Seventh Street serving to brighten
the area of “The Bank With a Heart
in the Heart of the Loop” again this
year. As in the past, Marquette’s
Goodwill Industries display appeared
in the lobby and, as a result, more
than $300 in doll purchases was added
to the Goodwill Industries’ annual
sale.
The famous Shrine Chanters gave a
noon concert on the bank lobby floor,
which represented one of the high
lights of the Christmas season.
The n e w ly -o r g a n iz e d Marquette
Christmas Choir performed each noon
from December 16 through December
23. The choir will become an annual
feature of the Marquette Bank.
The choir also appeared at the
bank’s annual Christmas party which
was held December 15 in the Radisson Hotel’s Flame Room.
* * *
The St. Paul Chapter of the A m eri
can Institute of Banking has anHoward J. Broenke,
49
News
nounced that total membership for the
first half of 1964 has reached 996 mem
bers. The chapter further reported
that 134 members had enrolled in vari
ous banking classes offered by the
chapter for the fall semester.
The chapter receives support from
31 banks located throughout the St.
Paul area.
* * *
Holiday tradition ruled again at
Northwestern National Bank of Min
neapolis December 17-18 and December
21-23. Sounds of Christmas were heard
in daily, two-hour noontime musical
programs.
Sharing the spotlight during the
noon concerts were popular organist
Ramona Gerhard and Northwestern’s
Chorus. Miss Gerhard made her 15th
consecutive appearance in Northwest
ern’s annual Christmas program. A
former resident of Minneapolis, Miss
Gerhard naw makes her home in Pasa
dena, Calif., and each year makes the
trip back to the Twin Cities to take
part in the program.
The bank was decked out in its holi
day best with a giant, 34-foot Christ
mas tree glittering with 3,000 orna
ments gracing the Sixth Street end of
the second floor reception area. The
traditional tree provided a sparkling
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FOR ROOM RESERVATIONS W R I T E PHONE 612 333 6161 TWX 612 3211166
N orthw estern
B a n k e r, J a n u a r y ,
1965
50
M in n e so ta
News
keynote for the other colorful dec
orations, poinsettias and greenery
throughout the bank. Two stately 18foot illuminated trees adorned the
bank’s Sixth and Seventh Street can
opies.
Northwestern’s S k y w a y spanning
Marquette Avenue was gaily bedecked
for Christmas, both inside and out.
The exterior of the Skyway was dec
orated with holiday g r e e n e ry and
wreaths and dominating the top of the
Skyway was a lighted, 24-foot Christ
mas tree.
The Skyway’s interior provided a
showcase for the 1,500 gaily-wardrobed
dolls entered in the Sertoma Club’s an
nual “ Dress-a-Doll” contest. On Christ
mas Eve, all the dolls were distrib
uted to deserving children through
the auspices of the United Fund’s Hol
iday Bureau.
4= 4= *
Capital accounts of the American
National Bank of St. Paul have been
increased to $10 million, according to
an announcement made in mid-Decem
ber by John F. Nash, president of the
bank.
Total capital and surplus of the bank
was formerly $7 million. The $3 mil
lion increase was accomplished by the
transfer of that amount from the
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N oFRASER
r t h w e s t e r n B a n k e r, J a n u a r y , 1965
Digitized for
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Federal Reserve Bank of St. Louis
bank’s undivided profits to its surplus
account. The change in capitalization,
authorized by the bank’s board of di
rectors, will enable the bank to in
crease its legal lending limit to a sin
gle borrower to $1 million.
* * 4=
James P. McFarland, vice president
and a director of General Mills, Incor
porated, has been elected to the board
of directors of First National Bank of
Minneapolis, a c cording to a re
cent a n n o u n ce
m e n t m a d e by
Gordon
Murray,
bank president.
Mr. McFarland
is corporate ad
m inistrative offi
cer for G eneral
Mills’ con su m e r
fo
o d a c tiv itie s .
j. p. M cF a r l a n d
H i s responsibili
ties include the grocery products, re
frigerated foods and flour divisions
as well as operations in the western
states. He has been with General Mills
since 1934 when he was graduated
from Dartmouth College.
* * *
Announcement was made recently
of the promotion of two officers at the
Federal Reserve Bank of Minneapolis.
Atherton Bean, chairman of the bank’s
board of directors, indicated that W il
liam C. Bronner and Earl O. Beeth
were advanced to assistant vice presi
dents from assistant cashiers effective
January 1.
* 4= 4=
W alter W . Heller, former chief eco
nomic adviser to Presidents Lyndon
B. Johnson and John F. Kennedy, to
day was named a director of the new
National City Bank of Minneapolis.
Mr. Heller’s election to the National
City board follows his return in No
vember to the University of Minnesota
as a professor of economics.
* 4= *
Arvid C. Knudtson was recently
elected agricultural economist of the
Northwest Bancorporation at the reg
ular monthly meeting of the board of
directors. He will continue to serve
as a consultant to the Northwestern
National Bank of Minneapolis as well
as the other banks in the Banco group.
4= * *
Rolf F. Bjelland has been named
assistant cashier of the commercial
loan department of the National City
Bank of Minneapolis, effective Janu
ary 4. Mr. Bjelland, a graduate of the
University of Minnesota, has been
with the commercial loan department,
Continental Illinois National Bank and
Trust Company of Chicago, for three
years.
* 4= *
First Bank Stock Corporation has
announced the election of four assist
ant vice presidents and two assistant
treasurers. All of those promoted had
previously held, and will continue to
hold, positions with First Service Cor
poration, the bank holding company’s
servicing affiliate.
Elected to assistant vice president
were Frank D. Harrington, James A .
Johnson, Donald R. Koessel and Dud
ley R, Mays. Designated assistant
treasurer were Roger Nelson and
Glendon J. Olson.
Mr. Harrington has been with the
First Bank Stock organization since
1929. His banking career began in
1925 in the First National Bank of
Calumet, Mich., a former First Bank
Stock affiliate. He was elected a vice
president of First Service Corporation
in 1956.
Mr. Johnson, a native of Milnor,
N. D., first became associated with the
banking business in his home town in
1939. Subsequently he was with the
R.S.R. Electric Cooperative at Milnor
and with Peat, Mitchell & Company,
accountants. In 1960 he joined the
First National Bank and Trust Com
pany of Helena, Mont., a First Bank
Stock affiliate, and came to First Serv
ice Corporation here in February,
1964.
Mr. Koessel has been with the First
Bank Stock organization since 1958
and has had responsibility for invest
ments. His business career began in
1952 with Smith, Kline & French Lab
oratories, Philadelphia.
Mr. Mays, a native of Salt Lake
City, Utah, has been in the consumer
credit field throughout his business
life. He joined the First Service Cor
poration in 1946 as manager of the
Consumer Finance Department.
Clifford A. Fuller
Clifford A. Fuller, long-time resident
and well-known retired bachelor of
Park Rapids, died there recently fol
lowing a lingering illness.
Mr. Fuller began his banking career
September 1, 1919 in the old First Na
tional Bank, predecessor of the Citi
zens National Bank in Park Rapids.
He had retired as cashier of the bank
May 1, 1963.
Andrew Melgard
Andrew Melgard, 94, a pioneer bank
er and farmer at Warren, died there
recently.
Mr. Melgard was born in 1870 in
Norway and came to the United States
in 1887 to join his elder brother. In
M in n e so ta
News
51
1888, he moved to Dakota Territory
and was a clerk in the Fargo Loan
Association office. In 1892, he became
assistant cashier in the State Bank of
Warren. In subsequent years, he op
erated banks in Goldendale, Washing
ton and Moscow, Idaho. He returned
to Warren in 1910 to purchase a large
farm which he operated until his
death.
Motor Bank Inaugurated
Operation of the new Security Bank
& Trust Company motor bank and
walk-up window commenced recently
at Owatonna when a brief flag-raising
ceremony was held to mark the open
ing of the new service facilities.
The new motor bank features closed
circuit television for convenience in
cashing checks, making checking ac
count deposits and payments to the
- Christmas Club, on installment loans
or for safe deposit box rentals as well
as for savings deposits and limited
withdrawals. Pneumatic tubes carry
i deposits, checks and currency between
the facility and the main bank build
ing across the street.
.
T
A
Alexandria Open House
First Farmers National Bank of
Alexandria last month held open
house following an extensive remod
eling project. As part of the project,
the bank was carpeted, refurnished
with new walnut furnishings, air con
ditioned and repainted.
Souvenirs and refreshments were
featured at the open house and a new
bicycle, two transistor radios and a
portable television set were given as
door prizes.
Named Vice President
4
M. M. Welshons, executive vice pres
ident of the Brainerd National Bank,
has announced the election of Bert
Quarberg as vice president and cash
ier of the bank.
He also announced the promotion of
Ken Knode to assistant vice president
and Richard Solarz to assistant cash
ier. Mr. Quarberg was formerly asso
ciated with the First National Bank at
Bellevue, Neb.
C
Cinkle Vice President
j^_
Jim Cinkle is returning to the First
National Bank of Luverne and has
been named vice president to succeed
Howard Nelson who left recently to
accept a position in Mankato.
The announcement was made by H.
L. Smith, president of the bank in
Luverne.
Mr. Cinkle has been cashier of the
First Farmers National Bank of Alex-
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Federal Reserve Bank of St. Louis
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N o rth w e ste rn
B a n k e r, J a n u a r y ,
1965
52
M in n e so ta
News
andria. He began his banking career
with the First National Bank of Luverne but left the bank five years ago
to join the Alexandria bank.
State Bank, Ostrander. A lifelong res
ident of the area, Mr. Olson replaces
Theodore Hadland, who died in June,
1964.
Madelia Open House
I wo Elected Vice Presidents
Open house was held at the newlyremodeled and expanded facilities of
the Citizens National Bank of Madelia
recently. Coffee was served and door
prizes were awarded.
The first bank in Watonwan county,
the institution was organized in 1886.
Two vice presidents have been
named at First National Bank of Ari
zona. Eric O. Lukas will head a new
ly created sales division and John E.
Crandall will become the central dis
trict loaning officer. Both are in the
branch office administration division.
bank continue to plan to occupy the
new building by the middle of the
year.
Work com m en ced approximately
three months ago. Shortly after the
sale of control of the Security Bank
by Thomas E. Porter last summer, the
new owners purchased adjacent prop
erty and had plans drawn for an en
larged bank building. The new bank
building, a one-story structure meas
uring 72 by 80 feet, will be brick-faced
masonry.
Named Bank Director
Bank Building Underway
Bank in New Building
Kenneth Olson, farmer and livestock
feeder, has been appointed to the
board of directors of the Ostrander
T
A
R
T
NATIONAL
BANK
SIOUX CITY.IOWA
31107
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M EM BER F. D. I. C.
o rFRASER
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Federal Reserve Bank of St. Louis
Named C o f C President
George W . Goodell
R
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J
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LIVE STOCK
The National Bank of South Dakota,
Wessington Springs Branch, opened
for business recently in its new build
ing. Bruce Thomson, vice president
of the local bank, said that a formal
open house was held in mid-December.
The event featured a ribbon-cutting
ceremony in which a “ribbon” of 25
$1 bills was snipped officially opening
the new building. The bills were dis
tributed to the first 25 visitors to the
new bank.
Tom Barron, vice president and
trust officer of the First National Bank
of Sioux Falls, was recently elected ^
president of the Sioux Falls Chamber
of Commerce. He was installed Jan
uary 1, moving up from his former
position as first vice president of the ^
organization.
S
T
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E
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T
H
E
B
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W
Construction work on the new Secu
rity Bank at Webster is reported to
be well underway as officers of the
*
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George W. Goodell, 55, president and
manager of the National Bank of
South Dakota, Huron, died last month
at his home. He is survived by his
widow, a daughter and one grandson.
^
Bank Department Aproves
Savings and Loan Bid
The South Dakota department of
banking and finance has approved the
following applications, according to
Oscar Brosz, superintendent of banks:
Application from the Sioux Valley
Bank of Sioux Falls, converting their
Class A office at Harrisburg to that of
a branch bank. The Class A office of
the Bank of Lemmon at Bison also has
been converted to a branch bank.
The application of Perpetual Sav
ings and Loan Association of Rapid
City was approved December 9. This
is the application which was denied
some time ago but, in view of the re
cent Supreme Court decision, the ap
plicants reapplied and the superintend
ent of banks approved the application
for a certificate of authority to oper
ate as a savings and loan association
in Rapid City.
k
J
v,
-
and registrations were conducted for
10 prizes including a console color
television set, a portable 19-inch tele
vision set and eight savings accounts.
The following day, the bank hosted
250 bankers at a tour of the facilities.
The tour was followed by a social hour
and a dinner for the bankers who
came from New York, Chicago, Min
neapolis, St. Raul and Sioux City as
well as South Dakota and Iowa.
Soul li Dakota
NEWS
H . E. IVERSON
A. S. 6ULL1CKSON
.I
President
Secretary
Canton
Huron
n om in ee C onvention
HE 73rd annual convention of the
South Dakota Bankers Association
will be held in Sioux Falls, May 11-13,
according to A. S. Gullickson, execut tive secretary of the organization.
Erling Haugo, president of the Sioux
Valley Bank, Sioux Falls, will be gen
eral chairman for the event. Com
mittees are as follows:
Reception Committee—W. W. Baker,
First National Bank; T. S. Harkison,
National Bank of South Dakota; M. J.
v Colton, National Bank of South Da
kota; C. A. Lovre, Northwestern Na
tional Bank; W. C. Duffy, Union Bank
and Trust, and C. D. Gregg, Western
State Bank.
Reservations and Housing—Earl G.
Miller, National Bank of South Da
kota.
Registration—Jack Bork, Sioux Val7 ley Bank.
Publicity—Curtis Kuehn, First Na
tional Bank.
Transportation — John K ras tins,
Northwestern National Bank.
Ladies’ Luncheon—Mrs. Charles D.
Gregg.
Thursday Evening Party — Frank
Duffy, Union Bank and Trust.
^
Friday Evening Reception—Orville
L. Bonacker, First National Bank.
Saturday Banquet—Arthur E. Fri
day, National Bank of South Dakota.
Golf Tournament — H. Ivan Steen,
Northwestern National Bank.
Bowling T o u rn a m e n t — Verlyn
Schmidt, Western State Bank.
T
Named Bank Officer
l
Appointment of Dennis Dalziel as as
sistant cashier and manager of the installment banking department of the
Northwestern National Bank of Hu
ron was announced recently by John
S. Lasher, vice president and manager
of the bank.
Mr. Dalziel has been with the bank
since March, 1958.
92nd Anniversary
A 92-year history of banking in
Yankton was celebrated at the First
Dakota National Bank recently with a
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
public open house during which visit
ors were invited to inspect the new
bookkeeping facilities on the second
floor of the institution.
Bank Lets Contracts
C o n tra cts totaling approximately
$500,000 were let recently for construc
tion of the new building for Union
Bank and Trust Company, Sioux Falls.
Work commenced on the new struc
ture shortly after the announcement
of the contract lettings was made. The
announcement followed a meeting of
the bank’s board of directors.
The new building will be located on
the site long occupied by the old Un
ion Trust, Teigen and Amherst build
ings. It will stand on a corner tract
measuring 132 by 150 feet.
Two Changes Listed
Charles L. (Chuck) Kretchman has
been named assistant vice president,
First National Bank of Aberdeen, and
assistant m an ager of the B ritto n
Branch of the bank.
Mr. Kretchman su cce e d s Robert
Phillips who was advanced to man
ager of the Britton Branch.
Named Loan Officer
E. W. Rademacher, assistant vice
president and cashier of the Miners
and Merchants Bank of Lead, has an
nounced that Kermit Stell, Deadwood,
has joined the staff of the institution.
Mr. Stell, who took over his duties
early in December, will serve as in
stallment loan officer. He has been
employed by Auto Bankers at both
Sturgis and Rapid City since leaving
his post as superintendent of schools
for Lawrence county.
Still at Desk
R. H. Holden, veteran president of
the First National Bank of White, re
cently celebrated his 90th birthday.
Mr. Holden is at his desk in the bank
daily.
New Bank Opens
Although the institution had been
open for business more than a week,
open house was held recently at the
new National Bank of South Dakota
building at Wessington Springs.
Bruce Thomson, vice president of
the bank, said that residents of the
entire area were invited to attend the
open house and to tour the modern
bank building. Contributions were
made to churches according to the
choice of visitors who registered at
the event.
FDIC Approves Move
The Federal Deposit Insurance Cor
poration board of directors recently
approved an application from the First
Security Bank, Morristown, for per
mission to move its McIntosh Branch
from its present location to a new loca
tion across the street.
Elected Assistant Cashier
Leverne Danburg, Vermillion, S. D.,
has been elected an assistant cashier
of the First National Bank of East
Grand Forks, according to an an
nouncement recently made by D. W.
Johnson, bank president.
Mr. Danburg, who began his new
duties in East Grand Forks last
month, has been an assistant cashier
at the National Bank of South Dakota,
Vermillion, for the past three years.
Sioux Falls Opening
The First National Bank in Sioux
Falls recently held an open house in
its newly remodeled quarters. Also
on display for the event were the four
new drive-in banking windows and a
new parking lot.
Approximately 2,800 persons toured
the building during the first threehour open house at which roses were
given to each of the visiting ladies
IM PORTANT N O TIC E!
We want to publish news of any
officer or director changes, in
creases in capital structure, or
other important action taken at
your annual meeting. Send this
news at once to N o r t h w e s t e r n
B a n k e r , 306 Fifteenth Street,
Des Moines, Iowa 50309.
N o rth w e ste rn
B a n k e r, J a n u a r y ,
J965
54
.'Vori li Dakota
NEWS
V. F. HEGEHOLZ
W , J. DANER
President
Secretary
Enderim
Bismarck
M a n a g em en t i'linie T ea ta res
Tw o Titan
i*anel
IM PORTANT NO TICE!
We want to publish news of any
officer or director changes, in
creases in capital structure, or
other important action taken at
your annual meeting. Send this
news at once to N o r t h w e s t e r n
B a n k e r , 306 Fifteenth Street,
Des Moines, Iowa 50309.
Bank Adds Computer,
Trust Staff Member
James H. B. Dillard, a native of
Fargo, has joined the trust depart
ment of the Merchants National Bank
ONSUMER credit and real estate lending, two areas of continued impor and Trust Company of Fargo, accord
tance among banks, will be featured with special panel discussions at the ing to an announcement made by x
Bank Management Clinic of the North Dakota Bankers Association this month. Adrian O. McLellan, bank president.
1 he ( linic will run January 14-16 in Fargo. A good attendance is expected for
The Merchants National also an
the outstanding program listed below:
nounces the recent installation of a
Thursday, January 14
fully-automated electronic bookkeep
P.M.
ing system to handle checking ac
6:00 Cocktail Party—Fargo Country Club.
counts and other records.
The equipment comprises the IBM
Friday, January 15
1240 data processing system. The sys
ELKS CLUB
A.M.
tem is capable of processing transac- A
tions at the rate of 500 accounts per
9:30 Call to Order—Phillip S. MacMillan, President, McVille State Bank
McVille
minute. It includes a central process
Remarks—-Virg Hegeholz, President, NDBA, and President, Peoples & ing unit and reader which sorts and
processes 1,200 documents per minute
Enderlin State Bank, Enderlin
9:45 to
and a printer capable of printing nu
meric information at the rate of 600
10:30 Consumer Credit Panel Discussion.
Moderator—B. P. McDermott, Vice President, First National Bank, Grand lines of 144 characters per line per
minute. A special computer room, to
Forks.
Alvin Rudolph, Assistant Vice President, First James River National house the system, was provided when V
the new bank building was erected.
Bank, Jamestown.
The special room contains humidity
M. J. Whelan, Vice President, First National Bank, Dickinson.
R. L. Hanson, Assistant Cashier, State Bank of Burleigh County, Bis and temperature controls in addition
to being sound-proofed.
marck.
William Amundson, Vice President, First National Bank, Fargo
10:30 to
New Bank Opens
10:45 Coffee Break
The Metropolitan National Bank,
10:45 to
downtown Denver’s newest commer
11:30 Consumer Credit Panel Discussion (continued).
cial bank, organized to serve the resi- ^
12:00 Noon Luncheon—Elks Club.
dents of the lower East Denver and
P. M.
Five Points areas, celebrated its grand
1:30 Call to Order—Gordon Weber, President, Farmers State Bank, Lisbon.
opening recently in its newly-remod
1:31 Real Estate Lending Panel.
eled quarters at 2031 Stout Street.
S. A. Stepher, Vice President, The Dakota National Bank of Fargo, Fargo.
Fred Hoesley, Chief Underwriter, FHA, Fargo.
New Officers Named
Curtis H. Nelson, Vice President, Warner & Company, Fargo.
J. E. Montague, president of the
2:15 “Are You Letting 50% of Your Profits Run Down the Drain?”_ American National Bank of Denver,
Charles E. Bailly, Attorney, CPA, and Partner of Broeker and Hen has announced the advancement of
drickson.
two officers and appointment of two
3:00 Coffee Break.
new officers within the organization,
3:15 “Teller Training”—Robert G. Happ, Technical Division, NABAC.
effective with the announcement.
6:00 Social Hour—Elks Club.
William C. Allen, assistant vice pres- J
7:00 Banquet—Elks Club.
ident in the commercial loan depart
Saturday, January 16
ment, has been elected a vice presi
A.M.
dent. Edward Boehm, an assistant
9:30 Call to Order—A. K. Simpson, Vice President, Merchants National Bank & cashier in the installment loan depart- v
Trust Company, Fargo.
ment, was appointed assistant vice
9:30 to
president. Harold S. Carroll, Jr., man
10:15 Legislative Report by Bill Daner, Secretary, NDEA.
ager of computer services, was ap
10:15 Coffee Break.
pointed an assistant cashier. Donald
10:30 “The Pleasure of Worrying”—Dr. Russell Saxvik, M.D., Quain & Ramstad G. Haley, manager of the proof de
Clinic, Bismarck.
partment, was also appointed an as
11:30 Adjourn.—End.
sistant cashier.
C
o rFRASER
t h w e s t e r n B a n k e r, J a n u a r y , 1965
Digitized Nfor
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
55
C o lo ra d o -W y o m in g N ew s
mum 4% per cent interest permitted
on certificates of deposit.
President Roger Reisher announced
that one-year certificates of deposit
would be issued in denominations of
$1,000 and multiples thereof and would
be automatically renewable.
Sue Former Banker
E. L. BACON
Grand Junction
President
Colorado Bankers Assn.
R. E. BRYANS
Casper
President
Wyoming Bankers Assn.
1*1an tti'anvU ita a li itili in I
EMBERS of the Colorado legisla
M
ture, which was scheduled to con
vene January 6, will be given the
task of deciding whether Colorado
shall join the 43 additional states in
offering branch banking.
According to reports, bankers and
legislators agree that legislation de
signed to alter the state’s banking laws
and to permit some type of branch
banking will be forthcoming in the
upcoming 45th General Assembly.
Leaders of the House of Represent
atives say that they have been told
that a branch banking bill will be in
troduced. Reports also claim that
three branch banking bills are cur
rently being prepared, but it is not
clear whether the proposed legislation
will call for state-wide or area-wide
branch banking.
Rep. John D. Vanderhoof (R-Glenwood Springs), the minority leader
and also a bank president, said he did
not know who would sponsor the bill
nor how inclusive it would be.
James C. Scarboro, executive man
ager of the Colorado Bankers Associa
tion, said he had heard reports of the
pending legislation but added that he
had heard similar reports “for the
last four or five legislative sessions
and nothing has been introduced yet.”
Members of the CBA voted against
requesting a branch banking bill by a
vote of 125 to 45 in December, 1962,
Mr. Scarboro reported. The organiza
tion’s official stand on the matter is
that the association remains under the
mandate of that vote, he said.
Bankers favoring branch banking,
however, claim that, were a poll taken
of the state’s bankers today, the out
come would be more in their favor.
Proponents also point to the fact
that the state has gained 43 new banks
since the special meeting two years
ago at which the original vote was
taken. That fact, they claim, in itself
has been enough to change the think
ing of many who formerly opposed
branch banking.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Eugene H. Adams, president of the
First National Bank of Denver and
president of the CBA at the time of
the vote, is strongly in favor of branch
banks.
He has pointed out that “ Colorado
hanks, among all businesses, are for
bidden to keep pace with changing
times. Other businesses take their
services to their customers,” he said.
“ Colorado law prohibits banks from
doing this. Department stores, drug
and food stores, savings and loan asso
ciations, finance companies, industrial
banks all have followed their markets.
Banks cannot.”
Most of the opposition to branch
banking has come from the country
banks. Their spokesmen have taken
the a ttitu d e that branch banking
would drive them out of business as
banks became as numerous as filling
stations.
Alamosa Open House
First National Bank in Alamosa re
cently held an open house to mark
completion of the remodeling of its
quarters.
William M. White, Pueblo, president
and chairman of the bank, said that
the bank’s work area has been dou
bled as a result of the project. William
J. Lynn is executive vice president of
the bank and Donald L. Mitchell is
vice president and cashier. Mr. White
is also president of Minnequa Bank of
Pueblo.
Two Boost interest
Two more Denver area banks have
announced increases in interest on
savings to 4 per cent regardless of the
length of time money is on deposit.
First National Bank of Arvada said
its increase was effective immediately.
Mountain States Bank raised the rate
effective January 1.
First Westland National Bank in
Westland Center has become the first
bank in the region to offer the maxi
The Brighton National Bank has
filed suit in Denver District Court
seeking to recover more than $10,000
from James W. Egan, formerly the
bank’s majority stockholder and a di
rector.
The suit, filed by a Denver law firm,
charges that the former stockholder
has two overdrafts at the Brighton Na
tional totaling $10,312.07, and also
asks costs of $174.87 plus interest from
the date of the filing.
The former bank director resigned
from the board of the Brighton Na
tional October 1, when the controlling
stock of the bank was turned over to
the same Denver law firm which filed
the suit—McNichols, Nevans, Wallace
and Nigro.
The transfer of the stock was in ac
cord with a stipulation filed in Denver
District Court when the directors of
the Brighton National failed to pay off
notes held by the 17th Street National
Bank of Denver.
FDIC Approval
The board of directors of the Fed
eral Deposit Insurance Corporation
recently approved Federal Deposit In
surance for the St. Vrain Valley Bank,
Longmont. The bank’s capital accounts
total $354,000. R. W. Whyte is presi
dent of the bank.
Plan New Bank
Plans for the opening of a new bank
in the Perl-Mack Shopping Center,
north of Denver, with Joseph L. Foss,
commissioner of the American Foot
ball League as one of the organizers,
were disclosed recently.
An application for a national bank
charter for the bank, with the pro
posed name of the Great Western Na
tional Bank, was filed in mid-Decem
ber with J. R. Thomas, regional comp
troller of the currency at Denver.
IM PORTANT N O TIC E!
We want to publish news of any
officer or director changes, in
creases in capital structure, or
other important action taken at
your annual meeting. Send this
news at once to N O R T H W E S T E R N
B a n k e r , 306 Fifteenth Street,
Des Moines, Iowa 50309.
N o rth w e s te rn
B a n k e r, J a n u a r y ,
1965
Two New Directors
I t a u h
Arapahoe County Bank, Littleton,
has added two new directors, accord
ing to President W. G. Johnsen.
Jack 0. Thomas, a vice president of
Public Service Company of Colorado
and its Littleton manager, is one of
the new board members. W. Jacque
Yost, director of research for Mara
thon Oil Company at its Denver re
search center, is the other.
I n s i t o s
’ ’ I l i **
Names A d Agency
The Central Bank and Trust Com
pany, Denver’s fourth largest bank,
has named the Prescott Company, Inc.,
to handle its advertising and public
relations. Max Brooks, bank presi
dent, said the new agency association
would become effective February 1.
Promote Eight Officers
Directors of the Colorado National
Bank, Denver, recently promoted eight
officers and elected four new officers,
according to Melvin J. Roberts, presi
dent of the bank.
Robert L. Kropf was promoted to
vice president from assistant vice
president. John R. Shaddock, Van
Holt Cozart, Charles A. DeMerritt, Jr.,
Leo Novotny and Richard L. Berg
were promoted to assistant vice presi-
FIRST NATIONAL BANK o f Bear Valley has cashed what may he the “ biggest”
check ever handled by a Colorado bank. The money involved was just $100, but
the detailed check for that amount was 8 feet long and 5 feet wide. The check
was employed to pay oft a bet between A. J. Narky (right) and James C. Hender
son, district sales managers for the same firm who had wagered concerning the
total sales in their respective districts. Thomas P. O’Rourke, left, executive vice
president ®f the bank, cashed the check for the happy winner. The bank is an
affiliate of the First National Bank of Denver.
dents from assistant cashiers. Donald
J. Horst and Charles E. Henry were
C onsistently “ in the p ic tu re ” is George Janzen
of the Correspondent Bank departm ent, (stand
ing) discussing tru s t details w ith Carl Kent, head
of C entral’s Trust departm ent.
T M
C E WT R AL
BANK
A
Member: F.D.I.C.
Federal Reserve System
15TH
A N D
A R A P A H O E
N ofor
r t hFRASER
w e s t e r n B anke r, J a n u a r y , 1965
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ST
N
D
. DENVER.
T
W
U
S
T
C O LO R A D O
C O
.
8 0 2 1 7
promoted from assistant trust officers
to trust officers.
Special knowledge, long experience, make
Central Bank’s trust officers an excep
tionally well-informed group of experts on
all trust problems. Their knowledge and
experience are at your service at any time.
Central Bank invites you to use their fa
cilities, their specialists in the varied
fields of banking, as your own.
Montana
Newly-elected a ss is ta n t cashiers
were Rolfe Hite Grainger, Kenneth A.
Roerig and Warner M. Fabian. Robert
R. Kampman was elected assistant au
ditor.
57
M on ta n a
NEWS
To Unveil Tower
A unique sculpture addition to the
Denver community will be unveiled
at the Denver U. S. National Bank in
April, 1965, to coincide with the grand
opening of the Denver U. S. Complex.
Selection of the winning design was
made from four three-foot sketch mod
els submitted for competition by out
standing s c u lp to r s of the United
States. The “ Promethean Tower” by
Edgar Britton, Denver sculptor, was
chosen by the board of five judges.
The tower will be cast in bronze to
an over-all height of 25 feet.
Other c o m p e tin g sculptors were
Harry Bertoia, Bally, Pennsylvania;
William Joseph, Denver, and Theo
dore Roszak, New York. Mr. Britton
was born in Kearney, Neb., and at
tended Iowa University.
News
T. JACOBS
R. C. WALLACE
President
Secretary
Missoula
Helena
CCORDING to B. C. Wallace, sec
retary-treasurer of the Montana
A
Bankers Association, notwithstanding
the various protests by Montana banks
and the Montana Bankers Association
prior to April 15, 1964, the Federal
Home Loan Bank Board recently au
thorized the establishment of a branch
office of First Federal Savings and
Loan Association of Kalispell at Libby.
Mr. Wallace said that the resolution
of the Federal Home Loan Bank Board
specified that the application for the
branch “is hereby approved subject to
the association’s complying with such
conditions as shall be established by
further action of this board.”
Hamilton, according to V. C. Hollings
worth, bank president.
Mr. Wright succeeds the late Milton
D. Byrd.
The local man joined the bank in
March, 1960, as assistant cashier in
charge of the installment loan depart
ment. Since that time, he had been
promoted to auditor and commercial
loan officer.
60tli Anniversary
The Whitehall State Bank, White
hall, celebrated its 60th year in busi
ness December 18, 1964, with a special
observance of its anniversary.
Employees Honored
Ag Credit Meeting
The 16th annual Agricultural Credit
I Conference will be held at Montana
i State College in Bozeman Friday and
I Saturday, January 22 and 23.
Named President
PROMETilEAlSr T O W E R — Herb Lee,
member of the staff of the Denver TJ. S.
National Bank, holds a model of the
Promethean Tower which is to be un
veiled at the bank in April (see position
o f mock-up tower in background). L eft
to right, James Sudler, bank architect;
Roger D. Knight, Jr., chairman of the
board; and Edgar Britton, sculptor.
li f/offiffi#/ N ews
Kay L. Forster
Ray L. Forster, 48, Casper, an assist
ant vice president of the First Nation
al Bank of Casper, was found dead in
the lower basement of the bank build
ing late Sunday evening, November
29.
He had evidently been painting a
cabinet. The cabinet and a can of
paint were found near his body. There
was no evidence of foul play and no
inquest into the death was made.
Vice President Retires
Dorsey T. Morris, senior vice pres
ident and auditor of the American
National Bank, Cheyenne, retired from
his post December 31, 1964, according
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Wilford F. Bell, longtime Malta busi
nessman and farmer, has been named
president and a director of the pro
posed National Bank to be located in
Malta. Also named as directors were
Lochiel Edwards, Malta businessman,
and Leslie Eskildsen, Malta rancher.
The proposed bank will be capital
ized at $200,000 and stock is being
made available to residents of Phillips
county. Mr. Bell also reported that a
new, modern bank building will be
constructed on a site yet to be se
lected.
Vice president and managing officer
of the new bank will be James L.
Hines, a life-long resident of Valley
county and a former banker at Glas
gow.
Cashier at Hamilton
Earle C. Wright has been appointed
cashier at the Citizens State Bank in
to Ellsworth Handy, president of the
bank.
Mr. Morris, one of the first seven
employees of American National, has
completed 45 years’ service with the
bank, starting the first day the new
bank opened in 1919.
Fred Marble, Jr., president of the
First National Bank of Billings, re
cently named three long-time em
ployees of the bank for special awards.
Harold E. Kinsley, vice president
and trust officer, joined the bank in
March, 1923. Since that time he has
held nearly every position in the bank.
Alfred F. Engle became an employee
of the institution in September, 1924,
at which time Billings boasted six
banks. Mr. Engle is presently assist
ant vice president and assistant trust
officer.
Miss Ida Mae Session, auditor since
1945, joined the bank in January, 1924.
Joins Bank Staff
Jim Connole, manager of the Cut
Bank Finance Company, Cut Bank,
since he became a partner in forming
the organization in 1961, became asso
ciated with the First National Bank of
Cut Bank, January 4.
Red Emerson, bank vice president
and cashier, said that Mr. Connole fills
a staff vacancy created by the resig
nation of Leroy Brorson.
IM PORTANT NO TIC E!
We want to publish news of any
officer or director changes, in
creases in capital structure, or
other important action taken at
your annual meeting. Send this
news at once to N o r th w e s te r n
B a n k e r , 306 Fifteenth Street,
Des Moines, Iowa 50309.
N o rth w e s te rn
B anke r, J a n u a r y ,
1965
58
DO THE DIGGING?
V
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ation in relation to your own securities list could turn into a full-time job. It is a full
time job for U. S. National portfolio analysts. They’ll be happy anytime to review your
portfolio and make recommendations for your consideration.
Mention it to a man from U. S. National.
Whether it’s a complete portfolio analysis or
recommendations on a particular trade, he’ll see
that you get an accurate and prompt report.
>
Call U. S. anytime — 341-8765, Omaha.
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
N o rth w e ste rn
B anke r, J a n u a r y ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7965
4
59
John Elm
John Elm, 94, prominent Genoa
banker, died recently in Albion. He is
survived by several nieces and neph
ews.
N eb rask a
NEW S
Remodeling Progresses
N. T. TIEMANN
HARRIS V. OSTERBERG
President
Exec. V.P.
Remodeling of the First National
Bank in Valentine is reported nearing
completion.
Wausa
Omaha
Hunhinif S ch ool A n n ou n ced
Nebraska, Kansas and Mis
T HE
souri Bankers Associations, in co
operation with the University of Ne
braska and Nebraska Center for Con
tinuing Education, will offer a unique
educational opportunity for the banks
of Nebraska when the School of Basic
Banking.is held the week of March 7.
The school has been planned accord
ing to the assumption that participat
ing bankers have not had formal edu
cation in the banking field, but with
sustained effort, the school will make
possible the rapid coverage of basic
banking subjects.
The school will be held at the Cen
ter for Continuing Education on the
Agricultural campus of the University
of Nebraska, Lincoln.
A nine-man board of trustees—three
from each participating state — will
have supervision over the school. Wil
liam H. Osterberg, secretary for the
Nebraska organization, will serve as
registrar. Education director will be
a member of the staff of the College
of B u sin e ss Administration. The
school itself will be open to both men
and women employed by member as
sociation banks.
Don Murphy, executive vice presi
dent of the Stock Yards National Bank
of South Omaha and chairman of the
committee on education, stressed the
point that the school of banking is
meant to enable new bank employees
to understand the complete banking
functions. He also reported that the
school is not intended to replace other
programs presently carried out by the
N.B.A. or to conflict in any way with
existing bank schools.
N.B.A. members will receive bro
chures and applications for admission
in the near future.
Branch Banking
N. T. Tiemann, president of the Ne
braska Bankers Association, recently
declared his opposition to branch
banking in the state. Reports indi
cate that the state legislature will be
offered new legislation in the branch
banking area.
Bank o f Nebraska
The new Bank of Nebraska, at Ral
ston, is to be built between 72nd and
76th Streets there.
Approves Powers
The Federal Deposit Insurance Cor
poration has approved an application
for consent to exercise limited trust
powers to the Bank of Brainard, Brainard.
New Norfolk Bank
Remodeling of the present Firestone
store for an expanded first floor for
Cashier Resigns
the DeLay First National Bank, Nor
First National Bank of Ord, at its folk, is to commence next summer.
December board meeting, accepted the
The bank has occupied the corner
resignation of C. B. Gudmundsen, the at Fourth Street and Norfolk Avenue
bank’s cashier and a long-time em since 1930. The remodeling project
ployee.
will provide the bank with a 50-foot
C.
W. Weckbach, vice president of frontage.
the bank, assumed the duties of cash
ier under the title of vice president
Elected Bank Officer
and cashier and Donald E. Blaha was
Mrs. Linda Halverson has been
elected assistant cashier. Clark Weck
elected assistant cashier at the Bank
bach continues as president of the
of Valley, Valley, according to H. E.
bank.
Green, bank president.
Purchases Interest
H.
J. Wragge, president of the First Parking Area
The First National Bank of FairNational Bank of Tekamah, has pur
chased controlling interest in the Citi bury has opened a new parking area.
Luther Bonham is chairman of the
zens State Bank of Decatur, effective
bank’s board of directors.
January 1.
Hunh M^catnres
H um p
1IMPORTANT N O TIC E!
We want to publish news of any
officer or director changes, in
creases in capital structure, or
other important action taken at
your annual meeting. Send this
news at once to N o r th w e st e r n
B a n k e r , 306 Fifteenth Street,
Des Moines, Iowa SOSO*).
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
HI-PARK PARKING- AREA, the first of its kind in Beatrice, was constructed as part
of the recently-completed remodeling o f the exterior of the Beatrice National Bank and
Trust Company. The parking area is visible at left. Open house was held at the bank
recently and was described by President W. W. Cook, Sr., as “ one o f the biggest suc
cesses we have ever had.” Approximately 3,500 persons attended the event at which
13 prizes, including a color television set, were given as part o f the “ Sidewalk Sweepstakes” contest held in conjunction with the construction project.
N orthw estern
B a n k e r, J a n u a r y ,
1965
60
of the stock Yards
National Bank of South Omaha
and The South Omaha Bank
have approved a plan for merging the
two banks, it was announced recently
in a joint statement by A . J. Hallas,
president of the Stock Yards National
Bank, and Joseph F. Ringland, Jr.,
president of The South Omaha Bank.
The plan, subject to the approval of
the Comptroller of the Currency, will
join two 75-year-old institutions with
combined resources of more than $45
million.
According to Mr. Hallas, the plan
calls for the Stock Yards National to
assume the deposits of The South
Omaha Bank. Personnel of the South
Omaha Bank will join the Stock Yards
National. The Board of Directors of
the Stock Yards Bank will be ex
panded to include the board of the
South Omaha Bank.
Also planned, stated Mr. Hallas, are
D
ir e c t o r s
o rFRASER
t h w e s t e r n B a n k e r, J a n u a r y , 1965
Digitized Nfor
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Federal Reserve Bank of St. Louis
the expansion and improvement of
the joint banking facility at 24th and
L, where customers of both banks
have been served since April of 1963.
Additional land has already been
leased for this purpose, and work is
expected to begin shortly. The bank
ing facilities in the Livestock Ex
change Building will also be remod
eled to provide greater banking con
venience for customers of both banks.
The names of the two banks will
probably be consolidated to reflect the
merger of the two financial institu
tions, said Mr. Hallas and Mr. Ringland. They both emphasized that the
decision of the Comptroller of the Cur
rency cannot be expected for several
months, at which time more complete
details will be announced. During the
interval, they pointed out, both banks
will continue to operate as in the past.
Both banks are owned by Northwest
Bancorporation of Minneapolis, Minn.
W est Omaha National Bank early
last month opened temporary banking
facilities at the site of the new bank
currently under construction. The
temporary facilities, located in a mo
bile home unit, will serve the bank’s
customers until the new bank is com
pleted. Officers hope to occupy the
new building in July.
* * *
Perry A . Francis, president of The
Southwest Bank of Omaha, announced
recently that the bank hopes to move
into its new permanent structure at
88th and Center Streets early next
summer.
* * *
Harold J. Marshall, 59, one-time offi
cer of the New York State Bankers
Association and a one-time student at
Creighton University, died early last
month in New York City.
In 1962, Mr. Marshall was one of 18
American bankers who went to Mos
cow to study the Soviet Union’s eco
nomic system. A resident of Chappaqua, N. Y., he had been president of
the National Bank of Westchester at
White Plains since 1956.
A native of Moberly, Mo., he went to
work for the Council Bluffs Savings
Bank in 1923 following his graduation
from Creighton Prep.
* * *
J. M. Hart, vice president of the
North Side Bank, Omaha, reports that
L . Dale M atthews, president of the
bank, was recently appointed to serve
as chairman of the legal and legisla
tive committee for the Missouri Val
ley Chapter of Robert Morse Associ
ates.
I
l
#
»
«
#
/i0rire
CO-CHAIRMEN for the $7.5 million Cath
olic Archbishop’ s Education Fund drive,
now underway in the greater Omaha area,
are Frank P. Fogarty, a director of the
U. S. National Bank, left, and Arthur W.
Knapp, senior vice president of the Omaha
bank. Between them is Archbishop Gerald
T. Bergan. The drive has as its major ob
jective the expansion of physical facilities
to permit doubling the present parochial
high school enrollment.
61
''Driving Force”
in the Midlands
H erb E ch term eyer has a lot o f d r i v e . . . does a lot of
driving. As Senior V ice P resident heading our C orres
p on d en t B anking D epartm en t, H erb is k ey m an in our
services to banks th rou gh ou t the 8-state M idlands. H e
spends m uch o f his tim e on the r o a d . . . covers som e
2 5 ,0 0 0 m iles a year putting the full resources o f T h e
O m aha N ational to w ork for our correspon den t banks.
In clu din g yours, w e trust.
The O m ah a National Bank
>
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Member Federal Deposit Insurance Corporation
N o rth w e ste rn
B a n k e r, J a n u a r y ,
J9&5
62
N ebraska
New s
Valentine H e a r inf/ »Itinnn ri/ I Ith
HEARING to determine whether
A the
recently-opened Bank of Val
entine — moved to Valentine from
Wood Lake at the time the Nebraska
State Bank in Valentine was placed
in receivership — will be allowed to
continue its operations is scheduled
M onday m orn in g, January 11, in
Cherry County District Court.
The hearing results from an injunc
tion sought by the directors of the
Nebraska State Bank of Valentine to
halt the liquidation of the bank and to
prevent the Bank of Wood Lake from
operating within the community.
Nebraska State’s directors were in
structed to be prepared to make the
bank “whole” by the time the hearing
convenes or the case will be closed.
Meanwhile, Henry Ley, state bank
ing director, has instructions to pro
ceed as scheduled with the liquidation.
The former Bank of Wood Lake, with
the director’s approval, continues to
operate in Valentine.
The board of directors of the Fed
eral Deposit Insurance Corporation re
cently approved Federal Deposit In
surance for the relocated bank.
The N eb ra sk a State Bank was
placed in receivership when Richard
Davenport, president of the bank, con
fessed in writing that he had em
bezzled a total of approximately $1.8
million over a period of 14 years.
75th Anniversary
The American National Bank, Sid
ney, recently observed its 75th anni
versary with an open house celebra
tion.
More than 3,000 persons registered
for door prizes at the event.
Correspondent bankers and banks
THE
95
Mr. Monson suffered a stroke and died
at home in his sleep.
from the surrounding area were guests
of the American National at a buffet
dinner held at the Fort Sidney Motor
Hotel.
A. J. Jorgenson, chairman of the
board, has been associated with the
bank for 40 of its 75 years.
New Executives Named
At Overland National Bank
Directors of the Overland National
Bank of Grand Island, at a special
meeting December 21, elected Wayne
R. Morris and Richard C. Armstrong
to fill vacancies on the board.
At the same time, directors elected
Willard W. Westover as chairman of
the board and Mr. Morris as president.
Mr. Westover has been serving as
senior vice president and director. He
has been with the Overland National
since 1942.
Mr. Morris previously held the title
of vice president and has been with
the bank since 1947.
Two long-time executives of Over
land National died less than three
weeks apart. G. J. Armstrong, who
had b e e n presi
dent for many
years, d i e d No
vember 30. At a
special directors
meeting on De
cember 9, George
W. Monson, who
had been chair
man of the board,
was elected pres
ident to succeed
G. w . M O N S O N
him. Mr. Monson
had been associated with the bank
since 1940. A week after his election,
CENT
BARGAIN
OFFER
W. W. W ESTOVER
Heads Fund Drive
Myron Weil, executive vice presi
dent of the National Bank of Com
merce, Lincoln, has been elected presi
dent of the Lincoln Community Chest.
Elected Director
A. C. Peterson, president of the First
State Bank of Lodgepole, was recently
elected a director of the Independent
Bankers Association.
Clad Britt
Clad Britt, former cashier of the
Center State Bank, Creighton, died
early last month.
Increase Capital
The First Security Bank, Suther
land, recently increased its capital
from $25,000 to $50,000. The move was
approved by the Federal Deposit In
surance Corporation late in November.
The bank’s cashier, J. F. Fleak, also
reports that a $1 million excess bond
was also approved for the bank re
cently.
PLAN
Makes it much easier for you to convert your accounts into buying their own checks
N o r th w e s t e r n B a n k e r, J a n u a r y , 7965
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A sk our salesman about this plan.
W . R. M O R R I S
Richard C. Armstrong, a son of the
former president, has been with the
bank six years and is assistant vice
president.
63
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Federal Reserve Bank of St. Louis
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N o rth w e s te rn
B anke r, J a n u a r y ,
1965
64
E L LIS
72, a bank
er in Lincoln for more than 50
years, died there Monday, De
cember 14.
A former state senator, Mr. Knight
was born in David City and grew up
in the Geneva area. After being grad
uated from Nebraska Wesleyan Uni
versity in 1914, he attended North
western University graduate school.
In 1915, he began his banking ca
reer at Citizens State Bank as a book
keeper. He was president of the bank
until the week prior to his death at
which time the bank’s board elected
Percy Mays as Mr. Knight’s successor.
Mr. Knight had continued as board
chairman. Also, George W . Knight
was promoted from vice president to
executive vice president at the same
time Mr. Mays was named president.
He is the son of the late Mr. Knight.
* * *
Van Horne Investments, Inc., re
cently opened a Lincoln office with
Harold A . Elm er in charge. The man
ager was raised in Lincoln and was
graduated from the University of Ne
braska. Since serving with the MaEORGE A . K N IG H T ,
G
rines in the Korean conflict, Mr. Eb
ner has been engaged in investment
banking in Omaha.
* * *
& Co., investment firm,
opened an office in Lincoln January
1 in Suite 506, First National Bank
Building.
Manager of the
n e w o f f i c e is
George Knack, as
sociated with Ra
hel & Co. for ap
proximately four
years.
Prior to joining
Rahel & Co., Mr.
Knack was asso
ciated with Wa
G. K N ACK
de 11 & R e e d ,
Sioux City.
* * *
The First National Bank and Trust
Company announces the advancement
of Charles R. Ellis and Richard T).
H am m el to assistant cashier, and the
appointment of Richard T. E m ery as
trust officer.
.1. Cliff Rahel
NEW O F F I C E with an
old hand
G eo rg e E. Knack, Vice President, has been appointed
HAM M EL
EMERY
Mr. Ellis presently is manager of
the discount and note department. He
has been with the bank since 1952.
Mr. Hammel, who joined the bank
in 1957, currently is assistant manager
of internal computer operations. Mr.
Emery received his B.S.C. and L.L.B.
degrees from the University of Iowa
and was associated with the estate and
gift tax division of the Internal Rev
enue Service in Omaha before join ' (
ing the bank.
4= 4= *
An application for a charter for
what would have been Sarpy county’s •4
second national bank was disapproved
December 11 by the Comptroller of the
Currency.
Four Lincoln investors, with an
other from Omaha, had sought the
charter for the bank which was to
have been located between South
Omaha and Offutt Air Force Base.
Applicants included W illiam Gold
li, Paul Schorr, Gene Tallman, James
.T. Exon and Henry Kleinkauf. All are
from Lincoln with the exception of
Mr. Kleinkauf, who is from Omaha.
* 4= *
After 45 years in the banking field,
Allen F. Jorgensen, vice president of
the National Bank of Commerce Trust
and Savings, retired on December 31,
1964. Mr. Jorgensen started with the
National Bank of Commerce on Au
gust 1, 1947, after serving as an exam
iner in Nebraska’s state banking de
partment for twenty years.
His banking career began at the age
of 20 in his hometown bank of Dannebrog, Neb., on December 26, 1919. He
left there to start examining Nebras
ka banks on December 26, 1927. Mr.
Jorgensen plans to continue on the
board of directors of the First Na
tional Bank of Bayard, Neb.
4
4
Resident M anager of our new branch o ffice —
Suite 506 — First National Bank
Lincoln, Nebraska
Suite 1130-1140 FIRST NATIONAL BANK BUILDING • OMAHA, NEBRASKA
M e m b e rs— M id -W e st Stock Exchange
O rd e rs Executed on all p rin cip al exchanges.
o r FRASER
t h w e s t e r n B a n k e r, J a n u a r y , 1965
Digitized Nfor
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Federal Reserve Bank of St. Louis
Bernard Steinauer
Bernard J. Steinauer, president of
the Bank of Steinauer, Steinauer, died
recently of a heart attack at the age
of 52 years.
He had served as president of the
bank for the past 25 years. He was
also president of the B. J. Steinauer
Insurance Agency.
*
*
65
j
\
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
You may call on our experienced correspondent staff
for counsel on inventories, receivables, warehousing
and other seasonal commercial loans.
F I R S T
& T r u s t
N A T I O N A L
C o m p a n y o f
12th & N Street —Lincoln, Nebraska
B A N K
L i n c o l n
Member: F.D.I.C.
Northwestern Banker, January, 1965
66
Nebraska News
Named to Fed Boards
Annual appointments by the Fed
eral Reserve Bank of Kansas City to
its branch boards and to the Federal
Advisory Council of the Federal Re
serve System were announced last
month by Homer A. Scott, chairman
of the Kansas City Fed’s board.
Branch board appointments are for
two-year terms and the advisory coun
cil member is* named for a term of
one year.
^
Appointed to the Denver branch
board was Theodore D. Brown, presi
dent of The Security State Bank of
Sterling, Colo. He succeeds J. H. Bloedorn, president of The Farmers State
Bank of Fort Morgan, Colo., who had
I
served three terms and was ineligible
for reappointment. The board also
reappointed J. P. Brandenburg, presi
dent of The First State Bank of Taos,
N. M., to a second term on the Denver
branch board.
At Oklahoma City, C. M. Crawford,
president of the First National Bank
of Frederick, Okla., was named to suc
ceed R. L. Kelsay, chairman and pres
ident of The First National Bank in
Hobart, Okla., who also was ineligible
for reappointment. Guy L. Berry, Jr.,
president of The American National
Bank and Trust Company of Sapulpa,
Okla., was reappointed to a second
term on the Oklahoma City branch
board.
W. B. Millard, Jr., chairman of the
Omaha National Bank, was appointed
to the Omaha branch board to replace
John F. Davis, president of The First
National Bank of Omaha, who had
served three terms.
Representing the Tenth Federal Re
serve District on the Federal Advisory
Council will be Roger D. Knight,
chairman of the Denver United States
National Bank.
Eustis Grand Opening
Nearly 700 people toured the newlyremodeled quarters of the Farmers
State Bank at Eustis recently. The
occasion also marked the 75th anni
versary of the bank.
. . . an invitation to
use Schweser
Appraisal Service
You are invited to make full use of our
experience and facilities for appraising
your bond portfolio.
A NEIGHBORING BANKER, Marion Mor
gan, pres, of 1st Natl, at Elwood, drew
names of guests of Farmers State at Eustis
for portable TV set and three transistor
radios. Assisting with the drawing was
Carole Schroeder, Nebraska Wheat Queen
and also a teller at the Eustis bank.
You may like to have us study your
municipal bond holdings and make rec
ommendations that might improve your
position in view of present market con
ditions.
Feel free to send us your bond portfolio
for analysis — a list of your holdings
designating amount, issuer, type of bond,
maturity, option and interest rate — or
call on us for any type of bond coun
seling.
P a trick H . Retiseli
Vice- / ’resident
and Counsel
Naturally, there is no cost or obligation
to you.
Herman Brockmeier, president, and
other officers, directors and staff mem
bers greeted the visitors. Mr. Brock
meier also introduced Norman Fallesen, who has moved from Plainview
to become vice president and director
of Farmers State, effective January 2.
He succeeds John Swanson, who was
elected a railway commissioner at the
last election. Mr. Fallesen formerly
was cashier of Plainview National
Bank.
Hosts 65 Bankers
William March
Secretary and
Treasurer
R O B E R T E.
IN VE STM EN T
BANKERS
208 S. 19th Street
•
U N D E R W R IT E R S
•
TAX
OMAHA, NEBRASKA
EXEMPT
BONDS
E X C LU S IV E L Y
Telephone 344-4611
Correspondents: Prudential Building, 3212 Loma Vista Road, Ventura, California, Tel. M iller 3-5436
201 Wellesley Drive S.E., Albuquerque, New Mexico, Tel. 268-9043
Digitized Northwestern
for FRASER Banker, January, 1965
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The Gresham State Bank recently
hosted 65 bankers for the bi-monthly
meeting of the National Association of
Bank Auditors and Controllers. The
bankers represented towns included
in an area bounded by York on the
west, Ashland on the east, Wahoo on
the north and Beatrice to the south.
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
F. I. D A V E N P O R T & CO.
OM AHA
67
Your Capital City Correspondent
The experienced field team from N.B.C. is backed up
by a complete Correspondent Bank Department staff
in Lincoln ready to serve you on all banking matters
when you telephone or come in.
I K B i - 'fliMwKf|SSSpnSr?
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Top Rex Miller
Bottom left to right Tom Waldo / Winton Buckley
g
NATIONAL
B A N K o fT O M M E R C E
M EM BER
F D I C
TR U ST & SAVIN GS
L IN C O L N . N E B R A S K A
Northwestern Banker, January, 7965
68
A t i h m lite r s T r u s t
tr e e u r e tr ita i h a p p e n s
in
in tr a .
Like you, we re Iowans. We re dedicated to the econom ic well
being o f our state and of its communities.
W e care very much
about your success in your trade area, and we welcome the op
portunity to serve your hank.
We offer assistance on :
transit
service -— safe keeping — excess loans — investment counsel —
trusts —
and other special services.
W rite, or call us
for help on any
hanking problem
Digitized Nfor
o rFRASER
t h we s t e r n B anke r, J a n u a r y , 1965
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CY KIRK
6th
HOMER JENSEN
GORDON DODGE
Avenue and Locust Street
lies Moines, Iowa
Member: F. R. S.
Member: F. D. I. C.
69
cashier at the Dallas County State
Bank, Adel.
Io w a
Open Grinnell Bank
NEW S
E. L. BALLOU
FRANK WARNER
President
Secretary
Storm Lake
1
Des Moines
|
Tabor Open House
À
Numerous residents of the FremontMills area, together with representa
tives of several Iowa and Nebraska
hanking houses, attended the recent
open house marking the completion of
the remodeling program at the First
State Bank in Tabor.
Aug. F. Meyerhoff
»
Aug. F. Meyerhoff, president of the
Readlyn Savings Bank at Readlyn for
the past 27 years, died unexpectedly
of a heart atack at his home recent
ly. Mr. Meyerhoff, and his father be
fore him, served as the only presidents
of the bank since it opened its doors
approximately 60 years ago.
The bank president, 63 years of age
at the time of his death, had first been
employed by the hank as a bookkeeper
42 years ago.
New Bank Formed
Organization of the Iowa State Bank
and Trust Company at Center Point
has been approved by the state de
partment of banking and the bank has
opened for business.
The bank will have capital of $75,000, surplus of $37,500, and undivided
profits of $37,500 for total capital ac
counts of $150,000. The bank opened
ear]y last month.
John H. Lessenhop, president of the
Walker State Bank, is president of
the new hank. Directors are Kenneth
Andersen, Paul Johnson, John Lessen
hop, Fred O’Brien and Willard Street.
Albert City Cashier
John Stole recently began his new
duties as cashier of the Albert City
Savings Bank at Albert City. Mr.
Stone was formerly with the Farmers
State Bank, Kanawha, and more re-
IM POKTANT N O TIC E!
k.
We want to publish news of any
officer or director changes, in
creases in capital structure, or
other important action taken at
your annual meeting. Send this
news at once to N o r th w e st e r n
B a n k e r , 306 Fifteenth Street,
Des Moines, Iowa 50309.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
cently was associated with the Com
mercial Bank, Salem, Ore.
He replaces Lloyd A. Penner, who
accepted a position with the County
Bank of Santa Cruz, Calif.
Remodeled Maquoketa Bank
Residents of the greater Maquoketa
area recently attended an open house
at the newly-remodeled and enlarged
Jackson Savings Bank of Maquoketa.
In lieu of refreshments and memen
toes, adults 20 years of age and older
w ere re q u e ste d to register their
church preferences. The bank subse
quently donated 50 cents to each of
the churches for each of the churches’
registrants. Contributions were lim
ited to churches within a 50-mile ra
dius of Maquoketa. Children were
given gifts at the opening.
The bank was remodeled in contem
porary colonial. Red brick walls were
accented with white shutters flanking
small-pane windows. Inside, white
shutters replaced draperies. The re
modeling was done to coincide with
the modern colonial decor of the
b a n k ’ s recently-constructed drive-in
bank.
Promoted at Adel
Vera McGinnis and Lee Struble have
been promoted to the office of assistant
Officials of the Poweshiek County
National Bank in Grinnell held open
house last month in order to give the
public an opportunity to inspect the
newly-remodeled interior of the bank.
In conjunction with the open house,
the bank gave away 18 door prizes in
the form of “ Shopping Sprees”—$10
to $100 shopping coupons which were
to be spent in Grinnell prior to Christ
mas.
New furniture, draperies and tile
were added as part of the remodeling
project which also opened the floor
area to provide space for six loan of
ficers’ desks. A “customer conven
ience” area was also added as were
three new coupon booths.
Estherville Bank Opens
Open house was recently held at
Iowa Trust and Savings Bank in Es
therville following completion of a re
modeling project at the bank.
New Bank Officer
Donald Byrnes was recently pro
moted to assistant cashier of the
Cresco State Bank in Cresco.
Set Meeting Dates
Dates for the State Banking Confer
ence and the Installment Lending Con
ference have been set by the Iowa
Bankers Association. The State Bank
ing Conference will be held at the
Hotel Savery in Des Moines, Monday,
March 29. The Installment Lending
Conference will be April 13-15 at Hotel
Kirkwood, Des Moines.
#*/«« 1 9 6 5 t.rouft M e e tin g s
places and dates for the
MEETING
Iowa group meetings sponsored
by the Iowa Bankers Association have
been announced for 1965, by Associa
tion President E. Leland Ballou as
follows:
Group
1
II
5
(i
3
2
4
8
7
10
Headquarters for the Group 1 meet
ing in Sioux City will be the SheratonWar rior Hotel. Group 11 headquar
ters will be at the Hotel Burlington.
O ther m e e tin g places will be an
nounced at a later date, together with
complete programs.
Date
Friday, Feb. 12
Monday, Feb. 22
Tuesday, May 4
Wednesday, May 5
Thursday, May (»
Friday, M ay 7
Tuesday, May 18
W ednesday, May 19
Thursday, M ay 20
Friday, May 21
Town
Sioux City
Burlington
Council Bluffs
Perry
Clear Lake
Spirit Lake
Oelwein
Maquoketa
Tama
Ottumwa
N o rth w e s te rn
B a n k e r, J a n u a r y ,
1965
70
Iowa News
Anthon Open House
Open house was held in mid-Decem
ber at the First Trust and Savings
Bank at Anthon.
Mtnnh
A id s
ilusClass
New Board Member
At the regular December board
meeting of the Security National Bank,
Sioux City, Frank W. Griffith, vice
president of the Iowa Public Service
Company, was elected a member of
the board of directors.
Mr. Griffith, a native of Fort Dodge,
is a graduate of Iowa State University
with a B.S. degree in engineering. He
has been associated with Iowa Public
Service Company since 1948 at which
time he joined the organization as a
junior engineer.
FIRST STATE BANK of Diagonal recently provided the Mount Ayr Community High
School business class with various business forms for use on a class bulletin board.
Monte Dailey, left, and Duane Miller were pictured by the board. The picture was pro
vided by the high school camera club.
Auto Bank Contracts
Contracts were expected to be let
in mid-December for the First Na
tional of Denison Auto Bank. The
facility, to be located at the intersec
tion of Main Street and Highway 30,
is expected to be completed by late
spring.
Approve Office Facility
The office of the Comptroller of
the Currency in Washington, D. C.,
recently advised City National Bank
in Cedar Rapids that its application
for permission to establish an office
facility at Lindale Plaza shopping cen
ter had been approved.
No opening date has been estab
lished pending decisions on final con
struction details. Officials hope, how
ever, to open the new facility some
time in March.
Mount Pleasant Cashier
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Federal Reserve Bank of St. Louis
David J. Masson has been named
cashier of the Mount Pleasant Bank
and Trust Company, Mount Pleasant,
according to a recent announcement
made by C. R. Atwell, president of
the bank.
Mr. Masson, a graduate of the Uni
versity of Iowa, has had 12 years’
banking experience. He was former
ly employed as assistant cashier at
the National Bank of Washington and,
for the last four years, was assistant
cashier in the Farmers National Bank,
Winfield.
Capital accounts, reserves and earn
ings now give the bank in excess of
$1 million working capital with depos
its currently totaling approximately
$11 million.
W. R. Johnson, assistant cashier at
the bank, left recently to enter the
business development department of
the Northwest Bank & Trust Compa
ny, Davenport, according to Arthur
C. Herman, vice president and cashier
of the Boone bank.
Board Approves
In recent actions of the Iowa de
partment of banking, John Chrystal,
superintendent, approved the applica
tion by the Iowa Trust and Savings
Bank, Centerville, to merge the First
National Bank of Centerville and also
approved the application made by the
Wright County Bank, Clarion, to ac
quire the assets of and assume liability
to pay deposits made in the Bank of
Galt, a private non-insured bank.
Both actions await approval of the
Federal Deposit Insurance Corpora
tion.
Morris Plan Officer
Robert E. Johnson has been pro
moted to executive vice president of
The Morris Plan Companies of Iowa.
He had previously served as vice pres
ident in charge of operations. His
promotion was announced at the an
nual meeting of the board of directors
December 17.
Up Capital Structure
New W apello Officer
Directors of the Citizens National
Bank of Boone, at their regular Decem
ber meeting, took action to increase
the bank’s capital structure by direct
ing transfer of $100,000 from the un
divided profits to the surplus account.
Capital will accordingly total $200,000
and surplus $500,000.
Joe E. Johnson, 28, has been named
cashier of the State Bank of Wapello.
Prior to joining the Wapello bank, Mr.
Johnson was assistant cashier at the
First National Bank of Tuscola, 111.,
for approximately four years. He has
also been associated with Commercial
Credit Corporation, Decatur, 111.
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Federal Reserve Bank of St. Louis
71
A good connection
in Des Moines
since 1872
¿& S3ÍD )
‘a F K H j i g g i r
W A L N U T AT F O U R T H
• MEMBER
FDIC
• DES M O I N E S
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B a n k e r, J a n u a r y ,
1965
72
Iowa News
prove out the system. B. C. GranIn itia te l 'leseti C ircuit Irestiht/
gaard, president, said the program has
been under the direction of Harold C.
B etw een
•iefferson.tie s M o in
e s vice president and cashier.
Winder,
posting through use
of punched tape data that is
transmitted over closed-circuit long
distance telephone lines was started
January 1 by Home State Bank of
Jefferson, using computer facilities
of the Central National Bank and
Trust Company in Des Moines. This
is the first such installation in Iowa
and possibly in the Seventh Federal
Reserve District.
After previous testing, the new
service was announced to the public
by Gerald Clause, president, and John
M. Shanda, vice president and cashier.
In a newspaper ad designed to inform
readers of details of the plan, it was
emphasized that “none of your checks
or deposit slips ever leave the bank.
They’re always right here and along
with your current balance, are avail
able on request.”
To accomplish this, all that is trans
mitted by Home State Bank is the
customer’s account number, amount
of the entry, and a transaction code
to tell the computer in Des Moines
whether it’s a debit or credit. This
information is punched in paper tape
by a National Cash Register add-punch
machine. The information in paper
tape is sent by a tape transmitter, des
ignated as Mark 10 and developed by
the Tally Corporation of Seattle, Wash.
At the receiving end is a machine
designated Tally Mark 1C, which in
cludes a parity check to verify that
the punched tape as received is the
same as it was sent.
At the Home State Bank, the Mark
10 is tied in with Northwestern Bell’s
402 Data-Phone, another small piece of
equipment sitting beside it on the
same desk. Transmission can be made
periodically during the day at pre
determined hours, usually early in
the afternoon and again after closing
hours. Contact between Central Na
tional and Home State Bank is read-
E
l e c t r o n ic
ily established on an economical basis
by use of Central National’s WATS
line.
When the punched paper tape is
transmitted through the Data-Phone,
the encoded information is received
at the Central National computer de
partment, where the Mark 1C re
produces the Home State Bank tape.
PUNCHED TAPE transmitter (right), the
Tally Mark 10, is pictured here with 402
Data-Phone.
An IBM tape-to-card converter trans
fers the information to punch cards.
Five entries are recorded in one IBM
card at Central as input. Although
Home State records its entries in ran
dom order from its proof machine,
the 1401 computer at Central National
makes an internal sort just prior to
posting. The latter then are used as
input media to Central National’s IBM
1401 computer system.
As the data is received during the
day, cards are punched and stored in
preparation for processing at a given
time later in the day. After posting
or up-dating that night, the printed
journal trial balance and all pertinent
reports are sent back to Jefferson just
after midnight by armored car serv
ice. This gives the Home State Bank
up-to-date records each morning as
the bank opens.
The Central National began testing
this method of data transmission from
correspondent banks and processing
of the necessary records last May to
“Strong friend
of the Independent Banker”
Jack Parmenter, assistant cashier of
Central National, has been assigned to
supervise this initial program and ex
tend any needed assistance to Mr.
Clause and Mr. Shanda and the Home
State staff.
Remodeling Completed
Completion of the remodeling proj
ect at the Iowa Trust and Savings
Bank, Estherville, was celebrated with
an open house December 18, according
to Francis T. Shadle, president of the
bank.
Mr. Shadle reported that approxi
mately 2,500 persons visited the bank
to join in tours of the building. The
bank also offered refreshments, gifts
and registration for five door prizes.
The remodeling program resulted in
a new bookkeeping department, an
employee lounge and a new storage
area on the basement level. The main
banking floor was enlarged and new
teller windows were installed.
New Insurance Service
Chemical Bank New York Trust
Company has announced a new serv
ice available to its checking account
depositors, an automatic deduction
service for the payment of premiums
on personal accident insurance poli
cies.
“The bank will handle, without serv
ice charge, the payment of premiums
by deducting from the checking ac
counts of participants in the plan, $1
each month as authorized by them,”
according to the announcement.
The insurance is underwritten by
The Home Insurance Company and is
offered to Chemical Bank New York
checking account depositors through
the insurance brokerage firm of Marsh
& McLennan, Inc. Benefits are paid
to the insured or beneficiary by the
insurance company in the event of ac
cidental loss of life, limb or sight to
participants in the plan. The bank
does not solicit or act on behalf of
either The Home Insurance Company
or Marsh & McLennan, Inc., with re
spect to the plan but acts solely on
behalf of its depositors in making pre
mium payments.
Open Dyersville Bank
THE MARQUETTE NATIONAL BANK
SEVENTH AND MARQUETTE
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Federal Reserve Bank of St. Louis
1 965
The newly-chartered Fidelity Bank
and Trust Company opened in Dyersville last month. The bank charter
from Luxemburg was moved to Dyersville and the name of the bank
changed from Luxemburg State Bank.
Jerome Ungs, president of the bank,
¡owa
will maintain an office in Luxemburg.
Dyersville has one other bank, Dyersville National Bank, and its depos
its are $5 million. Population of the
town is 2,800.
Begin Expansion
The Peoples State Bank, Missouri
Valley, has begun an expansion proj
ect, according to John A. Kovar, vice
president and cashier.
Scott County Regains
Control of Institution
Scott county residents regained con
trol and ownership of the Northwest
Bank and Trust Company, Davenport,
early last month as three county resi
dents took the places of three Cedar
Rapids men on the bank’s board of
directors.
The board action was preceded by
transfer of ownership of Investment
Management, Inc., Cedar Rapids, to
River Cities Investment C om pany,
headed by Davenport attorney Boh J.
Slavens.
In November, 1963, Investment Man
agement purchased 53 per cent of
Northwest’s stock. Shortly thereafter,
the River Cities group acquired 35 per
cent of In v e s tm e n t Management’s
stock.
Tn a later transaction, River Cities
acquired the stock of all the Cedar
Rapids shareholders in Investment
Management and the latter firm’s head
quarters was moved to Davenport, ac
cording to Fae A. Evans, president of
the hank.
New board members, as a result of
the transactions, are C. R. Dohrn, Rich
ard D. Englehart and G. H. (Rock)
Smith.
The trio replaces Howard W. Mixson,
former Northwest board chairman; Pe
ter L. Topic and Louis Boudreaux, all
Cedar Rapids residents who resigned
as a result of the shift in ownership.
President o f Winterset Bank
At a special meeting of the board of
directors last month, A. D. Beeler of
Peru, Iowa, was elected president of
the Union State Bank of Winterset.
He succeeds the late H. V. Huntoon, who served as head of the Union
State Bank for nearly 30 years prior
to his death in November.
Mr. Beeler farms in Walnut town
ship and has been on the hank board
since January, 1958.
Monroe Open House
The public was invited last month
to inspect the new building recently
completed for the Monroe State Bank
at Monroe. Students of the local
schools were conducted on special
News
73
tours, and a special open house was
held for visiting bankers, according to
A. R. Vander Ploeg, executive vice
president.
The bank has a brick exterior with
a modern, impressive interior. The
general contractor was Kirk Gross
Company of Waterloo.
Included in the attractive, one-story
building are night depository, driveup window and all modern interior
fixtures and utilities.
Named Senior Vice President
Macon Dudley was advanced to sen
ior vice president by directors of the
First National Bank of St. Joseph,
Mo., at their monthly meeting in De
cember. Mr. Dudley joined the bank
in 1952.
At the same meeting, directors
transferred $750,000 from undivided
profits to surplus. Capital is $1,000,000
and surplus now is $1,750,000.
Retiring at year-end were Vern
Meyer, who for 20 years traveled as
correspondent representative for the
bank; Loyd Walker, who headed the
real estate loan department for many
years; Walter Canter, vice president
and former cashier, and five staff mem
bers, including three members of the
same family. The retiring members
represent 320 years of banking experi
ence.
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N o rfh w e s te rn
B anke r, J a n u a r y ,
1965
74
News
Iow a
iJ st I ItA I'om m ittee H ea d s
p p o in t m e n t s
to 20 committees
of the Iowa Bankers Association
A
have been announced by E. Leland
Ballou, IB A president and president
of Security Trust and Savings Bank,
Storm Lake.
The chairmen and vice chairmen of
each of the committees follow, with
the chairmen of each committee listed
first:
AGRICULTURE
Loren W . Cartwright, V .P., Central Natl. B&T,
Des Moines; Tom Huston, V .P ., Columbus Junc
tion State.
AG CREDIT SCHOOL
Lynn D. Murfield, Cash., Citizens Savings, Anam osa;
Spencer L. Ollenburg, A .C ., Hancock
County Natl., Garner.
AN TI-INFLATION AND CREDIT POLICY
Lyle J. Stotesbery. Pres., Iowa State Savings,
Clinton; J. M. Hutchinson, Exec. V.P ., Daven
port B&T.
AUDITING
Ernest C. Bartik, Pres., Corwith State; Frank
L. Kos, V .P., Washington State; M. J. Grogan,
Exec. V .P., National B&T, Chariton.
BANKING ANALYSIS
Cleo C. Orris, Exec. V.P ., Ainsworth State;
Frank J. Stastny, Exec. V.P., 1st T&S, Cedar
Rapids.
BANK TAXATION
W . S. Norton, Pres., Hampton State; E. C.
Thompson, Jr., Sr. V.P., Security National, Sioux
City.
DESTRUCTION OF OBSOLETE BANK FORMS
David L. Stochl, Cash., The 1st Natl., Sioux
City; J. L. Mahony, Pres., Farley State.
FEDERAL LEGISLATION
(Composed of a General Chairman assisted by
15 vice chairmen appointed in the seven Congres
sional Districts of Iowa, as well as a number of
additional committee members.)
General Chairman— Herbert L. Ollenburg, Pres.,
Hancock County National, Garner.
Vice Chairmen, by Congressional Districts, are
as follows:
1— Ben S. Summerwill, Chm. Bd., Iowa State
B&T, Iowa City; V. O. Figge, Pres., Davenport
B & T ; A. T. Wollenhaupt, Exec. V .P., State Bank
of Wapello.
2— S. E. Coquillette, Chm. Bd., Merchants Na
tional, Cedar Rapids; Waldo Adams, Pres, The
1st National, Dubuque.
3— George E. Allbee, Pres., Peoples B&T, W a
terloo ; Horace B. Olds, Pres., Citizens Natl.,
Charles City.
4— Glenn A. Andreas, Chm. Bd., Pella N a tl.;
Roy M. Shields, Exec. V .P ., Exchange Bank,
Bloomfield.
John McWhirter, Pres., State Bank of Allison.
R. Duane Munter, Pres., Union B&T, Strawberry
Point.
Eldon Nielsen, V.P., State Savings, Council
5—
Earl J. Underbrink, Pres., 1st Natl., FortBluffs.
Dodge; Edward Burchette, Chm. Bd., Valley B&T,
Donald E. Noller, Pres., 1st Natl., Evansdale.
Des Moines.
John B. Rigler, Pres.. Central State, Muscatine.
6—
Joe E. Kelly, Pres., Valley State, Sioux City; Julius A. Rohwer, Chm., Farmers State, Schles
Francis T. Shadle, Pres., Iowa T&S, Estherville.
wig.
7—
E. D. Sutherland, Pres., 1st Natl., Manning ; Rudy R. Schroeder, Pres., Iowa County Savings,
Albert A . Kruse, Exec. V .P., 1st State, Audubon.
Marengo.
Orval Spahn, V.P ., 1st State, Mapleton.
IBA RETIREMENT PLAN
John H. Young, Pres., 1st Natl., Centerville.
FOR MEMBER BANKS
PUBLIC RELATIONS AND EDUCATION
E. Leland Ballou, IBA Pres, and Pres, of Secu
Adrian Rademaker, Exec. V.P. & Cash., Renrity T&S, Storm Lake.
wick Savings.
FEDERAL RESERVE
SMALL BUSINESS CREDIT
Clifford Moss, Cash., Osage Farmers National,
Osage; Ed. C. Reimann, Pres., Iowa State, Hull.
Fred E. Breckner, V .P., City National, Cedar
Rapids;
Charles
A. Firzlaff, V.P. & Cash., 1st
FORESTRY
Natl., Dubuque.
Thomas M. Stoker, Cash., Farmers Savings,
Shelby; Tom J. Steele, V.P., Steel State, Chero
T A X SCHOOL
kee.
Leonard Siedhoff, Exec. V.P. & Cash., Farmers
G.I. LOAN
State, Bayard; Edward T. W olf, Cash., Griswold
John A . Manning, V.P. & Cash., Farmers State,
State.
Keosauqua; Robert D. McKee, Pres., Wright
TIME LOCK
County State, Clarion.
Leonard C. Lamar, V.P. & Cash., 1st T&S, AnINSTALLM ENT LOAN
thon.
George J. Buser, Exec. V.P., Plaza State, Des
U. S. SAVINGS BONDS
Moines; Edward V. Hoffman, V .P., 1st Natl.,
Wayne F. Miller, Exec. V .P. & Cash., 1st Natl.,
Sioux City.
Tipton.
INSURANCE
Faye B. Shultz, Pres., Union State, Richland;
J. W . Lipton, Jr., Exec. V.P. & Cash., Ida County
State, Ida Grove.
Ames Trust & Savings
STATE LEGISLATIVE
General Chairman is Merten J. Klaus, Pres.,
W ill Become National Bank
1st Security B&T, Charles City, with the follow
A “national” charter has been au
ing 30 vice chairmen plus additional committee
personnel:
thorized for the Ames Trust & Sav
J. Francis Kennedy, Pres., 1st Natl., New Hamp
ton.
ings Bank subject to approval by
Mark A. Arneson, Pres., Clear Lake B&T.
stockholders, according to G. Roger
Charles R. Atwell, Pres., Mt. Pleasant B&T.
G. Morris Barnett, Jr., Pres., Guthrie Co. State,
Alley, president, who made the an
Guthrie Center.
Charles B. Barron, Cash., State Bank of Vinton.
nouncement late last month following
Edmund W . Braack, Sr. V .P., Davenport B&T.
receipt of a telegram from the Comp
Fritz E. Breitenstein, A.C., State Central Sav
ings, Keokuk.
troller
of the Currency, Washington,
Robert D. Dixon, Pres., Rolfe State.
D. C.
Jack W . Edge, Pres., Farmers T&S, Spencer.
C. Clifford Fritcher, V .P., Security T&S, Storm
In unanimously recommending the
Lake.
Oliver A. Hansen, V.P. & T.O., Liberty T&S,
conversion, the bank’s nine-man board
Bondurant.
Lee A. Holland, Pres., Washington State.
of directors also proposed adoption of
H. Lee Huston, Pres., Columbus Junction State.
the name “First National Bank, Ames,
F. Addison Jones, Exec. V .P. & Cash., Grinnell
State.
Iowa.” The annual bank stockholders
Edgar H. Jorgensen, V.P ., City Natl., Clinton.
Leo F. Kane, V .P., American T&S, Dubuque.
meeting will be held on January 12
John B. Keeline, Pres. & Cash., Central T&S,
W ill A. Lane, Jr., Exec. V .P. & T.O., Security
Savings, Marshalltown.
John H. Lessenhop, Pres., Walker State.
F. Jack Lewis, Pres., Harlan National.
John J. Marget, Keokuk County State, Sigour
ney.
MUTUAL FIRE and AUTOMOBILE
S
/ j t . i t t t f f i H
•
FIRE
e
' ( ' e n
i / t f u
t t f
ESTABLISHED 1900
• EXTENDED
•
•
•
•
INLAND
COVERAGE
MARINE
HOMEOWNERS
Refuse Eldora Applicants
AUTOMOBILE
The Iowa State Banking Board re
fused to grant an application for a
new state chartered bank in Eldora
last month.
Two groups had made application
for a new bank. One group consisted
of a number of Eldora business men.
The other group included officers of
the Farmers Savings Bank, Steamboat
Rock, with the plan to move their
bank to Eldora and maintain an office
in Steamboat Rock. It is reported
that the applicants may appeal the
decision to the Iowa executive council.
N O N A S S E S S A B L E POLICIES
P r o m p t
CLAIM SERVICE
PROVEN
AND RELIABLE
FOR OVER 63 YEARS
A G E N T
IN Q U IR IE S
IN V IT E D
Home Office — CEDAR RAPIDS,
J.
and the change, if ratified, will be ef
fective May 1, 1965. No change of offi
cers or stockholders is involved.
Mr. Alley explained that the three
Ames banks presently have similar
words in their titles which are some
times confusing. The new First Na
tional Bank would be the only bank
in the county with that name. The
Nevada National Bank is the only
Story County bank currently operat
ing under a national charter.
Clay W. Stafford, chairman of the
board, is a former Iowa state super
intendent of banking.
E. WILSON,
President— PAUL A.
o r tFRASER
h w e s t e r n B anke r, J a n u a r y , 1965
DigitizedNfor
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Federal Reserve Bank of St. Louis
ANDERSEN,
Secretary
Des M oines X ew s
Your assurance
of speedy,
accurate
correspondent
R
oger
liam
h assebrock
and
wn-
Land holt were recently
named assistant cashiers by the board
of directors of lowa-Des Moines Na
tional Bank, according to an announce
ment made by Calvin \Y. Aurand, bank
president.
R. H A S SE B R O C K
W . LANDHOLT
Mr. Hassebrock joined the bank in
1957 following his graduation from the
University of Iowa. He has been a
member of the installment loan de
partment since 1959.
Mr. Landholt came to the bank from
the Elma, Iowa, bank in 1962. He
assumed duties in the real estate loan
department in 1963.
service
George W. Montgomery has been
appointed to the staff of the First Fed
eral State Bank, according to Morris
Stephens, bank president. Mr. Mont
gomery, of West Des Moines, had been
with the Associates Discount Corpo
ration as a supervisor for its Omaha
region. He has been in the finance
business since 1948.
* * *
B. C. Grangaard, president of the
Central National Bank and Trust Com
pany, has been appointed by Reno Odlin, president of the American Bank
ers Association, to serve on the ABA
Federal Legislation Committee during
the coming year.
iji >}i
The board of directors of Plaza State
Bank voted a 25 per cent stock divi
dend and an addition to the bank’s
surplus account in the amount of $50,000, Paul T. Manning, president, has
announced.
The proposed stock dividends, which
will increase the bank’s capital account
from $200,000 to $250,000, is subject to
the approval of the shareholders at
COMPLETE FA C ILITIES TO
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ON ALL ITEMS AND COLLEC
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Z J k e.
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NATIONAL BANK
OF WATERLOO
110
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PARK A V E N U E
WATERLOO,
PHONE 2 3 5 -0 3 3 1
IOWA
(Area Code 3 1 9 )
MEMBER
Federal Deposit Insurance Corporation
Federal Reserve System
ARTIST’S DRAWING- illustrates the new parking lot office constructed by the Plaza
State Bank of Des Moines at Euclid avenue and Harding road. The facility, which cost
a total of $50,000, including equipment, opened last month. The new office features two
drive-up windows, an enclosed walk-up window and night depository area, a paneled
customer’s reception area and private office.
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N o rth w e ste rn
B a n k e r, J a n u a r y ,
1965
76
Iowa
News
N ew C apital t it if S ta le Hank
\
i il i h i
ARCHITECT’S SKETCH of new Capital City State Bank facilities in Des Moines,
scheduled to be completed this year. Three drive-in teller windows are scheduled for
completion in February. A two-story addition with 11,000 square feet of floor area
south of the bank’s present building (right) is to be completed by October. Raymond
G. Miller, president of the bank, announced that contracts for the construction were to
be let early in January.
the bank’s annual meeting to be held
January 20, and will also require the
approval of the State of Iowa banking
department. The addition to surplus
will increase this account to $150,000.
* * *
S. T. Fred Carlson, assistant vice
president in the commercial depart
ment of Bankers Trust Company, has
retired.
* * *
Miss Elizabeth Elsasser retired from
the Valley Bank and Trust Company
at the end of the year after more than
34 years of em
ployment there.
Miss E lsa sse r
w a s g ra d u a ted
from Perry High
School and took a
secretarial course
at C a p ita l C ity
Commercial C o l
l e g e in Des
Moines.
When the Con
E. EL SA SSE R
tinental Bank and
Trust Company merged with the Val
ley National Bank in 1930, she went
from the Continental to the Valley,
and she had been a secretary in the
mortgage loan department at the Val
ley since that time.
2. A purchaseryouc
introduce as your successor;
3. The sale effected confidentially
withlittle effort on your part;
THEN, before you make commitments to
anyone, consult us without expense or
obligation. You will be glad you did.
Over 40 years' experience selling banks.
Hundredsof bonafide, carefullyinvestigated,
prospective purchasers.
A ll n e g o tia tio n s s t r i c t l y c o n fid e n tia l.
Bankers Service Company
Box 1435
*
Henry H. Byers, President
Des Moines 5, Iowa • Ph. 282-7800
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foro rFRASER
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Federal Reserve Bank of St. Louis
Effective January 1, the Central Na
tional Bank and Trust Company began
paying 4 per cent interest on savings
accounts with interest figured on the
low balance at the calendar quarter
and paid semi-annually.
The announcement was made joint
ly by B. C. Grangaard, president, and
E. F. Buckley, chairman.
^ ^ ^
The National Bank of Des Moines
has received approval from the Comp
troller of the Currency to establish a
drive-in branch office at 1001 Grand
Avenue in downtown Des Moines. The
detached facility will be on the north
west corner of the intersection on a
lot 100 feet by 100 feet. Wm. H. Brenton said a new building will be con
structed on the site after removing a
gas station that has been operating
there.
S a r i tiffs ¡fu n d s
H t* p o r t
sales of Series E and
COMBINED
H United States Savings Bonds
for the N orthwestern B anker in the
first nine months of 1963 have been re
ported as follows (in thousands of dol
lars):
Jan.-Sept. Jan.-Sept.
STATE
1964
1963
Colorado ...................... 27,403
27,360
Iowa ............................ 86,932
88,667
Minneosta ______
53,400 50,155
Montana ...................... 13,522
13,161
Nebraska ................... 58,098
63,562
North Dakota ........... 13,340
13,281
South Dakota ........... 16,489
17,350
Wyoming ..................... 5,229
5,279
Per Cent
Change
+ .16
— 1.96
+ 6.47
+ 2.74
— 8.60
+ .44
— 4.96
— .95
Mt. Pleasant Appoints
David J. Masson has been appointed
cashier of the Mt. Pleasant Bank and
Trust Company, according to C. R.
Atwell, president.
Mr. Masson has been assistant cash
ier of Farmers National Bank in Win
field since 1959 and prior to that he
was with the National Bank of Wash
ington, Iowa.
New Executive
V ice President
Election of Ralph F. Leach as an
executive vice president of Morgan
Guaranty Trust Company of New York
w a s announced
recently by Hen
ry C. Alexander,
chairman of the
board.
Mr. Leach, for
merly a senior
vice president and
trea su rer, will
continue to hold
the treasurer po
sition. He heads
the bank’s gov
ernment portfolio and bond division,
which includes the government bond
and municipal bond departments.
William R. Cross, Jr., Walter H.
Page, and Henry J. Rohlf have been
elected senior vice presidents of Mor
gan Guaranty.
Bank o f Montreal Net Is Up
New records in assets, loans, depos
its and profits are all revealed in the
Bank of Montreal’s 147th annual state
ment for the year ended October 31.
Assets rose $395 million to $4,668
million, while loans in all categories
totaled $2,729 million, up $309 million
from 1963. Net earnings of $17,854,883
or $2.94 per share, after provision of
$18,211,471 for taxes, are 6.6 per cent
more than in 1963, when earnings per
share were $2.75.
Total deposits at $4,340 million show
an increase of $379 million, or 9.5 per
cent, over the 1963 figure. Personal
savings increased $92.5 million, to
$2,030 million, passing the $12 billion
mark for the first time.
IM PORTANT N O T IC E !
We want to publish news of any
officer or director changes, in
creases in capital structure, or
other important action taken at
your annual meeting. Send this
news at once to N orthwestern
B anker, 306 Fifteenth Street,
Des Moines, Iowa 50309.
Iowa News
*JFK H o sp ita l B o n d s Issu e d
A $1,000,000 ISSUE of John F. Kennedy Memorial Hospital bonds was offered by B. C.
Ziegler and Company, underwriters of institutional bond issues, December 14. The
first mortgage serial bonds, issued by Lake Worth Hospital, Inc., Lake Worth, Florida,
carry interest coupons from 4 % per cent to 5 % per cent and mature serially from Jan.
1, 1968, to July 1, 1984. Proceeds from the sale of the bonds will be used to pay, in part,
for constructing the new 150-bed John F. Kennedy Memorial Hospital in Palm Beach
county at an estimated cost of $2,971,362.
Joseph M. Dodge
Joseph M. Dodge, president of The
American Bankers Association in 194748, and honorary chairman of the De
troit Bank and Trust Company, De
troit, Mich., died last month at the
Harper Hospital in Detroit at the age
of 74. Mr. Dodge had gained a world
wide reputation in financial affairs.
Mr. Dodge won national and inter
national recognition in government
service as chairman of the price ad
justment board of the Army Air Force
in 1942-43; on the War Contracts
Board, 1943-44; and later as financial
adviser to the United States Govern
ment in Berlin. In 1947, he was ap
pointed by President Truman to the
Austrian Treaty Commission, with the
rank of minister, and later to the
Council of Foreign Ministers, during
which time he was credited with es
tablishing postwar Austrian Govern
ment finances on a sound basis.
His experience in those matters led
to his appointment as financial ad
viser to General Douglas MacArthur
in occupied Japan in 1949-52. He was
director of the United States Budget
from 1953-54, and among other re
sponsibilities, was chairman under
President Eisenhower on the Council
on Foreign Economic Policy. In rec
ognition of his services, he received
many high decorations from foreign
governments and the United States’
Medal for Merit and Exceptional Ci
vilian Service Medal.
Harris Bank Promotes 16
Harris Trust and Savings Bank,
Chicago, last month announced offi
cial title changes of 16 staff members
in five major departments.
Arthur E. Urick continues as a vice
president and cashier. Mr. Urick will
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Federal Reserve Bank of St. Louis
serve as administrator of the personal
banking division.
Frederick B. Thomas was named
cashier. He had formerly been an
assistant vice president.
Seven new assistant vice presidents
were named: Floyd D. Elwood, Thom
as G. Lynch and Harvey R. Untiedt in
the operations department; Martin F.
Pella, international banking; Thomas
H. Sloan, training department, and
David L. Webber and Frederic L.
Webber, banking department.
New Harris officers include five as
sistant cashiers: Alloys O. Aspaas and
Edward B. Barka, operations depart
ment; Walter H. Bissell and Robert D.
Fitzgerald, banking department, and
Doris M. Kempes, financial and eco
nomic research department.
Fred W. Hawk, named assistant
personnel officer in the personnel de
partment, and Arthur B. Schultz, new
assistant comptroller in the comptrol
ler’s department complete the list of
new Harris Bank officials.
Homeowners Disability Added
Homeowners Disability Insurance
has been added to the product line of
The St. Paul Insurance Companies. In
case of total disability due to accident
or sickness the policy will compensate
the homeowner policyholder for 12
months.
Designed basically to be issued in
conjunction with a Homeowners pol
icy to take care of mortgage pay
ments, it may also be issued to re
sponsible male employed persons to
cover rent, loan installments, living
expenses, and insurance premiums.
The principal and unique feature of
the policy is its short form applica
tion. When all parts of the question
are answered “no” coverage can be
77
considered “bound” and made effective
as desired. W. B. Hershe, secretary,
health insurance department, said.
Similarly, there are no exclusion rid
ers. If any part of the medical ques
tion is answered “yes” the application
is not to be submitted.
Rates are based on age and total
disability limit selected (maximum—
$200 per month), subject to a $10 min
imum term premium.
Pre-existing conditions are covered
except for those for which a physician
was consulted or treatment prescribed
during the 12 months preceding the
policy’s effective date. Even these
conditions will be covered when total
disability begins more than 12 months
after the effective date.
First Wisconsin Promotions
Austin S. Lett, vice president of the
First Wisconsin National Bank, Mil
waukee, has been named senior vice
president in charge of commercial
loans, by the board of directors.
In other action at its December
monthly meeting, the board announced
the election of Edmund J. Stegner as
manager of Merchants office, effective
February 1.
Elected assistant managers of the
municipal bond d ep a rtm en t were
Glenn W. Caan and Harry G. Kivell.
78
Iowa
News
C onlinental linnli . 1ilron vvs
of Continental Illinois
D IRECTORS
National Bank and Trust Com
pany have promoted 12 officers and
elected 14 others.
At the same time, directors of Con
tinental Bank International, an Edge
Act subsidiary of Continental Bank,
advanced four men to new positions.
In Continental’s commercial bank
ing department, Henry Iv. Gardner,
Charles R. Hall, Frank C. Rathje, Jr.,
and John A. Redding were promoted
from second vice presidents to vice
presidents. Newly elected to second
vice president was John L. Hines.
Frederick W. Brooke, III, Craig R.
Carpenter, Robert W. Garver, and
John R. Lytle were made assistant
cashiers.
In the trust department, D. Gordon
Fithian was promoted to second vice
president from trust officer, and Philip
L. Kennedy and James S. Sheldon
were named assistant secretaries.
Herbert E. Johnson was elected vice
president and economist, and Glenn R.
Schultz was promoted from second
vice president to vice president in the
bond department.
In the international banking depart
ment, Charles E. Lilien and Peter R.
Shaddick, second vice presidents, were
advanced to vice presidents. Andries
H. J. Jansma, formerly an assistant
manager in C o n t i n e n t a l ’ s Tokyo
branch, and Neil A. Franzen and
Charles R. O’Hara were named assist
ant cashiers. In London, John E. E.
Biella was made a second vice presi
dent.
In the operating department, Leo
B. Engemann, assistant comptroller,
and Fred H. Remmert, second vice
president, were promoted to vice pres
idents. Florian R. Kraft, an assistant
auditor, was advanced to second vice
president. Ellis E. Kemp was named
an assistant auditor, and Peter P.
Christie and John B. Tingleff were
elected assistant cashiers.
Directors of Continental Bank In
t e r na ti o na l promoted Joseph W.
Welch to vice president from assistant
vice president. Andrew D. Grimbergen, Robert F. C. Leclerc, and George
C. Pollard were advanced from assist
ant treasurers to assistant vice presi
dents. All four are in CBI’s headquar
ters in New York.
ald and David F. Springsteen have
been promoted to assistant vice presi
dent of the Chase Manhattan Bank,
New York. All are in the United
States department, the bank’s national
territorial organization.
Mr. Ahalt is in the petroleum divi
sion.
Mr. Archibald is in the district that
handles the bank’s business in Illinois,
Minnesota, Montana, North Dakota,
South Dakota and Wisconsin. He
joined Chase Manhattan’s special de
velopment training program in 1954.
Mr. Stankard is in the district that
is responsible for the bank’s business
in New Jersey and New York, except
New York City.
Mr. Coronella is in the district re
sponsible for west coast states, Alaska
and Hawaii. Mr. McDonald travels in
Indiana, Michigan and southwest
Ohio. Mr. Springsteen travels in Penn
sylvania and part of Ohio.
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for
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Federal Reserve Bank of St. Louis
B anke r, J a n u a r y ,
J965
Valley National Promotions
Valley National Bank of Phoenix
directors have elected a senior vice
president to the bank’s top adminis
trative echelon and named four vice
presidents. The board’s action was
announced by President James E. Pat
rick.
Gilbert F. Bradley, vice president in
charge of VNB’s Tucson operations,
was advanced to senior vice president.
Bank of Montreal
Elects New Officers
Three Bank of Montreal directors
were elected vice presidents of the
bank at its 147th annual meeting and
G. Arnold Hart
was named chair
man of the board
and chairman of
the bank’s execu
tive
committee,
s u c c e e d i n g Ar
thur C. Jensen.
Mr. Hart will
continue as pres
ident and chief
executive officer
of the bank.
Mr. Jensen, who had been chairman
since 1959, retired following a 50-year
banking career. He will, however, re
main a director of the bank and a
member of the executive committee.
Mr. Hart has been president and
chief executive officer since 1959. He
is also deputy chairman of the Bank
of London & Montreal, Ltd., the bank’s
affiliate in the Caribbean and Latin
America.
The new vice presidents are Lion.
Leslie M. Frost, partner, Frost, Frost
and Richardson and a bank director
Chase Promotes 6 Men
In National Division
Gordon F. Ahalt, John C. Archibald
and Francis X. Stankard have been
promoted to vice president, and
Charles J. Coronella, Robert J. McDon
since 1962; Roger Letourneau, partner,
Letourneau, Stein, Marseille, Bienvenue, Price, Delisle and La Rue, a
director since 1962; and Sen. Hartlancl
cleM. Molson, president, Molson Brew
eries, Ltd., and a director of the bank
since 1951.
The board also announced the elec
tion of four new directors; W. S. Kirk
patrick, J. G. Prentice, Forrest Rogers
and V. W. Scully.
FRO ST
L A ’T O U R N E A U
M OLSON
BRADLEY
G U T H R IE
PH ILIPS
Named vice presidents are:
James A. Guthrie, veteran of 27
years with Valley Bank and assistant
vice president in the brand manage
ment division, home office.
William MacAllan, assistant vice
president in charge of the bank’s elec
tronic data processing and automated
check-handling center in Phoenix.
V. C. Philips, assistant vice presi
dent in the branch credit administra
tion department at the home office.
George W. Phillips, assistant vice
president in the statewide agricultural
and livestock division, home office.
Chemical Bank New Director
W i l l i a m Th o ma s Rice has been
elected to the board of directors of
Chemical Bank New York Trust Com
pany, it was announced last month by
Chairman Harold H. Helm. Mr. Rice
is president of the Atlantic Coast Rail
road Company.
Directors of Chemical Bank have
promoted three vice presidents to the
rank of senior vice president, Chair
man Helm announced. They are J.
Paul Crawford, Jr., Pierce Onthank
and Donald C. Platten, all members of
the bank’s Metropolitan division.
Directors of the bank declared a
stock dividend of 50 per cent. The dis
tribution is subject to stockholder ap-
Iowa News
that Richard A. Aishton, who was
president of Continental from Janu
ary, 1959, to June, 1960, will not stand
for re-election to the bank’s board.
A 10 per cent stock dividend, sub-
litinlivrs P red ic t StnbiHtff in
itn sin ess m nl IV if f ii Ltwtds
in 1965 should be as
B USINESS
good as it is now, if not better.
This was the general consensus among
the 1,200 hankers who recently at
tended the Eighteenth Annual Confer
ence of Bank Correspondents of The
First National Bank of Chicago.
About 70 per cent of the bankers
who participated in the survey said
they expected general business in 1965
to keep pace with the final six months
of this year, while another 25 per cent
thought that it would improve further.
This opinion was held by bankers
from virtually all areas of the country,
including those from the northwestern
states (which includes states in the
N orthwestern B aknker area).
In line with the general outlook for
business, about 29 per cent of the
Northwest bankers expected employ
ment to increase in their respective
areas; most of the others thought em
ployment would remain at 1964 lev
els. Only 4 per cent anticipated any
decline in employment.
About half of those polled foresaw
increased use of installment credit
loans in their states in 1965. Gener
proval of the increased number of
shares at the bank’s regular annual
meeting on January 26, 1965, and to
approval of the state banking authori
ties. At the same time, the board
declared the regular quarterly divi
dend of 70 cents per share, payable
January 1, 1965, to holders of record
December 15, 1964.
The stock distribution is to be made
at the rate of one additional share for
every two shares held, the record date
and payment date to be determined
later. Par value will remain un
changed at $12 per share.
Complete Joint Study,
Offer Interest Book
The American Bankers Association
and the Association for Bank Audit,
Control and Operations, have com
pleted a joint study on savings interest
and have sent the published results
to their respective memberships.
The booklet, entitled, “ Savings In
terest, Methods and Procedures for
Computing and Paying Interest on
Savings Accounts,” was a joint project
of the savings division of the A.B.A.
and NABAC’s savings commission.
One copy was sent to each of the
members of the two organizations.
A.B.A. member banks may purchase
additional copies at $1.50 each from
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ally speaking, most of the bankers ex
pect the over-all structure of interest
rates to hold at present levels or in
crease slightly in the next year. About
72 per cent replied that they thought
rates would remain stable, while the
remainder anticipate some increase
next year.
The outlook for residential construc
tion in 1965 was slightly less favor
able. About 59 per cent of all of the
bankers polled replied that they ex
pected home building to remain at
present levels, while 25 per cent fore
saw some increase. Representatives
from the northwestern states were
somewhat more optimistic: 62 per cent
expected residential construction to
hold at 1964’s high level and 4 per cent
foresaw some increase during 1965.
The bankers as a group were less
encouraging in their views on the
course of farmers’ spending. In line
with the general thinking, only 21 per
cent of the Northwest bankers felt
that farmers would increase their ex
penditures in 1965, while 55 per cent
thought that this figure would remain
at present levels.
the D e p a rt m e n t of Printing, The
American Ban ke r s Association, 90
Park Avenue, New York, N. Y. 10016.
NABAC members may order at the
same price from NABAC, 205 Touhy
Avenue, Park Ridge, 111.
To \ ote on New Directors
Shareholders of Continental Illinois
National Bank and Trust Company,
Chicago, will be asked to vote Janu
ary 25 on two executives who have
been nominated for directorships.
Holders also will vote at the annual
meeting on a proposal to increase the
size of the board to 24 from 23, a char
ter amendment to provide for the
bank’s annual meeting to be held on
a date specified in the bank’s by
laws, and a previously announced 10
per cent stock dividend.
The new nominees are Stewart S.
Cort, president, Bethlehem Steel Com
pany, and George E. Keck, president,
United Air Lines.
The proxy statement also revealed
ACORN
in fo rm a tio n
S. S. CORT
G. E. KECK
ject to the necessary approvals, will
also be voted on by the shareowners,
as previously announced. Under the
proposal, one share will be paid Feb
ruary 15 for each 10 shares held on
the date of approval by shareholders.
The dividend and related transactions
also would increase Continental’s lend
ing limit to one borrower from $34
million to $36 million, representing
10 per cent of capital and surplus.
New York Men Promoted
Six men in the metropolitan and
head office divisions of First National
City Bank of New York have been
THE NATION’S FINEST
BANKING POSITIONS
— are available through C a d illa c Associ
ates, the nation's largest executive and
professional placem ent service.
For both the em ployer and the ap plicant,
our banking division provides d ig n ifie d
nation-w ide representation in absolute
confidence and w ithou t o b lig a tio n . O ur
3 I-ye ar re p u ta tio n assures the v a lid ity of
this statem ent. Please let us know your
requirem ents.
The fo llo w in g is a small segment o f the
openings now available.
PRESIDENT
$30-40,000
C o n tro l a d m in , m g m t. in $100 m illio n bank.
TOP S&L EXECUTIVE
$30,000
C h ie f a d m in , and o p e r. fu n ctio n , la rg e
w est in stitu tio n .
SR. V.P.— LE N D IN G OFFICER
Registers
w rite
THE AC O R N PRINTING CO .
Oakland, Iowa
m id
$20,000
E xc e lle n t o p p o rtu n ity fo r exp erie n ced
m etro p o lita n bank.
V.P.— L O A N OFFICER
man in
$13,000
A d m in ., c re d it.
10-15 years'
ence. W estern bank.
lend ing
TA X O FFICER
......... $ 13,000
E xp erie n ced in all phases taxes
tru st accoun ts. E xc l. p o te n tia l.
Bank or S&L exp .
e xp e ri
re la tiv e
C O M PTR O LLER
to
$15,000
CPA.
Know d a ta p ro ce ssing .
C A S H IE R /O P E R A T IO N S
Trust d e p t, and c o m m l.
and other lo ca tio n s.
$12,000
bank fu n ctio n .
IN S TA LLM EN T LO A N S
Branch and m ain o ffic e fu nctio ns.
tion s.
"Accepted Sale Registers by Bank
Clerks Everywhere"
For
79
MW
$12,000
M any lo c a
Frank Henley, M anager
Banking Division
CADILLAC ASSOCIATES, Inc.
29 East Madison Bldg.
Chicago, Illinois 60602
Area Code 312 —■ Financial 6-9400
N o rth w e s te rn
Banke r, J a n u a r y ,
7965
80
o r FRASER
t h w e s t e r n B anke r, J a n u a r y , 1965
Digitized Nfor
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Federal Reserve Bank of St. Louis
promoted to vice president. They are
Paul H. Kolterjahn, A. James Meigs,
Coleman B. McGovern, Jr., William
F. Reynolds, Kenneth A. Bott and
Thomas J. Clough.
Robert B. Stokke, Jr., has been
named an assistant cashier of First
National City in the middle western
district of the national division.
Northern Trust Changes
Following a meeting of its board of
directors last month The Northern
Trust Company, Chicago, announced
a series of officer promotions and new
officer appointments.
Clyde W. Reighard, banking depart
ment, was named a vice president.
Promoted to second vice presidents in
the banking department were John S.
Hinchman, Don W. Hummel, Samuel
V. Lizzo, and Ben T. Reidy, and pro
moted to second vice presidents in the
trust department were Richard A. Cul
bertson, Herbert P. Evert, and Ralph
G. Hulett. Carl W. Olson and H.
James Simeno, Jr., were each moved
up to the position of manager in the
operating department.
Seven new officer a p p o i n t m e n t s
were also announced. Named assist
ant secretaries in the trust department
were Robert L. Bidwell, Melvin H.
Schillen, Robert H. Bon Durant, and
Charles A. Parker, and named assist
ant managers in the operating depart
ment were Robert C. Dabagia, Ronald
A. Palmer, and Robert A. Ulrich.
Increase in Surplus
Homer J. Livingston, chairman of
the board of The First National Bank
of Chicago, announced that, at the De
cember 11 meeting of the board of
directors, the d i r e c t o r s authorized
transfer of $5,000,000 from undivided
profits to surplus.
The bank now will have surplus of
$185,000,000 and capital stock of $175,000,000 for a total of $360,000,000, giv
ing the bank a legal loaning limit of
$36,000,000 to any one customer.
IN D E X O F
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A D V E R T IS E R S
JANUARY,
1965
A
Acorn Printing Company.............................79
American National Bank— Chicago . . . . 3 9
Ashwell and Company................................... 20
B
Bank of America.............................................28
Bank Building and Equipment.................17
Bank of Montreal........................................... 50
Bankers Service Company.............................76
Bankers Trust Company— Des M oines.. 68
Black Sale System........................................... 16
V
C
Cadillac Associates, Inc................................ 79
Canadian Imperial Bank of Com m erce..26
Central Bank & Trust Co.— D e n v e r ....56
Central National Bank—-Des M o in es... 18
Central States Health & L ife.................... 83
Chase Manhattan Bank............................. . . . 15
Chiles & Company............................................60
■4
u
P. E . Davenport and Company...........66, 80
DeLuxe Check Printers, Inc.................... 8
9
Diebold, Inc....................................
Doane Agricultural Service........................ 24
Drovers National B ank............................42, 43
F
Farm Business Council.................................13
Reginald Figge Associates.........................80
First National Bank— Kansas City.........27
First National Bank— Omaha................... 63
First National Bank & Trust
Company— L in c o ln ....................................... 65
First Stock Yards Bank.................................70
G
Kirk Gross Company..................................... 76
Guardsman Life Insurance Company . . .73
H
Halsey, Stuart & Company................ . . . . . 2 5
Harris Trust & Savings B ank.................. 21
Hv-Line Poultry Farm s.............................. 4
i
lowa-Des Moines National B ank..............84
Iowa Legal Blank & Printing Company. 80
!
*
L
George LaMonte & Son................................. 10
Lawrence Warehouse Company................22
Leamington Hotel ......................................... 49
LeFebure Corporation .................................41
Live Stock National Bank— Sioux C ity .. 52
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Marquette National
B ank........................ 72
Merchants Mutual Bonding .........................77
Merchants National
B ank....................... 2
Minnesota Commercial Mens
Association .................................................... 48
Mutual Fire & Auto Insurance Company. 74
F
N
National Bank of Commerce...................... 67
National Bank of W aterloo........................ 75
Northern Trust Company............................ 3
Northwestern National— Minneapolis . . 47
O
Omaha National B ank..................................... 61
Old Security Insurance Company...........6, 7
P
BUYING
OR SELLING
A BANK?
W rite or call collect
365-9117
Area Code 319
REGINALD FIGGE ASSOCIATES
Confidential C on su ltin g Service
M erch an ts National Bank Building
Cedar Rapids, Iowa
P & H Fixture Company.............................81
R
J. Cliff Rahel...................................................... 64
Recordak Corporation ................................... 11
Royal Bank of Canada................................... 44
s
Scarborough & Company.............................37
Robert Schweser ............................................66
Studley-Shupert Trust Investment
Council ......................................................
20
T
James Talcott, Inc..........................................51
United States Check Book C om p an y... 62
United States National B ank................... 58
V
Valley Bank & Trust Company—
Des Moines .................................................... 71
Valley National Bank— Phoenix..............12
W
Western Mutual Insurance C om pany... 14
7
B. C. Ziegler & Company.............................16
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81
The Bankers’ Market Place
A Page Telling W h a t’s N ew for Banks and Bankers
Each month the Bankers’ Market Place will bring you listings of new
products, specialty items, banking equipment, and gift items which will
help you and your staff do a better job. This is the selection for this month.
ONE-TIME, a new, visual timer
that clips onto the side of any
standard desk or wall telephone, has
been introduced by Dawn Products
Company.
Offices, institutions and homes will
find this a money saver that helps
keep long distance telephone time to
a minimum. Has nothing to wear out.
Uses small, ball-bearing-like glass
balls as granules for evenly timed
flow. The Fone-Timer is priced low
enough so that every phone can be
equipped. Most users will find it will
pay for itself several times over in a
month or two.
They may be found at stationery or
office supply dealers. If not, send $1
to Dawn Products Company, Owatonna, Minn.
F
it slip is returned to the customer. As
each item is inserted it is photo
graphed on micro film.
When the transaction has been com
pleted the money and checks are auto
matically transferred from the photog
raphy area to a tamper-resistant chest.
At the end of the day this chest is
removed from the machine. Two keys
are required to do this, one of them
being photographed as it is used to
provide a record of the number on
the key.
The machine, which also has possi
bilities for installation at off-premise
locations, is available on purchase or
lease arrangements. For complete in
f o rmat i on , contact Depos-O-Station,
Inc., 17 N. Des Plaines Street, Chicago,
111.
NTRODUCTIONS of new car mod
Oxford Filing Supply Compa
T HE
ny, which recently introduced an I els has brought publication of the
1965 New Car Cost Guide. This Guide,
improved Pendaflax hanging filing
folder, has announced a new Leverlock frame, which converts conven
tional filing cabinet drawers so Pendaflex folders can be used.
The frame, which consists of two
side rails locked into end-pieces, fits
into the cabinet drawer. It provides
the smooth, rigid rails necessary for
easy Pendaflex filing.
Leverlock can be assembled in sec
onds with no tools. When the side
rails are inserted into the end sup
ports, they are locked with an ingeni
ous lever. The Leverlock frame re
mains permanently in place without
adjustment. It cannot wobble.
Side rails are a standard 27% inches
long, but are notched on one end so
they can easily be snapped off to any
standard length required.
M A C H I N E that swiftly autoA
■ mates straight deposits in banks
is being marketed by Banthrico, Inter
published by Automobile Invoice Serv
ice Company, contains up-to-date com
pilation of dealer cost figures and sell
ing prices on all U. S. passenger cars,
light trucks and popular imports.
Included in the information is deal
er costs for all models together with
excise taxes, localized freight charges
and suggested list prices. Dealer costs
and selling prices for accessories avail
able on every car and truck listed are
also given.
fiffie Guide has particular value for
all those involved in new car financ
ing, since it provides fast, reliable,
answers to every car-cost question.
Cost data is kept up-to-date through
supplementary sheets mailed to sub
scribers whenever new models or
price changes occur.
Subscription information, and spe
cial rates on quantity orders, will be
sent immediately upon request by
Automobile Invoice Service Company,
222 W. Adams Street, Chicago, 111.,
60606.
national. The machine, which han
dles straight deposits of checks, pa
per money and coin, is called DeposNEW Loan Selector Wheel is be
O-Station.
ing manufactured by American
It was designed to enable financial
Publishing Corporation for financial
institutions to give quicker service to
institutions.
depositors and to save tellers’ time.
This monthly payment calculator is
The customer inserts duplicate deposit
slips into proper slots and pushes a made to illustrate, in an attractive and
interesting manner, payments for vari
button. Then checks and currency
ous types of loans. By having a mov
are inserted face up in the currency
ing action, the Loan Selector Wheel
slot and coins in the coin slot. The
red button is pushed once more and a has a visual impact and staying life
validated-numbered copy of the depos far greater than conventional chart or
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A
brochure methods of presenting this
information. The wheel is made to
the individual specifications of the
financial institution and its cost is as
low as 3.9 cents each.
For more information contact Amer
ican Publishing Corporation, 241 Cres
cent Street, Waltham, Mass.
New York Stock Split
The board of directors of First Na
tional City Bank, New York, have
voted to recommend a two-for-one split
in the shares of the bank’s capital
stock and a change in par value to
$13.50, representing a 35 per cent in
crease in the capital stock account.
The directors also voted to increase
the quarterly dividend from 75 to 80
cents on presently outstanding shares,
payable February 1, 1965, to sharehold
ers of record January 4, 1965.
Both the stock split and the change
in par value are contingent on approv
al by shareholders at the annual meet
ing on January 19 next year, and by
the Comptroller of the Currency.
The recommended increase in par
value will add about $93,000,000 to
the total par value of outstanding cap
ital stock. Of this amount $20,800,000
will be transferred from the surplus
account and the balance from undi
vided profits.
fixture and cabinet Co.
"NOW''
avail able to the
country banker— a complete
plan and specification service
by a bank design consultant.
All that is required is a
local c o n t r a c t o r in g o o d
standing with the bank. W e ll
do the legwork.
No obligation fo r prelim
inary layouts and costs.
Call
Collect
262-1958
SPENCER, IOWA
N o r t h w e s t e r n B a n k e r, J a n u a r y ,
Î965
/Vo
L uxury
Card on cosmetic counter display:
“ There is no tax on this perfume. The
man it attracts is not considered a
luxury.”
Yellow Pages
John: I found banking salaries in
the yellow pages.
Jim: Where?
John: Under “peanuts.”
C O N V E N T IO N S
January 14-16— North Dakota Bankers
Association Annual Bank Man
agement Clinic, Elks Club, Fargo.
January 20— Minnesota Bankers As
sociation, 5th Annual Mid-Winter
Conference, Hotel St. Paul, St.
Paul.
February 1-2- ABA 17th National
Credit Conference, Sheraton, Dal
las, Texas.
February 7-9— ABA 1st National In
stallment Credit School, Univer
sity of Chicago Center for Con
tinuing Education, Chicago.
February 8-10 -A B A 46th Annual
Midwinter Conference, WaldorfAstoria Hotel, New York.
February 11-12— North Dakota Bank
ers Association annual Bankers
Educational Conference, Univer
sity Center, University of N. D.,
Grand Forks.
February 12— Iowa Bankers Group 1
Meeting, Sioux City.
February
14-17 Colorado
Bankers
Association, Installment Credit
Workshop,
Broadmoor
Hotel,
Colorado Springs.
February 22 Iowa Bankers Group
11 Meeting, Burlington.
March 8-10 ABA National Automa
tion Conference, San Francisco.
March 21-23— Colorado Bankers As
sociation,
Agricultural
Credit
Conference, Broadmoor Hotel,
Colorado Springs.
March 24-25— Agricultural Conference
for Farm Lenders, Memorial
Union, Iowa State University,
Ames.
March 29-30 ABA National Install
ment Credit Conference, Conrad
Hilton, Chicago.
April 4-6— Association for Reserve
City Bankers 54th Annual Meet
ing, Boca Raton Hotel, Boca
Raton, Florida.
April 5— Financial Public Relations
Association Regional Convention,
Sheraton-Ritz, Minneapolis.
April 8-10— Independent Bankers As
sociation 31st Annual Convention,
t h w e s t e r n B anke r, J a n u a r y , 1965
Digitized N
foro rFRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The Fam ily Free
“Did you ever hire that man to trace
your pedigree?”
“Yes.”
“What happened?”
“What happened? Now I’m paying
him blackmail!”
Keep Smiling
Let a smile be your umbrella; and
you get a mouth full of rain.
*
Lost Cause
Confucius say—man who lose lug
gage has surely lost his grip.
*
D a ffy-N ition
Sick Joke
Theirs was the perfect marriage:
She was a headache and he was a pill.
W
A cowardly skin diver: Chicken of
the sea.
Diplomat
Hotel, H o lly w o o d ,
Florida.
April 21— Minnesota Bankers Associ
ation 4th Annual Installment
Credit Conference, Radisson Ho
tel, Minneapolis.
April 26-28— ABA 62nd Annual Na
tional Savings Conference, Hotel
Roosevelt, New York City.
May 3-4— Nebraska Bankers Associa
tion 68th Annual Convention,
Sheraton-Fontanelle, Omaha.
May 4-7— First Week, Iowa Group
Meetings.
May 6-8— North Dakota Bankers As
sociation 80th Annual Conven
tion,
Clarence
Parker
Hotel,
Minot.
May 10-12— NABAC Northern Re
gional Convention, Claypool Ho
tel, Indianapolis.
May 13-15— South Dakota Bankers
Association 73rd Annual Conven
tion, Sheraton Cataract, Sioux
Falls.
May 18-21— Second Week Iowa Group
Meetings.
May 20-23— Colorado Bankers Associ
ation 64th Annual Convention,
Broadmoor H o te l, C o lo r a d o
Springs.
May 23-26 ABA 5th Annual National
Mortgage
Conference,
Denver
Hilton, Denver.
May 31-June 4— American Institute of
Banking, 63rd Annual Conven
tion, Roosevelt Hotel, New Or
leans.
June 2-4— American Safe Deposit As
sociation 34tli Annual Conven
tion, Hotel Muehlebach, Kansas
City.
June 7-18— Agricultural Credit School,
Memorial Union, Iowa State Uni
versity, Ames.
June 8-11— Nebraska Bankers Assocition Bank Management Confer
ence, Doane College, Crete.
June 10-12— Wyoming Bankers Asso
ciation 57th Annual Convention,
Jackson Lake Lodge, Moran.
June 14-16— Minnesota Bankers Asso
ciation 75th Annual Convention,
Hotel St. Paul, St. Paul.
June 14-25— Stonier Graduate School
of Banking, 31st Annual Session,
Rutgers University, New Bruns
wick, N. J.
June 24-26— Montana Bankers Associ
ation 62nd Annual Convention.
Jackson Lake Lodge, Moran,
Wyoming.
July 4-17— Financial Public Relations
Association School of Financial
Public Relations, Northwestern
University, Chicago Campus.
July 7-9— Upper Midwest Agricultural
Credit Council 11th Annual Canvention, Dell View Hotel, Lake
Delton, Wicsonsin.
July 18-30 National I n s t a llm e n t
Banking School, University of
Colorado, Boulder.
August 1-14— NABAC
School for
Bank Audit and Control, 13th
Annual Session, University of
Wisconsin, Madison.
August 9-27— ABA National Trust
School 5th Annual Session, North
western
University,
Evanston,
Illinois.
September 28-October 1— National As
sociation of State Banks, 64th An
nual Meeting, Pick-Fort Shelby
Hotel, Detroit.
October 3-6— American Bankers As
sociation 91st Annual Conven
tion, Chicago.
October 17-20— Iowa Bankers Associ
ation 79th Annual Convention,
Fort Des Moines, Des Moines.
October 17-21— National Association
of Bank Women 43rd Annual
Convention, Hotel Mayo, Tulsa,
Oklahoma.
October 24-28— Financial Public Re
lations Association 50th Annual
Convention, New York Hilton.
New York.
October 25-28— NABAC 41st Annual
Convention, Chase Park-Plaza, St.
Louis.
November 14-16— ABA 14th National
Agricultural Credit Conference,
Hilton Hotel, Denver.
November 14-17— Robert Morris As
sociates 52nd Annual Convention,
G r e e n b r ie r ,
Wh i t e
Sulphur
Springs, West Virginia.
M
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A New Central States SPECIAL INCOME Program
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Earn profitable extra revenue . . . and good will . . . by enabling your checking
account customers to have this Central States special income insurance. It provides
money when most needed. Benefits begin from the first day and continue up to age
65 in event of accident, and up to 5 years in case of sickness. It pays up to $10,000
in case of accidental death. Of course,
there are renewal safeguards. Phone us C e n t r a l S t a t e s
collect now for details. Join more than H E ALT H & L IF E CO. O F O M A H A
T. LESLIE KIZER, PRESIDENT
1000 banks now offering Central States 504 So. 18th St., Omaha, Nebraska 68102
Area Code 402 •
Phone 345-7500
plans for bank customers.
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Just a hop, skip and jump to our Mid-America location!!!
Stick a pin in your U.S. map at Des Moines, and you’ll find
you can almost spin the map like a top. Yes—we are located,
happily, at the very heart of Mid-America. Which can mean,
for you, correspondent bank services always a little faster.
Actually, the lowa-Des Moines National Bank is less than
a day away from any major city, coast to coast. So no matter
where your drafts are drawn, they can get to us in a hurry.
And we keep our correspondent services operating at top
speed, to move your business with all possible dispatch.
Why not stop in here, next time you’re traveling—on vaca
tion or on business—and let us show you around the Bank.
i
You’ll see some operations we think you will admire; and
most likely you will get some ideas as to how we can serve
you even better!
Jerry Nelson
George
Harnagel
Bob
Buenneke
Ben Eilders
W e're here to help you ge t w hat you w ant
IOWA-DES MOINES-NATIONAL BANK
Sixth and Walnut, D e s M oines 4 • CHerry 3-1191
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Member Federal Deposit Insurance Corporation
>k•
...
@FedFRASER